JEFREWI: 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.
What changed
JEFREWI
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€83,796
2024 · €73,869+€9,928
Equity
€1.7m
2024 · €1.7m-€4,202
Cash
€111,269
2024 · €46,095+€65,174
Balance sheet total
€2.1m
2024 · €2.2m-€71,632
Largest movements
Assets
- Tangible fixed assets -€114,616
down €114,616 (-7.6%), from €1.5m to €1.4m
of which Plant, machinery and equipment: -€71,012
- Cash +€65,174
up €65,174 (+141.4%), from €46,095 to €111,269
mainly Depreciation (+€114,616) and Net result for the year (+€83,796)
- Receivables within one year -€27,858
down €27,858 (-16.5%), from €168,660 to €140,802
Equity and liabilities
- Debts after one year -€55,097
down €55,097 (-17.7%), from €310,965 to €255,868
Income statement
- Gross operating margin +€13,178
up €13,178 (+5.8%), from €226,264 to €239,442
- Taxes +€4,634
up €4,634 (+12.7%), from €36,452 to €41,086
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.
Result 2024
€73,869
Gross operating margin
+€13,178
Other operating charges
-€213
Other operating items
+€978
Financial income
-€472
Financial charges
+€1,090
Taxes
-€4,634
Result 2025
€83,796
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.
From operations
+€207,998
Investment
-€887
Financing
-€141,937
Cash 2024
€46,095
From operations (derived)
+€207,998
Net result for the year
+€83,796
Depreciation
+€114,616
Receivables within one year
+€27,858
Deferred charges and accrued income
-€4,781
Provisions
-€3,436
Tax, wage and social debts
+€4,789
Other debts
-€2,199
Accrued charges and deferred income
-€12,646
Investment (derived)
-€887
Current investments
-€887
Financing
-€141,937
Debts after one year
-€55,097
Current portion of long-term debt
+€1,159
Contributions, distributions and other
-€87,999
Cash 2025
€111,269
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,182,604 | €2,110,972 | -€71,632 | -3.3% |
| Fixed assets | 21/28 | €1,499,423 | €1,384,807 | -€114,616 | -7.6% |
| Tangible fixed assets | 22/27 | €1,499,423 | €1,384,807 | -€114,616 | -7.6% |
| Land and buildings | 22 | €1,213,311 | €1,169,827 | -€43,484 | -3.6% |
| Plant, machinery and equipment | 23 | €285,647 | €214,635 | -€71,012 | -24.9% |
| Furniture and vehicles | 24 | €466 | €345 | -€120 | -25.9% |
| Current assets | 29/58 | €683,181 | €726,165 | +€42,984 | +6.3% |
| Amounts receivable within one year | 40/41 | €168,660 | €140,802 | -€27,858 | -16.5% |
| Other amounts receivable | 41 | €168,660 | €140,802 | -€27,858 | -16.5% |
| Current investments | 50/53 | €457,948 | €458,835 | +€887 | +0.2% |
| Cash at bank and in hand | 54/58 | €46,095 | €111,269 | +€65,174 | +141.4% |
| Deferred charges and accrued income | 490/1 | €10,478 | €15,259 | +€4,781 | +45.6% |
| Total equity and liabilities | 10/49 | €2,182,604 | €2,110,972 | -€71,632 | -3.3% |
| Equity | 10/15 | €1,683,903 | €1,679,701 | -€4,202 | -0.2% |
| Contributions | 10/11 | €830,000 | €830,000 | = | 0.0% |
| Capital | 10 | €830,000 | €830,000 | = | 0.0% |
| Issued capital | 100 | €830,000 | €830,000 | = | 0.0% |
| Reserves | 13 | €746,422 | €748,873 | +€2,451 | +0.3% |
| Non-distributable reserves | 130/1 | €46,785 | €51,780 | +€4,995 | +10.7% |
| Legal reserve | 130 | €46,785 | €51,780 | +€4,995 | +10.7% |
| Tax-exempt reserves | 132 | €19,364 | €13,715 | -€5,649 | -29.2% |
| Distributable reserves | 133 | €680,273 | €683,378 | +€3,105 | +0.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €107,481 | €100,828 | -€6,654 | -6.2% |
| Provisions and deferred taxes | 16 | €40,293 | €36,857 | -€3,436 | -8.5% |
| Deferred taxes | 168 | €40,293 | €36,857 | -€3,436 | -8.5% |
| Amounts payable | 17/49 | €458,408 | €394,414 | -€63,994 | -14.0% |
| Amounts payable after more than one year | 17 | €310,965 | €255,868 | -€55,097 | -17.7% |
| Financial debts | 170/4 | €310,965 | €255,868 | -€55,097 | -17.7% |
| Amounts payable within one year | 42/48 | €89,692 | €93,442 | +€3,750 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €53,938 | €55,097 | +€1,159 | +2.1% |
| Taxes, remuneration and social security | 45 | €14,052 | €18,841 | +€4,789 | +34.1% |
| Taxes | 450/3 | €14,052 | €18,841 | +€4,789 | +34.1% |
| Other amounts payable | 47/48 | €21,703 | €19,504 | -€2,199 | -10.1% |
| Accrued charges and deferred income | 492/3 | €57,751 | €45,105 | -€12,646 | -21.9% |
| Non-recurring operating income | 76A | €136 | €0 | -€136 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,616 | €114,616 | = | 0.0% |
| Other operating charges | 640/8 | €23,458 | €23,670 | +€213 | +0.9% |
| Non-recurring operating charges | 66A | €978 | €0 | -€978 | -100.0% |
| Gross operating margin | 9900 | €226,264 | €239,442 | +€13,178 | +5.8% |
| Operating profit (loss) | 9901 | €87,212 | €101,155 | +€13,943 | +16.0% |
| Financial income | 75/76B | €29,343 | €28,871 | -€472 | -1.6% |
| Recurring financial income | 75 | €14,711 | €14,240 | -€472 | -3.2% |
| Non-recurring financial income | 76B | €14,631 | €14,631 | = | 0.0% |
| Financial charges | 65/66B | €9,670 | €8,580 | -€1,090 | -11.3% |
| Recurring financial charges | 65 | €9,670 | €8,580 | -€1,090 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €106,885 | €121,446 | +€14,561 | +13.6% |
| Transfer from deferred taxes | 780 | €3,436 | €3,436 | = | 0.0% |
| Income taxes | 67/77 | €36,452 | €41,086 | +€4,634 | +12.7% |
| Profit (loss) for the period | 9904 | €73,869 | €83,796 | +€9,928 | +13.4% |
| Transfer from tax-exempt reserves | 789 | €5,649 | €5,649 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,518 | €89,445 | +€9,928 | +12.5% |
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 5 October 2026 via checked.be.