STAR M & V: 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.
STAR M & V
Largest movements
- Receivables within one year +€2,232
up €2,232 (+5.7%), from €38,870 to €41,102
of which Trade receivables: +€14,481
- Stocks and contracts +€2,141
up €2,141 (+20.4%), from €10,485 to €12,626
- Cash +€2,113
up €2,113 (+146%), from €1,450 to €3,562
mainly Net result for the year (+€3,821) and Trade debts (+€3,112)
- Profit (loss) carried forward +€3,821
up €3,821 (+14.5%), from €26,378 to €30,199
- Tax, wage and social debts -€3,562
down €3,562 (-74.9%), from €4,753 to €1,191
- Trade debts +€3,112
up €3,112 (+136%), from €2,295 to €5,407
- Other debts +€2,619
new in 2025: €2,619
- Other operating charges +€3,603
up €3,603 (+254%), from €1,416 to €5,019
- Taxes +€1,740
up €1,740 (+448%), from €388 to €2,129
- Gross operating margin +€1,088
up €1,088 (+10.3%), from €10,604 to €11,692
- Depreciation -€600
down €600 (-54.8%), from €1,096 to €496
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 | €52,036 | €58,025 | +€5,989 | +11.5% |
| Fixed assets | 21/28 | €1,232 | €736 | -€496 | -40.3% |
| Tangible fixed assets | 22/27 | €992 | €496 | -€496 | -50.0% |
| Furniture and vehicles | 24 | €992 | €496 | -€496 | -50.0% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €50,805 | €57,290 | +€6,485 | +12.8% |
| Stocks and contracts in progress | 3 | €10,485 | €12,626 | +€2,141 | +20.4% |
| Stocks | 30/36 | €10,485 | €12,626 | +€2,141 | +20.4% |
| Amounts receivable within one year | 40/41 | €38,870 | €41,102 | +€2,232 | +5.7% |
| Trade receivables | 40 | €26,621 | €41,102 | +€14,481 | +54.4% |
| Other amounts receivable | 41 | €12,249 | - | -€12,249 | |
| Cash at bank and in hand | 54/58 | €1,450 | €3,562 | +€2,113 | +146% |
| Total equity and liabilities | 10/49 | €52,036 | €58,025 | +€5,989 | +11.5% |
| Equity | 10/15 | €44,988 | €48,809 | +€3,821 | +8.5% |
| Contributions | 10/11 | €18,610 | €18,610 | = | 0.0% |
| Contributions outside capital | 11 | €18,610 | €18,610 | = | 0.0% |
| Other | 1109/19 | €18,610 | €18,610 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,378 | €30,199 | +€3,821 | +14.5% |
| Amounts payable | 17/49 | €7,048 | €9,217 | +€2,169 | +30.8% |
| Amounts payable within one year | 42/48 | €7,048 | €9,217 | +€2,169 | +30.8% |
| Trade debts | 44 | €2,295 | €5,407 | +€3,112 | +136% |
| Suppliers | 440/4 | €2,295 | €5,407 | +€3,112 | +136% |
| Taxes, remuneration and social security | 45 | €4,753 | €1,191 | -€3,562 | -74.9% |
| Taxes | 450/3 | €4,753 | €1,191 | -€3,562 | -74.9% |
| Other amounts payable | 47/48 | - | €2,619 | +€2,619 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,096 | €496 | -€600 | -54.8% |
| Other operating charges | 640/8 | €1,416 | €5,019 | +€3,603 | +254% |
| Gross operating margin | 9900 | €10,604 | €11,692 | +€1,088 | +10.3% |
| Operating profit (loss) | 9901 | €8,092 | €6,177 | -€1,915 | -23.7% |
| Financial charges | 65/66B | €141 | €228 | +€87 | +61.9% |
| Recurring financial charges | 65 | €141 | €228 | +€87 | +61.9% |
| Profit (loss) for the period before taxes | 9903 | €7,951 | €5,949 | -€2,002 | -25.2% |
| Income taxes | 67/77 | €388 | €2,129 | +€1,740 | +448% |
| Profit (loss) for the period | 9904 | €7,563 | €3,821 | -€3,742 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,563 | €3,821 | -€3,742 | -49.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.