GEM STAR: what changed
Two fiscal 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.
What changed
GEM STAR
NACE 46.861, Wholesale of diamonds and other precious stones
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€8,881
2024 · €1.5m-€1.5m
Equity
€8.4m
2024 · €8.5m-€8,881
Cash
€389,931
2024 · €618,985-€229,054
Balance sheet total
€12.5m
2024 · €17.9m-€5.4m
Largest movements
Assets
- Stocks and contracts -€3.3m
down €3.3m (-27.0%), from €12.1m to €8.8m
- Receivables within one year -€1.8m
down €1.8m (-40.4%), from €4.5m to €2.7m
of which Trade receivables: -€1.8m
- Cash -€229,054
down €229,054 (-37.0%), from €618,985 to €389,931
mainly Trade debts (-€5.4m) and Investment in fixed assets (net) (-€12,674)
Equity and liabilities
- Trade debts -€5.4m
down €5.4m (-57.6%), from €9.3m to €4.0m
Income statement
- Turnover -€9.4m
down €9.4m (-42.3%), from €22.2m to €12.8m
- Goods and materials -€7.9m
down €7.9m (-39.6%), from €20.0m to €12.1m
of which Purchases: -€18.3m
From the 2024 result to the 2025 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.
Result 2024
€1.5m
Turnover
-€9.4m
Other operating income
+€17,872
Goods and materials
+€7.9m
Services and other goods
+€80,017
Staff costs
-€82,244
Depreciation
-€39,146
Other operating charges
-€4,685
Financial income
-€1,586
Financial charges
+€2,522
Taxes
+€23,556
Result 2025
-€8,881
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€216,379
Investment
-€12,674
Financing
€0
Cash 2024
€618,985
From operations (derived)
-€216,379
Net result for the year
-€8,881
Depreciation
+€83,896
Stocks and contracts
+€3.3m
Receivables within one year
+€1.8m
Smaller working-capital items
+€5,516
Trade debts
-€5.4m
Investment (derived)
-€12,674
Investment in fixed assets (net)
-€12,674
Cash 2025
€389,931
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,927,393 | €12,547,812 | -€5.4m | -30.0% |
| Fixed assets | 21/28 | €698,066 | €626,845 | -€71,221 | -10.2% |
| Intangible fixed assets | 21 | €1,992 | - | -€1,992 | |
| Tangible fixed assets | 22/27 | €688,153 | €618,925 | -€69,229 | -10.1% |
| Land and buildings | 22 | €339,750 | €332,031 | -€7,719 | -2.3% |
| Plant, machinery and equipment | 23 | €311,158 | €261,017 | -€50,141 | -16.1% |
| Furniture and vehicles | 24 | €37,245 | €25,877 | -€11,369 | -30.5% |
| Financial fixed assets | 28 | €7,920 | €7,920 | = | 0.0% |
| Other financial fixed assets | 284/8 | €7,920 | €7,920 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €7,920 | €7,920 | = | 0.0% |
| Current assets | 29/58 | €17,229,327 | €11,920,967 | -€5.3m | -30.8% |
| Stocks and contracts in progress | 3 | €12,086,655 | €8,825,905 | -€3.3m | -27.0% |
| Stocks | 30/36 | €12,086,655 | €8,825,905 | -€3.3m | -27.0% |
| Goods purchased for resale | 34 | €12,086,655 | €8,825,905 | -€3.3m | -27.0% |
| Amounts receivable within one year | 40/41 | €4,508,262 | €2,688,658 | -€1.8m | -40.4% |
| Trade receivables | 40 | €4,485,147 | €2,655,541 | -€1.8m | -40.8% |
| Other amounts receivable | 41 | €23,115 | €33,117 | +€10,002 | +43.3% |
| Cash at bank and in hand | 54/58 | €618,985 | €389,931 | -€229,054 | -37.0% |
| Deferred charges and accrued income | 490/1 | €15,424 | €16,473 | +€1,049 | +6.8% |
| Total equity and liabilities | 10/49 | €17,927,393 | €12,547,812 | -€5.4m | -30.0% |
| Equity | 10/15 | €8,453,339 | €8,444,459 | -€8,881 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,434,739 | €8,434,739 | = | 0.0% |
| Distributable reserves | 133 | €8,434,739 | €8,434,739 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€8,881 | -€8,881 | |
| Amounts payable | 17/49 | €9,474,054 | €4,103,353 | -€5.4m | -56.7% |
| Amounts payable within one year | 42/48 | €9,473,800 | €4,100,491 | -€5.4m | -56.7% |
| Trade debts | 44 | €9,340,661 | €3,963,395 | -€5.4m | -57.6% |
| Suppliers | 440/4 | €9,340,661 | €3,963,395 | -€5.4m | -57.6% |
| Taxes, remuneration and social security | 45 | €129,598 | €130,175 | +€577 | +0.4% |
| Taxes | 450/3 | €105,643 | €90,376 | -€15,267 | -14.5% |
| Remuneration and social security | 454/9 | €23,955 | €39,799 | +€15,843 | +66.1% |
| Other amounts payable | 47/48 | €3,541 | €6,921 | +€3,380 | +95.4% |
| Accrued charges and deferred income | 492/3 | €253 | €2,862 | +€2,608 | +1029.4% |
| Operating income | 70/76A | €22,202,652 | €12,830,379 | -€9.4m | -42.2% |
| Turnover | 70 | €22,202,404 | €12,812,259 | -€9.4m | -42.3% |
| Other operating income | 74 | €248 | €18,120 | +€17,872 | +7208.2% |
| Operating charges | 60/66A | €20,669,873 | €12,803,561 | -€7.9m | -38.1% |
| Goods for resale, raw materials and consumables | 60 | €19,995,155 | €12,082,786 | -€7.9m | -39.6% |
| Purchases | 600/8 | €27,121,198 | €8,822,035 | -€18.3m | -67.5% |
| Change in stocks: decrease (increase) | 609 | -€7,126,043 | €3,260,751 | +€10.4m | |
| Services and other goods | 61 | €415,313 | €335,296 | -€80,017 | -19.3% |
| Remuneration, social security and pensions | 62 | €209,101 | €291,345 | +€82,244 | +39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,750 | €83,896 | +€39,146 | +87.5% |
| Other operating charges | 640/8 | €5,554 | €10,239 | +€4,685 | +84.4% |
| Operating profit (loss) | 9901 | €1,532,780 | €26,818 | -€1.5m | -98.3% |
| Financial income | 75/76B | €2,950 | €1,364 | -€1,586 | -53.8% |
| Recurring financial income | 75 | €2,950 | €1,364 | -€1,586 | -53.8% |
| Other financial income | 752/9 | €2,950 | €1,364 | -€1,586 | -53.8% |
| Financial charges | 65/66B | €13,302 | €10,780 | -€2,522 | -19.0% |
| Recurring financial charges | 65 | €13,302 | €10,780 | -€2,522 | -19.0% |
| Other financial charges | 652/9 | €13,302 | €10,780 | -€2,522 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €1,522,428 | €17,402 | -€1.5m | -98.9% |
| Income taxes | 67/77 | €49,839 | €26,283 | -€23,556 | -47.3% |
| Taxes | 670/3 | €49,840 | €26,283 | -€23,557 | -47.3% |
| Tax adjustments and reversals of tax provisions | 77 | €1 | - | -€1 | |
| Profit (loss) for the period | 9904 | €1,472,589 | -€8,881 | -€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,472,589 | -€8,881 | -€1.5m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.