GJW PROJECTS: 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.
GJW PROJECTS
Largest movements
- Stocks and contracts +€150,413
new in 2025: €150,413
- Intangible fixed assets +€62,931
new in 2025: €62,931
- Receivables within one year +€52,318
up €52,318 (+164.7%), from €31,763 to €84,080
of which Trade receivables: +€66,387
- Financial fixed assets +€12,082
new in 2025: €12,082
- Cash -€10,673
down €10,673 (-90.2%), from €11,836 to €1,163
mainly Stocks and contracts (-€150,413) and Investment in fixed assets (net) (-€95,984)
- Short-term financial debts +€100,000
new in 2025: €100,000
- Debts after one year +€67,902
up €67,902 (+146.5%), from €46,350 to €114,253
- Advances received +€38,483
new in 2025: €38,483
- Trade debts +€27,968
up €27,968 (+841.5%), from €3,324 to €31,292
- Tax, wage and social debts +€19,078
up €19,078 (+276.8%), from €6,892 to €25,971
of which Taxes: +€13,078
- Depreciation +€13,513
up €13,513 (+97.4%), from €13,877 to €27,389
- Financial charges +€7,874
up €7,874 (+88.6%), from €8,892 to €16,766
- Gross operating margin -€4,719
down €4,719 (-11.1%), from €42,354 to €37,635
- Taxes -€4,070
down €4,070 (-92.3%), from €4,408 to €338
- Other operating charges -€842
down €842 (-46.6%), from €1,808 to €966
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 | €128,372 | €389,543 | +€261,171 | +203.4% |
| Fixed assets | 21/28 | €84,247 | €152,842 | +€68,595 | +81.4% |
| Intangible fixed assets | 21 | - | €62,931 | +€62,931 | |
| Tangible fixed assets | 22/27 | €84,247 | €77,830 | -€6,418 | -7.6% |
| Plant, machinery and equipment | 23 | €3,060 | €13,093 | +€10,033 | +327.9% |
| Furniture and vehicles | 24 | €59,162 | €45,158 | -€14,004 | -23.7% |
| Other tangible fixed assets | 26 | €22,026 | €19,579 | -€2,447 | -11.1% |
| Financial fixed assets | 28 | - | €12,082 | +€12,082 | |
| Current assets | 29/58 | €44,124 | €236,701 | +€192,576 | +436.4% |
| Stocks and contracts in progress | 3 | - | €150,413 | +€150,413 | |
| Stocks | 30/36 | - | €150,413 | +€150,413 | |
| Amounts receivable within one year | 40/41 | €31,763 | €84,080 | +€52,318 | +164.7% |
| Trade receivables | 40 | €11,453 | €77,840 | +€66,387 | +579.6% |
| Other amounts receivable | 41 | €20,310 | €6,240 | -€14,069 | -69.3% |
| Cash at bank and in hand | 54/58 | €11,836 | €1,163 | -€10,673 | -90.2% |
| Deferred charges and accrued income | 490/1 | €526 | €1,044 | +€519 | +98.7% |
| Total equity and liabilities | 10/49 | €128,372 | €389,543 | +€261,171 | +203.4% |
| Equity | 10/15 | €16,210 | €8,386 | -€7,825 | -48.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €13,710 | €5,886 | -€7,825 | -57.1% |
| Distributable reserves | 133 | €13,710 | €5,886 | -€7,825 | -57.1% |
| Amounts payable | 17/49 | €112,162 | €381,157 | +€268,996 | +239.8% |
| Amounts payable after more than one year | 17 | €46,350 | €114,253 | +€67,902 | +146.5% |
| Financial debts | 170/4 | €46,350 | €114,253 | +€67,902 | +146.5% |
| Amounts payable within one year | 42/48 | €65,812 | €266,905 | +€201,093 | +305.6% |
| Current portion of amounts payable after more than one year | 42 | €12,572 | €25,733 | +€13,162 | +104.7% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €3,324 | €31,292 | +€27,968 | +841.5% |
| Suppliers | 440/4 | €3,324 | €31,292 | +€27,968 | +841.5% |
| Advances received on contracts in progress | 46 | - | €38,483 | +€38,483 | |
| Taxes, remuneration and social security | 45 | €6,892 | €25,971 | +€19,078 | +276.8% |
| Taxes | 450/3 | €6,892 | €19,971 | +€13,078 | +189.7% |
| Remuneration and social security | 454/9 | - | €6,000 | +€6,000 | |
| Other amounts payable | 47/48 | €43,024 | €45,426 | +€2,402 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,877 | €27,389 | +€13,513 | +97.4% |
| Other operating charges | 640/8 | €1,808 | €966 | -€842 | -46.6% |
| Gross operating margin | 9900 | €42,354 | €37,635 | -€4,719 | -11.1% |
| Operating profit (loss) | 9901 | €26,669 | €9,279 | -€17,389 | -65.2% |
| Financial income | 75/76B | €342 | €0 | -€342 | -100.0% |
| Recurring financial income | 75 | €342 | €0 | -€342 | -100.0% |
| Financial charges | 65/66B | €8,892 | €16,766 | +€7,874 | +88.6% |
| Recurring financial charges | 65 | €8,892 | €16,766 | +€7,874 | +88.6% |
| Profit (loss) for the period before taxes | 9903 | €18,119 | -€7,486 | -€25,605 | |
| Income taxes | 67/77 | €4,408 | €338 | -€4,070 | -92.3% |
| Profit (loss) for the period | 9904 | €13,710 | -€7,825 | -€21,535 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,710 | -€7,825 | -€21,535 |
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 1 October 2026 via checked.be.