GStar: 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.
GStar
Largest movements
- Deferred charges and accrued income -€3,635
down €3,635 (-83.6%), from €4,350 to €715
- Stocks and contracts +€2,451
up €2,451 (+9.8%), from €25,095 to €27,546
- Receivables within one year +€2,122
up €2,122 (+161.7%), from €1,312 to €3,434
of which Trade receivables: +€2,211
- Other debts +€5,677
up €5,677 (+113.1%), from €5,022 to €10,699
- Tax, wage and social debts -€4,234
down €4,234 (-76.8%), from €5,512 to €1,277
- Trade debts -€3,453
down €3,453 (-73.7%), from €4,686 to €1,233
- Accrued charges and deferred income +€2,496
new in 2025: €2,496
- Reserves +€546
up €546 (+3.7%), from €14,622 to €15,168
- Gross operating margin -€2,673
down €2,673 (-61.5%), from €4,345 to €1,672
- Taxes -€1,005
down €1,005 (-88.0%), from €1,141 to €136
- Other operating charges +€402
up €402 (+340.4%), from €118 to €520
- Financial charges +€302
up €302 (+178.3%), from €169 to €471
of which Financial charges: +€415
- Financial income -€50
down €50 (-100.0%), from €50 to €0
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 | €31,042 | €32,073 | +€1,031 | +3.3% |
| Current assets | 29/58 | €31,042 | €32,073 | +€1,031 | +3.3% |
| Stocks and contracts in progress | 3 | €25,095 | €27,546 | +€2,451 | +9.8% |
| Stocks | 30/36 | €25,095 | €27,546 | +€2,451 | +9.8% |
| Amounts receivable within one year | 40/41 | €1,312 | €3,434 | +€2,122 | +161.7% |
| Trade receivables | 40 | - | €2,211 | +€2,211 | |
| Other amounts receivable | 41 | €1,312 | €1,223 | -€89 | -6.8% |
| Cash at bank and in hand | 54/58 | €284 | €378 | +€93 | +32.8% |
| Deferred charges and accrued income | 490/1 | €4,350 | €715 | -€3,635 | -83.6% |
| Total equity and liabilities | 10/49 | €31,042 | €32,073 | +€1,031 | +3.3% |
| Equity | 10/15 | €15,822 | €16,368 | +€546 | +3.4% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €14,622 | €15,168 | +€546 | +3.7% |
| Distributable reserves | 133 | €14,622 | €15,168 | +€546 | +3.7% |
| Amounts payable | 17/49 | €15,219 | €15,705 | +€486 | +3.2% |
| Amounts payable within one year | 42/48 | €15,219 | €13,209 | -€2,011 | -13.2% |
| Trade debts | 44 | €4,686 | €1,233 | -€3,453 | -73.7% |
| Suppliers | 440/4 | €4,686 | €1,233 | -€3,453 | -73.7% |
| Taxes, remuneration and social security | 45 | €5,512 | €1,277 | -€4,234 | -76.8% |
| Taxes | 450/3 | €5,512 | €1,277 | -€4,234 | -76.8% |
| Other amounts payable | 47/48 | €5,022 | €10,699 | +€5,677 | +113.1% |
| Accrued charges and deferred income | 492/3 | - | €2,496 | +€2,496 | |
| Other operating charges | 640/8 | €118 | €520 | +€402 | +340.4% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €4,345 | €1,672 | -€2,673 | -61.5% |
| Operating profit (loss) | 9901 | €4,227 | €1,153 | -€3,074 | -72.7% |
| Financial income | 75/76B | €50 | €0 | -€50 | -100.0% |
| Recurring financial income | 75 | €50 | €0 | -€50 | -100.0% |
| Financial charges | 65/66B | €169 | €471 | +€302 | +178.3% |
| Recurring financial charges | 65 | €56 | €471 | +€415 | +740.4% |
| Non-recurring financial charges | 66B | €113 | - | -€113 | |
| Profit (loss) for the period before taxes | 9903 | €4,108 | €682 | -€3,426 | -83.4% |
| Income taxes | 67/77 | €1,141 | €136 | -€1,005 | -88.0% |
| Profit (loss) for the period | 9904 | €2,967 | €546 | -€2,421 | -81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,967 | €546 | -€2,421 | -81.6% |
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 12 October 2026 via checked.be.