JUDY: 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.
JUDY
Largest movements
- Receivables within one year +€58,789
up €58,789 (+82.8%), from €71,008 to €129,797
of which Other amounts receivable: +€73,789
- Cash -€45,300
down €45,300 (-51.0%), from €88,814 to €43,514
mainly Receivables within one year (-€58,789) and Debts after one year (-€21,980)
- Tangible fixed assets -€20,766
down €20,766 (-2.0%), from €1.0m to €1.0m
of which Land and buildings: -€21,037
- Trade debts +€26,814
up €26,814 (+355%), from €7,551 to €34,365
- Debts after one year -€21,980
down €21,980 (-5.8%), from €382,014 to €360,034
- Profit (loss) carried forward +€20,245
up €20,245 (+8.4%), from €242,341 to €262,586
- Other debts -€16,811
down €16,811 (-65.9%), from €25,502 to €8,690
- Other operating charges +€31,397
up €31,397 (+393%), from €7,998 to €39,394
- Provisions -€12,673
down €12,673, from €6,600 to -€6,073
- Taxes -€5,635
down €5,635 (-53.6%), from €10,504 to €4,869
- Gross operating margin -€5,230
down €5,230 (-5.0%), from €105,090 to €99,860
- Depreciation -€2,200
down €2,200 (-5.7%), from €38,741 to €36,542
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 | €1,193,889 | €1,186,980 | -€6,909 | -0.6% |
| Fixed assets | 21/28 | €1,029,102 | €1,008,336 | -€20,766 | -2.0% |
| Tangible fixed assets | 22/27 | €1,029,102 | €1,008,336 | -€20,766 | -2.0% |
| Land and buildings | 22 | €1,013,254 | €992,217 | -€21,037 | -2.1% |
| Plant, machinery and equipment | 23 | €15,847 | €16,119 | +€271 | +1.7% |
| Current assets | 29/58 | €164,787 | €178,644 | +€13,857 | +8.4% |
| Amounts receivable within one year | 40/41 | €71,008 | €129,797 | +€58,789 | +82.8% |
| Trade receivables | 40 | €15,000 | €0 | -€15,000 | -100% |
| Other amounts receivable | 41 | €56,008 | €129,797 | +€73,789 | +132% |
| Cash at bank and in hand | 54/58 | €88,814 | €43,514 | -€45,300 | -51.0% |
| Deferred charges and accrued income | 490/1 | €4,965 | €5,333 | +€368 | +7.4% |
| Total equity and liabilities | 10/49 | €1,193,889 | €1,186,980 | -€6,909 | -0.6% |
| Equity | 10/15 | €436,231 | €446,836 | +€10,606 | +2.4% |
| Contributions | 10/11 | €167,500 | €167,500 | = | 0.0% |
| Capital | 10 | €167,500 | €167,500 | = | 0.0% |
| Issued capital | 100 | €167,500 | €167,500 | = | 0.0% |
| Reserves | 13 | €26,390 | €16,750 | -€9,640 | -36.5% |
| Non-distributable reserves | 130/1 | €16,750 | €16,750 | = | 0.0% |
| Legal reserve | 130 | €16,750 | €16,750 | = | 0.0% |
| Distributable reserves | 133 | €9,640 | €0 | -€9,640 | -100% |
| Profit (loss) carried forward | 14 | €242,341 | €262,586 | +€20,245 | +8.4% |
| Provisions and deferred taxes | 16 | €72,600 | €66,527 | -€6,073 | -8.4% |
| Provisions for liabilities and charges | 160/5 | €72,600 | €66,527 | -€6,073 | -8.4% |
| Major repairs and maintenance | 162 | €72,600 | €66,527 | -€6,073 | -8.4% |
| Amounts payable | 17/49 | €685,058 | €673,617 | -€11,441 | -1.7% |
| Amounts payable after more than one year | 17 | €382,014 | €360,034 | -€21,980 | -5.8% |
| Financial debts | 170/4 | €382,014 | €360,034 | -€21,980 | -5.8% |
| Amounts payable within one year | 42/48 | €295,523 | €308,266 | +€12,743 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €42,936 | €44,846 | +€1,910 | +4.4% |
| Financial debts | 43 | €219,534 | €220,365 | +€830 | +0.4% |
| Credit institutions | 430/8 | €219,534 | €220,365 | +€830 | +0.4% |
| Trade debts | 44 | €7,551 | €34,365 | +€26,814 | +355% |
| Suppliers | 440/4 | €7,551 | €34,365 | +€26,814 | +355% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €25,502 | €8,690 | -€16,811 | -65.9% |
| Accrued charges and deferred income | 492/3 | €7,521 | €5,317 | -€2,204 | -29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,741 | €36,542 | -€2,200 | -5.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €6,600 | -€6,073 | -€12,673 | |
| Other operating charges | 640/8 | €7,998 | €39,394 | +€31,397 | +393% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €105,090 | €99,860 | -€5,230 | -5.0% |
| Operating profit (loss) | 9901 | €51,751 | €29,997 | -€21,754 | -42.0% |
| Financial income | 75/76B | €967 | €1,185 | +€217 | +22.5% |
| Recurring financial income | 75 | €967 | €1,185 | +€217 | +22.5% |
| Financial charges | 65/66B | €17,302 | €15,708 | -€1,595 | -9.2% |
| Recurring financial charges | 65 | €17,302 | €15,708 | -€1,595 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €35,416 | €15,474 | -€19,942 | -56.3% |
| Income taxes | 67/77 | €10,504 | €4,869 | -€5,635 | -53.6% |
| Profit (loss) for the period | 9904 | €24,912 | €10,606 | -€14,307 | -57.4% |
| Profit (loss) for the period to be appropriated | 9905 | €24,912 | €10,606 | -€14,307 | -57.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.