Netstart: 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.
Netstart
Largest movements
- Receivables after one year -€350,000
down €350,000 (-89.9%), from €389,500 to €39,500
- Current investments +€190,059
up €190,059 (+43.7%), from €435,010 to €625,069
- Cash +€131,128
up €131,128 (+1,244%), from €10,545 to €141,672
mainly Receivables after one year (+€350,000) and Receivables within one year (+€32,173)
- Receivables within one year -€32,173
down €32,173 (-56.9%), from €56,498 to €24,325
of which Other amounts receivable: -€41,790
- Other debts -€41,950
down €41,950 (-86.8%), from €48,320 to €6,370
- Profit (loss) carried forward -€40,129
down €40,129 (-26.5%), from -€151,246 to -€191,375
- Debts after one year +€24,006
new in 2025: €24,006
- Gross operating margin +€37,787
up €37,787 (+97.9%), from -€38,613 to -€826
- Financial charges +€26,452
up €26,452 (+4,346%), from €609 to €27,061
- Financial income -€2,079
down €2,079 (-20.1%), from €10,330 to €8,250
of which Financial income: -€2,079
- Other operating charges +€1,619
up €1,619 (+143%), from €1,130 to €2,750
- Taxes +€1,026
up €1,026, from -€280 to €746
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 | €990,401 | €938,411 | -€51,990 | -5.2% |
| Fixed assets | 21/28 | €63,447 | €67,689 | +€4,242 | +6.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €38,447 | €42,689 | +€4,242 | +11.0% |
| Plant, machinery and equipment | 23 | €1,450 | €1,041 | -€408 | -28.2% |
| Furniture and vehicles | 24 | €36,997 | €41,648 | +€4,651 | +12.6% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €926,954 | €870,721 | -€56,233 | -6.1% |
| Amounts receivable after more than one year | 29 | €389,500 | €39,500 | -€350,000 | -89.9% |
| Other amounts receivable | 291 | €389,500 | €39,500 | -€350,000 | -89.9% |
| Amounts receivable within one year | 40/41 | €56,498 | €24,325 | -€32,173 | -56.9% |
| Trade receivables | 40 | €14,112 | €23,730 | +€9,618 | +68.2% |
| Other amounts receivable | 41 | €42,385 | €595 | -€41,790 | -98.6% |
| Current investments | 50/53 | €435,010 | €625,069 | +€190,059 | +43.7% |
| Cash at bank and in hand | 54/58 | €10,545 | €141,672 | +€131,128 | +1,244% |
| Deferred charges and accrued income | 490/1 | €35,402 | €40,156 | +€4,754 | +13.4% |
| Total equity and liabilities | 10/49 | €990,401 | €938,411 | -€51,990 | -5.2% |
| Equity | 10/15 | €929,608 | €889,480 | -€40,129 | -4.3% |
| Contributions | 10/11 | €9,260 | €9,260 | = | 0.0% |
| Reserves | 13 | €1,071,595 | €1,071,595 | = | 0.0% |
| Distributable reserves | 133 | €1,071,595 | €1,071,595 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€151,246 | -€191,375 | -€40,129 | -26.5% |
| Amounts payable | 17/49 | €60,793 | €48,931 | -€11,862 | -19.5% |
| Amounts payable after more than one year | 17 | - | €24,006 | +€24,006 | |
| Financial debts | 170/4 | - | €24,006 | +€24,006 | |
| Amounts payable within one year | 42/48 | €60,793 | €24,925 | -€35,868 | -59.0% |
| Current portion of amounts payable after more than one year | 42 | - | €9,707 | +€9,707 | |
| Financial debts | 43 | €390 | €0 | -€390 | -100% |
| Credit institutions | 430/8 | €390 | €0 | -€390 | -100% |
| Trade debts | 44 | €10,613 | €4,452 | -€6,161 | -58.1% |
| Suppliers | 440/4 | €10,613 | €4,452 | -€6,161 | -58.1% |
| Taxes, remuneration and social security | 45 | €1,470 | €4,396 | +€2,926 | +199% |
| Taxes | 450/3 | €1,470 | €4,396 | +€2,926 | +199% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €48,320 | €6,370 | -€41,950 | -86.8% |
| Non-recurring operating income | 76A | - | €15,926 | +€15,926 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,246 | €16,997 | -€250 | -1.4% |
| Other operating charges | 640/8 | €1,130 | €2,750 | +€1,619 | +143% |
| Non-recurring operating charges | 66A | €3,230 | €0 | -€3,230 | -100% |
| Gross operating margin | 9900 | -€38,613 | -€826 | +€37,787 | +97.9% |
| Operating profit (loss) | 9901 | -€60,220 | -€20,572 | +€39,647 | +65.8% |
| Financial income | 75/76B | €10,330 | €8,250 | -€2,079 | -20.1% |
| Recurring financial income | 75 | €10,330 | €8,250 | -€2,079 | -20.1% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €609 | €27,061 | +€26,452 | +4,346% |
| Recurring financial charges | 65 | €609 | €27,061 | +€26,452 | +4,346% |
| Profit (loss) for the period before taxes | 9903 | -€50,499 | -€39,383 | +€11,116 | +22.0% |
| Income taxes | 67/77 | -€280 | €746 | +€1,026 | |
| Profit (loss) for the period | 9904 | -€50,219 | -€40,129 | +€10,090 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,219 | -€40,129 | +€10,090 | +20.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.