JUST IMMO: 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 IMMO
Largest movements
- Financial fixed assets +€558,103
up €558,103 (+744.1%), from €75,000 to €633,103
- Tangible fixed assets -€81,663
down €81,663 (-10.3%), from €789,777 to €708,113
of which Land and buildings: -€72,629
- Cash -€24,102
down €24,102 (-57.0%), from €42,270 to €18,169
mainly Investment in fixed assets (net) (-€558,103) and Receivables within one year (-€13,541)
- Debts after one year +€438,035
up €438,035 (+75.7%), from €578,771 to €1.0m
of which Financial debts: +€471,252
- Current portion of long-term debt +€27,981
up €27,981 (+75.1%), from €37,279 to €65,261
- Financial charges +€14,433
up €14,433 (+372.2%), from €3,878 to €18,311
- Gross operating margin +€11,358
up €11,358 (+10.6%), from €106,711 to €118,069
- Write-downs +€8,912
new in 2025: €8,912
- Depreciation -€6,225
down €6,225 (-7.1%), from €87,889 to €81,663
- Taxes -€3,267
down €3,267 (-53.8%), from €6,069 to €2,803
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 | €1,031,317 | €1,495,662 | +€464,345 | +45.0% |
| Fixed assets | 21/28 | €864,777 | €1,341,216 | +€476,440 | +55.1% |
| Tangible fixed assets | 22/27 | €789,777 | €708,113 | -€81,663 | -10.3% |
| Land and buildings | 22 | €774,993 | €702,364 | -€72,629 | -9.4% |
| Plant, machinery and equipment | 23 | €252 | €42 | -€210 | -83.3% |
| Furniture and vehicles | 24 | €14,532 | €5,707 | -€8,825 | -60.7% |
| Financial fixed assets | 28 | €75,000 | €633,103 | +€558,103 | +744.1% |
| Current assets | 29/58 | €166,540 | €154,445 | -€12,095 | -7.3% |
| Stocks and contracts in progress | 3 | €1,500 | €500 | -€1,000 | -66.7% |
| Stocks | 30/36 | €1,500 | €500 | -€1,000 | -66.7% |
| Amounts receivable within one year | 40/41 | €28,055 | €41,595 | +€13,541 | +48.3% |
| Trade receivables | 40 | €28,055 | €41,595 | +€13,541 | +48.3% |
| Current investments | 50/53 | €91,598 | €92,294 | +€696 | +0.8% |
| Cash at bank and in hand | 54/58 | €42,270 | €18,169 | -€24,102 | -57.0% |
| Deferred charges and accrued income | 490/1 | €3,117 | €1,887 | -€1,230 | -39.5% |
| Total equity and liabilities | 10/49 | €1,031,317 | €1,495,662 | +€464,345 | +45.0% |
| Equity | 10/15 | €400,517 | €397,506 | -€3,010 | -0.8% |
| Contributions | 10/11 | €111,552 | €111,552 | = | 0.0% |
| Capital | 10 | €111,552 | €111,552 | = | 0.0% |
| Issued capital | 100 | €111,552 | €111,552 | = | 0.0% |
| Revaluation surpluses | 12 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €131,404 | €131,404 | = | 0.0% |
| Non-distributable reserves | 130/1 | €94,171 | €94,171 | = | 0.0% |
| Legal reserve | 130 | €5,571 | €5,571 | = | 0.0% |
| Own shares acquired | 1312 | €88,600 | €88,600 | = | 0.0% |
| Distributable reserves | 133 | €37,233 | €37,233 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€167,439 | -€170,450 | -€3,010 | -1.8% |
| Amounts payable | 17/49 | €630,800 | €1,098,155 | +€467,355 | +74.1% |
| Amounts payable after more than one year | 17 | €578,771 | €1,016,806 | +€438,035 | +75.7% |
| Financial debts | 170/4 | €200,942 | €672,195 | +€471,252 | +234.5% |
| Other amounts payable | 178/9 | €377,829 | €344,611 | -€33,217 | -8.8% |
| Amounts payable within one year | 42/48 | €49,667 | €81,349 | +€31,682 | +63.8% |
| Current portion of amounts payable after more than one year | 42 | €37,279 | €65,261 | +€27,981 | +75.1% |
| Trade debts | 44 | €6,227 | €6,032 | -€195 | -3.1% |
| Suppliers | 440/4 | €6,227 | €6,032 | -€195 | -3.1% |
| Taxes, remuneration and social security | 45 | €5,528 | €9,390 | +€3,862 | +69.9% |
| Taxes | 450/3 | €5,528 | €8,365 | +€2,837 | +51.3% |
| Remuneration and social security | 454/9 | - | €1,025 | +€1,025 | |
| Other amounts payable | 47/48 | €633 | €667 | +€34 | +5.4% |
| Accrued charges and deferred income | 492/3 | €2,362 | - | -€2,362 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,889 | €81,663 | -€6,225 | -7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,912 | +€8,912 | |
| Other operating charges | 640/8 | €8,187 | €9,390 | +€1,203 | +14.7% |
| Gross operating margin | 9900 | €106,711 | €118,069 | +€11,358 | +10.6% |
| Operating profit (loss) | 9901 | €10,636 | €18,104 | +€7,468 | +70.2% |
| Financial charges | 65/66B | €3,878 | €18,311 | +€14,433 | +372.2% |
| Recurring financial charges | 65 | €3,878 | €18,311 | +€14,433 | +372.2% |
| Profit (loss) for the period before taxes | 9903 | €6,757 | -€207 | -€6,965 | |
| Income taxes | 67/77 | €6,069 | €2,803 | -€3,267 | -53.8% |
| Profit (loss) for the period | 9904 | €688 | -€3,010 | -€3,698 | |
| Profit (loss) for the period to be appropriated | 9905 | €688 | -€3,010 | -€3,698 |
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 3 October 2026 via checked.be.