JEL INFINITY: 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.
JEL INFINITY
Largest movements
- Tangible fixed assets +€139,649
up €139,649 (+18.6%), from €751,007 to €890,656
of which Land and buildings: +€162,501
- Receivables within one year +€139,605
up €139,605 (+492.4%), from €28,355 to €167,959
of which Trade receivables: +€143,890
- Cash -€120,311
down €120,311 (-77.7%), from €154,744 to €34,433
mainly Investment in fixed assets (net) (-€224,267) and Receivables within one year (-€139,605)
- Receivables after one year +€75,000
new in 2025: €75,000
- Debts after one year +€121,116
up €121,116 (+20.0%), from €606,053 to €727,169
- Reserves +€101,350
up €101,350 (+40.7%), from €249,270 to €350,620
- Other debts +€14,215
up €14,215 (+93.9%), from €15,146 to €29,361
- Gross operating margin +€56,887
up €56,887 (+32.4%), from €175,727 to €232,614
- Depreciation +€30,894
up €30,894 (+57.5%), from €53,725 to €84,619
- Taxes +€6,843
up €6,843 (+32.2%), from €21,281 to €28,124
- Financial income +€4,388
new in 2025: €4,388
- Financial charges +€3,832
up €3,832 (+31.2%), from €12,284 to €16,117
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 | €1,067,190 | €1,304,808 | +€237,618 | +22.3% |
| Fixed assets | 21/28 | €881,007 | €1,020,656 | +€139,649 | +15.9% |
| Tangible fixed assets | 22/27 | €751,007 | €890,656 | +€139,649 | +18.6% |
| Land and buildings | 22 | €669,012 | €831,513 | +€162,501 | +24.3% |
| Plant, machinery and equipment | 23 | €7,170 | €5,074 | -€2,097 | -29.2% |
| Furniture and vehicles | 24 | €74,825 | €54,069 | -€20,756 | -27.7% |
| Financial fixed assets | 28 | €130,000 | €130,000 | = | 0.0% |
| Current assets | 29/58 | €186,183 | €284,152 | +€97,970 | +52.6% |
| Amounts receivable after more than one year | 29 | - | €75,000 | +€75,000 | |
| Trade receivables | 290 | - | €75,000 | +€75,000 | |
| Amounts receivable within one year | 40/41 | €28,355 | €167,959 | +€139,605 | +492.4% |
| Trade receivables | 40 | €13,493 | €157,383 | +€143,890 | +1066.4% |
| Other amounts receivable | 41 | €14,862 | €10,577 | -€4,285 | -28.8% |
| Cash at bank and in hand | 54/58 | €154,744 | €34,433 | -€120,311 | -77.7% |
| Deferred charges and accrued income | 490/1 | €3,084 | €6,760 | +€3,676 | +119.2% |
| Total equity and liabilities | 10/49 | €1,067,190 | €1,304,808 | +€237,618 | +22.3% |
| Equity | 10/15 | €385,470 | €486,820 | +€101,350 | +26.3% |
| Contributions | 10/11 | €136,200 | €136,200 | = | 0.0% |
| Reserves | 13 | €249,270 | €350,620 | +€101,350 | +40.7% |
| Distributable reserves | 133 | €249,270 | €350,620 | +€101,350 | +40.7% |
| Amounts payable | 17/49 | €681,719 | €817,988 | +€136,269 | +20.0% |
| Amounts payable after more than one year | 17 | €606,053 | €727,169 | +€121,116 | +20.0% |
| Financial debts | 170/4 | €606,053 | €727,169 | +€121,116 | +20.0% |
| Amounts payable within one year | 42/48 | €70,845 | €85,897 | +€15,051 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €28,495 | €28,884 | +€390 | +1.4% |
| Trade debts | 44 | €25,765 | €24,919 | -€846 | -3.3% |
| Suppliers | 440/4 | €25,765 | €24,919 | -€846 | -3.3% |
| Taxes, remuneration and social security | 45 | €1,440 | €2,732 | +€1,292 | +89.7% |
| Taxes | 450/3 | €1,440 | €2,732 | +€1,292 | +89.7% |
| Other amounts payable | 47/48 | €15,146 | €29,361 | +€14,215 | +93.9% |
| Accrued charges and deferred income | 492/3 | €4,821 | €4,922 | +€102 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,725 | €84,619 | +€30,894 | +57.5% |
| Other operating charges | 640/8 | €6,358 | €6,793 | +€435 | +6.8% |
| Gross operating margin | 9900 | €175,727 | €232,614 | +€56,887 | +32.4% |
| Operating profit (loss) | 9901 | €115,644 | €141,203 | +€25,559 | +22.1% |
| Financial income | 75/76B | - | €4,388 | +€4,388 | |
| Recurring financial income | 75 | - | €4,388 | +€4,388 | |
| Financial charges | 65/66B | €12,284 | €16,117 | +€3,832 | +31.2% |
| Recurring financial charges | 65 | €12,284 | €16,117 | +€3,832 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €103,360 | €129,474 | +€26,114 | +25.3% |
| Income taxes | 67/77 | €21,281 | €28,124 | +€6,843 | +32.2% |
| Profit (loss) for the period | 9904 | €82,079 | €101,350 | +€19,271 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €82,079 | €101,350 | +€19,271 | +23.5% |
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 30 September 2026 via checked.be.