JVD: what changed
Two fiscal 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 after one year -€199,553
no longer reported in 2025 (was €199,553)
- Cash -€94,282
down €94,282 (-80.4%), from €117,294 to €23,012
mainly Trade debts (-€160,243) and Contributions, distributions and other (-€109,522)
- Receivables within one year +€86,987
up €86,987 (+27.1%), from €321,382 to €408,369
of which Trade receivables: +€195,228
- Trade debts -€160,243
down €160,243 (-76.8%), from €208,615 to €48,372
- Other debts -€100,226
down €100,226 (-62.3%), from €160,950 to €60,724
- Profit (loss) carried forward +€88,847
up €88,847 (+31.9%), from €278,306 to €367,153
- Tax, wage and social debts -€76,430
down €76,430 (-67.2%), from €113,789 to €37,359
- Accrued charges and deferred income +€42,669
up €42,669 (+434.0%), from €9,831 to €52,500
- Gross operating margin -€161,155
down €161,155 (-33.8%), from €477,260 to €316,105
- Taxes -€47,912
down €47,912 (-41.5%), from €115,342 to €67,430
- Provisions -€13,970
new in 2025: -€13,970
- Depreciation +€8,287
up €8,287 (+16.9%), from €48,988 to €57,275
- Financial charges +€5,282
up €5,282 (+754.6%), from €700 to €5,982
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 | €1,099,648 | €881,301 | -€218,347 | -19.9% |
| Fixed assets | 21/28 | €433,975 | €423,269 | -€10,706 | -2.5% |
| Tangible fixed assets | 22/27 | €433,975 | €423,269 | -€10,706 | -2.5% |
| Land and buildings | 22 | €326,083 | €297,407 | -€28,676 | -8.8% |
| Plant, machinery and equipment | 23 | €94,048 | €123,628 | +€29,580 | +31.5% |
| Furniture and vehicles | 24 | €7,234 | €2,234 | -€5,000 | -69.1% |
| Assets under construction and advance payments | 27 | €6,610 | - | -€6,610 | |
| Current assets | 29/58 | €665,673 | €458,032 | -€207,641 | -31.2% |
| Amounts receivable after more than one year | 29 | €199,553 | - | -€199,553 | |
| Trade receivables | 290 | €199,553 | - | -€199,553 | |
| Amounts receivable within one year | 40/41 | €321,382 | €408,369 | +€86,987 | +27.1% |
| Trade receivables | 40 | €213,141 | €408,369 | +€195,228 | +91.6% |
| Other amounts receivable | 41 | €108,241 | - | -€108,241 | |
| Current investments | 50/53 | €25,999 | €25,999 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €117,294 | €23,012 | -€94,282 | -80.4% |
| Deferred charges and accrued income | 490/1 | €1,445 | €652 | -€793 | -54.9% |
| Total equity and liabilities | 10/49 | €1,099,648 | €881,301 | -€218,347 | -19.9% |
| Equity | 10/15 | €320,791 | €409,638 | +€88,847 | +27.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €23,485 | €23,485 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €1,900 | +€1,900 | |
| Reserves not available under the articles | 1311 | - | €1,900 | +€1,900 | |
| Tax-exempt reserves | 132 | €3,446 | €3,446 | = | 0.0% |
| Distributable reserves | 133 | €20,039 | €18,139 | -€1,900 | -9.5% |
| Profit (loss) carried forward | 14 | €278,306 | €367,153 | +€88,847 | +31.9% |
| Provisions and deferred taxes | 16 | €13,970 | - | -€13,970 | |
| Provisions for liabilities and charges | 160/5 | €13,970 | - | -€13,970 | |
| Other liabilities and charges | 164/5 | €13,970 | - | -€13,970 | |
| Amounts payable | 17/49 | €764,887 | €471,663 | -€293,224 | -38.3% |
| Amounts payable after more than one year | 17 | €242,683 | €216,625 | -€26,058 | -10.7% |
| Financial debts | 170/4 | €242,683 | €216,625 | -€26,058 | -10.7% |
| Amounts payable within one year | 42/48 | €512,373 | €202,538 | -€309,835 | -60.5% |
| Current portion of amounts payable after more than one year | 42 | €29,019 | €56,083 | +€27,064 | +93.3% |
| Trade debts | 44 | €208,615 | €48,372 | -€160,243 | -76.8% |
| Suppliers | 440/4 | €208,615 | €48,372 | -€160,243 | -76.8% |
| Taxes, remuneration and social security | 45 | €113,789 | €37,359 | -€76,430 | -67.2% |
| Taxes | 450/3 | €113,789 | €37,359 | -€76,430 | -67.2% |
| Other amounts payable | 47/48 | €160,950 | €60,724 | -€100,226 | -62.3% |
| Accrued charges and deferred income | 492/3 | €9,831 | €52,500 | +€42,669 | +434.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,988 | €57,275 | +€8,287 | +16.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€13,970 | -€13,970 | |
| Other operating charges | 640/8 | €1,655 | €1,034 | -€621 | -37.5% |
| Gross operating margin | 9900 | €477,260 | €316,105 | -€161,155 | -33.8% |
| Operating profit (loss) | 9901 | €426,617 | €271,766 | -€154,851 | -36.3% |
| Financial income | 75/76B | - | €15 | +€15 | |
| Recurring financial income | 75 | - | €15 | +€15 | |
| Financial charges | 65/66B | €700 | €5,982 | +€5,282 | +754.6% |
| Recurring financial charges | 65 | €700 | €5,982 | +€5,282 | +754.6% |
| Profit (loss) for the period before taxes | 9903 | €425,917 | €265,799 | -€160,118 | -37.6% |
| Income taxes | 67/77 | €115,342 | €67,430 | -€47,912 | -41.5% |
| Profit (loss) for the period | 9904 | €310,575 | €198,369 | -€112,206 | -36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €310,575 | €198,369 | -€112,206 | -36.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.