JUST WAVE: 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 WAVE
Largest movements
- Cash -€34,574
down €34,574 (-46.4%), from €74,499 to €39,925
mainly Contributions, distributions and other (-€112,186) and Tax, wage and social debts (-€24,124)
- Tangible fixed assets +€2,573
up €2,573 (+35.8%), from €7,194 to €9,767
of which Furniture and vehicles: +€2,705
- Receivables within one year +€2,202
up €2,202 (+11.3%), from €19,494 to €21,696
of which Trade receivables: +€2,215
- Reserves -€57,506
down €57,506 (-100%), from €57,506 to €0
- Other debts +€52,456
up €52,456 (+432%), from €12,135 to €64,592
- Tax, wage and social debts -€24,124
down €24,124 (-84.7%), from €28,479 to €4,354
of which Taxes: -€21,352
- Gross operating margin +€4,395
up €4,395 (+6.3%), from €69,788 to €74,183
- Depreciation +€780
up €780 (+25.0%), from €3,115 to €3,895
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 | €102,476 | €73,352 | -€29,124 | -28.4% |
| Fixed assets | 21/28 | €7,194 | €9,767 | +€2,573 | +35.8% |
| Tangible fixed assets | 22/27 | €7,194 | €9,767 | +€2,573 | +35.8% |
| Furniture and vehicles | 24 | €6,276 | €8,981 | +€2,705 | +43.1% |
| Other tangible fixed assets | 26 | €919 | €787 | -€132 | -14.3% |
| Current assets | 29/58 | €95,282 | €63,585 | -€31,697 | -33.3% |
| Amounts receivable within one year | 40/41 | €19,494 | €21,696 | +€2,202 | +11.3% |
| Trade receivables | 40 | €13,250 | €15,465 | +€2,215 | +16.7% |
| Other amounts receivable | 41 | €6,244 | €6,231 | -€13 | -0.2% |
| Cash at bank and in hand | 54/58 | €74,499 | €39,925 | -€34,574 | -46.4% |
| Deferred charges and accrued income | 490/1 | €1,289 | €1,963 | +€674 | +52.3% |
| Total equity and liabilities | 10/49 | €102,476 | €73,352 | -€29,124 | -28.4% |
| Equity | 10/15 | €60,006 | €2,500 | -€57,506 | -95.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €57,506 | €0 | -€57,506 | -100% |
| Distributable reserves | 133 | €57,506 | €0 | -€57,506 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,470 | €70,852 | +€28,382 | +66.8% |
| Amounts payable within one year | 42/48 | €42,470 | €70,852 | +€28,382 | +66.8% |
| Financial debts | 43 | €74 | €67 | -€6 | -8.3% |
| Credit institutions | 430/8 | €74 | €67 | -€6 | -8.3% |
| Trade debts | 44 | €1,782 | €1,838 | +€56 | +3.2% |
| Suppliers | 440/4 | €1,782 | €1,838 | +€56 | +3.2% |
| Taxes, remuneration and social security | 45 | €28,479 | €4,354 | -€24,124 | -84.7% |
| Taxes | 450/3 | €25,706 | €4,354 | -€21,352 | -83.1% |
| Remuneration and social security | 454/9 | €2,772 | €0 | -€2,772 | -100% |
| Other amounts payable | 47/48 | €12,135 | €64,592 | +€52,456 | +432% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,115 | €3,895 | +€780 | +25.0% |
| Other operating charges | 640/8 | €647 | €825 | +€177 | +27.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €69,788 | €74,183 | +€4,395 | +6.3% |
| Operating profit (loss) | 9901 | €66,026 | €69,463 | +€3,438 | +5.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €257 | €287 | +€30 | +11.7% |
| Recurring financial charges | 65 | €257 | €287 | +€30 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €65,768 | €69,176 | +€3,408 | +5.2% |
| Income taxes | 67/77 | €13,769 | €14,496 | +€727 | +5.3% |
| Profit (loss) for the period | 9904 | €52,000 | €54,680 | +€2,680 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €52,000 | €54,680 | +€2,680 | +5.2% |
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 14 October 2026 via checked.be.