JDAV: what changed
JDAV
Largest movements
- Current investments -€186,254
down €186,254 (-30.8%), from €604,737 to €418,483
- Tangible fixed assets +€82,004
up €82,004 (+26.6%), from €308,490 to €390,494
of which Assets under construction and advance payments: +€90,289
- Intangible fixed assets -€48,799
down €48,799 (-21.1%), from €231,680 to €182,881
- Receivables within one year +€28,078
up €28,078 (+232%), from €12,095 to €40,173
of which Other amounts receivable: +€14,367
- Tax, wage and social debts -€63,384
down €63,384 (-75.8%), from €83,638 to €20,254
of which Taxes: -€63,408
- Debts after one year -€36,672
down €36,672 (-10.3%), from €357,472 to €320,800
- Accrued charges and deferred income -€22,810
down €22,810 (-66.8%), from €34,150 to €11,340
- Reserves -€18,435
down €18,435 (-1.9%), from €954,437 to €936,002
of which Tax-exempt reserves: -€48,799
- Gross operating margin -€1.6m
down €1.6m (-98.3%), from €1.6m to €27,066
- Taxes -€394,262
down €394,262 (-99.7%), from €395,319 to €1,057
- Depreciation -€30,864
down €30,864 (-31.7%), from €97,316 to €66,452
- Financial income +€21,595
up €21,595 (+65.4%), from €33,028 to €54,624
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,658,590 | €1,524,782 | -€133,808 | -8.1% |
| Fixed assets | 21/28 | €608,607 | €641,812 | +€33,205 | +5.5% |
| Intangible fixed assets | 21 | €231,680 | €182,881 | -€48,799 | -21.1% |
| Tangible fixed assets | 22/27 | €308,490 | €390,494 | +€82,004 | +26.6% |
| Land and buildings | 22 | €288,286 | €276,399 | -€11,886 | -4.1% |
| Plant, machinery and equipment | 23 | €9,491 | €14,550 | +€5,059 | +53.3% |
| Furniture and vehicles | 24 | €3,385 | €2,131 | -€1,253 | -37.0% |
| Other tangible fixed assets | 26 | €1,353 | €1,149 | -€204 | -15.1% |
| Assets under construction and advance payments | 27 | €5,976 | €96,265 | +€90,289 | +1,511% |
| Financial fixed assets | 28 | €68,436 | €68,436 | = | 0.0% |
| Current assets | 29/58 | €1,049,984 | €882,970 | -€167,013 | -15.9% |
| Amounts receivable within one year | 40/41 | €12,095 | €40,173 | +€28,078 | +232% |
| Trade receivables | 40 | €11,250 | €24,962 | +€13,712 | +122% |
| Other amounts receivable | 41 | €845 | €15,212 | +€14,367 | +1,699% |
| Current investments | 50/53 | €604,737 | €418,483 | -€186,254 | -30.8% |
| Cash at bank and in hand | 54/58 | €433,151 | €424,314 | -€8,838 | -2.0% |
| Total equity and liabilities | 10/49 | €1,658,590 | €1,524,782 | -€133,808 | -8.1% |
| Equity | 10/15 | €973,037 | €954,602 | -€18,435 | -1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €954,437 | €936,002 | -€18,435 | -1.9% |
| Tax-exempt reserves | 132 | €231,680 | €182,881 | -€48,799 | -21.1% |
| Distributable reserves | 133 | €722,757 | €753,121 | +€30,364 | +4.2% |
| Amounts payable | 17/49 | €685,553 | €570,179 | -€115,374 | -16.8% |
| Amounts payable after more than one year | 17 | €357,472 | €320,800 | -€36,672 | -10.3% |
| Financial debts | 170/4 | €357,472 | €320,800 | -€36,672 | -10.3% |
| Amounts payable within one year | 42/48 | €293,931 | €238,040 | -€55,891 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €36,672 | €36,672 | = | 0.0% |
| Trade debts | 44 | €8,469 | €4,309 | -€4,159 | -49.1% |
| Suppliers | 440/4 | €8,469 | €4,309 | -€4,159 | -49.1% |
| Taxes, remuneration and social security | 45 | €83,638 | €20,254 | -€63,384 | -75.8% |
| Taxes | 450/3 | €80,489 | €17,081 | -€63,408 | -78.8% |
| Remuneration and social security | 454/9 | €3,149 | €3,173 | +€24 | +0.8% |
| Other amounts payable | 47/48 | €165,152 | €176,804 | +€11,652 | +7.1% |
| Accrued charges and deferred income | 492/3 | €34,150 | €11,340 | -€22,810 | -66.8% |
| Non-recurring operating income | 76A | €1,719,236 | - | -€1.7m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,316 | €66,452 | -€30,864 | -31.7% |
| Other operating charges | 640/8 | €1,084 | €1,088 | +€3 | +0.3% |
| Gross operating margin | 9900 | €1,634,997 | €27,066 | -€1.6m | -98.3% |
| Operating profit (loss) | 9901 | €1,536,596 | -€40,474 | -€1.6m | |
| Financial income | 75/76B | €33,028 | €54,624 | +€21,595 | +65.4% |
| Recurring financial income | 75 | €33,028 | €54,624 | +€21,595 | +65.4% |
| Financial charges | 65/66B | €20,401 | €31,528 | +€11,126 | +54.5% |
| Recurring financial charges | 65 | €20,401 | €20,010 | -€391 | -1.9% |
| Non-recurring financial charges | 66B | - | €11,518 | +€11,518 | |
| Profit (loss) for the period before taxes | 9903 | €1,549,223 | -€17,378 | -€1.6m | |
| Income taxes | 67/77 | €395,319 | €1,057 | -€394,262 | -99.7% |
| Profit (loss) for the period | 9904 | €1,153,904 | -€18,435 | -€1.2m | |
| Transfer from tax-exempt reserves | 789 | €48,799 | €48,799 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,202,703 | €30,364 | -€1.2m | -97.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.