JEFFELEC: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2024 and 2025
Largest movements
- Receivables within one year -€21,619
down €21,619 (-27.7%), from €78,062 to €56,443
of which Trade receivables: -€11,120
- Stocks and contracts -€18,329
down €18,329 (-53.2%), from €34,475 to €16,146
- Cash -€11,289
down €11,289 (-64.3%), from €17,553 to €6,264
mainly Investment in fixed assets (net) (-€16,036) and Tax, wage and social debts (-€14,290)
- Tangible fixed assets +€10,420
up €10,420 (+52.0%), from €20,034 to €30,454
of which Leasing and similar rights: +€8,544
- Deferred charges and accrued income +€6,212
up €6,212 (+805%), from €772 to €6,984
- Tax, wage and social debts -€14,290
down €14,290 (-81.0%), from €17,643 to €3,353
of which Remuneration and social security: -€17,610
- Trade debts -€13,409
down €13,409 (-85.6%), from €15,660 to €2,251
- Other debts -€9,436
down €9,436 (-100%), from €9,436 to €0
- Reserves +€3,977
up €3,977 (+3.8%), from €104,153 to €108,130
of which Distributable reserves: +€3,977
- Short-term financial debts -€1,765
down €1,765 (-100%), from €1,765 to €0
- Other operating charges +€5,494
up €5,494 (+628%), from €875 to €6,369
- Financial charges -€3,656
down €3,656, from €3,619 to -€37
of which Non-recurring financial charges: -€2,969
- Gross operating margin +€2,406
up €2,406 (+15.4%), from €15,666 to €18,072
- Taxes -€692
down €692 (-26.4%), from €2,622 to €1,930
- Write-downs +€670
up €670 (+278%), from €241 to €911
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €155,148 | €120,226 | -€34,922 | -22.5% |
| Fixed assets | 21/28 | €24,286 | €34,389 | +€10,103 | +41.6% |
| Intangible fixed assets | 21 | €2,502 | €2,185 | -€317 | -12.7% |
| Tangible fixed assets | 22/27 | €20,034 | €30,454 | +€10,420 | +52.0% |
| Land and buildings | 22 | €4,679 | €5,306 | +€627 | +13.4% |
| Plant, machinery and equipment | 23 | €15,355 | €12,975 | -€2,380 | -15.5% |
| Furniture and vehicles | 24 | - | €3,629 | +€3,629 | |
| Leasing and similar rights | 25 | - | €8,544 | +€8,544 | |
| Financial fixed assets | 28 | €1,750 | €1,750 | = | 0.0% |
| Current assets | 29/58 | €130,862 | €85,836 | -€45,026 | -34.4% |
| Stocks and contracts in progress | 3 | €34,475 | €16,146 | -€18,329 | -53.2% |
| Stocks | 30/36 | €34,475 | €16,146 | -€18,329 | -53.2% |
| Amounts receivable within one year | 40/41 | €78,062 | €56,443 | -€21,619 | -27.7% |
| Trade receivables | 40 | €67,563 | €56,443 | -€11,120 | -16.5% |
| Other amounts receivable | 41 | €10,499 | €0 | -€10,499 | -100% |
| Cash at bank and in hand | 54/58 | €17,553 | €6,264 | -€11,289 | -64.3% |
| Deferred charges and accrued income | 490/1 | €772 | €6,984 | +€6,212 | +805% |
| Total equity and liabilities | 10/49 | €155,148 | €120,226 | -€34,922 | -22.5% |
| Equity | 10/15 | €110,644 | €114,621 | +€3,977 | +3.6% |
| Contributions | 10/11 | €6,491 | €6,491 | -€0 | 0.0% |
| Reserves | 13 | €104,153 | €108,130 | +€3,977 | +3.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,800 | €8,800 | = | 0.0% |
| Distributable reserves | 133 | €93,493 | €97,470 | +€3,977 | +4.3% |
| Amounts payable | 17/49 | €44,504 | €5,605 | -€38,899 | -87.4% |
| Amounts payable within one year | 42/48 | €44,504 | €5,605 | -€38,899 | -87.4% |
| Financial debts | 43 | €1,765 | €0 | -€1,765 | -100% |
| Credit institutions | 430/8 | €1,765 | €0 | -€1,765 | -100% |
| Trade debts | 44 | €15,660 | €2,251 | -€13,409 | -85.6% |
| Suppliers | 440/4 | €15,660 | €2,251 | -€13,409 | -85.6% |
| Taxes, remuneration and social security | 45 | €17,643 | €3,353 | -€14,290 | -81.0% |
| Taxes | 450/3 | - | €3,320 | +€3,320 | |
| Remuneration and social security | 454/9 | €17,643 | €33 | -€17,610 | -99.8% |
| Other amounts payable | 47/48 | €9,436 | €0 | -€9,436 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,523 | €5,933 | +€410 | +7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €241 | €911 | +€670 | +278% |
| Other operating charges | 640/8 | €875 | €6,369 | +€5,494 | +628% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €15,666 | €18,072 | +€2,406 | +15.4% |
| Operating profit (loss) | 9901 | €9,027 | €4,859 | -€4,168 | -46.2% |
| Financial income | 75/76B | €712 | €1,010 | +€298 | +41.8% |
| Recurring financial income | 75 | €712 | €1,010 | +€298 | +41.8% |
| Financial charges | 65/66B | €3,619 | -€37 | -€3,656 | |
| Recurring financial charges | 65 | €650 | -€37 | -€687 | |
| Non-recurring financial charges | 66B | €2,969 | - | -€2,969 | |
| Profit (loss) for the period before taxes | 9903 | €6,120 | €5,906 | -€214 | -3.5% |
| Income taxes | 67/77 | €2,622 | €1,930 | -€692 | -26.4% |
| Profit (loss) for the period | 9904 | €3,498 | €3,975 | +€477 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,498 | €3,975 | +€477 | +13.6% |
Value
latest balance sheet 30-09-2025 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €86,330 · 50% capitalised earnings, 50% adjusted equity
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- €114,621
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- -€2,185
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €112,436
Capitalised earnings
- 2025
- €3,975
- 2024
- €3,498
- excluding non-recurring income and charges
- €6,467
- 2023
- €11,240
- 2022
- €6,193
- 2021
- €24,096
- Average result, excluding non-recurring income and charges
- €7,227
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €51,621 / €60,225 / €72,270
Your EBITDA multiple
- EBITDA 2025
- €10,792
- Net financial debt
- -€6,264
- Your multiple
- -
- Value with your multiple
- -
These accounts do not break down the debts after one year. They count in full as financial debt.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 10 November 2026 via checked.be.