GREEN 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.
GREEN STAR
Largest movements
- Tangible fixed assets +€753,940
up €753,940 (+26.8%), from €2.8m to €3.6m
of which Assets under construction and advance payments: +€1.5m
- Stocks and contracts -€705,180
down €705,180 (-78.1%), from €903,388 to €198,209
- Receivables within one year +€49,813
up €49,813 (+3977.5%), from €1,252 to €51,066
of which Other amounts receivable: +€48,845
- Other debts -€803,001
down €803,001 (-92.8%), from €865,715 to €62,715
- Debts after one year +€562,621
up €562,621 (+117.9%), from €477,035 to €1.0m
- Reserves +€237,076
up €237,076 (+12.6%), from €1.9m to €2.1m
of which Distributable reserves: +€237,076
- Current portion of long-term debt +€39,601
up €39,601 (+49.3%), from €80,255 to €119,856
- Taxes +€44,730
up €44,730 (+64.6%), from €69,253 to €113,983
- Financial charges -€42,880
down €42,880 (-47.1%), from €91,120 to €48,240
- Gross operating margin -€36,412
down €36,412 (-7.5%), from €486,778 to €450,367
- Depreciation -€24,966
down €24,966 (-37.0%), from €67,535 to €42,569
- Financial income -€7,129
down €7,129 (-83.6%), from €8,522 to €1,394
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,767,095 | €3,833,726 | +€66,630 | +1.8% |
| Fixed assets | 21/28 | €2,816,199 | €3,570,139 | +€753,940 | +26.8% |
| Tangible fixed assets | 22/27 | €2,815,299 | €3,569,239 | +€753,940 | +26.8% |
| Land and buildings | 22 | €1,825,424 | €1,124,365 | -€701,060 | -38.4% |
| Plant, machinery and equipment | 23 | €9,628 | €4,949 | -€4,679 | -48.6% |
| Furniture and vehicles | 24 | €82,937 | €67,184 | -€15,753 | -19.0% |
| Assets under construction and advance payments | 27 | €897,310 | €2,372,741 | +€1.5m | +164.4% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €950,897 | €263,587 | -€687,309 | -72.3% |
| Stocks and contracts in progress | 3 | €903,388 | €198,209 | -€705,180 | -78.1% |
| Stocks | 30/36 | €903,388 | €198,209 | -€705,180 | -78.1% |
| Amounts receivable within one year | 40/41 | €1,252 | €51,066 | +€49,813 | +3977.5% |
| Trade receivables | 40 | - | €968 | +€968 | |
| Other amounts receivable | 41 | €1,252 | €50,098 | +€48,845 | +3900.3% |
| Cash at bank and in hand | 54/58 | €23,686 | €12,943 | -€10,743 | -45.4% |
| Deferred charges and accrued income | 490/1 | €22,570 | €1,370 | -€21,200 | -93.9% |
| Total equity and liabilities | 10/49 | €3,767,095 | €3,833,726 | +€66,630 | +1.8% |
| Equity | 10/15 | €1,950,307 | €2,187,383 | +€237,076 | +12.2% |
| Contributions | 10/11 | €65,854 | €65,854 | = | 0.0% |
| Capital | 10 | €65,854 | €65,854 | = | 0.0% |
| Issued capital | 100 | €65,854 | €65,854 | = | 0.0% |
| Reserves | 13 | €1,884,453 | €2,121,529 | +€237,076 | +12.6% |
| Non-distributable reserves | 130/1 | €34,085 | €34,085 | = | 0.0% |
| Legal reserve | 130 | €34,085 | €34,085 | = | 0.0% |
| Tax-exempt reserves | 132 | €161,769 | €161,769 | = | 0.0% |
| Distributable reserves | 133 | €1,688,599 | €1,925,676 | +€237,076 | +14.0% |
| Provisions and deferred taxes | 16 | €53,923 | €53,923 | = | 0.0% |
| Deferred taxes | 168 | €53,923 | €53,923 | = | 0.0% |
| Amounts payable | 17/49 | €1,762,866 | €1,592,420 | -€170,446 | -9.7% |
| Amounts payable after more than one year | 17 | €477,035 | €1,039,656 | +€562,621 | +117.9% |
| Financial debts | 170/4 | €477,035 | €1,039,656 | +€562,621 | +117.9% |
| Amounts payable within one year | 42/48 | €1,285,294 | €532,752 | -€752,542 | -58.6% |
| Current portion of amounts payable after more than one year | 42 | €80,255 | €119,856 | +€39,601 | +49.3% |
| Financial debts | 43 | €300,000 | €300,000 | = | 0.0% |
| Credit institutions | 430/8 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €1,657 | €13,524 | +€11,867 | +716.2% |
| Suppliers | 440/4 | €1,657 | €13,524 | +€11,867 | +716.2% |
| Taxes, remuneration and social security | 45 | €37,667 | €36,658 | -€1,009 | -2.7% |
| Taxes | 450/3 | €37,667 | €36,658 | -€1,009 | -2.7% |
| Other amounts payable | 47/48 | €865,715 | €62,715 | -€803,001 | -92.8% |
| Accrued charges and deferred income | 492/3 | €537 | €20,011 | +€19,475 | +3629.4% |
| Non-recurring operating income | 76A | €317,186 | €479,860 | +€162,674 | +51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,535 | €42,569 | -€24,966 | -37.0% |
| Other operating charges | 640/8 | €11,611 | €9,892 | -€1,719 | -14.8% |
| Gross operating margin | 9900 | €486,778 | €450,367 | -€36,412 | -7.5% |
| Operating profit (loss) | 9901 | €407,632 | €397,905 | -€9,727 | -2.4% |
| Financial income | 75/76B | €8,522 | €1,394 | -€7,129 | -83.6% |
| Recurring financial income | 75 | €8,522 | €1,394 | -€7,129 | -83.6% |
| Financial charges | 65/66B | €91,120 | €48,240 | -€42,880 | -47.1% |
| Recurring financial charges | 65 | €91,120 | €48,240 | -€42,880 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €325,035 | €351,059 | +€26,024 | +8.0% |
| Income taxes | 67/77 | €69,253 | €113,983 | +€44,730 | +64.6% |
| Profit (loss) for the period | 9904 | €255,782 | €237,076 | -€18,706 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €255,782 | €237,076 | -€18,706 | -7.3% |
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 7 October 2026 via checked.be.