WEST 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.
WEST STAR
Largest movements
- Cash +€85,830
up €85,830 (+264%), from €32,451 to €118,282
mainly Stocks and contracts (+€62,261) and Net result for the year (+€27,080)
- Stocks and contracts -€62,261
down €62,261 (-86.8%), from €71,764 to €9,503
- Receivables within one year +€27,755
up €27,755 (+35.5%), from €78,196 to €105,952
of which Other amounts receivable: +€21,623
- Tangible fixed assets -€5,798
down €5,798 (-34.2%), from €16,936 to €11,138
of which Furniture and vehicles: -€4,164
- Reserves +€27,080
up €27,080 (+30.5%), from €88,874 to €115,954
of which Distributable reserves: +€27,080
- Other debts +€18,209
up €18,209 (+786%), from €2,317 to €20,526
- Tax, wage and social debts -€4,157
down €4,157 (-15.7%), from €26,457 to €22,300
- Trade debts +€3,112
up €3,112 (+82.5%), from €3,769 to €6,881
- Gross operating margin -€8,386
down €8,386 (-13.1%), from €64,154 to €55,767
- Taxes -€7,901
down €7,901 (-40.5%), from €19,499 to €11,598
- Financial charges +€4,978
up €4,978 (+126%), from €3,951 to €8,929
- Depreciation -€768
down €768 (-11.7%), from €6,566 to €5,798
- Other operating charges +€735
up €735 (+45.2%), from €1,627 to €2,362
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 | €249,328 | €293,571 | +€44,243 | +17.7% |
| Fixed assets | 21/28 | €64,436 | €58,638 | -€5,798 | -9.0% |
| Tangible fixed assets | 22/27 | €16,936 | €11,138 | -€5,798 | -34.2% |
| Plant, machinery and equipment | 23 | €5,065 | €3,430 | -€1,635 | -32.3% |
| Furniture and vehicles | 24 | €11,872 | €7,708 | -€4,164 | -35.1% |
| Financial fixed assets | 28 | €47,500 | €47,500 | = | 0.0% |
| Current assets | 29/58 | €184,891 | €234,933 | +€50,042 | +27.1% |
| Stocks and contracts in progress | 3 | €71,764 | €9,503 | -€62,261 | -86.8% |
| Stocks | 30/36 | €71,764 | €9,503 | -€62,261 | -86.8% |
| Amounts receivable within one year | 40/41 | €78,196 | €105,952 | +€27,755 | +35.5% |
| Trade receivables | 40 | €23,037 | €29,169 | +€6,132 | +26.6% |
| Other amounts receivable | 41 | €55,159 | €76,782 | +€21,623 | +39.2% |
| Cash at bank and in hand | 54/58 | €32,451 | €118,282 | +€85,830 | +264% |
| Deferred charges and accrued income | 490/1 | €2,480 | €1,197 | -€1,283 | -51.7% |
| Total equity and liabilities | 10/49 | €249,328 | €293,571 | +€44,243 | +17.7% |
| Equity | 10/15 | €95,074 | €122,154 | +€27,080 | +28.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €88,874 | €115,954 | +€27,080 | +30.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €88,874 | €115,954 | +€27,080 | +30.5% |
| Amounts payable | 17/49 | €154,254 | €171,417 | +€17,163 | +11.1% |
| Amounts payable after more than one year | 17 | €121,710 | €121,710 | = | 0.0% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €121,710 | €121,710 | = | 0.0% |
| Amounts payable within one year | 42/48 | €32,543 | €49,706 | +€17,163 | +52.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,769 | €6,881 | +€3,112 | +82.5% |
| Suppliers | 440/4 | €3,769 | €6,881 | +€3,112 | +82.5% |
| Taxes, remuneration and social security | 45 | €26,457 | €22,300 | -€4,157 | -15.7% |
| Taxes | 450/3 | €26,457 | €22,300 | -€4,157 | -15.7% |
| Other amounts payable | 47/48 | €2,317 | €20,526 | +€18,209 | +786% |
| Non-recurring operating income | 76A | - | €6,350 | +€6,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,566 | €5,798 | -€768 | -11.7% |
| Other operating charges | 640/8 | €1,627 | €2,362 | +€735 | +45.2% |
| Gross operating margin | 9900 | €64,154 | €55,767 | -€8,386 | -13.1% |
| Operating profit (loss) | 9901 | €55,960 | €47,607 | -€8,353 | -14.9% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €3,951 | €8,929 | +€4,978 | +126% |
| Recurring financial charges | 65 | €3,951 | €8,929 | +€4,978 | +126% |
| Profit (loss) for the period before taxes | 9903 | €52,009 | €38,678 | -€13,331 | -25.6% |
| Income taxes | 67/77 | €19,499 | €11,598 | -€7,901 | -40.5% |
| Profit (loss) for the period | 9904 | €32,511 | €27,080 | -€5,430 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €32,511 | €27,080 | -€5,430 | -16.7% |
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 23 October 2026 via checked.be.