JV Project: 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 Project
Largest movements
- Current investments +€50,064
up €50,064 (+143%), from €35,000 to €85,064
- Receivables within one year +€16,837
up €16,837 (+165%), from €10,220 to €27,057
of which Trade receivables: +€16,753
- Cash -€9,019
down €9,019 (-42.9%), from €21,025 to €12,006
mainly Current investments (-€50,064) and Receivables within one year (-€16,837)
- Tangible fixed assets +€2,164
up €2,164 (+63.0%), from €3,433 to €5,597
of which Furniture and vehicles: +€2,666
- Profit (loss) carried forward +€42,141
up €42,141 (+92.9%), from €45,376 to €87,517
- Tax, wage and social debts +€15,172
up €15,172 (+78.1%), from €19,429 to €34,600
of which Taxes: +€12,099
- Other debts +€1,680
up €1,680 (+60.8%), from €2,764 to €4,444
- Gross operating margin -€3,701
down €3,701 (-5.9%), from €63,106 to €59,404
- Taxes -€742
down €742 (-6.0%), from €12,424 to €11,682
- Depreciation +€661
up €661 (+98.0%), from €675 to €1,336
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.
Derived cash bridge
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 | €73,647 | €132,739 | +€59,092 | +80.2% |
| Fixed assets | 21/28 | €3,433 | €5,597 | +€2,164 | +63.0% |
| Tangible fixed assets | 22/27 | €3,433 | €5,597 | +€2,164 | +63.0% |
| Plant, machinery and equipment | 23 | €2,205 | €1,702 | -€503 | -22.8% |
| Furniture and vehicles | 24 | €1,228 | €3,894 | +€2,666 | +217% |
| Current assets | 29/58 | €70,214 | €127,143 | +€56,928 | +81.1% |
| Amounts receivable within one year | 40/41 | €10,220 | €27,057 | +€16,837 | +165% |
| Trade receivables | 40 | €10,219 | €26,972 | +€16,753 | +164% |
| Other amounts receivable | 41 | €1 | €85 | +€84 | +8,571% |
| Current investments | 50/53 | €35,000 | €85,064 | +€50,064 | +143% |
| Cash at bank and in hand | 54/58 | €21,025 | €12,006 | -€9,019 | -42.9% |
| Deferred charges and accrued income | 490/1 | €3,969 | €3,015 | -€954 | -24.0% |
| Total equity and liabilities | 10/49 | €73,647 | €132,739 | +€59,092 | +80.2% |
| Equity | 10/15 | €48,376 | €90,517 | +€42,141 | +87.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,376 | €87,517 | +€42,141 | +92.9% |
| Amounts payable | 17/49 | €25,271 | €42,222 | +€16,951 | +67.1% |
| Amounts payable within one year | 42/48 | €25,205 | €42,147 | +€16,942 | +67.2% |
| Trade debts | 44 | €3,013 | €3,103 | +€90 | +3.0% |
| Suppliers | 440/4 | €3,013 | €3,103 | +€90 | +3.0% |
| Taxes, remuneration and social security | 45 | €19,429 | €34,600 | +€15,172 | +78.1% |
| Taxes | 450/3 | €19,429 | €31,528 | +€12,099 | +62.3% |
| Remuneration and social security | 454/9 | - | €3,073 | +€3,073 | |
| Other amounts payable | 47/48 | €2,764 | €4,444 | +€1,680 | +60.8% |
| Accrued charges and deferred income | 492/3 | €66 | €75 | +€9 | +14.2% |
| Remuneration, social security and pensions | 62 | €250 | €250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €675 | €1,336 | +€661 | +98.0% |
| Other operating charges | 640/8 | €500 | €50 | -€450 | -90.0% |
| Gross operating margin | 9900 | €63,106 | €59,404 | -€3,701 | -5.9% |
| Operating profit (loss) | 9901 | €61,681 | €57,768 | -€3,913 | -6.3% |
| Financial income | 75/76B | €97 | €100 | +€3 | +2.9% |
| Recurring financial income | 75 | €97 | €100 | +€3 | +2.9% |
| Financial charges | 65/66B | €2,312 | €2,380 | +€68 | +2.9% |
| Recurring financial charges | 65 | €2,312 | €2,380 | +€68 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €59,466 | €55,488 | -€3,978 | -6.7% |
| Income taxes | 67/77 | €12,424 | €11,682 | -€742 | -6.0% |
| Profit (loss) for the period | 9904 | €47,042 | €43,807 | -€3,235 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,042 | €43,807 | -€3,235 | -6.9% |
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 15 October 2026 via checked.be.