B2START: 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.
B2START
Largest movements
- Cash -€217,331
down €217,331 (-90.5%), from €240,210 to €22,879
mainly Net result for the year (-€552,876) and Receivables within one year (-€205,449)
- Receivables within one year +€205,449
up €205,449 (+464.0%), from €44,281 to €249,730
of which Trade receivables: +€216,314
- Financial fixed assets -€87,156
down €87,156 (-1.7%), from €5.0m to €4.9m
of which Other financial fixed assets: -€141,997
- Profit (loss) carried forward -€552,876
down €552,876 (-11.7%), from -€4.7m to -€5.3m
- Debts after one year +€457,000
up €457,000 (+76.2%), from €600,000 to €1.1m
- Financial income +€1.8m
up €1.8m (+619.6%), from €291,521 to €2.1m
of which Non-recurring financial income: +€1.8m
- Financial charges -€1.7m
down €1.7m (-40.9%), from €4.2m to €2.5m
of which Non-recurring financial charges: -€1.7m
- Services and other goods -€23,047
down €23,047 (-12.9%), from €178,420 to €155,373
- Turnover -€10,610
down €10,610 (-74.9%), from €14,160 to €3,550
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 | €5,277,275 | €5,178,237 | -€99,038 | -1.9% |
| Fixed assets | 21/28 | €4,992,784 | €4,905,628 | -€87,156 | -1.7% |
| Financial fixed assets | 28 | €4,992,784 | €4,905,628 | -€87,156 | -1.7% |
| Companies linked by participating interests | 282/3 | €2,056,574 | €2,111,415 | +€54,841 | +2.7% |
| Participating interests | 282 | €1,756,574 | €2,011,415 | +€254,841 | +14.5% |
| Amounts receivable | 283 | €300,000 | €100,000 | -€200,000 | -66.7% |
| Other financial fixed assets | 284/8 | €2,936,211 | €2,794,213 | -€141,997 | -4.8% |
| Amounts receivable and cash guarantees | 285/8 | €2,936,211 | €2,794,213 | -€141,997 | -4.8% |
| Current assets | 29/58 | €284,491 | €272,609 | -€11,882 | -4.2% |
| Amounts receivable within one year | 40/41 | €44,281 | €249,730 | +€205,449 | +464.0% |
| Trade receivables | 40 | €33,417 | €249,730 | +€216,314 | +647.3% |
| Other amounts receivable | 41 | €10,864 | - | -€10,864 | |
| Cash at bank and in hand | 54/58 | €240,210 | €22,879 | -€217,331 | -90.5% |
| Total equity and liabilities | 10/49 | €5,277,275 | €5,178,237 | -€99,038 | -1.9% |
| Equity | 10/15 | €4,614,526 | €4,061,650 | -€552,876 | -12.0% |
| Contributions | 10/11 | €9,339,131 | €9,339,131 | = | 0.0% |
| Capital | 10 | €9,339,131 | €9,339,131 | = | 0.0% |
| Issued capital | 100 | €9,339,131 | €9,339,131 | = | 0.0% |
| Reserves | 13 | €750 | €750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €750 | €750 | = | 0.0% |
| Legal reserve | 130 | €750 | €750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,725,355 | -€5,278,231 | -€552,876 | -11.7% |
| Provisions and deferred taxes | 16 | - | €15,000 | +€15,000 | |
| Provisions for liabilities and charges | 160/5 | - | €15,000 | +€15,000 | |
| Other liabilities and charges | 164/5 | - | €15,000 | +€15,000 | |
| Amounts payable | 17/49 | €662,749 | €1,101,587 | +€438,838 | +66.2% |
| Amounts payable after more than one year | 17 | €600,000 | €1,057,000 | +€457,000 | +76.2% |
| Financial debts | 170/4 | €600,000 | €1,057,000 | +€457,000 | +76.2% |
| Subordinated loans | 170 | €600,000 | €1,057,000 | +€457,000 | +76.2% |
| Amounts payable within one year | 42/48 | €62,499 | €44,337 | -€18,162 | -29.1% |
| Trade debts | 44 | €59,998 | €44,117 | -€15,882 | -26.5% |
| Suppliers | 440/4 | €59,998 | €44,117 | -€15,882 | -26.5% |
| Taxes, remuneration and social security | 45 | €2,501 | €221 | -€2,281 | -91.2% |
| Taxes | 450/3 | €2,501 | €221 | -€2,281 | -91.2% |
| Accrued charges and deferred income | 492/3 | €250 | €250 | = | 0.0% |
| Operating income | 70/76A | €14,160 | €3,550 | -€10,610 | -74.9% |
| Turnover | 70 | €14,160 | €3,550 | -€10,610 | -74.9% |
| Operating charges | 60/66A | €179,458 | €171,442 | -€8,016 | -4.5% |
| Services and other goods | 61 | €178,420 | €155,373 | -€23,047 | -12.9% |
| Other operating charges | 640/8 | €1,038 | €1,068 | +€31 | +3.0% |
| Non-recurring operating charges | 66A | - | €15,000 | +€15,000 | |
| Operating profit (loss) | 9901 | -€165,298 | -€167,892 | -€2,594 | -1.6% |
| Financial income | 75/76B | €291,521 | €2,097,644 | +€1.8m | +619.6% |
| Recurring financial income | 75 | €163,184 | €207,056 | +€43,872 | +26.9% |
| Income from financial fixed assets | 750 | €163,184 | €207,056 | +€43,872 | +26.9% |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | €128,337 | €1,890,588 | +€1.8m | +1373.1% |
| Financial charges | 65/66B | €4,200,078 | €2,482,628 | -€1.7m | -40.9% |
| Recurring financial charges | 65 | €35,697 | €36,174 | +€477 | +1.3% |
| Debt charges | 650 | €34,378 | €35,309 | +€931 | +2.7% |
| Other financial charges | 652/9 | €1,319 | €865 | -€454 | -34.4% |
| Non-recurring financial charges | 66B | €4,164,382 | €2,446,454 | -€1.7m | -41.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,073,856 | -€552,876 | +€3.5m | +86.4% |
| Profit (loss) for the period | 9904 | -€4,073,856 | -€552,876 | +€3.5m | +86.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,073,856 | -€552,876 | +€3.5m | +86.4% |
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 4 October 2026 via checked.be.