JUST 14: 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.
JUST 14
Largest movements
- Tangible fixed assets -€3.4m
down €3.4m (-90.9%), from €3.7m to €338,347
of which Assets under construction and advance payments: -€3.7m
- Receivables within one year -€1.3m
down €1.3m (-74.0%), from €1.8m to €467,428
of which Other amounts receivable: -€1.5m
- Cash -€239,841
down €239,841 (-99.5%), from €240,929 to €1,088
mainly Short-term financial debts (-€4.7m) and Other debts (-€205,000)
- Short-term financial debts -€4.7m
down €4.7m (-100.0%), from €4.7m to €0
- Other debts -€205,000
down €205,000 (-100.0%), from €205,000 to €0
- Profit (loss) carried forward -€129,811
down €129,811 (-61.9%), from -€209,832 to -€339,644
- Trade debts -€107,510
down €107,510 (-68.9%), from €155,984 to €48,474
- Debts after one year +€83,597
up €83,597 (+16.7%), from €500,000 to €583,597
- Gross operating margin +€4.5m
up €4.5m, from -€11,324 to €4.5m
- Financial charges -€160,676
down €160,676 (-71.5%), from €224,689 to €64,013
- Depreciation +€136,735
new in 2025: €136,735
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 | €5,755,087 | €823,787 | -€4.9m | -85.7% |
| Fixed assets | 21/28 | €3,711,061 | €338,347 | -€3.4m | -90.9% |
| Tangible fixed assets | 22/27 | €3,711,061 | €338,347 | -€3.4m | -90.9% |
| Leasing and similar rights | 25 | - | €112,464 | +€112,464 | |
| Other tangible fixed assets | 26 | - | €225,883 | +€225,883 | |
| Assets under construction and advance payments | 27 | €3,711,061 | €0 | -€3.7m | -100.0% |
| Current assets | 29/58 | €2,044,027 | €485,440 | -€1.6m | -76.3% |
| Amounts receivable within one year | 40/41 | €1,798,401 | €467,428 | -€1.3m | -74.0% |
| Trade receivables | 40 | - | €216,432 | +€216,432 | |
| Other amounts receivable | 41 | €1,798,401 | €250,996 | -€1.5m | -86.0% |
| Cash at bank and in hand | 54/58 | €240,929 | €1,088 | -€239,841 | -99.5% |
| Deferred charges and accrued income | 490/1 | €4,697 | €16,924 | +€12,228 | +260.3% |
| Total equity and liabilities | 10/49 | €5,755,087 | €823,787 | -€4.9m | -85.7% |
| Equity | 10/15 | -€9,832 | -€139,644 | -€129,811 | -1320.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€209,832 | -€339,644 | -€129,811 | -61.9% |
| Amounts payable | 17/49 | €5,764,920 | €963,431 | -€4.8m | -83.3% |
| Amounts payable after more than one year | 17 | €500,000 | €583,597 | +€83,597 | +16.7% |
| Financial debts | 170/4 | €500,000 | €583,597 | +€83,597 | +16.7% |
| Amounts payable within one year | 42/48 | €5,175,551 | €268,214 | -€4.9m | -94.8% |
| Current portion of amounts payable after more than one year | 42 | - | €22,681 | +€22,681 | |
| Financial debts | 43 | €4,654,798 | €0 | -€4.7m | -100.0% |
| Credit institutions | 430/8 | €4,654,798 | €0 | -€4.7m | -100.0% |
| Trade debts | 44 | €155,984 | €48,474 | -€107,510 | -68.9% |
| Suppliers | 440/4 | €155,984 | €48,474 | -€107,510 | -68.9% |
| Taxes, remuneration and social security | 45 | €159,769 | €197,059 | +€37,290 | +23.3% |
| Taxes | 450/3 | €159,769 | €197,059 | +€37,290 | +23.3% |
| Other amounts payable | 47/48 | €205,000 | €0 | -€205,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €89,369 | €111,620 | +€22,251 | +24.9% |
| Non-recurring operating income | 76A | - | €4,480,169 | +€4.5m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €136,735 | +€136,735 | |
| Other operating charges | 640/8 | €1,000 | €734 | -€267 | -26.6% |
| Non-recurring operating charges | 66A | - | €4,451,388 | +€4.5m | |
| Gross operating margin | 9900 | -€11,324 | €4,504,248 | +€4.5m | |
| Operating profit (loss) | 9901 | -€12,324 | -€84,609 | -€72,285 | -586.5% |
| Financial income | 75/76B | €27,181 | €18,811 | -€8,370 | -30.8% |
| Recurring financial income | 75 | €27,181 | €18,811 | -€8,370 | -30.8% |
| Financial charges | 65/66B | €224,689 | €64,013 | -€160,676 | -71.5% |
| Recurring financial charges | 65 | €224,689 | €64,013 | -€160,676 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | -€209,832 | -€129,811 | +€80,021 | +38.1% |
| Profit (loss) for the period | 9904 | -€209,832 | -€129,811 | +€80,021 | +38.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€209,832 | -€129,811 | +€80,021 | +38.1% |
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 5 October 2026 via checked.be.