JUSTIN: 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.
JUSTIN
Largest movements
- Receivables within one year -€23,888
no longer reported in 2025 (was €23,888)
of which Other amounts receivable: -€22,814
- Stocks and contracts -€6,289
down €6,289 (-46.1%), from €13,639 to €7,350
- Cash +€5,994
up €5,994 (+183.9%), from €3,260 to €9,254
mainly Receivables within one year (+€23,888) and Depreciation (+€6,381)
- Tangible fixed assets -€5,651
down €5,651 (-2.1%), from €265,992 to €260,341
of which Furniture and vehicles: -€5,438
- Profit (loss) carried forward -€15,660
new in 2025: -€15,660
- Tax, wage and social debts -€15,220
down €15,220 (-27.3%), from €55,768 to €40,547
- Other debts +€6,363
new in 2025: €6,363
- Debts after one year -€5,544
down €5,544 (-49.5%), from €11,199 to €5,655
- Taxes -€39,960
down €39,960 (-99.3%), from €40,256 to €296
- Gross operating margin -€6,171
down €6,171 (-436.8%), from -€1,413 to -€7,584
- Other operating charges -€569
down €569 (-36.2%), from €1,574 to €1,005
- Depreciation +€243
up €243 (+4.0%), from €6,138 to €6,381
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 | €367,399 | €338,247 | -€29,151 | -7.9% |
| Fixed assets | 21/28 | €266,240 | €260,589 | -€5,651 | -2.1% |
| Tangible fixed assets | 22/27 | €265,992 | €260,341 | -€5,651 | -2.1% |
| Land and buildings | 22 | €250,130 | €249,431 | -€700 | -0.3% |
| Plant, machinery and equipment | 23 | - | €487 | +€487 | |
| Furniture and vehicles | 24 | €15,862 | €10,423 | -€5,438 | -34.3% |
| Financial fixed assets | 28 | €248 | €248 | = | 0.0% |
| Current assets | 29/58 | €101,159 | €77,659 | -€23,500 | -23.2% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €13,639 | €7,350 | -€6,289 | -46.1% |
| Stocks | 30/36 | €13,639 | €7,350 | -€6,289 | -46.1% |
| Amounts receivable within one year | 40/41 | €23,888 | - | -€23,888 | |
| Trade receivables | 40 | €1,074 | - | -€1,074 | |
| Other amounts receivable | 41 | €22,814 | - | -€22,814 | |
| Cash at bank and in hand | 54/58 | €3,260 | €9,254 | +€5,994 | +183.9% |
| Deferred charges and accrued income | 490/1 | €372 | €1,054 | +€683 | +183.7% |
| Total equity and liabilities | 10/49 | €367,399 | €338,247 | -€29,151 | -7.9% |
| Equity | 10/15 | €294,996 | €279,336 | -€15,660 | -5.3% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €171,049 | €171,049 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €158,654 | €158,654 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€15,660 | -€15,660 | |
| Amounts payable | 17/49 | €72,403 | €58,911 | -€13,491 | -18.6% |
| Amounts payable after more than one year | 17 | €11,199 | €5,655 | -€5,544 | -49.5% |
| Financial debts | 170/4 | €11,199 | €5,655 | -€5,544 | -49.5% |
| Amounts payable within one year | 42/48 | €61,204 | €53,257 | -€7,947 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €5,436 | €5,544 | +€108 | +2.0% |
| Trade debts | 44 | - | €801 | +€801 | |
| Suppliers | 440/4 | - | €801 | +€801 | |
| Taxes, remuneration and social security | 45 | €55,768 | €40,547 | -€15,220 | -27.3% |
| Taxes | 450/3 | €55,768 | €40,547 | -€15,220 | -27.3% |
| Other amounts payable | 47/48 | - | €6,363 | +€6,363 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,138 | €6,381 | +€243 | +4.0% |
| Other operating charges | 640/8 | €1,574 | €1,005 | -€569 | -36.2% |
| Gross operating margin | 9900 | -€1,413 | -€7,584 | -€6,171 | -436.8% |
| Operating profit (loss) | 9901 | -€9,125 | -€14,970 | -€5,845 | -64.1% |
| Financial income | 75/76B | €17 | - | -€17 | |
| Recurring financial income | 75 | €17 | - | -€17 | |
| Financial charges | 65/66B | €441 | €394 | -€48 | -10.8% |
| Recurring financial charges | 65 | €441 | €394 | -€48 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | -€9,549 | -€15,364 | -€5,814 | -60.9% |
| Transfer from deferred taxes | 780 | €31,720 | - | -€31,720 | |
| Income taxes | 67/77 | €40,256 | €296 | -€39,960 | -99.3% |
| Profit (loss) for the period | 9904 | -€18,086 | -€15,660 | +€2,426 | +13.4% |
| Transfer from tax-exempt reserves | 789 | €95,159 | - | -€95,159 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,074 | -€15,660 | -€92,734 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.