PJW: 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.
PJW
Largest movements
- Receivables within one year -€31,460
down €31,460 (-86.3%), from €36,460 to €5,000
of which Trade receivables: -€31,460
- Cash -€4,027
down €4,027 (-53.5%), from €7,527 to €3,500
mainly Other debts (-€30,575) and Net result for the year (-€4,135)
- Other debts -€30,575
down €30,575 (-69.5%), from €44,014 to €13,439
- Profit (loss) carried forward -€4,135
down €4,135 (-19.4%), from -€21,318 to -€25,453
- Trade debts -€2,759
down €2,759 (-95.4%), from €2,892 to €133
- Tax, wage and social debts +€1,635
new in 2025: €1,635
- Gross operating margin +€31,123
up €31,123, from -€8,786 to €22,338
- Other operating charges +€25,936
up €25,936 (+40,525%), from €64 to €26,000
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,618 | €8,784 | -€35,834 | -80.3% |
| Fixed assets | 21/28 | €631 | €284 | -€347 | -55.0% |
| Tangible fixed assets | 22/27 | €631 | €284 | -€347 | -55.0% |
| Furniture and vehicles | 24 | €631 | €284 | -€347 | -55.0% |
| Current assets | 29/58 | €43,987 | €8,500 | -€35,487 | -80.7% |
| Amounts receivable within one year | 40/41 | €36,460 | €5,000 | -€31,460 | -86.3% |
| Trade receivables | 40 | €31,460 | - | -€31,460 | |
| Other amounts receivable | 41 | €5,000 | €5,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,527 | €3,500 | -€4,027 | -53.5% |
| Total equity and liabilities | 10/49 | €44,618 | €8,784 | -€35,834 | -80.3% |
| Equity | 10/15 | -€2,288 | -€6,423 | -€4,135 | -181% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €4,030 | €4,030 | = | 0.0% |
| Distributable reserves | 133 | €4,030 | €4,030 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,318 | -€25,453 | -€4,135 | -19.4% |
| Amounts payable | 17/49 | €46,906 | €15,207 | -€31,699 | -67.6% |
| Amounts payable within one year | 42/48 | €46,906 | €15,207 | -€31,699 | -67.6% |
| Trade debts | 44 | €2,892 | €133 | -€2,759 | -95.4% |
| Suppliers | 440/4 | €2,892 | €133 | -€2,759 | -95.4% |
| Taxes, remuneration and social security | 45 | - | €1,635 | +€1,635 | |
| Taxes | 450/3 | - | €1,635 | +€1,635 | |
| Other amounts payable | 47/48 | €44,014 | €13,439 | -€30,575 | -69.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €347 | €347 | = | 0.0% |
| Other operating charges | 640/8 | €64 | €26,000 | +€25,936 | +40,525% |
| Gross operating margin | 9900 | -€8,786 | €22,338 | +€31,123 | |
| Operating profit (loss) | 9901 | -€9,197 | -€4,009 | +€5,187 | +56.4% |
| Financial charges | 65/66B | €100 | €126 | +€27 | +26.7% |
| Recurring financial charges | 65 | €100 | €126 | +€27 | +26.7% |
| Profit (loss) for the period before taxes | 9903 | -€9,296 | -€4,135 | +€5,161 | +55.5% |
| Profit (loss) for the period | 9904 | -€9,296 | -€4,135 | +€5,161 | +55.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,296 | -€4,135 | +€5,161 | +55.5% |
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 15 October 2026 via checked.be.