JEFAN: 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.
What changed
JEFAN
NACE 70.100, Activities of head offices
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€401,018
2025 · €290,502+€110,516
Equity
€13.4m
2025 · €13.3m+€101,018
Cash
€86,221
2025 · €287,844-€201,623
Balance sheet total
€17.8m
2025 · €17.5m+€277,011
Largest movements
Assets
- Receivables after one year +€512,585
up €512,585, from €0 to €512,585
- Receivables within one year -€202,243
down €202,243 (-30.0%), from €673,558 to €471,315
of which Trade receivables: -€238,678
- Cash -€201,623
down €201,623 (-70.0%), from €287,844 to €86,221
mainly Receivables after one year (-€512,585) and Contributions, distributions and other (-€300,000)
Equity and liabilities
- Other debts +€208,315
up €208,315 (+227.2%), from €91,685 to €300,000
Income statement
- Gross operating margin +€77,522
up €77,522 (+10.0%), from €772,972 to €850,494
- Taxes -€42,403
down €42,403 (-94.7%), from €44,773 to €2,370
- Depreciation +€33,458
up €33,458 (+63.7%), from €52,495 to €85,953
- Financial charges -€23,741
down €23,741 (-11.4%), from €209,031 to €185,291
From the 2025 result to the 2026 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.
Result 2025
€290,502
Gross operating margin
+€77,522
Staff costs
-€374
Depreciation
-€33,458
Other operating charges
-€297
Financial income
+€980
Financial charges
+€23,741
Taxes
+€42,403
Result 2026
€401,018
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€390,020
Investment
-€256,377
Financing
-€335,266
Cash 2025
€287,844
From operations (derived)
+€390,020
Net result for the year
+€401,018
Depreciation
+€85,953
Receivables after one year
-€512,585
Receivables within one year
+€202,243
Deferred charges and accrued income
+€2,131
Trade debts
+€12,556
Tax, wage and social debts
+€263
Other debts
+€208,315
Accrued charges and deferred income
-€9,875
Investment (derived)
-€256,377
Investment in fixed assets (net)
-€256,377
Financing
-€335,266
Debts after one year
-€35,652
Current portion of long-term debt
+€386
Contributions, distributions and other
-€300,000
Cash 2026
€86,221
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,529,014 | €17,806,025 | +€277,011 | +1.6% |
| Fixed assets | 21/28 | €16,548,954 | €16,719,378 | +€170,424 | +1.0% |
| Tangible fixed assets | 22/27 | €290,608 | €461,032 | +€170,424 | +58.6% |
| Land and buildings | 22 | €241,041 | €428,597 | +€187,556 | +77.8% |
| Furniture and vehicles | 24 | €14,760 | €10,543 | -€4,217 | -28.6% |
| Leasing and similar rights | 25 | €30,808 | €17,893 | -€12,915 | -41.9% |
| Other tangible fixed assets | 26 | €4,000 | €4,000 | = | 0.0% |
| Financial fixed assets | 28 | €16,258,346 | €16,258,346 | = | 0.0% |
| Current assets | 29/58 | €980,059 | €1,086,647 | +€106,587 | +10.9% |
| Amounts receivable after more than one year | 29 | €0 | €512,585 | +€512,585 | |
| Other amounts receivable | 291 | €0 | €512,585 | +€512,585 | |
| Amounts receivable within one year | 40/41 | €673,558 | €471,315 | -€202,243 | -30.0% |
| Trade receivables | 40 | €570,888 | €332,210 | -€238,678 | -41.8% |
| Other amounts receivable | 41 | €102,671 | €139,105 | +€36,435 | +35.5% |
| Cash at bank and in hand | 54/58 | €287,844 | €86,221 | -€201,623 | -70.0% |
| Deferred charges and accrued income | 490/1 | €18,657 | €16,526 | -€2,131 | -11.4% |
| Total equity and liabilities | 10/49 | €17,529,014 | €17,806,025 | +€277,011 | +1.6% |
| Equity | 10/15 | €13,322,544 | €13,423,563 | +€101,018 | +0.8% |
| Contributions | 10/11 | €6,448,096 | €6,448,096 | = | 0.0% |
| Capital | 10 | €6,448,096 | €6,448,096 | = | 0.0% |
| Issued capital | 100 | €6,448,096 | €6,448,096 | = | 0.0% |
| Reserves | 13 | €6,874,448 | €6,975,467 | +€101,018 | +1.5% |
| Non-distributable reserves | 130/1 | €644,810 | €644,810 | = | 0.0% |
| Legal reserve | 130 | €644,810 | €644,810 | = | 0.0% |
| Distributable reserves | 133 | €6,229,639 | €6,330,657 | +€101,018 | +1.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,206,470 | €4,382,462 | +€175,993 | +4.2% |
| Amounts payable after more than one year | 17 | €3,597,077 | €3,561,425 | -€35,652 | -1.0% |
| Financial debts | 170/4 | €3,597,077 | €3,561,425 | -€35,652 | -1.0% |
| Amounts payable within one year | 42/48 | €419,983 | €641,503 | +€221,520 | +52.7% |
| Current portion of amounts payable after more than one year | 42 | €13,156 | €13,541 | +€386 | +2.9% |
| Trade debts | 44 | €280,569 | €293,125 | +€12,556 | +4.5% |
| Suppliers | 440/4 | €280,569 | €293,125 | +€12,556 | +4.5% |
| Taxes, remuneration and social security | 45 | €34,573 | €34,836 | +€263 | +0.8% |
| Taxes | 450/3 | €5,947 | €5,924 | -€23 | -0.4% |
| Remuneration and social security | 454/9 | €28,626 | €28,912 | +€286 | +1.0% |
| Other amounts payable | 47/48 | €91,685 | €300,000 | +€208,315 | +227.2% |
| Accrued charges and deferred income | 492/3 | €189,410 | €179,535 | -€9,875 | -5.2% |
| Non-recurring operating income | 76A | €109,065 | €208,589 | +€99,525 | +91.3% |
| Remuneration, social security and pensions | 62 | €174,107 | €174,480 | +€374 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,495 | €85,953 | +€33,458 | +63.7% |
| Other operating charges | 640/8 | €9,244 | €9,541 | +€297 | +3.2% |
| Gross operating margin | 9900 | €772,972 | €850,494 | +€77,522 | +10.0% |
| Operating profit (loss) | 9901 | €537,126 | €580,520 | +€43,393 | +8.1% |
| Financial income | 75/76B | €7,180 | €8,159 | +€980 | +13.6% |
| Recurring financial income | 75 | €7,180 | €8,159 | +€980 | +13.6% |
| Financial charges | 65/66B | €209,031 | €185,291 | -€23,741 | -11.4% |
| Recurring financial charges | 65 | €209,031 | €185,291 | -€23,741 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €335,274 | €403,388 | +€68,114 | +20.3% |
| Income taxes | 67/77 | €44,773 | €2,370 | -€42,403 | -94.7% |
| Profit (loss) for the period | 9904 | €290,502 | €401,018 | +€110,516 | +38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €290,502 | €401,018 | +€110,516 | +38.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.