STARTHUB'S: 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.
STARTHUB'S
Largest movements
- Tangible fixed assets -€40,508
down €40,508 (-7.2%), from €566,000 to €525,492
of which Land and buildings: -€40,321
- Cash -€32,323
down €32,323 (-92.1%), from €35,113 to €2,790
mainly Debts after one year (-€39,780) and Net result for the year (-€35,873)
- Receivables within one year +€14,887
up €14,887, from €0 to €14,887
of which Other amounts receivable: +€10,000
- Debts after one year -€39,780
down €39,780 (-10.0%), from €397,266 to €357,486
- Profit (loss) carried forward -€35,873
down €35,873 (-48.2%), from €74,382 to €38,509
- Other debts +€15,000
new in 2025: €15,000
- Gross operating margin -€89,266
down €89,266 (-81.8%), from €109,157 to €19,891
- Other operating charges -€7,786
down €7,786 (-90.2%), from €8,632 to €846
- Financial charges -€2,781
down €2,781 (-16.2%), from €17,191 to €14,410
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 | €601,113 | €543,587 | -€57,526 | -9.6% |
| Fixed assets | 21/28 | €566,000 | €525,492 | -€40,508 | -7.2% |
| Tangible fixed assets | 22/27 | €566,000 | €525,492 | -€40,508 | -7.2% |
| Land and buildings | 22 | €565,222 | €524,901 | -€40,321 | -7.1% |
| Other tangible fixed assets | 26 | €778 | €591 | -€187 | -24.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €35,113 | €18,095 | -€17,018 | -48.5% |
| Amounts receivable within one year | 40/41 | €0 | €14,887 | +€14,887 | |
| Trade receivables | 40 | €0 | €4,887 | +€4,887 | |
| Other amounts receivable | 41 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €35,113 | €2,790 | -€32,323 | -92.1% |
| Deferred charges and accrued income | 490/1 | €0 | €418 | +€418 | |
| Total equity and liabilities | 10/49 | €601,113 | €543,587 | -€57,526 | -9.6% |
| Equity | 10/15 | €156,458 | €120,585 | -€35,873 | -22.9% |
| Contributions | 10/11 | €77,971 | €77,971 | = | 0.0% |
| Reserves | 13 | €4,105 | €4,105 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,105 | €4,105 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,105 | €4,105 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,382 | €38,509 | -€35,873 | -48.2% |
| Amounts payable | 17/49 | €444,655 | €423,002 | -€21,653 | -4.9% |
| Amounts payable after more than one year | 17 | €397,266 | €357,486 | -€39,780 | -10.0% |
| Financial debts | 170/4 | €397,266 | €357,486 | -€39,780 | -10.0% |
| Amounts payable within one year | 42/48 | €47,389 | €65,516 | +€18,127 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €38,376 | €43,031 | +€4,655 | +12.1% |
| Trade debts | 44 | €9,013 | €7,485 | -€1,528 | -17.0% |
| Suppliers | 440/4 | €9,013 | €7,485 | -€1,528 | -17.0% |
| Other amounts payable | 47/48 | - | €15,000 | +€15,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,508 | €40,508 | = | 0.0% |
| Other operating charges | 640/8 | €8,632 | €846 | -€7,786 | -90.2% |
| Gross operating margin | 9900 | €109,157 | €19,891 | -€89,266 | -81.8% |
| Operating profit (loss) | 9901 | €60,017 | -€21,463 | -€81,480 | |
| Financial charges | 65/66B | €17,191 | €14,410 | -€2,781 | -16.2% |
| Recurring financial charges | 65 | €17,191 | €14,410 | -€2,781 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €42,826 | -€35,873 | -€78,699 | |
| Profit (loss) for the period | 9904 | €42,826 | -€35,873 | -€78,699 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,826 | -€35,873 | -€78,699 |
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 16 October 2026 via checked.be.