J-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.
J-STAR
Largest movements
- Cash -€65,772
down €65,772 (-55.0%), from €119,648 to €53,876
mainly Net result for the year (-€104,672) and Investment in fixed assets (net) (-€4,302)
- Tangible fixed assets -€4,765
down €4,765 (-11.8%), from €40,344 to €35,579
of which Other tangible fixed assets: -€4,048
- Deferred charges and accrued income -€2,648
down €2,648 (-50.6%), from €5,236 to €2,588
- Profit (loss) carried forward -€104,672
down €104,672 (-82.5%), from -€126,823 to -€231,494
- Trade debts +€17,078
up €17,078 (+330.4%), from €5,168 to €22,246
- Advances received +€15,289
new in 2025: €15,289
- Other debts -€2,502
down €2,502 (-1.8%), from €141,829 to €139,326
- Tax, wage and social debts +€2,177
up €2,177 (+15.6%), from €13,985 to €16,161
of which Remuneration and social security: +€9,560
- Gross operating margin -€67,521
down €67,521, from €45,225 to -€22,297
- Staff costs +€25,682
up €25,682 (+65.1%), from €39,430 to €65,112
- Depreciation +€1,549
up €1,549 (+20.6%), from €7,518 to €9,067
- Financial charges -€1,122
down €1,122 (-16.3%), from €6,898 to €5,775
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 | €173,743 | €102,175 | -€71,568 | -41.2% |
| Fixed assets | 21/28 | €40,344 | €35,579 | -€4,765 | -11.8% |
| Tangible fixed assets | 22/27 | €40,344 | €35,579 | -€4,765 | -11.8% |
| Plant, machinery and equipment | 23 | €516 | €366 | -€150 | -29.1% |
| Furniture and vehicles | 24 | €5,739 | €5,172 | -€567 | -9.9% |
| Other tangible fixed assets | 26 | €34,089 | €30,041 | -€4,048 | -11.9% |
| Current assets | 29/58 | €133,399 | €66,596 | -€66,803 | -50.1% |
| Amounts receivable within one year | 40/41 | €8,515 | €10,132 | +€1,617 | +19.0% |
| Trade receivables | 40 | €7,260 | €8,825 | +€1,565 | +21.6% |
| Other amounts receivable | 41 | €1,255 | €1,308 | +€52 | +4.2% |
| Cash at bank and in hand | 54/58 | €119,648 | €53,876 | -€65,772 | -55.0% |
| Deferred charges and accrued income | 490/1 | €5,236 | €2,588 | -€2,648 | -50.6% |
| Total equity and liabilities | 10/49 | €173,743 | €102,175 | -€71,568 | -41.2% |
| Equity | 10/15 | €12,437 | -€92,234 | -€104,672 | |
| Contributions | 10/11 | €137,400 | €137,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€126,823 | -€231,494 | -€104,672 | -82.5% |
| Amounts payable | 17/49 | €161,306 | €194,409 | +€33,103 | +20.5% |
| Amounts payable within one year | 42/48 | €161,306 | €194,409 | +€33,103 | +20.5% |
| Financial debts | 43 | €324 | €1,387 | +€1,062 | +327.5% |
| Credit institutions | 430/8 | €324 | €1,387 | +€1,062 | +327.5% |
| Trade debts | 44 | €5,168 | €22,246 | +€17,078 | +330.4% |
| Suppliers | 440/4 | €5,168 | €22,246 | +€17,078 | +330.4% |
| Advances received on contracts in progress | 46 | - | €15,289 | +€15,289 | |
| Taxes, remuneration and social security | 45 | €13,985 | €16,161 | +€2,177 | +15.6% |
| Taxes | 450/3 | €8,967 | €1,584 | -€7,383 | -82.3% |
| Remuneration and social security | 454/9 | €5,018 | €14,578 | +€9,560 | +190.5% |
| Other amounts payable | 47/48 | €141,829 | €139,326 | -€2,502 | -1.8% |
| Non-recurring operating income | 76A | €21,364 | €0 | -€21,364 | -100.0% |
| Remuneration, social security and pensions | 62 | €39,430 | €65,112 | +€25,682 | +65.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,518 | €9,067 | +€1,549 | +20.6% |
| Other operating charges | 640/8 | €1,820 | €1,860 | +€40 | +2.2% |
| Gross operating margin | 9900 | €45,225 | -€22,297 | -€67,521 | |
| Operating profit (loss) | 9901 | -€3,544 | -€98,336 | -€94,792 | -2674.9% |
| Financial income | 75/76B | €1 | €39 | +€37 | +2584.7% |
| Recurring financial income | 75 | €1 | €39 | +€37 | +2584.7% |
| Financial charges | 65/66B | €6,898 | €5,775 | -€1,122 | -16.3% |
| Recurring financial charges | 65 | €6,898 | €5,775 | -€1,122 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | -€10,440 | -€104,073 | -€93,633 | -896.9% |
| Income taxes | 67/77 | €428 | €599 | +€170 | +39.8% |
| Profit (loss) for the period | 9904 | -€10,868 | -€104,672 | -€93,803 | -863.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,868 | -€104,672 | -€93,803 | -863.1% |
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.