JV CONSULT: 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 CONSULT
Largest movements
- Tangible fixed assets -€120,058
down €120,058 (-5.7%), from €2.1m to €2.0m
of which Land and buildings: -€118,141
- Receivables within one year -€55,321
down €55,321 (-14.7%), from €375,438 to €320,116
of which Trade receivables: -€47,135
- Debts after one year -€84,251
down €84,251 (-6.2%), from €1.4m to €1.3m
- Other debts -€46,671
down €46,671 (-10.9%), from €426,450 to €379,778
- Reserves -€36,351
down €36,351 (-7.1%), from €509,200 to €472,849
of which Distributable reserves: -€35,398
- Gross operating margin -€44,312
down €44,312 (-21.0%), from €210,762 to €166,450
- Taxes -€12,424
down €12,424 (-47.1%), from €26,350 to €13,926
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,599,249 | €2,434,925 | -€164,325 | -6.3% |
| Fixed assets | 21/28 | €2,215,068 | €2,095,010 | -€120,058 | -5.4% |
| Tangible fixed assets | 22/27 | €2,116,143 | €1,996,085 | -€120,058 | -5.7% |
| Land and buildings | 22 | €2,102,593 | €1,984,452 | -€118,141 | -5.6% |
| Plant, machinery and equipment | 23 | €13,550 | €11,633 | -€1,917 | -14.1% |
| Financial fixed assets | 28 | €98,925 | €98,925 | = | 0.0% |
| Current assets | 29/58 | €384,182 | €339,915 | -€44,267 | -11.5% |
| Amounts receivable within one year | 40/41 | €375,438 | €320,116 | -€55,321 | -14.7% |
| Trade receivables | 40 | €114,061 | €66,926 | -€47,135 | -41.3% |
| Other amounts receivable | 41 | €261,376 | €253,191 | -€8,186 | -3.1% |
| Cash at bank and in hand | 54/58 | €7,594 | €18,563 | +€10,969 | +144.4% |
| Deferred charges and accrued income | 490/1 | €1,150 | €1,235 | +€85 | +7.4% |
| Total equity and liabilities | 10/49 | €2,599,249 | €2,434,925 | -€164,325 | -6.3% |
| Equity | 10/15 | €515,400 | €479,049 | -€36,351 | -7.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €509,200 | €472,849 | -€36,351 | -7.1% |
| Tax-exempt reserves | 132 | €16,485 | €15,531 | -€954 | -5.8% |
| Distributable reserves | 133 | €492,715 | €457,318 | -€35,398 | -7.2% |
| Provisions and deferred taxes | 16 | €181,054 | €170,580 | -€10,474 | -5.8% |
| Deferred taxes | 168 | €181,054 | €170,580 | -€10,474 | -5.8% |
| Amounts payable | 17/49 | €1,902,795 | €1,785,296 | -€117,499 | -6.2% |
| Amounts payable after more than one year | 17 | €1,363,845 | €1,279,594 | -€84,251 | -6.2% |
| Financial debts | 170/4 | €1,363,845 | €1,279,594 | -€84,251 | -6.2% |
| Amounts payable within one year | 42/48 | €536,953 | €505,343 | -€31,610 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €83,328 | €84,251 | +€923 | +1.1% |
| Trade debts | 44 | €1,564 | €22,755 | +€21,191 | +1354.8% |
| Suppliers | 440/4 | €1,564 | €22,755 | +€21,191 | +1354.8% |
| Taxes, remuneration and social security | 45 | €25,611 | €18,559 | -€7,052 | -27.5% |
| Taxes | 450/3 | €17,049 | €11,577 | -€5,472 | -32.1% |
| Remuneration and social security | 454/9 | €8,562 | €6,982 | -€1,580 | -18.5% |
| Other amounts payable | 47/48 | €426,450 | €379,778 | -€46,671 | -10.9% |
| Accrued charges and deferred income | 492/3 | €1,997 | €359 | -€1,639 | -82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,116 | €120,058 | -€58 | 0.0% |
| Other operating charges | 640/8 | €1,423 | €1,557 | +€134 | +9.4% |
| Gross operating margin | 9900 | €210,762 | €166,450 | -€44,312 | -21.0% |
| Operating profit (loss) | 9901 | €89,223 | €44,835 | -€44,388 | -49.7% |
| Financial charges | 65/66B | €23,181 | €21,979 | -€1,202 | -5.2% |
| Recurring financial charges | 65 | €23,181 | €21,979 | -€1,202 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €66,042 | €22,856 | -€43,186 | -65.4% |
| Transfer from deferred taxes | 780 | €10,474 | €10,474 | = | 0.0% |
| Income taxes | 67/77 | €26,350 | €13,926 | -€12,424 | -47.1% |
| Profit (loss) for the period | 9904 | €50,167 | €19,404 | -€30,762 | -61.3% |
| Transfer from tax-exempt reserves | 789 | €954 | €954 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,120 | €20,358 | -€30,762 | -60.2% |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.