JV SYSTEM: 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 SYSTEM
Largest movements
- Cash +€58,225
up €58,225 (+42.3%), from €137,533 to €195,758
mainly Net result for the year (+€42,274) and Receivables within one year (+€12,624)
- Receivables within one year -€12,624
down €12,624 (-25.1%), from €50,339 to €37,715
of which Trade receivables: -€11,063
- Tangible fixed assets -€4,650
down €4,650 (-21.9%), from €21,199 to €16,549
- Reserves +€42,274
up €42,274 (+266.0%), from €15,893 to €58,167
of which Distributable reserves: +€56,307
- Tax, wage and social debts +€10,203
up €10,203 (+152.4%), from €6,695 to €16,898
of which Taxes: +€10,183
- Other debts -€8,769
down €8,769 (-30.6%), from €28,669 to €19,900
- Gross operating margin +€42,122
up €42,122 (+171.1%), from €24,626 to €66,748
- Taxes +€15,952
up €15,952 (+327.3%), from €4,874 to €20,826
- Depreciation +€2,599
up €2,599 (+126.7%), from €2,051 to €4,650
- Financial income +€1,203
up €1,203 (+265.8%), from €453 to €1,656
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 | €228,449 | €271,724 | +€43,274 | +18.9% |
| Fixed assets | 21/28 | €21,199 | €16,549 | -€4,650 | -21.9% |
| Tangible fixed assets | 22/27 | €21,199 | €16,549 | -€4,650 | -21.9% |
| Plant, machinery and equipment | 23 | €21,199 | €16,549 | -€4,650 | -21.9% |
| Current assets | 29/58 | €207,250 | €255,175 | +€47,924 | +23.1% |
| Stocks and contracts in progress | 3 | €14,978 | €15,772 | +€795 | +5.3% |
| Stocks | 30/36 | €14,978 | €15,772 | +€795 | +5.3% |
| Amounts receivable within one year | 40/41 | €50,339 | €37,715 | -€12,624 | -25.1% |
| Trade receivables | 40 | €46,553 | €35,490 | -€11,063 | -23.8% |
| Other amounts receivable | 41 | €3,785 | €2,225 | -€1,560 | -41.2% |
| Cash at bank and in hand | 54/58 | €137,533 | €195,758 | +€58,225 | +42.3% |
| Deferred charges and accrued income | 490/1 | €4,401 | €5,929 | +€1,528 | +34.7% |
| Total equity and liabilities | 10/49 | €228,449 | €271,724 | +€43,274 | +18.9% |
| Equity | 10/15 | €180,924 | €223,198 | +€42,274 | +23.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,893 | €58,167 | +€42,274 | +266.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,033 | - | -€14,033 | |
| Distributable reserves | 133 | - | €56,307 | +€56,307 | |
| Profit (loss) carried forward | 14 | €146,431 | €146,431 | = | 0.0% |
| Amounts payable | 17/49 | €47,525 | €48,526 | +€1,001 | +2.1% |
| Amounts payable within one year | 42/48 | €47,525 | €48,526 | +€1,001 | +2.1% |
| Trade debts | 44 | €12,161 | €11,727 | -€433 | -3.6% |
| Suppliers | 440/4 | €12,161 | €11,727 | -€433 | -3.6% |
| Taxes, remuneration and social security | 45 | €6,695 | €16,898 | +€10,203 | +152.4% |
| Taxes | 450/3 | €2,461 | €12,644 | +€10,183 | +413.8% |
| Remuneration and social security | 454/9 | €4,234 | €4,254 | +€20 | +0.5% |
| Other amounts payable | 47/48 | €28,669 | €19,900 | -€8,769 | -30.6% |
| Remuneration, social security and pensions | 62 | - | €113 | +€113 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,051 | €4,650 | +€2,599 | +126.7% |
| Other operating charges | 640/8 | €300 | €179 | -€121 | -40.4% |
| Non-recurring operating charges | 66A | €186 | €285 | +€99 | +52.9% |
| Gross operating margin | 9900 | €24,626 | €66,748 | +€42,122 | +171.1% |
| Operating profit (loss) | 9901 | €22,089 | €61,521 | +€39,433 | +178.5% |
| Financial income | 75/76B | €453 | €1,656 | +€1,203 | +265.8% |
| Recurring financial income | 75 | €453 | €1,656 | +€1,203 | +265.8% |
| Financial charges | 65/66B | €68 | €78 | +€9 | +13.9% |
| Recurring financial charges | 65 | €68 | €78 | +€9 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €22,473 | €63,100 | +€40,627 | +180.8% |
| Income taxes | 67/77 | €4,874 | €20,826 | +€15,952 | +327.3% |
| Profit (loss) for the period | 9904 | €17,599 | €42,274 | +€24,674 | +140.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,599 | €42,274 | +€24,674 | +140.2% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.