GOLDSTAR: 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.
GOLDSTAR
Largest movements
- Stocks and contracts -€385,263
down €385,263 (-41.9%), from €919,347 to €534,084
- Receivables within one year -€141,633
down €141,633 (-45.8%), from €309,176 to €167,544
of which Other amounts receivable: -€102,031
- Cash +€57,558
up €57,558 (+57.6%), from €100,001 to €157,559
mainly Stocks and contracts (+€385,263) and Receivables within one year (+€141,633)
- Trade debts -€321,731
down €321,731 (-39.0%), from €825,960 to €504,229
- Profit (loss) carried forward -€121,798
down €121,798 (-86.9%), from €140,186 to €18,388
- Debts after one year -€15,839
down €15,839 (-5.2%), from €304,422 to €288,583
- Gross operating margin -€176,331
down €176,331, from €83,822 to -€92,509
- Write-downs -€69,211
new in 2025: -€69,211
- Depreciation -€14,623
down €14,623 (-96.4%), from €15,165 to €542
- Financial charges -€4,418
down €4,418 (-89.4%), from €4,944 to €525
- Staff costs +€4,047
up €4,047 (+14.2%), from €28,596 to €32,643
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.
Derived cash bridge
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,375,299 | €903,092 | -€472,208 | -34.3% |
| Fixed assets | 21/28 | €28,523 | €27,981 | -€542 | -1.9% |
| Intangible fixed assets | 21 | €399 | - | -€399 | |
| Tangible fixed assets | 22/27 | €2,582 | €2,440 | -€143 | -5.5% |
| Furniture and vehicles | 24 | €2,582 | €2,440 | -€143 | -5.5% |
| Financial fixed assets | 28 | €25,541 | €25,541 | = | 0.0% |
| Current assets | 29/58 | €1,346,776 | €875,111 | -€471,666 | -35.0% |
| Stocks and contracts in progress | 3 | €919,347 | €534,084 | -€385,263 | -41.9% |
| Stocks | 30/36 | €919,347 | €534,084 | -€385,263 | -41.9% |
| Amounts receivable within one year | 40/41 | €309,176 | €167,544 | -€141,633 | -45.8% |
| Trade receivables | 40 | €160,974 | €121,372 | -€39,601 | -24.6% |
| Other amounts receivable | 41 | €148,203 | €46,171 | -€102,031 | -68.8% |
| Cash at bank and in hand | 54/58 | €100,001 | €157,559 | +€57,558 | +57.6% |
| Deferred charges and accrued income | 490/1 | €18,252 | €15,925 | -€2,327 | -12.8% |
| Total equity and liabilities | 10/49 | €1,375,299 | €903,092 | -€472,208 | -34.3% |
| Equity | 10/15 | €228,592 | €106,794 | -€121,798 | -53.3% |
| Contributions | 10/11 | €33,816 | €33,816 | = | 0.0% |
| Reserves | 13 | €54,590 | €54,590 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,382 | €3,382 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,382 | €3,382 | = | 0.0% |
| Distributable reserves | 133 | €51,208 | €51,208 | = | 0.0% |
| Profit (loss) carried forward | 14 | €140,186 | €18,388 | -€121,798 | -86.9% |
| Amounts payable | 17/49 | €1,146,707 | €796,298 | -€350,410 | -30.6% |
| Amounts payable after more than one year | 17 | €304,422 | €288,583 | -€15,839 | -5.2% |
| Financial debts | 170/4 | €304,422 | €288,583 | -€15,839 | -5.2% |
| Amounts payable within one year | 42/48 | €842,285 | €507,714 | -€334,571 | -39.7% |
| Trade debts | 44 | €825,960 | €504,229 | -€321,731 | -39.0% |
| Suppliers | 440/4 | €825,960 | €504,229 | -€321,731 | -39.0% |
| Taxes, remuneration and social security | 45 | €15,933 | €3,092 | -€12,840 | -80.6% |
| Taxes | 450/3 | €1,048 | €115 | -€933 | -89.0% |
| Remuneration and social security | 454/9 | €14,885 | €2,977 | -€11,908 | -80.0% |
| Other amounts payable | 47/48 | €393 | €393 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €0 | +€0 | |
| Remuneration, social security and pensions | 62 | €28,596 | €32,643 | +€4,047 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,165 | €542 | -€14,623 | -96.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€69,211 | -€69,211 | |
| Other operating charges | 640/8 | €65,152 | €65,604 | +€453 | +0.7% |
| Gross operating margin | 9900 | €83,822 | -€92,509 | -€176,331 | |
| Operating profit (loss) | 9901 | -€25,091 | -€122,087 | -€96,996 | -387% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €4,944 | €525 | -€4,418 | -89.4% |
| Recurring financial charges | 65 | €4,944 | €525 | -€4,418 | -89.4% |
| Profit (loss) for the period before taxes | 9903 | -€30,025 | -€122,612 | -€92,587 | -308% |
| Income taxes | 67/77 | - | -€814 | -€814 | |
| Profit (loss) for the period | 9904 | -€30,025 | -€121,798 | -€91,773 | -306% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,025 | -€121,798 | -€91,773 | -306% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.