STARS GRAPHICS: 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.
STARS GRAPHICS
Largest movements
- Receivables within one year +€622,090
up €622,090 (+12.9%), from €4.8m to €5.4m
of which Trade receivables: +€537,221
- Stocks and contracts -€434,565
down €434,565 (-81.0%), from €536,548 to €101,983
of which Stocks: -€438,404
- Trade debts -€812,124
down €812,124 (-26.2%), from €3.1m to €2.3m
- Short-term financial debts +€725,591
up €725,591 (+70.6%), from €1.0m to €1.8m
- Profit (loss) carried forward +€671,576
up €671,576 (+1,253%), from €53,610 to €725,186
- Other debts -€491,223
down €491,223 (-72.8%), from €675,000 to €183,777
- Tax, wage and social debts +€136,676
up €136,676 (+31.8%), from €429,132 to €565,808
of which Taxes: +€116,622
- Staff costs +€186,971
up €186,971 (+15.2%), from €1.2m to €1.4m
- Gross operating margin +€182,730
up €182,730 (+7.8%), from €2.3m to €2.5m
- Taxes +€107,272
up €107,272 (+48.8%), from €219,782 to €327,055
- Provisions -€73,000
no longer reported in 2025 (was €73,000)
- Financial charges -€35,028
down €35,028 (-43.9%), from €79,708 to €44,680
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,421,883 | €5,579,379 | +€157,496 | +2.9% |
| Fixed assets | 21/28 | €69,614 | €39,585 | -€30,029 | -43.1% |
| Intangible fixed assets | 21 | €51,234 | €30,954 | -€20,281 | -39.6% |
| Tangible fixed assets | 22/27 | €18,380 | €8,632 | -€9,748 | -53.0% |
| Plant, machinery and equipment | 23 | €15,542 | €6,959 | -€8,584 | -55.2% |
| Furniture and vehicles | 24 | €2,837 | €1,673 | -€1,164 | -41.0% |
| Current assets | 29/58 | €5,352,269 | €5,539,793 | +€187,524 | +3.5% |
| Stocks and contracts in progress | 3 | €536,548 | €101,983 | -€434,565 | -81.0% |
| Stocks | 30/36 | €438,404 | - | -€438,404 | |
| Contracts in progress | 37 | €98,144 | €101,983 | +€3,839 | +3.9% |
| Amounts receivable within one year | 40/41 | €4,815,721 | €5,437,810 | +€622,090 | +12.9% |
| Trade receivables | 40 | €4,814,395 | €5,351,616 | +€537,221 | +11.2% |
| Other amounts receivable | 41 | €1,326 | €86,194 | +€84,869 | +6,402% |
| Total equity and liabilities | 10/49 | €5,421,883 | €5,579,379 | +€157,496 | +2.9% |
| Equity | 10/15 | €121,810 | €793,386 | +€671,576 | +551% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,610 | €725,186 | +€671,576 | +1,253% |
| Provisions and deferred taxes | 16 | €73,000 | - | -€73,000 | |
| Provisions for liabilities and charges | 160/5 | €73,000 | - | -€73,000 | |
| Other liabilities and charges | 164/5 | €73,000 | - | -€73,000 | |
| Amounts payable | 17/49 | €5,227,073 | €4,785,993 | -€441,080 | -8.4% |
| Amounts payable within one year | 42/48 | €5,227,073 | €4,785,993 | -€441,080 | -8.4% |
| Financial debts | 43 | €1,028,274 | €1,753,865 | +€725,591 | +70.6% |
| Other loans | 439 | €1,028,274 | €1,753,865 | +€725,591 | +70.6% |
| Trade debts | 44 | €3,094,667 | €2,282,543 | -€812,124 | -26.2% |
| Suppliers | 440/4 | €3,094,667 | €2,282,543 | -€812,124 | -26.2% |
| Taxes, remuneration and social security | 45 | €429,132 | €565,808 | +€136,676 | +31.8% |
| Taxes | 450/3 | €243,615 | €360,237 | +€116,622 | +47.9% |
| Remuneration and social security | 454/9 | €185,518 | €205,571 | +€20,054 | +10.8% |
| Other amounts payable | 47/48 | €675,000 | €183,777 | -€491,223 | -72.8% |
| Remuneration, social security and pensions | 62 | €1,227,332 | €1,414,302 | +€186,971 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,103 | €40,015 | -€4,087 | -9.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,786 | +€9,786 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €73,000 | - | -€73,000 | |
| Other operating charges | 640/8 | €29,020 | €20,347 | -€8,673 | -29.9% |
| Gross operating margin | 9900 | €2,343,655 | €2,526,385 | +€182,730 | +7.8% |
| Operating profit (loss) | 9901 | €970,201 | €1,041,934 | +€71,733 | +7.4% |
| Financial income | 75/76B | €511 | €1,377 | +€866 | +169% |
| Recurring financial income | 75 | €511 | €1,377 | +€866 | +169% |
| Financial charges | 65/66B | €79,708 | €44,680 | -€35,028 | -43.9% |
| Recurring financial charges | 65 | €79,708 | €44,680 | -€35,028 | -43.9% |
| Profit (loss) for the period before taxes | 9903 | €891,004 | €998,631 | +€107,626 | +12.1% |
| Income taxes | 67/77 | €219,782 | €327,055 | +€107,272 | +48.8% |
| Profit (loss) for the period | 9904 | €671,222 | €671,576 | +€354 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €671,222 | €671,576 | +€354 | +0.1% |
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 1 November 2026 via checked.be.