J&F: 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.
J&F
Largest movements
- Cash -€102,854
down €102,854 (-21.2%), from €486,275 to €383,422
mainly Other debts (-€117,848) and Receivables within one year (-€70,087)
- Receivables within one year +€70,087
up €70,087 (+69.8%), from €100,360 to €170,446
of which Trade receivables: +€66,550
- Tangible fixed assets -€11,144
down €11,144 (-11.4%), from €97,355 to €86,211
of which Land and buildings: -€9,946
- Other debts -€117,848
down €117,848 (-69.2%), from €170,228 to €52,380
- Reserves +€75,091
up €75,091 (+15.4%), from €488,319 to €563,410
- Gross operating margin -€9,843
down €9,843 (-6.3%), from €156,972 to €147,129
- Taxes -€3,311
down €3,311 (-8.0%), from €41,450 to €38,139
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 | €684,084 | €640,177 | -€43,906 | -6.4% |
| Fixed assets | 21/28 | €97,355 | €86,211 | -€11,144 | -11.4% |
| Tangible fixed assets | 22/27 | €97,355 | €86,211 | -€11,144 | -11.4% |
| Land and buildings | 22 | €89,690 | €79,744 | -€9,946 | -11.1% |
| Furniture and vehicles | 24 | €7,665 | €6,467 | -€1,198 | -15.6% |
| Current assets | 29/58 | €586,729 | €553,966 | -€32,762 | -5.6% |
| Amounts receivable within one year | 40/41 | €100,360 | €170,446 | +€70,087 | +69.8% |
| Trade receivables | 40 | €90,750 | €157,300 | +€66,550 | +73.3% |
| Other amounts receivable | 41 | €9,610 | €13,146 | +€3,537 | +36.8% |
| Cash at bank and in hand | 54/58 | €486,275 | €383,422 | -€102,854 | -21.2% |
| Deferred charges and accrued income | 490/1 | €94 | €99 | +€5 | +5.0% |
| Total equity and liabilities | 10/49 | €684,084 | €640,177 | -€43,906 | -6.4% |
| Equity | 10/15 | €500,819 | €575,910 | +€75,091 | +15.0% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €488,319 | €563,410 | +€75,091 | +15.4% |
| Distributable reserves | 133 | €488,319 | €563,410 | +€75,091 | +15.4% |
| Amounts payable | 17/49 | €183,265 | €64,267 | -€118,997 | -64.9% |
| Amounts payable within one year | 42/48 | €183,265 | €64,267 | -€118,997 | -64.9% |
| Trade debts | 44 | €810 | €197 | -€612 | -75.6% |
| Suppliers | 440/4 | €810 | €197 | -€612 | -75.6% |
| Taxes, remuneration and social security | 45 | €12,228 | €11,690 | -€537 | -4.4% |
| Taxes | 450/3 | €12,228 | €11,690 | -€537 | -4.4% |
| Other amounts payable | 47/48 | €170,228 | €52,380 | -€117,848 | -69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,758 | €12,537 | +€779 | +6.6% |
| Other operating charges | 640/8 | €1,033 | €1,064 | +€31 | +3.0% |
| Gross operating margin | 9900 | €156,972 | €147,129 | -€9,843 | -6.3% |
| Operating profit (loss) | 9901 | €144,181 | €133,528 | -€10,653 | -7.4% |
| Financial income | 75/76B | - | €44 | +€44 | |
| Recurring financial income | 75 | - | €44 | +€44 | |
| Financial charges | 65/66B | €45 | €163 | +€118 | +262% |
| Recurring financial charges | 65 | €45 | €163 | +€118 | +262% |
| Profit (loss) for the period before taxes | 9903 | €144,136 | €133,409 | -€10,727 | -7.4% |
| Income taxes | 67/77 | €41,450 | €38,139 | -€3,311 | -8.0% |
| Profit (loss) for the period | 9904 | €102,686 | €95,270 | -€7,416 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €102,686 | €95,270 | -€7,416 | -7.2% |
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.