TROIS ETOILES: 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.
TROIS ETOILES
Largest movements
- Tangible fixed assets +€42,566
up €42,566 (+877%), from €4,855 to €47,421
- Receivables within one year -€36,544
down €36,544 (-35.8%), from €102,018 to €65,474
- Stocks and contracts -€10,816
down €10,816 (-100%), from €10,816 to €0
- Deferred charges and accrued income -€2,710
down €2,710 (-100%), from €2,710 to €0
- Advances received -€50,000
no longer reported in 2025 (was €50,000)
- Debts after one year +€31,307
new in 2025: €31,307
- Current portion of long-term debt +€10,970
new in 2025: €10,970
- Other debts -€8,289
down €8,289 (-12.9%), from €64,036 to €55,747
- Profit (loss) carried forward +€6,701
up €6,701 (+9.6%), from -€69,714 to -€63,013
- Gross operating margin +€10,611
up €10,611 (+144%), from €7,390 to €18,000
- Depreciation +€6,418
up €6,418 (+447%), from €1,435 to €7,854
- Financial charges +€2,137
up €2,137 (+170%), from €1,254 to €3,390
- Other operating charges -€1,993
down €1,993 (-97.3%), from €2,048 to €56
- Taxes -€274
no longer reported in 2025 (was €274)
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 | €123,410 | €115,063 | -€8,347 | -6.8% |
| Fixed assets | 21/28 | €7,022 | €49,588 | +€42,566 | +606% |
| Tangible fixed assets | 22/27 | €4,855 | €47,421 | +€42,566 | +877% |
| Furniture and vehicles | 24 | €4,855 | €47,421 | +€42,566 | +877% |
| Financial fixed assets | 28 | €2,167 | €2,167 | = | 0.0% |
| Current assets | 29/58 | €116,388 | €65,475 | -€50,914 | -43.7% |
| Stocks and contracts in progress | 3 | €10,816 | €0 | -€10,816 | -100% |
| Stocks | 30/36 | €10,816 | €0 | -€10,816 | -100% |
| Amounts receivable within one year | 40/41 | €102,018 | €65,474 | -€36,544 | -35.8% |
| Trade receivables | 40 | €102,018 | €65,474 | -€36,544 | -35.8% |
| Cash at bank and in hand | 54/58 | €844 | €1 | -€844 | -99.9% |
| Deferred charges and accrued income | 490/1 | €2,710 | €0 | -€2,710 | -100% |
| Total equity and liabilities | 10/49 | €123,410 | €115,063 | -€8,347 | -6.8% |
| Equity | 10/15 | -€39,861 | -€33,160 | +€6,701 | +16.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €23,656 | €23,656 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €21,797 | €21,797 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,714 | -€63,013 | +€6,701 | +9.6% |
| Amounts payable | 17/49 | €163,271 | €148,223 | -€15,049 | -9.2% |
| Amounts payable after more than one year | 17 | - | €31,307 | +€31,307 | |
| Financial debts | 170/4 | - | €31,307 | +€31,307 | |
| Amounts payable within one year | 42/48 | €163,271 | €116,916 | -€46,355 | -28.4% |
| Current portion of amounts payable after more than one year | 42 | - | €10,970 | +€10,970 | |
| Trade debts | 44 | €44,102 | €42,137 | -€1,965 | -4.5% |
| Suppliers | 440/4 | €44,102 | €42,137 | -€1,965 | -4.5% |
| Advances received on contracts in progress | 46 | €50,000 | - | -€50,000 | |
| Taxes, remuneration and social security | 45 | €5,133 | €8,061 | +€2,928 | +57.0% |
| Taxes | 450/3 | €5,133 | €8,061 | +€2,928 | +57.0% |
| Other amounts payable | 47/48 | €64,036 | €55,747 | -€8,289 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,435 | €7,854 | +€6,418 | +447% |
| Other operating charges | 640/8 | €2,048 | €56 | -€1,993 | -97.3% |
| Gross operating margin | 9900 | €7,390 | €18,000 | +€10,611 | +144% |
| Operating profit (loss) | 9901 | €3,907 | €10,091 | +€6,185 | +158% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,254 | €3,390 | +€2,137 | +170% |
| Recurring financial charges | 65 | €1,254 | €3,390 | +€2,137 | +170% |
| Profit (loss) for the period before taxes | 9903 | €2,654 | €6,701 | +€4,047 | +152% |
| Income taxes | 67/77 | €274 | - | -€274 | |
| Profit (loss) for the period | 9904 | €2,380 | €6,701 | +€4,321 | +182% |
| Profit (loss) for the period to be appropriated | 9905 | €2,380 | €6,701 | +€4,321 | +182% |
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 20 October 2026 via checked.be.