JVW: 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.
JVW
Largest movements
- Cash -€34,802
down €34,802 (-95.4%), from €36,488 to €1,686
mainly Contributions, distributions and other (-€250,000) and Debts after one year (-€113,435)
- Receivables within one year +€17,103
up €17,103 (+28.6%), from €59,706 to €76,809
of which Other amounts receivable: +€8,554
- Tangible fixed assets +€14,015
up €14,015 (+213.2%), from €6,575 to €20,590
- Other debts +€266,087
up €266,087 (+640.7%), from €41,528 to €307,615
- Reserves -€188,297
down €188,297 (-70.6%), from €266,712 to €78,415
- Debts after one year -€113,435
down €113,435 (-16.8%), from €675,519 to €562,084
- Tax, wage and social debts +€42,366
up €42,366 (+1196.5%), from €3,541 to €45,907
- Current portion of long-term debt -€20,794
down €20,794 (-15.5%), from €134,229 to €113,435
- Gross operating margin -€266,342
down €266,342 (-69.4%), from €383,716 to €117,374
- Taxes -€47,163
down €47,163 (-68.2%), from €69,106 to €21,943
- Financial charges +€14,575
up €14,575 (+110.8%), from €13,154 to €27,730
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 | €1,135,090 | €1,130,450 | -€4,640 | -0.4% |
| Fixed assets | 21/28 | €1,034,735 | €1,048,750 | +€14,015 | +1.4% |
| Tangible fixed assets | 22/27 | €6,575 | €20,590 | +€14,015 | +213.2% |
| Furniture and vehicles | 24 | €6,575 | €20,590 | +€14,015 | +213.2% |
| Financial fixed assets | 28 | €1,028,160 | €1,028,160 | = | 0.0% |
| Current assets | 29/58 | €100,355 | €81,700 | -€18,655 | -18.6% |
| Amounts receivable within one year | 40/41 | €59,706 | €76,809 | +€17,103 | +28.6% |
| Trade receivables | 40 | €49,309 | €57,858 | +€8,549 | +17.3% |
| Other amounts receivable | 41 | €10,398 | €18,952 | +€8,554 | +82.3% |
| Cash at bank and in hand | 54/58 | €36,488 | €1,686 | -€34,802 | -95.4% |
| Deferred charges and accrued income | 490/1 | €4,161 | €3,205 | -€956 | -23.0% |
| Total equity and liabilities | 10/49 | €1,135,090 | €1,130,450 | -€4,640 | -0.4% |
| Equity | 10/15 | €272,912 | €84,615 | -€188,297 | -69.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €266,712 | €78,415 | -€188,297 | -70.6% |
| Distributable reserves | 133 | €266,712 | €78,415 | -€188,297 | -70.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €862,178 | €1,045,835 | +€183,657 | +21.3% |
| Amounts payable after more than one year | 17 | €675,519 | €562,084 | -€113,435 | -16.8% |
| Financial debts | 170/4 | €675,519 | €562,084 | -€113,435 | -16.8% |
| Amounts payable within one year | 42/48 | €186,643 | €482,004 | +€295,361 | +158.2% |
| Current portion of amounts payable after more than one year | 42 | €134,229 | €113,435 | -€20,794 | -15.5% |
| Financial debts | 43 | €3,651 | €3,835 | +€183 | +5.0% |
| Credit institutions | 430/8 | €3,651 | €3,835 | +€183 | +5.0% |
| Trade debts | 44 | €3,693 | €11,212 | +€7,518 | +203.6% |
| Suppliers | 440/4 | €3,693 | €11,212 | +€7,518 | +203.6% |
| Taxes, remuneration and social security | 45 | €3,541 | €45,907 | +€42,366 | +1196.5% |
| Taxes | 450/3 | €3,541 | €45,907 | +€42,366 | +1196.5% |
| Other amounts payable | 47/48 | €41,528 | €307,615 | +€266,087 | +640.7% |
| Accrued charges and deferred income | 492/3 | €16 | €1,747 | +€1,731 | +10645.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,166 | €4,439 | +€2,273 | +104.9% |
| Other operating charges | 640/8 | €3,498 | €1,638 | -€1,860 | -53.2% |
| Non-recurring operating charges | 66A | €60,997 | €0 | -€60,997 | -100.0% |
| Gross operating margin | 9900 | €383,716 | €117,374 | -€266,342 | -69.4% |
| Operating profit (loss) | 9901 | €317,055 | €111,298 | -€205,757 | -64.9% |
| Financial income | 75/76B | €403 | €78 | -€326 | -80.7% |
| Recurring financial income | 75 | €403 | €78 | -€326 | -80.7% |
| Financial charges | 65/66B | €13,154 | €27,730 | +€14,575 | +110.8% |
| Recurring financial charges | 65 | €13,154 | €27,730 | +€14,575 | +110.8% |
| Profit (loss) for the period before taxes | 9903 | €304,304 | €83,646 | -€220,658 | -72.5% |
| Income taxes | 67/77 | €69,106 | €21,943 | -€47,163 | -68.2% |
| Profit (loss) for the period | 9904 | €235,198 | €61,703 | -€173,495 | -73.8% |
| Profit (loss) for the period to be appropriated | 9905 | €235,198 | €61,703 | -€173,495 | -73.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.