JEF PONSEN: 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 PONSEN
Largest movements
- Stocks and contracts +€510,000
up €510,000 (+65.2%), from €782,002 to €1.3m
- Receivables within one year +€251,108
up €251,108 (+9.4%), from €2.7m to €2.9m
of which Other amounts receivable: +€184,793
- Cash -€119,352
down €119,352 (-57.6%), from €207,236 to €87,884
mainly Stocks and contracts (-€510,000) and Receivables within one year (-€251,108)
- Current portion of long-term debt +€580,669
up €580,669 (+395%), from €147,020 to €727,689
- Financial income -€74,971
down €74,971 (-88.9%), from €84,371 to €9,400
- Gross operating margin +€19,981
up €19,981 (+67.8%), from €29,491 to €49,471
- Financial charges -€7,386
down €7,386 (-30.9%), from €23,915 to €16,529
- Taxes +€1,973
up €1,973 (+31.9%), from €6,192 to €8,165
- Other operating charges -€1,101
down €1,101 (-10.0%), from €11,052 to €9,951
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 | €6,727,148 | €7,354,806 | +€627,659 | +9.3% |
| Fixed assets | 21/28 | €448,680 | €432,447 | -€16,233 | -3.6% |
| Tangible fixed assets | 22/27 | €234,494 | €218,661 | -€15,833 | -6.8% |
| Land and buildings | 22 | €216,937 | €205,210 | -€11,726 | -5.4% |
| Furniture and vehicles | 24 | €13,884 | €9,841 | -€4,043 | -29.1% |
| Other tangible fixed assets | 26 | €3,673 | €3,609 | -€64 | -1.8% |
| Financial fixed assets | 28 | €214,186 | €213,786 | -€400 | -0.2% |
| Current assets | 29/58 | €6,278,468 | €6,922,359 | +€643,892 | +10.3% |
| Amounts receivable after more than one year | 29 | €2,611,643 | €2,611,643 | = | 0.0% |
| Other amounts receivable | 291 | €2,611,643 | €2,611,643 | = | 0.0% |
| Stocks and contracts in progress | 3 | €782,002 | €1,292,002 | +€510,000 | +65.2% |
| Stocks | 30/36 | €782,002 | €1,292,002 | +€510,000 | +65.2% |
| Amounts receivable within one year | 40/41 | €2,677,587 | €2,928,695 | +€251,108 | +9.4% |
| Trade receivables | 40 | €80,323 | €146,638 | +€66,315 | +82.6% |
| Other amounts receivable | 41 | €2,597,264 | €2,782,057 | +€184,793 | +7.1% |
| Cash at bank and in hand | 54/58 | €207,236 | €87,884 | -€119,352 | -57.6% |
| Deferred charges and accrued income | 490/1 | - | €2,136 | +€2,136 | |
| Total equity and liabilities | 10/49 | €6,727,148 | €7,354,806 | +€627,659 | +9.3% |
| Equity | 10/15 | €6,025,802 | €6,034,194 | +€8,393 | +0.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €6,019,602 | €6,027,994 | +€8,393 | +0.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €6,017,742 | €6,026,134 | +€8,393 | +0.1% |
| Amounts payable | 17/49 | €701,346 | €1,320,612 | +€619,266 | +88.3% |
| Amounts payable after more than one year | 17 | €134,399 | €106,710 | -€27,689 | -20.6% |
| Financial debts | 170/4 | €134,399 | €106,710 | -€27,689 | -20.6% |
| Amounts payable within one year | 42/48 | €566,947 | €1,213,902 | +€646,955 | +114% |
| Current portion of amounts payable after more than one year | 42 | €147,020 | €727,689 | +€580,669 | +395% |
| Trade debts | 44 | €309,735 | €313,494 | +€3,759 | +1.2% |
| Suppliers | 440/4 | €309,735 | €313,494 | +€3,759 | +1.2% |
| Taxes, remuneration and social security | 45 | €10,192 | €22,719 | +€12,527 | +123% |
| Taxes | 450/3 | €6,192 | €22,719 | +€16,527 | +267% |
| Remuneration and social security | 454/9 | €4,000 | - | -€4,000 | |
| Other amounts payable | 47/48 | €100,000 | €150,000 | +€50,000 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,811 | €15,833 | -€978 | -5.8% |
| Other operating charges | 640/8 | €11,052 | €9,951 | -€1,101 | -10.0% |
| Gross operating margin | 9900 | €29,491 | €49,471 | +€19,981 | +67.8% |
| Operating profit (loss) | 9901 | €1,628 | €23,687 | +€22,059 | +1,355% |
| Financial income | 75/76B | €84,371 | €9,400 | -€74,971 | -88.9% |
| Recurring financial income | 75 | €84,371 | €9,400 | -€74,971 | -88.9% |
| Financial charges | 65/66B | €23,915 | €16,529 | -€7,386 | -30.9% |
| Recurring financial charges | 65 | €23,915 | €16,529 | -€7,386 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €62,084 | €16,558 | -€45,526 | -73.3% |
| Income taxes | 67/77 | €6,192 | €8,165 | +€1,973 | +31.9% |
| Profit (loss) for the period | 9904 | €55,892 | €8,393 | -€47,499 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,892 | €8,393 | -€47,499 | -85.0% |
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 18 October 2026 via checked.be.