JVPANELS: 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.
JVPANELS
Largest movements
- Receivables within one year -€62,180
down €62,180 (-55.0%), from €113,126 to €50,946
of which Trade receivables: -€40,956
- Tangible fixed assets -€58,160
down €58,160 (-24.5%), from €237,199 to €179,039
of which Leasing and similar rights: -€52,258
- Stocks and contracts -€20,314
down €20,314 (-25.5%), from €79,681 to €59,367
- Cash +€18,468
up €18,468 (+325.8%), from €5,669 to €24,137
mainly Receivables within one year (+€62,180) and Depreciation (+€59,462)
- Trade debts -€76,739
down €76,739 (-63.0%), from €121,865 to €45,126
- Debts after one year -€49,712
down €49,712 (-21.5%), from €231,299 to €181,587
of which Financial debts: -€53,174
- Gross operating margin -€33,507
down €33,507 (-32.1%), from €104,245 to €70,738
- Depreciation -€3,431
down €3,431 (-5.5%), from €62,892 to €59,462
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 | €447,855 | €324,484 | -€123,371 | -27.5% |
| Fixed assets | 21/28 | €243,104 | €183,642 | -€59,462 | -24.5% |
| Intangible fixed assets | 21 | €5,905 | €4,603 | -€1,301 | -22.0% |
| Tangible fixed assets | 22/27 | €237,199 | €179,039 | -€58,160 | -24.5% |
| Plant, machinery and equipment | 23 | €12,243 | €10,812 | -€1,432 | -11.7% |
| Furniture and vehicles | 24 | €4,471 | - | -€4,471 | |
| Leasing and similar rights | 25 | €220,485 | €168,227 | -€52,258 | -23.7% |
| Current assets | 29/58 | €204,752 | €140,842 | -€63,910 | -31.2% |
| Stocks and contracts in progress | 3 | €79,681 | €59,367 | -€20,314 | -25.5% |
| Stocks | 30/36 | €79,681 | €59,367 | -€20,314 | -25.5% |
| Amounts receivable within one year | 40/41 | €113,126 | €50,946 | -€62,180 | -55.0% |
| Trade receivables | 40 | €91,444 | €50,489 | -€40,956 | -44.8% |
| Other amounts receivable | 41 | €21,681 | €457 | -€21,224 | -97.9% |
| Cash at bank and in hand | 54/58 | €5,669 | €24,137 | +€18,468 | +325.8% |
| Deferred charges and accrued income | 490/1 | €6,277 | €6,392 | +€116 | +1.8% |
| Total equity and liabilities | 10/49 | €447,855 | €324,484 | -€123,371 | -27.5% |
| Equity | 10/15 | €40,907 | €41,114 | +€207 | +0.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,093 | -€8,886 | +€207 | +2.3% |
| Amounts payable | 17/49 | €406,948 | €283,370 | -€123,578 | -30.4% |
| Amounts payable after more than one year | 17 | €231,299 | €181,587 | -€49,712 | -21.5% |
| Financial debts | 170/4 | €115,883 | €62,709 | -€53,174 | -45.9% |
| Other amounts payable | 178/9 | €115,415 | €118,878 | +€3,462 | +3.0% |
| Amounts payable within one year | 42/48 | €174,513 | €100,510 | -€74,002 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €52,648 | €53,174 | +€526 | +1.0% |
| Trade debts | 44 | €121,865 | €45,126 | -€76,739 | -63.0% |
| Suppliers | 440/4 | €121,865 | €45,126 | -€76,739 | -63.0% |
| Taxes, remuneration and social security | 45 | - | €2,210 | +€2,210 | |
| Taxes | 450/3 | - | €2,210 | +€2,210 | |
| Accrued charges and deferred income | 492/3 | €1,137 | €1,273 | +€136 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,892 | €59,462 | -€3,431 | -5.5% |
| Other operating charges | 640/8 | €5,014 | €5,554 | +€541 | +10.8% |
| Gross operating margin | 9900 | €104,245 | €70,738 | -€33,507 | -32.1% |
| Operating profit (loss) | 9901 | €36,339 | €5,722 | -€30,617 | -84.3% |
| Financial income | 75/76B | €1 | €205 | +€204 | +21889.2% |
| Recurring financial income | 75 | €1 | €205 | +€204 | +21889.2% |
| Financial charges | 65/66B | €5,756 | €5,719 | -€36 | -0.6% |
| Recurring financial charges | 65 | €5,756 | €5,719 | -€36 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €30,584 | €207 | -€30,377 | -99.3% |
| Profit (loss) for the period | 9904 | €30,584 | €207 | -€30,377 | -99.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,584 | €207 | -€30,377 | -99.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.