STARTUP FACTORY: 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.
STARTUP FACTORY
Largest movements
- Financial fixed assets -€356,983
down €356,983 (-61.8%), from €578,104 to €221,121
- Receivables after one year +€49,354
up €49,354 (+81.0%), from €60,897 to €110,251
- Cash +€43,432
up €43,432 (+476.9%), from €9,107 to €52,539
mainly Investment in fixed assets (net) (+€356,983) and Debts after one year (+€65,000)
- Profit (loss) carried forward -€274,687
down €274,687 (-38.1%), from -€721,541 to -€996,227
- Short-term financial debts -€79,970
down €79,970 (-99.9%), from €80,082 to €112
of which Other loans: -€80,007
- Debts after one year +€65,000
up €65,000, from €0 to €65,000
- Trade debts +€18,821
up €18,821 (+7.1%), from €264,160 to €282,981
- Financial charges +€284,764
up €284,764 (+557.6%), from €51,070 to €335,834
- Financial income +€82,072
up €82,072 (+1549.1%), from €5,298 to €87,370
- Write-downs +€13,000
up €13,000, from €0 to €13,000
- Other operating charges -€10,715
down €10,715 (-96.4%), from €11,114 to €400
- Gross operating margin -€6,423
down €6,423 (-100.4%), from -€6,400 to -€12,823
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 | €709,159 | €439,606 | -€269,553 | -38.0% |
| Fixed assets | 21/28 | €578,104 | €221,121 | -€356,983 | -61.8% |
| Financial fixed assets | 28 | €578,104 | €221,121 | -€356,983 | -61.8% |
| Current assets | 29/58 | €131,055 | €218,485 | +€87,430 | +66.7% |
| Amounts receivable after more than one year | 29 | €60,897 | €110,251 | +€49,354 | +81.0% |
| Trade receivables | 290 | €60,897 | €110,251 | +€49,354 | +81.0% |
| Amounts receivable within one year | 40/41 | €60,408 | €55,600 | -€4,808 | -8.0% |
| Trade receivables | 40 | €43,295 | €30,295 | -€13,000 | -30.0% |
| Other amounts receivable | 41 | €17,113 | €25,305 | +€8,192 | +47.9% |
| Cash at bank and in hand | 54/58 | €9,107 | €52,539 | +€43,432 | +476.9% |
| Deferred charges and accrued income | 490/1 | €643 | €95 | -€547 | -85.2% |
| Total equity and liabilities | 10/49 | €709,159 | €439,606 | -€269,553 | -38.0% |
| Equity | 10/15 | €358,610 | €83,923 | -€274,687 | -76.6% |
| Contributions | 10/11 | €1,080,000 | €1,080,000 | = | 0.0% |
| Capital | 10 | €1,080,000 | €1,080,000 | = | 0.0% |
| Issued capital | 100 | €1,080,000 | €1,080,000 | = | 0.0% |
| Reserves | 13 | €150 | €150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €150 | €150 | = | 0.0% |
| Legal reserve | 130 | €150 | €150 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€721,541 | -€996,227 | -€274,687 | -38.1% |
| Amounts payable | 17/49 | €350,550 | €355,683 | +€5,134 | +1.5% |
| Amounts payable after more than one year | 17 | €0 | €65,000 | +€65,000 | |
| Financial debts | 170/4 | €0 | €65,000 | +€65,000 | |
| Amounts payable within one year | 42/48 | €350,550 | €289,400 | -€61,149 | -17.4% |
| Financial debts | 43 | €80,082 | €112 | -€79,970 | -99.9% |
| Credit institutions | 430/8 | €75 | €112 | +€37 | +50.1% |
| Other loans | 439 | €80,007 | €0 | -€80,007 | -100.0% |
| Trade debts | 44 | €264,160 | €282,981 | +€18,821 | +7.1% |
| Suppliers | 440/4 | €264,160 | €282,981 | +€18,821 | +7.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,307 | €6,307 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,283 | +€1,283 | |
| Non-recurring operating income | 76A | €6,112 | €16,822 | +€10,710 | +175.2% |
| Remuneration, social security and pensions | 62 | €43 | €0 | -€43 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €13,000 | +€13,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €11,114 | €400 | -€10,715 | -96.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€6,400 | -€12,823 | -€6,423 | -100.4% |
| Operating profit (loss) | 9901 | -€17,558 | -€26,223 | -€8,665 | -49.3% |
| Financial income | 75/76B | €5,298 | €87,370 | +€82,072 | +1549.1% |
| Recurring financial income | 75 | €5,298 | €87,370 | +€82,072 | +1549.1% |
| Financial charges | 65/66B | €51,070 | €335,834 | +€284,764 | +557.6% |
| Recurring financial charges | 65 | €51,070 | €335,834 | +€284,764 | +557.6% |
| Profit (loss) for the period before taxes | 9903 | -€63,330 | -€274,687 | -€211,357 | -333.7% |
| Profit (loss) for the period | 9904 | -€63,330 | -€274,687 | -€211,357 | -333.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,330 | -€274,687 | -€211,357 | -333.7% |
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 11 October 2026 via checked.be.