L'ETOILE: 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.
L'ETOILE
Largest movements
- Cash -€23,850
down €23,850 (-91.2%), from €26,165 to €2,315
mainly Debts after one year (-€42,166) and Net result for the year (-€21,066)
- Receivables within one year -€20,103
down €20,103 (-25.3%), from €79,302 to €59,199
of which Trade receivables: -€19,437
- Tangible fixed assets -€14,003
down €14,003 (-3.8%), from €373,215 to €359,212
of which Land and buildings: -€13,365
- Debts after one year -€42,166
down €42,166 (-54.2%), from €77,779 to €35,613
- Profit (loss) carried forward -€21,066
down €21,066 (-5.6%), from -€374,933 to -€395,999
- Trade debts +€13,271
up €13,271 (+12.3%), from €107,628 to €120,899
- Other debts -€11,260
down €11,260 (-1.9%), from €591,454 to €580,194
- Gross operating margin -€42,190
down €42,190 (-26.2%), from €161,001 to €118,811
- Depreciation -€3,212
down €3,212 (-18.7%), from €17,215 to €14,003
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 | €532,080 | €473,555 | -€58,525 | -11.0% |
| Fixed assets | 21/28 | €376,404 | €362,401 | -€14,003 | -3.7% |
| Tangible fixed assets | 22/27 | €373,215 | €359,212 | -€14,003 | -3.8% |
| Land and buildings | 22 | €372,316 | €358,951 | -€13,365 | -3.6% |
| Plant, machinery and equipment | 23 | €39 | - | -€39 | |
| Furniture and vehicles | 24 | €860 | €261 | -€599 | -69.7% |
| Financial fixed assets | 28 | €3,189 | €3,189 | = | 0.0% |
| Current assets | 29/58 | €155,676 | €111,154 | -€44,522 | -28.6% |
| Stocks and contracts in progress | 3 | €46,792 | €45,892 | -€900 | -1.9% |
| Stocks | 30/36 | €46,792 | €45,892 | -€900 | -1.9% |
| Amounts receivable within one year | 40/41 | €79,302 | €59,199 | -€20,103 | -25.3% |
| Trade receivables | 40 | €78,552 | €59,115 | -€19,437 | -24.7% |
| Other amounts receivable | 41 | €750 | €84 | -€666 | -88.8% |
| Cash at bank and in hand | 54/58 | €26,165 | €2,315 | -€23,850 | -91.2% |
| Deferred charges and accrued income | 490/1 | €3,417 | €3,748 | +€331 | +9.7% |
| Total equity and liabilities | 10/49 | €532,080 | €473,555 | -€58,525 | -11.0% |
| Equity | 10/15 | -€301,038 | -€322,104 | -€21,066 | -7.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €12,395 | €12,395 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€374,933 | -€395,999 | -€21,066 | -5.6% |
| Amounts payable | 17/49 | €833,118 | €795,659 | -€37,459 | -4.5% |
| Amounts payable after more than one year | 17 | €77,779 | €35,613 | -€42,166 | -54.2% |
| Financial debts | 170/4 | €77,779 | €35,613 | -€42,166 | -54.2% |
| Amounts payable within one year | 42/48 | €755,339 | €756,046 | +€707 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €41,553 | €42,166 | +€613 | +1.5% |
| Trade debts | 44 | €107,628 | €120,899 | +€13,271 | +12.3% |
| Suppliers | 440/4 | €107,628 | €120,899 | +€13,271 | +12.3% |
| Taxes, remuneration and social security | 45 | €14,704 | €12,787 | -€1,917 | -13.0% |
| Taxes | 450/3 | €2,965 | €487 | -€2,478 | -83.6% |
| Remuneration and social security | 454/9 | €11,739 | €12,300 | +€561 | +4.8% |
| Other amounts payable | 47/48 | €591,454 | €580,194 | -€11,260 | -1.9% |
| Accrued charges and deferred income | 492/3 | - | €4,000 | +€4,000 | |
| Remuneration, social security and pensions | 62 | €117,996 | €117,384 | -€612 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,215 | €14,003 | -€3,212 | -18.7% |
| Other operating charges | 640/8 | €3,717 | €5,125 | +€1,408 | +37.9% |
| Gross operating margin | 9900 | €161,001 | €118,811 | -€42,190 | -26.2% |
| Operating profit (loss) | 9901 | €22,073 | -€17,701 | -€39,774 | |
| Financial income | 75/76B | €282 | €0 | -€282 | -100.0% |
| Recurring financial income | 75 | €282 | €0 | -€282 | -100.0% |
| Financial charges | 65/66B | €3,248 | €3,365 | +€117 | +3.6% |
| Recurring financial charges | 65 | €3,248 | €3,365 | +€117 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €19,107 | -€21,066 | -€40,173 | |
| Profit (loss) for the period | 9904 | €19,107 | -€21,066 | -€40,173 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,107 | -€21,066 | -€40,173 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.