JW Stables: 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 Stables
Largest movements
- Stocks and contracts +€99,578
up €99,578 (+36.5%), from €272,783 to €372,361
- Cash -€82,385
down €82,385 (-55.1%), from €149,488 to €67,103
mainly Investment in fixed assets (net) (-€115,712) and Stocks and contracts (-€99,578)
- Tangible fixed assets +€35,295
up €35,295 (+5.7%), from €614,096 to €649,391
of which Other tangible fixed assets: +€39,776
- Receivables within one year +€33,877
up €33,877 (+177.4%), from €19,094 to €52,971
of which Trade receivables: +€23,716
- Reserves +€76,805
up €76,805 (+19.6%), from €391,134 to €467,939
- Other debts +€54,865
up €54,865 (+47.2%), from €116,150 to €171,015
- Tax, wage and social debts -€51,412
down €51,412 (-89.0%), from €57,750 to €6,338
of which Taxes: -€52,787
- Trade debts +€48,183
up €48,183 (+71.5%), from €67,384 to €115,567
- Debts after one year -€37,157
down €37,157 (-10.8%), from €344,307 to €307,151
- Gross operating margin +€19,892
up €19,892 (+8.4%), from €237,235 to €257,126
- Depreciation +€6,299
up €6,299 (+8.5%), from €74,118 to €80,417
- Staff costs +€5,418
up €5,418 (+25.3%), from €21,423 to €26,841
- Taxes +€5,304
up €5,304 (+18.9%), from €28,031 to €33,336
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 | €1,060,643 | €1,145,732 | +€85,089 | +8.0% |
| Fixed assets | 21/28 | €614,096 | €649,391 | +€35,295 | +5.7% |
| Tangible fixed assets | 22/27 | €614,096 | €649,391 | +€35,295 | +5.7% |
| Land and buildings | 22 | €443,709 | €414,418 | -€29,292 | -6.6% |
| Plant, machinery and equipment | 23 | €6,633 | €4,765 | -€1,868 | -28.2% |
| Furniture and vehicles | 24 | €50,585 | €77,264 | +€26,679 | +52.7% |
| Other tangible fixed assets | 26 | €113,168 | €152,945 | +€39,776 | +35.1% |
| Current assets | 29/58 | €446,548 | €496,342 | +€49,794 | +11.2% |
| Stocks and contracts in progress | 3 | €272,783 | €372,361 | +€99,578 | +36.5% |
| Stocks | 30/36 | €272,783 | €372,361 | +€99,578 | +36.5% |
| Amounts receivable within one year | 40/41 | €19,094 | €52,971 | +€33,877 | +177.4% |
| Trade receivables | 40 | €1,908 | €25,623 | +€23,716 | +1243.2% |
| Other amounts receivable | 41 | €17,186 | €27,347 | +€10,161 | +59.1% |
| Cash at bank and in hand | 54/58 | €149,488 | €67,103 | -€82,385 | -55.1% |
| Deferred charges and accrued income | 490/1 | €5,183 | €3,907 | -€1,276 | -24.6% |
| Total equity and liabilities | 10/49 | €1,060,643 | €1,145,732 | +€85,089 | +8.0% |
| Equity | 10/15 | €397,334 | €474,139 | +€76,805 | +19.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €391,134 | €467,939 | +€76,805 | +19.6% |
| Distributable reserves | 133 | €391,134 | €467,939 | +€76,805 | +19.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €663,309 | €671,593 | +€8,284 | +1.2% |
| Amounts payable after more than one year | 17 | €344,307 | €307,151 | -€37,157 | -10.8% |
| Financial debts | 170/4 | €344,307 | €307,151 | -€37,157 | -10.8% |
| Amounts payable within one year | 42/48 | €319,002 | €364,443 | +€45,441 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €43,614 | €38,102 | -€5,512 | -12.6% |
| Financial debts | 43 | €33,633 | €33,422 | -€211 | -0.6% |
| Credit institutions | 430/8 | €33,633 | €33,422 | -€211 | -0.6% |
| Trade debts | 44 | €67,384 | €115,567 | +€48,183 | +71.5% |
| Suppliers | 440/4 | €67,384 | €115,567 | +€48,183 | +71.5% |
| Advances received on contracts in progress | 46 | €471 | €0 | -€471 | -100.0% |
| Taxes, remuneration and social security | 45 | €57,750 | €6,338 | -€51,412 | -89.0% |
| Taxes | 450/3 | €54,872 | €2,085 | -€52,787 | -96.2% |
| Remuneration and social security | 454/9 | €2,878 | €4,253 | +€1,375 | +47.8% |
| Other amounts payable | 47/48 | €116,150 | €171,015 | +€54,865 | +47.2% |
| Remuneration, social security and pensions | 62 | €21,423 | €26,841 | +€5,418 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,118 | €80,417 | +€6,299 | +8.5% |
| Other operating charges | 640/8 | €6,746 | €8,566 | +€1,820 | +27.0% |
| Gross operating margin | 9900 | €237,235 | €257,126 | +€19,892 | +8.4% |
| Operating profit (loss) | 9901 | €134,947 | €141,302 | +€6,355 | +4.7% |
| Financial income | 75/76B | €98 | €0 | -€98 | -100.0% |
| Recurring financial income | 75 | €98 | €0 | -€98 | -100.0% |
| Financial charges | 65/66B | €29,890 | €29,443 | -€447 | -1.5% |
| Recurring financial charges | 65 | €29,890 | €29,443 | -€447 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €105,155 | €111,859 | +€6,704 | +6.4% |
| Income taxes | 67/77 | €28,031 | €33,336 | +€5,304 | +18.9% |
| Profit (loss) for the period | 9904 | €77,124 | €78,523 | +€1,400 | +1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €77,124 | €78,523 | +€1,400 | +1.8% |
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 11 October 2026 via checked.be.