JEFKO: 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.
JEFKO
Largest movements
- Receivables within one year -€44,320
down €44,320 (-57.6%), from €76,933 to €32,614
of which Trade receivables: -€39,742
- Debts after one year -€114,246
down €114,246 (-11.2%), from €1.0m to €908,179
- Reserves +€102,874
up €102,874 (+29.3%), from €350,583 to €453,457
- Other debts -€56,502
down €56,502 (-18.2%), from €310,603 to €254,100
- Depreciation -€70,210
down €70,210 (-85.2%), from €82,419 to €12,210
- Gross operating margin -€42,898
down €42,898 (-17.5%), from €244,435 to €201,537
- Financial charges +€6,179
up €6,179 (+22.6%), from €27,322 to €33,501
- Taxes +€4,578
up €4,578 (+19.3%), from €23,750 to €28,327
- Staff costs +€2,559
up €2,559 (+12.7%), from €20,215 to €22,774
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 | €1,822,691 | €1,765,211 | -€57,479 | -3.2% |
| Fixed assets | 21/28 | €1,738,905 | €1,726,696 | -€12,210 | -0.7% |
| Tangible fixed assets | 22/27 | €551,655 | €539,446 | -€12,210 | -2.2% |
| Land and buildings | 22 | €502,809 | €501,684 | -€1,125 | -0.2% |
| Furniture and vehicles | 24 | €48,846 | €37,762 | -€11,085 | -22.7% |
| Financial fixed assets | 28 | €1,187,250 | €1,187,250 | = | 0.0% |
| Current assets | 29/58 | €83,785 | €38,515 | -€45,270 | -54.0% |
| Amounts receivable within one year | 40/41 | €76,933 | €32,614 | -€44,320 | -57.6% |
| Trade receivables | 40 | €70,683 | €30,941 | -€39,742 | -56.2% |
| Other amounts receivable | 41 | €6,250 | €1,673 | -€4,578 | -73.2% |
| Cash at bank and in hand | 54/58 | €5,980 | €4,946 | -€1,035 | -17.3% |
| Deferred charges and accrued income | 490/1 | €872 | €956 | +€84 | +9.7% |
| Total equity and liabilities | 10/49 | €1,822,691 | €1,765,211 | -€57,479 | -3.2% |
| Equity | 10/15 | €353,583 | €456,457 | +€102,874 | +29.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €350,583 | €453,457 | +€102,874 | +29.3% |
| Distributable reserves | 133 | €350,583 | €453,457 | +€102,874 | +29.3% |
| Amounts payable | 17/49 | €1,469,108 | €1,308,754 | -€160,353 | -10.9% |
| Amounts payable after more than one year | 17 | €1,022,425 | €908,179 | -€114,246 | -11.2% |
| Financial debts | 170/4 | €1,022,425 | €908,179 | -€114,246 | -11.2% |
| Amounts payable within one year | 42/48 | €437,903 | €391,518 | -€46,385 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €107,067 | €114,246 | +€7,178 | +6.7% |
| Trade debts | 44 | €989 | €1,258 | +€269 | +27.2% |
| Suppliers | 440/4 | €989 | €1,258 | +€269 | +27.2% |
| Taxes, remuneration and social security | 45 | €19,244 | €21,914 | +€2,670 | +13.9% |
| Taxes | 450/3 | €16,094 | €16,242 | +€148 | +0.9% |
| Remuneration and social security | 454/9 | €3,150 | €5,672 | +€2,522 | +80.1% |
| Other amounts payable | 47/48 | €310,603 | €254,100 | -€56,502 | -18.2% |
| Accrued charges and deferred income | 492/3 | €8,780 | €9,058 | +€277 | +3.2% |
| Remuneration, social security and pensions | 62 | €20,215 | €22,774 | +€2,559 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,419 | €12,210 | -€70,210 | -85.2% |
| Other operating charges | 640/8 | €1,620 | €1,851 | +€230 | +14.2% |
| Gross operating margin | 9900 | €244,435 | €201,537 | -€42,898 | -17.5% |
| Operating profit (loss) | 9901 | €140,180 | €164,703 | +€24,523 | +17.5% |
| Financial charges | 65/66B | €27,322 | €33,501 | +€6,179 | +22.6% |
| Recurring financial charges | 65 | €27,322 | €33,501 | +€6,179 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €112,858 | €131,201 | +€18,343 | +16.3% |
| Income taxes | 67/77 | €23,750 | €28,327 | +€4,578 | +19.3% |
| Profit (loss) for the period | 9904 | €89,109 | €102,874 | +€13,765 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €89,109 | €102,874 | +€13,765 | +15.4% |
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 11 October 2026 via checked.be.