JUST START: 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 START
Largest movements
- Cash +€56,267
up €56,267 (+11.0%), from €510,985 to €567,252
mainly Net result for the year (+€143,425) and Other debts (+€89,949)
- Receivables within one year +€34,700
up €34,700 (+50.7%), from €68,381 to €103,081
of which Trade receivables: +€17,754
- Other debts +€89,949
up €89,949 (+11.1%), from €813,349 to €903,297
- Debts after one year -€45,989
down €45,989 (-7.8%), from €590,259 to €544,270
- Trade debts +€18,454
up €18,454 (+72.6%), from €25,435 to €43,889
- Gross operating margin -€122,204
down €122,204 (-32.6%), from €375,345 to €253,140
- Depreciation -€55,946
down €55,946 (-61.9%), from €90,380 to €34,435
- Taxes -€16,984
down €16,984 (-28.1%), from €60,550 to €43,566
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 | €1,525,493 | €1,598,914 | +€73,421 | +4.8% |
| Fixed assets | 21/28 | €940,040 | €925,981 | -€14,059 | -1.5% |
| Tangible fixed assets | 22/27 | €939,486 | €925,426 | -€14,059 | -1.5% |
| Land and buildings | 22 | €929,794 | €921,123 | -€8,671 | -0.9% |
| Plant, machinery and equipment | 23 | €3,785 | - | -€3,785 | |
| Furniture and vehicles | 24 | €4,929 | €4,304 | -€625 | -12.7% |
| Other tangible fixed assets | 26 | €978 | - | -€978 | |
| Financial fixed assets | 28 | €554 | €554 | = | 0.0% |
| Current assets | 29/58 | €585,453 | €672,934 | +€87,481 | +14.9% |
| Amounts receivable within one year | 40/41 | €68,381 | €103,081 | +€34,700 | +50.7% |
| Trade receivables | 40 | €62,586 | €80,340 | +€17,754 | +28.4% |
| Other amounts receivable | 41 | €5,795 | €22,741 | +€16,946 | +292.4% |
| Cash at bank and in hand | 54/58 | €510,985 | €567,252 | +€56,267 | +11.0% |
| Deferred charges and accrued income | 490/1 | €6,087 | €2,600 | -€3,487 | -57.3% |
| Total equity and liabilities | 10/49 | €1,525,493 | €1,598,914 | +€73,421 | +4.8% |
| Equity | 10/15 | €39,210 | €39,210 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Amounts payable | 17/49 | €1,486,283 | €1,559,704 | +€73,421 | +4.9% |
| Amounts payable after more than one year | 17 | €590,259 | €544,270 | -€45,989 | -7.8% |
| Financial debts | 170/4 | €590,259 | €544,270 | -€45,989 | -7.8% |
| Amounts payable within one year | 42/48 | €896,024 | €1,014,829 | +€118,805 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €46,152 | €45,989 | -€163 | -0.4% |
| Trade debts | 44 | €25,435 | €43,889 | +€18,454 | +72.6% |
| Suppliers | 440/4 | €25,435 | €43,889 | +€18,454 | +72.6% |
| Taxes, remuneration and social security | 45 | €11,087 | €21,653 | +€10,566 | +95.3% |
| Taxes | 450/3 | €11,087 | €21,653 | +€10,566 | +95.3% |
| Other amounts payable | 47/48 | €813,349 | €903,297 | +€89,949 | +11.1% |
| Accrued charges and deferred income | 492/3 | - | €606 | +€606 | |
| Non-recurring operating income | 76A | - | €9,252 | +€9,252 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,380 | €34,435 | -€55,946 | -61.9% |
| Other operating charges | 640/8 | €7,871 | €6,853 | -€1,017 | -12.9% |
| Gross operating margin | 9900 | €375,345 | €253,140 | -€122,204 | -32.6% |
| Operating profit (loss) | 9901 | €277,094 | €211,853 | -€65,241 | -23.5% |
| Financial income | 75/76B | - | €61 | +€61 | |
| Recurring financial income | 75 | - | €61 | +€61 | |
| Financial charges | 65/66B | €26,014 | €24,923 | -€1,091 | -4.2% |
| Recurring financial charges | 65 | €26,014 | €24,923 | -€1,091 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €251,080 | €186,990 | -€64,090 | -25.5% |
| Income taxes | 67/77 | €60,550 | €43,566 | -€16,984 | -28.1% |
| Profit (loss) for the period | 9904 | €190,530 | €143,425 | -€47,106 | -24.7% |
| Profit (loss) for the period to be appropriated | 9905 | €190,530 | €143,425 | -€47,106 | -24.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.