STARGAU: 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.
STARGAU
Largest movements
- Receivables within one year -€120,831
down €120,831 (-47.4%), from €254,847 to €134,016
of which Trade receivables: -€78,912
- Deferred charges and accrued income -€52,337
down €52,337 (-99.8%), from €52,421 to €84
- Financial fixed assets +€24,709
up €24,709 (+3.8%), from €650,970 to €675,679
- Cash +€24,318
up €24,318 (+81.7%), from €29,771 to €54,089
mainly Net result for the year (+€166,718) and Receivables within one year (+€120,831)
- Short-term financial debts -€179,967
down €179,967 (-100%), from €179,967 to €0
of which Other loans: -€179,967
- Debts after one year -€166,936
down €166,936 (-100%), from €166,936 to €0
- Profit (loss) carried forward +€166,718
up €166,718, from -€102,323 to €64,395
- Advances received +€120,283
new in 2025: €120,283
- Trade debts -€72,897
down €72,897 (-75.2%), from €96,959 to €24,062
- Gross operating margin -€355,988
down €355,988 (-62.6%), from €569,068 to €213,080
- Other operating charges -€306,215
down €306,215 (-99.3%), from €308,335 to €2,119
- Taxes +€7,339
up €7,339 (+1,110%), from €661 to €8,000
- Financial income +€6,289
up €6,289 (+10.9%), from €57,567 to €63,856
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 | €991,785 | €865,814 | -€125,970 | -12.7% |
| Fixed assets | 21/28 | €654,746 | €677,625 | +€22,879 | +3.5% |
| Tangible fixed assets | 22/27 | €3,776 | €1,945 | -€1,830 | -48.5% |
| Plant, machinery and equipment | 23 | €122 | €0 | -€122 | -100% |
| Furniture and vehicles | 24 | €1,697 | €641 | -€1,056 | -62.2% |
| Other tangible fixed assets | 26 | €1,956 | €1,304 | -€652 | -33.3% |
| Financial fixed assets | 28 | €650,970 | €675,679 | +€24,709 | +3.8% |
| Current assets | 29/58 | €337,039 | €188,190 | -€148,849 | -44.2% |
| Amounts receivable within one year | 40/41 | €254,847 | €134,016 | -€120,831 | -47.4% |
| Trade receivables | 40 | €199,195 | €120,283 | -€78,912 | -39.6% |
| Other amounts receivable | 41 | €55,653 | €13,734 | -€41,919 | -75.3% |
| Cash at bank and in hand | 54/58 | €29,771 | €54,089 | +€24,318 | +81.7% |
| Deferred charges and accrued income | 490/1 | €52,421 | €84 | -€52,337 | -99.8% |
| Total equity and liabilities | 10/49 | €991,785 | €865,814 | -€125,970 | -12.7% |
| Equity | 10/15 | €489,725 | €656,443 | +€166,718 | +34.0% |
| Contributions | 10/11 | €592,048 | €592,048 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,323 | €64,395 | +€166,718 | |
| Amounts payable | 17/49 | €502,060 | €209,372 | -€292,688 | -58.3% |
| Amounts payable after more than one year | 17 | €166,936 | €0 | -€166,936 | -100% |
| Financial debts | 170/4 | €166,936 | €0 | -€166,936 | -100% |
| Amounts payable within one year | 42/48 | €296,295 | €197,712 | -€98,583 | -33.3% |
| Current portion of amounts payable after more than one year | 42 | - | €30,000 | +€30,000 | |
| Financial debts | 43 | €179,967 | €0 | -€179,967 | -100% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €179,967 | €0 | -€179,967 | -100% |
| Trade debts | 44 | €96,959 | €24,062 | -€72,897 | -75.2% |
| Suppliers | 440/4 | €96,959 | €24,062 | -€72,897 | -75.2% |
| Advances received on contracts in progress | 46 | - | €120,283 | +€120,283 | |
| Taxes, remuneration and social security | 45 | €19,339 | €23,338 | +€3,999 | +20.7% |
| Taxes | 450/3 | €7,581 | €10,886 | +€3,304 | +43.6% |
| Remuneration and social security | 454/9 | €11,758 | €12,452 | +€695 | +5.9% |
| Other amounts payable | 47/48 | €30 | €30 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €38,830 | €11,660 | -€27,170 | -70.0% |
| Remuneration, social security and pensions | 62 | €67,735 | €71,264 | +€3,529 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,518 | €1,830 | -€688 | -27.3% |
| Other operating charges | 640/8 | €308,335 | €2,119 | -€306,215 | -99.3% |
| Gross operating margin | 9900 | €569,068 | €213,080 | -€355,988 | -62.6% |
| Operating profit (loss) | 9901 | €190,480 | €137,866 | -€52,614 | -27.6% |
| Financial income | 75/76B | €57,567 | €63,856 | +€6,289 | +10.9% |
| Recurring financial income | 75 | €57,567 | €63,856 | +€6,289 | +10.9% |
| Financial charges | 65/66B | €23,292 | €27,004 | +€3,712 | +15.9% |
| Recurring financial charges | 65 | €23,292 | €27,004 | +€3,712 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €224,755 | €174,718 | -€50,037 | -22.3% |
| Income taxes | 67/77 | €661 | €8,000 | +€7,339 | +1,110% |
| Profit (loss) for the period | 9904 | €224,094 | €166,718 | -€57,376 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €224,094 | €166,718 | -€57,376 | -25.6% |
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 14 October 2026 via checked.be.