JELF: 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.
JELF
Largest movements
- Receivables within one year +€115,617
up €115,617 (+224.8%), from €51,424 to €167,042
of which Other amounts receivable: +€115,617
- Cash -€73,837
no longer reported in 2025 (was €73,837)
mainly Receivables within one year (-€115,617) and Debts after one year (-€34,839)
- Intangible fixed assets -€30,000
down €30,000 (-12.5%), from €240,000 to €210,000
- Profit (loss) carried forward +€49,540
up €49,540 (+143.3%), from €34,566 to €84,107
- Debts after one year -€34,839
down €34,839 (-12.2%), from €286,373 to €251,534
- Tax, wage and social debts -€6,936
no longer reported in 2025 (was €6,936)
- Short-term financial debts +€6,110
new in 2025: €6,110
- Current portion of long-term debt -€5,677
down €5,677 (-9.4%), from €60,261 to €54,584
- Gross operating margin +€53,168
up €53,168 (+89.8%), from €59,179 to €112,347
- Taxes +€10,009
up €10,009 (+373.5%), from €2,680 to €12,689
- Depreciation +€2,461
up €2,461 (+7.7%), from €32,000 to €34,461
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 | €391,867 | €400,950 | +€9,083 | +2.3% |
| Fixed assets | 21/28 | €266,606 | €233,908 | -€32,697 | -12.3% |
| Intangible fixed assets | 21 | €240,000 | €210,000 | -€30,000 | -12.5% |
| Tangible fixed assets | 22/27 | €26,606 | €23,908 | -€2,697 | -10.1% |
| Furniture and vehicles | 24 | €2,000 | - | -€2,000 | |
| Other tangible fixed assets | 26 | €24,606 | €23,908 | -€697 | -2.8% |
| Current assets | 29/58 | €125,262 | €167,042 | +€41,780 | +33.4% |
| Amounts receivable within one year | 40/41 | €51,424 | €167,042 | +€115,617 | +224.8% |
| Trade receivables | 40 | €2,188 | €2,188 | = | 0.0% |
| Other amounts receivable | 41 | €49,236 | €164,854 | +€115,617 | +234.8% |
| Cash at bank and in hand | 54/58 | €73,837 | - | -€73,837 | |
| Total equity and liabilities | 10/49 | €391,867 | €400,950 | +€9,083 | +2.3% |
| Equity | 10/15 | €36,566 | €86,107 | +€49,540 | +135.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,566 | €84,107 | +€49,540 | +143.3% |
| Amounts payable | 17/49 | €355,301 | €314,843 | -€40,458 | -11.4% |
| Amounts payable after more than one year | 17 | €286,373 | €251,534 | -€34,839 | -12.2% |
| Financial debts | 170/4 | €286,373 | €251,534 | -€34,839 | -12.2% |
| Amounts payable within one year | 42/48 | €68,928 | €63,309 | -€5,619 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €60,261 | €54,584 | -€5,677 | -9.4% |
| Financial debts | 43 | - | €6,110 | +€6,110 | |
| Credit institutions | 430/8 | - | €6,110 | +€6,110 | |
| Trade debts | 44 | - | €2,616 | +€2,616 | |
| Suppliers | 440/4 | - | €2,616 | +€2,616 | |
| Taxes, remuneration and social security | 45 | €6,936 | - | -€6,936 | |
| Taxes | 450/3 | €6,936 | - | -€6,936 | |
| Other amounts payable | 47/48 | €1,732 | - | -€1,732 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,000 | €34,461 | +€2,461 | +7.7% |
| Other operating charges | 640/8 | €289 | €387 | +€98 | +34.1% |
| Gross operating margin | 9900 | €59,179 | €112,347 | +€53,168 | +89.8% |
| Operating profit (loss) | 9901 | €26,890 | €77,499 | +€50,609 | +188.2% |
| Financial charges | 65/66B | €15,286 | €15,270 | -€16 | -0.1% |
| Recurring financial charges | 65 | €15,286 | €15,270 | -€16 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €11,605 | €62,229 | +€50,624 | +436.2% |
| Income taxes | 67/77 | €2,680 | €12,689 | +€10,009 | +373.5% |
| Profit (loss) for the period | 9904 | €8,925 | €49,540 | +€40,616 | +455.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,925 | €49,540 | +€40,616 | +455.1% |
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.