FOR STARS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
FOR STARS
Largest movements
- Receivables within one year +€48,108
up €48,108 (+40.4%), from €119,144 to €167,253
of which Other amounts receivable: +€52,171
- Cash -€25,917
down €25,917 (-68.6%), from €37,768 to €11,851
mainly Contributions, distributions and other (-€94,200) and Receivables within one year (-€48,108)
- Receivables after one year -€19,950
down €19,950 (-40.7%), from €49,020 to €29,070
- Other debts +€73,200
up €73,200 (+349%), from €21,000 to €94,200
- Reserves -€57,732
down €57,732 (-31.4%), from €183,835 to €126,104
- Tax, wage and social debts -€9,586
down €9,586 (-63.9%), from €14,996 to €5,409
- Gross operating margin -€13,462
down €13,462 (-20.8%), from €64,728 to €51,266
- Financial income +€1,007
up €1,007 (+12.2%), from €8,225 to €9,232
- Taxes -€796
down €796 (-4.0%), from €19,996 to €19,199
From the 2025 result to the 2026 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €227,842 | €231,963 | +€4,121 | +1.8% |
| Fixed assets | 21/28 | €12,717 | €13,871 | +€1,155 | +9.1% |
| Tangible fixed assets | 22/27 | €12,717 | €13,871 | +€1,155 | +9.1% |
| Plant, machinery and equipment | 23 | €454 | €328 | -€126 | -27.7% |
| Furniture and vehicles | 24 | €5,237 | €6,305 | +€1,068 | +20.4% |
| Other tangible fixed assets | 26 | €7,025 | €7,238 | +€213 | +3.0% |
| Current assets | 29/58 | €215,126 | €218,092 | +€2,966 | +1.4% |
| Amounts receivable after more than one year | 29 | €49,020 | €29,070 | -€19,950 | -40.7% |
| Other amounts receivable | 291 | €49,020 | €29,070 | -€19,950 | -40.7% |
| Amounts receivable within one year | 40/41 | €119,144 | €167,253 | +€48,108 | +40.4% |
| Trade receivables | 40 | €4,062 | - | -€4,062 | |
| Other amounts receivable | 41 | €115,082 | €167,253 | +€52,171 | +45.3% |
| Current investments | 50/53 | €1,250 | €625 | -€625 | -50.0% |
| Cash at bank and in hand | 54/58 | €37,768 | €11,851 | -€25,917 | -68.6% |
| Deferred charges and accrued income | 490/1 | €7,944 | €9,293 | +€1,349 | +17.0% |
| Total equity and liabilities | 10/49 | €227,842 | €231,963 | +€4,121 | +1.8% |
| Equity | 10/15 | €190,085 | €132,354 | -€57,732 | -30.4% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €183,835 | €126,104 | -€57,732 | -31.4% |
| Distributable reserves | 133 | €183,835 | €126,104 | -€57,732 | -31.4% |
| Amounts payable | 17/49 | €37,757 | €99,609 | +€61,853 | +164% |
| Amounts payable within one year | 42/48 | €37,757 | €99,609 | +€61,853 | +164% |
| Trade debts | 44 | €1,761 | - | -€1,761 | |
| Suppliers | 440/4 | €1,761 | - | -€1,761 | |
| Taxes, remuneration and social security | 45 | €14,996 | €5,409 | -€9,586 | -63.9% |
| Taxes | 450/3 | €14,996 | €5,409 | -€9,586 | -63.9% |
| Other amounts payable | 47/48 | €21,000 | €94,200 | +€73,200 | +349% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,032 | €3,518 | -€514 | -12.7% |
| Other operating charges | 640/8 | €909 | €776 | -€134 | -14.7% |
| Gross operating margin | 9900 | €64,728 | €51,266 | -€13,462 | -20.8% |
| Operating profit (loss) | 9901 | €59,786 | €46,972 | -€12,815 | -21.4% |
| Financial income | 75/76B | €8,225 | €9,232 | +€1,007 | +12.2% |
| Recurring financial income | 75 | €8,225 | €9,232 | +€1,007 | +12.2% |
| Financial charges | 65/66B | €270 | €536 | +€266 | +98.3% |
| Recurring financial charges | 65 | €270 | €536 | +€266 | +98.3% |
| Profit (loss) for the period before taxes | 9903 | €67,741 | €55,668 | -€12,074 | -17.8% |
| Income taxes | 67/77 | €19,996 | €19,199 | -€796 | -4.0% |
| Profit (loss) for the period | 9904 | €47,745 | €36,468 | -€11,277 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,745 | €36,468 | -€11,277 | -23.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.