STARCK: 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.
STARCK
Largest movements
- Financial fixed assets +€4.0m
up €4.0m (+155%), from €2.6m to €6.6m
- Tangible fixed assets -€2.5m
down €2.5m (-41.3%), from €6.1m to €3.6m
of which Land and buildings: -€2.5m
- Cash -€1.0m
down €1.0m (-51.4%), from €2.0m to €967,993
mainly Investment in fixed assets (net) (-€1.6m) and Deferred charges and accrued income (-€166,920)
- Receivables within one year -€588,107
down €588,107 (-25.9%), from €2.3m to €1.7m
of which Other amounts receivable: -€590,632
- Deferred charges and accrued income +€166,920
up €166,920 (+39.8%), from €419,714 to €586,634
- Reserves +€176,310
up €176,310 (+1.1%), from €16.4m to €16.6m
- Financial income -€167,415
down €167,415 (-48.9%), from €342,050 to €174,635
- Depreciation -€67,684
down €67,684 (-41.3%), from €163,843 to €96,159
- Gross operating margin +€38,668
up €38,668 (+24.2%), from €159,669 to €198,337
- Financial charges +€20,787
up €20,787 (+371%), from €5,610 to €26,396
- Other operating charges +€14,814
up €14,814 (+25.1%), from €59,019 to €73,833
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 | €16,554,480 | €16,676,681 | +€122,201 | +0.7% |
| Fixed assets | 21/28 | €8,662,685 | €10,150,102 | +€1.5m | +17.2% |
| Tangible fixed assets | 22/27 | €6,084,685 | €3,571,212 | -€2.5m | -41.3% |
| Land and buildings | 22 | €5,999,715 | €3,535,795 | -€2.5m | -41.1% |
| Plant, machinery and equipment | 23 | €63,969 | €15,408 | -€48,560 | -75.9% |
| Furniture and vehicles | 24 | €21,001 | €20,009 | -€992 | -4.7% |
| Financial fixed assets | 28 | €2,578,000 | €6,578,890 | +€4.0m | +155% |
| Current assets | 29/58 | €7,891,795 | €6,526,579 | -€1.4m | -17.3% |
| Amounts receivable after more than one year | 29 | €3,200,000 | €3,285,000 | +€85,000 | +2.7% |
| Other amounts receivable | 291 | €3,200,000 | €3,285,000 | +€85,000 | +2.7% |
| Amounts receivable within one year | 40/41 | €2,275,060 | €1,686,952 | -€588,107 | -25.9% |
| Trade receivables | 40 | €135,206 | €137,731 | +€2,524 | +1.9% |
| Other amounts receivable | 41 | €2,139,854 | €1,549,222 | -€590,632 | -27.6% |
| Current investments | 50/53 | €6,429 | €0 | -€6,429 | -100% |
| Cash at bank and in hand | 54/58 | €1,990,592 | €967,993 | -€1.0m | -51.4% |
| Deferred charges and accrued income | 490/1 | €419,714 | €586,634 | +€166,920 | +39.8% |
| Total equity and liabilities | 10/49 | €16,554,480 | €16,676,681 | +€122,201 | +0.7% |
| Equity | 10/15 | €16,402,528 | €16,578,838 | +€176,310 | +1.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €16,390,128 | €16,566,438 | +€176,310 | +1.1% |
| Distributable reserves | 133 | €16,390,128 | €16,566,438 | +€176,310 | +1.1% |
| Amounts payable | 17/49 | €151,952 | €97,843 | -€54,108 | -35.6% |
| Amounts payable after more than one year | 17 | €3,700 | €0 | -€3,700 | -100% |
| Other amounts payable | 178/9 | €3,700 | €0 | -€3,700 | -100% |
| Amounts payable within one year | 42/48 | €144,772 | €97,843 | -€46,928 | -32.4% |
| Trade debts | 44 | €53,322 | €8,061 | -€45,261 | -84.9% |
| Suppliers | 440/4 | €53,322 | €8,061 | -€45,261 | -84.9% |
| Taxes, remuneration and social security | 45 | - | €6,402 | +€6,402 | |
| Taxes | 450/3 | - | €6,402 | +€6,402 | |
| Other amounts payable | 47/48 | €91,449 | €83,380 | -€8,069 | -8.8% |
| Accrued charges and deferred income | 492/3 | €3,480 | €0 | -€3,480 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,843 | €96,159 | -€67,684 | -41.3% |
| Other operating charges | 640/8 | €59,019 | €73,833 | +€14,814 | +25.1% |
| Gross operating margin | 9900 | €159,669 | €198,337 | +€38,668 | +24.2% |
| Operating profit (loss) | 9901 | -€63,192 | €28,346 | +€91,538 | |
| Financial income | 75/76B | €342,050 | €174,635 | -€167,415 | -48.9% |
| Recurring financial income | 75 | €342,050 | €174,635 | -€167,415 | -48.9% |
| Financial charges | 65/66B | €5,610 | €26,396 | +€20,787 | +371% |
| Recurring financial charges | 65 | €5,610 | €26,396 | +€20,787 | +371% |
| Profit (loss) for the period before taxes | 9903 | €273,249 | €176,584 | -€96,664 | -35.4% |
| Income taxes | 67/77 | €275 | €275 | = | 0.0% |
| Profit (loss) for the period | 9904 | €272,974 | €176,310 | -€96,664 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €272,974 | €176,310 | -€96,664 | -35.4% |
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 17 October 2026 via checked.be.