Starter Homes: 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 Homes
Largest movements
- Tangible fixed assets -€14,850
down €14,850 (-4.1%), from €362,073 to €347,223
- Reserves -€24,896
down €24,896 (-4.2%), from €588,715 to €563,819
of which Distributable reserves: -€24,896
- Trade debts +€6,618
up €6,618 (+231%), from €2,860 to €9,478
- Depreciation +€5,673
up €5,673 (+61.8%), from €9,177 to €14,850
- Other operating charges +€1,055
up €1,055 (+47.3%), from €2,229 to €3,284
- Gross operating margin -€317
down €317 (-5.5%), from -€5,773 to -€6,090
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 | €655,148 | €637,914 | -€17,234 | -2.6% |
| Fixed assets | 21/28 | €362,073 | €347,223 | -€14,850 | -4.1% |
| Tangible fixed assets | 22/27 | €362,073 | €347,223 | -€14,850 | -4.1% |
| Land and buildings | 22 | €362,073 | €347,223 | -€14,850 | -4.1% |
| Current assets | 29/58 | €293,075 | €290,691 | -€2,384 | -0.8% |
| Stocks and contracts in progress | 3 | €7,157 | €7,172 | +€15 | +0.2% |
| Contracts in progress | 37 | €7,157 | €7,172 | +€15 | +0.2% |
| Amounts receivable within one year | 40/41 | €277,504 | €276,485 | -€1,019 | -0.4% |
| Trade receivables | 40 | €179 | €285 | +€107 | +59.5% |
| Other amounts receivable | 41 | €277,325 | €276,200 | -€1,125 | -0.4% |
| Cash at bank and in hand | 54/58 | €7,438 | €6,001 | -€1,437 | -19.3% |
| Deferred charges and accrued income | 490/1 | €975 | €1,032 | +€57 | +5.8% |
| Total equity and liabilities | 10/49 | €655,148 | €637,914 | -€17,234 | -2.6% |
| Equity | 10/15 | €650,715 | €625,819 | -€24,896 | -3.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €588,715 | €563,819 | -€24,896 | -4.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €582,515 | €557,619 | -€24,896 | -4.3% |
| Amounts payable | 17/49 | €4,433 | €12,095 | +€7,662 | +173% |
| Amounts payable within one year | 42/48 | €4,386 | €11,108 | +€6,722 | +153% |
| Trade debts | 44 | €2,860 | €9,478 | +€6,618 | +231% |
| Suppliers | 440/4 | €2,860 | €9,478 | +€6,618 | +231% |
| Taxes, remuneration and social security | 45 | - | €104 | +€104 | |
| Taxes | 450/3 | - | €104 | +€104 | |
| Other amounts payable | 47/48 | €1,526 | €1,526 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €46 | €986 | +€940 | +2,022% |
| Non-recurring operating income | 76A | - | €5,127 | +€5,127 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,177 | €14,850 | +€5,673 | +61.8% |
| Other operating charges | 640/8 | €2,229 | €3,284 | +€1,055 | +47.3% |
| Gross operating margin | 9900 | -€5,773 | -€6,090 | -€317 | -5.5% |
| Operating profit (loss) | 9901 | -€17,179 | -€24,224 | -€7,045 | -41.0% |
| Financial charges | 65/66B | €663 | €672 | +€10 | +1.5% |
| Recurring financial charges | 65 | €663 | €672 | +€10 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | -€17,842 | -€24,896 | -€7,055 | -39.5% |
| Profit (loss) for the period | 9904 | -€17,842 | -€24,896 | -€7,055 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,842 | -€24,896 | -€7,055 | -39.5% |
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 20 October 2026 via checked.be.