ST'ART DESIGN: 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.
ST'ART DESIGN
Largest movements
- Receivables after one year -€16,855
down €16,855 (-25.4%), from €66,255 to €49,401
- Receivables within one year -€6,200
down €6,200 (-31.7%), from €19,543 to €13,343
- Tangible fixed assets -€4,909
down €4,909 (-3.8%), from €129,842 to €124,933
- Profit (loss) carried forward -€21,102
down €21,102 (-31.2%), from -€67,570 to -€88,673
- Current portion of long-term debt -€7,015
no longer reported in 2025 (was €7,015)
- Gross operating margin -€3,001
down €3,001 (-23.4%), from -€12,811 to -€15,812
- Financial income -€1,608
down €1,608 (-58.4%), from €2,753 to €1,145
- Financial charges +€847
up €847 (+303%), from €279 to €1,126
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 | €258,045 | €229,939 | -€28,106 | -10.9% |
| Fixed assets | 21/28 | €129,842 | €124,933 | -€4,909 | -3.8% |
| Tangible fixed assets | 22/27 | €129,842 | €124,933 | -€4,909 | -3.8% |
| Land and buildings | 22 | €129,842 | €124,933 | -€4,909 | -3.8% |
| Current assets | 29/58 | €128,202 | €105,006 | -€23,197 | -18.1% |
| Amounts receivable after more than one year | 29 | €66,255 | €49,401 | -€16,855 | -25.4% |
| Other amounts receivable | 291 | €66,255 | €49,401 | -€16,855 | -25.4% |
| Amounts receivable within one year | 40/41 | €19,543 | €13,343 | -€6,200 | -31.7% |
| Other amounts receivable | 41 | €19,543 | €13,343 | -€6,200 | -31.7% |
| Cash at bank and in hand | 54/58 | €142 | - | -€142 | |
| Deferred charges and accrued income | 490/1 | €42,262 | €42,262 | = | 0.0% |
| Total equity and liabilities | 10/49 | €258,045 | €229,939 | -€28,106 | -10.9% |
| Equity | 10/15 | €251,030 | €229,927 | -€21,102 | -8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €292,008 | €292,008 | = | 0.0% |
| Reserves | 13 | €7,992 | €7,992 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,992 | €7,992 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,570 | -€88,673 | -€21,102 | -31.2% |
| Amounts payable | 17/49 | €7,015 | €11 | -€7,004 | -99.8% |
| Amounts payable within one year | 42/48 | €7,015 | €11 | -€7,004 | -99.8% |
| Current portion of amounts payable after more than one year | 42 | €7,015 | - | -€7,015 | |
| Financial debts | 43 | - | €11 | +€11 | |
| Credit institutions | 430/8 | - | €11 | +€11 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,909 | €4,909 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€12,811 | -€15,812 | -€3,001 | -23.4% |
| Operating profit (loss) | 9901 | -€18,108 | -€21,122 | -€3,013 | -16.6% |
| Financial income | 75/76B | €2,753 | €1,145 | -€1,608 | -58.4% |
| Recurring financial income | 75 | €2,753 | €1,145 | -€1,608 | -58.4% |
| Financial charges | 65/66B | €279 | €1,126 | +€847 | +303% |
| Recurring financial charges | 65 | €279 | €1,126 | +€847 | +303% |
| Profit (loss) for the period before taxes | 9903 | -€15,634 | -€21,102 | -€5,468 | -35.0% |
| Profit (loss) for the period | 9904 | -€15,634 | -€21,102 | -€5,468 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,634 | -€21,102 | -€5,468 | -35.0% |
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 25 October 2026 via checked.be.