JWL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 07-05-2026 PDF all 8 filings
Turnover
≈ €1.9m
Estimated: probably between €1.7m and €2.4m
Total assets
€1.2m▲ 7.2%
2024 · €1.2m
Net result
€217,289▲ 5.4%
2024 · €206,163
Working capital
€436,970▼ 28.8%
2024 · €614,056
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€283,334
▲ 5.3%
2025
20182025
Net result
€217,289
▲ 5.4%
2025
highest quarter of the sector
20182025
Equity
€558,409
▼ 23.4%
2025
middle half of the sector
20182025
Total assets
€1.2m
▲ 7.2%
2025
middle half of the sector
20182025
Debt
€682,757
▲ 59.2%
2025
20182025
Working capital
€436,970
▼ 28.8%
2025
highest quarter of the sector
20182025
Solvency
45.0%
▼ 18.0pp
2025
middle half of the sector
20182025
Current ratio
2.01
▼ 1.73
2025
middle half of the sector
20182025
Return on assets (ROA)
17.5%
▼ 0.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
7.7
▲ 37.5%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.1m▲ 41.3%€0.2m▲ 20.6%€0.1m▼ 20.6%€0.2m▲ 60.2%€0.2m▲ 8.0%€0.3m▲ 8.8%€0.3m▲ 5.3%
Net result€0.07m-€0.09m▲ 25.5%€0.1mabove the sector's middle half▲ 43.0%€0.1mwithin the sector's middle half▼ 10.7%€0.2mabove the sector's middle half▲ 57.7%€0.2mabove the sector's middle half▲ 8.5%€0.2mabove the sector's middle half▲ 7.5%€0.2mabove the sector's middle half▲ 5.4%
Equity€0.2m-€0.3m▲ 51.6%€0.4mwithin the sector's middle half▲ 48.7%€0.4mwithin the sector's middle half▲ 4.2%€0.5mwithin the sector's middle half▲ 25.5%€0.7mwithin the sector's middle half▲ 38.3%€0.7mwithin the sector's middle half▲ 5.2%€0.6mwithin the sector's middle half▼ 23.4%
Total assets€1.2m-€1.2m▲ 2.0%€1.2mwithin the sector's middle half▼ 1.7%€1.1mwithin the sector's middle half▼ 7.1%€1.2mwithin the sector's middle half▲ 7.5%€1.2mwithin the sector's middle half▲ 0.4%€1.2mwithin the sector's middle half▼ 1.5%€1.2mwithin the sector's middle half▲ 7.2%
Debt€1.0m-€0.9m▼ 6.4%€0.8m▼ 15.6%€0.7m▼ 12.6%€0.7m▼ 2.9%€0.5m▼ 27.9%€0.4m▼ 11.1%€0.7m▲ 59.2%
Working capital€0.1m-€0.3m▲ 95.3%€0.4mwithin the sector's middle half▲ 49.9%€0.4mwithin the sector's middle half▲ 1.1%€0.5mwithin the sector's middle half▲ 24.4%€0.6mabove the sector's middle half▲ 22.5%€0.6mabove the sector's middle half▲ 5.7%€0.4mabove the sector's middle half▼ 28.8%
Solvency14.5%-21.6%▲ 7.1pp32.7%within the sector's middle half▲ 11.1pp36.7%within the sector's middle half▲ 4.0pp42.8%within the sector's middle half▲ 6.1pp59.0%within the sector's middle half▲ 16.1pp63.0%within the sector's middle half▲ 4.0pp45.0%within the sector's middle half▼ 18.0pp
Current ratio1.35-1.72▲ 0.362.47within the sector's middle half▲ 0.752.48within the sector's middle half▲ 0.012.49within the sector's middle half▲ 0.013.52above the sector's middle half▲ 1.033.74above the sector's middle half▲ 0.222.01within the sector's middle half▼ 1.73
Return on assets (ROA)6.0%-7.4%▲ 1.4pp10.7%within the sector's middle half▲ 3.3pp10.3%within the sector's middle half▼ 0.4pp15.1%above the sector's middle half▲ 4.8pp16.3%above the sector's middle half▲ 1.2pp17.8%above the sector's middle half▲ 1.5pp17.5%above the sector's middle half▼ 0.3pp
Staff (FTE)2.7-3.4▲ 25.9%4.5within the sector's middle half▲ 32.4%5.5within the sector's middle half▲ 22.2%5.8within the sector's middle half▲ 5.5%5.8within the sector's middle half=5.6within the sector's middle half▼ 3.4%7.7within the sector's middle half▲ 37.5%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 5% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€372,189 ▲ 16.6%
Current assets
€868,977 ▲ 3.6%
Equity and liabilities €1.2m
Equity
€558,409 ▼ 23.4%
Debt
€682,757 ▲ 59.2%
Debt's share of the balance-sheet total rises from 37.0% to 55.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€354,023▲
2024 · €325,731
Cash flow
€287,978▲
2024 · €262,923
Quick ratio
1.33▼
2024 · 2.51
Debt to equity
1.22▲
2024 · 0.59
ROE
38.9%▲
2024 · 28.3%
Interest coverage
36.85▲
2024 · 32.91
Debt ≤ 1 year
€432,007▲
2024 · €224,327
Debt > 1 year
€250,750▲
2024 · €204,558
Income taxes
€65,454▲
2024 · €64,609
Staff costs
€492,186▲
2024 · €338,826
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 6 | 6 | 7 | 9 |
| full-time | 5 | 5 | 5 | 6 | 8 |
| part-time | - | 1 | 1 | 1 | 1 |
| in full-time equivalents | 5 | 5.8 | 5.8 | 6.6 | 8.6 |
| Average over the year, in full-time equivalents | 5.5 | 5.8 | 5.8 | 5.6 | 7.7 |
| On a permanent contract | 5 | 6 | 6 | 7 | 9 |
| Joined | 1 | 1 | - | 3 | 2 |
| Left | 2 | 0 | - | 2 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €301,091 | €276,126 | €250,746 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,802 | €45,331 | €42,135 | €12,875 | €123,565 |
| Depreciation and write-downs of the year | €104,477 | €101,934 | €56,959 | €56,760 | €70,689 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €2,598 awarded · €2,703 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €534 | €523 |
| 2024 | 1 | €1,095 | €1,095 |
| 2023 | 1 | €648 | €764 |
| 2022 | 1 | €321 | €321 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,500 | €0 | - | - | €2,066 | - |
| Remuneration, social security and pensions62 | - | - | - | €268,919 | €291,698 | €335,422 | €338,826 | €492,186 | ▲ 45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €185,861 | €126,327 | €121,359 | €104,477 | €101,934 | €56,959 | €56,760 | €70,689 | ▲ 24.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €253 | - |
| Other operating charges640/8 | - | - | - | €7,217 | €6,674 | €10,611 | €13,540 | €7,738 | ▼ 42.9% |
| Non-recurring operating charges66A | - | - | - | - | €14,640 | €0 | - | - | - |
| Gross operating margin9900 | €412,876 | €444,915 | €522,330 | €523,588 | €644,043 | €650,308 | €678,097 | €854,200 | ▲ 26.0% |
| Operating profit (loss)9901 | €105,744 | €149,389 | €180,179 | €142,976 | €229,097 | €247,317 | €268,971 | €283,334 | ▲ 5.3% |
| Financial income75/76B | - | - | - | €9,055 | €9,864 | €10,850 | €11,700 | €9,016 | ▼ 22.9% |
| Recurring financial income75 | €847 | €1,448 | €2,723 | €9,055 | €9,864 | €10,850 | €11,700 | €9,016 | ▼ 22.9% |
| Financial charges65/66B | - | - | - | €9,603 | €9,832 | €8,166 | €9,899 | €9,606 | ▼ 3.0% |
| Recurring financial charges65 | €9,875 | €16,343 | €13,856 | €9,603 | €9,832 | €8,166 | €9,899 | €9,606 | ▼ 3.0% |
| Profit (loss) for the period before taxes9903 | €96,716 | €134,495 | €169,045 | €142,428 | €229,129 | €250,001 | €270,772 | €282,744 | ▲ 4.4% |
| Income taxes67/77 | €26,848 | €46,803 | €43,611 | €30,373 | €52,389 | €58,274 | €64,609 | €65,454 | ▲ 1.3% |
| Profit (loss) for the period9904 | €69,867 | €87,691 | €125,434 | €112,055 | €176,740 | €191,727 | €206,163 | €217,289 | ▲ 5.4% |
| Profit (loss) for the period to be appropriated9905 | €69,867 | €87,691 | €125,434 | €112,055 | €176,740 | €191,727 | €206,163 | €217,289 | ▲ 5.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.2m | €1.2m | €1.1m | €1.2m | €1.2m | €1.2m | €1.2m | ▲ 7.2% |
| Fixed assets21/28 | €0.7m | €0.6m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | ▲ 16.6% |
| Intangible fixed assets21 | €0.2m | €0.1m | €0.1m | €0.05m | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | ▲ 16.6% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 8.6% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.02m | €0.01m | €0.01m | €0.01m | ▼ 15.9% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.04m | €0.06m | €0.04m | €0.1m | ▲ 223% |
| Other tangible fixed assets26 | - | - | - | €0.05m | €0.06m | €0.05m | €0.04m | €0.03m | ▼ 20.9% |
| Current assets29/58 | €0.5m | €0.6m | €0.6m | €0.6m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 3.6% |
| Stocks and contracts in progress3 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 7.5% |
| Stocks30/36 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 7.5% |
| Amounts receivable within one year40/41 | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | €0.4m | ▲ 81.6% |
| Trade receivables40 | - | - | - | €0.3m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 87.2% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.008m | €0.01m | €0.01m | €0.01m | ▲ 0.8% |
| Cash at bank and in hand54/58 | €0.08m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.4m | €0.2m | ▼ 41.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.02m | €0.02m | €0.009m | €0.007m | ▼ 20.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.2m | €1.1m | €1.2m | €1.2m | €1.2m | €1.2m | ▲ 7.2% |
| Equity10/15 | €0.2m | €0.3m | €0.4m | €0.4m | €0.5m | €0.7m | €0.7m | €0.6m | ▼ 23.4% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Reserves13 | €0.07m | €0.2m | €0.3m | €0.4m | €0.5m | €0.7m | €0.7m | €0.6m | ▼ 23.5% |
| Distributable reserves133 | - | - | - | €0.4m | €0.5m | €0.7m | €0.7m | €0.6m | ▼ 23.5% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €1.0m | €0.9m | €0.8m | €0.7m | €0.7m | €0.5m | €0.4m | €0.7m | ▲ 59.2% |
| Amounts payable after more than one year17 | €0.6m | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 22.6% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.3m | €0.2m | €0.3m | ▲ 22.6% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.4m | ▲ 92.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.06m | €0.07m | ▲ 15.1% |
| Trade debts44 | €0.1m | €0.1m | €0.1m | €0.08m | €0.07m | €0.06m | €0.03m | €0.04m | ▲ 20.8% |
| Suppliers440/4 | - | - | - | €0.08m | €0.07m | €0.06m | €0.03m | €0.04m | ▲ 20.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | €12 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.05m | €0.06m | €0.05m | €0.06m | ▲ 29.6% |
| Taxes450/3 | - | - | - | €0.04m | €0.02m | €0.02m | €0.01m | €0.003m | ▼ 77.5% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.03m | €0.04m | €0.03m | €0.06m | ▲ 75.0% |
| Other amounts payable47/48 | - | - | - | - | €0.08m | €0.001m | €0.08m | €0.3m | ▲ 225% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,867 | €87,691 | €125,434 | €112,055 | €176,740 | €191,727 | €206,163 | €217,289 | ▲ 5.4% |
| + Depreciation and write-downs630 | €185,861 | €126,327 | €121,359 | €104,477 | €101,934 | €56,959 | €56,760 | €70,689 | ▲ 24.5% |
| Operating cash flow (approximation) | €255,728 | €214,018 | €246,793 | €216,532 | €278,675 | €248,686 | €262,923 | €287,978 | ▲ 9.5% |
| Investment in fixed assets (approximation) | - | -€40,306 | -€70,515 | -€15,802 | -€30,692 | -€42,135 | -€12,875 | -€123,565 | ▼ 860% |
| Change in cash | - | €167,550 | -€11,850 | -€53,885 | €82,149 | -€106,857 | €200,005 | -€149,036 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as JWL has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JWL itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 26,972 companies, not a prediction for JWL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-05-2026 | 2026-00104921 | |
| 31-12-2024 | abbreviated format | 10-06-2025 | 2025-00127533 | |
| 31-12-2023 | abbreviated format | 05-06-2024 | 2024-00109692 | |
| 31-12-2022 | abbreviated format | 26-06-2023 | 2023-00155964 | |
| 31-12-2021 | abbreviated format | 07-06-2022 | 2022-20048130 | |
| 31-12-2020 | abbreviated format | 07-05-2021 | 2021-13500151 | |
| 31-12-2019 | abbreviated format | 09-06-2020 | 2020-15300144 | |
| 31-12-2018 | abbreviated format | 15-05-2019 | 2019-13000393 |