J.T.W.: what changed
Two financial 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.
J.T.W.
Largest movements
- Receivables within one year -€40,653
down €40,653 (-81.4%), from €49,933 to €9,280
of which Trade receivables: -€35,648
- Tangible fixed assets -€33,988
down €33,988 (-6.6%), from €513,967 to €479,979
of which Land and buildings: -€32,389
- Cash +€18,752
up €18,752 (+45.8%), from €40,941 to €59,693
mainly Receivables within one year (+€40,653) and Net result for the year (+€38,533)
- Debts after one year -€62,136
down €62,136 (-28.9%), from €215,081 to €152,946
- Reserves -€10,115
down €10,115 (-3.3%), from €304,509 to €294,394
- Trade debts +€8,899
up €8,899 (+858%), from €1,037 to €9,937
- Gross operating margin +€17,401
up €17,401 (+22.6%), from €76,827 to €94,228
- Taxes +€4,422
up €4,422 (+50.4%), from €8,774 to €13,196
- Financial charges -€960
down €960 (-23.7%), from €4,055 to €3,095
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.
Derived cash bridge
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 | €610,390 | €548,952 | -€61,437 | -10.1% |
| Fixed assets | 21/28 | €513,967 | €479,979 | -€33,988 | -6.6% |
| Tangible fixed assets | 22/27 | €513,967 | €479,979 | -€33,988 | -6.6% |
| Land and buildings | 22 | €511,133 | €478,744 | -€32,389 | -6.3% |
| Plant, machinery and equipment | 23 | €2,834 | €1,235 | -€1,599 | -56.4% |
| Current assets | 29/58 | €96,422 | €68,974 | -€27,449 | -28.5% |
| Amounts receivable within one year | 40/41 | €49,933 | €9,280 | -€40,653 | -81.4% |
| Trade receivables | 40 | €42,908 | €7,260 | -€35,648 | -83.1% |
| Other amounts receivable | 41 | €7,025 | €2,020 | -€5,005 | -71.2% |
| Cash at bank and in hand | 54/58 | €40,941 | €59,693 | +€18,752 | +45.8% |
| Deferred charges and accrued income | 490/1 | €5,547 | - | -€5,547 | |
| Total equity and liabilities | 10/49 | €610,390 | €548,952 | -€61,437 | -10.1% |
| Equity | 10/15 | €329,298 | €319,184 | -€10,115 | -3.1% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €304,509 | €294,394 | -€10,115 | -3.3% |
| Distributable reserves | 133 | €304,509 | €294,394 | -€10,115 | -3.3% |
| Amounts payable | 17/49 | €281,091 | €229,769 | -€51,322 | -18.3% |
| Amounts payable after more than one year | 17 | €215,081 | €152,946 | -€62,136 | -28.9% |
| Financial debts | 170/4 | €215,081 | €152,946 | -€62,136 | -28.9% |
| Amounts payable within one year | 42/48 | €65,663 | €76,476 | +€10,813 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €61,472 | €62,136 | +€664 | +1.1% |
| Trade debts | 44 | €1,037 | €9,937 | +€8,899 | +858% |
| Suppliers | 440/4 | €1,037 | €9,937 | +€8,899 | +858% |
| Taxes, remuneration and social security | 45 | €2,321 | €3,545 | +€1,224 | +52.7% |
| Taxes | 450/3 | €2,321 | €3,545 | +€1,224 | +52.7% |
| Other amounts payable | 47/48 | €833 | €859 | +€26 | +3.1% |
| Accrued charges and deferred income | 492/3 | €348 | €348 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,988 | €33,988 | = | 0.0% |
| Other operating charges | 640/8 | €4,856 | €5,416 | +€560 | +11.5% |
| Gross operating margin | 9900 | €76,827 | €94,228 | +€17,401 | +22.6% |
| Operating profit (loss) | 9901 | €37,983 | €54,824 | +€16,841 | +44.3% |
| Financial charges | 65/66B | €4,055 | €3,095 | -€960 | -23.7% |
| Recurring financial charges | 65 | €4,055 | €3,095 | -€960 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €33,928 | €51,729 | +€17,801 | +52.5% |
| Income taxes | 67/77 | €8,774 | €13,196 | +€4,422 | +50.4% |
| Profit (loss) for the period | 9904 | €25,154 | €38,533 | +€13,379 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,154 | €38,533 | +€13,379 | +53.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.