JOVAL: 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.
JOVAL
Largest movements
- Cash -€45,463
down €45,463 (-88.6%), from €51,296 to €5,833
mainly Net result for the year (-€72,629) and Other debts (-€52,426)
- Receivables within one year -€44,619
down €44,619 (-25.7%), from €173,451 to €128,832
of which Other amounts receivable: -€44,619
- Tangible fixed assets -€30,626
down €30,626 (-7.3%), from €421,272 to €390,646
- Profit (loss) carried forward -€72,629
down €72,629 (-213.5%), from -€34,026 to -€106,655
- Other debts -€52,426
down €52,426 (-17.5%), from €299,880 to €247,455
- Gross operating margin +€55,444
up €55,444 (+68.0%), from -€81,506 to -€26,062
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 | €654,591 | €530,072 | -€124,519 | -19.0% |
| Fixed assets | 21/28 | €429,764 | €392,706 | -€37,058 | -8.6% |
| Intangible fixed assets | 21 | €7,899 | €1,466 | -€6,433 | -81.4% |
| Tangible fixed assets | 22/27 | €421,272 | €390,646 | -€30,626 | -7.3% |
| Land and buildings | 22 | €334,274 | €324,078 | -€10,196 | -3.1% |
| Plant, machinery and equipment | 23 | €76,389 | €64,824 | -€11,565 | -15.1% |
| Furniture and vehicles | 24 | €10,609 | €1,744 | -€8,865 | -83.6% |
| Financial fixed assets | 28 | €594 | €594 | = | 0.0% |
| Current assets | 29/58 | €224,827 | €137,366 | -€87,460 | -38.9% |
| Amounts receivable within one year | 40/41 | €173,451 | €128,832 | -€44,619 | -25.7% |
| Trade receivables | 40 | €13,239 | €13,239 | = | 0.0% |
| Other amounts receivable | 41 | €160,212 | €115,593 | -€44,619 | -27.9% |
| Current investments | 50/53 | €79 | €79 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €51,296 | €5,833 | -€45,463 | -88.6% |
| Deferred charges and accrued income | 490/1 | - | €2,622 | +€2,622 | |
| Total equity and liabilities | 10/49 | €654,591 | €530,072 | -€124,519 | -19.0% |
| Equity | 10/15 | €353,184 | €280,555 | -€72,629 | -20.6% |
| Contributions | 10/11 | €352,009 | €352,009 | = | 0.0% |
| Capital | 10 | €352,009 | €352,009 | = | 0.0% |
| Issued capital | 100 | €352,009 | €352,009 | = | 0.0% |
| Reserves | 13 | €35,201 | €35,201 | = | 0.0% |
| Non-distributable reserves | 130/1 | €35,201 | €35,201 | = | 0.0% |
| Legal reserve | 130 | €35,201 | €35,201 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,026 | -€106,655 | -€72,629 | -213.5% |
| Amounts payable | 17/49 | €301,407 | €249,518 | -€51,889 | -17.2% |
| Amounts payable within one year | 42/48 | €301,407 | €249,518 | -€51,889 | -17.2% |
| Trade debts | 44 | €447 | €422 | -€26 | -5.7% |
| Suppliers | 440/4 | €447 | €422 | -€26 | -5.7% |
| Taxes, remuneration and social security | 45 | €1,080 | €1,641 | +€562 | +52.0% |
| Taxes | 450/3 | €1,080 | €1,641 | +€562 | +52.0% |
| Other amounts payable | 47/48 | €299,880 | €247,455 | -€52,426 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,065 | €39,702 | +€637 | +1.6% |
| Other operating charges | 640/8 | €6,834 | €6,622 | -€212 | -3.1% |
| Gross operating margin | 9900 | -€81,506 | -€26,062 | +€55,444 | +68.0% |
| Operating profit (loss) | 9901 | -€127,405 | -€72,386 | +€55,019 | +43.2% |
| Financial income | 75/76B | €6 | €3 | -€3 | -50.0% |
| Recurring financial income | 75 | €6 | €3 | -€3 | -50.0% |
| Financial charges | 65/66B | €109 | €105 | -€4 | -3.8% |
| Recurring financial charges | 65 | €109 | €105 | -€4 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | -€127,509 | -€72,488 | +€55,020 | +43.2% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€127,648 | -€72,629 | +€55,019 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€127,648 | -€72,629 | +€55,019 | +43.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.