ZJUST: 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.
ZJUST
Largest movements
- Stocks and contracts +€205,272
up €205,272 (+173.9%), from €118,073 to €323,345
of which Stocks: +€193,919
- Tangible fixed assets -€20,958
down €20,958 (-18.5%), from €113,125 to €92,167
- Receivables within one year -€12,412
down €12,412 (-7.3%), from €169,352 to €156,941
of which Trade receivables: -€12,621
- Other debts +€162,496
up €162,496 (+133.5%), from €121,717 to €284,212
- Debts after one year +€94,429
up €94,429 (+376.5%), from €25,081 to €119,510
- Profit (loss) carried forward -€72,615
new in 2025: -€72,615
- Reserves -€23,873
down €23,873 (-100.0%), from €23,873 to €0
- Trade debts +€20,096
up €20,096 (+16.5%), from €122,109 to €142,205
- Staff costs +€90,393
up €90,393 (+20.5%), from €440,888 to €531,281
- Gross operating margin -€28,211
down €28,211 (-5.6%), from €499,972 to €471,760
- Depreciation +€8,534
up €8,534 (+41.9%), from €20,373 to €28,907
- Taxes -€5,098
down €5,098 (-100.0%), from €5,098 to €0
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 | €438,211 | €616,569 | +€178,358 | +40.7% |
| Fixed assets | 21/28 | €122,753 | €101,282 | -€21,471 | -17.5% |
| Intangible fixed assets | 21 | €1,228 | €715 | -€513 | -41.8% |
| Tangible fixed assets | 22/27 | €113,125 | €92,167 | -€20,958 | -18.5% |
| Plant, machinery and equipment | 23 | €36,553 | €34,526 | -€2,027 | -5.5% |
| Furniture and vehicles | 24 | €38,561 | €28,625 | -€9,935 | -25.8% |
| Other tangible fixed assets | 26 | €38,011 | €29,016 | -€8,995 | -23.7% |
| Financial fixed assets | 28 | €8,400 | €8,400 | = | 0.0% |
| Current assets | 29/58 | €315,459 | €515,288 | +€199,829 | +63.3% |
| Stocks and contracts in progress | 3 | €118,073 | €323,345 | +€205,272 | +173.9% |
| Stocks | 30/36 | €26,809 | €220,728 | +€193,919 | +723.3% |
| Contracts in progress | 37 | €91,264 | €102,617 | +€11,353 | +12.4% |
| Amounts receivable within one year | 40/41 | €169,352 | €156,941 | -€12,412 | -7.3% |
| Trade receivables | 40 | €139,810 | €127,189 | -€12,621 | -9.0% |
| Other amounts receivable | 41 | €29,543 | €29,751 | +€209 | +0.7% |
| Cash at bank and in hand | 54/58 | €13,222 | €17,813 | +€4,591 | +34.7% |
| Deferred charges and accrued income | 490/1 | €14,812 | €17,189 | +€2,378 | +16.1% |
| Total equity and liabilities | 10/49 | €438,211 | €616,569 | +€178,358 | +40.7% |
| Equity | 10/15 | €28,873 | -€67,615 | -€96,488 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €23,873 | €0 | -€23,873 | -100.0% |
| Distributable reserves | 133 | €23,873 | €0 | -€23,873 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€72,615 | -€72,615 | |
| Amounts payable | 17/49 | €409,338 | €684,185 | +€274,846 | +67.1% |
| Amounts payable after more than one year | 17 | €25,081 | €119,510 | +€94,429 | +376.5% |
| Financial debts | 170/4 | €25,081 | €119,510 | +€94,429 | +376.5% |
| Amounts payable within one year | 42/48 | €383,409 | €564,124 | +€180,715 | +47.1% |
| Current portion of amounts payable after more than one year | 42 | €11,879 | €12,371 | +€492 | +4.1% |
| Financial debts | 43 | €100,000 | €95,000 | -€5,000 | -5.0% |
| Credit institutions | 430/8 | €100,000 | €95,000 | -€5,000 | -5.0% |
| Trade debts | 44 | €122,109 | €142,205 | +€20,096 | +16.5% |
| Suppliers | 440/4 | €122,109 | €142,205 | +€20,096 | +16.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €27,704 | €30,335 | +€2,632 | +9.5% |
| Taxes | 450/3 | €6,246 | €6,556 | +€310 | +5.0% |
| Remuneration and social security | 454/9 | €21,458 | €23,779 | +€2,321 | +10.8% |
| Other amounts payable | 47/48 | €121,717 | €284,212 | +€162,496 | +133.5% |
| Accrued charges and deferred income | 492/3 | €848 | €550 | -€298 | -35.1% |
| Remuneration, social security and pensions | 62 | €440,888 | €531,281 | +€90,393 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,373 | €28,907 | +€8,534 | +41.9% |
| Other operating charges | 640/8 | €1,913 | €2,559 | +€646 | +33.8% |
| Non-recurring operating charges | 66A | €14,088 | €0 | -€14,088 | -100.0% |
| Gross operating margin | 9900 | €499,972 | €471,760 | -€28,211 | -5.6% |
| Operating profit (loss) | 9901 | €22,709 | -€90,987 | -€113,696 | |
| Financial income | 75/76B | €31 | €2,446 | +€2,415 | +7791.5% |
| Recurring financial income | 75 | €31 | €2,446 | +€2,415 | +7791.5% |
| Financial charges | 65/66B | €6,870 | €7,948 | +€1,077 | +15.7% |
| Recurring financial charges | 65 | €6,870 | €7,948 | +€1,077 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €15,870 | -€96,488 | -€112,358 | |
| Income taxes | 67/77 | €5,098 | €0 | -€5,098 | -100.0% |
| Profit (loss) for the period | 9904 | €10,772 | -€96,488 | -€107,260 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,772 | -€96,488 | -€107,260 |
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 7 October 2026 via checked.be.