JDW+: 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.
JDW+
Largest movements
- Tangible fixed assets +€120,221
up €120,221 (+33.4%), from €360,399 to €480,619
of which Assets under construction and advance payments: +€186,386
- Stocks and contracts -€19,692
down €19,692 (-23.4%), from €84,116 to €64,425
- Cash +€17,055
up €17,055 (+31.9%), from €53,422 to €70,478
mainly Debts after one year (+€89,986) and Depreciation (+€61,159)
- Receivables within one year -€14,481
down €14,481 (-66.5%), from €21,782 to €7,301
of which Other amounts receivable: -€13,006
- Debts after one year +€89,986
up €89,986 (+33.1%), from €272,021 to €362,006
- Reserves +€11,344
new in 2025: €11,344
- Tax, wage and social debts +€6,416
up €6,416 (+271.5%), from €2,363 to €8,779
- Depreciation -€23,309
down €23,309 (-27.6%), from €84,468 to €61,159
- Gross operating margin -€21,272
down €21,272 (-19.5%), from €108,991 to €87,719
- Staff costs -€15,391
no longer reported in 2025 (was €15,391)
- Taxes +€4,141
up €4,141 (+742.1%), from €558 to €4,699
- Financial charges +€2,679
up €2,679 (+34.7%), from €7,719 to €10,397
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 | €524,966 | €631,669 | +€106,704 | +20.3% |
| Fixed assets | 21/28 | €360,399 | €480,619 | +€120,221 | +33.4% |
| Tangible fixed assets | 22/27 | €360,399 | €480,619 | +€120,221 | +33.4% |
| Land and buildings | 22 | €203,420 | €202,054 | -€1,365 | -0.7% |
| Plant, machinery and equipment | 23 | €85,168 | €49,423 | -€35,745 | -42.0% |
| Furniture and vehicles | 24 | €52,664 | €29,587 | -€23,078 | -43.8% |
| Leasing and similar rights | 25 | €19,147 | €13,169 | -€5,977 | -31.2% |
| Assets under construction and advance payments | 27 | - | €186,386 | +€186,386 | |
| Current assets | 29/58 | €164,567 | €151,050 | -€13,517 | -8.2% |
| Stocks and contracts in progress | 3 | €84,116 | €64,425 | -€19,692 | -23.4% |
| Stocks | 30/36 | €84,116 | €64,425 | -€19,692 | -23.4% |
| Amounts receivable within one year | 40/41 | €21,782 | €7,301 | -€14,481 | -66.5% |
| Trade receivables | 40 | €1,475 | - | -€1,475 | |
| Other amounts receivable | 41 | €20,308 | €7,301 | -€13,006 | -64.0% |
| Cash at bank and in hand | 54/58 | €53,422 | €70,478 | +€17,055 | +31.9% |
| Deferred charges and accrued income | 490/1 | €5,246 | €8,846 | +€3,600 | +68.6% |
| Total equity and liabilities | 10/49 | €524,966 | €631,669 | +€106,704 | +20.3% |
| Equity | 10/15 | €177,233 | €188,577 | +€11,344 | +6.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €11,344 | +€11,344 | |
| Distributable reserves | 133 | - | €11,344 | +€11,344 | |
| Profit (loss) carried forward | 14 | €172,233 | €172,233 | = | 0.0% |
| Amounts payable | 17/49 | €347,733 | €443,092 | +€95,360 | +27.4% |
| Amounts payable after more than one year | 17 | €272,021 | €362,006 | +€89,986 | +33.1% |
| Financial debts | 170/4 | €272,021 | €362,006 | +€89,986 | +33.1% |
| Amounts payable within one year | 42/48 | €74,978 | €80,367 | +€5,389 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €58,165 | €64,147 | +€5,982 | +10.3% |
| Trade debts | 44 | €9,066 | €3,417 | -€5,649 | -62.3% |
| Suppliers | 440/4 | €9,066 | €3,417 | -€5,649 | -62.3% |
| Taxes, remuneration and social security | 45 | €2,363 | €8,779 | +€6,416 | +271.5% |
| Taxes | 450/3 | €2,363 | €8,779 | +€6,416 | +271.5% |
| Other amounts payable | 47/48 | €5,384 | €4,024 | -€1,360 | -25.3% |
| Accrued charges and deferred income | 492/3 | €734 | €718 | -€16 | -2.1% |
| Non-recurring operating income | 76A | - | €34,993 | +€34,993 | |
| Remuneration, social security and pensions | 62 | €15,391 | - | -€15,391 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,468 | €61,159 | -€23,309 | -27.6% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €108,991 | €87,719 | -€21,272 | -19.5% |
| Operating profit (loss) | 9901 | €9,014 | €26,440 | +€17,426 | +193.3% |
| Financial charges | 65/66B | €7,719 | €10,397 | +€2,679 | +34.7% |
| Recurring financial charges | 65 | €7,719 | €10,397 | +€2,679 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €1,295 | €16,043 | +€14,748 | +1138.8% |
| Income taxes | 67/77 | €558 | €4,699 | +€4,141 | +742.1% |
| Profit (loss) for the period | 9904 | €737 | €11,344 | +€10,607 | +1439.0% |
| Profit (loss) for the period to be appropriated | 9905 | €737 | €11,344 | +€10,607 | +1439.0% |
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 9 October 2026 via checked.be.