STARTH: what changed
STARTH
Largest movements
- Receivables within one year +€34,346
up €34,346 (+35.8%), from €95,893 to €130,239
of which Trade receivables: +€29,368
- Cash +€8,908
up €8,908 (+109%), from €8,170 to €17,077
mainly Net result for the year (+€23,800) and Trade debts (+€13,570)
- Reserves +€23,800
up €23,800 (+29.1%), from €81,709 to €105,509
of which Distributable reserves: +€23,800
- Trade debts +€13,570
new in 2025: €13,570
- Tax, wage and social debts +€5,076
up €5,076 (+150%), from €3,380 to €8,456
- Gross operating margin -€11,362
down €11,362 (-27.0%), from €42,058 to €30,696
- Taxes -€2,305
down €2,305 (-18.7%), from €12,345 to €10,040
- Financial income +€1,424
up €1,424 (+34.4%), from €4,136 to €5,560
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €106,505 | €148,952 | +€42,446 | +39.9% |
| Formation expenses | 20 | €586 | €293 | -€294 | -50.1% |
| Fixed assets | 21/28 | €1,616 | €1,092 | -€523 | -32.4% |
| Tangible fixed assets | 22/27 | €1,591 | €1,067 | -€523 | -32.9% |
| Furniture and vehicles | 24 | €1,591 | €1,067 | -€523 | -32.9% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €104,303 | €147,567 | +€43,263 | +41.5% |
| Amounts receivable within one year | 40/41 | €95,893 | €130,239 | +€34,346 | +35.8% |
| Trade receivables | 40 | €6,691 | €36,059 | +€29,368 | +439% |
| Other amounts receivable | 41 | €89,201 | €94,180 | +€4,978 | +5.6% |
| Cash at bank and in hand | 54/58 | €8,170 | €17,077 | +€8,908 | +109% |
| Deferred charges and accrued income | 490/1 | €241 | €250 | +€9 | +3.8% |
| Total equity and liabilities | 10/49 | €106,505 | €148,952 | +€42,446 | +39.9% |
| Equity | 10/15 | €103,125 | €126,925 | +€23,800 | +23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,709 | €105,509 | +€23,800 | +29.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €79,849 | €103,649 | +€23,800 | +29.8% |
| Profit (loss) carried forward | 14 | €2,816 | €2,816 | = | 0.0% |
| Amounts payable | 17/49 | €3,380 | €22,026 | +€18,646 | +552% |
| Amounts payable within one year | 42/48 | €3,380 | €22,026 | +€18,646 | +552% |
| Trade debts | 44 | - | €13,570 | +€13,570 | |
| Suppliers | 440/4 | - | €13,570 | +€13,570 | |
| Taxes, remuneration and social security | 45 | €3,380 | €8,456 | +€5,076 | +150% |
| Taxes | 450/3 | €3,380 | €8,456 | +€5,076 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,420 | €1,120 | -€299 | -21.1% |
| Other operating charges | 640/8 | €1,339 | €1,118 | -€221 | -16.5% |
| Gross operating margin | 9900 | €42,058 | €30,696 | -€11,362 | -27.0% |
| Operating profit (loss) | 9901 | €39,299 | €28,458 | -€10,842 | -27.6% |
| Financial income | 75/76B | €4,136 | €5,560 | +€1,424 | +34.4% |
| Recurring financial income | 75 | €4,136 | €5,560 | +€1,424 | +34.4% |
| Financial charges | 65/66B | €154 | €178 | +€24 | +15.6% |
| Recurring financial charges | 65 | €154 | €178 | +€24 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €43,282 | €33,840 | -€9,442 | -21.8% |
| Income taxes | 67/77 | €12,345 | €10,040 | -€2,305 | -18.7% |
| Profit (loss) for the period | 9904 | €30,938 | €23,800 | -€7,137 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,938 | €23,800 | -€7,137 | -23.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.