JVPC: 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.
JVPC
Largest movements
- Cash -€75,038
down €75,038 (-31.2%), from €240,766 to €165,728
mainly Contributions, distributions and other (-€336,457) and Current investments (-€51,838)
- Receivables within one year -€61,500
down €61,500 (-81.7%), from €75,271 to €13,772
of which Other amounts receivable: -€65,280
- Current investments +€51,838
up €51,838 (+27.8%), from €186,706 to €238,543
- Tangible fixed assets -€14,676
down €14,676 (-27.5%), from €53,313 to €38,637
of which Furniture and vehicles: -€12,042
- Reserves -€202,774
down €202,774 (-44.2%), from €458,840 to €256,066
- Other debts +€72,910
up €72,910 (+27.7%), from €263,547 to €336,457
- Short-term financial debts +€18,333
new in 2025: €18,333
- Tax, wage and social debts +€13,017
up €13,017 (+52.2%), from €24,929 to €37,946
of which Taxes: +€12,698
- Gross operating margin -€26,947
down €26,947 (-7.6%), from €352,566 to €325,620
- Taxes +€5,699
up €5,699 (+9.9%), from €57,641 to €63,339
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 | €779,456 | €676,515 | -€102,941 | -13.2% |
| Fixed assets | 21/28 | €53,313 | €38,637 | -€14,676 | -27.5% |
| Tangible fixed assets | 22/27 | €53,313 | €38,637 | -€14,676 | -27.5% |
| Land and buildings | 22 | €17,657 | €12,635 | -€5,022 | -28.4% |
| Plant, machinery and equipment | 23 | €2,494 | €4,883 | +€2,388 | +95.7% |
| Furniture and vehicles | 24 | €33,162 | €21,120 | -€12,042 | -36.3% |
| Current assets | 29/58 | €726,142 | €637,877 | -€88,265 | -12.2% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €23,400 | €19,335 | -€4,065 | -17.4% |
| Stocks | 30/36 | €23,400 | €19,335 | -€4,065 | -17.4% |
| Amounts receivable within one year | 40/41 | €75,271 | €13,772 | -€61,500 | -81.7% |
| Trade receivables | 40 | €1,273 | €5,053 | +€3,781 | +297.1% |
| Other amounts receivable | 41 | €73,999 | €8,718 | -€65,280 | -88.2% |
| Current investments | 50/53 | €186,706 | €238,543 | +€51,838 | +27.8% |
| Cash at bank and in hand | 54/58 | €240,766 | €165,728 | -€75,038 | -31.2% |
| Deferred charges and accrued income | 490/1 | - | €499 | +€499 | |
| Total equity and liabilities | 10/49 | €779,456 | €676,515 | -€102,941 | -13.2% |
| Equity | 10/15 | €477,440 | €274,666 | -€202,774 | -42.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €458,840 | €256,066 | -€202,774 | -44.2% |
| Distributable reserves | 133 | €458,840 | €256,066 | -€202,774 | -44.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €302,015 | €401,849 | +€99,833 | +33.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €302,015 | €401,849 | +€99,833 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €4,897 | €0 | -€4,897 | -100.0% |
| Financial debts | 43 | - | €18,333 | +€18,333 | |
| Credit institutions | 430/8 | - | €18,333 | +€18,333 | |
| Trade debts | 44 | €8,642 | €9,112 | +€470 | +5.4% |
| Suppliers | 440/4 | €8,642 | €9,112 | +€470 | +5.4% |
| Taxes, remuneration and social security | 45 | €24,929 | €37,946 | +€13,017 | +52.2% |
| Taxes | 450/3 | €12,213 | €24,912 | +€12,698 | +104.0% |
| Remuneration and social security | 454/9 | €12,716 | €13,034 | +€318 | +2.5% |
| Other amounts payable | 47/48 | €263,547 | €336,457 | +€72,910 | +27.7% |
| Remuneration, social security and pensions | 62 | €108,381 | €110,910 | +€2,529 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,928 | €18,351 | -€577 | -3.0% |
| Other operating charges | 640/8 | €2,290 | €2,429 | +€139 | +6.1% |
| Gross operating margin | 9900 | €352,566 | €325,620 | -€26,947 | -7.6% |
| Operating profit (loss) | 9901 | €222,968 | €193,929 | -€29,039 | -13.0% |
| Financial income | 75/76B | €6,897 | €4,067 | -€2,830 | -41.0% |
| Recurring financial income | 75 | €6,897 | €4,067 | -€2,830 | -41.0% |
| Financial charges | 65/66B | €1,080 | €974 | -€106 | -9.8% |
| Recurring financial charges | 65 | €1,080 | €974 | -€106 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €228,785 | €197,022 | -€31,763 | -13.9% |
| Income taxes | 67/77 | €57,641 | €63,339 | +€5,699 | +9.9% |
| Profit (loss) for the period | 9904 | €171,144 | €133,683 | -€37,462 | -21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €171,144 | €133,683 | -€37,462 | -21.9% |
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 10 October 2026 via checked.be.