Starco: 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.
Starco
Largest movements
- Receivables within one year -€34,641
down €34,641 (-47.5%), from €72,926 to €38,286
of which Trade receivables: -€31,007
- Stocks and contracts +€14,342
up €14,342 (+153%), from €9,372 to €23,715
of which Contracts in progress: +€15,500
- Tangible fixed assets -€6,120
down €6,120 (-51.8%), from €11,825 to €5,705
of which Plant, machinery and equipment: -€3,673
- Cash -€4,504
down €4,504 (-69.0%), from €6,526 to €2,022
mainly Trade debts (-€26,370) and Stocks and contracts (-€14,342)
- Trade debts -€26,370
down €26,370 (-73.2%), from €36,019 to €9,650
- Profit (loss) carried forward -€4,270
down €4,270 (-33.0%), from €12,929 to €8,659
- Current portion of long-term debt -€2,603
no longer reported in 2025 (was €2,603)
- Tax, wage and social debts +€2,271
up €2,271 (+800%), from €284 to €2,555
- Gross operating margin -€41,657
down €41,657 (-35.5%), from €117,390 to €75,733
- Staff costs -€26,197
down €26,197 (-27.0%), from €97,035 to €70,837
- Depreciation -€5,428
down €5,428 (-47.0%), from €11,548 to €6,120
- Taxes -€2,616
no longer reported in 2025 (was €2,616)
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 | €104,950 | €73,978 | -€30,972 | -29.5% |
| Fixed assets | 21/28 | €11,924 | €5,804 | -€6,120 | -51.3% |
| Tangible fixed assets | 22/27 | €11,825 | €5,705 | -€6,120 | -51.8% |
| Plant, machinery and equipment | 23 | €7,409 | €3,736 | -€3,673 | -49.6% |
| Furniture and vehicles | 24 | €2,364 | €943 | -€1,421 | -60.1% |
| Other tangible fixed assets | 26 | €2,053 | €1,026 | -€1,026 | -50.0% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €93,026 | €68,174 | -€24,852 | -26.7% |
| Stocks and contracts in progress | 3 | €9,372 | €23,715 | +€14,342 | +153% |
| Stocks | 30/36 | €9,372 | €8,215 | -€1,158 | -12.4% |
| Contracts in progress | 37 | - | €15,500 | +€15,500 | |
| Amounts receivable within one year | 40/41 | €72,926 | €38,286 | -€34,641 | -47.5% |
| Trade receivables | 40 | €69,293 | €38,286 | -€31,007 | -44.7% |
| Other amounts receivable | 41 | €3,634 | - | -€3,634 | |
| Cash at bank and in hand | 54/58 | €6,526 | €2,022 | -€4,504 | -69.0% |
| Deferred charges and accrued income | 490/1 | €4,202 | €4,152 | -€49 | -1.2% |
| Total equity and liabilities | 10/49 | €104,950 | €73,978 | -€30,972 | -29.5% |
| Equity | 10/15 | €65,305 | €61,035 | -€4,270 | -6.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €33,784 | €33,784 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €31,925 | €31,925 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,929 | €8,659 | -€4,270 | -33.0% |
| Amounts payable | 17/49 | €39,645 | €12,943 | -€26,702 | -67.4% |
| Amounts payable within one year | 42/48 | €39,645 | €12,943 | -€26,702 | -67.4% |
| Current portion of amounts payable after more than one year | 42 | €2,603 | - | -€2,603 | |
| Trade debts | 44 | €36,019 | €9,650 | -€26,370 | -73.2% |
| Suppliers | 440/4 | €36,019 | €9,650 | -€26,370 | -73.2% |
| Taxes, remuneration and social security | 45 | €284 | €2,555 | +€2,271 | +800% |
| Taxes | 450/3 | €284 | €2,555 | +€2,271 | +800% |
| Other amounts payable | 47/48 | €738 | €738 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €97,035 | €70,837 | -€26,197 | -27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,548 | €6,120 | -€5,428 | -47.0% |
| Other operating charges | 640/8 | €3,998 | €3,129 | -€869 | -21.7% |
| Gross operating margin | 9900 | €117,390 | €75,733 | -€41,657 | -35.5% |
| Operating profit (loss) | 9901 | €4,810 | -€4,353 | -€9,163 | |
| Financial income | 75/76B | €11 | €839 | +€828 | +7,383% |
| Recurring financial income | 75 | €11 | €839 | +€828 | +7,383% |
| Financial charges | 65/66B | €746 | €756 | +€10 | +1.3% |
| Recurring financial charges | 65 | €746 | €756 | +€10 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €4,075 | -€4,270 | -€8,345 | |
| Income taxes | 67/77 | €2,616 | - | -€2,616 | |
| Profit (loss) for the period | 9904 | €1,459 | -€4,270 | -€5,729 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,459 | -€4,270 | -€5,729 |
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 16 October 2026 via checked.be.