JEFRA: 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.
JEFRA
Largest movements
- Tangible fixed assets -€87,980
down €87,980 (-7.2%), from €1.2m to €1.1m
of which Land and buildings: -€85,238
- Cash -€50,337
down €50,337 (-10.3%), from €489,112 to €438,775
mainly Advances received (-€144,000) and Debts after one year (-€37,973)
- Advances received -€144,000
down €144,000 (-35.3%), from €408,000 to €264,000
- Profit (loss) carried forward +€61,953
up €61,953 (+12.5%), from €493,947 to €555,899
- Debts after one year -€37,973
down €37,973 (-22.4%), from €169,256 to €131,282
of which Financial debts: -€37,973
- Other operating charges +€8,771
up €8,771 (+151.9%), from €5,773 to €14,543
- Gross operating margin +€4,173
up €4,173 (+2.5%), from €166,058 to €170,231
- Financial income +€3,597
new in 2025: €3,597
- Taxes -€1,930
down €1,930 (-8.6%), from €22,376 to €20,445
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 | €1,707,056 | €1,567,739 | -€139,317 | -8.2% |
| Fixed assets | 21/28 | €1,214,944 | €1,126,964 | -€87,980 | -7.2% |
| Tangible fixed assets | 22/27 | €1,214,944 | €1,126,964 | -€87,980 | -7.2% |
| Land and buildings | 22 | €1,206,692 | €1,121,454 | -€85,238 | -7.1% |
| Furniture and vehicles | 24 | €8,251 | €5,510 | -€2,742 | -33.2% |
| Current assets | 29/58 | €492,112 | €440,775 | -€51,337 | -10.4% |
| Amounts receivable within one year | 40/41 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Other amounts receivable | 41 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €489,112 | €438,775 | -€50,337 | -10.3% |
| Total equity and liabilities | 10/49 | €1,707,056 | €1,567,739 | -€139,317 | -8.2% |
| Equity | 10/15 | €802,148 | €854,055 | +€51,907 | +6.5% |
| 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 | €246,702 | €236,656 | -€10,046 | -4.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €120,552 | €110,506 | -€10,046 | -8.3% |
| Distributable reserves | 133 | €120,000 | €120,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €493,947 | €555,899 | +€61,953 | +12.5% |
| Provisions and deferred taxes | 16 | €62,075 | €56,902 | -€5,173 | -8.3% |
| Deferred taxes | 168 | €62,075 | €56,902 | -€5,173 | -8.3% |
| Amounts payable | 17/49 | €842,833 | €656,782 | -€186,051 | -22.1% |
| Amounts payable after more than one year | 17 | €169,256 | €131,282 | -€37,973 | -22.4% |
| Financial debts | 170/4 | €167,056 | €129,082 | -€37,973 | -22.7% |
| Other amounts payable | 178/9 | €2,200 | €2,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €671,172 | €512,045 | -€159,127 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €58,094 | €42,973 | -€15,121 | -26.0% |
| Trade debts | 44 | €1,452 | €1,946 | +€493 | +34.0% |
| Suppliers | 440/4 | €1,452 | €1,946 | +€493 | +34.0% |
| Advances received on contracts in progress | 46 | €408,000 | €264,000 | -€144,000 | -35.3% |
| Other amounts payable | 47/48 | €203,626 | €203,126 | -€500 | -0.2% |
| Accrued charges and deferred income | 492/3 | €2,405 | €13,455 | +€11,050 | +459.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,867 | €87,980 | +€113 | +0.1% |
| Other operating charges | 640/8 | €5,773 | €14,543 | +€8,771 | +151.9% |
| Gross operating margin | 9900 | €166,058 | €170,231 | +€4,173 | +2.5% |
| Operating profit (loss) | 9901 | €72,419 | €67,708 | -€4,711 | -6.5% |
| Financial income | 75/76B | - | €3,597 | +€3,597 | |
| Recurring financial income | 75 | - | €3,597 | +€3,597 | |
| Financial charges | 65/66B | €5,136 | €4,125 | -€1,011 | -19.7% |
| Recurring financial charges | 65 | €5,136 | €4,125 | -€1,011 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €67,283 | €67,179 | -€103 | -0.2% |
| Transfer from deferred taxes | 780 | €5,173 | €5,173 | = | 0.0% |
| Income taxes | 67/77 | €22,376 | €20,445 | -€1,930 | -8.6% |
| Profit (loss) for the period | 9904 | €50,080 | €51,907 | +€1,827 | +3.6% |
| Transfer from tax-exempt reserves | 789 | €10,046 | €10,046 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,126 | €61,953 | +€1,827 | +3.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.