J-VAS: 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-VAS
Largest movements
- Stocks and contracts +€53,549
up €53,549 (+256.8%), from €20,850 to €74,399
- Cash -€43,433
down €43,433 (-94.9%), from €45,753 to €2,320
mainly Stocks and contracts (-€53,549) and Current investments (-€16,209)
- Current investments +€16,209
up €16,209 (+3.4%), from €481,413 to €497,622
- Receivables within one year +€9,767
up €9,767 (+12893.9%), from €76 to €9,843
of which Other amounts receivable: +€7,202
- Reserves +€82,866
up €82,866 (+20.8%), from €398,725 to €481,591
of which Distributable reserves: +€82,866
- Profit (loss) carried forward -€79,758
down €79,758 (-100.0%), from €79,758 to €0
- Other debts +€28,950
up €28,950 (+123.2%), from €23,500 to €52,450
- Taxes -€178,802
down €178,802 (-99.4%), from €179,838 to €1,036
- Financial income +€27,317
up €27,317 (+833.9%), from €3,276 to €30,593
- Gross operating margin +€18,528
up €18,528 (+53.4%), from -€34,695 to -€16,167
- Financial charges +€8,291
up €8,291 (+1897.9%), from €437 to €8,727
- Other operating charges -€498
down €498 (-45.0%), from €1,108 to €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.
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 | €549,616 | €584,763 | +€35,147 | +6.4% |
| Fixed assets | 21/28 | €1,524 | €579 | -€946 | -62.0% |
| Tangible fixed assets | 22/27 | €1,524 | €579 | -€946 | -62.0% |
| Plant, machinery and equipment | 23 | €380 | €82 | -€298 | -78.3% |
| Furniture and vehicles | 24 | €1,144 | €496 | -€648 | -56.6% |
| Current assets | 29/58 | €548,092 | €584,184 | +€36,093 | +6.6% |
| Stocks and contracts in progress | 3 | €20,850 | €74,399 | +€53,549 | +256.8% |
| Stocks | 30/36 | €20,850 | €74,399 | +€53,549 | +256.8% |
| Amounts receivable within one year | 40/41 | €76 | €9,843 | +€9,767 | +12893.9% |
| Trade receivables | 40 | - | €2,565 | +€2,565 | |
| Other amounts receivable | 41 | €76 | €7,278 | +€7,202 | +9507.7% |
| Current investments | 50/53 | €481,413 | €497,622 | +€16,209 | +3.4% |
| Cash at bank and in hand | 54/58 | €45,753 | €2,320 | -€43,433 | -94.9% |
| Total equity and liabilities | 10/49 | €549,616 | €584,763 | +€35,147 | +6.4% |
| Equity | 10/15 | €497,083 | €500,191 | +€3,108 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €398,725 | €481,591 | +€82,866 | +20.8% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €398,725 | €481,591 | +€82,866 | +20.8% |
| Profit (loss) carried forward | 14 | €79,758 | €0 | -€79,758 | -100.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €52,533 | €84,572 | +€32,039 | +61.0% |
| Amounts payable within one year | 42/48 | €52,533 | €84,572 | +€32,039 | +61.0% |
| Trade debts | 44 | €177 | €3,266 | +€3,089 | +1740.8% |
| Suppliers | 440/4 | €177 | €3,266 | +€3,089 | +1740.8% |
| Taxes, remuneration and social security | 45 | €28,855 | €28,855 | = | 0.0% |
| Taxes | 450/3 | €28,855 | €28,855 | = | 0.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €23,500 | €52,450 | +€28,950 | +123.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €848 | €946 | +€98 | +11.5% |
| Other operating charges | 640/8 | €1,108 | €610 | -€498 | -45.0% |
| Gross operating margin | 9900 | -€34,695 | -€16,167 | +€18,528 | +53.4% |
| Operating profit (loss) | 9901 | -€36,651 | -€17,722 | +€18,929 | +51.6% |
| Financial income | 75/76B | €3,276 | €30,593 | +€27,317 | +833.9% |
| Recurring financial income | 75 | €3,276 | €30,593 | +€27,317 | +833.9% |
| Financial charges | 65/66B | €437 | €8,727 | +€8,291 | +1897.9% |
| Recurring financial charges | 65 | €437 | €8,727 | +€8,291 | +1897.9% |
| Profit (loss) for the period before taxes | 9903 | -€33,812 | €4,144 | +€37,955 | |
| Transfer from deferred taxes | 780 | €782,481 | €0 | -€782,481 | -100.0% |
| Income taxes | 67/77 | €179,838 | €1,036 | -€178,802 | -99.4% |
| Profit (loss) for the period | 9904 | €568,832 | €3,108 | -€565,724 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €568,832 | €3,108 | -€565,724 | -99.5% |
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 6 October 2026 via checked.be.