JW&H: 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.
JW&H
Largest movements
- Receivables within one year +€110,488
up €110,488 (+381.2%), from €28,984 to €139,473
of which Trade receivables: +€111,072
- Tangible fixed assets +€60,916
new in 2025: €60,916
- Financial fixed assets +€37,525
up €37,525 (+21.8%), from €171,861 to €209,386
- Cash -€16,960
down €16,960 (-82.7%), from €20,514 to €3,554
mainly Receivables within one year (-€110,488) and Investment in fixed assets (net) (-€99,932)
- Trade debts +€104,140
new in 2025: €104,140
- Other debts +€70,505
up €70,505 (+51.0%), from €138,202 to €208,707
- Accrued charges and deferred income +€10,613
up €10,613 (+7075.5%), from €150 to €10,763
- Gross operating margin +€20,844
up €20,844 (+61.6%), from -€33,830 to -€12,986
- Financial income +€13,834
up €13,834 (+178.8%), from €7,736 to €21,571
- Taxes +€2,876
new in 2025: €2,876
- Depreciation +€1,492
new in 2025: €1,492
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 | €221,360 | €413,329 | +€191,969 | +86.7% |
| Fixed assets | 21/28 | €171,861 | €270,302 | +€98,441 | +57.3% |
| Tangible fixed assets | 22/27 | - | €60,916 | +€60,916 | |
| Land and buildings | 22 | - | €60,916 | +€60,916 | |
| Financial fixed assets | 28 | €171,861 | €209,386 | +€37,525 | +21.8% |
| Current assets | 29/58 | €49,499 | €143,027 | +€93,528 | +189.0% |
| Amounts receivable within one year | 40/41 | €28,984 | €139,473 | +€110,488 | +381.2% |
| Trade receivables | 40 | €0 | €111,072 | +€111,072 | |
| Other amounts receivable | 41 | €28,984 | €28,401 | -€583 | -2.0% |
| Cash at bank and in hand | 54/58 | €20,514 | €3,554 | -€16,960 | -82.7% |
| Total equity and liabilities | 10/49 | €221,360 | €413,329 | +€191,969 | +86.7% |
| Equity | 10/15 | -€66,992 | -€64,388 | +€2,603 | +3.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,992 | -€69,388 | +€2,603 | +3.6% |
| Amounts payable | 17/49 | €288,352 | €477,718 | +€189,366 | +65.7% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €138,202 | €316,954 | +€178,752 | +129.3% |
| Trade debts | 44 | - | €104,140 | +€104,140 | |
| Suppliers | 440/4 | - | €104,140 | +€104,140 | |
| Taxes, remuneration and social security | 45 | - | €4,107 | +€4,107 | |
| Taxes | 450/3 | - | €4,107 | +€4,107 | |
| Other amounts payable | 47/48 | €138,202 | €208,707 | +€70,505 | +51.0% |
| Accrued charges and deferred income | 492/3 | €150 | €10,763 | +€10,613 | +7075.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,492 | +€1,492 | |
| Other operating charges | 640/8 | €775 | €875 | +€100 | +12.9% |
| Gross operating margin | 9900 | -€33,830 | -€12,986 | +€20,844 | +61.6% |
| Operating profit (loss) | 9901 | -€34,605 | -€15,352 | +€19,253 | +55.6% |
| Financial income | 75/76B | €7,736 | €21,571 | +€13,834 | +178.8% |
| Recurring financial income | 75 | €7,736 | €21,571 | +€13,834 | +178.8% |
| Financial charges | 65/66B | €939 | €740 | -€200 | -21.2% |
| Recurring financial charges | 65 | €939 | €740 | -€200 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | -€27,808 | €5,479 | +€33,287 | |
| Income taxes | 67/77 | - | €2,876 | +€2,876 | |
| Profit (loss) for the period | 9904 | -€27,808 | €2,603 | +€30,411 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,808 | €2,603 | +€30,411 |
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 12 October 2026 via checked.be.