JOWADEL: 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.
JOWADEL
Largest movements
- Receivables within one year -€238,492
down €238,492 (-23.0%), from €1.0m to €799,178
of which Other amounts receivable: -€164,388
- Tangible fixed assets +€190,665
up €190,665 (+7.6%), from €2.5m to €2.7m
of which Land and buildings: +€574,702
- Trade debts -€201,749
down €201,749 (-27.4%), from €736,487 to €534,738
- Reserves +€147,053
up €147,053 (+17.5%), from €841,889 to €988,942
- Debts after one year +€84,710
up €84,710 (+5.5%), from €1.5m to €1.6m
- Current portion of long-term debt -€41,643
down €41,643 (-7.2%), from €574,641 to €532,998
- Gross operating margin +€128,365
up €128,365 (+16.7%), from €766,907 to €895,272
- Staff costs +€24,709
up €24,709 (+21.7%), from €113,785 to €138,494
- Depreciation +€23,221
up €23,221 (+5.0%), from €467,066 to €490,287
- Taxes +€23,137
up €23,137 (+100.2%), from €23,087 to €46,224
- Financial charges +€14,648
up €14,648 (+38.1%), from €38,480 to €53,128
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 | €3,968,676 | €3,962,622 | -€6,054 | -0.2% |
| Fixed assets | 21/28 | €2,540,673 | €2,731,838 | +€191,165 | +7.5% |
| Tangible fixed assets | 22/27 | €2,523,401 | €2,714,066 | +€190,665 | +7.6% |
| Land and buildings | 22 | €821,735 | €1,396,437 | +€574,702 | +69.9% |
| Plant, machinery and equipment | 23 | €1,426,830 | €1,083,432 | -€343,398 | -24.1% |
| Furniture and vehicles | 24 | €274,837 | €234,198 | -€40,639 | -14.8% |
| Financial fixed assets | 28 | €17,272 | €17,772 | +€500 | +2.9% |
| Current assets | 29/58 | €1,428,003 | €1,230,784 | -€197,219 | -13.8% |
| Stocks and contracts in progress | 3 | €257,265 | €272,684 | +€15,419 | +6.0% |
| Stocks | 30/36 | €257,265 | €272,684 | +€15,419 | +6.0% |
| Amounts receivable within one year | 40/41 | €1,037,671 | €799,178 | -€238,492 | -23.0% |
| Trade receivables | 40 | €851,384 | €777,279 | -€74,105 | -8.7% |
| Other amounts receivable | 41 | €186,287 | €21,899 | -€164,388 | -88.2% |
| Cash at bank and in hand | 54/58 | €119,020 | €151,544 | +€32,524 | +27.3% |
| Deferred charges and accrued income | 490/1 | €14,048 | €7,378 | -€6,670 | -47.5% |
| Total equity and liabilities | 10/49 | €3,968,676 | €3,962,622 | -€6,054 | -0.2% |
| Equity | 10/15 | €908,048 | €1,055,101 | +€147,053 | +16.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €841,889 | €988,942 | +€147,053 | +17.5% |
| Distributable reserves | 133 | €841,889 | €988,942 | +€147,053 | +17.5% |
| Profit (loss) carried forward | 14 | €16,159 | €16,159 | = | 0.0% |
| Amounts payable | 17/49 | €3,060,628 | €2,907,521 | -€153,107 | -5.0% |
| Amounts payable after more than one year | 17 | €1,544,746 | €1,629,456 | +€84,710 | +5.5% |
| Financial debts | 170/4 | €1,544,746 | €1,629,456 | +€84,710 | +5.5% |
| Amounts payable within one year | 42/48 | €1,507,622 | €1,269,835 | -€237,786 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €574,641 | €532,998 | -€41,643 | -7.2% |
| Trade debts | 44 | €736,487 | €534,738 | -€201,749 | -27.4% |
| Suppliers | 440/4 | €736,487 | €534,738 | -€201,749 | -27.4% |
| Taxes, remuneration and social security | 45 | €21,060 | €16,975 | -€4,085 | -19.4% |
| Taxes | 450/3 | €4,784 | €0 | -€4,784 | -100.0% |
| Remuneration and social security | 454/9 | €16,275 | €16,975 | +€700 | +4.3% |
| Other amounts payable | 47/48 | €175,434 | €185,125 | +€9,690 | +5.5% |
| Accrued charges and deferred income | 492/3 | €8,260 | €8,229 | -€31 | -0.4% |
| Non-recurring operating income | 76A | €12,838 | €500 | -€12,338 | -96.1% |
| Remuneration, social security and pensions | 62 | €113,785 | €138,494 | +€24,709 | +21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €467,066 | €490,287 | +€23,221 | +5.0% |
| Other operating charges | 640/8 | €12,760 | €15,458 | +€2,697 | +21.1% |
| Gross operating margin | 9900 | €766,907 | €895,272 | +€128,365 | +16.7% |
| Operating profit (loss) | 9901 | €173,296 | €251,033 | +€77,738 | +44.9% |
| Financial income | 75/76B | €605 | €373 | -€233 | -38.5% |
| Recurring financial income | 75 | €605 | €373 | -€233 | -38.5% |
| Financial charges | 65/66B | €38,480 | €53,128 | +€14,648 | +38.1% |
| Recurring financial charges | 65 | €38,480 | €53,128 | +€14,648 | +38.1% |
| Profit (loss) for the period before taxes | 9903 | €135,420 | €198,277 | +€62,857 | +46.4% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €23,087 | €46,224 | +€23,137 | +100.2% |
| Profit (loss) for the period | 9904 | €112,333 | €152,053 | +€39,720 | +35.4% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €112,333 | €152,053 | +€39,720 | +35.4% |
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 6 October 2026 via checked.be.