JOINT WHEELMEN: 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.
JOINT WHEELMEN
Largest movements
- Cash +€221,986
up €221,986 (+254%), from €87,271 to €309,257
mainly Trade debts (+€218,710) and Net result for the year (+€77,359)
- Receivables within one year +€81,006
up €81,006 (+87.6%), from €92,519 to €173,525
of which Trade receivables: +€88,595
- Tangible fixed assets +€16,169
new in 2025: €16,169
- Trade debts +€218,710
up €218,710 (+448%), from €48,804 to €267,514
- Profit (loss) carried forward +€77,359
up €77,359 (+134%), from €57,898 to €135,256
- Tax, wage and social debts +€22,054
up €22,054, from €0 to €22,054
- Gross operating margin +€84,097
up €84,097 (+429%), from €19,589 to €103,686
- Taxes +€23,288
up €23,288 (+550%), from €4,233 to €27,521
- Staff costs -€6,040
down €6,040, from €2,612 to -€3,428
- Depreciation +€2,943
new in 2025: €2,943
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 | €181,572 | €499,695 | +€318,123 | +175% |
| Fixed assets | 21/28 | €80 | €16,249 | +€16,169 | +20,211% |
| Tangible fixed assets | 22/27 | - | €16,169 | +€16,169 | |
| Furniture and vehicles | 24 | - | €16,169 | +€16,169 | |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €181,492 | €483,446 | +€301,954 | +166% |
| Amounts receivable within one year | 40/41 | €92,519 | €173,525 | +€81,006 | +87.6% |
| Trade receivables | 40 | €83,882 | €172,477 | +€88,595 | +106% |
| Other amounts receivable | 41 | €8,638 | €1,048 | -€7,590 | -87.9% |
| Cash at bank and in hand | 54/58 | €87,271 | €309,257 | +€221,986 | +254% |
| Deferred charges and accrued income | 490/1 | €1,701 | €663 | -€1,038 | -61.0% |
| Total equity and liabilities | 10/49 | €181,572 | €499,695 | +€318,123 | +175% |
| Equity | 10/15 | €132,768 | €210,126 | +€77,359 | +58.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €12,870 | €12,870 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €6,670 | €6,670 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,898 | €135,256 | +€77,359 | +134% |
| Amounts payable | 17/49 | €48,804 | €289,568 | +€240,765 | +493% |
| Amounts payable within one year | 42/48 | €48,804 | €289,568 | +€240,765 | +493% |
| Trade debts | 44 | €48,804 | €267,514 | +€218,710 | +448% |
| Suppliers | 440/4 | €48,804 | €267,514 | +€218,710 | +448% |
| Taxes, remuneration and social security | 45 | €0 | €22,054 | +€22,054 | |
| Taxes | 450/3 | €0 | €22,054 | +€22,054 | |
| Remuneration, social security and pensions | 62 | €2,612 | -€3,428 | -€6,040 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,943 | +€2,943 | |
| Other operating charges | 640/8 | €835 | €607 | -€229 | -27.4% |
| Gross operating margin | 9900 | €19,589 | €103,686 | +€84,097 | +429% |
| Operating profit (loss) | 9901 | €16,141 | €103,564 | +€87,423 | +542% |
| Financial income | 75/76B | €845 | €1,555 | +€711 | +84.2% |
| Recurring financial income | 75 | €845 | €1,555 | +€711 | +84.2% |
| Financial charges | 65/66B | €206 | €240 | +€34 | +16.5% |
| Recurring financial charges | 65 | €206 | €240 | +€34 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €16,780 | €104,880 | +€88,100 | +525% |
| Income taxes | 67/77 | €4,233 | €27,521 | +€23,288 | +550% |
| Profit (loss) for the period | 9904 | €12,547 | €77,359 | +€64,812 | +517% |
| Profit (loss) for the period to be appropriated | 9905 | €12,547 | €77,359 | +€64,812 | +517% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.