JAFA: what changed
Two fiscal 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.
JAFA
Largest movements
- Tangible fixed assets +€247,115
up €247,115 (+9.2%), from €2.7m to €2.9m
of which Land and buildings: +€153,851
- Cash -€187,496
down €187,496 (-42.1%), from €445,747 to €258,250
mainly Trade debts (-€633,997) and Investment in fixed assets (net) (-€588,362)
- Receivables within one year -€80,838
down €80,838 (-5.6%), from €1.4m to €1.4m
of which Trade receivables: -€1.1m
- Debts after one year +€1.0m
up €1.0m (+65.2%), from €1.6m to €2.6m
of which Financial debts: +€1.0m
- Trade debts -€633,997
down €633,997 (-67.1%), from €944,849 to €310,853
- Tax, wage and social debts -€201,918
no longer reported in 2025 (was €201,918)
- Profit (loss) carried forward -€201,887
down €201,887 (-17.1%), from €1.2m to €981,882
- Current portion of long-term debt +€59,750
up €59,750 (+47.2%), from €126,643 to €186,393
- Gross operating margin -€1.2m
down €1.2m (-92.8%), from €1.3m to €90,959
- Taxes -€201,918
no longer reported in 2025 (was €201,918)
- Depreciation +€21,544
up €21,544 (+6.7%), from €319,702 to €341,246
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 | €4,625,685 | €4,595,210 | -€30,476 | -0.7% |
| Fixed assets | 21/28 | €2,681,462 | €2,928,577 | +€247,115 | +9.2% |
| Tangible fixed assets | 22/27 | €2,681,462 | €2,928,577 | +€247,115 | +9.2% |
| Land and buildings | 22 | €571,657 | €725,508 | +€153,851 | +26.9% |
| Plant, machinery and equipment | 23 | €2,090,868 | €2,187,524 | +€96,657 | +4.6% |
| Furniture and vehicles | 24 | €18,937 | €15,545 | -€3,392 | -17.9% |
| Current assets | 29/58 | €1,944,223 | €1,666,632 | -€277,591 | -14.3% |
| Stocks and contracts in progress | 3 | €50,500 | €40,615 | -€9,886 | -19.6% |
| Stocks | 30/36 | €50,500 | €40,615 | -€9,886 | -19.6% |
| Amounts receivable within one year | 40/41 | €1,435,504 | €1,354,665 | -€80,838 | -5.6% |
| Trade receivables | 40 | €1,426,633 | €361,548 | -€1.1m | -74.7% |
| Other amounts receivable | 41 | €8,871 | €993,117 | +€984,247 | +11095.7% |
| Cash at bank and in hand | 54/58 | €445,747 | €258,250 | -€187,496 | -42.1% |
| Deferred charges and accrued income | 490/1 | €12,473 | €13,102 | +€629 | +5.0% |
| Total equity and liabilities | 10/49 | €4,625,685 | €4,595,210 | -€30,476 | -0.7% |
| Equity | 10/15 | €1,633,557 | €1,382,681 | -€250,876 | -15.4% |
| Contributions | 10/11 | €14,259 | €14,259 | = | 0.0% |
| Reserves | 13 | €421,383 | €375,617 | -€45,766 | -10.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €394,523 | €348,757 | -€45,766 | -11.6% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,183,769 | €981,882 | -€201,887 | -17.1% |
| Investment grants | 15 | €14,145 | €10,922 | -€3,223 | -22.8% |
| Provisions and deferred taxes | 16 | €158,489 | €140,130 | -€18,359 | -11.6% |
| Deferred taxes | 168 | €158,489 | €140,130 | -€18,359 | -11.6% |
| Amounts payable | 17/49 | €2,833,640 | €3,072,399 | +€238,759 | +8.4% |
| Amounts payable after more than one year | 17 | €1,554,630 | €2,567,703 | +€1.0m | +65.2% |
| Financial debts | 170/4 | €463,571 | €1,475,928 | +€1.0m | +218.4% |
| Other amounts payable | 178/9 | €1,091,059 | €1,091,775 | +€717 | +0.1% |
| Amounts payable within one year | 42/48 | €1,273,410 | €497,246 | -€776,164 | -61.0% |
| Current portion of amounts payable after more than one year | 42 | €126,643 | €186,393 | +€59,750 | +47.2% |
| Trade debts | 44 | €944,849 | €310,853 | -€633,997 | -67.1% |
| Suppliers | 440/4 | €944,849 | €310,853 | -€633,997 | -67.1% |
| Taxes, remuneration and social security | 45 | €201,918 | - | -€201,918 | |
| Taxes | 450/3 | €201,918 | - | -€201,918 | |
| Accrued charges and deferred income | 492/3 | €5,600 | €7,450 | +€1,850 | +33.0% |
| Remuneration, social security and pensions | 62 | - | €115 | +€115 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319,702 | €341,246 | +€21,544 | +6.7% |
| Other operating charges | 640/8 | €3,474 | €4,841 | +€1,367 | +39.4% |
| Gross operating margin | 9900 | €1,255,472 | €90,959 | -€1.2m | -92.8% |
| Operating profit (loss) | 9901 | €932,296 | -€255,243 | -€1.2m | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €10,853 | €10,769 | -€85 | -0.8% |
| Recurring financial charges | 65 | €10,853 | €10,769 | -€85 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €921,443 | -€266,012 | -€1.2m | |
| Transfer from deferred taxes | 780 | €16,672 | €18,359 | +€1,688 | +10.1% |
| Transfer to deferred taxes | 680 | €101,250 | - | -€101,250 | |
| Income taxes | 67/77 | €201,918 | - | -€201,918 | |
| Profit (loss) for the period | 9904 | €634,947 | -€247,653 | -€882,600 | |
| Transfer from tax-exempt reserves | 789 | €40,703 | €45,766 | +€5,062 | +12.4% |
| Transfer to tax-exempt reserves | 689 | €33,750 | - | -€33,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €641,900 | -€201,887 | -€843,787 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.