STARGET: 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.
STARGET
Largest movements
- Cash -€10,309
down €10,309 (-20.3%), from €50,884 to €40,576
mainly Net result for the year (-€7,705) and Receivables within one year (-€4,753)
- Receivables within one year +€4,753
up €4,753, from €0 to €4,753
of which Trade receivables: +€3,663
- Profit (loss) carried forward -€7,705
down €7,705 (-25.0%), from €30,825 to €23,120
- Trade debts +€2,102
up €2,102 (+777.0%), from €271 to €2,373
- Financial income -€7,893
down €7,893 (-86.6%), from €9,118 to €1,225
- Gross operating margin +€2,696
up €2,696 (+26.9%), from -€10,011 to -€7,314
- Taxes -€734
down €734 (-88.5%), from €830 to €95
- Staff costs -€383
down €383 (-100.0%), from €383 to €0
- Financial charges +€137
up €137 (+58.0%), from €236 to €373
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 | €159,911 | €152,923 | -€6,988 | -4.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €7,217 | €6,070 | -€1,147 | -15.9% |
| Tangible fixed assets | 22/27 | €7,167 | €6,070 | -€1,097 | -15.3% |
| Furniture and vehicles | 24 | €7,167 | €6,070 | -€1,097 | -15.3% |
| Financial fixed assets | 28 | €50 | €0 | -€50 | -100.0% |
| Current assets | 29/58 | €152,694 | €146,853 | -€5,841 | -3.8% |
| Amounts receivable within one year | 40/41 | €0 | €4,753 | +€4,753 | |
| Trade receivables | 40 | €0 | €3,663 | +€3,663 | |
| Other amounts receivable | 41 | €0 | €1,090 | +€1,090 | |
| Current investments | 50/53 | €101,469 | €101,386 | -€83 | -0.1% |
| Cash at bank and in hand | 54/58 | €50,884 | €40,576 | -€10,309 | -20.3% |
| Deferred charges and accrued income | 490/1 | €341 | €139 | -€202 | -59.3% |
| Total equity and liabilities | 10/49 | €159,911 | €152,923 | -€6,988 | -4.4% |
| Equity | 10/15 | €158,096 | €150,391 | -€7,705 | -4.9% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €120,971 | €120,971 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €119,111 | €119,111 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,825 | €23,120 | -€7,705 | -25.0% |
| Amounts payable | 17/49 | €1,815 | €2,532 | +€717 | +39.5% |
| Amounts payable within one year | 42/48 | €1,424 | €2,468 | +€1,045 | +73.4% |
| Trade debts | 44 | €271 | €2,373 | +€2,102 | +777.0% |
| Suppliers | 440/4 | €271 | €2,373 | +€2,102 | +777.0% |
| Taxes, remuneration and social security | 45 | €1,153 | €95 | -€1,058 | -91.7% |
| Taxes | 450/3 | €1,153 | €95 | -€1,058 | -91.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €391 | €63 | -€328 | -83.8% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €383 | €0 | -€383 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,097 | €1,097 | = | 0.0% |
| Other operating charges | 640/8 | - | €50 | +€50 | |
| Gross operating margin | 9900 | -€10,011 | -€7,314 | +€2,696 | +26.9% |
| Operating profit (loss) | 9901 | -€11,491 | -€8,461 | +€3,030 | +26.4% |
| Financial income | 75/76B | €9,118 | €1,225 | -€7,893 | -86.6% |
| Recurring financial income | 75 | €9,118 | €1,225 | -€7,893 | -86.6% |
| Financial charges | 65/66B | €236 | €373 | +€137 | +58.0% |
| Recurring financial charges | 65 | €236 | €373 | +€137 | +58.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,609 | -€7,609 | -€5,000 | -191.6% |
| Income taxes | 67/77 | €830 | €95 | -€734 | -88.5% |
| Profit (loss) for the period | 9904 | -€3,439 | -€7,705 | -€4,266 | -124.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,439 | -€7,705 | -€4,266 | -124.1% |
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 5 October 2026 via checked.be.