Starter Fund: 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.
Starter Fund
Largest movements
- Current investments -€300,000
down €300,000 (-25.0%), from €1.2m to €900,000
- Financial fixed assets +€174,444
up €174,444 (+531%), from €32,823 to €207,267
- Cash +€171,479
up €171,479 (+52.3%), from €327,815 to €499,294
mainly Current investments (+€300,000) and Net result for the year (+€32,678)
- Receivables within one year -€17,876
down €17,876 (-73.0%), from €24,500 to €6,624
of which Other amounts receivable: -€18,944
- Profit (loss) carried forward +€32,679
up €32,679 (+6.3%), from -€519,372 to -€486,693
- Financial charges -€166,746
down €166,746 (-84.3%), from €197,836 to €31,090
of which Non-recurring financial charges: -€166,928
- Financial income +€24,482
up €24,482 (+48.6%), from €50,411 to €74,893
of which Non-recurring financial income: +€29,014
- Services and other goods -€10,264
no longer reported in 2025 (was €10,264)
- Gross operating margin -€10,126
new in 2025: -€10,126
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 | €1,598,867 | €1,629,355 | +€30,488 | +1.9% |
| Fixed assets | 21/28 | €32,823 | €207,267 | +€174,444 | +531% |
| Financial fixed assets | 28 | €32,823 | €207,267 | +€174,444 | +531% |
| Companies linked by participating interests | 282/3 | €1,240 | - | -€1,240 | |
| Participating interests | 282 | €1,240 | - | -€1,240 | |
| Other financial fixed assets | 284/8 | €31,583 | - | -€31,583 | |
| Amounts receivable and cash guarantees | 285/8 | €31,583 | - | -€31,583 | |
| Current assets | 29/58 | €1,566,044 | €1,422,088 | -€143,956 | -9.2% |
| Amounts receivable within one year | 40/41 | €24,500 | €6,624 | -€17,876 | -73.0% |
| Trade receivables | 40 | €836 | €1,904 | +€1,068 | +128% |
| Other amounts receivable | 41 | €23,664 | €4,720 | -€18,944 | -80.1% |
| Current investments | 50/53 | €1,200,000 | €900,000 | -€300,000 | -25.0% |
| Other investments | 51/53 | €1,200,000 | - | -€1.2m | |
| Cash at bank and in hand | 54/58 | €327,815 | €499,294 | +€171,479 | +52.3% |
| Deferred charges and accrued income | 490/1 | €13,729 | €16,170 | +€2,441 | +17.8% |
| Total equity and liabilities | 10/49 | €1,598,867 | €1,629,355 | +€30,488 | +1.9% |
| Equity | 10/15 | €1,590,628 | €1,623,307 | +€32,679 | +2.1% |
| Contributions | 10/11 | €2,067,500 | €2,067,500 | = | 0.0% |
| Capital | 10 | €2,067,500 | €2,067,500 | = | 0.0% |
| Issued capital | 100 | €2,067,500 | €2,067,500 | = | 0.0% |
| Reserves | 13 | €42,500 | €42,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €42,500 | €42,500 | = | 0.0% |
| Legal reserve | 130 | €42,500 | €42,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€519,372 | -€486,693 | +€32,679 | +6.3% |
| Amounts payable | 17/49 | €8,239 | €6,048 | -€2,191 | -26.6% |
| Amounts payable within one year | 42/48 | €2,662 | €1,197 | -€1,465 | -55.0% |
| Trade debts | 44 | €2,662 | €1,197 | -€1,465 | -55.0% |
| Suppliers | 440/4 | €2,662 | €1,197 | -€1,465 | -55.0% |
| Accrued charges and deferred income | 492/3 | €5,577 | €4,851 | -€726 | -13.0% |
| Operating charges | 60/66A | €11,232 | - | -€11,232 | |
| Services and other goods | 61 | €10,264 | - | -€10,264 | |
| Other operating charges | 640/8 | €968 | €998 | +€30 | +3.1% |
| Gross operating margin | 9900 | - | -€10,126 | -€10,126 | |
| Operating profit (loss) | 9901 | -€11,232 | -€11,125 | +€107 | +1.0% |
| Financial income | 75/76B | €50,411 | €74,893 | +€24,482 | +48.6% |
| Recurring financial income | 75 | €50,411 | €45,879 | -€4,532 | -9.0% |
| Income from financial fixed assets | 750 | €5,223 | - | -€5,223 | |
| Income from current assets | 751 | €45,155 | - | -€45,155 | |
| Other financial income | 752/9 | €33 | - | -€33 | |
| Non-recurring financial income | 76B | - | €29,014 | +€29,014 | |
| Financial charges | 65/66B | €197,836 | €31,090 | -€166,746 | -84.3% |
| Recurring financial charges | 65 | €807 | €989 | +€182 | +22.6% |
| Other financial charges | 652/9 | €807 | - | -€807 | |
| Non-recurring financial charges | 66B | €197,029 | €30,101 | -€166,928 | -84.7% |
| Profit (loss) for the period before taxes | 9903 | -€158,657 | €32,678 | +€191,335 | |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | -€158,657 | €32,678 | +€191,335 | |
| Profit (loss) for the period to be appropriated | 9905 | -€158,657 | €32,678 | +€191,335 |
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 18 October 2026 via checked.be.