B2START: what changed
What changed
B2START
NACE 64.190, Financial service activities, except insurance and pension funding
filed annual accounts (NBB)
Net result for the year
-€552,876
2024 · -€4.1m+€3.5m
Equity
€4.1m
2024 · €4.6m-€552,876
Cash
€22,879
2024 · €240,210-€217,331
Balance sheet total
€5.2m
2024 · €5.3m-€99,038
Largest movements
Assets
- Cash -€217,331
down €217,331 (-90.5%), from €240,210 to €22,879
mainly Net result for the year (-€552,876) and Receivables within one year (-€205,449)
- Receivables within one year +€205,449
up €205,449 (+464%), from €44,281 to €249,730
of which Trade receivables: +€216,314
- Financial fixed assets -€87,156
down €87,156 (-1.7%), from €5.0m to €4.9m
of which Other financial fixed assets: -€141,997
Equity and liabilities
- Profit (loss) carried forward -€552,876
down €552,876 (-11.7%), from -€4.7m to -€5.3m
- Debts after one year +€457,000
up €457,000 (+76.2%), from €600,000 to €1.1m
Income statement
- Financial income +€1.8m
up €1.8m (+620%), from €291,521 to €2.1m
of which Non-recurring financial income: +€1.8m
- Financial charges -€1.7m
down €1.7m (-40.9%), from €4.2m to €2.5m
of which Non-recurring financial charges: -€1.7m
- Services and other goods -€23,047
down €23,047 (-12.9%), from €178,420 to €155,373
- Turnover -€10,610
down €10,610 (-74.9%), from €14,160 to €3,550
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.
Result 2024
-€4.1m
Turnover
-€10,610
Services and other goods
+€23,047
Other operating charges
-€31
Other operating items
-€15,000
Financial income
+€1.8m
Financial charges
+€1.7m
Result 2025
-€552,876
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€761,487
Investment
+€87,156
Financing
+€457,000
Cash 2024
€240,210
From operations (derived)
-€761,487
Net result for the year
-€552,876
Receivables within one year
-€205,449
Provisions
+€15,000
Trade debts
-€15,882
Tax, wage and social debts
-€2,281
Investment (derived)
+€87,156
Investment in fixed assets (net)
+€87,156
Financing
+€457,000
Debts after one year
+€457,000
Cash 2025
€22,879
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,277,275 | €5,178,237 | -€99,038 | -1.9% |
| Fixed assets | 21/28 | €4,992,784 | €4,905,628 | -€87,156 | -1.7% |
| Financial fixed assets | 28 | €4,992,784 | €4,905,628 | -€87,156 | -1.7% |
| Companies linked by participating interests | 282/3 | €2,056,574 | €2,111,415 | +€54,841 | +2.7% |
| Participating interests | 282 | €1,756,574 | €2,011,415 | +€254,841 | +14.5% |
| Amounts receivable | 283 | €300,000 | €100,000 | -€200,000 | -66.7% |
| Other financial fixed assets | 284/8 | €2,936,211 | €2,794,213 | -€141,997 | -4.8% |
| Amounts receivable and cash guarantees | 285/8 | €2,936,211 | €2,794,213 | -€141,997 | -4.8% |
| Current assets | 29/58 | €284,491 | €272,609 | -€11,882 | -4.2% |
| Amounts receivable within one year | 40/41 | €44,281 | €249,730 | +€205,449 | +464% |
| Trade receivables | 40 | €33,417 | €249,730 | +€216,314 | +647% |
| Other amounts receivable | 41 | €10,864 | - | -€10,864 | |
| Cash at bank and in hand | 54/58 | €240,210 | €22,879 | -€217,331 | -90.5% |
| Total equity and liabilities | 10/49 | €5,277,275 | €5,178,237 | -€99,038 | -1.9% |
| Equity | 10/15 | €4,614,526 | €4,061,650 | -€552,876 | -12.0% |
| Contributions | 10/11 | €9,339,131 | €9,339,131 | = | 0.0% |
| Capital | 10 | €9,339,131 | €9,339,131 | = | 0.0% |
| Issued capital | 100 | €9,339,131 | €9,339,131 | = | 0.0% |
| Reserves | 13 | €750 | €750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €750 | €750 | = | 0.0% |
| Legal reserve | 130 | €750 | €750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,725,355 | -€5,278,231 | -€552,876 | -11.7% |
| Provisions and deferred taxes | 16 | - | €15,000 | +€15,000 | |
| Provisions for liabilities and charges | 160/5 | - | €15,000 | +€15,000 | |
| Other liabilities and charges | 164/5 | - | €15,000 | +€15,000 | |
| Amounts payable | 17/49 | €662,749 | €1,101,587 | +€438,838 | +66.2% |
| Amounts payable after more than one year | 17 | €600,000 | €1,057,000 | +€457,000 | +76.2% |
| Financial debts | 170/4 | €600,000 | €1,057,000 | +€457,000 | +76.2% |
| Subordinated loans | 170 | €600,000 | €1,057,000 | +€457,000 | +76.2% |
| Amounts payable within one year | 42/48 | €62,499 | €44,337 | -€18,162 | -29.1% |
| Trade debts | 44 | €59,998 | €44,117 | -€15,882 | -26.5% |
| Suppliers | 440/4 | €59,998 | €44,117 | -€15,882 | -26.5% |
| Taxes, remuneration and social security | 45 | €2,501 | €221 | -€2,281 | -91.2% |
| Taxes | 450/3 | €2,501 | €221 | -€2,281 | -91.2% |
| Accrued charges and deferred income | 492/3 | €250 | €250 | = | 0.0% |
| Operating income | 70/76A | €14,160 | €3,550 | -€10,610 | -74.9% |
| Turnover | 70 | €14,160 | €3,550 | -€10,610 | -74.9% |
| Operating charges | 60/66A | €179,458 | €171,442 | -€8,016 | -4.5% |
| Services and other goods | 61 | €178,420 | €155,373 | -€23,047 | -12.9% |
| Other operating charges | 640/8 | €1,038 | €1,068 | +€31 | +3.0% |
| Non-recurring operating charges | 66A | - | €15,000 | +€15,000 | |
| Operating profit (loss) | 9901 | -€165,298 | -€167,892 | -€2,594 | -1.6% |
| Financial income | 75/76B | €291,521 | €2,097,644 | +€1.8m | +620% |
| Recurring financial income | 75 | €163,184 | €207,056 | +€43,872 | +26.9% |
| Income from financial fixed assets | 750 | €163,184 | €207,056 | +€43,872 | +26.9% |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | €128,337 | €1,890,588 | +€1.8m | +1,373% |
| Financial charges | 65/66B | €4,200,078 | €2,482,628 | -€1.7m | -40.9% |
| Recurring financial charges | 65 | €35,697 | €36,174 | +€477 | +1.3% |
| Debt charges | 650 | €34,378 | €35,309 | +€931 | +2.7% |
| Other financial charges | 652/9 | €1,319 | €865 | -€454 | -34.4% |
| Non-recurring financial charges | 66B | €4,164,382 | €2,446,454 | -€1.7m | -41.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,073,856 | -€552,876 | +€3.5m | +86.4% |
| Profit (loss) for the period | 9904 | -€4,073,856 | -€552,876 | +€3.5m | +86.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,073,856 | -€552,876 | +€3.5m | +86.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.