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
- Receivables within one year +€466,031
up €466,031 (+2,044%), from €22,804 to €488,835
of which Trade receivables: +€466,410
- Cash +€446,004
up €446,004 (+369%), from €120,855 to €566,859
mainly Net result for the year (+€602,825) and Tax, wage and social debts (+€149,139)
- Profit (loss) carried forward +€318,650
up €318,650 (+243%), from €131,344 to €449,994
- Reserves +€284,175
new in 2025: €284,175
- Tax, wage and social debts +€149,139
up €149,139 (+1,559%), from €9,564 to €158,703
- Other debts +€67,500
new in 2025: €67,500
- Trade debts +€62,481
up €62,481 (+955%), from €6,544 to €69,026
- Gross operating margin +€676,563
up €676,563 (+393%), from €172,169 to €848,732
- Taxes +€166,805
up €166,805 (+436%), from €38,239 to €205,044
- Provisions +€35,677
new in 2025: €35,677
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 | €152,508 | €1,070,074 | +€917,566 | +602% |
| Fixed assets | 21/28 | €6,204 | €11,976 | +€5,772 | +93.0% |
| Tangible fixed assets | 22/27 | €6,204 | €11,976 | +€5,772 | +93.0% |
| Furniture and vehicles | 24 | - | €6,426 | +€6,426 | |
| Other tangible fixed assets | 26 | €6,204 | €5,549 | -€654 | -10.5% |
| Current assets | 29/58 | €146,305 | €1,058,099 | +€911,794 | +623% |
| Amounts receivable within one year | 40/41 | €22,804 | €488,835 | +€466,031 | +2,044% |
| Trade receivables | 40 | €22,000 | €488,410 | +€466,410 | +2,120% |
| Other amounts receivable | 41 | €804 | €425 | -€378 | -47.1% |
| Cash at bank and in hand | 54/58 | €120,855 | €566,859 | +€446,004 | +369% |
| Deferred charges and accrued income | 490/1 | €2,646 | €2,405 | -€241 | -9.1% |
| Total equity and liabilities | 10/49 | €152,508 | €1,070,074 | +€917,566 | +602% |
| Equity | 10/15 | €136,344 | €739,169 | +€602,825 | +442% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €284,175 | +€284,175 | |
| Tax-exempt reserves | 132 | - | €284,175 | +€284,175 | |
| Profit (loss) carried forward | 14 | €131,344 | €449,994 | +€318,650 | +243% |
| Provisions and deferred taxes | 16 | - | €35,677 | +€35,677 | |
| Provisions for liabilities and charges | 160/5 | - | €35,677 | +€35,677 | |
| Environmental obligations | 163 | - | €35,677 | +€35,677 | |
| Amounts payable | 17/49 | €16,164 | €295,229 | +€279,065 | +1,726% |
| Amounts payable within one year | 42/48 | €16,108 | €295,229 | +€279,121 | +1,733% |
| Trade debts | 44 | €6,544 | €69,026 | +€62,481 | +955% |
| Suppliers | 440/4 | €6,544 | €69,026 | +€62,481 | +955% |
| Taxes, remuneration and social security | 45 | €9,564 | €158,703 | +€149,139 | +1,559% |
| Taxes | 450/3 | €9,564 | €158,703 | +€149,139 | +1,559% |
| Other amounts payable | 47/48 | - | €67,500 | +€67,500 | |
| Accrued charges and deferred income | 492/3 | €55 | - | -€55 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €339 | €1,348 | +€1,008 | +297% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €35,677 | +€35,677 | |
| Other operating charges | 640/8 | €411 | €66 | -€345 | -84.0% |
| Gross operating margin | 9900 | €172,169 | €848,732 | +€676,563 | +393% |
| Operating profit (loss) | 9901 | €171,419 | €811,642 | +€640,223 | +373% |
| Financial income | 75/76B | €24 | €34 | +€10 | +41.1% |
| Recurring financial income | 75 | €24 | €34 | +€10 | +41.1% |
| Financial charges | 65/66B | €1,860 | €3,808 | +€1,948 | +105% |
| Recurring financial charges | 65 | €1,860 | €3,808 | +€1,948 | +105% |
| Profit (loss) for the period before taxes | 9903 | €169,584 | €807,869 | +€638,285 | +376% |
| Income taxes | 67/77 | €38,239 | €205,044 | +€166,805 | +436% |
| Profit (loss) for the period | 9904 | €131,344 | €602,825 | +€471,480 | +359% |
| Transfer to tax-exempt reserves | 689 | - | €284,175 | +€284,175 | |
| Profit (loss) for the period to be appropriated | 9905 | €131,344 | €318,650 | +€187,305 | +143% |
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 20 October 2026 via checked.be.