JOS DENEWETH: 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.
JOS DENEWETH
Largest movements
- Receivables within one year +€165,609
up €165,609 (+247%), from €67,173 to €232,782
of which Trade receivables: +€151,244
- Tangible fixed assets -€24,347
down €24,347 (-2.2%), from €1.1m to €1.1m
of which Land and buildings: -€42,963
- Trade debts +€119,187
up €119,187 (+259%), from €46,005 to €165,192
- Reserves +€26,359
up €26,359 (+2.7%), from €973,931 to €1.0m
of which Distributable reserves: +€26,359
- Debts after one year -€26,183
down €26,183 (-13.5%), from €193,924 to €167,741
- Gross operating margin +€22,832
up €22,832 (+11.7%), from €195,084 to €217,916
- Staff costs -€17,481
down €17,481 (-17.4%), from €100,302 to €82,821
- Depreciation +€13,719
up €13,719 (+17.1%), from €80,148 to €93,867
- Taxes +€2,198
up €2,198 (+258%), from €853 to €3,050
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 | €1,292,322 | €1,421,608 | +€129,286 | +10.0% |
| Fixed assets | 21/28 | €1,116,789 | €1,087,442 | -€29,347 | -2.6% |
| Tangible fixed assets | 22/27 | €1,109,747 | €1,085,399 | -€24,347 | -2.2% |
| Land and buildings | 22 | €1,005,318 | €962,355 | -€42,963 | -4.3% |
| Plant, machinery and equipment | 23 | €36,358 | €76,064 | +€39,705 | +109% |
| Furniture and vehicles | 24 | €35,097 | €32,849 | -€2,248 | -6.4% |
| Leasing and similar rights | 25 | €32,973 | €14,131 | -€18,842 | -57.1% |
| Financial fixed assets | 28 | €7,042 | €2,042 | -€5,000 | -71.0% |
| Current assets | 29/58 | €175,533 | €334,166 | +€158,633 | +90.4% |
| Stocks and contracts in progress | 3 | €51,357 | €53,175 | +€1,818 | +3.5% |
| Stocks | 30/36 | €31,357 | €53,175 | +€21,818 | +69.6% |
| Contracts in progress | 37 | €20,000 | €0 | -€20,000 | -100% |
| Amounts receivable within one year | 40/41 | €67,173 | €232,782 | +€165,609 | +247% |
| Trade receivables | 40 | €55,567 | €206,811 | +€151,244 | +272% |
| Other amounts receivable | 41 | €11,606 | €25,971 | +€14,365 | +124% |
| Current investments | 50/53 | €37,605 | €26,750 | -€10,855 | -28.9% |
| Cash at bank and in hand | 54/58 | €12,851 | €13,228 | +€377 | +2.9% |
| Deferred charges and accrued income | 490/1 | €6,547 | €8,232 | +€1,685 | +25.7% |
| Total equity and liabilities | 10/49 | €1,292,322 | €1,421,608 | +€129,286 | +10.0% |
| Equity | 10/15 | €998,931 | €1,025,290 | +€26,359 | +2.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €973,931 | €1,000,290 | +€26,359 | +2.7% |
| Tax-exempt reserves | 132 | €23,750 | €23,750 | = | 0.0% |
| Distributable reserves | 133 | €950,181 | €976,540 | +€26,359 | +2.8% |
| Amounts payable | 17/49 | €293,391 | €396,318 | +€102,927 | +35.1% |
| Amounts payable after more than one year | 17 | €193,924 | €167,741 | -€26,183 | -13.5% |
| Financial debts | 170/4 | €193,924 | €167,741 | -€26,183 | -13.5% |
| Amounts payable within one year | 42/48 | €99,317 | €228,213 | +€128,896 | +130% |
| Current portion of amounts payable after more than one year | 42 | €48,359 | €47,333 | -€1,026 | -2.1% |
| Trade debts | 44 | €46,005 | €165,192 | +€119,187 | +259% |
| Suppliers | 440/4 | €46,005 | €165,192 | +€119,187 | +259% |
| Taxes, remuneration and social security | 45 | €2,838 | €7,678 | +€4,840 | +171% |
| Taxes | 450/3 | €2,308 | €3,249 | +€941 | +40.8% |
| Remuneration and social security | 454/9 | €530 | €4,429 | +€3,898 | +735% |
| Other amounts payable | 47/48 | €2,116 | €8,010 | +€5,894 | +279% |
| Accrued charges and deferred income | 492/3 | €150 | €364 | +€214 | +143% |
| Remuneration, social security and pensions | 62 | €100,302 | €82,821 | -€17,481 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,148 | €93,867 | +€13,719 | +17.1% |
| Other operating charges | 640/8 | €8,828 | €9,469 | +€640 | +7.3% |
| Gross operating margin | 9900 | €195,084 | €217,916 | +€22,832 | +11.7% |
| Operating profit (loss) | 9901 | €5,805 | €31,759 | +€25,954 | +447% |
| Financial income | 75/76B | €4,291 | €3,188 | -€1,103 | -25.7% |
| Recurring financial income | 75 | €4,291 | €3,188 | -€1,103 | -25.7% |
| Financial charges | 65/66B | €4,627 | €5,537 | +€910 | +19.7% |
| Recurring financial charges | 65 | €4,627 | €5,537 | +€910 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €5,468 | €29,410 | +€23,942 | +438% |
| Income taxes | 67/77 | €853 | €3,050 | +€2,198 | +258% |
| Profit (loss) for the period | 9904 | €4,616 | €26,359 | +€21,744 | +471% |
| Profit (loss) for the period to be appropriated | 9905 | €4,616 | €26,359 | +€21,744 | +471% |
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 21 October 2026 via checked.be.