JUSTART: 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.
JUSTART
Largest movements
- Stocks and contracts +€83,111
up €83,111 (+23.5%), from €353,498 to €436,609
- Tangible fixed assets -€12,343
down €12,343 (-15.8%), from €78,238 to €65,895
of which Plant, machinery and equipment: -€9,158
- Intangible fixed assets -€10,000
down €10,000 (-11.1%), from €90,000 to €80,000
- Profit (loss) carried forward +€91,144
up €91,144 (+75.5%), from -€120,681 to -€29,537
- Short-term financial debts -€75,000
down €75,000 (-33.3%), from €225,000 to €150,000
- Tax, wage and social debts +€44,268
up €44,268 (+370.6%), from €11,946 to €56,214
of which Taxes: +€41,415
- Debts after one year -€40,417
down €40,417 (-12.5%), from €322,402 to €281,985
of which Financial debts: -€40,417
- Trade debts +€31,568
up €31,568 (+116.4%), from €27,114 to €58,683
- Gross operating margin +€268,043
up €268,043, from -€71,228 to €196,814
- Staff costs +€31,971
up €31,971 (+206.0%), from €15,521 to €47,492
- Financial charges +€15,804
up €15,804 (+149.3%), from €10,587 to €26,391
- Depreciation +€12,152
up €12,152 (+53.1%), from €22,898 to €35,051
- Financial income +€5,499
up €5,499 (+458.4%), from €1,199 to €6,698
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 | €561,619 | €626,238 | +€64,619 | +11.5% |
| Fixed assets | 21/28 | €168,238 | €145,895 | -€22,343 | -13.3% |
| Intangible fixed assets | 21 | €90,000 | €80,000 | -€10,000 | -11.1% |
| Tangible fixed assets | 22/27 | €78,238 | €65,895 | -€12,343 | -15.8% |
| Plant, machinery and equipment | 23 | €69,403 | €60,245 | -€9,158 | -13.2% |
| Furniture and vehicles | 24 | €8,835 | €5,650 | -€3,185 | -36.0% |
| Current assets | 29/58 | €393,380 | €480,342 | +€86,962 | +22.1% |
| Stocks and contracts in progress | 3 | €353,498 | €436,609 | +€83,111 | +23.5% |
| Stocks | 30/36 | €353,498 | €436,609 | +€83,111 | +23.5% |
| Amounts receivable within one year | 40/41 | €10,098 | €16,259 | +€6,161 | +61.0% |
| Trade receivables | 40 | €2,722 | €16,259 | +€13,536 | +497.2% |
| Other amounts receivable | 41 | €7,376 | €0 | -€7,376 | -100.0% |
| Cash at bank and in hand | 54/58 | €21,715 | €20,476 | -€1,239 | -5.7% |
| Deferred charges and accrued income | 490/1 | €8,069 | €6,999 | -€1,070 | -13.3% |
| Total equity and liabilities | 10/49 | €561,619 | €626,238 | +€64,619 | +11.5% |
| Equity | 10/15 | -€110,681 | -€19,537 | +€91,144 | +82.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€120,681 | -€29,537 | +€91,144 | +75.5% |
| Amounts payable | 17/49 | €672,299 | €645,775 | -€26,525 | -3.9% |
| Amounts payable after more than one year | 17 | €322,402 | €281,985 | -€40,417 | -12.5% |
| Financial debts | 170/4 | €142,402 | €101,985 | -€40,417 | -28.4% |
| Other amounts payable | 178/9 | €180,000 | €180,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €349,897 | €363,424 | +€13,527 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €38,590 | €40,417 | +€1,827 | +4.7% |
| Financial debts | 43 | €225,000 | €150,000 | -€75,000 | -33.3% |
| Credit institutions | 430/8 | €225,000 | €150,000 | -€75,000 | -33.3% |
| Trade debts | 44 | €27,114 | €58,683 | +€31,568 | +116.4% |
| Suppliers | 440/4 | €27,114 | €58,683 | +€31,568 | +116.4% |
| Advances received on contracts in progress | 46 | €2,950 | €0 | -€2,950 | -100.0% |
| Taxes, remuneration and social security | 45 | €11,946 | €56,214 | +€44,268 | +370.6% |
| Taxes | 450/3 | €5,650 | €47,065 | +€41,415 | +733.1% |
| Remuneration and social security | 454/9 | €6,296 | €9,149 | +€2,853 | +45.3% |
| Other amounts payable | 47/48 | €44,297 | €58,111 | +€13,814 | +31.2% |
| Accrued charges and deferred income | 492/3 | - | €365 | +€365 | |
| Remuneration, social security and pensions | 62 | €15,521 | €47,492 | +€31,971 | +206.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,898 | €35,051 | +€12,152 | +53.1% |
| Other operating charges | 640/8 | €1,646 | €3,436 | +€1,790 | +108.7% |
| Gross operating margin | 9900 | -€71,228 | €196,814 | +€268,043 | |
| Operating profit (loss) | 9901 | -€111,293 | €110,836 | +€222,130 | |
| Financial income | 75/76B | €1,199 | €6,698 | +€5,499 | +458.4% |
| Recurring financial income | 75 | €1,199 | €6,698 | +€5,499 | +458.4% |
| Financial charges | 65/66B | €10,587 | €26,391 | +€15,804 | +149.3% |
| Recurring financial charges | 65 | €10,587 | €26,391 | +€15,804 | +149.3% |
| Profit (loss) for the period before taxes | 9903 | -€120,681 | €91,144 | +€211,825 | |
| Profit (loss) for the period | 9904 | -€120,681 | €91,144 | +€211,825 | |
| Profit (loss) for the period to be appropriated | 9905 | -€120,681 | €91,144 | +€211,825 |
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 9 October 2026 via checked.be.