STARHORSES: 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.
STARHORSES
Largest movements
- Receivables within one year -€35,403
down €35,403 (-13.7%), from €258,333 to €222,930
- Cash -€8,155
down €8,155 (-12.4%), from €65,520 to €57,365
mainly Trade debts (-€39,337) and Net result for the year (-€8,062)
- Tangible fixed assets -€6,899
down €6,899 (-24.9%), from €27,704 to €20,805
of which Plant, machinery and equipment: -€4,900
- Trade debts -€39,337
down €39,337 (-96.7%), from €40,668 to €1,331
- Profit (loss) carried forward -€8,062
down €8,062 (-3.6%), from €225,944 to €217,882
- Gross operating margin -€4,853
down €4,853 (-87.4%), from €5,551 to €698
- Depreciation -€3,587
down €3,587 (-34.2%), from €10,485 to €6,899
- Taxes -€1,285
down €1,285 (-99.7%), from €1,288 to €4
- Other operating charges +€919
up €919 (+144%), from €639 to €1,558
- Financial charges -€331
down €331 (-51.5%), from €643 to €312
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 | €423,068 | €372,611 | -€50,457 | -11.9% |
| Fixed assets | 21/28 | €76,214 | €69,315 | -€6,899 | -9.1% |
| Tangible fixed assets | 22/27 | €27,704 | €20,805 | -€6,899 | -24.9% |
| Land and buildings | 22 | €1,219 | €244 | -€975 | -80.0% |
| Plant, machinery and equipment | 23 | €24,500 | €19,600 | -€4,900 | -20.0% |
| Furniture and vehicles | 24 | €1,986 | €962 | -€1,024 | -51.6% |
| Financial fixed assets | 28 | €48,510 | €48,510 | = | 0.0% |
| Current assets | 29/58 | €346,853 | €303,295 | -€43,558 | -12.6% |
| Stocks and contracts in progress | 3 | €23,000 | €23,000 | = | 0.0% |
| Stocks | 30/36 | €23,000 | €23,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €258,333 | €222,930 | -€35,403 | -13.7% |
| Other amounts receivable | 41 | €258,333 | €222,930 | -€35,403 | -13.7% |
| Cash at bank and in hand | 54/58 | €65,520 | €57,365 | -€8,155 | -12.4% |
| Total equity and liabilities | 10/49 | €423,068 | €372,611 | -€50,457 | -11.9% |
| Equity | 10/15 | €294,694 | €286,632 | -€8,062 | -2.7% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €225,944 | €217,882 | -€8,062 | -3.6% |
| Amounts payable | 17/49 | €128,373 | €85,979 | -€42,394 | -33.0% |
| Amounts payable after more than one year | 17 | €23,025 | €23,025 | = | 0.0% |
| Other amounts payable | 178/9 | €23,025 | €23,025 | = | 0.0% |
| Amounts payable within one year | 42/48 | €101,430 | €62,954 | -€38,476 | -37.9% |
| Trade debts | 44 | €40,668 | €1,331 | -€39,337 | -96.7% |
| Suppliers | 440/4 | €40,668 | €1,331 | -€39,337 | -96.7% |
| Other amounts payable | 47/48 | €60,762 | €61,623 | +€861 | +1.4% |
| Accrued charges and deferred income | 492/3 | €3,919 | - | -€3,919 | |
| Non-recurring operating income | 76A | €10,000 | - | -€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,485 | €6,899 | -€3,587 | -34.2% |
| Other operating charges | 640/8 | €639 | €1,558 | +€919 | +144% |
| Gross operating margin | 9900 | €5,551 | €698 | -€4,853 | -87.4% |
| Operating profit (loss) | 9901 | -€5,573 | -€7,759 | -€2,186 | -39.2% |
| Financial income | 75/76B | €55 | €12 | -€43 | -77.5% |
| Recurring financial income | 75 | €55 | €12 | -€43 | -77.5% |
| Financial charges | 65/66B | €643 | €312 | -€331 | -51.5% |
| Recurring financial charges | 65 | €643 | €312 | -€331 | -51.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,161 | -€8,059 | -€1,897 | -30.8% |
| Income taxes | 67/77 | €1,288 | €4 | -€1,285 | -99.7% |
| Profit (loss) for the period | 9904 | -€7,450 | -€8,062 | -€613 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,450 | -€8,062 | -€613 | -8.2% |
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 17 October 2026 via checked.be.