JVD: 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.
JVD
Largest movements
- Receivables within one year +€225,057
up €225,057 (+251%), from €89,613 to €314,670
of which Other amounts receivable: +€208,318
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Tangible fixed assets -€181,942
down €181,942 (-55.4%), from €328,514 to €146,572
of which Land and buildings: -€172,507
- Cash +€145,616
up €145,616 (+966%), from €15,075 to €160,691
mainly Current investments (+€200,000) and Investment in fixed assets (net) (+€161,092)
- Stocks and contracts -€12,358
down €12,358 (-100%), from €12,358 to €0
- Profit (loss) carried forward -€23,344
new in 2025: -€23,344
- Depreciation -€13,246
down €13,246 (-38.8%), from €34,097 to €20,850
- Gross operating margin +€5,240
up €5,240 (+46.9%), from -€11,180 to -€5,939
- Financial income +€3,545
up €3,545 (+68.4%), from €5,180 to €8,725
- Other operating charges -€2,613
down €2,613 (-34.3%), from €7,617 to €5,004
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 | €648,928 | €622,333 | -€26,594 | -4.1% |
| Fixed assets | 21/28 | €328,914 | €146,972 | -€181,942 | -55.3% |
| Tangible fixed assets | 22/27 | €328,514 | €146,572 | -€181,942 | -55.4% |
| Land and buildings | 22 | €286,164 | €113,658 | -€172,507 | -60.3% |
| Plant, machinery and equipment | 23 | €42,129 | €32,914 | -€9,215 | -21.9% |
| Furniture and vehicles | 24 | €221 | €0 | -€221 | -100% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €320,014 | €475,362 | +€155,348 | +48.5% |
| Stocks and contracts in progress | 3 | €12,358 | €0 | -€12,358 | -100% |
| Stocks | 30/36 | €12,358 | €0 | -€12,358 | -100% |
| Amounts receivable within one year | 40/41 | €89,613 | €314,670 | +€225,057 | +251% |
| Trade receivables | 40 | €768 | €17,507 | +€16,739 | +2,180% |
| Other amounts receivable | 41 | €88,845 | €297,164 | +€208,318 | +234% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €15,075 | €160,691 | +€145,616 | +966% |
| Deferred charges and accrued income | 490/1 | €2,967 | €0 | -€2,967 | -100% |
| Total equity and liabilities | 10/49 | €648,928 | €622,333 | -€26,594 | -4.1% |
| Equity | 10/15 | €642,048 | €617,181 | -€24,867 | -3.9% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €604,848 | €603,325 | -€1,522 | -0.3% |
| Distributable reserves | 133 | €604,848 | €603,325 | -€1,522 | -0.3% |
| Profit (loss) carried forward | 14 | - | -€23,344 | -€23,344 | |
| Amounts payable | 17/49 | €6,880 | €5,152 | -€1,728 | -25.1% |
| Amounts payable within one year | 42/48 | €3,279 | €152 | -€3,126 | -95.4% |
| Trade debts | 44 | €3,279 | €152 | -€3,126 | -95.4% |
| Suppliers | 440/4 | €3,279 | €152 | -€3,126 | -95.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,602 | €5,000 | +€1,398 | +38.8% |
| Non-recurring operating income | 76A | - | €18,908 | +€18,908 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,097 | €20,850 | -€13,246 | -38.8% |
| Other operating charges | 640/8 | €7,617 | €5,004 | -€2,613 | -34.3% |
| Non-recurring operating charges | 66A | - | €927 | +€927 | |
| Gross operating margin | 9900 | -€11,180 | -€5,939 | +€5,240 | +46.9% |
| Operating profit (loss) | 9901 | -€52,894 | -€32,722 | +€20,172 | +38.1% |
| Financial income | 75/76B | €5,180 | €8,725 | +€3,545 | +68.4% |
| Recurring financial income | 75 | €5,180 | €8,725 | +€3,545 | +68.4% |
| Financial charges | 65/66B | €459 | €449 | -€10 | -2.2% |
| Recurring financial charges | 65 | €459 | €449 | -€10 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | -€48,172 | -€24,445 | +€23,727 | +49.3% |
| Income taxes | 67/77 | €402 | €421 | +€19 | +4.8% |
| Profit (loss) for the period | 9904 | -€48,574 | -€24,867 | +€23,708 | +48.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,574 | -€24,867 | +€23,708 | +48.8% |
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 23 October 2026 via checked.be.