PINAR 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.
PINAR STAR
Largest movements
- Stocks and contracts -€3,520
down €3,520 (-8.3%), from €42,546 to €39,026
- Receivables within one year +€1,515
up €1,515 (+340%), from €446 to €1,961
of which Trade receivables: +€1,961
- Tangible fixed assets -€1,137
down €1,137 (-15.3%), from €7,435 to €6,297
of which Furniture and vehicles: -€1,240
- Cash -€756
down €756 (-19.6%), from €3,867 to €3,111
mainly Other debts (-€7,517) and Receivables within one year (-€1,515)
- Other debts -€7,517
down €7,517 (-22.8%), from €32,958 to €25,441
- Profit (loss) carried forward +€1,798
no longer reported in 2025 (was -€1,798)
- Tax, wage and social debts +€969
up €969 (+46.7%), from €2,076 to €3,044
- Gross operating margin +€2,059
up €2,059 (+38.7%), from €5,318 to €7,378
- Financial charges +€524
up €524 (+449%), from €117 to €641
- Depreciation +€483
up €483 (+25.3%), from €1,910 to €2,393
- Taxes +€255
up €255 (+40.1%), from €638 to €893
- Other operating charges -€100
down €100 (-7.6%), from €1,306 to €1,206
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 | €54,294 | €50,395 | -€3,899 | -7.2% |
| Fixed assets | 21/28 | €7,435 | €6,297 | -€1,137 | -15.3% |
| Tangible fixed assets | 22/27 | €7,435 | €6,297 | -€1,137 | -15.3% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €1,637 | €397 | -€1,240 | -75.7% |
| Other tangible fixed assets | 26 | €5,797 | €5,900 | +€103 | +1.8% |
| Current assets | 29/58 | €46,859 | €44,097 | -€2,762 | -5.9% |
| Stocks and contracts in progress | 3 | €42,546 | €39,026 | -€3,520 | -8.3% |
| Stocks | 30/36 | €42,546 | €39,026 | -€3,520 | -8.3% |
| Amounts receivable within one year | 40/41 | €446 | €1,961 | +€1,515 | +340% |
| Trade receivables | 40 | - | €1,961 | +€1,961 | |
| Other amounts receivable | 41 | €446 | - | -€446 | |
| Cash at bank and in hand | 54/58 | €3,867 | €3,111 | -€756 | -19.6% |
| Total equity and liabilities | 10/49 | €54,294 | €50,395 | -€3,899 | -7.2% |
| Equity | 10/15 | €16,794 | €19,039 | +€2,245 | +13.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | - | €447 | +€447 | |
| Distributable reserves | 133 | - | €447 | +€447 | |
| Profit (loss) carried forward | 14 | -€1,798 | - | +€1,798 | |
| Amounts payable | 17/49 | €37,500 | €31,356 | -€6,144 | -16.4% |
| Amounts payable within one year | 42/48 | €37,500 | €31,356 | -€6,144 | -16.4% |
| Trade debts | 44 | €466 | €870 | +€405 | +87.0% |
| Suppliers | 440/4 | €466 | €870 | +€405 | +87.0% |
| Advances received on contracts in progress | 46 | €2,000 | €2,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,076 | €3,044 | +€969 | +46.7% |
| Taxes | 450/3 | €2,076 | €3,044 | +€969 | +46.7% |
| Other amounts payable | 47/48 | €32,958 | €25,441 | -€7,517 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,910 | €2,393 | +€483 | +25.3% |
| Other operating charges | 640/8 | €1,306 | €1,206 | -€100 | -7.6% |
| Gross operating margin | 9900 | €5,318 | €7,378 | +€2,059 | +38.7% |
| Operating profit (loss) | 9901 | €2,103 | €3,779 | +€1,676 | +79.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €117 | €641 | +€524 | +449% |
| Recurring financial charges | 65 | €117 | €641 | +€524 | +449% |
| Profit (loss) for the period before taxes | 9903 | €1,986 | €3,138 | +€1,152 | +58.0% |
| Income taxes | 67/77 | €638 | €893 | +€255 | +40.1% |
| Profit (loss) for the period | 9904 | €1,349 | €2,245 | +€896 | +66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,349 | €2,245 | +€896 | +66.4% |
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 17 October 2026 via checked.be.