THREE STAR: 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.
THREE STAR
Largest movements
- Receivables after one year -€98,938
down €98,938 (-60.8%), from €162,619 to €63,681
- Cash -€73,726
down €73,726 (-74.6%), from €98,811 to €25,086
mainly Net result for the year (-€159,874) and Tax, wage and social debts (-€23,357)
- Receivables within one year -€24,044
down €24,044 (-70.9%), from €33,916 to €9,872
of which Trade receivables: -€28,962
- Profit (loss) carried forward -€159,874
down €159,874 (-54.5%), from €293,394 to €133,520
- Tax, wage and social debts -€23,357
down €23,357 (-97.3%), from €24,007 to €650
of which Taxes: -€16,039
- Trade debts -€15,648
down €15,648 (-79.7%), from €19,631 to €3,984
- Gross operating margin -€102,052
down €102,052, from €76,914 to -€25,137
- Staff costs -€68,056
down €68,056 (-96.8%), from €70,322 to €2,266
- Taxes +€16,251
up €16,251 (+160.6%), from €10,120 to €26,372
- Depreciation -€8,186
down €8,186 (-77.5%), from €10,565 to €2,379
- Other operating charges +€1,831
up €1,831 (+99.9%), from €1,832 to €3,663
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 | €345,093 | €146,214 | -€198,879 | -57.6% |
| Fixed assets | 21/28 | €45,858 | €45,655 | -€203 | -0.4% |
| Tangible fixed assets | 22/27 | €45,858 | €45,655 | -€203 | -0.4% |
| Plant, machinery and equipment | 23 | €29,504 | €32,290 | +€2,785 | +9.4% |
| Furniture and vehicles | 24 | €2,470 | - | -€2,470 | |
| Other tangible fixed assets | 26 | €13,883 | €13,365 | -€518 | -3.7% |
| Current assets | 29/58 | €299,236 | €100,559 | -€198,676 | -66.4% |
| Amounts receivable after more than one year | 29 | €162,619 | €63,681 | -€98,938 | -60.8% |
| Other amounts receivable | 291 | €162,619 | €63,681 | -€98,938 | -60.8% |
| Amounts receivable within one year | 40/41 | €33,916 | €9,872 | -€24,044 | -70.9% |
| Trade receivables | 40 | €28,962 | - | -€28,962 | |
| Other amounts receivable | 41 | €4,954 | €9,872 | +€4,918 | +99.3% |
| Cash at bank and in hand | 54/58 | €98,811 | €25,086 | -€73,726 | -74.6% |
| Deferred charges and accrued income | 490/1 | €3,890 | €1,921 | -€1,969 | -50.6% |
| Total equity and liabilities | 10/49 | €345,093 | €146,214 | -€198,879 | -57.6% |
| Equity | 10/15 | €301,454 | €141,580 | -€159,874 | -53.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €293,394 | €133,520 | -€159,874 | -54.5% |
| Amounts payable | 17/49 | €43,639 | €4,634 | -€39,005 | -89.4% |
| Amounts payable within one year | 42/48 | €43,639 | €4,634 | -€39,005 | -89.4% |
| Trade debts | 44 | €19,631 | €3,984 | -€15,648 | -79.7% |
| Suppliers | 440/4 | €19,631 | €3,984 | -€15,648 | -79.7% |
| Taxes, remuneration and social security | 45 | €24,007 | €650 | -€23,357 | -97.3% |
| Taxes | 450/3 | €16,689 | €650 | -€16,039 | -96.1% |
| Remuneration and social security | 454/9 | €7,318 | - | -€7,318 | |
| Remuneration, social security and pensions | 62 | €70,322 | €2,266 | -€68,056 | -96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,565 | €2,379 | -€8,186 | -77.5% |
| Other operating charges | 640/8 | €1,832 | €3,663 | +€1,831 | +99.9% |
| Non-recurring operating charges | 66A | - | €96,432 | +€96,432 | |
| Gross operating margin | 9900 | €76,914 | -€25,137 | -€102,052 | |
| Operating profit (loss) | 9901 | -€5,805 | -€129,877 | -€124,072 | -2137.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -44.4% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -44.4% |
| Financial charges | 65/66B | €3,103 | €3,626 | +€523 | +16.8% |
| Recurring financial charges | 65 | €3,103 | €3,626 | +€523 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,907 | -€133,503 | -€124,595 | -1398.8% |
| Income taxes | 67/77 | €10,120 | €26,372 | +€16,251 | +160.6% |
| Profit (loss) for the period | 9904 | -€19,028 | -€159,874 | -€140,847 | -740.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,028 | -€159,874 | -€140,847 | -740.2% |
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.