JEF MC: 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 MC
Largest movements
- Tangible fixed assets +€57,822
up €57,822 (+45.5%), from €127,079 to €184,901
of which Other tangible fixed assets: +€65,594
- Cash +€44,766
up €44,766 (+125%), from €35,899 to €80,665
mainly Debts after one year (+€122,978) and Depreciation (+€17,380)
- Stocks and contracts +€21,826
up €21,826 (+14.7%), from €148,191 to €170,017
- Debts after one year +€122,978
up €122,978 (+111%), from €110,741 to €233,720
of which Financial debts: +€116,978
- Other debts -€11,961
down €11,961 (-26.8%), from €44,618 to €32,657
- Short-term financial debts +€6,251
up €6,251 (+319%), from €1,961 to €8,211
of which Other loans: +€7,000
- Staff costs -€14,565
down €14,565 (-34.4%), from €42,381 to €27,816
- Gross operating margin -€14,326
down €14,326 (-19.5%), from €73,537 to €59,211
- Depreciation +€4,727
up €4,727 (+37.4%), from €12,653 to €17,380
- Taxes -€3,260
down €3,260 (-78.5%), from €4,155 to €895
- Other operating charges +€1,377
up €1,377 (+57.4%), from €2,398 to €3,774
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 | €322,496 | €444,519 | +€122,024 | +37.8% |
| Fixed assets | 21/28 | €127,229 | €185,051 | +€57,822 | +45.4% |
| Tangible fixed assets | 22/27 | €127,079 | €184,901 | +€57,822 | +45.5% |
| Land and buildings | 22 | €126,582 | €114,769 | -€11,812 | -9.3% |
| Furniture and vehicles | 24 | €497 | €4,538 | +€4,041 | +813% |
| Other tangible fixed assets | 26 | - | €65,594 | +€65,594 | |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €195,267 | €259,469 | +€64,202 | +32.9% |
| Stocks and contracts in progress | 3 | €148,191 | €170,017 | +€21,826 | +14.7% |
| Stocks | 30/36 | €148,191 | €170,017 | +€21,826 | +14.7% |
| Amounts receivable within one year | 40/41 | €11,176 | €8,371 | -€2,806 | -25.1% |
| Trade receivables | 40 | €3,500 | - | -€3,500 | |
| Other amounts receivable | 41 | €7,676 | €8,371 | +€694 | +9.0% |
| Cash at bank and in hand | 54/58 | €35,899 | €80,665 | +€44,766 | +125% |
| Deferred charges and accrued income | 490/1 | - | €416 | +€416 | |
| Total equity and liabilities | 10/49 | €322,496 | €444,519 | +€122,024 | +37.8% |
| Equity | 10/15 | €96,188 | €98,210 | +€2,022 | +2.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €57,303 | €57,303 | = | 0.0% |
| Distributable reserves | 133 | €57,303 | €57,303 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,885 | €30,907 | +€2,022 | +7.0% |
| Amounts payable | 17/49 | €226,308 | €346,310 | +€120,001 | +53.0% |
| Amounts payable after more than one year | 17 | €110,741 | €233,720 | +€122,978 | +111% |
| Financial debts | 170/4 | €110,741 | €227,720 | +€116,978 | +106% |
| Other amounts payable | 178/9 | - | €6,000 | +€6,000 | |
| Amounts payable within one year | 42/48 | €115,567 | €111,090 | -€4,477 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €21,975 | €26,373 | +€4,398 | +20.0% |
| Financial debts | 43 | €1,961 | €8,211 | +€6,251 | +319% |
| Credit institutions | 430/8 | €1,961 | €1,211 | -€749 | -38.2% |
| Other loans | 439 | - | €7,000 | +€7,000 | |
| Trade debts | 44 | €25,972 | €23,149 | -€2,823 | -10.9% |
| Suppliers | 440/4 | €25,972 | €23,149 | -€2,823 | -10.9% |
| Taxes, remuneration and social security | 45 | €21,041 | €20,699 | -€342 | -1.6% |
| Taxes | 450/3 | €17,203 | €20,699 | +€3,496 | +20.3% |
| Remuneration and social security | 454/9 | €3,838 | - | -€3,838 | |
| Other amounts payable | 47/48 | €44,618 | €32,657 | -€11,961 | -26.8% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €42,381 | €27,816 | -€14,565 | -34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,653 | €17,380 | +€4,727 | +37.4% |
| Other operating charges | 640/8 | €2,398 | €3,774 | +€1,377 | +57.4% |
| Gross operating margin | 9900 | €73,537 | €59,211 | -€14,326 | -19.5% |
| Operating profit (loss) | 9901 | €16,106 | €10,242 | -€5,864 | -36.4% |
| Financial income | 75/76B | €231 | €269 | +€38 | +16.2% |
| Recurring financial income | 75 | €231 | €269 | +€38 | +16.2% |
| Financial charges | 65/66B | €6,529 | €7,593 | +€1,064 | +16.3% |
| Recurring financial charges | 65 | €6,529 | €7,593 | +€1,064 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €9,808 | €2,917 | -€6,891 | -70.3% |
| Income taxes | 67/77 | €4,155 | €895 | -€3,260 | -78.5% |
| Profit (loss) for the period | 9904 | €5,653 | €2,022 | -€3,631 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,653 | €2,022 | -€3,631 | -64.2% |
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 22 October 2026 via checked.be.