STARVEST: 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.
STARVEST
Largest movements
- Tangible fixed assets -€15,823
down €15,823 (-3.3%), from €478,748 to €462,926
- Receivables within one year +€14,950
up €14,950 (+15.0%), from €99,900 to €114,851
- Cash -€14,457
down €14,457 (-92.0%), from €15,712 to €1,255
mainly Debts after one year (-€28,667) and Receivables within one year (-€14,950)
- Deferred charges and accrued income -€14,008
down €14,008 (-82.3%), from €17,018 to €3,010
- Debts after one year -€28,667
down €28,667 (-48.0%), from €59,722 to €31,055
- Tax, wage and social debts -€13,663
down €13,663 (-75.8%), from €18,030 to €4,367
- Reserves +€12,748
up €12,748 (+3.6%), from €351,788 to €364,536
of which Distributable reserves: +€12,748
- Financial charges -€2,447
down €2,447 (-44.6%), from €5,483 to €3,036
- Taxes +€795
up €795 (+19.7%), from €4,036 to €4,831
- Depreciation -€795
down €795 (-4.8%), from €16,617 to €15,823
- Other operating charges -€712
down €712 (-15.2%), from €4,673 to €3,960
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 | €612,868 | €583,531 | -€29,337 | -4.8% |
| Fixed assets | 21/28 | €480,238 | €464,416 | -€15,823 | -3.3% |
| Tangible fixed assets | 22/27 | €478,748 | €462,926 | -€15,823 | -3.3% |
| Land and buildings | 22 | €478,748 | €462,926 | -€15,823 | -3.3% |
| Financial fixed assets | 28 | €1,490 | €1,490 | = | 0.0% |
| Current assets | 29/58 | €132,630 | €119,115 | -€13,515 | -10.2% |
| Amounts receivable within one year | 40/41 | €99,900 | €114,851 | +€14,950 | +15.0% |
| Other amounts receivable | 41 | €99,900 | €114,851 | +€14,950 | +15.0% |
| Cash at bank and in hand | 54/58 | €15,712 | €1,255 | -€14,457 | -92.0% |
| Deferred charges and accrued income | 490/1 | €17,018 | €3,010 | -€14,008 | -82.3% |
| Total equity and liabilities | 10/49 | €612,868 | €583,531 | -€29,337 | -4.8% |
| Equity | 10/15 | €413,788 | €426,536 | +€12,748 | +3.1% |
| 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 | €351,788 | €364,536 | +€12,748 | +3.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €345,588 | €358,336 | +€12,748 | +3.7% |
| Amounts payable | 17/49 | €199,080 | €156,995 | -€42,085 | -21.1% |
| Amounts payable after more than one year | 17 | €59,722 | €31,055 | -€28,667 | -48.0% |
| Financial debts | 170/4 | €59,722 | €31,055 | -€28,667 | -48.0% |
| Amounts payable within one year | 42/48 | €138,899 | €125,940 | -€12,959 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €28,667 | €28,667 | = | 0.0% |
| Trade debts | 44 | €257 | €961 | +€704 | +273.4% |
| Suppliers | 440/4 | €257 | €961 | +€704 | +273.4% |
| Taxes, remuneration and social security | 45 | €18,030 | €4,367 | -€13,663 | -75.8% |
| Taxes | 450/3 | €18,030 | €4,367 | -€13,663 | -75.8% |
| Other amounts payable | 47/48 | €91,945 | €91,945 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €459 | €0 | -€459 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,617 | €15,823 | -€795 | -4.8% |
| Other operating charges | 640/8 | €4,673 | €3,960 | -€712 | -15.2% |
| Gross operating margin | 9900 | €40,140 | €40,398 | +€258 | +0.6% |
| Operating profit (loss) | 9901 | €18,850 | €20,615 | +€1,765 | +9.4% |
| Financial charges | 65/66B | €5,483 | €3,036 | -€2,447 | -44.6% |
| Recurring financial charges | 65 | €5,483 | €3,036 | -€2,447 | -44.6% |
| Profit (loss) for the period before taxes | 9903 | €13,367 | €17,579 | +€4,212 | +31.5% |
| Income taxes | 67/77 | €4,036 | €4,831 | +€795 | +19.7% |
| Profit (loss) for the period | 9904 | €9,332 | €12,748 | +€3,416 | +36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,332 | €12,748 | +€3,416 | +36.6% |
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 2 October 2026 via checked.be.