JV Projects: 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 Projects
Largest movements
- Cash +€42,929
up €42,929 (+125%), from €34,268 to €77,198
mainly Net result for the year (+€29,707) and Current investments (+€10,000)
- Current investments -€10,000
no longer reported in 2025 (was €10,000)
- Reserves +€29,707
up €29,707 (+62.2%), from €47,722 to €77,428
- Trade debts +€2,681
up €2,681 (+182%), from €1,469 to €4,150
- Gross operating margin -€2,220
down €2,220 (-4.6%), from €48,494 to €46,275
- Financial charges -€842
down €842 (-23.7%), from €3,554 to €2,712
- Taxes -€703
down €703 (-5.7%), from €12,384 to €11,681
- Financial income +€677
up €677 (+53,692%), from €1 to €678
- Depreciation +€671
up €671 (+38.3%), from €1,754 to €2,425
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 | €69,267 | €101,436 | +€32,169 | +46.4% |
| Fixed assets | 21/28 | €9,935 | €9,968 | +€33 | +0.3% |
| Tangible fixed assets | 22/27 | €9,935 | €9,968 | +€33 | +0.3% |
| Land and buildings | 22 | €3,818 | €3,377 | -€441 | -11.5% |
| Furniture and vehicles | 24 | €6,117 | €6,591 | +€474 | +7.7% |
| Current assets | 29/58 | €59,333 | €91,468 | +€32,135 | +54.2% |
| Amounts receivable within one year | 40/41 | €14,025 | €13,915 | -€110 | -0.8% |
| Trade receivables | 40 | €10,545 | €13,915 | +€3,370 | +32.0% |
| Other amounts receivable | 41 | €3,480 | - | -€3,480 | |
| Current investments | 50/53 | €10,000 | - | -€10,000 | |
| Cash at bank and in hand | 54/58 | €34,268 | €77,198 | +€42,929 | +125% |
| Deferred charges and accrued income | 490/1 | €1,039 | €355 | -€684 | -65.8% |
| Total equity and liabilities | 10/49 | €69,267 | €101,436 | +€32,169 | +46.4% |
| Equity | 10/15 | €50,722 | €80,428 | +€29,707 | +58.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €47,722 | €77,428 | +€29,707 | +62.2% |
| Distributable reserves | 133 | €47,722 | €77,428 | +€29,707 | +62.2% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Amounts payable | 17/49 | €18,546 | €21,008 | +€2,462 | +13.3% |
| Amounts payable within one year | 42/48 | €18,546 | €21,008 | +€2,462 | +13.3% |
| Trade debts | 44 | €1,469 | €4,150 | +€2,681 | +182% |
| Suppliers | 440/4 | €1,469 | €4,150 | +€2,681 | +182% |
| Taxes, remuneration and social security | 45 | €16,213 | €16,623 | +€410 | +2.5% |
| Taxes | 450/3 | €13,829 | €14,287 | +€457 | +3.3% |
| Remuneration and social security | 454/9 | €2,384 | €2,336 | -€47 | -2.0% |
| Other amounts payable | 47/48 | €864 | €235 | -€629 | -72.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,754 | €2,425 | +€671 | +38.3% |
| Other operating charges | 640/8 | €461 | €428 | -€33 | -7.1% |
| Gross operating margin | 9900 | €48,494 | €46,275 | -€2,220 | -4.6% |
| Operating profit (loss) | 9901 | €46,280 | €43,422 | -€2,858 | -6.2% |
| Financial income | 75/76B | €1 | €678 | +€677 | +53,692% |
| Recurring financial income | 75 | €1 | €678 | +€677 | +53,692% |
| Financial charges | 65/66B | €3,554 | €2,712 | -€842 | -23.7% |
| Recurring financial charges | 65 | €3,554 | €2,712 | -€842 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €42,727 | €41,388 | -€1,340 | -3.1% |
| Income taxes | 67/77 | €12,384 | €11,681 | -€703 | -5.7% |
| Profit (loss) for the period | 9904 | €30,344 | €29,707 | -€637 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,344 | €29,707 | -€637 | -2.1% |
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 13 October 2026 via checked.be.