N STARS: 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.
N STARS
Largest movements
- Cash -€48,776
down €48,776 (-46.9%), from €103,935 to €55,159
mainly Net result for the year (-€30,731) and Receivables within one year (-€17,077)
- Tangible fixed assets -€23,968
down €23,968 (-22.5%), from €106,587 to €82,619
of which Furniture and vehicles: -€22,978
- Receivables within one year +€17,077
up €17,077 (+231%), from €7,407 to €24,484
of which Trade receivables: +€10,780
- Profit (loss) carried forward -€30,731
down €30,731 (-186%), from -€16,505 to -€47,236
- Debts after one year -€13,443
down €13,443 (-37.5%), from €35,859 to €22,415
- Tax, wage and social debts -€7,934
down €7,934 (-94.2%), from €8,421 to €486
of which Taxes: -€7,761
- Other debts -€2,754
down €2,754 (-100%), from €2,754 to €0
- Depreciation +€10,652
up €10,652 (+80.0%), from €13,316 to €23,968
- Gross operating margin -€3,017
down €3,017 (-620%), from -€487 to -€3,503
- Financial charges +€413
up €413 (+27.8%), from €1,486 to €1,899
- Taxes +€211
up €211 (+122%), from €173 to €385
- Financial income +€187
up €187 (+9,612%), from €2 to €189
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 | €219,398 | €163,302 | -€56,096 | -25.6% |
| Fixed assets | 21/28 | €106,587 | €82,619 | -€23,968 | -22.5% |
| Tangible fixed assets | 22/27 | €106,587 | €82,619 | -€23,968 | -22.5% |
| Land and buildings | 22 | €643 | €540 | -€103 | -16.0% |
| Plant, machinery and equipment | 23 | €2,605 | €1,719 | -€887 | -34.0% |
| Furniture and vehicles | 24 | €103,338 | €80,360 | -€22,978 | -22.2% |
| Current assets | 29/58 | €112,811 | €80,682 | -€32,129 | -28.5% |
| Amounts receivable within one year | 40/41 | €7,407 | €24,484 | +€17,077 | +231% |
| Trade receivables | 40 | €1,320 | €12,100 | +€10,780 | +817% |
| Other amounts receivable | 41 | €6,087 | €12,384 | +€6,297 | +103% |
| Cash at bank and in hand | 54/58 | €103,935 | €55,159 | -€48,776 | -46.9% |
| Deferred charges and accrued income | 490/1 | €1,469 | €1,039 | -€430 | -29.2% |
| Total equity and liabilities | 10/49 | €219,398 | €163,302 | -€56,096 | -25.6% |
| Equity | 10/15 | €157,490 | €126,759 | -€30,731 | -19.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €171,495 | €171,495 | = | 0.0% |
| Distributable reserves | 133 | €171,495 | €171,495 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,505 | -€47,236 | -€30,731 | -186% |
| Amounts payable | 17/49 | €61,908 | €36,543 | -€25,365 | -41.0% |
| Amounts payable after more than one year | 17 | €35,859 | €22,415 | -€13,443 | -37.5% |
| Financial debts | 170/4 | €35,859 | €22,415 | -€13,443 | -37.5% |
| Amounts payable within one year | 42/48 | €26,049 | €14,127 | -€11,922 | -45.8% |
| Current portion of amounts payable after more than one year | 42 | €12,916 | €13,443 | +€527 | +4.1% |
| Trade debts | 44 | €1,959 | €198 | -€1,761 | -89.9% |
| Suppliers | 440/4 | €1,959 | €198 | -€1,761 | -89.9% |
| Taxes, remuneration and social security | 45 | €8,421 | €486 | -€7,934 | -94.2% |
| Taxes | 450/3 | €8,247 | €486 | -€7,761 | -94.1% |
| Remuneration and social security | 454/9 | €173 | €0 | -€173 | -100% |
| Other amounts payable | 47/48 | €2,754 | €0 | -€2,754 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,316 | €23,968 | +€10,652 | +80.0% |
| Other operating charges | 640/8 | €1,045 | €1,166 | +€121 | +11.6% |
| Gross operating margin | 9900 | -€487 | -€3,503 | -€3,017 | -620% |
| Operating profit (loss) | 9901 | -€14,847 | -€28,637 | -€13,789 | -92.9% |
| Financial income | 75/76B | €2 | €189 | +€187 | +9,612% |
| Recurring financial income | 75 | €2 | €189 | +€187 | +9,612% |
| Financial charges | 65/66B | €1,486 | €1,899 | +€413 | +27.8% |
| Recurring financial charges | 65 | €1,486 | €1,899 | +€413 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | -€16,331 | -€30,347 | -€14,015 | -85.8% |
| Income taxes | 67/77 | €173 | €385 | +€211 | +122% |
| Profit (loss) for the period | 9904 | -€16,505 | -€30,731 | -€14,226 | -86.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,505 | -€30,731 | -€14,226 | -86.2% |
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 26 October 2026 via checked.be.