JVG: 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.
JVG
Largest movements
- Financial fixed assets +€500,000
new in 2025: €500,000
- Tangible fixed assets -€363,413
down €363,413 (-3.0%), from €12.1m to €11.7m
of which Land and buildings: -€362,888
- Cash +€239,340
up €239,340 (+2,214%), from €10,809 to €250,149
mainly Debts after one year (+€798,891) and Depreciation (+€571,844)
- Debts after one year +€798,891
up €798,891 (+565%), from €141,400 to €940,291
- Other debts -€412,330
down €412,330 (-7.1%), from €5.8m to €5.4m
- Profit (loss) carried forward -€206,566
down €206,566 (-6.4%), from -€3.2m to -€3.4m
- Trade debts +€154,549
up €154,549 (+227%), from €68,113 to €222,662
- Gross operating margin -€358,784
down €358,784 (-42.2%), from €849,446 to €490,662
- Financial charges -€116,022
down €116,022 (-52.2%), from €222,448 to €106,425
- Depreciation -€21,715
down €21,715 (-3.7%), from €593,559 to €571,844
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 | €12,085,893 | €12,461,820 | +€375,928 | +3.1% |
| Fixed assets | 21/28 | €12,069,586 | €12,206,174 | +€136,588 | +1.1% |
| Tangible fixed assets | 22/27 | €12,069,586 | €11,706,174 | -€363,413 | -3.0% |
| Land and buildings | 22 | €12,065,617 | €11,702,730 | -€362,888 | -3.0% |
| Furniture and vehicles | 24 | €3,969 | €3,444 | -€525 | -13.2% |
| Financial fixed assets | 28 | - | €500,000 | +€500,000 | |
| Current assets | 29/58 | €16,306 | €255,647 | +€239,340 | +1,468% |
| Amounts receivable within one year | 40/41 | €161 | €73 | -€88 | -54.8% |
| Other amounts receivable | 41 | €161 | €73 | -€88 | -54.8% |
| Cash at bank and in hand | 54/58 | €10,809 | €250,149 | +€239,340 | +2,214% |
| Deferred charges and accrued income | 490/1 | €5,336 | €5,425 | +€88 | +1.7% |
| Total equity and liabilities | 10/49 | €12,085,893 | €12,461,820 | +€375,928 | +3.1% |
| Equity | 10/15 | €4,251,731 | €4,045,165 | -€206,566 | -4.9% |
| Contributions | 10/11 | €7,450,722 | €7,450,722 | = | 0.0% |
| Reserves | 13 | €27,754 | €27,754 | = | 0.0% |
| Distributable reserves | 133 | €27,754 | €27,754 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,226,744 | -€3,433,311 | -€206,566 | -6.4% |
| Amounts payable | 17/49 | €7,834,162 | €8,416,656 | +€582,494 | +7.4% |
| Amounts payable after more than one year | 17 | €141,400 | €940,291 | +€798,891 | +565% |
| Financial debts | 170/4 | €141,400 | €940,291 | +€798,891 | +565% |
| Amounts payable within one year | 42/48 | €7,691,713 | €7,473,181 | -€218,531 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | - | €39,250 | +€39,250 | |
| Financial debts | 43 | €1,850,000 | €1,850,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,850,000 | €1,850,000 | = | 0.0% |
| Trade debts | 44 | €68,113 | €222,662 | +€154,549 | +227% |
| Suppliers | 440/4 | €68,113 | €222,662 | +€154,549 | +227% |
| Other amounts payable | 47/48 | €5,773,599 | €5,361,269 | -€412,330 | -7.1% |
| Accrued charges and deferred income | 492/3 | €1,049 | €3,184 | +€2,135 | +203% |
| Non-recurring operating income | 76A | €510,414 | €217,195 | -€293,220 | -57.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €593,559 | €571,844 | -€21,715 | -3.7% |
| Other operating charges | 640/8 | €26,977 | €18,935 | -€8,041 | -29.8% |
| Non-recurring operating charges | 66A | €51,097 | €340 | -€50,757 | -99.3% |
| Gross operating margin | 9900 | €849,446 | €490,662 | -€358,784 | -42.2% |
| Operating profit (loss) | 9901 | €177,814 | -€100,457 | -€278,271 | |
| Financial income | 75/76B | €498 | €316 | -€182 | -36.5% |
| Recurring financial income | 75 | €498 | €316 | -€182 | -36.5% |
| Financial charges | 65/66B | €222,448 | €106,425 | -€116,022 | -52.2% |
| Recurring financial charges | 65 | €222,448 | €106,425 | -€116,022 | -52.2% |
| Profit (loss) for the period before taxes | 9903 | -€44,136 | -€206,566 | -€162,431 | -368% |
| Profit (loss) for the period | 9904 | -€44,136 | -€206,566 | -€162,431 | -368% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,136 | -€206,566 | -€162,431 | -368% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.