JO-VE: 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.
JO-VE
Largest movements
- Tangible fixed assets +€172,858
up €172,858 (+61.6%), from €280,661 to €453,519
of which Land and buildings: +€195,392
- Current investments -€78,957
down €78,957 (-44.1%), from €178,957 to €100,000
- Cash -€16,341
down €16,341 (-5.7%), from €284,478 to €268,137
mainly Contributions, distributions and other (-€220,110) and Investment in fixed assets (net) (-€203,982)
- Other debts +€208,914
up €208,914 (+2392.5%), from €8,732 to €217,647
- Reserves -€132,076
down €132,076 (-25.3%), from €522,542 to €390,466
- Debts after one year -€16,803
down €16,803 (-10.1%), from €166,926 to €150,123
- Gross operating margin +€27,026
up €27,026 (+16.0%), from €169,318 to €196,344
- Depreciation +€8,282
up €8,282 (+36.3%), from €22,843 to €31,124
- Financial income -€4,422
down €4,422 (-46.2%), from €9,567 to €5,145
- Taxes +€3,759
up €3,759 (+11.6%), from €32,397 to €36,156
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 | €790,084 | €861,622 | +€71,538 | +9.1% |
| Fixed assets | 21/28 | €280,661 | €453,519 | +€172,858 | +61.6% |
| Tangible fixed assets | 22/27 | €280,661 | €453,519 | +€172,858 | +61.6% |
| Land and buildings | 22 | €184,647 | €380,040 | +€195,392 | +105.8% |
| Plant, machinery and equipment | 23 | €33,528 | €31,419 | -€2,108 | -6.3% |
| Furniture and vehicles | 24 | €62,486 | €42,060 | -€20,426 | -32.7% |
| Current assets | 29/58 | €509,423 | €408,103 | -€101,320 | -19.9% |
| Amounts receivable within one year | 40/41 | €45,989 | €39,966 | -€6,023 | -13.1% |
| Trade receivables | 40 | €45,907 | €39,966 | -€5,942 | -12.9% |
| Other amounts receivable | 41 | €81 | €0 | -€81 | -100.0% |
| Current investments | 50/53 | €178,957 | €100,000 | -€78,957 | -44.1% |
| Cash at bank and in hand | 54/58 | €284,478 | €268,137 | -€16,341 | -5.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €790,084 | €861,622 | +€71,538 | +9.1% |
| Equity | 10/15 | €542,542 | €410,466 | -€132,076 | -24.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €522,542 | €390,466 | -€132,076 | -25.3% |
| Distributable reserves | 133 | €522,542 | €390,466 | -€132,076 | -25.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €247,542 | €451,156 | +€203,614 | +82.3% |
| Amounts payable after more than one year | 17 | €166,926 | €150,123 | -€16,803 | -10.1% |
| Financial debts | 170/4 | €166,926 | €150,123 | -€16,803 | -10.1% |
| Amounts payable within one year | 42/48 | €80,616 | €301,033 | +€220,417 | +273.4% |
| Current portion of amounts payable after more than one year | 42 | €16,401 | €16,803 | +€402 | +2.4% |
| Trade debts | 44 | €99 | €2,646 | +€2,547 | +2572.0% |
| Suppliers | 440/4 | €99 | €2,646 | +€2,547 | +2572.0% |
| Taxes, remuneration and social security | 45 | €55,384 | €63,938 | +€8,554 | +15.4% |
| Taxes | 450/3 | €55,384 | €63,938 | +€8,554 | +15.4% |
| Other amounts payable | 47/48 | €8,732 | €217,647 | +€208,914 | +2392.5% |
| Remuneration, social security and pensions | 62 | €250 | €0 | -€250 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,843 | €31,124 | +€8,282 | +36.3% |
| Other operating charges | 640/8 | €38,948 | €40,659 | +€1,711 | +4.4% |
| Gross operating margin | 9900 | €169,318 | €196,344 | +€27,026 | +16.0% |
| Operating profit (loss) | 9901 | €107,277 | €124,561 | +€17,283 | +16.1% |
| Financial income | 75/76B | €9,567 | €5,145 | -€4,422 | -46.2% |
| Recurring financial income | 75 | €9,567 | €5,145 | -€4,422 | -46.2% |
| Financial charges | 65/66B | €3,865 | €5,515 | +€1,650 | +42.7% |
| Recurring financial charges | 65 | €3,865 | €5,515 | +€1,650 | +42.7% |
| Profit (loss) for the period before taxes | 9903 | €112,980 | €124,190 | +€11,211 | +9.9% |
| Income taxes | 67/77 | €32,397 | €36,156 | +€3,759 | +11.6% |
| Profit (loss) for the period | 9904 | €80,582 | €88,034 | +€7,452 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €80,582 | €88,034 | +€7,452 | +9.2% |
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 9 October 2026 via checked.be.