JUSTINE: 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.
JUSTINE
Largest movements
- Cash +€27,002
up €27,002 (+198%), from €13,632 to €40,634
mainly Net result for the year (+€36,434) and Depreciation (+€6,531)
- Tangible fixed assets -€3,031
down €3,031 (-14.9%), from €20,284 to €17,253
of which Furniture and vehicles: -€5,806
- Receivables within one year +€2,605
up €2,605 (+23.1%), from €11,276 to €13,881
of which Trade receivables: +€1,707
- Profit (loss) carried forward +€36,434
up €36,434 (+13.9%), from -€262,529 to -€226,094
- Contributions +€18,600
up €18,600, from €0 to €18,600
- Reserves -€18,600
no longer reported in 2025 (was €18,600)
- Trade debts -€4,896
down €4,896 (-54.2%), from €9,032 to €4,136
- Other debts -€2,698
down €2,698 (-1.0%), from €277,693 to €274,995
- Gross operating margin +€16,743
up €16,743 (+59.5%), from €28,125 to €44,868
- Depreciation -€3,115
down €3,115 (-32.3%), from €9,647 to €6,531
- Other operating charges +€555
up €555 (+58.1%), from €955 to €1,510
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 | €45,193 | €71,768 | +€26,575 | +58.8% |
| Fixed assets | 21/28 | €20,284 | €17,253 | -€3,031 | -14.9% |
| Tangible fixed assets | 22/27 | €20,284 | €17,253 | -€3,031 | -14.9% |
| Land and buildings | 22 | €7,457 | €7,368 | -€89 | -1.2% |
| Plant, machinery and equipment | 23 | €833 | €3,696 | +€2,863 | +344% |
| Furniture and vehicles | 24 | €11,994 | €6,189 | -€5,806 | -48.4% |
| Current assets | 29/58 | €24,908 | €54,515 | +€29,607 | +119% |
| Amounts receivable within one year | 40/41 | €11,276 | €13,881 | +€2,605 | +23.1% |
| Trade receivables | 40 | €11,106 | €12,813 | +€1,707 | +15.4% |
| Other amounts receivable | 41 | €171 | €1,068 | +€897 | +526% |
| Cash at bank and in hand | 54/58 | €13,632 | €40,634 | +€27,002 | +198% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €45,193 | €71,768 | +€26,575 | +58.8% |
| Equity | 10/15 | -€243,929 | -€207,494 | +€36,434 | +14.9% |
| Contributions | 10/11 | €0 | €18,600 | +€18,600 | |
| Reserves | 13 | €18,600 | - | -€18,600 | |
| Distributable reserves | 133 | €18,600 | - | -€18,600 | |
| Profit (loss) carried forward | 14 | -€262,529 | -€226,094 | +€36,434 | +13.9% |
| Amounts payable | 17/49 | €289,121 | €279,263 | -€9,859 | -3.4% |
| Amounts payable within one year | 42/48 | €289,121 | €279,263 | -€9,859 | -3.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €9,032 | €4,136 | -€4,896 | -54.2% |
| Suppliers | 440/4 | €9,032 | €4,136 | -€4,896 | -54.2% |
| Taxes, remuneration and social security | 45 | €2,396 | €132 | -€2,265 | -94.5% |
| Taxes | 450/3 | €2,396 | €132 | -€2,265 | -94.5% |
| Other amounts payable | 47/48 | €277,693 | €274,995 | -€2,698 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,647 | €6,531 | -€3,115 | -32.3% |
| Other operating charges | 640/8 | €955 | €1,510 | +€555 | +58.1% |
| Gross operating margin | 9900 | €28,125 | €44,868 | +€16,743 | +59.5% |
| Operating profit (loss) | 9901 | €17,524 | €36,827 | +€19,303 | +110% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €110 | €182 | +€71 | +64.8% |
| Recurring financial charges | 65 | €110 | €182 | +€71 | +64.8% |
| Profit (loss) for the period before taxes | 9903 | €17,413 | €36,645 | +€19,232 | +110% |
| Income taxes | 67/77 | €469 | €211 | -€258 | -55.0% |
| Profit (loss) for the period | 9904 | €16,944 | €36,434 | +€19,490 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €16,944 | €36,434 | +€19,490 | +115% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.