JVA: what changed
JVA
Largest movements
- Receivables within one year -€43,107
down €43,107 (-21.0%), from €205,401 to €162,294
of which Trade receivables: -€71,687
- Cash -€39,254
down €39,254 (-34.1%), from €115,245 to €75,991
mainly Investment in fixed assets (net) (-€33,635) and Trade debts (-€31,730)
- Tangible fixed assets +€26,399
up €26,399 (+140%), from €18,908 to €45,307
of which Furniture and vehicles: +€33,027
- Reserves +€161,542
up €161,542 (+8,685%), from €1,860 to €163,402
of which Distributable reserves: +€161,542
- Profit (loss) carried forward -€159,751
no longer reported in 2025 (was €159,751)
- Trade debts -€31,730
down €31,730 (-31.7%), from €100,129 to €68,400
- Other debts -€20,661
down €20,661 (-52.9%), from €39,029 to €18,368
- Tax, wage and social debts -€5,229
down €5,229 (-25.9%), from €20,186 to €14,957
of which Taxes: -€3,639
- Gross operating margin -€17,142
down €17,142 (-4.7%), from €364,400 to €347,258
- Staff costs +€6,419
up €6,419 (+2.0%), from €318,342 to €324,761
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €339,554 | €284,503 | -€55,052 | -16.2% |
| Fixed assets | 21/28 | €18,908 | €45,307 | +€26,399 | +140% |
| Tangible fixed assets | 22/27 | €18,908 | €45,307 | +€26,399 | +140% |
| Plant, machinery and equipment | 23 | €18,908 | €12,280 | -€6,628 | -35.1% |
| Furniture and vehicles | 24 | - | €33,027 | +€33,027 | |
| Current assets | 29/58 | €320,646 | €239,196 | -€81,451 | -25.4% |
| Amounts receivable within one year | 40/41 | €205,401 | €162,294 | -€43,107 | -21.0% |
| Trade receivables | 40 | €199,130 | €127,442 | -€71,687 | -36.0% |
| Other amounts receivable | 41 | €6,271 | €34,852 | +€28,581 | +456% |
| Cash at bank and in hand | 54/58 | €115,245 | €75,991 | -€39,254 | -34.1% |
| Deferred charges and accrued income | 490/1 | - | €910 | +€910 | |
| Total equity and liabilities | 10/49 | €339,554 | €284,503 | -€55,052 | -16.2% |
| Equity | 10/15 | €180,211 | €182,002 | +€1,792 | +1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €163,402 | +€161,542 | +8,685% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €161,542 | +€161,542 | |
| Profit (loss) carried forward | 14 | €159,751 | - | -€159,751 | |
| Amounts payable | 17/49 | €159,344 | €102,500 | -€56,843 | -35.7% |
| Amounts payable within one year | 42/48 | €159,344 | €101,724 | -€57,619 | -36.2% |
| Trade debts | 44 | €100,129 | €68,400 | -€31,730 | -31.7% |
| Suppliers | 440/4 | €100,129 | €68,400 | -€31,730 | -31.7% |
| Taxes, remuneration and social security | 45 | €20,186 | €14,957 | -€5,229 | -25.9% |
| Taxes | 450/3 | €18,596 | €14,957 | -€3,639 | -19.6% |
| Remuneration and social security | 454/9 | €1,590 | - | -€1,590 | |
| Other amounts payable | 47/48 | €39,029 | €18,368 | -€20,661 | -52.9% |
| Accrued charges and deferred income | 492/3 | - | €776 | +€776 | |
| Remuneration, social security and pensions | 62 | €318,342 | €324,761 | +€6,419 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,628 | €7,236 | +€608 | +9.2% |
| Other operating charges | 640/8 | €1,054 | €1,496 | +€442 | +42.0% |
| Gross operating margin | 9900 | €364,400 | €347,258 | -€17,142 | -4.7% |
| Operating profit (loss) | 9901 | €38,376 | €13,765 | -€24,611 | -64.1% |
| Financial income | 75/76B | €2,525 | €32 | -€2,493 | -98.7% |
| Recurring financial income | 75 | €173 | €32 | -€141 | -81.4% |
| Non-recurring financial income | 76B | €2,352 | - | -€2,352 | |
| Financial charges | 65/66B | €280 | €852 | +€572 | +204% |
| Recurring financial charges | 65 | €280 | €852 | +€572 | +204% |
| Profit (loss) for the period before taxes | 9903 | €40,621 | €12,945 | -€27,676 | -68.1% |
| Income taxes | 67/77 | €5,359 | €3,986 | -€1,373 | -25.6% |
| Profit (loss) for the period | 9904 | €35,262 | €8,959 | -€26,303 | -74.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,262 | €8,959 | -€26,303 | -74.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.