Jef Caerels: 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.
Jef Caerels
Largest movements
- Tangible fixed assets -€173,737
down €173,737 (-96.8%), from €179,528 to €5,791
of which Leasing and similar rights: -€170,114
- Receivables after one year -€80,000
down €80,000 (-22.9%), from €350,000 to €270,000
- Cash +€15,157
up €15,157 (+14.4%), from €105,473 to €120,629
mainly Net result for the year (+€249,295) and Depreciation (+€174,505)
- Other debts -€134,022
down €134,022 (-98.4%), from €136,143 to €2,121
- Reserves -€89,598
down €89,598 (-11.7%), from €762,922 to €673,324
- Investment grants -€15,274
no longer reported in 2025 (was €15,274)
- Tax, wage and social debts +€15,155
up €15,155 (+40.5%), from €37,423 to €52,578
of which Taxes: +€14,597
- Gross operating margin +€262,334
up €262,334 (+82.4%), from €318,380 to €580,714
- Depreciation +€156,798
up €156,798 (+885.5%), from €17,708 to €174,505
- Taxes +€39,955
up €39,955 (+54.4%), from €73,512 to €113,467
- Financial income +€17,240
up €17,240 (+363.7%), from €4,740 to €21,979
- Financial charges -€16,115
down €16,115 (-91.2%), from €17,677 to €1,562
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 | €1,010,535 | €780,026 | -€230,510 | -22.8% |
| Fixed assets | 21/28 | €179,528 | €5,791 | -€173,737 | -96.8% |
| Tangible fixed assets | 22/27 | €179,528 | €5,791 | -€173,737 | -96.8% |
| Plant, machinery and equipment | 23 | €8,125 | €5,002 | -€3,123 | -38.4% |
| Furniture and vehicles | 24 | €1,288 | €789 | -€500 | -38.8% |
| Leasing and similar rights | 25 | €170,114 | - | -€170,114 | |
| Current assets | 29/58 | €831,008 | €774,235 | -€56,772 | -6.8% |
| Amounts receivable after more than one year | 29 | €350,000 | €270,000 | -€80,000 | -22.9% |
| Other amounts receivable | 291 | €350,000 | €270,000 | -€80,000 | -22.9% |
| Amounts receivable within one year | 40/41 | €47,421 | €46,200 | -€1,221 | -2.6% |
| Trade receivables | 40 | €47,342 | €45,885 | -€1,457 | -3.1% |
| Other amounts receivable | 41 | €80 | €316 | +€236 | +295.5% |
| Current investments | 50/53 | €328,113 | €334,647 | +€6,534 | +2.0% |
| Cash at bank and in hand | 54/58 | €105,473 | €120,629 | +€15,157 | +14.4% |
| Deferred charges and accrued income | 490/1 | - | €2,758 | +€2,758 | |
| Total equity and liabilities | 10/49 | €1,010,535 | €780,026 | -€230,510 | -22.8% |
| Equity | 10/15 | €816,832 | €711,126 | -€105,705 | -12.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €762,922 | €673,324 | -€89,598 | -11.7% |
| Distributable reserves | 133 | €762,922 | €673,324 | -€89,598 | -11.7% |
| Profit (loss) carried forward | 14 | €26,235 | €25,402 | -€833 | -3.2% |
| Investment grants | 15 | €15,274 | - | -€15,274 | |
| Amounts payable | 17/49 | €193,704 | €68,899 | -€124,804 | -64.4% |
| Amounts payable within one year | 42/48 | €193,704 | €68,899 | -€124,804 | -64.4% |
| Current portion of amounts payable after more than one year | 42 | €16,850 | €10,000 | -€6,850 | -40.7% |
| Trade debts | 44 | €3,288 | €4,200 | +€912 | +27.8% |
| Suppliers | 440/4 | €3,288 | €4,200 | +€912 | +27.8% |
| Taxes, remuneration and social security | 45 | €37,423 | €52,578 | +€15,155 | +40.5% |
| Taxes | 450/3 | €28,384 | €42,980 | +€14,597 | +51.4% |
| Remuneration and social security | 454/9 | €9,039 | €9,598 | +€559 | +6.2% |
| Other amounts payable | 47/48 | €136,143 | €2,121 | -€134,022 | -98.4% |
| Remuneration, social security and pensions | 62 | €56,378 | €58,435 | +€2,058 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,708 | €174,505 | +€156,798 | +885.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,123 | +€1,123 | |
| Other operating charges | 640/8 | €4,785 | €4,306 | -€479 | -10.0% |
| Gross operating margin | 9900 | €318,380 | €580,714 | +€262,334 | +82.4% |
| Operating profit (loss) | 9901 | €239,509 | €342,344 | +€102,835 | +42.9% |
| Financial income | 75/76B | €4,740 | €21,979 | +€17,240 | +363.7% |
| Recurring financial income | 75 | €4,740 | €21,979 | +€17,240 | +363.7% |
| Financial charges | 65/66B | €17,677 | €1,562 | -€16,115 | -91.2% |
| Recurring financial charges | 65 | €17,677 | €1,562 | -€16,115 | -91.2% |
| Profit (loss) for the period before taxes | 9903 | €226,572 | €362,762 | +€136,190 | +60.1% |
| Income taxes | 67/77 | €73,512 | €113,467 | +€39,955 | +54.4% |
| Profit (loss) for the period | 9904 | €153,060 | €249,295 | +€96,235 | +62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €153,060 | €249,295 | +€96,235 | +62.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.