J.M.V.D.: 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.
J.M.V.D.
Largest movements
- Receivables within one year +€128,145
up €128,145 (+118%), from €108,921 to €237,066
of which Trade receivables: +€121,355
- Financial fixed assets +€60,000
up €60,000 (+66,667%), from €90 to €60,090
- Cash -€45,360
down €45,360 (-33.2%), from €136,647 to €91,286
mainly Receivables within one year (-€128,145) and Investment in fixed assets (net) (-€66,988)
- Provisions +€61,109
new in 2025: €61,109
- Reserves +€47,978
up €47,978 (+27.9%), from €172,054 to €220,032
- Tax, wage and social debts +€44,261
up €44,261 (+169%), from €26,221 to €70,482
of which Taxes: +€43,283
- Trade debts -€24,398
down €24,398 (-42.9%), from €56,839 to €32,441
- Other debts +€16,500
new in 2025: €16,500
- Gross operating margin +€113,354
up €113,354 (+188%), from €60,236 to €173,590
- Provisions +€61,109
new in 2025: €61,109
- Financial income +€46,786
up €46,786 (+3,582%), from €1,306 to €48,092
- Taxes +€10,155
up €10,155 (+25.8%), from €39,350 to €49,505
- Depreciation +€2,121
up €2,121 (+32.7%), from €6,490 to €8,610
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 | €271,945 | €412,727 | +€140,781 | +51.8% |
| Fixed assets | 21/28 | €24,602 | €82,980 | +€58,378 | +237% |
| Tangible fixed assets | 22/27 | €24,512 | €22,890 | -€1,622 | -6.6% |
| Plant, machinery and equipment | 23 | €2,097 | €1,291 | -€806 | -38.5% |
| Furniture and vehicles | 24 | - | €6,184 | +€6,184 | |
| Leasing and similar rights | 25 | €22,415 | €15,415 | -€7,000 | -31.2% |
| Financial fixed assets | 28 | €90 | €60,090 | +€60,000 | +66,667% |
| Current assets | 29/58 | €247,343 | €329,747 | +€82,404 | +33.3% |
| Amounts receivable within one year | 40/41 | €108,921 | €237,066 | +€128,145 | +118% |
| Trade receivables | 40 | €77,631 | €198,986 | +€121,355 | +156% |
| Other amounts receivable | 41 | €31,290 | €38,080 | +€6,790 | +21.7% |
| Cash at bank and in hand | 54/58 | €136,647 | €91,286 | -€45,360 | -33.2% |
| Deferred charges and accrued income | 490/1 | €1,775 | €1,395 | -€380 | -21.4% |
| Total equity and liabilities | 10/49 | €271,945 | €412,727 | +€140,781 | +51.8% |
| Equity | 10/15 | €172,154 | €220,132 | +€47,978 | +27.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €172,054 | €220,032 | +€47,978 | +27.9% |
| Distributable reserves | 133 | €172,054 | €220,032 | +€47,978 | +27.9% |
| Provisions and deferred taxes | 16 | - | €61,109 | +€61,109 | |
| Provisions for liabilities and charges | 160/5 | - | €61,109 | +€61,109 | |
| Other liabilities and charges | 164/5 | - | €61,109 | +€61,109 | |
| Amounts payable | 17/49 | €99,791 | €131,486 | +€31,695 | +31.8% |
| Amounts payable after more than one year | 17 | €11,359 | €7,159 | -€4,201 | -37.0% |
| Financial debts | 170/4 | €11,359 | €7,159 | -€4,201 | -37.0% |
| Amounts payable within one year | 42/48 | €88,432 | €124,327 | +€35,895 | +40.6% |
| Current portion of amounts payable after more than one year | 42 | €5,372 | €4,905 | -€467 | -8.7% |
| Trade debts | 44 | €56,839 | €32,441 | -€24,398 | -42.9% |
| Suppliers | 440/4 | €56,839 | €32,441 | -€24,398 | -42.9% |
| Taxes, remuneration and social security | 45 | €26,221 | €70,482 | +€44,261 | +169% |
| Taxes | 450/3 | €20,699 | €63,982 | +€43,283 | +209% |
| Remuneration and social security | 454/9 | €5,522 | €6,500 | +€978 | +17.7% |
| Other amounts payable | 47/48 | - | €16,500 | +€16,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,490 | €8,610 | +€2,121 | +32.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €61,109 | +€61,109 | |
| Other operating charges | 640/8 | €2,092 | €1,064 | -€1,029 | -49.2% |
| Gross operating margin | 9900 | €60,236 | €173,590 | +€113,354 | +188% |
| Operating profit (loss) | 9901 | €51,654 | €102,807 | +€51,153 | +99.0% |
| Financial income | 75/76B | €1,306 | €48,092 | +€46,786 | +3,582% |
| Recurring financial income | 75 | €1,306 | €48,092 | +€46,786 | +3,582% |
| Financial charges | 65/66B | €995 | €961 | -€34 | -3.4% |
| Recurring financial charges | 65 | €995 | €961 | -€34 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €51,966 | €149,938 | +€97,972 | +189% |
| Income taxes | 67/77 | €39,350 | €49,505 | +€10,155 | +25.8% |
| Profit (loss) for the period | 9904 | €12,615 | €100,432 | +€87,817 | +696% |
| Profit (loss) for the period to be appropriated | 9905 | €12,615 | €100,432 | +€87,817 | +696% |
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 18 October 2026 via checked.be.