GROWTH STAR: 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.
GROWTH STAR
Largest movements
- Receivables after one year -€45,000
no longer reported in 2025 (was €45,000)
- Receivables within one year +€14,177
up €14,177 (+470%), from €3,015 to €17,191
of which Other amounts receivable: +€15,871
- Formation expenses -€2,250
no longer reported in 2025 (was €2,250)
- Cash -€950
down €950 (-41.3%), from €2,302 to €1,352
mainly Other debts (-€30,937) and Receivables within one year (-€14,177)
- Other debts -€30,937
no longer reported in 2025 (was €30,937)
- Tax, wage and social debts -€7,571
down €7,571 (-81.8%), from €9,250 to €1,679
- Profit (loss) carried forward +€4,723
up €4,723 (+67.0%), from €7,048 to €11,771
- Trade debts -€532
down €532 (-85.1%), from €625 to €93
- Gross operating margin +€8,726
up €8,726 (+2,504%), from €349 to €9,074
- Depreciation +€1,977
up €1,977 (+349%), from €567 to €2,543
- Taxes +€1,624
new in 2025: €1,624
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 | €52,860 | €18,543 | -€34,317 | -64.9% |
| Formation expenses | 20 | €2,250 | - | -€2,250 | |
| Fixed assets | 21/28 | €293 | - | -€293 | |
| Tangible fixed assets | 22/27 | €293 | - | -€293 | |
| Furniture and vehicles | 24 | €293 | - | -€293 | |
| Current assets | 29/58 | €50,317 | €18,543 | -€31,774 | -63.1% |
| Amounts receivable after more than one year | 29 | €45,000 | - | -€45,000 | |
| Other amounts receivable | 291 | €45,000 | - | -€45,000 | |
| Amounts receivable within one year | 40/41 | €3,015 | €17,191 | +€14,177 | +470% |
| Trade receivables | 40 | €1,694 | - | -€1,694 | |
| Other amounts receivable | 41 | €1,321 | €17,191 | +€15,871 | +1,202% |
| Cash at bank and in hand | 54/58 | €2,302 | €1,352 | -€950 | -41.3% |
| Total equity and liabilities | 10/49 | €52,860 | €18,543 | -€34,317 | -64.9% |
| Equity | 10/15 | €12,048 | €16,771 | +€4,723 | +39.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,048 | €11,771 | +€4,723 | +67.0% |
| Amounts payable | 17/49 | €40,812 | €1,773 | -€39,040 | -95.7% |
| Amounts payable within one year | 42/48 | €40,812 | €1,773 | -€39,040 | -95.7% |
| Trade debts | 44 | €625 | €93 | -€532 | -85.1% |
| Suppliers | 440/4 | €625 | €93 | -€532 | -85.1% |
| Taxes, remuneration and social security | 45 | €9,250 | €1,679 | -€7,571 | -81.8% |
| Taxes | 450/3 | €9,250 | €1,679 | -€7,571 | -81.8% |
| Other amounts payable | 47/48 | €30,937 | - | -€30,937 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €567 | €2,543 | +€1,977 | +349% |
| Gross operating margin | 9900 | €349 | €9,074 | +€8,726 | +2,504% |
| Operating profit (loss) | 9901 | -€218 | €6,531 | +€6,749 | |
| Financial charges | 65/66B | €245 | €184 | -€61 | -24.8% |
| Recurring financial charges | 65 | €245 | €184 | -€61 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | -€463 | €6,347 | +€6,810 | |
| Income taxes | 67/77 | - | €1,624 | +€1,624 | |
| Profit (loss) for the period | 9904 | -€463 | €4,723 | +€5,186 | |
| Profit (loss) for the period to be appropriated | 9905 | -€463 | €4,723 | +€5,186 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.