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.
JEFCO
Largest movements
- Tangible fixed assets -€50,092
down €50,092 (-6.5%), from €771,915 to €721,823
of which Land and buildings: -€49,108
- Deferred charges and accrued income +€50,009
up €50,009 (+709%), from €7,052 to €57,061
- Cash +€14,655
up €14,655 (+59.8%), from €24,488 to €39,143
mainly Contributions, distributions and other (+€2.4m) and Depreciation (+€50,111)
- Contributions +€2.4m
up €2.4m (+3,790%), from €62,000 to €2.4m
- Other debts -€2.2m
no longer reported in 2025 (was €2.2m)
- Profit (loss) carried forward -€115,581
down €115,581 (-7.8%), from -€1.5m to -€1.6m
- Gross operating margin +€59,933
up €59,933 (+189%), from €31,772 to €91,706
- Financial charges +€6,719
up €6,719 (+6.4%), from €104,308 to €111,027
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 | €811,424 | €827,616 | +€16,192 | +2.0% |
| Formation expenses | 20 | - | €3,628 | +€3,628 | |
| Fixed assets | 21/28 | €773,590 | €723,498 | -€50,092 | -6.5% |
| Tangible fixed assets | 22/27 | €771,915 | €721,823 | -€50,092 | -6.5% |
| Land and buildings | 22 | €768,038 | €718,930 | -€49,108 | -6.4% |
| Other tangible fixed assets | 26 | €3,876 | €2,893 | -€983 | -25.4% |
| Financial fixed assets | 28 | €1,675 | €1,675 | = | 0.0% |
| Current assets | 29/58 | €37,834 | €100,489 | +€62,655 | +166% |
| Amounts receivable within one year | 40/41 | €6,294 | €4,285 | -€2,009 | -31.9% |
| Trade receivables | 40 | €6,294 | €3,648 | -€2,646 | -42.0% |
| Other amounts receivable | 41 | - | €637 | +€637 | |
| Cash at bank and in hand | 54/58 | €24,488 | €39,143 | +€14,655 | +59.8% |
| Deferred charges and accrued income | 490/1 | €7,052 | €57,061 | +€50,009 | +709% |
| Total equity and liabilities | 10/49 | €811,424 | €827,616 | +€16,192 | +2.0% |
| Equity | 10/15 | -€1,413,730 | €820,689 | +€2.2m | |
| Contributions | 10/11 | €62,000 | €2,412,000 | +€2.4m | +3,790% |
| Capital | 10 | €62,000 | €2,412,000 | +€2.4m | +3,790% |
| Issued capital | 100 | €62,000 | €2,412,000 | +€2.4m | +3,790% |
| Profit (loss) carried forward | 14 | -€1,475,730 | -€1,591,311 | -€115,581 | -7.8% |
| Amounts payable | 17/49 | €2,225,154 | €6,927 | -€2.2m | -99.7% |
| Amounts payable within one year | 42/48 | €2,225,154 | €6,551 | -€2.2m | -99.7% |
| Trade debts | 44 | €757 | €6,551 | +€5,794 | +765% |
| Suppliers | 440/4 | €757 | €6,551 | +€5,794 | +765% |
| Taxes, remuneration and social security | 45 | €612 | - | -€612 | |
| Taxes | 450/3 | €612 | - | -€612 | |
| Other amounts payable | 47/48 | €2,223,784 | - | -€2.2m | |
| Accrued charges and deferred income | 492/3 | - | €375 | +€375 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,092 | €50,111 | +€20 | 0.0% |
| Other operating charges | 640/8 | €45,568 | €46,148 | +€580 | +1.3% |
| Gross operating margin | 9900 | €31,772 | €91,706 | +€59,933 | +189% |
| Operating profit (loss) | 9901 | -€63,887 | -€4,554 | +€59,333 | +92.9% |
| Financial charges | 65/66B | €104,308 | €111,027 | +€6,719 | +6.4% |
| Recurring financial charges | 65 | €104,308 | €111,027 | +€6,719 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | -€168,195 | -€115,581 | +€52,614 | +31.3% |
| Profit (loss) for the period | 9904 | -€168,195 | -€115,581 | +€52,614 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€168,195 | -€115,581 | +€52,614 | +31.3% |
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 16 October 2026 via checked.be.