JoV CONVERT: 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.
JoV CONVERT
Largest movements
- Current investments +€1.8m
up €1.8m (+517.2%), from €349,843 to €2.2m
- Receivables after one year -€700,000
down €700,000 (-81.4%), from €860,000 to €160,000
- Receivables within one year -€239,305
down €239,305 (-20.0%), from €1.2m to €958,492
of which Trade receivables: -€179,472
- Tangible fixed assets +€157,872
up €157,872 (+192.7%), from €81,932 to €239,805
of which Plant, machinery and equipment: +€132,942
- Tax, wage and social debts +€1.9m
up €1.9m (+3706.1%), from €51,297 to €2.0m
of which Remuneration and social security: +€1.9m
- Other debts -€1.1m
no longer reported in 2025 (was €1.1m)
- Trade debts +€137,325
up €137,325 (+15.2%), from €901,630 to €1.0m
- Reserves +€88,768
up €88,768 (+10.0%), from €889,339 to €978,107
of which Distributable reserves: +€88,768
- Advances received -€43,815
down €43,815 (-32.1%), from €136,582 to €92,767
- Gross operating margin +€1.2m
up €1.2m (+85.5%), from €1.4m to €2.6m
- Staff costs +€238,535
up €238,535 (+193.0%), from €123,620 to €362,155
- Depreciation +€40,409
up €40,409 (+130.5%), from €30,972 to €71,380
- Taxes +€37,459
up €37,459 (+49.1%), from €76,226 to €113,684
- Financial income +€27,319
up €27,319 (+55.4%), from €49,316 to €76,635
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,068,425 | €4,097,317 | +€1.0m | +33.5% |
| Fixed assets | 21/28 | €86,430 | €239,830 | +€153,399 | +177.5% |
| Intangible fixed assets | 21 | €4,473 | - | -€4,473 | |
| Tangible fixed assets | 22/27 | €81,932 | €239,805 | +€157,872 | +192.7% |
| Land and buildings | 22 | €15,267 | €4,054 | -€11,213 | -73.4% |
| Plant, machinery and equipment | 23 | €27,629 | €160,571 | +€132,942 | +481.2% |
| Furniture and vehicles | 24 | €39,036 | €75,179 | +€36,143 | +92.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €2,981,995 | €3,857,488 | +€875,493 | +29.4% |
| Amounts receivable after more than one year | 29 | €860,000 | €160,000 | -€700,000 | -81.4% |
| Other amounts receivable | 291 | €860,000 | €160,000 | -€700,000 | -81.4% |
| Amounts receivable within one year | 40/41 | €1,197,796 | €958,492 | -€239,305 | -20.0% |
| Trade receivables | 40 | €974,858 | €795,386 | -€179,472 | -18.4% |
| Other amounts receivable | 41 | €222,938 | €163,106 | -€59,832 | -26.8% |
| Current investments | 50/53 | €349,843 | €2,159,350 | +€1.8m | +517.2% |
| Cash at bank and in hand | 54/58 | €565,349 | €549,550 | -€15,798 | -2.8% |
| Deferred charges and accrued income | 490/1 | €9,007 | €30,096 | +€21,089 | +234.1% |
| Total equity and liabilities | 10/49 | €3,068,425 | €4,097,317 | +€1.0m | +33.5% |
| Equity | 10/15 | €895,539 | €984,307 | +€88,768 | +9.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €889,339 | €978,107 | +€88,768 | +10.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €870,589 | €959,357 | +€88,768 | +10.2% |
| Amounts payable | 17/49 | €2,172,887 | €3,113,011 | +€940,124 | +43.3% |
| Amounts payable after more than one year | 17 | - | €14,250 | +€14,250 | |
| Financial debts | 170/4 | - | €14,250 | +€14,250 | |
| Amounts payable within one year | 42/48 | €2,172,887 | €3,092,693 | +€919,806 | +42.3% |
| Current portion of amounts payable after more than one year | 42 | - | €8,550 | +€8,550 | |
| Trade debts | 44 | €901,630 | €1,038,955 | +€137,325 | +15.2% |
| Suppliers | 440/4 | €901,630 | €1,038,955 | +€137,325 | +15.2% |
| Advances received on contracts in progress | 46 | €136,582 | €92,767 | -€43,815 | -32.1% |
| Taxes, remuneration and social security | 45 | €51,297 | €1,952,420 | +€1.9m | +3706.1% |
| Taxes | 450/3 | €44,802 | €95,723 | +€50,921 | +113.7% |
| Remuneration and social security | 454/9 | €6,495 | €1,856,697 | +€1.9m | +28487.4% |
| Other amounts payable | 47/48 | €1,083,378 | - | -€1.1m | |
| Accrued charges and deferred income | 492/3 | - | €6,068 | +€6,068 | |
| Remuneration, social security and pensions | 62 | €123,620 | €362,155 | +€238,535 | +193.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,972 | €71,380 | +€40,409 | +130.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,497 | +€10,497 | |
| Other operating charges | 640/8 | €3,289 | €19,513 | +€16,224 | +493.3% |
| Gross operating margin | 9900 | €1,401,814 | €2,600,644 | +€1.2m | +85.5% |
| Operating profit (loss) | 9901 | €1,243,933 | €2,137,098 | +€893,165 | +71.8% |
| Financial income | 75/76B | €49,316 | €76,635 | +€27,319 | +55.4% |
| Recurring financial income | 75 | €49,316 | €76,635 | +€27,319 | +55.4% |
| Financial charges | 65/66B | €13,988 | €30,227 | +€16,238 | +116.1% |
| Recurring financial charges | 65 | €13,988 | €30,227 | +€16,238 | +116.1% |
| Profit (loss) for the period before taxes | 9903 | €1,279,261 | €2,183,506 | +€904,245 | +70.7% |
| Income taxes | 67/77 | €76,226 | €113,684 | +€37,459 | +49.1% |
| Profit (loss) for the period | 9904 | €1,203,035 | €2,069,822 | +€866,787 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,203,035 | €2,069,822 | +€866,787 | +72.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.