STARK: 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.
STARK
Largest movements
- Tangible fixed assets -€88,033
down €88,033 (-5.3%), from €1.6m to €1.6m
of which Plant, machinery and equipment: -€85,948
- Intangible fixed assets -€32,034
down €32,034 (-52.0%), from €61,640 to €29,606
- Cash +€24,723
up €24,723 (+17.1%), from €144,865 to €169,588
mainly Depreciation (+€217,892) and Trade debts (+€97,480)
- Debts after one year -€159,689
down €159,689 (-17.9%), from €894,100 to €734,410
- Trade debts +€97,480
up €97,480 (+54.9%), from €177,556 to €275,036
- Gross operating margin -€164,163
down €164,163 (-18.1%), from €909,342 to €745,180
- Staff costs -€119,752
down €119,752 (-19.7%), from €608,234 to €488,483
- Financial charges -€19,906
down €19,906 (-36.7%), from €54,234 to €34,328
- Other operating charges -€13,413
down €13,413 (-95.1%), from €14,107 to €694
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 | €2,349,720 | €2,263,285 | -€86,435 | -3.7% |
| Fixed assets | 21/28 | €1,707,900 | €1,587,834 | -€120,066 | -7.0% |
| Intangible fixed assets | 21 | €61,640 | €29,606 | -€32,034 | -52.0% |
| Tangible fixed assets | 22/27 | €1,645,761 | €1,557,728 | -€88,033 | -5.3% |
| Land and buildings | 22 | €1,088,032 | €1,059,979 | -€28,053 | -2.6% |
| Plant, machinery and equipment | 23 | €360,477 | €274,529 | -€85,948 | -23.8% |
| Furniture and vehicles | 24 | €71,049 | €40,477 | -€30,572 | -43.0% |
| Other tangible fixed assets | 26 | €126,202 | €182,742 | +€56,540 | +44.8% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €641,820 | €675,451 | +€33,632 | +5.2% |
| Stocks and contracts in progress | 3 | €253,161 | €265,724 | +€12,563 | +5.0% |
| Stocks | 30/36 | €253,161 | €265,724 | +€12,563 | +5.0% |
| Amounts receivable within one year | 40/41 | €243,793 | €233,742 | -€10,050 | -4.1% |
| Trade receivables | 40 | €239,093 | €207,702 | -€31,391 | -13.1% |
| Other amounts receivable | 41 | €4,700 | €26,041 | +€21,341 | +454.1% |
| Cash at bank and in hand | 54/58 | €144,865 | €169,588 | +€24,723 | +17.1% |
| Deferred charges and accrued income | 490/1 | - | €6,397 | +€6,397 | |
| Total equity and liabilities | 10/49 | €2,349,720 | €2,263,285 | -€86,435 | -3.7% |
| Equity | 10/15 | €860,427 | €860,542 | +€115 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €676,991 | €676,991 | = | 0.0% |
| Reserves | 13 | €164,836 | €164,951 | +€115 | +0.1% |
| Distributable reserves | 133 | €164,836 | €164,951 | +€115 | +0.1% |
| Amounts payable | 17/49 | €1,489,293 | €1,402,744 | -€86,549 | -5.8% |
| Amounts payable after more than one year | 17 | €894,100 | €734,410 | -€159,689 | -17.9% |
| Financial debts | 170/4 | €894,100 | €734,410 | -€159,689 | -17.9% |
| Amounts payable within one year | 42/48 | €595,193 | €668,333 | +€73,140 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €174,256 | €159,689 | -€14,567 | -8.4% |
| Financial debts | 43 | €201,127 | €201,118 | -€9 | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Other loans | 439 | €1,127 | €1,118 | -€9 | -0.8% |
| Trade debts | 44 | €177,556 | €275,036 | +€97,480 | +54.9% |
| Suppliers | 440/4 | €177,556 | €275,036 | +€97,480 | +54.9% |
| Taxes, remuneration and social security | 45 | €27,131 | €31,959 | +€4,828 | +17.8% |
| Taxes | 450/3 | €3,607 | €1,588 | -€2,019 | -56.0% |
| Remuneration and social security | 454/9 | €23,524 | €30,371 | +€6,848 | +29.1% |
| Other amounts payable | 47/48 | €15,123 | €531 | -€14,592 | -96.5% |
| Remuneration, social security and pensions | 62 | €608,234 | €488,483 | -€119,752 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219,450 | €217,892 | -€1,559 | -0.7% |
| Other operating charges | 640/8 | €14,107 | €694 | -€13,413 | -95.1% |
| Gross operating margin | 9900 | €909,342 | €745,180 | -€164,163 | -18.1% |
| Operating profit (loss) | 9901 | €67,550 | €38,111 | -€29,439 | -43.6% |
| Financial income | 75/76B | €6,898 | €2,284 | -€4,614 | -66.9% |
| Recurring financial income | 75 | €6,898 | €2,284 | -€4,614 | -66.9% |
| Financial charges | 65/66B | €54,234 | €34,328 | -€19,906 | -36.7% |
| Recurring financial charges | 65 | €54,234 | €34,328 | -€19,906 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €20,215 | €6,067 | -€14,148 | -70.0% |
| Income taxes | 67/77 | €1,091 | €5,953 | +€4,862 | +445.5% |
| Profit (loss) for the period | 9904 | €19,124 | €115 | -€19,009 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,124 | €115 | -€19,009 | -99.4% |
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.