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.
J.V.D.
Largest movements
- Current investments +€547,000
up €547,000 (+44.3%), from €1.2m to €1.8m
- Financial fixed assets -€423,600
down €423,600 (-100.0%), from €423,600 to €0
- Cash +€151,612
up €151,612 (+40.2%), from €376,820 to €528,432
mainly Investment in fixed assets (net) (+€423,600) and Net result for the year (+€291,367)
- Receivables within one year -€32,406
down €32,406 (-100.0%), from €32,406 to €0
of which Trade receivables: -€31,575
- Reserves +€290,567
up €290,567 (+26.1%), from €1.1m to €1.4m
of which Distributable reserves: +€276,039
- Tax, wage and social debts -€36,667
down €36,667 (-72.3%), from €50,742 to €14,075
of which Taxes: -€30,927
- Financial income -€577,653
down €577,653 (-91.7%), from €629,829 to €52,175
of which Non-recurring financial income: -€616,380
- Gross operating margin +€235,880
up €235,880 (+437.4%), from €53,927 to €289,807
- Taxes -€26,012
down €26,012 (-37.9%), from €68,678 to €42,667
- Financial charges -€18,271
down €18,271 (-77.7%), from €23,506 to €5,235
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 | €2,068,199 | €2,310,331 | +€242,132 | +11.7% |
| Fixed assets | 21/28 | €424,600 | €396 | -€424,204 | -99.9% |
| Tangible fixed assets | 22/27 | €1,000 | €396 | -€604 | -60.4% |
| Furniture and vehicles | 24 | €1,000 | €396 | -€604 | -60.4% |
| Financial fixed assets | 28 | €423,600 | €0 | -€423,600 | -100.0% |
| Current assets | 29/58 | €1,643,600 | €2,309,936 | +€666,336 | +40.5% |
| Amounts receivable within one year | 40/41 | €32,406 | €0 | -€32,406 | -100.0% |
| Trade receivables | 40 | €31,575 | €0 | -€31,575 | -100.0% |
| Other amounts receivable | 41 | €831 | €0 | -€831 | -100.0% |
| Current investments | 50/53 | €1,234,100 | €1,781,100 | +€547,000 | +44.3% |
| Cash at bank and in hand | 54/58 | €376,820 | €528,432 | +€151,612 | +40.2% |
| Deferred charges and accrued income | 490/1 | €274 | €404 | +€130 | +47.4% |
| Total equity and liabilities | 10/49 | €2,068,199 | €2,310,331 | +€242,132 | +11.7% |
| Equity | 10/15 | €1,936,481 | €2,227,048 | +€290,567 | +15.0% |
| Contributions | 10/11 | €822,773 | €822,773 | = | 0.0% |
| Capital | 10 | €822,773 | €822,773 | = | 0.0% |
| Issued capital | 100 | €822,773 | €822,773 | = | 0.0% |
| Reserves | 13 | €1,113,311 | €1,403,878 | +€290,567 | +26.1% |
| Non-distributable reserves | 130/1 | €72,237 | €86,765 | +€14,528 | +20.1% |
| Legal reserve | 130 | €72,237 | €86,765 | +€14,528 | +20.1% |
| Tax-exempt reserves | 132 | €83 | €83 | = | 0.0% |
| Distributable reserves | 133 | €1,040,991 | €1,317,030 | +€276,039 | +26.5% |
| Profit (loss) carried forward | 14 | €397 | €397 | = | 0.0% |
| Amounts payable | 17/49 | €131,719 | €83,283 | -€48,435 | -36.8% |
| Amounts payable within one year | 42/48 | €109,199 | €79,539 | -€29,661 | -27.2% |
| Trade debts | 44 | €2,792 | €834 | -€1,958 | -70.1% |
| Suppliers | 440/4 | €2,792 | €834 | -€1,958 | -70.1% |
| Taxes, remuneration and social security | 45 | €50,742 | €14,075 | -€36,667 | -72.3% |
| Taxes | 450/3 | €45,002 | €14,075 | -€30,927 | -68.7% |
| Remuneration and social security | 454/9 | €5,740 | €0 | -€5,740 | -100.0% |
| Other amounts payable | 47/48 | €55,666 | €64,630 | +€8,965 | +16.1% |
| Accrued charges and deferred income | 492/3 | €22,519 | €3,745 | -€18,775 | -83.4% |
| Non-recurring operating income | 76A | - | €268,492 | +€268,492 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €604 | €604 | = | 0.0% |
| Other operating charges | 640/8 | €141 | €2,110 | +€1,970 | +1401.8% |
| Gross operating margin | 9900 | €53,927 | €289,807 | +€235,880 | +437.4% |
| Operating profit (loss) | 9901 | €53,183 | €287,093 | +€233,911 | +439.8% |
| Financial income | 75/76B | €629,829 | €52,175 | -€577,653 | -91.7% |
| Recurring financial income | 75 | €13,449 | €52,175 | +€38,727 | +288.0% |
| Non-recurring financial income | 76B | €616,380 | €0 | -€616,380 | -100.0% |
| Financial charges | 65/66B | €23,506 | €5,235 | -€18,271 | -77.7% |
| Recurring financial charges | 65 | €23,506 | €5,235 | -€18,271 | -77.7% |
| Profit (loss) for the period before taxes | 9903 | €659,505 | €334,034 | -€325,471 | -49.4% |
| Income taxes | 67/77 | €68,678 | €42,667 | -€26,012 | -37.9% |
| Profit (loss) for the period | 9904 | €590,827 | €291,367 | -€299,459 | -50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €590,827 | €291,367 | -€299,459 | -50.7% |
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 9 October 2026 via checked.be.