TOP STAR: what changed
Two fiscal 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.
TOP STAR
Largest movements
- Receivables within one year -€56,198
down €56,198 (-41.9%), from €134,190 to €77,992
of which Trade receivables: -€59,689
- Cash -€18,541
down €18,541 (-35.8%), from €51,772 to €33,231
mainly Trade debts (-€88,477) and Investment in fixed assets (net) (-€12,591)
- Tangible fixed assets +€8,125
up €8,125 (+118.5%), from €6,858 to €14,983
of which Other tangible fixed assets: +€12,914
- Trade debts -€88,477
down €88,477 (-54.5%), from €162,377 to €73,900
- Other debts +€20,367
up €20,367 (+137.7%), from €14,791 to €35,157
- Profit (loss) carried forward +€2,784
up €2,784 (+54.0%), from €5,152 to €7,936
- Purchases and services -€43,032
down €43,032 (-8.4%), from €509,928 to €466,896
- Turnover -€37,336
down €37,336 (-7.2%), from €517,280 to €479,944
- Gross operating margin +€5,696
up €5,696 (+77.5%), from €7,352 to €13,048
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 | €221,500 | €155,831 | -€65,669 | -29.6% |
| Formation expenses | 20 | €737 | - | -€737 | |
| Fixed assets | 21/28 | €6,858 | €15,157 | +€8,299 | +121.0% |
| Intangible fixed assets | 21 | - | €175 | +€175 | |
| Tangible fixed assets | 22/27 | €6,858 | €14,983 | +€8,125 | +118.5% |
| Plant, machinery and equipment | 23 | €3,243 | €1,124 | -€2,119 | -65.4% |
| Furniture and vehicles | 24 | €3,615 | €945 | -€2,670 | -73.8% |
| Other tangible fixed assets | 26 | - | €12,914 | +€12,914 | |
| Current assets | 29/58 | €213,905 | €140,674 | -€73,231 | -34.2% |
| Stocks and contracts in progress | 3 | €27,340 | €29,450 | +€2,111 | +7.7% |
| Stocks | 30/36 | €27,340 | €29,450 | +€2,111 | +7.7% |
| Amounts receivable within one year | 40/41 | €134,190 | €77,992 | -€56,198 | -41.9% |
| Trade receivables | 40 | €129,567 | €69,878 | -€59,689 | -46.1% |
| Other amounts receivable | 41 | €4,623 | €8,115 | +€3,491 | +75.5% |
| Cash at bank and in hand | 54/58 | €51,772 | €33,231 | -€18,541 | -35.8% |
| Deferred charges and accrued income | 490/1 | €603 | - | -€603 | |
| Total equity and liabilities | 10/49 | €221,500 | €155,831 | -€65,669 | -29.6% |
| Equity | 10/15 | €43,852 | €46,637 | +€2,784 | +6.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,152 | €7,936 | +€2,784 | +54.0% |
| Investment grants | 15 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable | 17/49 | €177,647 | €109,194 | -€68,454 | -38.5% |
| Amounts payable within one year | 42/48 | €177,647 | €109,057 | -€68,590 | -38.6% |
| Trade debts | 44 | €162,377 | €73,900 | -€88,477 | -54.5% |
| Suppliers | 440/4 | €162,377 | €73,900 | -€88,477 | -54.5% |
| Taxes, remuneration and social security | 45 | €480 | - | -€480 | |
| Taxes | 450/3 | €480 | - | -€480 | |
| Other amounts payable | 47/48 | €14,791 | €35,157 | +€20,367 | +137.7% |
| Accrued charges and deferred income | 492/3 | - | €137 | +€137 | |
| Turnover | 70 | €517,280 | €479,944 | -€37,336 | -7.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €509,928 | €466,896 | -€43,032 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,680 | €5,029 | +€349 | +7.5% |
| Other operating charges | 640/8 | €4,011 | €6,330 | +€2,319 | +57.8% |
| Gross operating margin | 9900 | €7,352 | €13,048 | +€5,696 | +77.5% |
| Operating profit (loss) | 9901 | -€1,339 | €1,690 | +€3,028 | |
| Financial income | 75/76B | - | €1,311 | +€1,311 | |
| Recurring financial income | 75 | - | €71 | +€71 | |
| Non-recurring financial income | 76B | - | €1,240 | +€1,240 | |
| Financial charges | 65/66B | €590 | €63 | -€527 | -89.3% |
| Recurring financial charges | 65 | €50 | €63 | +€14 | +27.5% |
| Non-recurring financial charges | 66B | €540 | - | -€540 | |
| Profit (loss) for the period before taxes | 9903 | -€1,928 | €2,937 | +€4,865 | |
| Income taxes | 67/77 | €57 | €153 | +€96 | +169.4% |
| Profit (loss) for the period | 9904 | -€1,985 | €2,784 | +€4,769 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,985 | €2,784 | +€4,769 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.