JUST RIGHTS: what changed
Two financial 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 RIGHTS
Largest movements
- Receivables within one year -€43,922
down €43,922 (-16.0%), from €274,159 to €230,237
of which Trade receivables: -€45,776
- Tangible fixed assets -€35,226
down €35,226 (-2.0%), from €1.8m to €1.7m
of which Land and buildings: -€36,519
- Debts after one year -€129,631
down €129,631 (-5.1%), from €2.5m to €2.4m
- Current portion of long-term debt +€71,460
up €71,460 (+66.8%), from €106,994 to €178,454
- Short-term financial debts -€58,659
no longer reported in 2025 (was €58,659)
- Profit (loss) carried forward +€47,532
up €47,532 (+79.0%), from -€60,175 to -€12,643
- Gross operating margin -€134,512
down €134,512 (-43.4%), from €309,835 to €175,323
- Other operating charges -€111,881
down €111,881 (-88.7%), from €126,125 to €14,244
- Financial charges -€54,477
down €54,477 (-45.5%), from €119,729 to €65,251
- Staff costs +€9,439
new in 2025: €9,439
- Taxes +€6,790
up €6,790, from -€4,639 to €2,151
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.
Derived cash bridge
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 | €2,919,483 | €2,857,037 | -€62,446 | -2.1% |
| Fixed assets | 21/28 | €1,782,707 | €1,747,481 | -€35,226 | -2.0% |
| Tangible fixed assets | 22/27 | €1,782,707 | €1,747,481 | -€35,226 | -2.0% |
| Land and buildings | 22 | €1,782,707 | €1,746,188 | -€36,519 | -2.0% |
| Plant, machinery and equipment | 23 | - | €1,293 | +€1,293 | |
| Current assets | 29/58 | €1,136,776 | €1,109,556 | -€27,220 | -2.4% |
| Stocks and contracts in progress | 3 | €861,777 | €861,777 | = | 0.0% |
| Stocks | 30/36 | €861,777 | €861,777 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €274,159 | €230,237 | -€43,922 | -16.0% |
| Trade receivables | 40 | €274,159 | €228,384 | -€45,776 | -16.7% |
| Other amounts receivable | 41 | - | €1,854 | +€1,854 | |
| Cash at bank and in hand | 54/58 | €35 | €11,238 | +€11,203 | +31,737% |
| Deferred charges and accrued income | 490/1 | €804 | €6,304 | +€5,499 | +684% |
| Total equity and liabilities | 10/49 | €2,919,483 | €2,857,037 | -€62,446 | -2.1% |
| Equity | 10/15 | €143,650 | €191,182 | +€47,532 | +33.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €198,825 | €198,825 | = | 0.0% |
| Distributable reserves | 133 | €198,825 | €198,825 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,175 | -€12,643 | +€47,532 | +79.0% |
| Amounts payable | 17/49 | €2,775,833 | €2,665,855 | -€109,977 | -4.0% |
| Amounts payable after more than one year | 17 | €2,549,954 | €2,420,323 | -€129,631 | -5.1% |
| Financial debts | 170/4 | €2,549,954 | €2,420,323 | -€129,631 | -5.1% |
| Amounts payable within one year | 42/48 | €225,879 | €245,533 | +€19,654 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €106,994 | €178,454 | +€71,460 | +66.8% |
| Financial debts | 43 | €58,659 | - | -€58,659 | |
| Credit institutions | 430/8 | €58,659 | - | -€58,659 | |
| Trade debts | 44 | €31,818 | €35,401 | +€3,583 | +11.3% |
| Suppliers | 440/4 | €31,818 | €35,401 | +€3,583 | +11.3% |
| Advances received on contracts in progress | 46 | €21,073 | €21,010 | -€63 | -0.3% |
| Taxes, remuneration and social security | 45 | €6,355 | €10,340 | +€3,985 | +62.7% |
| Taxes | 450/3 | €6,355 | €5,410 | -€945 | -14.9% |
| Remuneration and social security | 454/9 | - | €4,930 | +€4,930 | |
| Other amounts payable | 47/48 | €980 | €328 | -€652 | -66.5% |
| Remuneration, social security and pensions | 62 | - | €9,439 | +€9,439 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,519 | €36,706 | +€186 | +0.5% |
| Other operating charges | 640/8 | €126,125 | €14,244 | -€111,881 | -88.7% |
| Gross operating margin | 9900 | €309,835 | €175,323 | -€134,512 | -43.4% |
| Operating profit (loss) | 9901 | €147,191 | €114,934 | -€32,257 | -21.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €119,729 | €65,251 | -€54,477 | -45.5% |
| Recurring financial charges | 65 | €119,729 | €65,251 | -€54,477 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | €27,463 | €49,683 | +€22,220 | +80.9% |
| Income taxes | 67/77 | -€4,639 | €2,151 | +€6,790 | |
| Profit (loss) for the period | 9904 | €32,102 | €47,532 | +€15,430 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,102 | €47,532 | +€15,430 | +48.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.