JVL: 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.
JVL
Largest movements
- Financial fixed assets -€816,213
down €816,213 (-18.9%), from €4.3m to €3.5m
- Receivables within one year +€791,929
up €791,929 (+213%), from €371,233 to €1.2m
- Cash +€310,174
up €310,174 (+1,536%), from €20,190 to €330,364
mainly Investment in fixed assets (net) (+€816,213) and Net result for the year (+€627,380)
- Reserves +€627,380
up €627,380 (+46.2%), from €1.4m to €2.0m
of which Distributable reserves: +€627,380
- Other debts -€304,337
down €304,337 (-8.0%), from €3.8m to €3.5m
- Short-term financial debts -€84,505
no longer reported in 2025 (was €84,505)
- Financial income +€576,029
new in 2025: €576,029
- Gross operating margin +€18,065
up €18,065 (+14.7%), from €122,784 to €140,849
- Taxes +€3,880
up €3,880 (+26.2%), from €14,814 to €18,693
- Financial charges +€1,635
up €1,635 (+114%), from €1,430 to €3,065
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 | €6,717,781 | €6,960,529 | +€242,748 | +3.6% |
| Fixed assets | 21/28 | €6,326,358 | €5,467,003 | -€859,355 | -13.6% |
| Tangible fixed assets | 22/27 | €2,010,145 | €1,967,003 | -€43,142 | -2.1% |
| Land and buildings | 22 | €1,999,533 | €1,962,864 | -€36,670 | -1.8% |
| Plant, machinery and equipment | 23 | €4,532 | €3,308 | -€1,223 | -27.0% |
| Other tangible fixed assets | 26 | €6,080 | €831 | -€5,249 | -86.3% |
| Financial fixed assets | 28 | €4,316,213 | €3,500,000 | -€816,213 | -18.9% |
| Current assets | 29/58 | €391,423 | €1,493,526 | +€1.1m | +282% |
| Amounts receivable within one year | 40/41 | €371,233 | €1,163,162 | +€791,929 | +213% |
| Other amounts receivable | 41 | €371,233 | €1,163,162 | +€791,929 | +213% |
| Cash at bank and in hand | 54/58 | €20,190 | €330,364 | +€310,174 | +1,536% |
| Total equity and liabilities | 10/49 | €6,717,781 | €6,960,529 | +€242,748 | +3.6% |
| Equity | 10/15 | €2,767,566 | €3,394,946 | +€627,380 | +22.7% |
| Contributions | 10/11 | €261,540 | €261,540 | = | 0.0% |
| Revaluation surpluses | 12 | €1,147,849 | €1,147,849 | = | 0.0% |
| Reserves | 13 | €1,358,177 | €1,985,557 | +€627,380 | +46.2% |
| Non-distributable reserves | 130/1 | €26,154 | €26,154 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,154 | €26,154 | = | 0.0% |
| Distributable reserves | 133 | €1,332,023 | €1,959,403 | +€627,380 | +47.1% |
| Amounts payable | 17/49 | €3,950,215 | €3,565,583 | -€384,632 | -9.7% |
| Amounts payable within one year | 42/48 | €3,950,215 | €3,565,583 | -€384,632 | -9.7% |
| Financial debts | 43 | €84,505 | - | -€84,505 | |
| Credit institutions | 430/8 | €84,505 | - | -€84,505 | |
| Trade debts | 44 | €31,567 | €31,898 | +€331 | +1.0% |
| Suppliers | 440/4 | €31,567 | €31,898 | +€331 | +1.0% |
| Taxes, remuneration and social security | 45 | €14,814 | €18,693 | +€3,880 | +26.2% |
| Taxes | 450/3 | €14,814 | €18,693 | +€3,880 | +26.2% |
| Other amounts payable | 47/48 | €3,819,329 | €3,514,992 | -€304,337 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,142 | €43,142 | -€0 | 0.0% |
| Other operating charges | 640/8 | €23,851 | €24,598 | +€747 | +3.1% |
| Gross operating margin | 9900 | €122,784 | €140,849 | +€18,065 | +14.7% |
| Operating profit (loss) | 9901 | €55,792 | €73,109 | +€17,318 | +31.0% |
| Financial income | 75/76B | - | €576,029 | +€576,029 | |
| Recurring financial income | 75 | - | €576,029 | +€576,029 | |
| Financial charges | 65/66B | €1,430 | €3,065 | +€1,635 | +114% |
| Recurring financial charges | 65 | €1,430 | €3,065 | +€1,635 | +114% |
| Profit (loss) for the period before taxes | 9903 | €54,362 | €646,073 | +€591,711 | +1,088% |
| Income taxes | 67/77 | €14,814 | €18,693 | +€3,880 | +26.2% |
| Profit (loss) for the period | 9904 | €39,548 | €627,380 | +€587,832 | +1,486% |
| Profit (loss) for the period to be appropriated | 9905 | €39,548 | €627,380 | +€587,832 | +1,486% |
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 27 October 2026 via checked.be.