JPWD: 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.
JPWD
Largest movements
- Deferred charges and accrued income +€7,628
up €7,628 (+180.8%), from €4,220 to €11,848
- Cash +€7,406
up €7,406 (+105.4%), from €7,029 to €14,436
mainly Net result for the year (+€45,766) and Depreciation (+€16,883)
- Other debts +€15,779
up €15,779 (+21.8%), from €72,400 to €88,179
- Debts after one year -€5,662
down €5,662 (-2.0%), from €286,440 to €280,778
- Depreciation -€26,610
down €26,610 (-61.2%), from €43,493 to €16,883
- Other operating charges +€14,411
up €14,411 (+686.3%), from €2,100 to €16,510
- Gross operating margin +€9,910
up €9,910 (+10.1%), from €98,533 to €108,443
- Taxes +€3,669
up €3,669 (+37.1%), from €9,890 to €13,558
- Financial charges +€1,595
up €1,595 (+12.7%), from €12,552 to €14,147
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 | €421,640 | €433,061 | +€11,421 | +2.7% |
| Fixed assets | 21/28 | €350,827 | €348,364 | -€2,464 | -0.7% |
| Tangible fixed assets | 22/27 | €350,827 | €348,364 | -€2,464 | -0.7% |
| Land and buildings | 22 | €334,758 | €325,138 | -€9,621 | -2.9% |
| Furniture and vehicles | 24 | €16,069 | €21,513 | +€5,444 | +33.9% |
| Other tangible fixed assets | 26 | - | €1,713 | +€1,713 | |
| Current assets | 29/58 | €70,813 | €84,698 | +€13,885 | +19.6% |
| Amounts receivable within one year | 40/41 | €59,564 | €58,414 | -€1,150 | -1.9% |
| Trade receivables | 40 | €39,341 | €51,304 | +€11,963 | +30.4% |
| Other amounts receivable | 41 | €20,223 | €7,110 | -€13,113 | -64.8% |
| Cash at bank and in hand | 54/58 | €7,029 | €14,436 | +€7,406 | +105.4% |
| Deferred charges and accrued income | 490/1 | €4,220 | €11,848 | +€7,628 | +180.8% |
| Total equity and liabilities | 10/49 | €421,640 | €433,061 | +€11,421 | +2.7% |
| Equity | 10/15 | €30,500 | €30,500 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,900 | €11,900 | = | 0.0% |
| Distributable reserves | 133 | €11,900 | €11,900 | = | 0.0% |
| Amounts payable | 17/49 | €391,140 | €402,561 | +€11,421 | +2.9% |
| Amounts payable after more than one year | 17 | €286,440 | €280,778 | -€5,662 | -2.0% |
| Financial debts | 170/4 | €286,440 | €280,778 | -€5,662 | -2.0% |
| Amounts payable within one year | 42/48 | €103,677 | €121,620 | +€17,943 | +17.3% |
| Current portion of amounts payable after more than one year | 42 | €17,321 | €18,263 | +€942 | +5.4% |
| Trade debts | 44 | €3,165 | €2,651 | -€515 | -16.3% |
| Suppliers | 440/4 | €3,165 | €2,651 | -€515 | -16.3% |
| Taxes, remuneration and social security | 45 | €10,791 | €12,527 | +€1,737 | +16.1% |
| Taxes | 450/3 | €10,311 | €11,247 | +€937 | +9.1% |
| Remuneration and social security | 454/9 | €480 | €1,280 | +€800 | +166.7% |
| Other amounts payable | 47/48 | €72,400 | €88,179 | +€15,779 | +21.8% |
| Accrued charges and deferred income | 492/3 | €1,023 | €163 | -€860 | -84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,493 | €16,883 | -€26,610 | -61.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,585 | +€1,585 | |
| Other operating charges | 640/8 | €2,100 | €16,510 | +€14,411 | +686.3% |
| Gross operating margin | 9900 | €98,533 | €108,443 | +€9,910 | +10.1% |
| Operating profit (loss) | 9901 | €52,940 | €73,466 | +€20,525 | +38.8% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €12,552 | €14,147 | +€1,595 | +12.7% |
| Recurring financial charges | 65 | €12,552 | €14,147 | +€1,595 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €40,389 | €59,324 | +€18,935 | +46.9% |
| Income taxes | 67/77 | €9,890 | €13,558 | +€3,669 | +37.1% |
| Profit (loss) for the period | 9904 | €30,499 | €45,766 | +€15,267 | +50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,499 | €45,766 | +€15,267 | +50.1% |
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 30 September 2026 via checked.be.