GJV: 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.
GJV
Largest movements
- Cash +€21,034
up €21,034 (+32.9%), from €63,976 to €85,011
mainly Other debts (+€70,497) and Net result for the year (+€25,147)
- Tangible fixed assets +€20,520
up €20,520 (+280.2%), from €7,322 to €27,842
of which Plant, machinery and equipment: +€22,376
- Receivables within one year -€3,619
down €3,619 (-30.2%), from €11,988 to €8,369
of which Trade receivables: -€1,945
- Deferred charges and accrued income -€1,370
down €1,370 (-62.6%), from €2,187 to €818
- Other debts +€70,497
up €70,497 (+4410.9%), from €1,598 to €72,096
- Reserves -€52,534
no longer reported in 2025 (was €52,534)
- Debts after one year +€8,970
new in 2025: €8,970
- Current portion of long-term debt +€7,972
new in 2025: €7,972
- Trade debts +€3,707
up €3,707 (+69.7%), from €5,319 to €9,026
- Depreciation +€5,234
up €5,234 (+189.9%), from €2,756 to €7,990
- Gross operating margin +€4,358
up €4,358 (+11.8%), from €37,046 to €41,404
- Financial charges +€737
up €737 (+219.4%), from €336 to €1,072
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 | €85,474 | €122,040 | +€36,566 | +42.8% |
| Fixed assets | 21/28 | €7,322 | €27,842 | +€20,520 | +280.2% |
| Tangible fixed assets | 22/27 | €7,322 | €27,842 | +€20,520 | +280.2% |
| Plant, machinery and equipment | 23 | €2,456 | €24,832 | +€22,376 | +911.1% |
| Furniture and vehicles | 24 | €4,866 | €3,010 | -€1,856 | -38.1% |
| Current assets | 29/58 | €78,152 | €94,197 | +€16,045 | +20.5% |
| Amounts receivable within one year | 40/41 | €11,988 | €8,369 | -€3,619 | -30.2% |
| Trade receivables | 40 | €10,314 | €8,369 | -€1,945 | -18.9% |
| Other amounts receivable | 41 | €1,674 | - | -€1,674 | |
| Cash at bank and in hand | 54/58 | €63,976 | €85,011 | +€21,034 | +32.9% |
| Deferred charges and accrued income | 490/1 | €2,187 | €818 | -€1,370 | -62.6% |
| Total equity and liabilities | 10/49 | €85,474 | €122,040 | +€36,566 | +42.8% |
| Equity | 10/15 | €71,134 | €18,600 | -€52,534 | -73.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,534 | - | -€52,534 | |
| Distributable reserves | 133 | €52,534 | - | -€52,534 | |
| Amounts payable | 17/49 | €14,340 | €103,440 | +€89,100 | +621.3% |
| Amounts payable after more than one year | 17 | - | €8,970 | +€8,970 | |
| Financial debts | 170/4 | - | €8,970 | +€8,970 | |
| Amounts payable within one year | 42/48 | €14,340 | €93,845 | +€79,505 | +554.4% |
| Current portion of amounts payable after more than one year | 42 | - | €7,972 | +€7,972 | |
| Trade debts | 44 | €5,319 | €9,026 | +€3,707 | +69.7% |
| Suppliers | 440/4 | €5,319 | €9,026 | +€3,707 | +69.7% |
| Taxes, remuneration and social security | 45 | €7,423 | €4,751 | -€2,672 | -36.0% |
| Taxes | 450/3 | €7,423 | €4,751 | -€2,672 | -36.0% |
| Other amounts payable | 47/48 | €1,598 | €72,096 | +€70,497 | +4410.9% |
| Accrued charges and deferred income | 492/3 | - | €625 | +€625 | |
| Non-recurring operating income | 76A | - | €1,869 | +€1,869 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,756 | €7,990 | +€5,234 | +189.9% |
| Other operating charges | 640/8 | €898 | €828 | -€70 | -7.7% |
| Gross operating margin | 9900 | €37,046 | €41,404 | +€4,358 | +11.8% |
| Operating profit (loss) | 9901 | €33,393 | €32,586 | -€806 | -2.4% |
| Financial income | 75/76B | €1 | €106 | +€105 | +17485.0% |
| Recurring financial income | 75 | €1 | €106 | +€105 | +17485.0% |
| Financial charges | 65/66B | €336 | €1,072 | +€737 | +219.4% |
| Recurring financial charges | 65 | €336 | €1,072 | +€737 | +219.4% |
| Profit (loss) for the period before taxes | 9903 | €33,058 | €31,619 | -€1,438 | -4.4% |
| Income taxes | 67/77 | €6,707 | €6,473 | -€234 | -3.5% |
| Profit (loss) for the period | 9904 | €26,351 | €25,147 | -€1,204 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,351 | €25,147 | -€1,204 | -4.6% |
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 5 October 2026 via checked.be.