J.V.D.: 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.
What changed
J.V.D.
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€893,648
2024 · €55,590-€949,237
Equity
€12.4m
2024 · €13.3m-€893,648
Cash
€3.4m
2024 · €2.3m+€1.1m
Balance sheet total
€25.4m
2024 · €28.0m-€2.5m
Largest movements
Assets
- Receivables within one year -€5.0m
down €5.0m (-39.2%), from €12.7m to €7.7m
of which Other amounts receivable: -€4.9m
- Stocks and contracts +€1.6m
up €1.6m (+33.7%), from €4.9m to €6.5m
of which Contracts in progress: +€1.7m
- Cash +€1.1m
up €1.1m (+48.1%), from €2.3m to €3.4m
mainly Receivables within one year (+€5.0m) and Depreciation (+€353,855)
- Tangible fixed assets -€322,895
down €322,895 (-4.4%), from €7.4m to €7.1m
Equity and liabilities
- Tax, wage and social debts -€1.8m
down €1.8m (-93.6%), from €1.9m to €120,491
of which Taxes: -€1.8m
- Reserves -€893,648
down €893,648 (-6.8%), from €13.2m to €12.3m
of which Distributable reserves: -€893,648
- Other debts +€286,487
up €286,487 (+64.3%), from €445,408 to €731,896
Income statement
- Other operating income -€757,098
down €757,098 (-55.1%), from €1.4m to €615,930
- Services and other goods +€319,377
up €319,377 (+52.4%), from €609,387 to €928,764
- Turnover -€274,344
down €274,344 (-17.4%), from €1.6m to €1.3m
- Goods and materials -€146,636
down €146,636 (-22.7%), from €645,510 to €498,874
of which Purchases: -€600,635
- Depreciation -€132,816
down €132,816 (-27.3%), from €486,671 to €353,855
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.
Result 2024
€55,590
Turnover
-€274,344
Other operating income
-€757,098
Goods and materials
+€146,636
Services and other goods
-€319,377
Staff costs
+€27,166
Depreciation
+€132,816
Other operating charges
+€4,469
Other operating items
+€41,485
Financial income
-€16,409
Financial charges
-€1,591
Taxes
+€67,009
Result 2025
-€893,648
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.
From operations
+€1.3m
Investment
-€30,960
Financing
-€166,616
Cash 2024
€2.3m
From operations (derived)
+€1.3m
Net result for the year
-€893,648
Depreciation
+€353,855
Stocks and contracts
-€1.6m
Receivables within one year
+€5.0m
Smaller working-capital items
+€697
Tax, wage and social debts
-€1.8m
Other debts
+€286,487
Investment (derived)
-€30,960
Investment in fixed assets (net)
-€30,960
Financing
-€166,616
Debts after one year
-€264,023
Current portion of long-term debt
-€65,163
Short-term financial debts
+€162,570
Cash 2025
€3.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,989,304 | €25,444,696 | -€2.5m | -9.1% |
| Fixed assets | 21/28 | €8,140,692 | €7,817,797 | -€322,895 | -4.0% |
| Tangible fixed assets | 22/27 | €7,415,692 | €7,092,797 | -€322,895 | -4.4% |
| Land and buildings | 22 | €6,642,993 | €6,543,473 | -€99,521 | -1.5% |
| Plant, machinery and equipment | 23 | €549,112 | €396,717 | -€152,395 | -27.8% |
| Furniture and vehicles | 24 | €223,586 | €152,607 | -€70,979 | -31.7% |
| Financial fixed assets | 28 | €725,000 | €725,000 | = | 0.0% |
| Affiliated companies | 280/1 | €725,000 | €725,000 | = | 0.0% |
| Participating interests | 280 | €725,000 | €725,000 | = | 0.0% |
| Current assets | 29/58 | €19,848,613 | €17,626,899 | -€2.2m | -11.2% |
| Stocks and contracts in progress | 3 | €4,882,435 | €6,529,510 | +€1.6m | +33.7% |
| Stocks | 30/36 | €1,719,766 | €1,652,300 | -€67,466 | -3.9% |
| Work in progress | 32 | €80,264 | €89,498 | +€9,234 | +11.5% |
| Goods purchased for resale | 34 | €1,619,744 | €1,543,044 | -€76,700 | -4.7% |
| Property held for sale | 35 | €19,758 | €19,758 | = | 0.0% |
| Contracts in progress | 37 | €3,162,670 | €4,877,210 | +€1.7m | +54.2% |
| Amounts receivable within one year | 40/41 | €12,660,427 | €7,698,046 | -€5.0m | -39.2% |
| Trade receivables | 40 | €350,880 | €310,499 | -€40,381 | -11.5% |
| Other amounts receivable | 41 | €12,309,548 | €7,387,547 | -€4.9m | -40.0% |
| Cash at bank and in hand | 54/58 | €2,284,019 | €3,381,589 | +€1.1m | +48.1% |
| Deferred charges and accrued income | 490/1 | €21,731 | €17,755 | -€3,977 | -18.3% |
| Total equity and liabilities | 10/49 | €27,989,304 | €25,444,696 | -€2.5m | -9.1% |
| Equity | 10/15 | €13,317,364 | €12,423,717 | -€893,648 | -6.7% |
| Contributions | 10/11 | €122,100 | €122,100 | = | 0.0% |
| Reserves | 13 | €13,195,264 | €12,301,617 | -€893,648 | -6.8% |
| Non-distributable reserves | 130/1 | €12,210 | €12,210 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,210 | €12,210 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,970 | €12,970 | = | 0.0% |
| Distributable reserves | 133 | €13,170,084 | €12,276,436 | -€893,648 | -6.8% |
| Amounts payable | 17/49 | €14,671,940 | €13,020,980 | -€1.7m | -11.3% |
| Amounts payable after more than one year | 17 | €1,854,429 | €1,590,406 | -€264,023 | -14.2% |
| Financial debts | 170/4 | €1,854,429 | €1,590,406 | -€264,023 | -14.2% |
| Credit institutions | 173 | €1,854,429 | €1,590,406 | -€264,023 | -14.2% |
| Amounts payable within one year | 42/48 | €12,817,511 | €11,430,574 | -€1.4m | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €333,930 | €268,766 | -€65,163 | -19.5% |
| Financial debts | 43 | €9,864,944 | €10,027,514 | +€162,570 | +1.6% |
| Credit institutions | 430/8 | €9,864,944 | €10,027,514 | +€162,570 | +1.6% |
| Trade debts | 44 | €271,036 | €267,757 | -€3,280 | -1.2% |
| Suppliers | 440/4 | €271,036 | €267,757 | -€3,280 | -1.2% |
| Advances received on contracts in progress | 46 | €14,150 | €14,150 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,888,043 | €120,491 | -€1.8m | -93.6% |
| Taxes | 450/3 | €1,832,941 | €76,099 | -€1.8m | -95.8% |
| Remuneration and social security | 454/9 | €55,102 | €44,392 | -€10,710 | -19.4% |
| Other amounts payable | 47/48 | €445,408 | €731,896 | +€286,487 | +64.3% |
| Operating income | 70/76A | €2,964,002 | €1,974,045 | -€989,956 | -33.4% |
| Turnover | 70 | €1,576,122 | €1,301,778 | -€274,344 | -17.4% |
| Other operating income | 74 | €1,373,028 | €615,930 | -€757,098 | -55.1% |
| Non-recurring operating income | 76A | €14,851 | €56,337 | +€41,485 | +279.3% |
| Operating charges | 60/66A | €2,380,706 | €2,388,996 | +€8,290 | +0.3% |
| Goods for resale, raw materials and consumables | 60 | €645,510 | €498,874 | -€146,636 | -22.7% |
| Purchases | 600/8 | €2,746,584 | €2,145,949 | -€600,635 | -21.9% |
| Change in stocks: decrease (increase) | 609 | -€2,101,073 | -€1,647,074 | +€453,999 | +21.6% |
| Services and other goods | 61 | €609,387 | €928,764 | +€319,377 | +52.4% |
| Remuneration, social security and pensions | 62 | €609,967 | €582,802 | -€27,166 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €486,671 | €353,855 | -€132,816 | -27.3% |
| Other operating charges | 640/8 | €29,170 | €24,701 | -€4,469 | -15.3% |
| Operating profit (loss) | 9901 | €583,295 | -€414,951 | -€998,247 | |
| Financial income | 75/76B | €33,313 | €16,903 | -€16,409 | -49.3% |
| Recurring financial income | 75 | €33,313 | €16,903 | -€16,409 | -49.3% |
| Other financial income | 752/9 | €33,313 | €16,903 | -€16,409 | -49.3% |
| Financial charges | 65/66B | €484,503 | €486,094 | +€1,591 | +0.3% |
| Recurring financial charges | 65 | €484,503 | €486,094 | +€1,591 | +0.3% |
| Debt charges | 650 | €462,816 | €455,398 | -€7,418 | -1.6% |
| Other financial charges | 652/9 | €21,687 | €30,695 | +€9,009 | +41.5% |
| Profit (loss) for the period before taxes | 9903 | €132,105 | -€884,142 | -€1.0m | |
| Income taxes | 67/77 | €76,516 | €9,506 | -€67,009 | -87.6% |
| Taxes | 670/3 | €76,516 | €9,506 | -€67,009 | -87.6% |
| Profit (loss) for the period | 9904 | €55,590 | -€893,648 | -€949,237 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,590 | -€893,648 | -€949,237 |
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 8 October 2026 via checked.be.