JV CONCEPT: 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.
JV CONCEPT
Largest movements
- Receivables within one year -€72,923
down €72,923 (-70.8%), from €102,981 to €30,058
of which Trade receivables: -€72,175
- Cash +€33,084
up €33,084 (+81.7%), from €40,516 to €73,600
mainly Receivables within one year (+€72,923) and Net result for the year (+€62,357)
- Intangible fixed assets -€31,383
down €31,383 (-100.0%), from €31,383 to €0
- Tangible fixed assets +€2,845
up €2,845, from €0 to €2,845
- Other debts -€48,334
down €48,334 (-49.6%), from €97,386 to €49,052
- Current portion of long-term debt -€15,131
down €15,131 (-92.0%), from €16,445 to €1,314
- Profit (loss) carried forward +€12,357
new in 2025: €12,357
- Short-term financial debts -€8,940
down €8,940 (-84.2%), from €10,612 to €1,672
- Trade debts -€8,002
down €8,002 (-47.2%), from €16,964 to €8,961
- Staff costs -€54,751
no longer reported in 2025 (was €54,751)
- Gross operating margin -€41,942
down €41,942 (-25.6%), from €163,597 to €121,655
- Depreciation -€11,240
down €11,240 (-26.2%), from €42,954 to €31,714
- Other operating charges -€5,888
down €5,888 (-71.5%), from €8,230 to €2,342
- Taxes +€5,779
up €5,779 (+42.9%), from €13,479 to €19,258
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 | €180,729 | €111,613 | -€69,116 | -38.2% |
| Fixed assets | 21/28 | €31,383 | €2,845 | -€28,538 | -90.9% |
| Intangible fixed assets | 21 | €31,383 | €0 | -€31,383 | -100.0% |
| Tangible fixed assets | 22/27 | €0 | €2,845 | +€2,845 | |
| Furniture and vehicles | 24 | €0 | €2,845 | +€2,845 | |
| Current assets | 29/58 | €149,346 | €108,769 | -€40,577 | -27.2% |
| Amounts receivable within one year | 40/41 | €102,981 | €30,058 | -€72,923 | -70.8% |
| Trade receivables | 40 | €102,232 | €30,058 | -€72,175 | -70.6% |
| Other amounts receivable | 41 | €749 | - | -€749 | |
| Cash at bank and in hand | 54/58 | €40,516 | €73,600 | +€33,084 | +81.7% |
| Deferred charges and accrued income | 490/1 | €5,848 | €5,111 | -€738 | -12.6% |
| Total equity and liabilities | 10/49 | €180,729 | €111,613 | -€69,116 | -38.2% |
| Equity | 10/15 | €3,000 | €15,357 | +€12,357 | +411.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €12,357 | +€12,357 | |
| Amounts payable | 17/49 | €177,729 | €96,257 | -€81,472 | -45.8% |
| Amounts payable after more than one year | 17 | €1,314 | - | -€1,314 | |
| Financial debts | 170/4 | €1,314 | - | -€1,314 | |
| Amounts payable within one year | 42/48 | €176,415 | €96,257 | -€80,158 | -45.4% |
| Current portion of amounts payable after more than one year | 42 | €16,445 | €1,314 | -€15,131 | -92.0% |
| Financial debts | 43 | €10,612 | €1,672 | -€8,940 | -84.2% |
| Credit institutions | 430/8 | €10,612 | €1,672 | -€8,940 | -84.2% |
| Trade debts | 44 | €16,964 | €8,961 | -€8,002 | -47.2% |
| Suppliers | 440/4 | €16,964 | €8,961 | -€8,002 | -47.2% |
| Taxes, remuneration and social security | 45 | €35,008 | €35,257 | +€249 | +0.7% |
| Taxes | 450/3 | €30,367 | €30,757 | +€390 | +1.3% |
| Remuneration and social security | 454/9 | €4,641 | €4,500 | -€141 | -3.0% |
| Other amounts payable | 47/48 | €97,386 | €49,052 | -€48,334 | -49.6% |
| Remuneration, social security and pensions | 62 | €54,751 | - | -€54,751 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,954 | €31,714 | -€11,240 | -26.2% |
| Other operating charges | 640/8 | €8,230 | €2,342 | -€5,888 | -71.5% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Non-recurring operating charges | 66A | €5,719 | - | -€5,719 | |
| Gross operating margin | 9900 | €163,597 | €121,655 | -€41,942 | -25.6% |
| Operating profit (loss) | 9901 | €51,943 | €87,600 | +€35,657 | +68.6% |
| Financial income | 75/76B | €83 | €36 | -€48 | -57.2% |
| Recurring financial income | 75 | €83 | €36 | -€48 | -57.2% |
| Financial charges | 65/66B | €4,534 | €6,020 | +€1,486 | +32.8% |
| Recurring financial charges | 65 | €4,534 | €6,020 | +€1,486 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | €47,492 | €81,615 | +€34,123 | +71.9% |
| Income taxes | 67/77 | €13,479 | €19,258 | +€5,779 | +42.9% |
| Profit (loss) for the period | 9904 | €34,013 | €62,357 | +€28,344 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,013 | €62,357 | +€28,344 | +83.3% |
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 8 October 2026 via checked.be.