INSTAR: 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.
INSTAR
Largest movements
- Receivables within one year +€73,051
up €73,051 (+252%), from €28,944 to €101,995
of which Trade receivables: +€62,640
- Cash -€63,915
down €63,915 (-16.7%), from €383,673 to €319,758
mainly Contributions, distributions and other (-€220,000) and Receivables within one year (-€73,051)
- Tangible fixed assets +€4,802
up €4,802 (+78.4%), from €6,128 to €10,929
of which Furniture and vehicles: +€5,420
- Profit (loss) carried forward -€173,714
down €173,714 (-99.2%), from €175,082 to €1,368
- Other debts +€140,958
up €140,958 (+178%), from €79,042 to €220,000
- Reserves +€30,000
up €30,000 (+20.0%), from €150,000 to €180,000
- Tax, wage and social debts +€9,203
up €9,203 (+90.4%), from €10,181 to €19,385
- Trade debts +€5,367
up €5,367 (+315%), from €1,705 to €7,072
- Gross operating margin -€25,249
down €25,249 (-19.2%), from €131,829 to €106,580
- Taxes -€7,256
down €7,256 (-21.8%), from €33,215 to €25,959
- Staff costs +€3,373
new in 2025: €3,373
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 | €434,610 | €446,425 | +€11,815 | +2.7% |
| Fixed assets | 21/28 | €6,128 | €10,929 | +€4,802 | +78.4% |
| Tangible fixed assets | 22/27 | €6,128 | €10,929 | +€4,802 | +78.4% |
| Plant, machinery and equipment | 23 | €6,128 | €5,509 | -€619 | -10.1% |
| Furniture and vehicles | 24 | - | €5,420 | +€5,420 | |
| Current assets | 29/58 | €428,482 | €435,495 | +€7,013 | +1.6% |
| Stocks and contracts in progress | 3 | €14,222 | €12,315 | -€1,907 | -13.4% |
| Stocks | 30/36 | €14,222 | €12,315 | -€1,907 | -13.4% |
| Amounts receivable within one year | 40/41 | €28,944 | €101,995 | +€73,051 | +252% |
| Trade receivables | 40 | €19,486 | €82,126 | +€62,640 | +321% |
| Other amounts receivable | 41 | €9,458 | €19,869 | +€10,411 | +110% |
| Cash at bank and in hand | 54/58 | €383,673 | €319,758 | -€63,915 | -16.7% |
| Deferred charges and accrued income | 490/1 | €1,643 | €1,427 | -€216 | -13.1% |
| Total equity and liabilities | 10/49 | €434,610 | €446,425 | +€11,815 | +2.7% |
| Equity | 10/15 | €343,682 | €199,968 | -€143,714 | -41.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €150,000 | €180,000 | +€30,000 | +20.0% |
| Distributable reserves | 133 | €150,000 | €180,000 | +€30,000 | +20.0% |
| Profit (loss) carried forward | 14 | €175,082 | €1,368 | -€173,714 | -99.2% |
| Amounts payable | 17/49 | €90,928 | €246,457 | +€155,529 | +171% |
| Amounts payable within one year | 42/48 | €90,928 | €246,457 | +€155,529 | +171% |
| Trade debts | 44 | €1,705 | €7,072 | +€5,367 | +315% |
| Suppliers | 440/4 | €1,705 | €7,072 | +€5,367 | +315% |
| Taxes, remuneration and social security | 45 | €10,181 | €19,385 | +€9,203 | +90.4% |
| Taxes | 450/3 | €10,181 | €19,385 | +€9,203 | +90.4% |
| Other amounts payable | 47/48 | €79,042 | €220,000 | +€140,958 | +178% |
| Remuneration, social security and pensions | 62 | - | €3,373 | +€3,373 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59 | €808 | +€749 | +1,269% |
| Other operating charges | 640/8 | €148 | €732 | +€584 | +395% |
| Gross operating margin | 9900 | €131,829 | €106,580 | -€25,249 | -19.2% |
| Operating profit (loss) | 9901 | €131,622 | €101,667 | -€29,955 | -22.8% |
| Financial income | 75/76B | €464 | €673 | +€209 | +45.1% |
| Recurring financial income | 75 | €464 | €673 | +€209 | +45.1% |
| Financial charges | 65/66B | €89 | €95 | +€6 | +6.5% |
| Recurring financial charges | 65 | €89 | €95 | +€6 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €131,996 | €102,244 | -€29,752 | -22.5% |
| Income taxes | 67/77 | €33,215 | €25,959 | -€7,256 | -21.8% |
| Profit (loss) for the period | 9904 | €98,782 | €76,286 | -€22,496 | -22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €98,782 | €76,286 | -€22,496 | -22.8% |
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 27 October 2026 via checked.be.