STARFIN: 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.
STARFIN
Largest movements
- Financial fixed assets +€5.2m
up €5.2m (+5.1%), from €101.7m to €106.9m
- Current investments -€3.1m
down €3.1m (-16.1%), from €19.0m to €15.9m
- Cash +€2.3m
up €2.3m (+23.5%), from €9.7m to €12.0m
mainly Net result for the year (+€5.2m) and Current investments (+€3.1m)
- Profit (loss) carried forward +€5.2m
up €5.2m (+11.5%), from €45.7m to €51.0m
- Financial income -€30.0m
down €30.0m (-84.4%), from €35.5m to €5.5m
of which Non-recurring financial income: -€29.5m
- Financial charges -€538,108
down €538,108 (-81.3%), from €662,076 to €123,968
of which Non-recurring financial charges: -€502,631
- Gross operating margin +€140,369
up €140,369 (+44.8%), from €313,490 to €453,858
- Taxes -€113,520
down €113,520 (-59.3%), from €191,531 to €78,010
- Depreciation -€16,920
down €16,920 (-3.4%), from €499,649 to €482,729
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 | €138,159,082 | €142,151,939 | +€4.0m | +2.9% |
| Fixed assets | 21/28 | €109,123,503 | €114,042,352 | +€4.9m | +4.5% |
| Tangible fixed assets | 22/27 | €7,401,432 | €7,092,781 | -€308,651 | -4.2% |
| Land and buildings | 22 | €7,343,830 | €7,051,150 | -€292,679 | -4.0% |
| Plant, machinery and equipment | 23 | €12,494 | €10,722 | -€1,772 | -14.2% |
| Furniture and vehicles | 24 | €45,109 | €30,909 | -€14,200 | -31.5% |
| Financial fixed assets | 28 | €101,722,071 | €106,949,571 | +€5.2m | +5.1% |
| Current assets | 29/58 | €29,035,579 | €28,109,587 | -€925,992 | -3.2% |
| Amounts receivable within one year | 40/41 | €316,132 | €166,749 | -€149,383 | -47.3% |
| Trade receivables | 40 | - | €12,126 | +€12,126 | |
| Other amounts receivable | 41 | €316,132 | €154,623 | -€161,509 | -51.1% |
| Current investments | 50/53 | €18,987,827 | €15,935,557 | -€3.1m | -16.1% |
| Cash at bank and in hand | 54/58 | €9,700,610 | €11,978,698 | +€2.3m | +23.5% |
| Deferred charges and accrued income | 490/1 | €31,010 | €28,584 | -€2,427 | -7.8% |
| Total equity and liabilities | 10/49 | €138,159,082 | €142,151,939 | +€4.0m | +2.9% |
| Equity | 10/15 | €135,864,116 | €140,556,223 | +€4.7m | +3.5% |
| Contributions | 10/11 | €12,291,000 | €12,291,000 | = | 0.0% |
| Capital | 10 | €12,291,000 | €12,291,000 | = | 0.0% |
| Issued capital | 100 | €12,291,000 | €12,291,000 | = | 0.0% |
| Reserves | 13 | €77,850,000 | €77,300,000 | -€550,000 | -0.7% |
| Non-distributable reserves | 130/1 | €1,400,000 | €1,400,000 | = | 0.0% |
| Legal reserve | 130 | €1,400,000 | €1,400,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €76,450,000 | €75,900,000 | -€550,000 | -0.7% |
| Profit (loss) carried forward | 14 | €45,723,116 | €50,965,223 | +€5.2m | +11.5% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €2,294,966 | €1,595,716 | -€699,250 | -30.5% |
| Amounts payable within one year | 42/48 | €2,294,966 | €1,595,716 | -€699,250 | -30.5% |
| Trade debts | 44 | €12,375 | €11,708 | -€667 | -5.4% |
| Suppliers | 440/4 | €12,375 | €11,708 | -€667 | -5.4% |
| Taxes, remuneration and social security | 45 | €319,566 | €53,928 | -€265,638 | -83.1% |
| Taxes | 450/3 | €319,566 | €53,928 | -€265,638 | -83.1% |
| Other amounts payable | 47/48 | €1,963,025 | €1,530,080 | -€432,946 | -22.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €499,649 | €482,729 | -€16,920 | -3.4% |
| Other operating charges | 640/8 | €36,524 | €40,228 | +€3,704 | +10.1% |
| Non-recurring operating charges | 66A | - | €20,038 | +€20,038 | |
| Gross operating margin | 9900 | €313,490 | €453,858 | +€140,369 | +44.8% |
| Operating profit (loss) | 9901 | -€222,683 | -€89,136 | +€133,547 | +60.0% |
| Financial income | 75/76B | €35,543,059 | €5,533,221 | -€30.0m | -84.4% |
| Recurring financial income | 75 | €2,976,715 | €2,469,738 | -€506,977 | -17.0% |
| Non-recurring financial income | 76B | €32,566,344 | €3,063,484 | -€29.5m | -90.6% |
| Financial charges | 65/66B | €662,076 | €123,968 | -€538,108 | -81.3% |
| Recurring financial charges | 65 | €159,445 | €123,968 | -€35,478 | -22.3% |
| Non-recurring financial charges | 66B | €502,631 | - | -€502,631 | |
| Profit (loss) for the period before taxes | 9903 | €34,658,300 | €5,320,117 | -€29.3m | -84.6% |
| Transfer from deferred taxes | 780 | €580 | €0 | -€580 | -100% |
| Income taxes | 67/77 | €191,531 | €78,010 | -€113,520 | -59.3% |
| Profit (loss) for the period | 9904 | €34,467,349 | €5,242,107 | -€29.2m | -84.8% |
| Transfer from tax-exempt reserves | 789 | €1,740 | €0 | -€1,740 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €34,469,089 | €5,242,107 | -€29.2m | -84.8% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.