JEFFRA: 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.
JEFFRA
Largest movements
- Cash +€282,418
up €282,418 (+156.7%), from €180,234 to €462,652
mainly Net result for the year (+€229,598) and Depreciation (+€143,161)
- Tangible fixed assets -€98,818
down €98,818 (-4.0%), from €2.5m to €2.4m
of which Land and buildings: -€72,003
- Receivables after one year -€74,740
down €74,740 (-14.5%), from €514,061 to €439,321
- Receivables within one year -€61,764
down €61,764 (-24.9%), from €247,619 to €185,855
of which Trade receivables: -€43,857
- Reserves +€229,598
up €229,598 (+26.5%), from €867,492 to €1.1m
of which Distributable reserves: +€229,889
- Debts after one year -€80,183
down €80,183 (-8.3%), from €967,223 to €887,040
of which Financial debts: -€80,183
- Other debts -€49,109
down €49,109 (-41.7%), from €117,730 to €68,621
- Gross operating margin +€69,238
up €69,238 (+9.9%), from €701,520 to €770,759
- Financial charges -€64,524
down €64,524 (-41.9%), from €154,030 to €89,506
of which Non-recurring financial charges: -€58,445
- Taxes +€32,497
up €32,497 (+57.7%), from €56,322 to €88,819
- Staff costs +€16,327
up €16,327 (+11.7%), from €140,082 to €156,410
- Depreciation +€8,497
up €8,497 (+6.3%), from €134,664 to €143,161
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 | €3,410,414 | €3,468,888 | +€58,474 | +1.7% |
| Fixed assets | 21/28 | €2,454,670 | €2,355,852 | -€98,818 | -4.0% |
| Tangible fixed assets | 22/27 | €2,454,670 | €2,355,852 | -€98,818 | -4.0% |
| Land and buildings | 22 | €2,331,569 | €2,259,566 | -€72,003 | -3.1% |
| Plant, machinery and equipment | 23 | €2,044 | €1,520 | -€524 | -25.6% |
| Furniture and vehicles | 24 | €119,123 | €93,315 | -€25,808 | -21.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,935 | €1,451 | -€484 | -25.0% |
| Current assets | 29/58 | €955,744 | €1,113,037 | +€157,293 | +16.5% |
| Amounts receivable after more than one year | 29 | €514,061 | €439,321 | -€74,740 | -14.5% |
| Other amounts receivable | 291 | €514,061 | €439,321 | -€74,740 | -14.5% |
| Amounts receivable within one year | 40/41 | €247,619 | €185,855 | -€61,764 | -24.9% |
| Trade receivables | 40 | €154,500 | €110,644 | -€43,857 | -28.4% |
| Other amounts receivable | 41 | €93,119 | €75,211 | -€17,907 | -19.2% |
| Cash at bank and in hand | 54/58 | €180,234 | €462,652 | +€282,418 | +156.7% |
| Deferred charges and accrued income | 490/1 | €13,830 | €25,209 | +€11,379 | +82.3% |
| Total equity and liabilities | 10/49 | €3,410,414 | €3,468,888 | +€58,474 | +1.7% |
| Equity | 10/15 | €928,992 | €1,158,590 | +€229,598 | +24.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €867,492 | €1,097,090 | +€229,598 | +26.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,443 | €8,152 | -€291 | -3.4% |
| Distributable reserves | 133 | €852,899 | €1,082,788 | +€229,889 | +27.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €1,168,032 | €1,147,236 | -€20,797 | -1.8% |
| Provisions for liabilities and charges | 160/5 | €1,165,218 | €1,144,518 | -€20,700 | -1.8% |
| Other liabilities and charges | 164/5 | €1,165,218 | €1,144,518 | -€20,700 | -1.8% |
| Deferred taxes | 168 | €2,814 | €2,717 | -€97 | -3.4% |
| Amounts payable | 17/49 | €1,313,390 | €1,163,063 | -€150,327 | -11.4% |
| Amounts payable after more than one year | 17 | €967,223 | €887,040 | -€80,183 | -8.3% |
| Financial debts | 170/4 | €447,223 | €367,040 | -€80,183 | -17.9% |
| Other amounts payable | 178/9 | €520,000 | €520,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €262,067 | €196,379 | -€65,688 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €100,697 | €80,183 | -€20,514 | -20.4% |
| Trade debts | 44 | €15,867 | €10,259 | -€5,608 | -35.3% |
| Suppliers | 440/4 | €15,867 | €10,259 | -€5,608 | -35.3% |
| Taxes, remuneration and social security | 45 | €27,773 | €37,316 | +€9,543 | +34.4% |
| Taxes | 450/3 | €6,145 | €14,059 | +€7,914 | +128.8% |
| Remuneration and social security | 454/9 | €21,628 | €23,257 | +€1,629 | +7.5% |
| Other amounts payable | 47/48 | €117,730 | €68,621 | -€49,109 | -41.7% |
| Accrued charges and deferred income | 492/3 | €84,099 | €79,643 | -€4,456 | -5.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €140,082 | €156,410 | +€16,327 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,664 | €143,161 | +€8,497 | +6.3% |
| Other operating charges | 640/8 | €50,526 | €49,951 | -€574 | -1.1% |
| Non-recurring operating charges | 66A | - | €18,949 | +€18,949 | |
| Gross operating margin | 9900 | €701,520 | €770,759 | +€69,238 | +9.9% |
| Operating profit (loss) | 9901 | €376,249 | €402,288 | +€26,039 | +6.9% |
| Financial income | 75/76B | €6,960 | €5,538 | -€1,422 | -20.4% |
| Recurring financial income | 75 | €6,960 | €5,538 | -€1,422 | -20.4% |
| Financial charges | 65/66B | €154,030 | €89,506 | -€64,524 | -41.9% |
| Recurring financial charges | 65 | €95,584 | €89,506 | -€6,079 | -6.4% |
| Non-recurring financial charges | 66B | €58,445 | €0 | -€58,445 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €229,179 | €318,320 | +€89,141 | +38.9% |
| Transfer from deferred taxes | 780 | €97 | €97 | = | 0.0% |
| Income taxes | 67/77 | €56,322 | €88,819 | +€32,497 | +57.7% |
| Profit (loss) for the period | 9904 | €172,953 | €229,598 | +€56,645 | +32.8% |
| Transfer from tax-exempt reserves | 789 | €291 | €291 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €173,245 | €229,889 | +€56,645 | +32.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.