Shinestar2: 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.
Shinestar2
Largest movements
- Receivables within one year -€66,200
down €66,200 (-33.3%), from €198,882 to €132,682
of which Trade receivables: -€76,776
- Cash +€23,210
up €23,210 (+264%), from €8,783 to €31,993
mainly Receivables within one year (+€66,200) and Depreciation (+€22,453)
- Tangible fixed assets -€22,453
down €22,453 (-23.6%), from €95,051 to €72,598
- Trade debts -€55,466
down €55,466 (-50.1%), from €110,799 to €55,332
- Debts after one year -€14,756
down €14,756 (-35.2%), from €41,888 to €27,132
- Profit (loss) carried forward +€4,468
up €4,468 (+4.5%), from €99,360 to €103,828
- Advances received -€3,142
down €3,142 (-23.8%), from €13,191 to €10,050
- Gross operating margin +€18,202
up €18,202 (+51.3%), from €35,456 to €53,658
- Depreciation +€8,545
up €8,545 (+61.4%), from €13,909 to €22,453
- Other operating charges +€3,676
up €3,676 (+1,022%), from €360 to €4,036
- Staff costs +€2,591
up €2,591 (+19.2%), from €13,516 to €16,107
- Taxes +€1,002
up €1,002 (+25.9%), from €3,864 to €4,866
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 | €302,716 | €237,273 | -€65,443 | -21.6% |
| Fixed assets | 21/28 | €95,051 | €72,598 | -€22,453 | -23.6% |
| Tangible fixed assets | 22/27 | €95,051 | €72,598 | -€22,453 | -23.6% |
| Furniture and vehicles | 24 | €95,051 | €72,598 | -€22,453 | -23.6% |
| Current assets | 29/58 | €207,664 | €164,674 | -€42,990 | -20.7% |
| Amounts receivable within one year | 40/41 | €198,882 | €132,682 | -€66,200 | -33.3% |
| Trade receivables | 40 | €175,791 | €99,016 | -€76,776 | -43.7% |
| Other amounts receivable | 41 | €23,090 | €33,666 | +€10,576 | +45.8% |
| Cash at bank and in hand | 54/58 | €8,783 | €31,993 | +€23,210 | +264% |
| Total equity and liabilities | 10/49 | €302,716 | €237,273 | -€65,443 | -21.6% |
| Equity | 10/15 | €118,114 | €122,583 | +€4,468 | +3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €154 | €154 | = | 0.0% |
| Non-distributable reserves | 130/1 | €154 | €154 | = | 0.0% |
| Reserves not available under the articles | 1311 | €154 | €154 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,360 | €103,828 | +€4,468 | +4.5% |
| Amounts payable | 17/49 | €184,601 | €114,690 | -€69,911 | -37.9% |
| Amounts payable after more than one year | 17 | €41,888 | €27,132 | -€14,756 | -35.2% |
| Financial debts | 170/4 | €41,888 | €27,132 | -€14,756 | -35.2% |
| Amounts payable within one year | 42/48 | €142,713 | €87,558 | -€55,155 | -38.6% |
| Financial debts | 43 | €13,763 | €14,329 | +€566 | +4.1% |
| Credit institutions | 430/8 | €13,763 | €14,329 | +€566 | +4.1% |
| Trade debts | 44 | €110,799 | €55,332 | -€55,466 | -50.1% |
| Suppliers | 440/4 | €110,799 | €55,332 | -€55,466 | -50.1% |
| Advances received on contracts in progress | 46 | €13,191 | €10,050 | -€3,142 | -23.8% |
| Taxes, remuneration and social security | 45 | €4,961 | €7,847 | +€2,886 | +58.2% |
| Taxes | 450/3 | €4,178 | €6,210 | +€2,032 | +48.6% |
| Remuneration and social security | 454/9 | €783 | €1,638 | +€855 | +109% |
| Remuneration, social security and pensions | 62 | €13,516 | €16,107 | +€2,591 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,909 | €22,453 | +€8,545 | +61.4% |
| Other operating charges | 640/8 | €360 | €4,036 | +€3,676 | +1,022% |
| Gross operating margin | 9900 | €35,456 | €53,658 | +€18,202 | +51.3% |
| Operating profit (loss) | 9901 | €7,672 | €11,062 | +€3,390 | +44.2% |
| Financial income | 75/76B | €1 | €413 | +€412 | +41,238% |
| Recurring financial income | 75 | €1 | €413 | +€412 | +41,238% |
| Financial charges | 65/66B | €1,799 | €2,140 | +€341 | +19.0% |
| Recurring financial charges | 65 | €1,799 | €2,140 | +€341 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | €5,874 | €9,335 | +€3,461 | +58.9% |
| Income taxes | 67/77 | €3,864 | €4,866 | +€1,002 | +25.9% |
| Profit (loss) for the period | 9904 | €2,010 | €4,468 | +€2,459 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €2,010 | €4,468 | +€2,459 | +122% |
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 14 October 2026 via checked.be.