JUSTIE: 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.
JUSTIE
Largest movements
- Stocks and contracts +€139,740
up €139,740 (+4,003%), from €3,491 to €143,231
- Tangible fixed assets -€76,347
down €76,347 (-31.0%), from €246,153 to €169,806
of which Plant, machinery and equipment: -€44,087
- Receivables within one year +€17,008
up €17,008 (+24.5%), from €69,280 to €86,288
of which Other amounts receivable: +€15,167
- Cash +€10,520
up €10,520 (+6.4%), from €165,248 to €175,768
mainly Trade debts (+€108,098) and Depreciation (+€103,420)
- Trade debts +€108,098
up €108,098 (+358%), from €30,216 to €138,314
- Reserves +€24,684
up €24,684 (+7.8%), from €316,065 to €340,749
of which Distributable reserves: +€41,031
- Debts after one year -€23,373
down €23,373 (-52.6%), from €44,402 to €21,028
- Tax, wage and social debts -€13,866
down €13,866 (-25.9%), from €53,638 to €39,772
of which Taxes: -€13,429
- Gross operating margin +€33,896
up €33,896 (+15.3%), from €221,770 to €255,666
- Staff costs +€6,772
up €6,772 (+14.9%), from €45,413 to €52,185
- Taxes +€5,328
up €5,328 (+15.4%), from €34,633 to €39,961
- Financial income -€3,461
down €3,461 (-28.0%), from €12,347 to €8,886
of which Non-recurring financial income: -€2,258
- Depreciation +€3,198
up €3,198 (+3.2%), from €100,222 to €103,420
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 | €489,423 | €579,516 | +€90,093 | +18.4% |
| Fixed assets | 21/28 | €246,153 | €169,806 | -€76,347 | -31.0% |
| Tangible fixed assets | 22/27 | €246,153 | €169,806 | -€76,347 | -31.0% |
| Land and buildings | 22 | €22,116 | €24,345 | +€2,229 | +10.1% |
| Plant, machinery and equipment | 23 | €150,542 | €106,455 | -€44,087 | -29.3% |
| Furniture and vehicles | 24 | €73,496 | €39,006 | -€34,490 | -46.9% |
| Current assets | 29/58 | €243,270 | €409,710 | +€166,440 | +68.4% |
| Stocks and contracts in progress | 3 | €3,491 | €143,231 | +€139,740 | +4,003% |
| Stocks | 30/36 | €3,491 | €143,231 | +€139,740 | +4,003% |
| Amounts receivable within one year | 40/41 | €69,280 | €86,288 | +€17,008 | +24.5% |
| Trade receivables | 40 | €28 | €1,869 | +€1,841 | +6,483% |
| Other amounts receivable | 41 | €69,252 | €84,419 | +€15,167 | +21.9% |
| Cash at bank and in hand | 54/58 | €165,248 | €175,768 | +€10,520 | +6.4% |
| Deferred charges and accrued income | 490/1 | €5,250 | €4,423 | -€827 | -15.8% |
| Total equity and liabilities | 10/49 | €489,423 | €579,516 | +€90,093 | +18.4% |
| Equity | 10/15 | €326,896 | €351,579 | +€24,684 | +7.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €316,065 | €340,749 | +€24,684 | +7.8% |
| Tax-exempt reserves | 132 | €32,695 | €16,347 | -€16,347 | -50.0% |
| Distributable reserves | 133 | €283,370 | €324,401 | +€41,031 | +14.5% |
| Profit (loss) carried forward | 14 | -€9,630 | -€9,630 | = | 0.0% |
| Provisions and deferred taxes | 16 | €10,898 | €5,449 | -€5,449 | -50.0% |
| Deferred taxes | 168 | €10,898 | €5,449 | -€5,449 | -50.0% |
| Amounts payable | 17/49 | €151,629 | €222,488 | +€70,858 | +46.7% |
| Amounts payable after more than one year | 17 | €44,402 | €21,028 | -€23,373 | -52.6% |
| Financial debts | 170/4 | €44,402 | €21,028 | -€23,373 | -52.6% |
| Amounts payable within one year | 42/48 | €107,228 | €201,459 | +€94,232 | +87.9% |
| Current portion of amounts payable after more than one year | 42 | €23,373 | €23,373 | = | 0.0% |
| Trade debts | 44 | €30,216 | €138,314 | +€108,098 | +358% |
| Suppliers | 440/4 | €30,216 | €138,314 | +€108,098 | +358% |
| Taxes, remuneration and social security | 45 | €53,638 | €39,772 | -€13,866 | -25.9% |
| Taxes | 450/3 | €53,201 | €39,772 | -€13,429 | -25.2% |
| Remuneration and social security | 454/9 | €437 | - | -€437 | |
| Remuneration, social security and pensions | 62 | €45,413 | €52,185 | +€6,772 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,222 | €103,420 | +€3,198 | +3.2% |
| Other operating charges | 640/8 | €5,360 | €6,944 | +€1,584 | +29.6% |
| Gross operating margin | 9900 | €221,770 | €255,666 | +€33,896 | +15.3% |
| Operating profit (loss) | 9901 | €70,775 | €93,117 | +€22,342 | +31.6% |
| Financial income | 75/76B | €12,347 | €8,886 | -€3,461 | -28.0% |
| Recurring financial income | 75 | €8,314 | €7,111 | -€1,203 | -14.5% |
| Non-recurring financial income | 76B | €4,033 | €1,775 | -€2,258 | -56.0% |
| Financial charges | 65/66B | €1,350 | €627 | -€722 | -53.5% |
| Recurring financial charges | 65 | €1,350 | €627 | -€722 | -53.5% |
| Non-recurring financial charges | 66B | €1,350 | - | -€1,350 | |
| Profit (loss) for the period before taxes | 9903 | €81,772 | €101,375 | +€19,603 | +24.0% |
| Transfer from deferred taxes | 780 | €5,449 | €5,449 | = | 0.0% |
| Income taxes | 67/77 | €34,633 | €39,961 | +€5,328 | +15.4% |
| Profit (loss) for the period | 9904 | €52,588 | €66,863 | +€14,275 | +27.1% |
| Transfer from tax-exempt reserves | 789 | €16,347 | €16,347 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,936 | €83,211 | +€14,275 | +20.7% |
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 25 October 2026 via checked.be.