JWS CONSULT: 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.
What changed
JWS CONSULT
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€15,420
2024 · €83,691-€68,271
Equity
€703,390
2024 · €687,970+€15,420
Cash
€74,253
2024 · €87,163-€12,910
Balance sheet total
€6.0m
2024 · €5.9m+€155,528
Largest movements
Assets
- Tangible fixed assets +€146,789
up €146,789 (+3.4%), from €4.3m to €4.5m
of which Land and buildings: +€186,727
- Receivables within one year +€98,687
up €98,687 (+599%), from €16,483 to €115,170
- Stocks and contracts -€81,382
down €81,382 (-5.9%), from €1.4m to €1.3m
Equity and liabilities
- Other debts +€117,567
up €117,567 (+9.4%), from €1.2m to €1.4m
Income statement
- Depreciation +€39,871
up €39,871 (+32.6%), from €122,341 to €162,212
- Gross operating margin -€37,931
down €37,931 (-8.3%), from €457,261 to €419,330
- Taxes -€6,350
down €6,350 (-48.8%), from €13,019 to €6,669
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
€83,691
Gross operating margin
-€37,931
Staff costs
+€948
Depreciation
-€39,871
Other operating charges
-€1,094
Financial income
+€924
Financial charges
+€2,403
Taxes
+€6,350
Result 2025
€15,420
raises the resultlowers the result
Derived cash bridge
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
+€230,831
Investment
-€308,761
Financing
+€65,020
Cash 2024
€87,163
From operations (derived)
+€230,831
Net result for the year
+€15,420
Depreciation
+€162,212
Stocks and contracts
+€81,382
Receivables within one year
-€98,687
Deferred charges and accrued income
-€4,584
Trade debts
-€48,005
Tax, wage and social debts
+€5,561
Other debts
+€117,567
Accrued charges and deferred income
-€35
Investment (derived)
-€308,761
Investment in fixed assets (net)
-€308,761
Financing
+€65,020
Debts after one year
+€53,417
Current portion of long-term debt
+€11,604
Cash 2025
€74,253
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,874,654 | €6,030,182 | +€155,528 | +2.6% |
| Fixed assets | 21/28 | €4,346,214 | €4,492,763 | +€146,549 | +3.4% |
| Intangible fixed assets | 21 | €445 | €205 | -€240 | -53.9% |
| Tangible fixed assets | 22/27 | €4,345,769 | €4,492,558 | +€146,789 | +3.4% |
| Land and buildings | 22 | €4,223,659 | €4,410,386 | +€186,727 | +4.4% |
| Plant, machinery and equipment | 23 | €78,399 | €48,801 | -€29,598 | -37.8% |
| Furniture and vehicles | 24 | €43,710 | €33,371 | -€10,340 | -23.7% |
| Current assets | 29/58 | €1,528,441 | €1,537,419 | +€8,978 | +0.6% |
| Stocks and contracts in progress | 3 | €1,382,767 | €1,301,385 | -€81,382 | -5.9% |
| Stocks | 30/36 | €1,382,767 | €1,301,385 | -€81,382 | -5.9% |
| Amounts receivable within one year | 40/41 | €16,483 | €115,170 | +€98,687 | +599% |
| Trade receivables | 40 | €16,483 | €115,170 | +€98,687 | +599% |
| Cash at bank and in hand | 54/58 | €87,163 | €74,253 | -€12,910 | -14.8% |
| Deferred charges and accrued income | 490/1 | €42,027 | €46,612 | +€4,584 | +10.9% |
| Total equity and liabilities | 10/49 | €5,874,654 | €6,030,182 | +€155,528 | +2.6% |
| Equity | 10/15 | €687,970 | €703,390 | +€15,420 | +2.2% |
| Contributions | 10/11 | €31,701 | €31,701 | = | 0.0% |
| Reserves | 13 | €656,270 | €671,689 | +€15,420 | +2.3% |
| Distributable reserves | 133 | €656,270 | €671,689 | +€15,420 | +2.3% |
| Amounts payable | 17/49 | €5,186,684 | €5,326,792 | +€140,108 | +2.7% |
| Amounts payable after more than one year | 17 | €3,648,592 | €3,702,008 | +€53,417 | +1.5% |
| Financial debts | 170/4 | €3,648,592 | €3,702,008 | +€53,417 | +1.5% |
| Amounts payable within one year | 42/48 | €1,538,058 | €1,624,784 | +€86,726 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | €174,177 | €185,780 | +€11,604 | +6.7% |
| Trade debts | 44 | €93,965 | €45,960 | -€48,005 | -51.1% |
| Suppliers | 440/4 | €93,965 | €45,960 | -€48,005 | -51.1% |
| Taxes, remuneration and social security | 45 | €20,880 | €26,441 | +€5,561 | +26.6% |
| Taxes | 450/3 | €8,878 | €14,680 | +€5,801 | +65.3% |
| Remuneration and social security | 454/9 | €12,002 | €11,762 | -€240 | -2.0% |
| Other amounts payable | 47/48 | €1,249,036 | €1,366,602 | +€117,567 | +9.4% |
| Accrued charges and deferred income | 492/3 | €35 | - | -€35 | |
| Remuneration, social security and pensions | 62 | €128,544 | €127,597 | -€948 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,341 | €162,212 | +€39,871 | +32.6% |
| Other operating charges | 640/8 | €21,320 | €22,414 | +€1,094 | +5.1% |
| Gross operating margin | 9900 | €457,261 | €419,330 | -€37,931 | -8.3% |
| Operating profit (loss) | 9901 | €185,056 | €107,108 | -€77,948 | -42.1% |
| Financial income | 75/76B | €1,359 | €2,283 | +€924 | +68.0% |
| Recurring financial income | 75 | €1,359 | €2,283 | +€924 | +68.0% |
| Financial charges | 65/66B | €89,705 | €87,302 | -€2,403 | -2.7% |
| Recurring financial charges | 65 | €89,705 | €87,302 | -€2,403 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €96,710 | €22,089 | -€74,621 | -77.2% |
| Income taxes | 67/77 | €13,019 | €6,669 | -€6,350 | -48.8% |
| Profit (loss) for the period | 9904 | €83,691 | €15,420 | -€68,271 | -81.6% |
| Profit (loss) for the period to be appropriated | 9905 | €83,691 | €15,420 | -€68,271 | -81.6% |
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 21 October 2026 via checked.be.