JEFREMA: 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.
JEFREMA
Largest movements
- Tangible fixed assets -€85,467
down €85,467 (-12.1%), from €707,909 to €622,441
of which Leasing and similar rights: -€65,247
- Receivables within one year +€23,591
up €23,591 (+3.5%), from €673,439 to €697,030
of which Trade receivables: +€24,841
- Other debts +€140,452
up €140,452 (+49.8%), from €281,999 to €422,451
- Debts after one year -€91,564
down €91,564 (-17.2%), from €531,561 to €439,997
- Trade debts -€45,759
down €45,759 (-76.7%), from €59,645 to €13,886
- Reserves -€28,451
down €28,451 (-8.9%), from €320,310 to €291,859
of which Tax-exempt reserves: -€31,259
- Provisions -€16,103
down €16,103 (-69.4%), from €23,206 to €7,103
- Depreciation -€44,726
down €44,726 (-34.4%), from €130,194 to €85,467
- Gross operating margin -€28,689
down €28,689 (-23.2%), from €123,455 to €94,766
- Write-downs -€18,356
no longer reported in 2025 (was €18,356)
- Other operating charges -€6,278
down €6,278 (-70.4%), from €8,924 to €2,645
- Financial charges -€4,959
down €4,959 (-10.7%), from €46,321 to €41,362
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 | €1,497,093 | €1,433,385 | -€63,708 | -4.3% |
| Fixed assets | 21/28 | €716,351 | €630,884 | -€85,467 | -11.9% |
| Tangible fixed assets | 22/27 | €707,909 | €622,441 | -€85,467 | -12.1% |
| Land and buildings | 22 | €152,608 | €132,700 | -€19,908 | -13.0% |
| Furniture and vehicles | 24 | €812 | €499 | -€313 | -38.6% |
| Leasing and similar rights | 25 | €554,490 | €489,243 | -€65,247 | -11.8% |
| Financial fixed assets | 28 | €8,442 | €8,442 | = | 0.0% |
| Current assets | 29/58 | €780,742 | €802,502 | +€21,759 | +2.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €673,439 | €697,030 | +€23,591 | +3.5% |
| Trade receivables | 40 | €9,904 | €34,745 | +€24,841 | +250.8% |
| Other amounts receivable | 41 | €663,535 | €662,285 | -€1,250 | -0.2% |
| Cash at bank and in hand | 54/58 | €366 | €2,933 | +€2,567 | +701.2% |
| Deferred charges and accrued income | 490/1 | €6,937 | €2,538 | -€4,399 | -63.4% |
| Total equity and liabilities | 10/49 | €1,497,093 | €1,433,385 | -€63,708 | -4.3% |
| Equity | 10/15 | €394,678 | €366,227 | -€28,451 | -7.2% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €320,310 | €291,859 | -€28,451 | -8.9% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,031 | €13,772 | -€31,259 | -69.4% |
| Distributable reserves | 133 | €267,842 | €270,650 | +€2,807 | +1.0% |
| Provisions and deferred taxes | 16 | €23,206 | €7,103 | -€16,103 | -69.4% |
| Deferred taxes | 168 | €23,206 | €7,103 | -€16,103 | -69.4% |
| Amounts payable | 17/49 | €1,079,209 | €1,060,055 | -€19,154 | -1.8% |
| Amounts payable after more than one year | 17 | €531,561 | €439,997 | -€91,564 | -17.2% |
| Financial debts | 170/4 | €531,561 | €439,997 | -€91,564 | -17.2% |
| Amounts payable within one year | 42/48 | €547,648 | €620,058 | +€72,411 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €93,438 | €91,564 | -€1,873 | -2.0% |
| Financial debts | 43 | €74,995 | €67,008 | -€7,988 | -10.7% |
| Credit institutions | 430/8 | €74,995 | €67,008 | -€7,988 | -10.7% |
| Trade debts | 44 | €59,645 | €13,886 | -€45,759 | -76.7% |
| Suppliers | 440/4 | €59,645 | €13,886 | -€45,759 | -76.7% |
| Taxes, remuneration and social security | 45 | €37,571 | €25,150 | -€12,421 | -33.1% |
| Taxes | 450/3 | €37,571 | €25,150 | -€12,421 | -33.1% |
| Other amounts payable | 47/48 | €281,999 | €422,451 | +€140,452 | +49.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,194 | €85,467 | -€44,726 | -34.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,356 | - | -€18,356 | |
| Other operating charges | 640/8 | €8,924 | €2,645 | -€6,278 | -70.4% |
| Non-recurring operating charges | 66A | - | €9,590 | +€9,590 | |
| Gross operating margin | 9900 | €123,455 | €94,766 | -€28,689 | -23.2% |
| Operating profit (loss) | 9901 | -€34,019 | -€2,936 | +€31,083 | +91.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €46,321 | €41,362 | -€4,959 | -10.7% |
| Recurring financial charges | 65 | €46,321 | €41,362 | -€4,959 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€80,340 | -€44,298 | +€36,041 | +44.9% |
| Transfer from deferred taxes | 780 | €17,330 | €16,103 | -€1,227 | -7.1% |
| Income taxes | 67/77 | €3,613 | €256 | -€3,357 | -92.9% |
| Profit (loss) for the period | 9904 | -€66,623 | -€28,451 | +€38,171 | +57.3% |
| Transfer from tax-exempt reserves | 789 | €33,640 | €31,259 | -€2,382 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,982 | €2,807 | +€35,790 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.