Starlette: 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.
Starlette
Largest movements
- Tangible fixed assets +€156,050
up €156,050 (+11.4%), from €1.4m to €1.5m
of which Land and buildings: +€151,346
- Cash -€59,924
down €59,924 (-34.9%), from €171,734 to €111,810
mainly Investment in fixed assets (net) (-€292,080) and Trade debts (-€16,061)
- Debts after one year +€45,608
up €45,608 (+4.6%), from €998,685 to €1.0m
- Reserves +€34,690
up €34,690 (+9.3%), from €373,113 to €407,803
- Current portion of long-term debt +€17,223
up €17,223 (+16.7%), from €103,148 to €120,371
- Staff costs +€47,136
up €47,136 (+14.2%), from €332,066 to €379,202
- Taxes -€26,848
down €26,848 (-66.4%), from €40,414 to €13,566
- Gross operating margin -€16,573
down €16,573 (-2.7%), from €616,265 to €599,692
- Depreciation +€11,686
up €11,686 (+9.4%), from €124,777 to €136,463
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 | €1,616,042 | €1,720,219 | +€104,177 | +6.4% |
| Fixed assets | 21/28 | €1,373,429 | €1,529,046 | +€155,618 | +11.3% |
| Intangible fixed assets | 21 | €1,213 | €781 | -€432 | -35.7% |
| Tangible fixed assets | 22/27 | €1,372,216 | €1,528,266 | +€156,050 | +11.4% |
| Land and buildings | 22 | €1,285,987 | €1,437,333 | +€151,346 | +11.8% |
| Plant, machinery and equipment | 23 | €73,370 | €74,382 | +€1,012 | +1.4% |
| Furniture and vehicles | 24 | €12,859 | €16,551 | +€3,692 | +28.7% |
| Current assets | 29/58 | €242,613 | €191,173 | -€51,441 | -21.2% |
| Stocks and contracts in progress | 3 | €17,036 | €20,932 | +€3,896 | +22.9% |
| Stocks | 30/36 | €17,036 | €20,932 | +€3,896 | +22.9% |
| Amounts receivable within one year | 40/41 | €48,531 | €38,454 | -€10,077 | -20.8% |
| Trade receivables | 40 | €43,278 | €31,781 | -€11,497 | -26.6% |
| Other amounts receivable | 41 | €5,253 | €6,673 | +€1,420 | +27.0% |
| Cash at bank and in hand | 54/58 | €171,734 | €111,810 | -€59,924 | -34.9% |
| Deferred charges and accrued income | 490/1 | €5,311 | €19,976 | +€14,665 | +276.1% |
| Total equity and liabilities | 10/49 | €1,616,042 | €1,720,219 | +€104,177 | +6.4% |
| Equity | 10/15 | €391,713 | €426,403 | +€34,690 | +8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €373,113 | €407,803 | +€34,690 | +9.3% |
| Distributable reserves | 133 | €373,113 | €407,803 | +€34,690 | +9.3% |
| Amounts payable | 17/49 | €1,224,329 | €1,293,816 | +€69,487 | +5.7% |
| Amounts payable after more than one year | 17 | €998,685 | €1,044,293 | +€45,608 | +4.6% |
| Financial debts | 170/4 | €998,685 | €1,044,293 | +€45,608 | +4.6% |
| Amounts payable within one year | 42/48 | €225,083 | €239,711 | +€14,628 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €103,148 | €120,371 | +€17,223 | +16.7% |
| Trade debts | 44 | €67,539 | €51,478 | -€16,061 | -23.8% |
| Suppliers | 440/4 | €67,539 | €51,478 | -€16,061 | -23.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €54,396 | €67,862 | +€13,466 | +24.8% |
| Taxes | 450/3 | €35,622 | €26,577 | -€9,045 | -25.4% |
| Remuneration and social security | 454/9 | €18,774 | €41,285 | +€22,511 | +119.9% |
| Accrued charges and deferred income | 492/3 | €562 | €9,813 | +€9,251 | +1646.9% |
| Remuneration, social security and pensions | 62 | €332,066 | €379,202 | +€47,136 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,777 | €136,463 | +€11,686 | +9.4% |
| Other operating charges | 640/8 | €10,131 | €12,937 | +€2,806 | +27.7% |
| Non-recurring operating charges | 66A | €1,339 | €0 | -€1,339 | -100.0% |
| Gross operating margin | 9900 | €616,265 | €599,692 | -€16,573 | -2.7% |
| Operating profit (loss) | 9901 | €147,952 | €71,091 | -€76,862 | -52.0% |
| Financial income | 75/76B | €660 | €1,781 | +€1,121 | +170.0% |
| Recurring financial income | 75 | €660 | €1,781 | +€1,121 | +170.0% |
| Financial charges | 65/66B | €18,946 | €24,615 | +€5,669 | +29.9% |
| Recurring financial charges | 65 | €18,946 | €24,615 | +€5,669 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | €129,666 | €48,256 | -€81,410 | -62.8% |
| Income taxes | 67/77 | €40,414 | €13,566 | -€26,848 | -66.4% |
| Profit (loss) for the period | 9904 | €89,252 | €34,690 | -€54,562 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €89,252 | €34,690 | -€54,562 | -61.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.