J.V.R.: 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.V.R.
Largest movements
- Tangible fixed assets -€54,634
down €54,634 (-40.1%), from €136,309 to €81,675
of which Plant, machinery and equipment: -€69,975
- Receivables within one year +€10,980
up €10,980 (+36.3%), from €30,238 to €41,218
of which Trade receivables: +€9,879
- Stocks and contracts +€9,345
up €9,345 (+48.8%), from €19,135 to €28,480
- Cash -€4,086
down €4,086 (-26.8%), from €15,265 to €11,180
mainly Contributions, distributions and other (-€147,000) and Net result for the year (-€44,573)
- Reserves -€147,776
down €147,776 (-100%), from €147,776 to €0
- Other debts +€143,569
up €143,569 (+455%), from €31,557 to €175,126
- Profit (loss) carried forward -€43,797
new in 2025: -€43,797
- Tax, wage and social debts +€14,824
up €14,824 (+97.8%), from €15,153 to €29,977
of which Taxes: +€13,283
- Trade debts -€2,671
down €2,671 (-49.9%), from €5,353 to €2,682
- Gross operating margin -€56,186
down €56,186 (-52.0%), from €108,034 to €51,849
- Depreciation -€9,097
down €9,097 (-8.7%), from €104,206 to €95,110
- Financial charges -€1,701
down €1,701 (-92.0%), from €1,850 to €148
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 | €204,609 | €167,077 | -€37,532 | -18.3% |
| Fixed assets | 21/28 | €136,309 | €81,675 | -€54,634 | -40.1% |
| Tangible fixed assets | 22/27 | €136,309 | €81,675 | -€54,634 | -40.1% |
| Plant, machinery and equipment | 23 | €120,649 | €50,674 | -€69,975 | -58.0% |
| Furniture and vehicles | 24 | €15,659 | €31,000 | +€15,341 | +98.0% |
| Current assets | 29/58 | €68,300 | €85,402 | +€17,102 | +25.0% |
| Stocks and contracts in progress | 3 | €19,135 | €28,480 | +€9,345 | +48.8% |
| Stocks | 30/36 | €19,135 | €28,480 | +€9,345 | +48.8% |
| Amounts receivable within one year | 40/41 | €30,238 | €41,218 | +€10,980 | +36.3% |
| Trade receivables | 40 | €20,065 | €29,944 | +€9,879 | +49.2% |
| Other amounts receivable | 41 | €10,173 | €11,274 | +€1,101 | +10.8% |
| Cash at bank and in hand | 54/58 | €15,265 | €11,180 | -€4,086 | -26.8% |
| Deferred charges and accrued income | 490/1 | €3,662 | €4,525 | +€863 | +23.6% |
| Total equity and liabilities | 10/49 | €204,609 | €167,077 | -€37,532 | -18.3% |
| Equity | 10/15 | €150,776 | -€40,797 | -€191,573 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €147,776 | €0 | -€147,776 | -100% |
| Distributable reserves | 133 | €147,776 | €0 | -€147,776 | -100% |
| Profit (loss) carried forward | 14 | - | -€43,797 | -€43,797 | |
| Amounts payable | 17/49 | €53,833 | €207,874 | +€154,041 | +286% |
| Amounts payable within one year | 42/48 | €52,063 | €207,785 | +€155,722 | +299% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €5,353 | €2,682 | -€2,671 | -49.9% |
| Suppliers | 440/4 | €5,353 | €2,682 | -€2,671 | -49.9% |
| Taxes, remuneration and social security | 45 | €15,153 | €29,977 | +€14,824 | +97.8% |
| Taxes | 450/3 | €15,153 | €28,435 | +€13,283 | +87.7% |
| Remuneration and social security | 454/9 | - | €1,542 | +€1,542 | |
| Other amounts payable | 47/48 | €31,557 | €175,126 | +€143,569 | +455% |
| Accrued charges and deferred income | 492/3 | €1,770 | €88 | -€1,681 | -95.0% |
| Non-recurring operating income | 76A | €16,708 | €0 | -€16,708 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,206 | €95,110 | -€9,097 | -8.7% |
| Other operating charges | 640/8 | €770 | €1,412 | +€642 | +83.4% |
| Gross operating margin | 9900 | €108,034 | €51,849 | -€56,186 | -52.0% |
| Operating profit (loss) | 9901 | €3,058 | -€44,673 | -€47,731 | |
| Financial income | 75/76B | €48 | €248 | +€200 | +421% |
| Recurring financial income | 75 | €48 | €248 | +€200 | +421% |
| Financial charges | 65/66B | €1,850 | €148 | -€1,701 | -92.0% |
| Recurring financial charges | 65 | €1,850 | €148 | -€1,701 | -92.0% |
| Profit (loss) for the period before taxes | 9903 | €1,256 | -€44,573 | -€45,830 | |
| Income taxes | 67/77 | €476 | €0 | -€476 | -100% |
| Profit (loss) for the period | 9904 | €780 | -€44,573 | -€45,354 | |
| Profit (loss) for the period to be appropriated | 9905 | €780 | -€44,573 | -€45,354 |
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 27 October 2026 via checked.be.