Justine Ludewig: what changed
Justine Ludewig
Largest movements
- Cash +€19,527
up €19,527 (+976%), from €2,000 to €21,527
mainly Net result for the year (+€25,581) and Tax, wage and social debts (+€2,943)
- Receivables within one year +€5,685
up €5,685 (+21.7%), from €26,176 to €31,862
of which Other amounts receivable: +€4,524
- Tangible fixed assets +€2,164
new in 2025: €2,164
- Reserves +€44,830
new in 2025: €44,830
- Profit (loss) carried forward -€19,249
no longer reported in 2025 (was €19,249)
- Tax, wage and social debts +€2,943
up €2,943 (+61.1%), from €4,812 to €7,755
- Trade debts -€1,108
down €1,108 (-52.4%), from €2,115 to €1,006
- Gross operating margin +€8,670
up €8,670 (+36.0%), from €24,062 to €32,731
- Taxes +€2,012
up €2,012 (+41.8%), from €4,812 to €6,824
- Financial income +€1,108
new in 2025: €1,108
- Other operating charges +€781
new in 2025: €781
- Depreciation +€574
new in 2025: €574
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,176 | €55,592 | +€27,416 | +97.3% |
| Fixed assets | 21/28 | - | €2,164 | +€2,164 | |
| Tangible fixed assets | 22/27 | - | €2,164 | +€2,164 | |
| Plant, machinery and equipment | 23 | - | €2,164 | +€2,164 | |
| Current assets | 29/58 | €28,176 | €53,428 | +€25,251 | +89.6% |
| Amounts receivable within one year | 40/41 | €26,176 | €31,862 | +€5,685 | +21.7% |
| Trade receivables | 40 | €8,338 | €9,499 | +€1,161 | +13.9% |
| Other amounts receivable | 41 | €17,838 | €22,362 | +€4,524 | +25.4% |
| Cash at bank and in hand | 54/58 | €2,000 | €21,527 | +€19,527 | +976% |
| Deferred charges and accrued income | 490/1 | - | €39 | +€39 | |
| Total equity and liabilities | 10/49 | €28,176 | €55,592 | +€27,416 | +97.3% |
| Equity | 10/15 | €21,249 | €46,830 | +€25,581 | +120% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €44,830 | +€44,830 | |
| Distributable reserves | 133 | - | €44,830 | +€44,830 | |
| Profit (loss) carried forward | 14 | €19,249 | - | -€19,249 | |
| Amounts payable | 17/49 | €6,927 | €8,761 | +€1,834 | +26.5% |
| Amounts payable within one year | 42/48 | €6,927 | €8,761 | +€1,834 | +26.5% |
| Trade debts | 44 | €2,115 | €1,006 | -€1,108 | -52.4% |
| Suppliers | 440/4 | €2,115 | €1,006 | -€1,108 | -52.4% |
| Taxes, remuneration and social security | 45 | €4,812 | €7,755 | +€2,943 | +61.1% |
| Taxes | 450/3 | €4,812 | €7,755 | +€2,943 | +61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €574 | +€574 | |
| Other operating charges | 640/8 | - | €781 | +€781 | |
| Gross operating margin | 9900 | €24,062 | €32,731 | +€8,670 | +36.0% |
| Operating profit (loss) | 9901 | €24,062 | €31,377 | +€7,315 | +30.4% |
| Financial income | 75/76B | - | €1,108 | +€1,108 | |
| Recurring financial income | 75 | - | €1,108 | +€1,108 | |
| Financial charges | 65/66B | - | €79 | +€79 | |
| Recurring financial charges | 65 | - | €79 | +€79 | |
| Profit (loss) for the period before taxes | 9903 | €24,062 | €32,405 | +€8,344 | +34.7% |
| Income taxes | 67/77 | €4,812 | €6,824 | +€2,012 | +41.8% |
| Profit (loss) for the period | 9904 | €19,249 | €25,581 | +€6,332 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,249 | €25,581 | +€6,332 | +32.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.