New 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.
New Star
Largest movements
- Receivables within one year -€18,842
down €18,842 (-52.3%), from €36,049 to €17,207
of which Trade receivables: -€19,138
- Tangible fixed assets +€13,227
up €13,227 (+119.5%), from €11,071 to €24,298
of which Leasing and similar rights: +€16,947
- Cash -€6,953
down €6,953 (-43.3%), from €16,039 to €9,086
- Financial fixed assets +€3,006
new in 2025: €3,006
- Profit (loss) carried forward -€41,153
down €41,153, from €8,637 to -€32,516
- Other debts +€12,394
new in 2025: €12,394
- Tax, wage and social debts +€7,512
up €7,512 (+72.1%), from €10,415 to €17,927
of which Remuneration and social security: +€10,343
- Current portion of long-term debt +€5,109
new in 2025: €5,109
- Debts after one year +€4,897
new in 2025: €4,897
- Staff costs +€29,733
up €29,733 (+20.6%), from €144,598 to €174,331
- Gross operating margin +€4,586
up €4,586 (+2.8%), from €164,108 to €168,694
- Depreciation +€2,743
up €2,743 (+102.5%), from €2,677 to €5,420
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €66,156 | €57,178 | -€8,978 | -13.6% |
| Fixed assets | 21/28 | €11,071 | €27,305 | +€16,234 | +146.6% |
| Tangible fixed assets | 22/27 | €11,071 | €24,298 | +€13,227 | +119.5% |
| Plant, machinery and equipment | 23 | €8,469 | €3,489 | -€4,980 | -58.8% |
| Furniture and vehicles | 24 | €2,602 | €3,862 | +€1,260 | +48.4% |
| Leasing and similar rights | 25 | - | €16,947 | +€16,947 | |
| Financial fixed assets | 28 | - | €3,006 | +€3,006 | |
| Current assets | 29/58 | €55,085 | €29,874 | -€25,211 | -45.8% |
| Stocks and contracts in progress | 3 | €2,997 | €3,580 | +€583 | +19.5% |
| Stocks | 30/36 | €2,997 | €3,580 | +€583 | +19.5% |
| Amounts receivable within one year | 40/41 | €36,049 | €17,207 | -€18,842 | -52.3% |
| Trade receivables | 40 | €19,582 | €444 | -€19,138 | -97.7% |
| Other amounts receivable | 41 | €16,467 | €16,763 | +€296 | +1.8% |
| Cash at bank and in hand | 54/58 | €16,039 | €9,086 | -€6,953 | -43.3% |
| Total equity and liabilities | 10/49 | €66,156 | €57,178 | -€8,978 | -13.6% |
| Equity | 10/15 | €28,637 | -€12,516 | -€41,153 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,637 | -€32,516 | -€41,153 | |
| Amounts payable | 17/49 | €37,519 | €69,695 | +€32,176 | +85.8% |
| Amounts payable after more than one year | 17 | - | €4,897 | +€4,897 | |
| Financial debts | 170/4 | - | €4,897 | +€4,897 | |
| Amounts payable within one year | 42/48 | €37,519 | €64,798 | +€27,279 | +72.7% |
| Current portion of amounts payable after more than one year | 42 | - | €5,109 | +€5,109 | |
| Trade debts | 44 | €27,104 | €29,368 | +€2,264 | +8.4% |
| Suppliers | 440/4 | €27,104 | €29,368 | +€2,264 | +8.4% |
| Taxes, remuneration and social security | 45 | €10,415 | €17,927 | +€7,512 | +72.1% |
| Taxes | 450/3 | €3,132 | €301 | -€2,831 | -90.4% |
| Remuneration and social security | 454/9 | €7,283 | €17,626 | +€10,343 | +142.0% |
| Other amounts payable | 47/48 | - | €12,394 | +€12,394 | |
| Remuneration, social security and pensions | 62 | €144,598 | €174,331 | +€29,733 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,677 | €5,420 | +€2,743 | +102.5% |
| Other operating charges | 640/8 | €3,721 | €2,774 | -€947 | -25.5% |
| Gross operating margin | 9900 | €164,108 | €168,694 | +€4,586 | +2.8% |
| Operating profit (loss) | 9901 | €13,112 | -€13,831 | -€26,943 | |
| Financial income | 75/76B | €50 | €11 | -€39 | -78.3% |
| Recurring financial income | 75 | €50 | €11 | -€39 | -78.3% |
| Financial charges | 65/66B | €1,238 | €2,175 | +€937 | +75.7% |
| Recurring financial charges | 65 | €1,238 | €2,175 | +€937 | +75.7% |
| Profit (loss) for the period before taxes | 9903 | €11,924 | -€15,995 | -€27,919 | |
| Income taxes | 67/77 | €2,966 | €1,978 | -€988 | -33.3% |
| Profit (loss) for the period | 9904 | €8,958 | -€17,973 | -€26,931 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,958 | -€17,973 | -€26,931 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.