FJW: 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.
FJW
Largest movements
- Receivables after one year +€156,809
up €156,809 (+61.8%), from €253,771 to €410,580
of which Trade receivables: +€172,615
- Cash -€111,205
down €111,205 (-85.6%), from €129,943 to €18,738
mainly Receivables after one year (-€156,809) and Accrued charges and deferred income (-€21,400)
- Current investments -€35,640
down €35,640 (-33.4%), from €106,577 to €70,937
- Financial fixed assets -€22,000
down €22,000 (-8.2%), from €267,000 to €245,000
- Tangible fixed assets -€14,572
down €14,572 (-91.2%), from €15,982 to €1,410
of which Furniture and vehicles: -€13,868
- Accrued charges and deferred income -€21,400
no longer reported in 2025 (was €21,400)
- Reserves +€12,074
up €12,074 (+2.0%), from €594,847 to €606,921
of which Distributable reserves: +€12,074
- Other debts -€10,001
down €10,001 (-16.1%), from €62,229 to €52,228
- Debts after one year -€9,280
down €9,280 (-13.7%), from €67,849 to €58,569
- Taxes -€4,606
down €4,606 (-96.0%), from €4,800 to €194
- Financial income -€2,712
down €2,712 (-6.4%), from €42,649 to €39,937
- Financial charges +€930
up €930 (+35.8%), from €2,597 to €3,527
- Depreciation -€918
down €918 (-5.9%), from €15,490 to €14,572
- Gross operating margin +€394
up €394 (+4.7%), from -€8,304 to -€7,910
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 | €775,473 | €747,996 | -€27,477 | -3.5% |
| Fixed assets | 21/28 | €282,982 | €246,410 | -€36,572 | -12.9% |
| Tangible fixed assets | 22/27 | €15,982 | €1,410 | -€14,572 | -91.2% |
| Plant, machinery and equipment | 23 | €2,014 | €1,310 | -€704 | -35.0% |
| Furniture and vehicles | 24 | €13,968 | €100 | -€13,868 | -99.3% |
| Financial fixed assets | 28 | €267,000 | €245,000 | -€22,000 | -8.2% |
| Current assets | 29/58 | €492,491 | €501,586 | +€9,095 | +1.8% |
| Amounts receivable after more than one year | 29 | €253,771 | €410,580 | +€156,809 | +61.8% |
| Trade receivables | 290 | €237,965 | €410,580 | +€172,615 | +72.5% |
| Other amounts receivable | 291 | €15,806 | - | -€15,806 | |
| Amounts receivable within one year | 40/41 | €1,132 | €204 | -€928 | -82.0% |
| Other amounts receivable | 41 | €1,132 | €204 | -€928 | -82.0% |
| Current investments | 50/53 | €106,577 | €70,937 | -€35,640 | -33.4% |
| Cash at bank and in hand | 54/58 | €129,943 | €18,738 | -€111,205 | -85.6% |
| Deferred charges and accrued income | 490/1 | €1,068 | €1,127 | +€59 | +5.5% |
| Total equity and liabilities | 10/49 | €775,473 | €747,996 | -€27,477 | -3.5% |
| Equity | 10/15 | €608,847 | €620,921 | +€12,074 | +2.0% |
| Contributions | 10/11 | €14,000 | €14,000 | = | 0.0% |
| Reserves | 13 | €594,847 | €606,921 | +€12,074 | +2.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €592,847 | €604,921 | +€12,074 | +2.0% |
| Amounts payable | 17/49 | €166,626 | €127,075 | -€39,551 | -23.7% |
| Amounts payable after more than one year | 17 | €67,849 | €58,569 | -€9,280 | -13.7% |
| Financial debts | 170/4 | €67,849 | €58,569 | -€9,280 | -13.7% |
| Amounts payable within one year | 42/48 | €77,377 | €68,506 | -€8,871 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €9,030 | €9,280 | +€250 | +2.8% |
| Trade debts | 44 | €1,118 | €6,768 | +€5,650 | +505.4% |
| Suppliers | 440/4 | €1,118 | €6,768 | +€5,650 | +505.4% |
| Taxes, remuneration and social security | 45 | €5,000 | €230 | -€4,770 | -95.4% |
| Taxes | 450/3 | €5,000 | €230 | -€4,770 | -95.4% |
| Other amounts payable | 47/48 | €62,229 | €52,228 | -€10,001 | -16.1% |
| Accrued charges and deferred income | 492/3 | €21,400 | - | -€21,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,490 | €14,572 | -€918 | -5.9% |
| Other operating charges | 640/8 | €1,353 | €1,660 | +€307 | +22.7% |
| Gross operating margin | 9900 | -€8,304 | -€7,910 | +€394 | +4.7% |
| Operating profit (loss) | 9901 | -€25,147 | -€24,142 | +€1,005 | +4.0% |
| Financial income | 75/76B | €42,649 | €39,937 | -€2,712 | -6.4% |
| Recurring financial income | 75 | €42,649 | €39,937 | -€2,712 | -6.4% |
| Financial charges | 65/66B | €2,597 | €3,527 | +€930 | +35.8% |
| Recurring financial charges | 65 | €2,597 | €3,527 | +€930 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €14,905 | €12,268 | -€2,637 | -17.7% |
| Income taxes | 67/77 | €4,800 | €194 | -€4,606 | -96.0% |
| Profit (loss) for the period | 9904 | €10,105 | €12,074 | +€1,969 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,105 | €12,074 | +€1,969 | +19.5% |
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 4 October 2026 via checked.be.