STARCO: 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.
STARCO
Largest movements
- Receivables within one year +€19,729
up €19,729 (+4.4%), from €449,116 to €468,846
of which Trade receivables: +€16,072
- Profit (loss) carried forward +€36,411
up €36,411 (+5.9%), from €614,979 to €651,390
- Trade debts -€20,089
down €20,089 (-17.9%), from €112,402 to €92,314
of which Bills of exchange payable: -€25,423
- Gross operating margin -€41,049
down €41,049 (-28.3%), from €145,271 to €104,222
- Other operating charges -€7,515
down €7,515 (-46.2%), from €16,275 to €8,760
- Financial charges -€7,110
down €7,110 (-61.7%), from €11,521 to €4,410
of which Non-recurring financial charges: -€10,844
- Taxes -€6,905
down €6,905 (-32.6%), from €21,163 to €14,257
- Financial income +€5,909
up €5,909 (+1397.3%), from €423 to €6,332
of which Non-recurring financial income: +€5,400
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 | €796,797 | €806,677 | +€9,880 | +1.2% |
| Fixed assets | 21/28 | €33,726 | €26,712 | -€7,014 | -20.8% |
| Tangible fixed assets | 22/27 | €33,726 | €26,712 | -€7,014 | -20.8% |
| Plant, machinery and equipment | 23 | €25,164 | €25,242 | +€78 | +0.3% |
| Furniture and vehicles | 24 | €8,562 | €1,470 | -€7,092 | -82.8% |
| Current assets | 29/58 | €763,072 | €779,965 | +€16,893 | +2.2% |
| Stocks and contracts in progress | 3 | €33,073 | €29,833 | -€3,240 | -9.8% |
| Stocks | 30/36 | €33,073 | €29,833 | -€3,240 | -9.8% |
| Amounts receivable within one year | 40/41 | €449,116 | €468,846 | +€19,729 | +4.4% |
| Trade receivables | 40 | €443,858 | €459,931 | +€16,072 | +3.6% |
| Other amounts receivable | 41 | €5,258 | €8,915 | +€3,657 | +69.6% |
| Cash at bank and in hand | 54/58 | €277,688 | €278,010 | +€321 | +0.1% |
| Deferred charges and accrued income | 490/1 | €3,194 | €3,276 | +€83 | +2.6% |
| Total equity and liabilities | 10/49 | €796,797 | €806,677 | +€9,880 | +1.2% |
| Equity | 10/15 | €657,303 | €693,714 | +€36,411 | +5.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €23,732 | €23,732 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Legal reserve | 130 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €21,232 | €21,232 | = | 0.0% |
| Profit (loss) carried forward | 14 | €614,979 | €651,390 | +€36,411 | +5.9% |
| Amounts payable | 17/49 | €139,494 | €112,963 | -€26,531 | -19.0% |
| Amounts payable after more than one year | 17 | €4,000 | €4,000 | = | 0.0% |
| Other amounts payable | 178/9 | €4,000 | €4,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €135,494 | €108,963 | -€26,531 | -19.6% |
| Trade debts | 44 | €112,402 | €92,314 | -€20,089 | -17.9% |
| Suppliers | 440/4 | €79,453 | €84,787 | +€5,334 | +6.7% |
| Bills of exchange payable | 441 | €32,949 | €7,526 | -€25,423 | -77.2% |
| Taxes, remuneration and social security | 45 | €23,092 | €16,649 | -€6,443 | -27.9% |
| Taxes | 450/3 | €21,331 | €14,257 | -€7,074 | -33.2% |
| Remuneration and social security | 454/9 | €1,761 | €2,392 | +€631 | +35.8% |
| Remuneration, social security and pensions | 62 | €29,418 | €32,534 | +€3,116 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,584 | €14,182 | +€598 | +4.4% |
| Other operating charges | 640/8 | €16,275 | €8,760 | -€7,515 | -46.2% |
| Gross operating margin | 9900 | €145,271 | €104,222 | -€41,049 | -28.3% |
| Operating profit (loss) | 9901 | €85,994 | €48,746 | -€37,248 | -43.3% |
| Financial income | 75/76B | €423 | €6,332 | +€5,909 | +1397.3% |
| Recurring financial income | 75 | €423 | €932 | +€509 | +120.4% |
| Non-recurring financial income | 76B | - | €5,400 | +€5,400 | |
| Financial charges | 65/66B | €11,521 | €4,410 | -€7,110 | -61.7% |
| Recurring financial charges | 65 | €11,521 | €3,734 | -€7,787 | -67.6% |
| Non-recurring financial charges | 66B | €11,521 | €676 | -€10,844 | -94.1% |
| Profit (loss) for the period before taxes | 9903 | €74,897 | €50,668 | -€24,229 | -32.3% |
| Income taxes | 67/77 | €21,163 | €14,257 | -€6,905 | -32.6% |
| Profit (loss) for the period | 9904 | €53,734 | €36,411 | -€17,323 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,734 | €36,411 | -€17,323 | -32.2% |
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 7 October 2026 via checked.be.