V-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.
V-STAR
Largest movements
- Receivables within one year +€7,516
up €7,516 (+19.9%), from €37,786 to €45,302
- Cash +€7,128
up €7,128 (+33.1%), from €21,531 to €28,659
mainly Other debts (+€7,281) and Net result for the year (+€5,064)
- Other debts +€7,281
up €7,281 (+18.6%), from €39,200 to €46,481
- Profit (loss) carried forward +€5,064
up €5,064 (+645%), from €785 to €5,849
- Trade debts +€2,205
up €2,205 (+712%), from €310 to €2,515
- Other operating charges +€11,812
up €11,812 (+1,819%), from €649 to €12,462
- Gross operating margin +€6,819
up €6,819 (+51.7%), from €13,180 to €19,999
- Taxes +€403
up €403 (+28.0%), from €1,441 to €1,844
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 | €61,018 | €75,239 | +€14,220 | +23.3% |
| Fixed assets | 21/28 | €1,702 | €1,278 | -€424 | -24.9% |
| Tangible fixed assets | 22/27 | €1,702 | €1,278 | -€424 | -24.9% |
| Furniture and vehicles | 24 | €1,702 | €1,278 | -€424 | -24.9% |
| Current assets | 29/58 | €59,317 | €73,961 | +€14,644 | +24.7% |
| Amounts receivable within one year | 40/41 | €37,786 | €45,302 | +€7,516 | +19.9% |
| Other amounts receivable | 41 | €37,786 | €45,302 | +€7,516 | +19.9% |
| Cash at bank and in hand | 54/58 | €21,531 | €28,659 | +€7,128 | +33.1% |
| Total equity and liabilities | 10/49 | €61,018 | €75,239 | +€14,220 | +23.3% |
| Equity | 10/15 | €19,335 | €24,399 | +€5,064 | +26.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €785 | €5,849 | +€5,064 | +645% |
| Amounts payable | 17/49 | €41,683 | €50,839 | +€9,156 | +22.0% |
| Amounts payable within one year | 42/48 | €41,683 | €50,839 | +€9,156 | +22.0% |
| Trade debts | 44 | €310 | €2,515 | +€2,205 | +712% |
| Suppliers | 440/4 | €310 | €2,515 | +€2,205 | +712% |
| Taxes, remuneration and social security | 45 | €2,174 | €1,844 | -€330 | -15.2% |
| Taxes | 450/3 | €2,174 | €1,844 | -€330 | -15.2% |
| Other amounts payable | 47/48 | €39,200 | €46,481 | +€7,281 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €418 | €424 | +€6 | +1.4% |
| Other operating charges | 640/8 | €649 | €12,462 | +€11,812 | +1,819% |
| Gross operating margin | 9900 | €13,180 | €19,999 | +€6,819 | +51.7% |
| Operating profit (loss) | 9901 | €12,113 | €7,114 | -€4,999 | -41.3% |
| Financial income | 75/76B | €0 | €6 | +€6 | +1,235% |
| Recurring financial income | 75 | €0 | €6 | +€6 | +1,235% |
| Financial charges | 65/66B | €208 | €212 | +€4 | +2.0% |
| Recurring financial charges | 65 | €208 | €212 | +€4 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €11,905 | €6,908 | -€4,997 | -42.0% |
| Income taxes | 67/77 | €1,441 | €1,844 | +€403 | +28.0% |
| Profit (loss) for the period | 9904 | €10,464 | €5,064 | -€5,400 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,464 | €5,064 | -€5,400 | -51.6% |
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 15 October 2026 via checked.be.