JVMM: 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.
JVMM
Largest movements
- Receivables within one year +€177,845
up €177,845 (+1,104%), from €16,113 to €193,958
of which Other amounts receivable: +€148,968
- Cash -€64,326
down €64,326 (-95.0%), from €67,737 to €3,411
mainly Receivables within one year (-€177,845) and Stocks and contracts (-€44,095)
- Stocks and contracts +€44,095
up €44,095 (+10.9%), from €405,802 to €449,897
- Deferred charges and accrued income +€7,057
new in 2025: €7,057
- Other debts +€177,227
up €177,227 (+241%), from €73,447 to €250,674
- Trade debts -€13,658
down €13,658 (-74.6%), from €18,299 to €4,641
- Reserves +€6,826
up €6,826 (+239%), from €2,858 to €9,684
- Gross operating margin -€3,612
down €3,612 (-30.0%), from €12,046 to €8,434
- Financial income +€2,211
new in 2025: €2,211
- Taxes +€1,715
up €1,715 (+152%), from €1,125 to €2,840
- Staff costs +€243
up €243 (+531%), from €46 to €289
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 | €489,652 | €654,323 | +€164,671 | +33.6% |
| Current assets | 29/58 | €489,652 | €654,323 | +€164,671 | +33.6% |
| Stocks and contracts in progress | 3 | €405,802 | €449,897 | +€44,095 | +10.9% |
| Stocks | 30/36 | €405,802 | €449,897 | +€44,095 | +10.9% |
| Amounts receivable within one year | 40/41 | €16,113 | €193,958 | +€177,845 | +1,104% |
| Trade receivables | 40 | €16,113 | €44,990 | +€28,877 | +179% |
| Other amounts receivable | 41 | - | €148,968 | +€148,968 | |
| Cash at bank and in hand | 54/58 | €67,737 | €3,411 | -€64,326 | -95.0% |
| Deferred charges and accrued income | 490/1 | - | €7,057 | +€7,057 | |
| Total equity and liabilities | 10/49 | €489,652 | €654,323 | +€164,671 | +33.6% |
| Equity | 10/15 | €5,358 | €12,184 | +€6,826 | +127% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €2,858 | €9,684 | +€6,826 | +239% |
| Distributable reserves | 133 | €2,858 | €9,684 | +€6,826 | +239% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €484,294 | €642,139 | +€157,845 | +32.6% |
| Amounts payable after more than one year | 17 | €173,750 | €173,750 | = | 0.0% |
| Financial debts | 170/4 | €173,750 | €173,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €303,950 | €467,744 | +€163,794 | +53.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €18,299 | €4,641 | -€13,658 | -74.6% |
| Suppliers | 440/4 | €18,299 | €4,641 | -€13,658 | -74.6% |
| Taxes, remuneration and social security | 45 | €12,204 | €12,429 | +€225 | +1.8% |
| Taxes | 450/3 | €12,204 | €12,429 | +€225 | +1.8% |
| Other amounts payable | 47/48 | €73,447 | €250,674 | +€177,227 | +241% |
| Accrued charges and deferred income | 492/3 | €6,595 | €646 | -€5,949 | -90.2% |
| Remuneration, social security and pensions | 62 | €46 | €289 | +€243 | +531% |
| Other operating charges | 640/8 | €461 | €473 | +€13 | +2.7% |
| Gross operating margin | 9900 | €12,046 | €8,434 | -€3,612 | -30.0% |
| Operating profit (loss) | 9901 | €11,539 | €7,671 | -€3,868 | -33.5% |
| Financial income | 75/76B | - | €2,211 | +€2,211 | |
| Recurring financial income | 75 | - | €2,211 | +€2,211 | |
| Financial charges | 65/66B | €186 | €217 | +€30 | +16.2% |
| Recurring financial charges | 65 | €186 | €217 | +€30 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €11,353 | €9,666 | -€1,687 | -14.9% |
| Income taxes | 67/77 | €1,125 | €2,840 | +€1,715 | +152% |
| Profit (loss) for the period | 9904 | €10,228 | €6,826 | -€3,402 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,228 | €6,826 | -€3,402 | -33.3% |
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 26 October 2026 via checked.be.