JP MBV: 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.
JP MBV
Largest movements
- Current investments +€916,520
up €916,520 (+119.1%), from €769,666 to €1.7m
- Cash -€162,351
down €162,351 (-34.9%), from €464,573 to €302,221
mainly Current investments (-€916,520) and Contributions, distributions and other (-€214,706)
- Receivables after one year -€129,618
down €129,618 (-15.5%), from €837,083 to €707,465
- Receivables within one year -€115,036
down €115,036 (-20.5%), from €560,600 to €445,564
of which Other amounts receivable: -€148,749
- Tangible fixed assets +€35,128
up €35,128 (+210.9%), from €16,653 to €51,781
of which Leasing and similar rights: +€39,918
- Reserves +€448,571
up €448,571 (+18.8%), from €2.4m to €2.8m
of which Distributable reserves: +€448,571
- Trade debts +€33,497
up €33,497 (+1558.4%), from €2,149 to €35,647
- Gross operating margin +€199,517
up €199,517 (+26.5%), from €751,655 to €951,172
- Taxes +€47,397
up €47,397 (+18.4%), from €257,431 to €304,828
- Financial income +€10,724
up €10,724 (+39.0%), from €27,473 to €38,197
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 | €2,651,906 | €3,198,119 | +€546,214 | +20.6% |
| Fixed assets | 21/28 | €16,753 | €51,881 | +€35,128 | +209.7% |
| Tangible fixed assets | 22/27 | €16,653 | €51,781 | +€35,128 | +210.9% |
| Plant, machinery and equipment | 23 | €6,661 | €4,881 | -€1,780 | -26.7% |
| Furniture and vehicles | 24 | €9,992 | €6,981 | -€3,011 | -30.1% |
| Leasing and similar rights | 25 | - | €39,918 | +€39,918 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €2,635,153 | €3,146,238 | +€511,086 | +19.4% |
| Amounts receivable after more than one year | 29 | €837,083 | €707,465 | -€129,618 | -15.5% |
| Other amounts receivable | 291 | €837,083 | €707,465 | -€129,618 | -15.5% |
| Amounts receivable within one year | 40/41 | €560,600 | €445,564 | -€115,036 | -20.5% |
| Trade receivables | 40 | - | €33,713 | +€33,713 | |
| Other amounts receivable | 41 | €560,600 | €411,852 | -€148,749 | -26.5% |
| Current investments | 50/53 | €769,666 | €1,686,186 | +€916,520 | +119.1% |
| Cash at bank and in hand | 54/58 | €464,573 | €302,221 | -€162,351 | -34.9% |
| Deferred charges and accrued income | 490/1 | €3,231 | €4,802 | +€1,571 | +48.6% |
| Total equity and liabilities | 10/49 | €2,651,906 | €3,198,119 | +€546,214 | +20.6% |
| Equity | 10/15 | €2,404,629 | €2,853,201 | +€448,571 | +18.7% |
| Contributions | 10/11 | €18,660 | €18,660 | = | 0.0% |
| Reserves | 13 | €2,385,969 | €2,834,541 | +€448,571 | +18.8% |
| Tax-exempt reserves | 132 | €191,556 | €191,556 | = | 0.0% |
| Distributable reserves | 133 | €2,194,414 | €2,642,985 | +€448,571 | +20.4% |
| Amounts payable | 17/49 | €247,276 | €344,918 | +€97,642 | +39.5% |
| Amounts payable after more than one year | 17 | - | €28,189 | +€28,189 | |
| Financial debts | 170/4 | - | €28,189 | +€28,189 | |
| Amounts payable within one year | 42/48 | €247,276 | €316,729 | +€69,453 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | - | €11,194 | +€11,194 | |
| Trade debts | 44 | €2,149 | €35,647 | +€33,497 | +1558.4% |
| Suppliers | 440/4 | €2,149 | €35,647 | +€33,497 | +1558.4% |
| Taxes, remuneration and social security | 45 | €34,051 | €53,974 | +€19,922 | +58.5% |
| Taxes | 450/3 | €34,051 | €53,974 | +€19,922 | +58.5% |
| Other amounts payable | 47/48 | €211,076 | €215,915 | +€4,840 | +2.3% |
| Non-recurring operating income | 76A | €21,266 | €10,934 | -€10,332 | -48.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,751 | €10,662 | +€5,910 | +124.4% |
| Other operating charges | 640/8 | €1,584 | €2,880 | +€1,296 | +81.8% |
| Gross operating margin | 9900 | €751,655 | €951,172 | +€199,517 | +26.5% |
| Operating profit (loss) | 9901 | €745,319 | €937,630 | +€192,311 | +25.8% |
| Financial income | 75/76B | €27,473 | €38,197 | +€10,724 | +39.0% |
| Recurring financial income | 75 | €27,473 | €38,197 | +€10,724 | +39.0% |
| Financial charges | 65/66B | €2,777 | €7,722 | +€4,945 | +178.0% |
| Recurring financial charges | 65 | €2,777 | €7,722 | +€4,945 | +178.0% |
| Profit (loss) for the period before taxes | 9903 | €770,015 | €968,105 | +€198,090 | +25.7% |
| Income taxes | 67/77 | €257,431 | €304,828 | +€47,397 | +18.4% |
| Profit (loss) for the period | 9904 | €512,584 | €663,277 | +€150,693 | +29.4% |
| Transfer from tax-exempt reserves | 789 | €189,450 | - | -€189,450 | |
| Profit (loss) for the period to be appropriated | 9905 | €702,034 | €663,277 | -€38,757 | -5.5% |
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 10 October 2026 via checked.be.