JOVACK: 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.
JOVACK
Largest movements
- Receivables within one year +€121,046
up €121,046 (+29.8%), from €406,256 to €527,302
of which Other amounts receivable: +€120,560
- Tangible fixed assets -€14,908
down €14,908 (-38.6%), from €38,665 to €23,757
of which Leasing and similar rights: -€10,359
- Other debts +€78,688
up €78,688 (+75.9%), from €103,676 to €182,364
- Reserves +€30,216
up €30,216 (+11.3%), from €268,007 to €298,223
of which Distributable reserves: +€30,216
- Gross operating margin +€24,529
up €24,529 (+311.1%), from €7,885 to €32,415
- Financial income +€24,223
up €24,223 (+825.3%), from €2,935 to €27,159
- Taxes +€4,915
up €4,915 (+597.4%), from €823 to €5,737
- Financial charges +€1,871
up €1,871 (+43.3%), from €4,322 to €6,193
- Other operating charges -€1,568
down €1,568 (-38.4%), from €4,087 to €2,519
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €447,381 | €551,059 | +€103,679 | +23.2% |
| Fixed assets | 21/28 | €38,665 | €23,757 | -€14,908 | -38.6% |
| Tangible fixed assets | 22/27 | €38,665 | €23,757 | -€14,908 | -38.6% |
| Plant, machinery and equipment | 23 | €370 | €61 | -€310 | -83.6% |
| Furniture and vehicles | 24 | €14,124 | €9,885 | -€4,239 | -30.0% |
| Leasing and similar rights | 25 | €24,171 | €13,812 | -€10,359 | -42.9% |
| Current assets | 29/58 | €408,716 | €527,302 | +€118,586 | +29.0% |
| Amounts receivable within one year | 40/41 | €406,256 | €527,302 | +€121,046 | +29.8% |
| Trade receivables | 40 | €15,000 | €15,486 | +€486 | +3.2% |
| Other amounts receivable | 41 | €391,256 | €511,816 | +€120,560 | +30.8% |
| Deferred charges and accrued income | 490/1 | €2,460 | €0 | -€2,460 | -100.0% |
| Total equity and liabilities | 10/49 | €447,381 | €551,059 | +€103,679 | +23.2% |
| Equity | 10/15 | €268,257 | €298,473 | +€30,216 | +11.3% |
| Contributions | 10/11 | €250 | €250 | = | 0.0% |
| Reserves | 13 | €268,007 | €298,223 | +€30,216 | +11.3% |
| Tax-exempt reserves | 132 | €62,119 | €62,119 | = | 0.0% |
| Distributable reserves | 133 | €205,888 | €236,104 | +€30,216 | +14.7% |
| Provisions and deferred taxes | 16 | €20,706 | €20,706 | = | 0.0% |
| Deferred taxes | 168 | €20,706 | €20,706 | = | 0.0% |
| Amounts payable | 17/49 | €158,417 | €231,880 | +€73,463 | +46.4% |
| Amounts payable after more than one year | 17 | €11,176 | €10,000 | -€1,176 | -10.5% |
| Financial debts | 170/4 | €11,176 | €10,000 | -€1,176 | -10.5% |
| Amounts payable within one year | 42/48 | €147,241 | €221,880 | +€74,639 | +50.7% |
| Current portion of amounts payable after more than one year | 42 | €10,260 | €11,387 | +€1,127 | +11.0% |
| Financial debts | 43 | €5,065 | €5,609 | +€544 | +10.7% |
| Credit institutions | 430/8 | €5,065 | €5,609 | +€544 | +10.7% |
| Trade debts | 44 | €3,806 | €1,997 | -€1,809 | -47.5% |
| Suppliers | 440/4 | €3,806 | €1,997 | -€1,809 | -47.5% |
| Taxes, remuneration and social security | 45 | €24,434 | €20,523 | -€3,911 | -16.0% |
| Taxes | 450/3 | €24,434 | €20,523 | -€3,911 | -16.0% |
| Other amounts payable | 47/48 | €103,676 | €182,364 | +€78,688 | +75.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,244 | €14,908 | -€336 | -2.2% |
| Other operating charges | 640/8 | €4,087 | €2,519 | -€1,568 | -38.4% |
| Gross operating margin | 9900 | €7,885 | €32,415 | +€24,529 | +311.1% |
| Operating profit (loss) | 9901 | -€11,446 | €14,988 | +€26,434 | |
| Financial income | 75/76B | €2,935 | €27,159 | +€24,223 | +825.3% |
| Recurring financial income | 75 | €2,935 | €27,159 | +€24,223 | +825.3% |
| Financial charges | 65/66B | €4,322 | €6,193 | +€1,871 | +43.3% |
| Recurring financial charges | 65 | €4,322 | €6,193 | +€1,871 | +43.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,833 | €35,953 | +€48,786 | |
| Income taxes | 67/77 | €823 | €5,737 | +€4,915 | +597.4% |
| Profit (loss) for the period | 9904 | -€13,656 | €30,216 | +€43,872 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,656 | €30,216 | +€43,872 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.