JEFCO: 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.
JEFCO
Largest movements
- Cash +€24,036
up €24,036 (+34.3%), from €70,106 to €94,142
mainly Depreciation (+€12,753) and Receivables within one year (+€12,286)
- Tangible fixed assets -€12,753
down €12,753 (-32.6%), from €39,118 to €26,365
of which Leasing and similar rights: -€8,135
- Receivables within one year -€12,286
down €12,286 (-64.3%), from €19,118 to €6,831
of which Other amounts receivable: -€10,513
- Debts after one year -€6,317
down €6,317 (-48.8%), from €12,947 to €6,630
- Profit (loss) carried forward +€4,131
up €4,131 (+4.8%), from €86,732 to €90,863
- Accrued charges and deferred income +€2,139
new in 2025: €2,139
- Tax, wage and social debts +€1,319
up €1,319 (+14.6%), from €9,044 to €10,363
of which Remuneration and social security: +€1,200
- Staff costs +€44,411
up €44,411 (+72.9%), from €60,901 to €105,311
- Gross operating margin +€42,749
up €42,749 (+53.7%), from €79,636 to €122,384
- Depreciation +€1,737
up €1,737 (+15.8%), from €11,016 to €12,753
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 | €130,938 | €130,118 | -€821 | -0.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €39,335 | €26,582 | -€12,753 | -32.4% |
| Tangible fixed assets | 22/27 | €39,118 | €26,365 | -€12,753 | -32.6% |
| Plant, machinery and equipment | 23 | €5,980 | €5,051 | -€928 | -15.5% |
| Furniture and vehicles | 24 | €15,866 | €12,176 | -€3,690 | -23.3% |
| Leasing and similar rights | 25 | €17,272 | €9,138 | -€8,135 | -47.1% |
| Financial fixed assets | 28 | €217 | €217 | = | 0.0% |
| Current assets | 29/58 | €91,603 | €103,536 | +€11,933 | +13.0% |
| Amounts receivable within one year | 40/41 | €19,118 | €6,831 | -€12,286 | -64.3% |
| Trade receivables | 40 | €1,773 | - | -€1,773 | |
| Other amounts receivable | 41 | €17,345 | €6,831 | -€10,513 | -60.6% |
| Cash at bank and in hand | 54/58 | €70,106 | €94,142 | +€24,036 | +34.3% |
| Deferred charges and accrued income | 490/1 | €2,379 | €2,562 | +€183 | +7.7% |
| Total equity and liabilities | 10/49 | €130,938 | €130,118 | -€821 | -0.6% |
| Equity | 10/15 | €94,790 | €98,920 | +€4,131 | +4.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,732 | €90,863 | +€4,131 | +4.8% |
| Amounts payable | 17/49 | €36,148 | €31,197 | -€4,951 | -13.7% |
| Amounts payable after more than one year | 17 | €12,947 | €6,630 | -€6,317 | -48.8% |
| Financial debts | 170/4 | €12,947 | €6,630 | -€6,317 | -48.8% |
| Amounts payable within one year | 42/48 | €23,202 | €22,428 | -€774 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €6,259 | €6,317 | +€57 | +0.9% |
| Trade debts | 44 | €3,307 | €2,249 | -€1,058 | -32.0% |
| Suppliers | 440/4 | €3,307 | €2,249 | -€1,058 | -32.0% |
| Taxes, remuneration and social security | 45 | €9,044 | €10,363 | +€1,319 | +14.6% |
| Taxes | 450/3 | €1,560 | €1,679 | +€119 | +7.6% |
| Remuneration and social security | 454/9 | €7,484 | €8,684 | +€1,200 | +16.0% |
| Other amounts payable | 47/48 | €4,591 | €3,499 | -€1,092 | -23.8% |
| Accrued charges and deferred income | 492/3 | - | €2,139 | +€2,139 | |
| Non-recurring operating income | 76A | - | €3,679 | +€3,679 | |
| Remuneration, social security and pensions | 62 | €60,901 | €105,311 | +€44,411 | +72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,016 | €12,753 | +€1,737 | +15.8% |
| Other operating charges | 640/8 | €945 | €858 | -€87 | -9.2% |
| Non-recurring operating charges | 66A | €333 | - | -€333 | |
| Gross operating margin | 9900 | €79,636 | €122,384 | +€42,749 | +53.7% |
| Operating profit (loss) | 9901 | €6,440 | €3,462 | -€2,979 | -46.2% |
| Financial income | 75/76B | €1,343 | €2,110 | +€766 | +57.1% |
| Recurring financial income | 75 | €1,343 | €2,110 | +€766 | +57.1% |
| Financial charges | 65/66B | €457 | €576 | +€119 | +26.0% |
| Recurring financial charges | 65 | €457 | €576 | +€119 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €7,327 | €4,996 | -€2,331 | -31.8% |
| Income taxes | 67/77 | €1,166 | €865 | -€301 | -25.8% |
| Profit (loss) for the period | 9904 | €6,160 | €4,131 | -€2,030 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,160 | €4,131 | -€2,030 | -32.9% |
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 2 October 2026 via checked.be.