JEF: 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.
JEF
Largest movements
- Cash +€196,224
up €196,224 (+77.8%), from €252,283 to €448,507
mainly Net result for the year (+€135,795) and Depreciation (+€125,272)
- Receivables within one year -€59,412
down €59,412 (-15.2%), from €389,731 to €330,319
of which Trade receivables: -€76,983
- Tangible fixed assets -€14,043
down €14,043 (-25.2%), from €55,744 to €41,701
of which Plant, machinery and equipment: -€15,082
- Profit (loss) carried forward +€208,159
up €208,159 (+74.2%), from €280,430 to €488,589
- Reserves -€72,364
down €72,364 (-41.3%), from €175,324 to €102,960
- Accrued charges and deferred income +€23,379
up €23,379 (+18.4%), from €127,140 to €150,519
- Tax, wage and social debts -€12,321
down €12,321 (-10.4%), from €118,596 to €106,275
of which Taxes: -€8,959
- Gross operating margin -€90,136
down €90,136 (-6.6%), from €1.4m to €1.3m
- Staff costs -€60,681
down €60,681 (-5.7%), from €1.1m to €1.0m
- Depreciation +€22,452
up €22,452 (+21.8%), from €102,819 to €125,272
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 | €836,937 | €973,155 | +€136,218 | +16.3% |
| Fixed assets | 21/28 | €125,834 | €120,148 | -€5,686 | -4.5% |
| Intangible fixed assets | 21 | €66,624 | €74,981 | +€8,357 | +12.5% |
| Tangible fixed assets | 22/27 | €55,744 | €41,701 | -€14,043 | -25.2% |
| Plant, machinery and equipment | 23 | €50,302 | €35,220 | -€15,082 | -30.0% |
| Furniture and vehicles | 24 | €5,442 | €6,481 | +€1,039 | +19.1% |
| Financial fixed assets | 28 | €3,465 | €3,465 | = | 0.0% |
| Current assets | 29/58 | €711,103 | €853,007 | +€141,904 | +20.0% |
| Amounts receivable within one year | 40/41 | €389,731 | €330,319 | -€59,412 | -15.2% |
| Trade receivables | 40 | €267,474 | €190,491 | -€76,983 | -28.8% |
| Other amounts receivable | 41 | €122,257 | €139,828 | +€17,570 | +14.4% |
| Cash at bank and in hand | 54/58 | €252,283 | €448,507 | +€196,224 | +77.8% |
| Deferred charges and accrued income | 490/1 | €69,089 | €74,182 | +€5,093 | +7.4% |
| Total equity and liabilities | 10/49 | €836,937 | €973,155 | +€136,218 | +16.3% |
| Equity | 10/15 | €455,754 | €591,549 | +€135,795 | +29.8% |
| Reserves | 13 | €175,324 | €102,960 | -€72,364 | -41.3% |
| Profit (loss) carried forward | 14 | €280,430 | €488,589 | +€208,159 | +74.2% |
| Amounts payable | 17/49 | €381,183 | €381,606 | +€423 | +0.1% |
| Amounts payable within one year | 42/48 | €254,043 | €231,087 | -€22,956 | -9.0% |
| Financial debts | 43 | €4,284 | €1,503 | -€2,780 | -64.9% |
| Other loans | 439 | €4,284 | €1,503 | -€2,780 | -64.9% |
| Trade debts | 44 | €131,164 | €123,308 | -€7,855 | -6.0% |
| Suppliers | 440/4 | €131,164 | €123,308 | -€7,855 | -6.0% |
| Taxes, remuneration and social security | 45 | €118,596 | €106,275 | -€12,321 | -10.4% |
| Taxes | 450/3 | €9,055 | €97 | -€8,959 | -98.9% |
| Remuneration and social security | 454/9 | €109,540 | €106,178 | -€3,362 | -3.1% |
| Accrued charges and deferred income | 492/3 | €127,140 | €150,519 | +€23,379 | +18.4% |
| Remuneration, social security and pensions | 62 | €1,061,155 | €1,000,473 | -€60,681 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,819 | €125,272 | +€22,452 | +21.8% |
| Other operating charges | 640/8 | €402 | €1,507 | +€1,105 | +275.1% |
| Non-recurring operating charges | 66A | - | €1,253 | +€1,253 | |
| Gross operating margin | 9900 | €1,355,889 | €1,265,753 | -€90,136 | -6.6% |
| Operating profit (loss) | 9901 | €191,513 | €137,248 | -€54,265 | -28.3% |
| Financial income | 75/76B | €14 | €16 | +€2 | +13.3% |
| Recurring financial income | 75 | €14 | €16 | +€2 | +13.3% |
| Financial charges | 65/66B | €307 | €1,469 | +€1,161 | +378.0% |
| Recurring financial charges | 65 | €307 | €1,469 | +€1,161 | +378.0% |
| Profit (loss) for the period before taxes | 9903 | €191,220 | €135,795 | -€55,425 | -29.0% |
| Profit (loss) for the period | 9904 | €191,220 | €135,795 | -€55,425 | -29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €191,220 | €135,795 | -€55,425 | -29.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.