JOVA: 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.
JOVA
Largest movements
- Cash +€190,753
up €190,753 (+341%), from €55,938 to €246,691
mainly Net result for the year (+€210,411) and Depreciation (+€61,486)
- Receivables within one year -€60,687
down €60,687 (-11.6%), from €523,019 to €462,332
of which Trade receivables: -€38,451
- Stocks and contracts +€39,882
up €39,882 (+27.3%), from €145,866 to €185,748
- Investment grants -€108,391
no longer reported in 2025 (was €108,391)
- Reserves +€82,246
up €82,246 (+21.6%), from €380,756 to €463,002
of which Distributable reserves: +€100,000
- Profit (loss) carried forward +€56,716
up €56,716 (+1,022%), from €5,549 to €62,265
- Other debts +€54,527
up €54,527 (+302%), from €18,032 to €72,559
- Debts after one year +€26,908
up €26,908 (+20.6%), from €130,531 to €157,439
- Financial income +€108,453
up €108,453 (+6,674%), from €1,625 to €110,078
- Gross operating margin +€51,023
up €51,023 (+8.7%), from €586,247 to €637,270
- Staff costs +€23,738
up €23,738 (+6.3%), from €377,820 to €401,558
- Taxes +€13,486
up €13,486 (+67.2%), from €20,074 to €33,560
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.
Derived cash bridge
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 | €1,090,004 | €1,250,283 | +€160,279 | +14.7% |
| Fixed assets | 21/28 | €365,181 | €355,512 | -€9,669 | -2.6% |
| Tangible fixed assets | 22/27 | €363,917 | €354,247 | -€9,670 | -2.7% |
| Land and buildings | 22 | €86,299 | €78,187 | -€8,112 | -9.4% |
| Plant, machinery and equipment | 23 | €273,902 | €270,966 | -€2,936 | -1.1% |
| Furniture and vehicles | 24 | €3,716 | €5,095 | +€1,379 | +37.1% |
| Financial fixed assets | 28 | €1,264 | €1,264 | +€0 | 0.0% |
| Current assets | 29/58 | €724,823 | €894,771 | +€169,948 | +23.4% |
| Stocks and contracts in progress | 3 | €145,866 | €185,748 | +€39,882 | +27.3% |
| Stocks | 30/36 | €145,866 | €185,748 | +€39,882 | +27.3% |
| Amounts receivable within one year | 40/41 | €523,019 | €462,332 | -€60,687 | -11.6% |
| Trade receivables | 40 | €492,812 | €454,361 | -€38,451 | -7.8% |
| Other amounts receivable | 41 | €30,207 | €7,972 | -€22,235 | -73.6% |
| Cash at bank and in hand | 54/58 | €55,938 | €246,691 | +€190,753 | +341% |
| Total equity and liabilities | 10/49 | €1,090,004 | €1,250,283 | +€160,279 | +14.7% |
| Equity | 10/15 | €644,696 | €675,266 | +€30,570 | +4.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €380,756 | €463,002 | +€82,246 | +21.6% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,756 | €48,002 | -€17,755 | -27.0% |
| Distributable reserves | 133 | €300,000 | €400,000 | +€100,000 | +33.3% |
| Profit (loss) carried forward | 14 | €5,549 | €62,265 | +€56,716 | +1,022% |
| Investment grants | 15 | €108,391 | - | -€108,391 | |
| Amounts payable | 17/49 | €445,308 | €575,017 | +€129,709 | +29.1% |
| Amounts payable after more than one year | 17 | €130,531 | €157,439 | +€26,908 | +20.6% |
| Financial debts | 170/4 | €130,531 | €157,439 | +€26,908 | +20.6% |
| Amounts payable within one year | 42/48 | €314,777 | €417,578 | +€102,801 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €28,959 | €43,618 | +€14,659 | +50.6% |
| Trade debts | 44 | €228,627 | €237,932 | +€9,305 | +4.1% |
| Suppliers | 440/4 | €228,627 | €237,932 | +€9,305 | +4.1% |
| Taxes, remuneration and social security | 45 | €39,159 | €63,470 | +€24,311 | +62.1% |
| Taxes | 450/3 | - | €13,560 | +€13,560 | |
| Remuneration and social security | 454/9 | €39,159 | €49,910 | +€10,751 | +27.5% |
| Other amounts payable | 47/48 | €18,032 | €72,559 | +€54,527 | +302% |
| Non-recurring operating income | 76A | - | €12,413 | +€12,413 | |
| Remuneration, social security and pensions | 62 | €377,820 | €401,558 | +€23,738 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,659 | €61,486 | -€4,173 | -6.4% |
| Other operating charges | 640/8 | €35,362 | €32,741 | -€2,621 | -7.4% |
| Gross operating margin | 9900 | €586,247 | €637,270 | +€51,023 | +8.7% |
| Operating profit (loss) | 9901 | €107,406 | €141,485 | +€34,079 | +31.7% |
| Financial income | 75/76B | €1,625 | €110,078 | +€108,453 | +6,674% |
| Recurring financial income | 75 | €1,625 | €110,078 | +€108,453 | +6,674% |
| Financial charges | 65/66B | €6,297 | €7,591 | +€1,294 | +20.6% |
| Recurring financial charges | 65 | €6,297 | €7,591 | +€1,294 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €102,734 | €243,971 | +€141,237 | +137% |
| Income taxes | 67/77 | €20,074 | €33,560 | +€13,486 | +67.2% |
| Profit (loss) for the period | 9904 | €82,660 | €210,411 | +€127,751 | +155% |
| Transfer from tax-exempt reserves | 789 | - | €29,755 | +€29,755 | |
| Transfer to tax-exempt reserves | 689 | - | €12,000 | +€12,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,660 | €228,166 | +€145,506 | +176% |
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 28 October 2026 via checked.be.