JV CONSTRUCT: 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.
JV CONSTRUCT
Largest movements
- Receivables within one year -€377,346
down €377,346 (-79.8%), from €472,793 to €95,447
of which Trade receivables: -€402,425
- Stocks and contracts +€272,041
up €272,041 (+10881.6%), from €2,500 to €274,541
- Cash -€75,443
down €75,443 (-46.7%), from €161,384 to €85,941
mainly Advances received (-€425,018) and Stocks and contracts (-€272,041)
- Tangible fixed assets -€24,189
down €24,189 (-32.5%), from €74,436 to €50,247
of which Furniture and vehicles: -€21,141
- Advances received -€425,018
down €425,018 (-100.0%), from €425,018 to €0
- Short-term financial debts +€212,000
new in 2025: €212,000
- Reserves +€33,917
up €33,917 (+18.0%), from €188,669 to €222,586
- Current portion of long-term debt -€10,925
down €10,925 (-59.7%), from €18,309 to €7,384
- Tax, wage and social debts -€9,856
down €9,856 (-66.7%), from €14,779 to €4,924
of which Taxes: -€5,774
- Gross operating margin +€36,156
up €36,156 (+66.3%), from €54,515 to €90,671
- Taxes +€12,074
up €12,074 (+262.7%), from €4,596 to €16,670
- Financial charges +€8,527
up €8,527 (+194.1%), from €4,393 to €12,920
- Depreciation -€7,660
down €7,660 (-23.1%), from €33,212 to €25,552
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 | €719,380 | €515,018 | -€204,362 | -28.4% |
| Fixed assets | 21/28 | €74,436 | €50,247 | -€24,189 | -32.5% |
| Tangible fixed assets | 22/27 | €74,436 | €50,247 | -€24,189 | -32.5% |
| Land and buildings | 22 | €513 | €342 | -€171 | -33.3% |
| Plant, machinery and equipment | 23 | €12,746 | €9,870 | -€2,876 | -22.6% |
| Furniture and vehicles | 24 | €61,176 | €40,035 | -€21,141 | -34.6% |
| Current assets | 29/58 | €644,944 | €464,771 | -€180,173 | -27.9% |
| Stocks and contracts in progress | 3 | €2,500 | €274,541 | +€272,041 | +10881.6% |
| Stocks | 30/36 | €2,500 | €274,541 | +€272,041 | +10881.6% |
| Amounts receivable within one year | 40/41 | €472,793 | €95,447 | -€377,346 | -79.8% |
| Trade receivables | 40 | €410,044 | €7,619 | -€402,425 | -98.1% |
| Other amounts receivable | 41 | €62,749 | €87,828 | +€25,079 | +40.0% |
| Cash at bank and in hand | 54/58 | €161,384 | €85,941 | -€75,443 | -46.7% |
| Deferred charges and accrued income | 490/1 | €8,267 | €8,843 | +€575 | +7.0% |
| Total equity and liabilities | 10/49 | €719,380 | €515,018 | -€204,362 | -28.4% |
| Equity | 10/15 | €201,069 | €234,986 | +€33,917 | +16.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €188,669 | €222,586 | +€33,917 | +18.0% |
| Distributable reserves | 133 | €188,669 | €222,586 | +€33,917 | +18.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €518,311 | €280,032 | -€238,279 | -46.0% |
| Amounts payable after more than one year | 17 | €18,346 | €11,773 | -€6,573 | -35.8% |
| Financial debts | 170/4 | €18,346 | €11,773 | -€6,573 | -35.8% |
| Amounts payable within one year | 42/48 | €499,965 | €268,258 | -€231,707 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €18,309 | €7,384 | -€10,925 | -59.7% |
| Financial debts | 43 | - | €212,000 | +€212,000 | |
| Credit institutions | 430/8 | - | €212,000 | +€212,000 | |
| Trade debts | 44 | €19,064 | €19,362 | +€298 | +1.6% |
| Suppliers | 440/4 | €19,064 | €19,362 | +€298 | +1.6% |
| Advances received on contracts in progress | 46 | €425,018 | €0 | -€425,018 | -100.0% |
| Taxes, remuneration and social security | 45 | €14,779 | €4,924 | -€9,856 | -66.7% |
| Taxes | 450/3 | €10,698 | €4,924 | -€5,774 | -54.0% |
| Remuneration and social security | 454/9 | €4,082 | €0 | -€4,082 | -100.0% |
| Other amounts payable | 47/48 | €22,795 | €24,588 | +€1,793 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,212 | €25,552 | -€7,660 | -23.1% |
| Other operating charges | 640/8 | €2,307 | €1,748 | -€559 | -24.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €54,515 | €90,671 | +€36,156 | +66.3% |
| Operating profit (loss) | 9901 | €18,996 | €63,371 | +€44,375 | +233.6% |
| Financial income | 75/76B | €210 | €135 | -€75 | -35.6% |
| Recurring financial income | 75 | €210 | €135 | -€75 | -35.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,393 | €12,920 | +€8,527 | +194.1% |
| Recurring financial charges | 65 | €4,393 | €12,920 | +€8,527 | +194.1% |
| Profit (loss) for the period before taxes | 9903 | €14,814 | €50,587 | +€35,773 | +241.5% |
| Income taxes | 67/77 | €4,596 | €16,670 | +€12,074 | +262.7% |
| Profit (loss) for the period | 9904 | €10,218 | €33,917 | +€23,699 | +231.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,218 | €33,917 | +€23,699 | +231.9% |
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.