STARFISK: 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.
STARFISK
Largest movements
- Cash +€158,093
up €158,093 (+400.5%), from €39,470 to €197,563
mainly Depreciation (+€182,263) and Other debts (+€128,848)
- Receivables within one year +€148,945
up €148,945 (+40.8%), from €364,952 to €513,897
of which Other amounts receivable: +€203,991
- Intangible fixed assets -€22,640
down €22,640 (-9.5%), from €239,545 to €216,905
- Other debts +€128,848
up €128,848 (+1489.2%), from €8,652 to €137,500
- Profit (loss) carried forward +€108,011
up €108,011 (+65.5%), from -€164,989 to -€56,978
- Accrued charges and deferred income +€97,667
new in 2025: €97,667
- Current portion of long-term debt -€48,797
down €48,797 (-40.5%), from €120,428 to €71,631
- Debts after one year -€31,259
down €31,259 (-46.8%), from €66,832 to €35,573
- Gross operating margin +€439,932
up €439,932 (+131.5%), from €334,627 to €774,559
- Depreciation +€138,733
up €138,733 (+318.7%), from €43,529 to €182,263
- Other operating charges +€27,736
up €27,736 (+642.3%), from €4,318 to €32,054
- Staff costs -€9,276
down €9,276 (-2.1%), from €451,915 to €442,639
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 | €681,548 | €952,175 | +€270,628 | +39.7% |
| Fixed assets | 21/28 | €268,599 | €240,716 | -€27,883 | -10.4% |
| Intangible fixed assets | 21 | €239,545 | €216,905 | -€22,640 | -9.5% |
| Tangible fixed assets | 22/27 | €15,954 | €10,711 | -€5,243 | -32.9% |
| Plant, machinery and equipment | 23 | €2,103 | €1,321 | -€782 | -37.2% |
| Furniture and vehicles | 24 | €13,851 | €9,390 | -€4,461 | -32.2% |
| Financial fixed assets | 28 | €13,100 | €13,100 | = | 0.0% |
| Current assets | 29/58 | €412,949 | €711,459 | +€298,510 | +72.3% |
| Amounts receivable within one year | 40/41 | €364,952 | €513,897 | +€148,945 | +40.8% |
| Trade receivables | 40 | €345,881 | €290,835 | -€55,046 | -15.9% |
| Other amounts receivable | 41 | €19,071 | €223,061 | +€203,991 | +1069.6% |
| Cash at bank and in hand | 54/58 | €39,470 | €197,563 | +€158,093 | +400.5% |
| Deferred charges and accrued income | 490/1 | €8,528 | - | -€8,528 | |
| Total equity and liabilities | 10/49 | €681,548 | €952,175 | +€270,628 | +39.7% |
| Equity | 10/15 | €212,062 | €320,073 | +€108,011 | +50.9% |
| Contributions | 10/11 | €377,051 | €377,051 | = | 0.0% |
| Capital | 10 | €377,051 | €377,051 | = | 0.0% |
| Issued capital | 100 | €377,051 | €377,051 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€164,989 | -€56,978 | +€108,011 | +65.5% |
| Amounts payable | 17/49 | €469,486 | €632,103 | +€162,617 | +34.6% |
| Amounts payable after more than one year | 17 | €66,832 | €35,573 | -€31,259 | -46.8% |
| Financial debts | 170/4 | €66,832 | €35,573 | -€31,259 | -46.8% |
| Amounts payable within one year | 42/48 | €402,654 | €498,863 | +€96,209 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €120,428 | €71,631 | -€48,797 | -40.5% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €187,225 | €163,648 | -€23,577 | -12.6% |
| Suppliers | 440/4 | €187,225 | €163,648 | -€23,577 | -12.6% |
| Taxes, remuneration and social security | 45 | €86,350 | €101,085 | +€14,735 | +17.1% |
| Taxes | 450/3 | €24,086 | €24,480 | +€394 | +1.6% |
| Remuneration and social security | 454/9 | €62,264 | €76,605 | +€14,341 | +23.0% |
| Other amounts payable | 47/48 | €8,652 | €137,500 | +€128,848 | +1489.2% |
| Accrued charges and deferred income | 492/3 | - | €97,667 | +€97,667 | |
| Remuneration, social security and pensions | 62 | €451,915 | €442,639 | -€9,276 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,529 | €182,263 | +€138,733 | +318.7% |
| Other operating charges | 640/8 | €4,318 | €32,054 | +€27,736 | +642.3% |
| Non-recurring operating charges | 66A | €2,258 | - | -€2,258 | |
| Gross operating margin | 9900 | €334,627 | €774,559 | +€439,932 | +131.5% |
| Operating profit (loss) | 9901 | -€167,393 | €117,603 | +€284,997 | |
| Financial income | 75/76B | €32 | €50 | +€18 | +54.3% |
| Recurring financial income | 75 | €32 | €50 | +€18 | +54.3% |
| Financial charges | 65/66B | €14,467 | €9,244 | -€5,223 | -36.1% |
| Recurring financial charges | 65 | €14,467 | €9,244 | -€5,223 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | -€181,828 | €108,409 | +€290,237 | |
| Income taxes | 67/77 | €10 | €398 | +€389 | +4003.0% |
| Profit (loss) for the period | 9904 | -€181,838 | €108,011 | +€289,849 | |
| Profit (loss) for the period to be appropriated | 9905 | -€181,838 | €108,011 | +€289,849 |
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.