The North Star Express: 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.
The North Star Express
Largest movements
- Receivables within one year +€6,153
up €6,153 (+61.5%), from €10,012 to €16,165
of which Trade receivables: +€8,539
- Cash +€4,019
up €4,019 (+57.7%), from €6,965 to €10,984
mainly Net result for the year (+€15,687)
- Profit (loss) carried forward +€15,687
up €15,687, from -€724 to €14,963
- Tax, wage and social debts -€1,999
down €1,999 (-100%), from €1,999 to €0
- Other debts -€1,706
down €1,706 (-14.4%), from €11,870 to €10,163
- Trade debts -€1,182
down €1,182 (-59.9%), from €1,974 to €792
- Short-term financial debts -€448
down €448 (-100%), from €448 to €0
- Gross operating margin +€22,690
up €22,690 (+962%), from €2,359 to €25,049
- Taxes +€4,508
up €4,508 (+487%), from €927 to €5,435
- Financial charges +€1,928
up €1,928 (+193%), from €1,000 to €2,928
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 | €17,567 | €27,919 | +€10,352 | +58.9% |
| Current assets | 29/58 | €17,567 | €27,919 | +€10,352 | +58.9% |
| Amounts receivable within one year | 40/41 | €10,012 | €16,165 | +€6,153 | +61.5% |
| Trade receivables | 40 | €5,515 | €14,054 | +€8,539 | +155% |
| Other amounts receivable | 41 | €4,497 | €2,111 | -€2,386 | -53.1% |
| Cash at bank and in hand | 54/58 | €6,965 | €10,984 | +€4,019 | +57.7% |
| Deferred charges and accrued income | 490/1 | €590 | €769 | +€180 | +30.5% |
| Total equity and liabilities | 10/49 | €17,567 | €27,919 | +€10,352 | +58.9% |
| Equity | 10/15 | €1,276 | €16,963 | +€15,687 | +1,229% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€724 | €14,963 | +€15,687 | |
| Amounts payable | 17/49 | €16,291 | €10,955 | -€5,335 | -32.8% |
| Amounts payable within one year | 42/48 | €16,291 | €10,955 | -€5,335 | -32.8% |
| Financial debts | 43 | €448 | €0 | -€448 | -100% |
| Credit institutions | 430/8 | €448 | €0 | -€448 | -100% |
| Trade debts | 44 | €1,974 | €792 | -€1,182 | -59.9% |
| Suppliers | 440/4 | €1,974 | €792 | -€1,182 | -59.9% |
| Taxes, remuneration and social security | 45 | €1,999 | €0 | -€1,999 | -100% |
| Taxes | 450/3 | €1,999 | €0 | -€1,999 | -100% |
| Other amounts payable | 47/48 | €11,870 | €10,163 | -€1,706 | -14.4% |
| Other operating charges | 640/8 | €1,175 | €999 | -€176 | -15.0% |
| Gross operating margin | 9900 | €2,359 | €25,049 | +€22,690 | +962% |
| Operating profit (loss) | 9901 | €1,185 | €24,050 | +€22,866 | +1,930% |
| Financial income | 75/76B | €19 | €0 | -€19 | -99.9% |
| Recurring financial income | 75 | €19 | €0 | -€19 | -99.9% |
| Financial charges | 65/66B | €1,000 | €2,928 | +€1,928 | +193% |
| Recurring financial charges | 65 | €1,000 | €2,928 | +€1,928 | +193% |
| Profit (loss) for the period before taxes | 9903 | €203 | €21,122 | +€20,919 | +10,323% |
| Income taxes | 67/77 | €927 | €5,435 | +€4,508 | +487% |
| Profit (loss) for the period | 9904 | -€724 | €15,687 | +€16,411 | |
| Profit (loss) for the period to be appropriated | 9905 | -€724 | €15,687 | +€16,411 |
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 27 October 2026 via checked.be.