JVM: 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.
JVM
Largest movements
- Financial fixed assets +€300,000
new in 2025: €300,000
- Tangible fixed assets -€88,538
down €88,538 (-12.1%), from €730,987 to €642,449
of which Land and buildings: -€87,729
- Receivables within one year +€58,810
up €58,810 (+40.3%), from €145,982 to €204,792
of which Other amounts receivable: +€49,130
- Deferred charges and accrued income +€13,904
up €13,904 (+780%), from €1,783 to €15,686
- Short-term financial debts +€180,000
new in 2025: €180,000
- Debts after one year +€92,440
up €92,440 (+19.9%), from €464,655 to €557,095
- Current portion of long-term debt +€17,190
up €17,190 (+20.5%), from €83,919 to €101,108
- Other debts -€15,308
down €15,308 (-6.4%), from €239,256 to €223,949
- Gross operating margin -€12,278
down €12,278 (-9.3%), from €131,356 to €119,078
- Financial income +€5,651
up €5,651 (+56,512,200%), from €0 to €5,651
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 | €884,818 | €1,168,294 | +€283,476 | +32.0% |
| Fixed assets | 21/28 | €730,987 | €942,449 | +€211,462 | +28.9% |
| Tangible fixed assets | 22/27 | €730,987 | €642,449 | -€88,538 | -12.1% |
| Land and buildings | 22 | €727,751 | €640,022 | -€87,729 | -12.1% |
| Furniture and vehicles | 24 | €3,236 | €2,427 | -€809 | -25.0% |
| Financial fixed assets | 28 | - | €300,000 | +€300,000 | |
| Current assets | 29/58 | €153,831 | €225,846 | +€72,014 | +46.8% |
| Amounts receivable within one year | 40/41 | €145,982 | €204,792 | +€58,810 | +40.3% |
| Trade receivables | 40 | - | €9,680 | +€9,680 | |
| Other amounts receivable | 41 | €145,982 | €195,112 | +€49,130 | +33.7% |
| Cash at bank and in hand | 54/58 | €6,066 | €5,367 | -€699 | -11.5% |
| Deferred charges and accrued income | 490/1 | €1,783 | €15,686 | +€13,904 | +780% |
| Total equity and liabilities | 10/49 | €884,818 | €1,168,294 | +€283,476 | +32.0% |
| Equity | 10/15 | €92,832 | €100,075 | +€7,243 | +7.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €72,832 | €80,075 | +€7,243 | +9.9% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €70,832 | €78,075 | +€7,243 | +10.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €791,986 | €1,068,219 | +€276,233 | +34.9% |
| Amounts payable after more than one year | 17 | €464,655 | €557,095 | +€92,440 | +19.9% |
| Financial debts | 170/4 | €464,655 | €557,095 | +€92,440 | +19.9% |
| Amounts payable within one year | 42/48 | €323,315 | €510,354 | +€187,038 | +57.9% |
| Current portion of amounts payable after more than one year | 42 | €83,919 | €101,108 | +€17,190 | +20.5% |
| Financial debts | 43 | - | €180,000 | +€180,000 | |
| Credit institutions | 430/8 | - | €180,000 | +€180,000 | |
| Trade debts | 44 | €141 | €37 | -€104 | -73.8% |
| Suppliers | 440/4 | €141 | €37 | -€104 | -73.8% |
| Taxes, remuneration and social security | 45 | - | €5,260 | +€5,260 | |
| Taxes | 450/3 | - | €5,260 | +€5,260 | |
| Other amounts payable | 47/48 | €239,256 | €223,949 | -€15,308 | -6.4% |
| Accrued charges and deferred income | 492/3 | €4,015 | €770 | -€3,245 | -80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,816 | €88,538 | -€278 | -0.3% |
| Other operating charges | 640/8 | €7,420 | €7,745 | +€325 | +4.4% |
| Gross operating margin | 9900 | €131,356 | €119,078 | -€12,278 | -9.3% |
| Operating profit (loss) | 9901 | €35,121 | €22,795 | -€12,326 | -35.1% |
| Financial income | 75/76B | €0 | €5,651 | +€5,651 | +56,512,200% |
| Recurring financial income | 75 | €0 | €5,651 | +€5,651 | +56,512,200% |
| Financial charges | 65/66B | €21,374 | €20,479 | -€895 | -4.2% |
| Recurring financial charges | 65 | €21,374 | €20,479 | -€895 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €13,747 | €7,967 | -€5,780 | -42.0% |
| Income taxes | 67/77 | - | €724 | +€724 | |
| Profit (loss) for the period | 9904 | €13,747 | €7,243 | -€6,504 | -47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,747 | €7,243 | -€6,504 | -47.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.