JUSTIFY: 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.
JUSTIFY
Largest movements
- Tangible fixed assets +€61,845
up €61,845 (+1062.5%), from €5,821 to €67,665
of which Leasing and similar rights: +€53,666
- Current investments +€60,000
new in 2025: €60,000
- Cash +€51,676
up €51,676 (+43.2%), from €119,605 to €171,281
mainly Net result for the year (+€196,418) and Debts after one year (+€44,522)
- Reserves +€196,418
up €196,418 (+100.0%), from €196,437 to €392,855
- Other debts -€61,760
down €61,760 (-84.4%), from €73,138 to €11,379
- Debts after one year +€44,522
up €44,522 (+25.4%), from €175,474 to €219,996
- Tax, wage and social debts -€15,495
down €15,495 (-50.8%), from €30,474 to €14,980
of which Taxes: -€15,475
- Current portion of long-term debt +€9,939
up €9,939 (+25.4%), from €39,076 to €49,015
- Gross operating margin -€36,036
down €36,036 (-24.7%), from €145,694 to €109,658
- Financial income +€25,000
up €25,000 (+25.0%), from €100,000 to €125,000
- Taxes -€19,300
down €19,300 (-51.9%), from €37,165 to €17,865
- Depreciation +€8,119
up €8,119 (+503.9%), from €1,611 to €9,731
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 | €519,172 | €692,692 | +€173,520 | +33.4% |
| Fixed assets | 21/28 | €384,442 | €446,286 | +€61,845 | +16.1% |
| Tangible fixed assets | 22/27 | €5,821 | €67,665 | +€61,845 | +1062.5% |
| Furniture and vehicles | 24 | €2,634 | €5,908 | +€3,274 | +124.3% |
| Leasing and similar rights | 25 | - | €53,666 | +€53,666 | |
| Other tangible fixed assets | 26 | €3,186 | €8,091 | +€4,905 | +153.9% |
| Financial fixed assets | 28 | €378,621 | €378,621 | = | 0.0% |
| Current assets | 29/58 | €134,730 | €246,406 | +€111,676 | +82.9% |
| Amounts receivable within one year | 40/41 | €15,125 | €15,125 | = | 0.0% |
| Trade receivables | 40 | €15,125 | €15,125 | = | 0.0% |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €119,605 | €171,281 | +€51,676 | +43.2% |
| Total equity and liabilities | 10/49 | €519,172 | €692,692 | +€173,520 | +33.4% |
| Equity | 10/15 | €198,937 | €395,355 | +€196,418 | +98.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €196,437 | €392,855 | +€196,418 | +100.0% |
| Distributable reserves | 133 | €196,437 | €392,855 | +€196,418 | +100.0% |
| Amounts payable | 17/49 | €320,236 | €297,338 | -€22,898 | -7.2% |
| Amounts payable after more than one year | 17 | €175,474 | €219,996 | +€44,522 | +25.4% |
| Financial debts | 170/4 | €175,474 | €219,996 | +€44,522 | +25.4% |
| Amounts payable within one year | 42/48 | €143,397 | €76,691 | -€66,705 | -46.5% |
| Current portion of amounts payable after more than one year | 42 | €39,076 | €49,015 | +€9,939 | +25.4% |
| Trade debts | 44 | €708 | €1,318 | +€610 | +86.1% |
| Suppliers | 440/4 | €708 | €1,318 | +€610 | +86.1% |
| Taxes, remuneration and social security | 45 | €30,474 | €14,980 | -€15,495 | -50.8% |
| Taxes | 450/3 | €27,355 | €11,880 | -€15,475 | -56.6% |
| Remuneration and social security | 454/9 | €3,120 | €3,100 | -€20 | -0.6% |
| Other amounts payable | 47/48 | €73,138 | €11,379 | -€61,760 | -84.4% |
| Accrued charges and deferred income | 492/3 | €1,365 | €650 | -€715 | -52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,611 | €9,731 | +€8,119 | +503.9% |
| Other operating charges | 640/8 | €752 | €1,668 | +€916 | +121.9% |
| Gross operating margin | 9900 | €145,694 | €109,658 | -€36,036 | -24.7% |
| Operating profit (loss) | 9901 | €143,332 | €98,260 | -€45,072 | -31.4% |
| Financial income | 75/76B | €100,000 | €125,000 | +€25,000 | +25.0% |
| Recurring financial income | 75 | €100,000 | €125,000 | +€25,000 | +25.0% |
| Financial charges | 65/66B | €9,730 | €8,977 | -€753 | -7.7% |
| Recurring financial charges | 65 | €9,730 | €8,977 | -€753 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €233,602 | €214,283 | -€19,319 | -8.3% |
| Income taxes | 67/77 | €37,165 | €17,865 | -€19,300 | -51.9% |
| Profit (loss) for the period | 9904 | €196,437 | €196,418 | -€19 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €196,437 | €196,418 | -€19 | 0.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.