JEFCO: 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.
What changed
JEFCO
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €1.4m+€403,917
Equity
€13.8m
2024 · €12.1m+€1.7m
Cash
€133,900
2024 · €45,078+€88,822
Balance sheet total
€28.2m
2024 · €27.1m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€1.1m
up €1.1m (+11.3%), from €9.8m to €10.9m
of which Land and buildings: +€1.2m
Equity and liabilities
- Short-term financial debts -€4.0m
down €4.0m (-100%), from €4.0m to €0
- Debts after one year +€2.7m
up €2.7m (+43.7%), from €6.2m to €8.9m
- Reserves +€1.1m
up €1.1m (+47,581%), from €2,352 to €1.1m
of which Tax-exempt reserves: +€1.1m
- Profit (loss) carried forward +€636,896
up €636,896 (+5.8%), from €11.0m to €11.6m
- Other debts +€501,583
up €501,583 (+19.4%), from €2.6m to €3.1m
Income statement
- Turnover -€719,417
down €719,417 (-50.2%), from €1.4m to €714,689
- Depreciation +€546,826
up €546,826 (+135%), from €403,757 to €950,583
- Goods and materials -€406,373
down €406,373 (-93.5%), from €434,796 to €28,423
- Financial income -€299,551
down €299,551 (-19.8%), from €1.5m to €1.2m
of which Financial income: -€299,551
- Services and other goods -€252,230
down €252,230 (-38.4%), from €656,793 to €404,564
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.
Result 2024
€1.4m
Turnover
-€719,417
Other operating income
+€81,128
Goods and materials
+€406,373
Services and other goods
+€252,230
Depreciation
-€546,826
Other operating charges
+€3,317
Other operating items
+€1.7m
Financial income
-€299,551
Financial charges
-€74,270
Taxes
-€1,183
Deferred taxes and other
-€372,859
Result 2025
€1.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.3m
Investment
-€2.1m
Financing
-€1.1m
Cash 2024
€45,078
From operations (derived)
+€3.3m
Net result for the year
+€1.8m
Depreciation
+€950,583
Receivables within one year
+€96,325
Deferred charges and accrued income
+€2,422
Provisions
+€368,570
Trade debts
-€420,613
Tax, wage and social debts
-€90,851
Other debts
+€501,583
Accrued charges and deferred income
+€103,414
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.1m
Financing
-€1.1m
Debts after one year
+€2.7m
Current portion of long-term debt
+€183,786
Short-term financial debts
-€4.0m
Contributions, distributions and other
-€13,201
Cash 2025
€133,900
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,144,450 | €28,245,702 | +€1.1m | +4.1% |
| Fixed assets | 21/28 | €25,926,641 | €27,037,819 | +€1.1m | +4.3% |
| Tangible fixed assets | 22/27 | €9,832,502 | €10,943,680 | +€1.1m | +11.3% |
| Land and buildings | 22 | €9,412,209 | €10,577,278 | +€1.2m | +12.4% |
| Plant, machinery and equipment | 23 | €38,327 | €34,341 | -€3,986 | -10.4% |
| Furniture and vehicles | 24 | €287,866 | €237,962 | -€49,905 | -17.3% |
| Other tangible fixed assets | 26 | €94,100 | €94,100 | = | 0.0% |
| Financial fixed assets | 28 | €16,094,139 | €16,094,139 | = | 0.0% |
| Affiliated companies | 280/1 | €16,094,139 | €16,094,139 | = | 0.0% |
| Participating interests | 280 | €16,094,139 | €16,094,139 | = | 0.0% |
| Current assets | 29/58 | €1,217,808 | €1,207,883 | -€9,925 | -0.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,165,751 | €1,069,426 | -€96,325 | -8.3% |
| Trade receivables | 40 | €1,135,751 | €909,426 | -€226,325 | -19.9% |
| Other amounts receivable | 41 | €30,000 | €160,000 | +€130,000 | +433% |
| Cash at bank and in hand | 54/58 | €45,078 | €133,900 | +€88,822 | +197% |
| Deferred charges and accrued income | 490/1 | €6,979 | €4,557 | -€2,422 | -34.7% |
| Total equity and liabilities | 10/49 | €27,144,450 | €28,245,702 | +€1.1m | +4.1% |
| Equity | 10/15 | €12,062,040 | €13,804,647 | +€1.7m | +14.4% |
| Contributions | 10/11 | €858,594 | €858,594 | = | 0.0% |
| Reserves | 13 | €2,352 | €1,121,264 | +€1.1m | +47,581% |
| Non-distributable reserves | 130/1 | €15 | €15 | = | 0.0% |
| Other | 1319 | €15 | €15 | = | 0.0% |
| Tax-exempt reserves | 132 | €20 | €1,118,933 | +€1.1m | +5,468,779% |
| Distributable reserves | 133 | €2,316 | €2,316 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,000,095 | €11,636,991 | +€636,896 | +5.8% |
| Investment grants | 15 | €200,999 | €187,797 | -€13,201 | -6.6% |
| Provisions and deferred taxes | 16 | €98,400 | €466,970 | +€368,570 | +375% |
| Provisions for liabilities and charges | 160/5 | €31,400 | €31,400 | = | 0.0% |
| Pensions and similar obligations | 160 | €31,400 | €31,400 | = | 0.0% |
| Deferred taxes | 168 | €67,000 | €435,570 | +€368,570 | +550% |
| Amounts payable | 17/49 | €14,984,011 | €13,974,085 | -€1.0m | -6.7% |
| Amounts payable after more than one year | 17 | €6,213,707 | €8,926,464 | +€2.7m | +43.7% |
| Financial debts | 170/4 | €6,213,707 | €8,926,464 | +€2.7m | +43.7% |
| Credit institutions | 173 | €4,803,063 | €7,415,820 | +€2.6m | +54.4% |
| Other loans | 174 | €1,410,644 | €1,510,644 | +€100,000 | +7.1% |
| Amounts payable within one year | 42/48 | €8,069,838 | €4,243,743 | -€3.8m | -47.4% |
| Current portion of amounts payable after more than one year | 42 | €636,105 | €819,891 | +€183,786 | +28.9% |
| Financial debts | 43 | €4,000,000 | €0 | -€4.0m | -100% |
| Credit institutions | 430/8 | €4,000,000 | €0 | -€4.0m | -100% |
| Trade debts | 44 | €657,777 | €237,164 | -€420,613 | -63.9% |
| Suppliers | 440/4 | €657,777 | €237,164 | -€420,613 | -63.9% |
| Taxes, remuneration and social security | 45 | €184,537 | €93,686 | -€90,851 | -49.2% |
| Taxes | 450/3 | €184,537 | €93,686 | -€90,851 | -49.2% |
| Other amounts payable | 47/48 | €2,591,418 | €3,093,001 | +€501,583 | +19.4% |
| Accrued charges and deferred income | 492/3 | €700,465 | €803,879 | +€103,414 | +14.8% |
| Operating income | 70/76A | €1,727,723 | €2,764,407 | +€1.0m | +60.0% |
| Turnover | 70 | €1,434,106 | €714,689 | -€719,417 | -50.2% |
| Other operating income | 74 | €293,617 | €374,745 | +€81,128 | +27.6% |
| Non-recurring operating income | 76A | €0 | €1,674,974 | +€1.7m | |
| Operating charges | 60/66A | €1,522,728 | €1,407,633 | -€115,094 | -7.6% |
| Goods for resale, raw materials and consumables | 60 | €434,796 | €28,423 | -€406,373 | -93.5% |
| Purchases | 600/8 | €434,796 | €28,423 | -€406,373 | -93.5% |
| Services and other goods | 61 | €656,793 | €404,564 | -€252,230 | -38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €403,757 | €950,583 | +€546,826 | +135% |
| Other operating charges | 640/8 | €27,382 | €24,064 | -€3,317 | -12.1% |
| Operating profit (loss) | 9901 | €204,995 | €1,356,774 | +€1.2m | +562% |
| Financial income | 75/76B | €1,513,170 | €1,213,620 | -€299,551 | -19.8% |
| Recurring financial income | 75 | €1,513,170 | €1,213,620 | -€299,551 | -19.8% |
| Income from financial fixed assets | 750 | €1,500,000 | €1,200,000 | -€300,000 | -20.0% |
| Other financial income | 752/9 | €13,170 | €13,620 | +€449 | +3.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €367,530 | €441,799 | +€74,270 | +20.2% |
| Recurring financial charges | 65 | €367,530 | €441,799 | +€74,270 | +20.2% |
| Debt charges | 650 | €365,615 | €435,733 | +€70,118 | +19.2% |
| Other financial charges | 652/9 | €1,915 | €6,066 | +€4,151 | +217% |
| Profit (loss) for the period before taxes | 9903 | €1,350,635 | €2,128,594 | +€777,959 | +57.6% |
| Transfer from deferred taxes | 780 | €4,289 | €47,673 | +€43,384 | +1,011% |
| Transfer to deferred taxes | 680 | - | €416,243 | +€416,243 | |
| Income taxes | 67/77 | €3,033 | €4,216 | +€1,183 | +39.0% |
| Taxes | 670/3 | €3,033 | €4,216 | +€1,183 | +39.0% |
| Profit (loss) for the period | 9904 | €1,351,892 | €1,755,809 | +€403,917 | +29.9% |
| Transfer from tax-exempt reserves | 789 | - | €129,818 | +€129,818 | |
| Transfer to tax-exempt reserves | 689 | - | €1,248,730 | +€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,351,892 | €636,896 | -€714,996 | -52.9% |
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.