JVH: 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.
JVH
Largest movements
- Tangible fixed assets -€98,310
down €98,310 (-2.9%), from €3.4m to €3.3m
of which Land and buildings: -€87,728
- Receivables within one year -€78,729
down €78,729 (-55.0%), from €143,037 to €64,307
of which Other amounts receivable: -€43,598
- Reserves +€349,430
up €349,430 (+48.9%), from €714,965 to €1.1m
of which Distributable reserves: +€349,430
- Short-term financial debts -€217,564
down €217,564 (-28.3%), from €767,564 to €550,000
- Other debts -€177,222
down €177,222 (-43.0%), from €411,936 to €234,714
- Debts after one year -€151,638
down €151,638 (-6.5%), from €2.4m to €2.2m
- Depreciation -€285,211
down €285,211 (-67.5%), from €422,738 to €137,526
- Gross operating margin +€193,018
up €193,018 (+115%), from €168,421 to €361,439
- Financial charges +€73,849
up €73,849 (+1,939%), from €3,808 to €77,657
- Financial income -€49,999
down €49,999 (-12.5%), from €400,179 to €350,180
- Taxes +€30,867
up €30,867 (+242%), from €12,752 to €43,619
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 | €4,425,086 | €4,236,018 | -€189,068 | -4.3% |
| Fixed assets | 21/28 | €4,090,967 | €3,992,657 | -€98,310 | -2.4% |
| Tangible fixed assets | 22/27 | €3,395,745 | €3,297,435 | -€98,310 | -2.9% |
| Land and buildings | 22 | €3,376,172 | €3,288,444 | -€87,728 | -2.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €19,573 | €8,991 | -€10,582 | -54.1% |
| Financial fixed assets | 28 | €695,221 | €695,221 | = | 0.0% |
| Current assets | 29/58 | €334,119 | €243,361 | -€90,758 | -27.2% |
| Amounts receivable within one year | 40/41 | €143,037 | €64,307 | -€78,729 | -55.0% |
| Trade receivables | 40 | €98,000 | €62,868 | -€35,132 | -35.8% |
| Other amounts receivable | 41 | €45,037 | €1,439 | -€43,598 | -96.8% |
| Cash at bank and in hand | 54/58 | €191,082 | €179,054 | -€12,028 | -6.3% |
| Total equity and liabilities | 10/49 | €4,425,086 | €4,236,018 | -€189,068 | -4.3% |
| Equity | 10/15 | €721,165 | €1,070,595 | +€349,430 | +48.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €714,965 | €1,064,395 | +€349,430 | +48.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €713,105 | €1,062,535 | +€349,430 | +49.0% |
| Amounts payable | 17/49 | €3,703,921 | €3,165,423 | -€538,498 | -14.5% |
| Amounts payable after more than one year | 17 | €2,350,261 | €2,198,623 | -€151,638 | -6.5% |
| Financial debts | 170/4 | €2,350,261 | €2,198,623 | -€151,638 | -6.5% |
| Amounts payable within one year | 42/48 | €1,353,603 | €966,743 | -€386,860 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €156,529 | €151,638 | -€4,891 | -3.1% |
| Financial debts | 43 | €767,564 | €550,000 | -€217,564 | -28.3% |
| Credit institutions | 430/8 | €767,564 | €550,000 | -€217,564 | -28.3% |
| Trade debts | 44 | €1,613 | €14,042 | +€12,429 | +771% |
| Suppliers | 440/4 | €1,613 | €14,042 | +€12,429 | +771% |
| Taxes, remuneration and social security | 45 | €15,961 | €16,349 | +€388 | +2.4% |
| Taxes | 450/3 | €12,318 | €16,349 | +€4,031 | +32.7% |
| Remuneration and social security | 454/9 | €3,644 | - | -€3,644 | |
| Other amounts payable | 47/48 | €411,936 | €234,714 | -€177,222 | -43.0% |
| Accrued charges and deferred income | 492/3 | €57 | €57 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €422,738 | €137,526 | -€285,211 | -67.5% |
| Other operating charges | 640/8 | €4,205 | €18,208 | +€14,003 | +333% |
| Gross operating margin | 9900 | €168,421 | €361,439 | +€193,018 | +115% |
| Operating profit (loss) | 9901 | -€258,522 | €205,704 | +€464,227 | |
| Financial income | 75/76B | €400,179 | €350,180 | -€49,999 | -12.5% |
| Recurring financial income | 75 | €400,179 | €350,180 | -€49,999 | -12.5% |
| Financial charges | 65/66B | €3,808 | €77,657 | +€73,849 | +1,939% |
| Recurring financial charges | 65 | €3,808 | €77,657 | +€73,849 | +1,939% |
| Profit (loss) for the period before taxes | 9903 | €137,848 | €478,228 | +€340,379 | +247% |
| Income taxes | 67/77 | €12,752 | €43,619 | +€30,867 | +242% |
| Profit (loss) for the period | 9904 | €125,096 | €434,609 | +€309,512 | +247% |
| Profit (loss) for the period to be appropriated | 9905 | €125,096 | €434,609 | +€309,512 | +247% |
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 21 October 2026 via checked.be.