North Star City: what changed
What changed
North Star City
NACE 68.122, Development of non-residential building projects
filed annual accounts (NBB)
Net result for the year
-€48,380
2024 · -€5,804-€42,576
Equity
€1.9m
2024 · €2.0m-€48,380
Cash
€41,060
2024 · €12,853+€28,208
Balance sheet total
€81.7m
2024 · €69.3m+€12.4m
Largest movements
Assets
- Tangible fixed assets +€11.6m
up €11.6m (+16.7%), from €69.3m to €80.8m
Equity and liabilities
- Debts after one year +€58.8m
up €58.8m (+346%), from €17.0m to €75.8m
- Other debts -€50.3m
no longer reported in 2025 (was €50.3m)
- Trade debts +€2.7m
up €2.7m (+4,204%), from €65,096 to €2.8m
- Accrued charges and deferred income +€1.2m
new in 2025: €1.2m
Income statement
- Gross operating margin -€43,223
down €43,223 (-1,179%), from -€3,665 to -€46,888
- Other operating charges -€1,423
down €1,423 (-73.2%), from €1,942 to €520
- Financial charges +€776
up €776 (+395%), from €197 to €973
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€5,804
Gross operating margin
-€43,223
Other operating charges
+€1,423
Financial income
+€0
Financial charges
-€776
Result 2025
-€48,380
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€47.2m
Investment
-€11.6m
Financing
+€58.8m
Cash 2024
€12,853
From operations (derived)
-€47.2m
Net result for the year
-€48,380
Receivables within one year
-€766,471
Trade debts
+€2.7m
Other debts
-€50.3m
Accrued charges and deferred income
+€1.2m
Investment (derived)
-€11.6m
Investment in fixed assets (net)
-€11.6m
Financing
+€58.8m
Debts after one year
+€58.8m
Cash 2025
€41,060
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €69,326,855 | €81,710,496 | +€12.4m | +17.9% |
| Fixed assets | 21/28 | €69,254,266 | €80,843,228 | +€11.6m | +16.7% |
| Tangible fixed assets | 22/27 | €69,254,266 | €80,843,228 | +€11.6m | +16.7% |
| Assets under construction and advance payments | 27 | €69,254,266 | €80,843,228 | +€11.6m | +16.7% |
| Current assets | 29/58 | €72,590 | €867,268 | +€794,679 | +1,095% |
| Amounts receivable within one year | 40/41 | €59,737 | €826,208 | +€766,471 | +1,283% |
| Trade receivables | 40 | - | €32,091 | +€32,091 | |
| Other amounts receivable | 41 | €59,737 | €794,117 | +€734,380 | +1,229% |
| Cash at bank and in hand | 54/58 | €12,853 | €41,060 | +€28,208 | +219% |
| Total equity and liabilities | 10/49 | €69,326,855 | €81,710,496 | +€12.4m | +17.9% |
| Equity | 10/15 | €1,994,196 | €1,945,815 | -€48,380 | -2.4% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,804 | -€54,185 | -€48,380 | -834% |
| Amounts payable | 17/49 | €67,332,659 | €79,764,681 | +€12.4m | +18.5% |
| Amounts payable after more than one year | 17 | €17,000,000 | €75,788,920 | +€58.8m | +346% |
| Financial debts | 170/4 | €17,000,000 | €75,788,920 | +€58.8m | +346% |
| Amounts payable within one year | 42/48 | €50,332,659 | €2,801,844 | -€47.5m | -94.4% |
| Trade debts | 44 | €65,096 | €2,801,844 | +€2.7m | +4,204% |
| Suppliers | 440/4 | €65,096 | €2,801,844 | +€2.7m | +4,204% |
| Other amounts payable | 47/48 | €50,267,564 | - | -€50.3m | |
| Accrued charges and deferred income | 492/3 | - | €1,173,918 | +€1.2m | |
| Other operating charges | 640/8 | €1,942 | €520 | -€1,423 | -73.2% |
| Gross operating margin | 9900 | -€3,665 | -€46,888 | -€43,223 | -1,179% |
| Operating profit (loss) | 9901 | -€5,608 | -€47,407 | -€41,800 | -745% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €197 | €973 | +€776 | +395% |
| Recurring financial charges | 65 | €197 | €973 | +€776 | +395% |
| Profit (loss) for the period before taxes | 9903 | -€5,804 | -€48,380 | -€42,576 | -734% |
| Profit (loss) for the period | 9904 | -€5,804 | -€48,380 | -€42,576 | -734% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,804 | -€48,380 | -€42,576 | -734% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.