JVDA: 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.
JVDA
Largest movements
- Stocks and contracts -€346,429
no longer reported in 2025 (was €346,429)
- Current investments +€205,435
up €205,435 (+177.1%), from €115,978 to €321,413
- Cash +€21,035
up €21,035 (+303.2%), from €6,938 to €27,973
mainly Stocks and contracts (+€346,429) and Other debts (+€189,450)
- Tangible fixed assets -€15,257
down €15,257 (-30.9%), from €49,430 to €34,173
of which Furniture and vehicles: -€9,167
- Current portion of long-term debt -€208,880
down €208,880 (-98.7%), from €211,587 to €2,707
- Other debts +€189,450
up €189,450 (+194.6%), from €97,334 to €286,784
- Profit (loss) carried forward -€91,296
no longer reported in 2025 (was €91,296)
- Tax, wage and social debts -€12,829
no longer reported in 2025 (was €12,829)
- Gross operating margin +€27,126
up €27,126 (+19.9%), from €135,982 to €163,108
- Financial income +€18,673
up €18,673 (+413.0%), from €4,521 to €23,195
- Taxes +€9,347
up €9,347 (+35.1%), from €26,621 to €35,968
- Financial charges -€5,181
down €5,181 (-49.8%), from €10,411 to €5,230
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 | €534,838 | €401,446 | -€133,392 | -24.9% |
| Fixed assets | 21/28 | €49,430 | €34,173 | -€15,257 | -30.9% |
| Tangible fixed assets | 22/27 | €49,430 | €34,173 | -€15,257 | -30.9% |
| Land and buildings | 22 | €33,456 | €31,762 | -€1,694 | -5.1% |
| Furniture and vehicles | 24 | €11,578 | €2,411 | -€9,167 | -79.2% |
| Other tangible fixed assets | 26 | €4,396 | - | -€4,396 | |
| Current assets | 29/58 | €485,409 | €367,274 | -€118,135 | -24.3% |
| Stocks and contracts in progress | 3 | €346,429 | - | -€346,429 | |
| Stocks | 30/36 | €346,429 | - | -€346,429 | |
| Amounts receivable within one year | 40/41 | €15,416 | €17,586 | +€2,169 | +14.1% |
| Trade receivables | 40 | €13,396 | €8,806 | -€4,590 | -34.3% |
| Other amounts receivable | 41 | €2,020 | €8,779 | +€6,759 | +334.6% |
| Current investments | 50/53 | €115,978 | €321,413 | +€205,435 | +177.1% |
| Cash at bank and in hand | 54/58 | €6,938 | €27,973 | +€21,035 | +303.2% |
| Deferred charges and accrued income | 490/1 | €648 | €302 | -€345 | -53.3% |
| Total equity and liabilities | 10/49 | €534,838 | €401,446 | -€133,392 | -24.9% |
| Equity | 10/15 | €199,133 | €107,837 | -€91,296 | -45.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,237 | €89,237 | = | 0.0% |
| Distributable reserves | 133 | €89,237 | €89,237 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,296 | - | -€91,296 | |
| Amounts payable | 17/49 | €335,705 | €293,609 | -€42,096 | -12.5% |
| Amounts payable after more than one year | 17 | €2,707 | - | -€2,707 | |
| Financial debts | 170/4 | €2,707 | - | -€2,707 | |
| Amounts payable within one year | 42/48 | €325,130 | €290,069 | -€35,061 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €211,587 | €2,707 | -€208,880 | -98.7% |
| Trade debts | 44 | €3,381 | €578 | -€2,802 | -82.9% |
| Suppliers | 440/4 | €3,381 | €578 | -€2,802 | -82.9% |
| Taxes, remuneration and social security | 45 | €12,829 | - | -€12,829 | |
| Taxes | 450/3 | €12,829 | - | -€12,829 | |
| Other amounts payable | 47/48 | €97,334 | €286,784 | +€189,450 | +194.6% |
| Accrued charges and deferred income | 492/3 | €7,868 | €3,540 | -€4,329 | -55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,274 | €10,861 | -€413 | -3.7% |
| Other operating charges | 640/8 | €901 | €1,846 | +€945 | +105.0% |
| Gross operating margin | 9900 | €135,982 | €163,108 | +€27,126 | +19.9% |
| Operating profit (loss) | 9901 | €123,807 | €150,401 | +€26,594 | +21.5% |
| Financial income | 75/76B | €4,521 | €23,195 | +€18,673 | +413.0% |
| Recurring financial income | 75 | €4,521 | €23,195 | +€18,673 | +413.0% |
| Financial charges | 65/66B | €10,411 | €5,230 | -€5,181 | -49.8% |
| Recurring financial charges | 65 | €10,411 | €5,230 | -€5,181 | -49.8% |
| Profit (loss) for the period before taxes | 9903 | €117,918 | €168,365 | +€50,448 | +42.8% |
| Income taxes | 67/77 | €26,621 | €35,968 | +€9,347 | +35.1% |
| Profit (loss) for the period | 9904 | €91,296 | €132,397 | +€41,101 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €91,296 | €132,397 | +€41,101 | +45.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.