JOVASAM: 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.
What changed
JOVASAM
NACE 64.210, Activities of holding companies
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
€59,551
31-12-2024 · €18,987+€40,564
Equity
€1.2m
31-12-2024 · €1.1m+€59,551
Cash
€4,946
31-12-2024 · €25,391-€20,445
Balance sheet total
€2.3m
31-12-2024 · €2.0m+€284,706
Largest movements
Assets
- Receivables within one year +€422,840
up €422,840 (+99.0%), from €427,218 to €850,058
of which Trade receivables: +€396,399
- Tangible fixed assets -€117,689
down €117,689 (-7.7%), from €1.5m to €1.4m
Equity and liabilities
- Trade debts +€290,919
up €290,919 (+3,038%), from €9,575 to €300,494
- Debts after one year -€98,264
down €98,264 (-26.6%), from €369,418 to €271,153
- Profit (loss) carried forward +€64,131
up €64,131 (+4,003%), from €1,602 to €65,733
- Other debts +€52,311
up €52,311 (+16.1%), from €325,742 to €378,053
Income statement
- Gross operating margin -€68,967
down €68,967 (-24.6%), from €279,943 to €210,976
- Depreciation +€21,812
up €21,812 (+22.7%), from €95,877 to €117,689
- Other operating charges +€3,719
up €3,719 (+18.4%), from €20,251 to €23,969
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€18,987
Gross operating margin
-€68,967
Depreciation
-€21,812
Other operating charges
-€3,719
Other operating items
+€108,685
Financial income
-€1,403
Financial charges
-€1,601
Deferred taxes and other
+€29,380
Result 31-12-2025
€59,551
lowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€76,817
Investment
€0
Financing
-€97,261
Cash 31-12-2024
€25,391
From operations (derived)
+€76,817
Net result for the year
+€59,551
Depreciation
+€117,689
Receivables within one year
-€422,840
Provisions
-€1,526
Trade debts
+€290,919
Other debts
+€52,311
Accrued charges and deferred income
-€19,287
Financing
-€97,261
Debts after one year
-€98,264
Current portion of long-term debt
+€1,003
Cash 31-12-2025
€4,946
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,980,499 | €2,265,205 | +€284,706 | +14.4% |
| Fixed assets | 21/28 | €1,527,890 | €1,410,201 | -€117,689 | -7.7% |
| Tangible fixed assets | 22/27 | €1,527,890 | €1,410,201 | -€117,689 | -7.7% |
| Land and buildings | 22 | €1,527,890 | €1,410,201 | -€117,689 | -7.7% |
| Current assets | 29/58 | €452,609 | €855,004 | +€402,396 | +88.9% |
| Amounts receivable within one year | 40/41 | €427,218 | €850,058 | +€422,840 | +99.0% |
| Trade receivables | 40 | €10,414 | €406,813 | +€396,399 | +3,806% |
| Other amounts receivable | 41 | €416,804 | €443,245 | +€26,441 | +6.3% |
| Cash at bank and in hand | 54/58 | €25,391 | €4,946 | -€20,445 | -80.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,980,499 | €2,265,205 | +€284,706 | +14.4% |
| Equity | 10/15 | €1,131,362 | €1,190,913 | +€59,551 | +5.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,067,760 | €1,063,180 | -€4,579 | -0.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €83,560 | €78,980 | -€4,579 | -5.5% |
| Distributable reserves | 133 | €978,000 | €978,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,602 | €65,733 | +€64,131 | +4,003% |
| Provisions and deferred taxes | 16 | €27,853 | €26,327 | -€1,526 | -5.5% |
| Deferred taxes | 168 | €27,853 | €26,327 | -€1,526 | -5.5% |
| Amounts payable | 17/49 | €821,284 | €1,047,965 | +€226,682 | +27.6% |
| Amounts payable after more than one year | 17 | €369,418 | €271,153 | -€98,264 | -26.6% |
| Financial debts | 170/4 | €369,418 | €271,153 | -€98,264 | -26.6% |
| Amounts payable within one year | 42/48 | €432,578 | €776,812 | +€344,233 | +79.6% |
| Current portion of amounts payable after more than one year | 42 | €97,261 | €98,264 | +€1,003 | +1.0% |
| Trade debts | 44 | €9,575 | €300,494 | +€290,919 | +3,038% |
| Suppliers | 440/4 | €9,575 | €300,494 | +€290,919 | +3,038% |
| Other amounts payable | 47/48 | €325,742 | €378,053 | +€52,311 | +16.1% |
| Accrued charges and deferred income | 492/3 | €19,287 | €0 | -€19,287 | -100% |
| Non-recurring operating income | 76A | €122,119 | €0 | -€122,119 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,877 | €117,689 | +€21,812 | +22.7% |
| Other operating charges | 640/8 | €20,251 | €23,969 | +€3,719 | +18.4% |
| Non-recurring operating charges | 66A | €108,685 | €0 | -€108,685 | -100% |
| Gross operating margin | 9900 | €279,943 | €210,976 | -€68,967 | -24.6% |
| Operating profit (loss) | 9901 | €55,130 | €69,317 | +€14,187 | +25.7% |
| Financial income | 75/76B | €5,395 | €3,993 | -€1,403 | -26.0% |
| Recurring financial income | 75 | €5,395 | €3,993 | -€1,403 | -26.0% |
| Financial charges | 65/66B | €13,684 | €15,285 | +€1,601 | +11.7% |
| Recurring financial charges | 65 | €13,684 | €15,285 | +€1,601 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €46,841 | €58,025 | +€11,184 | +23.9% |
| Transfer from deferred taxes | 780 | €2,677 | €1,526 | -€1,150 | -43.0% |
| Transfer to deferred taxes | 680 | €30,530 | €0 | -€30,530 | -100% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €18,987 | €59,551 | +€40,564 | +214% |
| Transfer from tax-exempt reserves | 789 | €8,030 | €4,579 | -€3,450 | -43.0% |
| Transfer to tax-exempt reserves | 689 | €91,590 | €0 | -€91,590 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,572 | €64,131 | +€128,703 |
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 26 October 2026 via checked.be.