J.V.S.: 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.S.
Largest movements
- Tangible fixed assets -€580,157
down €580,157 (-19.4%), from €3.0m to €2.4m
of which Land and buildings: -€579,214
- Receivables within one year +€117,733
up €117,733 (+191%), from €61,781 to €179,515
of which Other amounts receivable: +€153,822
- Debts after one year -€341,555
down €341,555 (-16.4%), from €2.1m to €1.7m
- Other debts -€245,072
down €245,072 (-86.2%), from €284,364 to €39,293
- Trade debts +€81,015
up €81,015 (+580%), from €13,962 to €94,977
- Reserves +€79,266
up €79,266 (+19.2%), from €413,714 to €492,980
- Current portion of long-term debt -€66,371
down €66,371 (-28.3%), from €234,551 to €168,180
- Depreciation -€28,231
down €28,231 (-26.9%), from €104,940 to €76,709
- Taxes +€9,437
up €9,437 (+47.8%), from €19,733 to €29,170
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,519,072 | €4,042,121 | -€476,950 | -10.6% |
| Fixed assets | 21/28 | €4,430,968 | €3,850,810 | -€580,157 | -13.1% |
| Tangible fixed assets | 22/27 | €2,984,168 | €2,404,010 | -€580,157 | -19.4% |
| Land and buildings | 22 | €2,980,393 | €2,401,180 | -€579,214 | -19.4% |
| Other tangible fixed assets | 26 | €3,774 | €2,831 | -€944 | -25.0% |
| Financial fixed assets | 28 | €1,446,800 | €1,446,800 | = | 0.0% |
| Current assets | 29/58 | €88,104 | €191,311 | +€103,207 | +117% |
| Amounts receivable within one year | 40/41 | €61,781 | €179,515 | +€117,733 | +191% |
| Trade receivables | 40 | €50,753 | €14,664 | -€36,089 | -71.1% |
| Other amounts receivable | 41 | €11,029 | €164,851 | +€153,822 | +1,395% |
| Cash at bank and in hand | 54/58 | €21,472 | €11,096 | -€10,376 | -48.3% |
| Deferred charges and accrued income | 490/1 | €4,851 | €700 | -€4,151 | -85.6% |
| Total equity and liabilities | 10/49 | €4,519,072 | €4,042,121 | -€476,950 | -10.6% |
| Equity | 10/15 | €1,879,114 | €1,958,380 | +€79,266 | +4.2% |
| Contributions | 10/11 | €1,465,400 | €1,465,400 | = | 0.0% |
| Reserves | 13 | €413,714 | €492,980 | +€79,266 | +19.2% |
| Distributable reserves | 133 | €413,714 | €492,980 | +€79,266 | +19.2% |
| Amounts payable | 17/49 | €2,639,958 | €2,083,742 | -€556,216 | -21.1% |
| Amounts payable after more than one year | 17 | €2,080,874 | €1,739,318 | -€341,555 | -16.4% |
| Financial debts | 170/4 | €2,080,874 | €1,739,318 | -€341,555 | -16.4% |
| Amounts payable within one year | 42/48 | €559,085 | €344,423 | -€214,661 | -38.4% |
| Current portion of amounts payable after more than one year | 42 | €234,551 | €168,180 | -€66,371 | -28.3% |
| Trade debts | 44 | €13,962 | €94,977 | +€81,015 | +580% |
| Suppliers | 440/4 | €13,962 | €94,977 | +€81,015 | +580% |
| Taxes, remuneration and social security | 45 | €26,207 | €41,974 | +€15,767 | +60.2% |
| Taxes | 450/3 | €26,207 | €39,874 | +€13,667 | +52.1% |
| Remuneration and social security | 454/9 | - | €2,100 | +€2,100 | |
| Other amounts payable | 47/48 | €284,364 | €39,293 | -€245,072 | -86.2% |
| Non-recurring operating income | 76A | €2,350 | €146,552 | +€144,202 | +6,135% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,940 | €76,709 | -€28,231 | -26.9% |
| Other operating charges | 640/8 | €14,458 | €13,748 | -€710 | -4.9% |
| Gross operating margin | 9900 | €282,086 | €283,804 | +€1,718 | +0.6% |
| Operating profit (loss) | 9901 | €162,688 | €193,347 | +€30,659 | +18.8% |
| Financial income | 75/76B | - | €1,600 | +€1,600 | |
| Recurring financial income | 75 | - | €1,600 | +€1,600 | |
| Financial charges | 65/66B | €85,724 | €86,511 | +€787 | +0.9% |
| Recurring financial charges | 65 | €85,724 | €86,511 | +€787 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €76,964 | €108,436 | +€31,471 | +40.9% |
| Income taxes | 67/77 | €19,733 | €29,170 | +€9,437 | +47.8% |
| Profit (loss) for the period | 9904 | €57,232 | €79,266 | +€22,034 | +38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €57,232 | €79,266 | +€22,034 | +38.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.