J. De Win: 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.
What changed
J. De Win
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€197,051
2024 · €179,347+€17,704
Equity
€1.9m
2024 · €1.7m+€197,051
Cash
€629,453
2024 · €432,278+€197,174
Balance sheet total
€2.6m
2024 · €2.7m-€136,563
Largest movements
Assets
- Receivables within one year -€242,129
down €242,129 (-28.9%), from €837,854 to €595,725
of which Trade receivables: -€283,529
- Cash +€197,174
up €197,174 (+45.6%), from €432,278 to €629,453
mainly Receivables within one year (+€242,129) and Net result for the year (+€197,051)
- Tangible fixed assets -€81,653
down €81,653 (-14.2%), from €575,543 to €493,890
of which Leasing and similar rights: -€58,367
Equity and liabilities
- Trade debts -€214,620
down €214,620 (-56.8%), from €378,183 to €163,563
- Profit (loss) carried forward +€197,051
up €197,051 (+109.9%), from €179,347 to €376,398
- Debts after one year -€54,762
down €54,762 (-20.2%), from €270,997 to €216,235
- Tax, wage and social debts -€50,884
down €50,884 (-33.1%), from €153,744 to €102,860
of which Remuneration and social security: -€46,795
Income statement
- Staff costs -€107,659
down €107,659 (-7.9%), from €1.4m to €1.2m
- Gross operating margin -€80,387
down €80,387 (-4.6%), from €1.8m to €1.7m
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.
Result 2024
€179,347
Gross operating margin
-€80,387
Staff costs
+€107,659
Depreciation
-€719
Other operating charges
+€2,287
Financial income
-€1,269
Financial charges
-€4,449
Taxes
-€5,416
Result 2025
€197,051
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.
From operations
+€305,638
Investment
-€55,510
Financing
-€52,954
Cash 2024
€432,278
From operations (derived)
+€305,638
Net result for the year
+€197,051
Depreciation
+€141,496
Receivables after one year
+€8,971
Stocks and contracts
+€3,993
Receivables within one year
+€242,129
Deferred charges and accrued income
-€7,341
Trade debts
-€214,620
Tax, wage and social debts
-€50,884
Accrued charges and deferred income
-€15,157
Investment (derived)
-€55,510
Investment in fixed assets (net)
-€55,510
Financing
-€52,954
Debts after one year
-€54,762
Current portion of long-term debt
+€1,809
Cash 2025
€629,453
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,698,716 | €2,562,153 | -€136,563 | -5.1% |
| Fixed assets | 21/28 | €667,575 | €581,589 | -€85,986 | -12.9% |
| Intangible fixed assets | 21 | €13,302 | €8,969 | -€4,333 | -32.6% |
| Tangible fixed assets | 22/27 | €575,543 | €493,890 | -€81,653 | -14.2% |
| Land and buildings | 22 | €119,466 | €101,883 | -€17,583 | -14.7% |
| Plant, machinery and equipment | 23 | €96,099 | €80,501 | -€15,598 | -16.2% |
| Furniture and vehicles | 24 | €4,599 | €6,714 | +€2,115 | +46.0% |
| Leasing and similar rights | 25 | €355,379 | €297,012 | -€58,367 | -16.4% |
| Assets under construction and advance payments | 27 | - | €7,780 | +€7,780 | |
| Financial fixed assets | 28 | €78,730 | €78,730 | = | 0.0% |
| Current assets | 29/58 | €2,031,142 | €1,980,564 | -€50,578 | -2.5% |
| Amounts receivable after more than one year | 29 | €206,429 | €197,458 | -€8,971 | -4.3% |
| Other amounts receivable | 291 | €206,429 | €197,458 | -€8,971 | -4.3% |
| Stocks and contracts in progress | 3 | €554,580 | €550,587 | -€3,993 | -0.7% |
| Stocks | 30/36 | €158,670 | €154,394 | -€4,276 | -2.7% |
| Contracts in progress | 37 | €395,910 | €396,193 | +€283 | +0.1% |
| Amounts receivable within one year | 40/41 | €837,854 | €595,725 | -€242,129 | -28.9% |
| Trade receivables | 40 | €802,756 | €519,227 | -€283,529 | -35.3% |
| Other amounts receivable | 41 | €35,098 | €76,498 | +€41,400 | +118.0% |
| Cash at bank and in hand | 54/58 | €432,278 | €629,453 | +€197,174 | +45.6% |
| Deferred charges and accrued income | 490/1 | - | €7,341 | +€7,341 | |
| Total equity and liabilities | 10/49 | €2,698,716 | €2,562,153 | -€136,563 | -5.1% |
| Equity | 10/15 | €1,746,425 | €1,943,476 | +€197,051 | +11.3% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Revaluation surpluses | 12 | €30,481 | €30,481 | = | 0.0% |
| Reserves | 13 | €1,412,651 | €1,412,651 | = | 0.0% |
| Distributable reserves | 133 | €1,412,651 | €1,412,651 | = | 0.0% |
| Profit (loss) carried forward | 14 | €179,347 | €376,398 | +€197,051 | +109.9% |
| Amounts payable | 17/49 | €952,291 | €618,677 | -€333,615 | -35.0% |
| Amounts payable after more than one year | 17 | €270,997 | €216,235 | -€54,762 | -20.2% |
| Financial debts | 170/4 | €270,997 | €216,235 | -€54,762 | -20.2% |
| Amounts payable within one year | 42/48 | €620,389 | €356,694 | -€263,695 | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €86,375 | €88,184 | +€1,809 | +2.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €378,183 | €163,563 | -€214,620 | -56.8% |
| Suppliers | 440/4 | €378,183 | €163,563 | -€214,620 | -56.8% |
| Taxes, remuneration and social security | 45 | €153,744 | €102,860 | -€50,884 | -33.1% |
| Taxes | 450/3 | €9,010 | €4,922 | -€4,089 | -45.4% |
| Remuneration and social security | 454/9 | €144,733 | €97,938 | -€46,795 | -32.3% |
| Other amounts payable | 47/48 | €2,087 | €2,087 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €60,905 | €45,748 | -€15,157 | -24.9% |
| Non-recurring operating income | 76A | €27,640 | €16,810 | -€10,830 | -39.2% |
| Remuneration, social security and pensions | 62 | €1,356,174 | €1,248,514 | -€107,659 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,777 | €141,496 | +€719 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €35,294 | €33,008 | -€2,287 | -6.5% |
| Gross operating margin | 9900 | €1,757,474 | €1,677,086 | -€80,387 | -4.6% |
| Operating profit (loss) | 9901 | €225,229 | €254,069 | +€28,840 | +12.8% |
| Financial income | 75/76B | €7,376 | €6,107 | -€1,269 | -17.2% |
| Recurring financial income | 75 | €7,376 | €6,107 | -€1,269 | -17.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | -€4,010 | €439 | +€4,449 | |
| Recurring financial charges | 65 | -€4,010 | €439 | +€4,449 | |
| Profit (loss) for the period before taxes | 9903 | €236,615 | €259,736 | +€23,121 | +9.8% |
| Income taxes | 67/77 | €57,268 | €62,685 | +€5,416 | +9.5% |
| Profit (loss) for the period | 9904 | €179,347 | €197,051 | +€17,704 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €179,347 | €197,051 | +€17,704 | +9.9% |
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 3 October 2026 via checked.be.