JUST: what changed
What changed
JUST
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€301,333
2024 · -€18,391+€319,724
Equity
€497,936
2024 · €196,602+€301,333
Cash
€1,189
2024 · €33,898-€32,709
Balance sheet total
€946,362
2024 · €579,458+€366,904
Largest movements
Assets
- Tangible fixed assets +€260,499
up €260,499 (+59.7%), from €436,481 to €696,980
of which Land and buildings: +€244,514
- Receivables within one year +€141,269
up €141,269 (+256%), from €55,284 to €196,553
of which Other amounts receivable: +€135,541
- Cash -€32,709
down €32,709 (-96.5%), from €33,898 to €1,189
mainly Investment in fixed assets (net) (-€278,636) and Receivables within one year (-€141,269)
Equity and liabilities
- Reserves +€491,047
up €491,047 (+756%), from €64,993 to €556,040
of which Tax-exempt reserves: +€491,047
- Profit (loss) carried forward -€189,713
down €189,713 (-1,032%), from -€18,391 to -€208,104
- Provisions +€163,682
new in 2025: €163,682
- Other debts -€68,115
down €68,115 (-64.1%), from €106,228 to €38,114
- Trade debts -€25,902
down €25,902 (-27.7%), from €93,677 to €67,775
Income statement
- Gross operating margin +€475,136
up €475,136 (+580%), from €81,912 to €557,049
- Financial charges +€16,805
up €16,805 (+350%), from €4,806 to €21,611
- Depreciation -€15,530
down €15,530 (-46.1%), from €33,667 to €18,137
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
-€18,391
Gross operating margin
+€475,136
Staff costs
-€941
Depreciation
+€15,530
Other operating charges
+€2,193
Financial income
+€3,260
Financial charges
-€16,805
Taxes
+€5,034
Deferred taxes and other
-€163,682
Result 2025
€301,333
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
+€244,577
Investment
-€278,636
Financing
+€1,349
Cash 2024
€33,898
From operations (derived)
+€244,577
Net result for the year
+€301,333
Depreciation
+€18,137
Receivables within one year
-€141,269
Deferred charges and accrued income
+€2,154
Provisions
+€163,682
Trade debts
-€25,902
Tax, wage and social debts
-€5,776
Other debts
-€68,115
Accrued charges and deferred income
+€332
Investment (derived)
-€278,636
Investment in fixed assets (net)
-€278,636
Financing
+€1,349
Debts after one year
+€6,156
Current portion of long-term debt
-€4,806
Cash 2025
€1,189
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €579,458 | €946,362 | +€366,904 | +63.3% |
| Fixed assets | 21/28 | €486,586 | €747,085 | +€260,499 | +53.5% |
| Tangible fixed assets | 22/27 | €436,481 | €696,980 | +€260,499 | +59.7% |
| Land and buildings | 22 | €422,036 | €666,550 | +€244,514 | +57.9% |
| Furniture and vehicles | 24 | €14,446 | €30,431 | +€15,985 | +111% |
| Financial fixed assets | 28 | €50,105 | €50,105 | = | 0.0% |
| Current assets | 29/58 | €92,872 | €199,277 | +€106,405 | +115% |
| Amounts receivable within one year | 40/41 | €55,284 | €196,553 | +€141,269 | +256% |
| Trade receivables | 40 | €48,540 | €54,267 | +€5,728 | +11.8% |
| Other amounts receivable | 41 | €6,745 | €142,286 | +€135,541 | +2,010% |
| Cash at bank and in hand | 54/58 | €33,898 | €1,189 | -€32,709 | -96.5% |
| Deferred charges and accrued income | 490/1 | €3,689 | €1,535 | -€2,154 | -58.4% |
| Total equity and liabilities | 10/49 | €579,458 | €946,362 | +€366,904 | +63.3% |
| Equity | 10/15 | €196,602 | €497,936 | +€301,333 | +153% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €64,993 | €556,040 | +€491,047 | +756% |
| Tax-exempt reserves | 132 | - | €491,047 | +€491,047 | |
| Distributable reserves | 133 | €64,993 | €64,993 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,391 | -€208,104 | -€189,713 | -1,032% |
| Provisions and deferred taxes | 16 | - | €163,682 | +€163,682 | |
| Deferred taxes | 168 | - | €163,682 | +€163,682 | |
| Amounts payable | 17/49 | €382,855 | €284,744 | -€98,111 | -25.6% |
| Amounts payable after more than one year | 17 | €134,861 | €141,017 | +€6,156 | +4.6% |
| Financial debts | 170/4 | €134,861 | €141,017 | +€6,156 | +4.6% |
| Amounts payable within one year | 42/48 | €247,907 | €143,308 | -€104,599 | -42.2% |
| Current portion of amounts payable after more than one year | 42 | €12,529 | €7,723 | -€4,806 | -38.4% |
| Trade debts | 44 | €93,677 | €67,775 | -€25,902 | -27.7% |
| Suppliers | 440/4 | €93,677 | €67,775 | -€25,902 | -27.7% |
| Taxes, remuneration and social security | 45 | €35,472 | €29,696 | -€5,776 | -16.3% |
| Taxes | 450/3 | €30,896 | €18,979 | -€11,917 | -38.6% |
| Remuneration and social security | 454/9 | €4,576 | €10,717 | +€6,141 | +134% |
| Other amounts payable | 47/48 | €106,228 | €38,114 | -€68,115 | -64.1% |
| Accrued charges and deferred income | 492/3 | €88 | €420 | +€332 | +379% |
| Non-recurring operating income | 76A | €0 | €674,519 | +€674,519 | |
| Remuneration, social security and pensions | 62 | €49,142 | €50,083 | +€941 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,667 | €18,137 | -€15,530 | -46.1% |
| Other operating charges | 640/8 | €7,421 | €5,229 | -€2,193 | -29.5% |
| Gross operating margin | 9900 | €81,912 | €557,049 | +€475,136 | +580% |
| Operating profit (loss) | 9901 | -€8,318 | €483,601 | +€491,918 | |
| Financial income | 75/76B | €0 | €3,260 | +€3,260 | |
| Recurring financial income | 75 | €0 | €3,260 | +€3,260 | |
| Financial charges | 65/66B | €4,806 | €21,611 | +€16,805 | +350% |
| Recurring financial charges | 65 | €4,806 | €21,611 | +€16,805 | +350% |
| Profit (loss) for the period before taxes | 9903 | -€13,123 | €465,250 | +€478,373 | |
| Transfer from deferred taxes | 780 | - | €809 | +€809 | |
| Transfer to deferred taxes | 680 | - | €164,491 | +€164,491 | |
| Income taxes | 67/77 | €5,268 | €234 | -€5,034 | -95.6% |
| Profit (loss) for the period | 9904 | -€18,391 | €301,333 | +€319,724 | |
| Transfer from tax-exempt reserves | 789 | - | €2,426 | +€2,426 | |
| Transfer to tax-exempt reserves | 689 | - | €493,473 | +€493,473 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,391 | -€189,713 | -€171,323 | -932% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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.