STAR TEAM: 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 TEAM
Largest movements
- Receivables within one year +€101,632
up €101,632 (+58.9%), from €172,593 to €274,224
of which Trade receivables: +€86,343
- Stocks and contracts -€53,380
down €53,380 (-88.4%), from €60,380 to €7,000
- Cash -€36,004
down €36,004 (-81.1%), from €44,386 to €8,382
mainly Receivables within one year (-€101,632) and Trade debts (-€28,726)
- Tangible fixed assets -€30,278
down €30,278 (-39.4%), from €76,849 to €46,571
of which Furniture and vehicles: -€31,371
- Trade debts -€28,726
down €28,726 (-42.2%), from €68,079 to €39,353
- Reserves +€11,795
up €11,795 (+12.5%), from €94,454 to €106,248
- Debts after one year -€9,273
down €9,273 (-27.0%), from €34,341 to €25,068
- Tax, wage and social debts +€6,842
up €6,842 (+10.5%), from €65,086 to €71,928
of which Remuneration and social security: +€9,194
- Gross operating margin -€135,517
down €135,517 (-57.9%), from €234,208 to €98,691
- Write-downs -€63,049
down €63,049 (-100.0%), from €63,049 to €0
- Taxes -€15,350
down €15,350 (-72.0%), from €21,307 to €5,957
- Depreciation -€9,547
down €9,547 (-53.1%), from €17,969 to €8,422
- Staff costs -€4,306
down €4,306 (-6.4%), from €67,774 to €63,468
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.
Cash bridge derived
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 | €365,597 | €347,567 | -€18,030 | -4.9% |
| Fixed assets | 21/28 | €88,239 | €57,961 | -€30,278 | -34.3% |
| Tangible fixed assets | 22/27 | €76,849 | €46,571 | -€30,278 | -39.4% |
| Plant, machinery and equipment | 23 | €16,308 | €17,401 | +€1,093 | +6.7% |
| Furniture and vehicles | 24 | €60,540 | €29,170 | -€31,371 | -51.8% |
| Financial fixed assets | 28 | €11,390 | €11,390 | = | 0.0% |
| Current assets | 29/58 | €277,358 | €289,606 | +€12,248 | +4.4% |
| Stocks and contracts in progress | 3 | €60,380 | €7,000 | -€53,380 | -88.4% |
| Stocks | 30/36 | €60,380 | €7,000 | -€53,380 | -88.4% |
| Amounts receivable within one year | 40/41 | €172,593 | €274,224 | +€101,632 | +58.9% |
| Trade receivables | 40 | €172,379 | €258,722 | +€86,343 | +50.1% |
| Other amounts receivable | 41 | €214 | €15,503 | +€15,289 | +7142.0% |
| Cash at bank and in hand | 54/58 | €44,386 | €8,382 | -€36,004 | -81.1% |
| Total equity and liabilities | 10/49 | €365,597 | €347,567 | -€18,030 | -4.9% |
| Equity | 10/15 | €113,054 | €124,848 | +€11,795 | +10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,454 | €106,248 | +€11,795 | +12.5% |
| Distributable reserves | 133 | €94,454 | €106,248 | +€11,795 | +12.5% |
| Amounts payable | 17/49 | €252,544 | €222,719 | -€29,825 | -11.8% |
| Amounts payable after more than one year | 17 | €34,341 | €25,068 | -€9,273 | -27.0% |
| Financial debts | 170/4 | €34,341 | €25,068 | -€9,273 | -27.0% |
| Amounts payable within one year | 42/48 | €218,203 | €197,651 | -€20,552 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €8,870 | €9,273 | +€403 | +4.5% |
| Trade debts | 44 | €68,079 | €39,353 | -€28,726 | -42.2% |
| Suppliers | 440/4 | €68,079 | €39,353 | -€28,726 | -42.2% |
| Taxes, remuneration and social security | 45 | €65,086 | €71,928 | +€6,842 | +10.5% |
| Taxes | 450/3 | €55,231 | €52,879 | -€2,352 | -4.3% |
| Remuneration and social security | 454/9 | €9,855 | €19,049 | +€9,194 | +93.3% |
| Other amounts payable | 47/48 | €76,168 | €77,097 | +€929 | +1.2% |
| Non-recurring operating income | 76A | - | €52 | +€52 | |
| Remuneration, social security and pensions | 62 | €67,774 | €63,468 | -€4,306 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,969 | €8,422 | -€9,547 | -53.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €63,049 | €0 | -€63,049 | -100.0% |
| Other operating charges | 640/8 | €5,801 | €3,285 | -€2,516 | -43.4% |
| Non-recurring operating charges | 66A | - | €212 | +€212 | |
| Gross operating margin | 9900 | €234,208 | €98,691 | -€135,517 | -57.9% |
| Operating profit (loss) | 9901 | €79,615 | €23,304 | -€56,311 | -70.7% |
| Financial income | 75/76B | €586 | €14 | -€572 | -97.6% |
| Recurring financial income | 75 | €586 | €14 | -€572 | -97.6% |
| Financial charges | 65/66B | €4,305 | €5,567 | +€1,261 | +29.3% |
| Recurring financial charges | 65 | €4,305 | €5,567 | +€1,261 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €75,896 | €17,752 | -€58,145 | -76.6% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €21,307 | €5,957 | -€15,350 | -72.0% |
| Profit (loss) for the period | 9904 | €54,589 | €11,795 | -€42,794 | -78.4% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €54,589 | €11,795 | -€42,794 | -78.4% |
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 10 October 2026 via checked.be.