STARTX: what changed
Two fiscal 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.
STARTX
Largest movements
- Receivables after one year +€260,000
new in 2025: €260,000
- Cash -€114,166
down €114,166 (-71.3%), from €160,139 to €45,974
mainly Receivables after one year (-€260,000) and Investment in fixed assets (net) (-€25,252)
- Tangible fixed assets +€10,239
up €10,239 (+30.4%), from €33,629 to €43,868
of which Furniture and vehicles: +€18,317
- Debts after one year +€125,500
new in 2025: €125,500
- Reserves +€21,120
up €21,120 (+9.7%), from €217,020 to €238,140
- Current portion of long-term debt +€14,000
new in 2025: €14,000
- Tax, wage and social debts -€9,022
down €9,022 (-39.1%), from €23,048 to €14,027
- Gross operating margin -€26,961
down €26,961 (-24.6%), from €109,625 to €82,664
- Taxes -€11,930
down €11,930 (-37.8%), from €31,599 to €19,669
- Depreciation +€1,712
up €1,712 (+12.9%), from €13,301 to €15,013
- Financial charges +€1,291
up €1,291 (+471.7%), from €274 to €1,565
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 | €260,184 | €413,148 | +€152,964 | +58.8% |
| Fixed assets | 21/28 | €33,629 | €43,868 | +€10,239 | +30.4% |
| Tangible fixed assets | 22/27 | €33,629 | €43,868 | +€10,239 | +30.4% |
| Land and buildings | 22 | €22,867 | €15,371 | -€7,497 | -32.8% |
| Plant, machinery and equipment | 23 | €958 | €376 | -€582 | -60.7% |
| Furniture and vehicles | 24 | €9,804 | €28,121 | +€18,317 | +186.8% |
| Current assets | 29/58 | €226,555 | €369,280 | +€142,725 | +63.0% |
| Amounts receivable after more than one year | 29 | - | €260,000 | +€260,000 | |
| Other amounts receivable | 291 | - | €260,000 | +€260,000 | |
| Amounts receivable within one year | 40/41 | €65,539 | €63,205 | -€2,334 | -3.6% |
| Trade receivables | 40 | €65,539 | €52,399 | -€13,140 | -20.0% |
| Other amounts receivable | 41 | - | €10,806 | +€10,806 | |
| Cash at bank and in hand | 54/58 | €160,139 | €45,974 | -€114,166 | -71.3% |
| Deferred charges and accrued income | 490/1 | €876 | €101 | -€776 | -88.5% |
| Total equity and liabilities | 10/49 | €260,184 | €413,148 | +€152,964 | +58.8% |
| Equity | 10/15 | €225,770 | €246,889 | +€21,120 | +9.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €217,020 | €238,140 | +€21,120 | +9.7% |
| Distributable reserves | 133 | €217,020 | €238,140 | +€21,120 | +9.7% |
| Profit (loss) carried forward | 14 | €2,550 | €2,550 | = | 0.0% |
| Amounts payable | 17/49 | €34,414 | €166,259 | +€131,844 | +383.1% |
| Amounts payable after more than one year | 17 | - | €125,500 | +€125,500 | |
| Financial debts | 170/4 | - | €125,500 | +€125,500 | |
| Amounts payable within one year | 42/48 | €34,414 | €40,759 | +€6,344 | +18.4% |
| Current portion of amounts payable after more than one year | 42 | - | €14,000 | +€14,000 | |
| Trade debts | 44 | €2,626 | €2,363 | -€264 | -10.0% |
| Suppliers | 440/4 | €2,626 | €2,363 | -€264 | -10.0% |
| Taxes, remuneration and social security | 45 | €23,048 | €14,027 | -€9,022 | -39.1% |
| Taxes | 450/3 | €23,048 | €14,027 | -€9,022 | -39.1% |
| Other amounts payable | 47/48 | €8,740 | €10,369 | +€1,630 | +18.6% |
| Non-recurring operating income | 76A | - | €2,017 | +€2,017 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,301 | €15,013 | +€1,712 | +12.9% |
| Other operating charges | 640/8 | €2,332 | €1,836 | -€495 | -21.2% |
| Gross operating margin | 9900 | €109,625 | €82,664 | -€26,961 | -24.6% |
| Operating profit (loss) | 9901 | €93,992 | €65,814 | -€28,178 | -30.0% |
| Financial income | 75/76B | €1,115 | €704 | -€411 | -36.8% |
| Recurring financial income | 75 | €1,115 | €704 | -€411 | -36.8% |
| Financial charges | 65/66B | €274 | €1,565 | +€1,291 | +471.7% |
| Recurring financial charges | 65 | €274 | €1,565 | +€1,291 | +471.7% |
| Profit (loss) for the period before taxes | 9903 | €94,833 | €64,953 | -€29,880 | -31.5% |
| Income taxes | 67/77 | €31,599 | €19,669 | -€11,930 | -37.8% |
| Profit (loss) for the period | 9904 | €63,235 | €45,285 | -€17,950 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,235 | €45,285 | -€17,950 | -28.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.