JV-M: 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-M
Largest movements
- Stocks and contracts +€16,486
up €16,486 (+119.8%), from €13,760 to €30,246
- Cash -€12,683
down €12,683 (-18.1%), from €69,916 to €57,233
mainly Net result for the year (-€20,521) and Stocks and contracts (-€16,486)
- Tangible fixed assets -€8,639
down €8,639 (-21.8%), from €39,589 to €30,950
of which Plant, machinery and equipment: -€4,899
- Deferred charges and accrued income -€6,450
no longer reported in 2025 (was €6,450)
- Receivables within one year -€6,102
down €6,102 (-22.6%), from €26,952 to €20,850
of which Trade receivables: -€3,930
- Other debts +€25,284
new in 2025: €25,284
- Profit (loss) carried forward -€20,521
down €20,521 (-69.0%), from €29,759 to €9,238
- Accrued charges and deferred income -€11,559
down €11,559 (-90.0%), from €12,838 to €1,279
- Tax, wage and social debts -€8,489
down €8,489 (-89.6%), from €9,475 to €986
- Trade debts +€1,889
up €1,889 (+37.4%), from €5,052 to €6,941
- Gross operating margin -€67,463
down €67,463, from €56,808 to -€10,655
- Taxes -€11,835
down €11,835 (-96.9%), from €12,208 to €373
- Financial income +€4,285
new in 2025: €4,285
of which Financial income: +€4,285
- Depreciation +€2,956
up €2,956 (+42.4%), from €6,973 to €9,929
- Financial charges +€1,314
up €1,314 (+948.1%), from €139 to €1,452
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 | €156,667 | €143,271 | -€13,396 | -8.6% |
| Fixed assets | 21/28 | €39,589 | €34,942 | -€4,647 | -11.7% |
| Intangible fixed assets | 21 | - | €3,992 | +€3,992 | |
| Tangible fixed assets | 22/27 | €39,589 | €30,950 | -€8,639 | -21.8% |
| Land and buildings | 22 | €8,850 | €7,884 | -€966 | -10.9% |
| Plant, machinery and equipment | 23 | €18,802 | €13,902 | -€4,899 | -26.1% |
| Furniture and vehicles | 24 | €11,938 | €9,164 | -€2,773 | -23.2% |
| Current assets | 29/58 | €117,078 | €108,329 | -€8,749 | -7.5% |
| Stocks and contracts in progress | 3 | €13,760 | €30,246 | +€16,486 | +119.8% |
| Stocks | 30/36 | €13,760 | €30,246 | +€16,486 | +119.8% |
| Amounts receivable within one year | 40/41 | €26,952 | €20,850 | -€6,102 | -22.6% |
| Trade receivables | 40 | €14,398 | €10,468 | -€3,930 | -27.3% |
| Other amounts receivable | 41 | €12,554 | €10,382 | -€2,172 | -17.3% |
| Cash at bank and in hand | 54/58 | €69,916 | €57,233 | -€12,683 | -18.1% |
| Deferred charges and accrued income | 490/1 | €6,450 | - | -€6,450 | |
| Total equity and liabilities | 10/49 | €156,667 | €143,271 | -€13,396 | -8.6% |
| Equity | 10/15 | €129,302 | €108,781 | -€20,521 | -15.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Outside capital | 11 | €10,000 | €10,000 | = | 0.0% |
| Other | 1109/19 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €89,543 | €89,543 | = | 0.0% |
| Distributable reserves | 133 | €89,543 | €89,543 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,759 | €9,238 | -€20,521 | -69.0% |
| Amounts payable | 17/49 | €27,365 | €34,490 | +€7,125 | +26.0% |
| Amounts payable within one year | 42/48 | €14,527 | €33,211 | +€18,684 | +128.6% |
| Trade debts | 44 | €5,052 | €6,941 | +€1,889 | +37.4% |
| Suppliers | 440/4 | €5,052 | €6,941 | +€1,889 | +37.4% |
| Taxes, remuneration and social security | 45 | €9,475 | €986 | -€8,489 | -89.6% |
| Taxes | 450/3 | €9,475 | €986 | -€8,489 | -89.6% |
| Other amounts payable | 47/48 | - | €25,284 | +€25,284 | |
| Accrued charges and deferred income | 492/3 | €12,838 | €1,279 | -€11,559 | -90.0% |
| Non-recurring operating income | 76A | €4,696 | - | -€4,696 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,973 | €9,929 | +€2,956 | +42.4% |
| Other operating charges | 640/8 | €1,903 | €2,397 | +€494 | +26.0% |
| Gross operating margin | 9900 | €56,808 | -€10,655 | -€67,463 | |
| Operating profit (loss) | 9901 | €47,933 | -€22,980 | -€70,913 | |
| Financial income | 75/76B | - | €4,285 | +€4,285 | |
| Recurring financial income | 75 | - | €4,285 | +€4,285 | |
| Non-recurring financial income | 76B | - | €4,285 | +€4,285 | |
| Financial charges | 65/66B | €139 | €1,452 | +€1,314 | +948.1% |
| Recurring financial charges | 65 | €139 | €1,452 | +€1,314 | +948.1% |
| Profit (loss) for the period before taxes | 9903 | €47,794 | -€20,148 | -€67,942 | |
| Income taxes | 67/77 | €12,208 | €373 | -€11,835 | -96.9% |
| Profit (loss) for the period | 9904 | €35,586 | -€20,521 | -€56,107 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,586 | -€20,521 | -€56,107 |
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 28 September 2026 via checked.be.