GT-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.
GT-STAR
Largest movements
- Tangible fixed assets -€15,513
down €15,513 (-47.3%), from €32,817 to €17,304
of which Leasing and similar rights: -€13,037
- Cash -€11,625
down €11,625 (-85.3%), from €13,622 to €1,997
mainly Net result for the year (-€10,488) and Trade debts (-€9,317)
- Receivables within one year -€7,262
down €7,262 (-7.2%), from €100,660 to €93,398
of which Trade receivables: -€17,661
- Profit (loss) carried forward -€10,488
down €10,488 (-55.9%), from -€18,768 to -€29,256
- Trade debts -€9,317
down €9,317 (-10.0%), from €93,488 to €84,171
- Debts after one year -€8,369
down €8,369 (-64.0%), from €13,073 to €4,704
- Tax, wage and social debts -€4,443
down €4,443 (-12.5%), from €35,594 to €31,151
of which Taxes: -€4,625
- Current portion of long-term debt -€3,462
down €3,462 (-29.3%), from €11,831 to €8,369
- Gross operating margin -€44,020
down €44,020 (-29.7%), from €148,214 to €104,194
- Staff costs -€38,811
down €38,811 (-29.0%), from €133,956 to €95,145
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €159,051 | €123,250 | -€35,801 | -22.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €43,417 | €27,645 | -€15,773 | -36.3% |
| Tangible fixed assets | 22/27 | €32,817 | €17,304 | -€15,513 | -47.3% |
| Plant, machinery and equipment | 23 | €552 | €412 | -€140 | -25.4% |
| Furniture and vehicles | 24 | €8,021 | €5,685 | -€2,337 | -29.1% |
| Leasing and similar rights | 25 | €24,244 | €11,208 | -€13,037 | -53.8% |
| Financial fixed assets | 28 | €10,600 | €10,341 | -€259 | -2.4% |
| Current assets | 29/58 | €115,634 | €95,605 | -€20,029 | -17.3% |
| Amounts receivable within one year | 40/41 | €100,660 | €93,398 | -€7,262 | -7.2% |
| Trade receivables | 40 | €66,909 | €49,248 | -€17,661 | -26.4% |
| Other amounts receivable | 41 | €33,751 | €44,150 | +€10,399 | +30.8% |
| Cash at bank and in hand | 54/58 | €13,622 | €1,997 | -€11,625 | -85.3% |
| Deferred charges and accrued income | 490/1 | €1,351 | €209 | -€1,142 | -84.5% |
| Total equity and liabilities | 10/49 | €159,051 | €123,250 | -€35,801 | -22.5% |
| Equity | 10/15 | €5,065 | -€5,423 | -€10,488 | |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €11,833 | €11,833 | = | 0.0% |
| Distributable reserves | 133 | €11,833 | €11,833 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,768 | -€29,256 | -€10,488 | -55.9% |
| Amounts payable | 17/49 | €153,986 | €128,673 | -€25,314 | -16.4% |
| Amounts payable after more than one year | 17 | €13,073 | €4,704 | -€8,369 | -64.0% |
| Financial debts | 170/4 | €13,073 | €4,704 | -€8,369 | -64.0% |
| Amounts payable within one year | 42/48 | €140,913 | €123,969 | -€16,945 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €11,831 | €8,369 | -€3,462 | -29.3% |
| Financial debts | 43 | - | €278 | +€278 | |
| Credit institutions | 430/8 | - | €278 | +€278 | |
| Trade debts | 44 | €93,488 | €84,171 | -€9,317 | -10.0% |
| Suppliers | 440/4 | €93,488 | €84,171 | -€9,317 | -10.0% |
| Taxes, remuneration and social security | 45 | €35,594 | €31,151 | -€4,443 | -12.5% |
| Taxes | 450/3 | €23,892 | €19,267 | -€4,625 | -19.4% |
| Remuneration and social security | 454/9 | €11,702 | €11,884 | +€182 | +1.6% |
| Remuneration, social security and pensions | 62 | €133,956 | €95,145 | -€38,811 | -29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,935 | €15,843 | -€92 | -0.6% |
| Other operating charges | 640/8 | €1,365 | €1,345 | -€20 | -1.5% |
| Non-recurring operating charges | 66A | €805 | - | -€805 | |
| Gross operating margin | 9900 | €148,214 | €104,194 | -€44,020 | -29.7% |
| Operating profit (loss) | 9901 | -€3,847 | -€8,139 | -€4,292 | -111.6% |
| Financial income | 75/76B | €84 | €0 | -€84 | -100.0% |
| Recurring financial income | 75 | €84 | €0 | -€84 | -100.0% |
| Financial charges | 65/66B | €2,752 | €2,348 | -€403 | -14.7% |
| Recurring financial charges | 65 | €2,752 | €2,348 | -€403 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,515 | -€10,488 | -€3,972 | -61.0% |
| Income taxes | 67/77 | €741 | - | -€741 | |
| Profit (loss) for the period | 9904 | -€7,256 | -€10,488 | -€3,231 | -44.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,256 | -€10,488 | -€3,231 | -44.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.