StarNet: 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.
StarNet
Largest movements
- Cash -€320,511
down €320,511 (-63.1%), from €507,846 to €187,335
mainly Other debts (-€326,886) and Investment in fixed assets (net) (-€88,762)
- Receivables within one year -€132,305
down €132,305 (-28.2%), from €469,786 to €337,481
of which Trade receivables: -€75,498
- Tangible fixed assets -€70,714
down €70,714 (-29.9%), from €236,720 to €166,006
of which Leasing and similar rights: -€56,140
- Stocks and contracts +€53,579
up €53,579 (+70.5%), from €76,021 to €129,600
- Intangible fixed assets +€37,285
up €37,285 (+17.8%), from €209,700 to €246,985
- Other debts -€326,886
down €326,886 (-79.1%), from €413,176 to €86,291
- Reserves -€86,291
down €86,291 (-50.7%), from €170,303 to €84,012
of which Distributable reserves: -€86,291
- Debts after one year -€54,602
down €54,602 (-42.0%), from €129,934 to €75,332
- Trade debts -€32,544
down €32,544 (-4.9%), from €661,026 to €628,482
- Short-term financial debts +€24,855
new in 2025: €24,855
- Gross operating margin +€122,256
up €122,256 (+29.4%), from €415,912 to €538,168
- Depreciation +€60,163
up €60,163 (+97.0%), from €62,029 to €122,192
- Taxes +€27,159
new in 2025: €27,159
- Staff costs +€9,191
up €9,191 (+2.8%), from €334,071 to €343,262
- Other operating charges -€6,717
down €6,717 (-31.1%), from €21,634 to €14,916
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 | €1,576,772 | €1,119,320 | -€457,452 | -29.0% |
| Fixed assets | 21/28 | €446,420 | €412,991 | -€33,429 | -7.5% |
| Intangible fixed assets | 21 | €209,700 | €246,985 | +€37,285 | +17.8% |
| Tangible fixed assets | 22/27 | €236,720 | €166,006 | -€70,714 | -29.9% |
| Plant, machinery and equipment | 23 | €51,457 | €30,620 | -€20,837 | -40.5% |
| Furniture and vehicles | 24 | €11,786 | €18,048 | +€6,262 | +53.1% |
| Leasing and similar rights | 25 | €173,477 | €117,337 | -€56,140 | -32.4% |
| Current assets | 29/58 | €1,130,352 | €706,330 | -€424,023 | -37.5% |
| Amounts receivable after more than one year | 29 | €63,222 | €39,961 | -€23,261 | -36.8% |
| Other amounts receivable | 291 | €63,222 | €39,961 | -€23,261 | -36.8% |
| Stocks and contracts in progress | 3 | €76,021 | €129,600 | +€53,579 | +70.5% |
| Stocks | 30/36 | €76,021 | €129,600 | +€53,579 | +70.5% |
| Amounts receivable within one year | 40/41 | €469,786 | €337,481 | -€132,305 | -28.2% |
| Trade receivables | 40 | €385,154 | €309,656 | -€75,498 | -19.6% |
| Other amounts receivable | 41 | €84,632 | €27,825 | -€56,807 | -67.1% |
| Cash at bank and in hand | 54/58 | €507,846 | €187,335 | -€320,511 | -63.1% |
| Deferred charges and accrued income | 490/1 | €13,478 | €11,952 | -€1,526 | -11.3% |
| Total equity and liabilities | 10/49 | €1,576,772 | €1,119,320 | -€457,452 | -29.0% |
| Equity | 10/15 | €217,926 | €151,021 | -€66,904 | -30.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €170,303 | €84,012 | -€86,291 | -50.7% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,800 | €7,800 | = | 0.0% |
| Distributable reserves | 133 | €156,306 | €70,015 | -€86,291 | -55.2% |
| Profit (loss) carried forward | 14 | -€14,351 | €5,036 | +€19,386 | |
| Amounts payable | 17/49 | €1,358,847 | €968,299 | -€390,548 | -28.7% |
| Amounts payable after more than one year | 17 | €129,934 | €75,332 | -€54,602 | -42.0% |
| Financial debts | 170/4 | €129,934 | €75,332 | -€54,602 | -42.0% |
| Amounts payable within one year | 42/48 | €1,220,353 | €891,967 | -€328,386 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €68,599 | €53,256 | -€15,343 | -22.4% |
| Financial debts | 43 | - | €24,855 | +€24,855 | |
| Credit institutions | 430/8 | - | €24,855 | +€24,855 | |
| Trade debts | 44 | €661,026 | €628,482 | -€32,544 | -4.9% |
| Suppliers | 440/4 | €661,026 | €628,482 | -€32,544 | -4.9% |
| Taxes, remuneration and social security | 45 | €77,552 | €99,083 | +€21,531 | +27.8% |
| Taxes | 450/3 | €18,662 | €28,975 | +€10,313 | +55.3% |
| Remuneration and social security | 454/9 | €58,890 | €70,108 | +€11,219 | +19.1% |
| Other amounts payable | 47/48 | €413,176 | €86,291 | -€326,886 | -79.1% |
| Accrued charges and deferred income | 492/3 | €8,560 | €1,000 | -€7,560 | -88.3% |
| Remuneration, social security and pensions | 62 | €334,071 | €343,262 | +€9,191 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,029 | €122,192 | +€60,163 | +97.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,205 | +€3,205 | |
| Other operating charges | 640/8 | €21,634 | €14,916 | -€6,717 | -31.1% |
| Non-recurring operating charges | 66A | €6,167 | €6,167 | -€0 | 0.0% |
| Gross operating margin | 9900 | €415,912 | €538,168 | +€122,256 | +29.4% |
| Operating profit (loss) | 9901 | -€7,989 | €48,426 | +€56,415 | |
| Financial income | 75/76B | €910 | €4,261 | +€3,351 | +368% |
| Recurring financial income | 75 | €910 | €4,261 | +€3,351 | +368% |
| Financial charges | 65/66B | €7,272 | €6,142 | -€1,131 | -15.5% |
| Recurring financial charges | 65 | €7,272 | €6,142 | -€1,131 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,351 | €46,545 | +€60,896 | |
| Income taxes | 67/77 | - | €27,159 | +€27,159 | |
| Profit (loss) for the period | 9904 | -€14,351 | €19,386 | +€33,737 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,351 | €19,386 | +€33,737 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.