JO WILLEMS: 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.
JO WILLEMS
Largest movements
- Current investments +€48,115
up €48,115 (+91.2%), from €52,749 to €100,865
- Tangible fixed assets -€45,297
down €45,297 (-13.8%), from €328,211 to €282,914
of which Land and buildings: -€29,783
- Financial fixed assets +€40,000
up €40,000 (+200%), from €20,000 to €60,000
- Receivables within one year +€39,292
up €39,292 (+58.0%), from €67,802 to €107,094
- Cash +€8,687
up €8,687 (+12.8%), from €68,108 to €76,795
mainly Net result for the year (+€154,910) and Depreciation (+€51,989)
- Reserves +€154,910
up €154,910 (+43.5%), from €356,123 to €511,033
- Other debts -€49,122
down €49,122 (-70.0%), from €70,146 to €21,024
- Debts after one year -€17,582
down €17,582 (-49.4%), from €35,608 to €18,025
- Gross operating margin +€48,119
up €48,119 (+20.1%), from €238,881 to €287,000
- Taxes +€16,678
up €16,678 (+29.3%), from €56,976 to €73,654
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 | €539,900 | €630,900 | +€91,000 | +16.9% |
| Fixed assets | 21/28 | €348,211 | €342,914 | -€5,297 | -1.5% |
| Tangible fixed assets | 22/27 | €328,211 | €282,914 | -€45,297 | -13.8% |
| Land and buildings | 22 | €275,696 | €245,913 | -€29,783 | -10.8% |
| Plant, machinery and equipment | 23 | - | €2,195 | +€2,195 | |
| Furniture and vehicles | 24 | €52,516 | €34,805 | -€17,710 | -33.7% |
| Financial fixed assets | 28 | €20,000 | €60,000 | +€40,000 | +200% |
| Current assets | 29/58 | €191,689 | €287,986 | +€96,297 | +50.2% |
| Amounts receivable within one year | 40/41 | €67,802 | €107,094 | +€39,292 | +58.0% |
| Trade receivables | 40 | €67,802 | €107,094 | +€39,292 | +58.0% |
| Current investments | 50/53 | €52,749 | €100,865 | +€48,115 | +91.2% |
| Cash at bank and in hand | 54/58 | €68,108 | €76,795 | +€8,687 | +12.8% |
| Deferred charges and accrued income | 490/1 | €3,030 | €3,233 | +€203 | +6.7% |
| Total equity and liabilities | 10/49 | €539,900 | €630,900 | +€91,000 | +16.9% |
| Equity | 10/15 | €369,763 | €524,673 | +€154,910 | +41.9% |
| Contributions | 10/11 | €13,640 | €13,640 | = | 0.0% |
| Reserves | 13 | €356,123 | €511,033 | +€154,910 | +43.5% |
| Distributable reserves | 133 | €356,123 | €511,033 | +€154,910 | +43.5% |
| Amounts payable | 17/49 | €170,137 | €106,227 | -€63,910 | -37.6% |
| Amounts payable after more than one year | 17 | €35,608 | €18,025 | -€17,582 | -49.4% |
| Financial debts | 170/4 | €35,608 | €18,025 | -€17,582 | -49.4% |
| Amounts payable within one year | 42/48 | €134,458 | €88,189 | -€46,269 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €17,150 | €17,582 | +€432 | +2.5% |
| Trade debts | 44 | €10,626 | €7,118 | -€3,507 | -33.0% |
| Suppliers | 440/4 | €10,626 | €7,118 | -€3,507 | -33.0% |
| Taxes, remuneration and social security | 45 | €36,536 | €42,465 | +€5,928 | +16.2% |
| Taxes | 450/3 | €36,536 | €42,465 | +€5,928 | +16.2% |
| Other amounts payable | 47/48 | €70,146 | €21,024 | -€49,122 | -70.0% |
| Accrued charges and deferred income | 492/3 | €71 | €12 | -€59 | -82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,307 | €51,989 | -€317 | -0.6% |
| Other operating charges | 640/8 | €2,061 | €1,909 | -€152 | -7.4% |
| Gross operating margin | 9900 | €238,881 | €287,000 | +€48,119 | +20.1% |
| Operating profit (loss) | 9901 | €184,513 | €233,101 | +€48,588 | +26.3% |
| Financial income | 75/76B | €435 | €858 | +€424 | +97.4% |
| Recurring financial income | 75 | €435 | €858 | +€424 | +97.4% |
| Financial charges | 65/66B | €6,115 | €5,396 | -€719 | -11.8% |
| Recurring financial charges | 65 | €6,115 | €5,396 | -€719 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €178,833 | €228,564 | +€49,731 | +27.8% |
| Income taxes | 67/77 | €56,976 | €73,654 | +€16,678 | +29.3% |
| Profit (loss) for the period | 9904 | €121,857 | €154,910 | +€33,053 | +27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €121,857 | €154,910 | +€33,053 | +27.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.