JOWARD: 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.
What changed
JOWARD
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€15,195
2024 · -€110,819+€95,624
Equity
€1.8m
2024 · €1.8m-€15,195
Cash
€566,580
2024 · €283,324+€283,256
Balance sheet total
€8.9m
2024 · €8.8m+€147,288
Largest movements
Assets
- Cash +€283,256
up €283,256 (+100.0%), from €283,324 to €566,580
mainly Provisions (+€423,189) and Depreciation (+€69,631)
Equity and liabilities
- Provisions +€423,189
up €423,189 (+16.0%), from €2.7m to €3.1m
- Other debts -€268,389
down €268,389 (-93.5%), from €287,045 to €18,657
Income statement
- Gross operating margin +€75,728
up €75,728 (+24.3%), from €312,111 to €387,839
- Depreciation -€30,214
down €30,214 (-30.3%), from €99,845 to €69,631
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.
Result 2024
-€110,819
Gross operating margin
+€75,728
Depreciation
+€30,214
Other operating charges
-€1,137
Other operating items
-€3,556
Financial income
-€3,475
Financial charges
-€2,150
Result 2025
-€15,195
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.
From operations
+€286,702
Investment
-€3,446
Financing
€0
Cash 2024
€283,324
From operations (derived)
+€286,702
Net result for the year
-€15,195
Depreciation
+€69,631
Receivables within one year
+€29,891
Deferred charges and accrued income
+€39,892
Provisions
+€423,189
Trade debts
-€869
Tax, wage and social debts
+€4,533
Other debts
-€268,389
Accrued charges and deferred income
+€4,019
Investment (derived)
-€3,446
Investment in fixed assets (net)
-€586
Current investments
-€2,859
Cash 2025
€566,580
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,787,041 | €8,934,329 | +€147,288 | +1.7% |
| Fixed assets | 21/28 | €7,858,174 | €7,789,130 | -€69,044 | -0.9% |
| Tangible fixed assets | 22/27 | €2,972,151 | €2,903,107 | -€69,044 | -2.3% |
| Land and buildings | 22 | €2,132,311 | €2,124,071 | -€8,240 | -0.4% |
| Plant, machinery and equipment | 23 | €34,192 | - | -€34,192 | |
| Leasing and similar rights | 25 | €805,649 | €779,036 | -€26,613 | -3.3% |
| Financial fixed assets | 28 | €4,886,023 | €4,886,023 | = | 0.0% |
| Current assets | 29/58 | €928,867 | €1,145,200 | +€216,333 | +23.3% |
| Amounts receivable within one year | 40/41 | €57,178 | €27,287 | -€29,891 | -52.3% |
| Trade receivables | 40 | €52,400 | €19,907 | -€32,493 | -62.0% |
| Other amounts receivable | 41 | €4,778 | €7,380 | +€2,602 | +54.5% |
| Current investments | 50/53 | €205,583 | €208,442 | +€2,859 | +1.4% |
| Cash at bank and in hand | 54/58 | €283,324 | €566,580 | +€283,256 | +100.0% |
| Deferred charges and accrued income | 490/1 | €382,783 | €342,891 | -€39,892 | -10.4% |
| Total equity and liabilities | 10/49 | €8,787,041 | €8,934,329 | +€147,288 | +1.7% |
| Equity | 10/15 | €1,816,342 | €1,801,148 | -€15,195 | -0.8% |
| Contributions | 10/11 | €668,600 | €668,600 | = | 0.0% |
| Reserves | 13 | €10,080 | €10,080 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,080 | €10,080 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,080 | €10,080 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,137,662 | €1,122,468 | -€15,195 | -1.3% |
| Provisions and deferred taxes | 16 | €2,650,129 | €3,073,318 | +€423,189 | +16.0% |
| Provisions for liabilities and charges | 160/5 | €2,650,129 | €3,073,318 | +€423,189 | +16.0% |
| Other liabilities and charges | 164/5 | €2,650,129 | €3,073,318 | +€423,189 | +16.0% |
| Amounts payable | 17/49 | €4,320,570 | €4,059,864 | -€260,706 | -6.0% |
| Amounts payable after more than one year | 17 | €3,963,350 | €3,963,350 | = | 0.0% |
| Financial debts | 170/4 | €3,960,000 | €3,960,000 | = | 0.0% |
| Other amounts payable | 178/9 | €3,350 | €3,350 | = | 0.0% |
| Amounts payable within one year | 42/48 | €313,523 | €48,799 | -€264,725 | -84.4% |
| Trade debts | 44 | €3,141 | €2,272 | -€869 | -27.7% |
| Suppliers | 440/4 | €3,141 | €2,272 | -€869 | -27.7% |
| Taxes, remuneration and social security | 45 | €23,337 | €27,871 | +€4,533 | +19.4% |
| Taxes | 450/3 | €23,337 | €27,871 | +€4,533 | +19.4% |
| Other amounts payable | 47/48 | €287,045 | €18,657 | -€268,389 | -93.5% |
| Accrued charges and deferred income | 492/3 | €43,696 | €47,715 | +€4,019 | +9.2% |
| Non-recurring operating income | 76A | €28,159 | €31,479 | +€3,321 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,845 | €69,631 | -€30,214 | -30.3% |
| Other operating charges | 640/8 | €7,066 | €8,203 | +€1,137 | +16.1% |
| Non-recurring operating charges | 66A | €17,973 | €21,528 | +€3,556 | +19.8% |
| Gross operating margin | 9900 | €312,111 | €387,839 | +€75,728 | +24.3% |
| Operating profit (loss) | 9901 | €187,228 | €288,477 | +€101,249 | +54.1% |
| Financial income | 75/76B | €13,678 | €10,203 | -€3,475 | -25.4% |
| Recurring financial income | 75 | €13,678 | €10,203 | -€3,475 | -25.4% |
| Financial charges | 65/66B | €311,725 | €313,875 | +€2,150 | +0.7% |
| Recurring financial charges | 65 | €311,725 | €313,875 | +€2,150 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | -€110,819 | -€15,195 | +€95,624 | +86.3% |
| Profit (loss) for the period | 9904 | -€110,819 | -€15,195 | +€95,624 | +86.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€110,819 | -€15,195 | +€95,624 | +86.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.