A. STARCK: 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.
A. STARCK
Largest movements
- Cash +€34,334
up €34,334 (+22.2%), from €154,829 to €189,163
mainly Net result for the year (+€32,297) and Receivables within one year (+€15,356)
- Receivables within one year -€15,356
down €15,356 (-23.4%), from €65,667 to €50,311
of which Trade receivables: -€16,811
- Reserves +€20,000
up €20,000 (+31.5%), from €63,500 to €83,500
- Profit (loss) carried forward -€16,274
down €16,274 (-89.2%), from €18,252 to €1,978
- Tax, wage and social debts +€10,353
up €10,353 (+31.8%), from €32,568 to €42,921
of which Taxes: +€17,427
- Gross operating margin -€53,129
down €53,129 (-31.9%), from €166,691 to €113,562
- Write-downs -€12,495
new in 2025: -€12,495
- Staff costs -€7,053
down €7,053 (-9.7%), from €72,558 to €65,505
- Depreciation -€4,238
down €4,238 (-35.3%), from €11,996 to €7,758
- Taxes -€2,915
down €2,915 (-14.5%), from €20,046 to €17,131
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 | €247,500 | €264,210 | +€16,710 | +6.8% |
| Fixed assets | 21/28 | €23,999 | €21,582 | -€2,417 | -10.1% |
| Tangible fixed assets | 22/27 | €23,999 | €21,582 | -€2,417 | -10.1% |
| Plant, machinery and equipment | 23 | €5,008 | €6,365 | +€1,357 | +27.1% |
| Furniture and vehicles | 24 | €18,991 | €14,776 | -€4,215 | -22.2% |
| Other tangible fixed assets | 26 | - | €441 | +€441 | |
| Current assets | 29/58 | €223,501 | €242,628 | +€19,127 | +8.6% |
| Stocks and contracts in progress | 3 | €500 | €600 | +€100 | +20.0% |
| Stocks | 30/36 | €500 | €600 | +€100 | +20.0% |
| Amounts receivable within one year | 40/41 | €65,667 | €50,311 | -€15,356 | -23.4% |
| Trade receivables | 40 | €57,176 | €40,365 | -€16,811 | -29.4% |
| Other amounts receivable | 41 | €8,491 | €9,946 | +€1,455 | +17.1% |
| Cash at bank and in hand | 54/58 | €154,829 | €189,163 | +€34,334 | +22.2% |
| Deferred charges and accrued income | 490/1 | €2,505 | €2,554 | +€49 | +2.0% |
| Total equity and liabilities | 10/49 | €247,500 | €264,210 | +€16,710 | +6.8% |
| Equity | 10/15 | €176,752 | €180,478 | +€3,726 | +2.1% |
| Contributions | 10/11 | €95,000 | €95,000 | = | 0.0% |
| Reserves | 13 | €63,500 | €83,500 | +€20,000 | +31.5% |
| Distributable reserves | 133 | €63,500 | €83,500 | +€20,000 | +31.5% |
| Profit (loss) carried forward | 14 | €18,252 | €1,978 | -€16,274 | -89.2% |
| Amounts payable | 17/49 | €70,748 | €83,732 | +€12,984 | +18.4% |
| Amounts payable within one year | 42/48 | €70,246 | €83,230 | +€12,984 | +18.5% |
| Trade debts | 44 | €9,107 | €11,738 | +€2,631 | +28.9% |
| Suppliers | 440/4 | €9,107 | €11,738 | +€2,631 | +28.9% |
| Taxes, remuneration and social security | 45 | €32,568 | €42,921 | +€10,353 | +31.8% |
| Taxes | 450/3 | €20,914 | €38,341 | +€17,427 | +83.3% |
| Remuneration and social security | 454/9 | €11,654 | €4,580 | -€7,074 | -60.7% |
| Other amounts payable | 47/48 | €28,571 | €28,571 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €502 | €502 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €72,558 | €65,505 | -€7,053 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,996 | €7,758 | -€4,238 | -35.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€12,495 | -€12,495 | |
| Other operating charges | 640/8 | €1,561 | €1,506 | -€55 | -3.5% |
| Gross operating margin | 9900 | €166,691 | €113,562 | -€53,129 | -31.9% |
| Operating profit (loss) | 9901 | €80,576 | €51,288 | -€29,288 | -36.3% |
| Financial income | 75/76B | €466 | €521 | +€55 | +11.8% |
| Recurring financial income | 75 | €466 | €521 | +€55 | +11.8% |
| Financial charges | 65/66B | €2,350 | €2,381 | +€31 | +1.3% |
| Recurring financial charges | 65 | €2,350 | €2,381 | +€31 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €78,692 | €49,428 | -€29,264 | -37.2% |
| Income taxes | 67/77 | €20,046 | €17,131 | -€2,915 | -14.5% |
| Profit (loss) for the period | 9904 | €58,646 | €32,297 | -€26,349 | -44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €58,646 | €32,297 | -€26,349 | -44.9% |
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 6 October 2026 via checked.be.