JVH: 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.
JVH
Largest movements
- Cash -€363,735
down €363,735 (-82.0%), from €443,511 to €79,777
mainly Investment in fixed assets (net) (-€282,255) and Trade debts (-€112,379)
- Tangible fixed assets +€235,593
up €235,593 (+135.7%), from €173,627 to €409,220
of which Land and buildings: +€152,276
- Stocks and contracts +€92,105
up €92,105 (+8.0%), from €1.1m to €1.2m
- Receivables within one year +€85,440
up €85,440 (+634.8%), from €13,460 to €98,900
of which Trade receivables: +€85,700
- Trade debts -€112,379
down €112,379 (-35.8%), from €313,747 to €201,368
- Other debts +€101,155
new in 2025: €101,155
- Profit (loss) carried forward +€63,099
up €63,099 (+2.3%), from -€2.7m to -€2.7m
- Gross operating margin +€92,512
up €92,512 (+59.0%), from €156,832 to €249,344
- Depreciation +€6,546
up €6,546 (+16.3%), from €40,117 to €46,662
- Staff costs -€6,172
down €6,172 (-4.5%), from €135,952 to €129,780
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 | €1,786,110 | €1,835,442 | +€49,333 | +2.8% |
| Fixed assets | 21/28 | €173,627 | €409,220 | +€235,593 | +135.7% |
| Tangible fixed assets | 22/27 | €173,627 | €409,220 | +€235,593 | +135.7% |
| Land and buildings | 22 | €159,149 | €311,425 | +€152,276 | +95.7% |
| Plant, machinery and equipment | 23 | €14,107 | €13,038 | -€1,069 | -7.6% |
| Furniture and vehicles | 24 | €371 | €84,757 | +€84,387 | +22776.5% |
| Current assets | 29/58 | €1,612,483 | €1,426,223 | -€186,260 | -11.6% |
| Stocks and contracts in progress | 3 | €1,147,260 | €1,239,365 | +€92,105 | +8.0% |
| Stocks | 30/36 | €1,147,260 | €1,239,365 | +€92,105 | +8.0% |
| Amounts receivable within one year | 40/41 | €13,460 | €98,900 | +€85,440 | +634.8% |
| Trade receivables | 40 | €6,882 | €92,582 | +€85,700 | +1245.3% |
| Other amounts receivable | 41 | €6,578 | €6,318 | -€260 | -4.0% |
| Cash at bank and in hand | 54/58 | €443,511 | €79,777 | -€363,735 | -82.0% |
| Deferred charges and accrued income | 490/1 | €8,252 | €8,181 | -€71 | -0.9% |
| Total equity and liabilities | 10/49 | €1,786,110 | €1,835,442 | +€49,333 | +2.8% |
| Equity | 10/15 | €1,406,555 | €1,469,654 | +€63,099 | +4.5% |
| Contributions | 10/11 | €3,475,000 | €3,475,000 | = | 0.0% |
| Capital | 10 | €3,475,000 | €3,475,000 | = | 0.0% |
| Issued capital | 100 | €3,475,000 | €3,475,000 | = | 0.0% |
| Reserves | 13 | €667,528 | €667,528 | = | 0.0% |
| Non-distributable reserves | 130/1 | €47,500 | €47,500 | = | 0.0% |
| Legal reserve | 130 | €47,500 | €47,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,020 | €23,020 | = | 0.0% |
| Distributable reserves | 133 | €597,008 | €597,008 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,735,973 | -€2,672,874 | +€63,099 | +2.3% |
| Amounts payable | 17/49 | €379,555 | €365,789 | -€13,766 | -3.6% |
| Amounts payable within one year | 42/48 | €360,784 | €344,444 | -€16,340 | -4.5% |
| Trade debts | 44 | €313,747 | €201,368 | -€112,379 | -35.8% |
| Suppliers | 440/4 | €313,747 | €201,368 | -€112,379 | -35.8% |
| Taxes, remuneration and social security | 45 | €47,037 | €41,921 | -€5,116 | -10.9% |
| Taxes | 450/3 | €21,934 | €20,453 | -€1,482 | -6.8% |
| Remuneration and social security | 454/9 | €25,103 | €21,469 | -€3,634 | -14.5% |
| Other amounts payable | 47/48 | - | €101,155 | +€101,155 | |
| Accrued charges and deferred income | 492/3 | €18,771 | €21,345 | +€2,574 | +13.7% |
| Remuneration, social security and pensions | 62 | €135,952 | €129,780 | -€6,172 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,117 | €46,662 | +€6,546 | +16.3% |
| Other operating charges | 640/8 | €9,839 | €9,663 | -€177 | -1.8% |
| Gross operating margin | 9900 | €156,832 | €249,344 | +€92,512 | +59.0% |
| Operating profit (loss) | 9901 | -€29,076 | €63,239 | +€92,315 | |
| Financial income | 75/76B | €5,958 | €5,977 | +€19 | +0.3% |
| Recurring financial income | 75 | €5,958 | €5,977 | +€19 | +0.3% |
| Financial charges | 65/66B | €6,299 | €6,117 | -€182 | -2.9% |
| Recurring financial charges | 65 | €6,299 | €6,117 | -€182 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | -€29,417 | €63,099 | +€92,516 | |
| Profit (loss) for the period | 9904 | -€29,417 | €63,099 | +€92,516 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,417 | €63,099 | +€92,516 |
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 8 October 2026 via checked.be.