STAREX: 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.
STAREX
Largest movements
- Cash +€307,303
up €307,303 (+27.6%), from €1.1m to €1.4m
mainly Depreciation (+€253,262) and Net result for the year (+€181,295)
- Tangible fixed assets -€236,626
down €236,626 (-4.1%), from €5.7m to €5.5m
of which Land and buildings: -€234,970
- Reserves +€128,664
up €128,664 (+13.7%), from €940,547 to €1.1m
- Accrued charges and deferred income -€85,832
down €85,832 (-51.5%), from €166,728 to €80,896
- Gross operating margin +€88,768
up €88,768 (+19.5%), from €454,107 to €542,874
- Taxes +€36,614
up €36,614 (+76.3%), from €47,990 to €84,604
- Financial income +€19,768
up €19,768 (+158.0%), from €12,514 to €32,282
- Depreciation +€9,246
up €9,246 (+3.8%), from €244,017 to €253,262
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 | €8,359,436 | €8,349,957 | -€9,479 | -0.1% |
| Fixed assets | 21/28 | €5,706,953 | €5,470,327 | -€236,626 | -4.1% |
| Tangible fixed assets | 22/27 | €5,704,953 | €5,468,327 | -€236,626 | -4.1% |
| Land and buildings | 22 | €5,584,055 | €5,349,085 | -€234,970 | -4.2% |
| Furniture and vehicles | 24 | - | €1,711 | +€1,711 | |
| Other tangible fixed assets | 26 | €120,898 | €117,532 | -€3,366 | -2.8% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €2,652,484 | €2,879,630 | +€227,147 | +8.6% |
| Amounts receivable within one year | 40/41 | €1,058,599 | €1,050,872 | -€7,727 | -0.7% |
| Trade receivables | 40 | €4,462 | - | -€4,462 | |
| Other amounts receivable | 41 | €1,054,137 | €1,050,872 | -€3,265 | -0.3% |
| Current investments | 50/53 | €460,380 | €388,368 | -€72,012 | -15.6% |
| Cash at bank and in hand | 54/58 | €1,112,772 | €1,420,075 | +€307,303 | +27.6% |
| Deferred charges and accrued income | 490/1 | €20,732 | €20,315 | -€417 | -2.0% |
| Total equity and liabilities | 10/49 | €8,359,436 | €8,349,957 | -€9,479 | -0.1% |
| Equity | 10/15 | €7,955,547 | €8,084,210 | +€128,664 | +1.6% |
| Contributions | 10/11 | €7,015,000 | €7,015,000 | = | 0.0% |
| Reserves | 13 | €940,547 | €1,069,210 | +€128,664 | +13.7% |
| Distributable reserves | 133 | €940,547 | €1,069,210 | +€128,664 | +13.7% |
| Amounts payable | 17/49 | €403,890 | €265,747 | -€138,143 | -34.2% |
| Amounts payable within one year | 42/48 | €237,162 | €184,851 | -€52,310 | -22.1% |
| Taxes, remuneration and social security | 45 | €16,780 | €20,761 | +€3,981 | +23.7% |
| Taxes | 450/3 | €16,780 | €20,761 | +€3,981 | +23.7% |
| Other amounts payable | 47/48 | €220,381 | €164,090 | -€56,291 | -25.5% |
| Accrued charges and deferred income | 492/3 | €166,728 | €80,896 | -€85,832 | -51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €244,017 | €253,262 | +€9,246 | +3.8% |
| Other operating charges | 640/8 | €56,537 | €52,266 | -€4,271 | -7.6% |
| Gross operating margin | 9900 | €454,107 | €542,874 | +€88,768 | +19.5% |
| Operating profit (loss) | 9901 | €153,553 | €237,346 | +€83,793 | +54.6% |
| Financial income | 75/76B | €12,514 | €32,282 | +€19,768 | +158.0% |
| Recurring financial income | 75 | €12,514 | €32,282 | +€19,768 | +158.0% |
| Financial charges | 65/66B | €276 | €3,728 | +€3,452 | +1249.5% |
| Recurring financial charges | 65 | €276 | €3,728 | +€3,452 | +1249.5% |
| Profit (loss) for the period before taxes | 9903 | €165,791 | €265,900 | +€100,109 | +60.4% |
| Income taxes | 67/77 | €47,990 | €84,604 | +€36,614 | +76.3% |
| Profit (loss) for the period | 9904 | €117,800 | €181,295 | +€63,495 | +53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €117,800 | €181,295 | +€63,495 | +53.9% |
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 4 October 2026 via checked.be.