Start2Build: 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.
Start2Build
Largest movements
- Tangible fixed assets +€29,867
up €29,867 (+18.8%), from €158,942 to €188,809
of which Land and buildings: +€30,084
- Cash -€16,031
down €16,031 (-38.8%), from €41,362 to €25,331
mainly Investment in fixed assets (net) (-€37,853) and Debts after one year (-€19,825)
- Profit (loss) carried forward +€25,746
up €25,746 (+13.6%), from €189,707 to €215,453
- Debts after one year -€19,825
down €19,825 (-37.5%), from €52,875 to €33,050
of which Financial debts: -€19,825
- Other debts +€10,000
up €10,000 (+127.8%), from €7,826 to €17,826
- Gross operating margin +€10,979
up €10,979 (+34.6%), from €31,756 to €42,735
- Taxes +€1,129
up €1,129 (+19.6%), from €5,757 to €6,885
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 | €289,677 | €303,512 | +€13,835 | +4.8% |
| Fixed assets | 21/28 | €158,942 | €188,809 | +€29,867 | +18.8% |
| Tangible fixed assets | 22/27 | €158,942 | €188,809 | +€29,867 | +18.8% |
| Land and buildings | 22 | €157,153 | €187,238 | +€30,084 | +19.1% |
| Plant, machinery and equipment | 23 | €1,789 | €1,571 | -€218 | -12.2% |
| Current assets | 29/58 | €130,735 | €114,703 | -€16,031 | -12.3% |
| Amounts receivable within one year | 40/41 | €89,372 | €89,372 | = | 0.0% |
| Trade receivables | 40 | €87,120 | €87,120 | = | 0.0% |
| Other amounts receivable | 41 | €2,252 | €2,252 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €41,362 | €25,331 | -€16,031 | -38.8% |
| Total equity and liabilities | 10/49 | €289,677 | €303,512 | +€13,835 | +4.8% |
| Equity | 10/15 | €197,767 | €223,513 | +€25,746 | +13.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €189,707 | €215,453 | +€25,746 | +13.6% |
| Amounts payable | 17/49 | €91,909 | €79,999 | -€11,911 | -13.0% |
| Amounts payable after more than one year | 17 | €52,875 | €33,050 | -€19,825 | -37.5% |
| Financial debts | 170/4 | €51,825 | €32,000 | -€19,825 | -38.3% |
| Other amounts payable | 178/9 | €1,050 | €1,050 | = | 0.0% |
| Amounts payable within one year | 42/48 | €37,673 | €45,240 | +€7,567 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €19,532 | €19,825 | +€293 | +1.5% |
| Trade debts | 44 | €809 | €459 | -€350 | -43.3% |
| Suppliers | 440/4 | €809 | €459 | -€350 | -43.3% |
| Taxes, remuneration and social security | 45 | €9,505 | €7,129 | -€2,376 | -25.0% |
| Taxes | 450/3 | €6,895 | €7,129 | +€234 | +3.4% |
| Remuneration and social security | 454/9 | €2,610 | - | -€2,610 | |
| Other amounts payable | 47/48 | €7,826 | €17,826 | +€10,000 | +127.8% |
| Accrued charges and deferred income | 492/3 | €1,361 | €1,709 | +€348 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,681 | €7,986 | +€305 | +4.0% |
| Other operating charges | 640/8 | €956 | €1,035 | +€79 | +8.3% |
| Gross operating margin | 9900 | €31,756 | €42,735 | +€10,979 | +34.6% |
| Operating profit (loss) | 9901 | €23,119 | €33,714 | +€10,595 | +45.8% |
| Financial charges | 65/66B | €1,379 | €1,083 | -€296 | -21.5% |
| Recurring financial charges | 65 | €1,379 | €1,083 | -€296 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €21,740 | €32,631 | +€10,891 | +50.1% |
| Income taxes | 67/77 | €5,757 | €6,885 | +€1,129 | +19.6% |
| Profit (loss) for the period | 9904 | €15,983 | €25,746 | +€9,763 | +61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,983 | €25,746 | +€9,763 | +61.1% |
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 29 September 2026 via checked.be.