JWL: what changed
JWL
Largest movements
- Receivables within one year +€160,769
up €160,769 (+81.6%), from €197,062 to €357,831
of which Trade receivables: +€160,673
- Cash -€149,036
down €149,036 (-41.6%), from €357,937 to €208,901
mainly Contributions, distributions and other (-€387,691) and Receivables within one year (-€160,769)
- Tangible fixed assets +€52,877
up €52,877 (+16.6%), from €319,312 to €372,189
of which Furniture and vehicles: +€83,523
- Stocks and contracts +€20,700
up €20,700 (+7.5%), from €274,603 to €295,302
- Other debts +€176,582
up €176,582 (+225%), from €78,418 to €255,000
- Reserves -€170,402
down €170,402 (-23.5%), from €724,811 to €554,409
- Debts after one year +€46,192
up €46,192 (+22.6%), from €204,558 to €250,750
- Tax, wage and social debts +€14,640
up €14,640 (+29.6%), from €49,391 to €64,031
of which Remuneration and social security: +€26,020
- Gross operating margin +€176,103
up €176,103 (+26.0%), from €678,097 to €854,200
- Staff costs +€153,360
up €153,360 (+45.3%), from €338,826 to €492,186
- Depreciation +€13,929
up €13,929 (+24.5%), from €56,760 to €70,689
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,157,695 | €1,241,166 | +€83,470 | +7.2% |
| Fixed assets | 21/28 | €319,312 | €372,189 | +€52,877 | +16.6% |
| Tangible fixed assets | 22/27 | €319,312 | €372,189 | +€52,877 | +16.6% |
| Land and buildings | 22 | €224,673 | €205,323 | -€19,350 | -8.6% |
| Plant, machinery and equipment | 23 | €13,145 | €11,049 | -€2,096 | -15.9% |
| Furniture and vehicles | 24 | €37,405 | €120,928 | +€83,523 | +223% |
| Other tangible fixed assets | 26 | €44,089 | €34,888 | -€9,201 | -20.9% |
| Current assets | 29/58 | €838,383 | €868,977 | +€30,593 | +3.6% |
| Stocks and contracts in progress | 3 | €274,603 | €295,302 | +€20,700 | +7.5% |
| Stocks | 30/36 | €274,603 | €295,302 | +€20,700 | +7.5% |
| Amounts receivable within one year | 40/41 | €197,062 | €357,831 | +€160,769 | +81.6% |
| Trade receivables | 40 | €184,359 | €345,032 | +€160,673 | +87.2% |
| Other amounts receivable | 41 | €12,703 | €12,799 | +€96 | +0.8% |
| Cash at bank and in hand | 54/58 | €357,937 | €208,901 | -€149,036 | -41.6% |
| Deferred charges and accrued income | 490/1 | €8,781 | €6,942 | -€1,839 | -20.9% |
| Total equity and liabilities | 10/49 | €1,157,695 | €1,241,166 | +€83,470 | +7.2% |
| Equity | 10/15 | €728,811 | €558,409 | -€170,402 | -23.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €724,811 | €554,409 | -€170,402 | -23.5% |
| Distributable reserves | 133 | €724,811 | €554,409 | -€170,402 | -23.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €428,885 | €682,757 | +€253,872 | +59.2% |
| Amounts payable after more than one year | 17 | €204,558 | €250,750 | +€46,192 | +22.6% |
| Financial debts | 170/4 | €204,558 | €250,750 | +€46,192 | +22.6% |
| Amounts payable within one year | 42/48 | €224,327 | €432,007 | +€207,680 | +92.6% |
| Current portion of amounts payable after more than one year | 42 | €63,570 | €73,187 | +€9,618 | +15.1% |
| Trade debts | 44 | €32,949 | €39,789 | +€6,840 | +20.8% |
| Suppliers | 440/4 | €32,949 | €39,789 | +€6,840 | +20.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €49,391 | €64,031 | +€14,640 | +29.6% |
| Taxes | 450/3 | €14,685 | €3,305 | -€11,380 | -77.5% |
| Remuneration and social security | 454/9 | €34,706 | €60,726 | +€26,020 | +75.0% |
| Other amounts payable | 47/48 | €78,418 | €255,000 | +€176,582 | +225% |
| Non-recurring operating income | 76A | - | €2,066 | +€2,066 | |
| Remuneration, social security and pensions | 62 | €338,826 | €492,186 | +€153,360 | +45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,760 | €70,689 | +€13,929 | +24.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €253 | +€253 | |
| Other operating charges | 640/8 | €13,540 | €7,738 | -€5,802 | -42.9% |
| Gross operating margin | 9900 | €678,097 | €854,200 | +€176,103 | +26.0% |
| Operating profit (loss) | 9901 | €268,971 | €283,334 | +€14,363 | +5.3% |
| Financial income | 75/76B | €11,700 | €9,016 | -€2,684 | -22.9% |
| Recurring financial income | 75 | €11,700 | €9,016 | -€2,684 | -22.9% |
| Financial charges | 65/66B | €9,899 | €9,606 | -€293 | -3.0% |
| Recurring financial charges | 65 | €9,899 | €9,606 | -€293 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €270,772 | €282,744 | +€11,972 | +4.4% |
| Income taxes | 67/77 | €64,609 | €65,454 | +€846 | +1.3% |
| Profit (loss) for the period | 9904 | €206,163 | €217,289 | +€11,126 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €206,163 | €217,289 | +€11,126 | +5.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.