JELINCO: what changed
Two financial 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.
JELINCO
Largest movements
- Cash +€1.6m
up €1.6m (+245%), from €649,707 to €2.2m
- Stocks and contracts -€633,448
down €633,448 (-99.2%), from €638,448 to €5,000
of which Stocks: -€508,448
- Receivables within one year +€384,191
up €384,191 (+151%), from €254,656 to €638,848
of which Other amounts receivable: +€336,684
- Formation expenses -€339,151
down €339,151 (-97.1%), from €349,151 to €10,000
- Reserves +€1.5m
up €1.5m (+338%), from €446,698 to €2.0m
of which Distributable reserves: +€1.5m
- Debts after one year -€270,000
down €270,000 (-14.8%), from €1.8m to €1.6m
of which Other amounts payable: -€270,000
- Tax, wage and social debts -€84,130
down €84,130 (-77.4%), from €108,679 to €24,549
of which Taxes: -€78,652
- Current portion of long-term debt -€80,000
no longer reported in 2025 (was €80,000)
- Gross operating margin +€2.2m
up €2.2m (+916%), from €237,336 to €2.4m
- Taxes +€437,849
up €437,849 (+16,622%), from €2,634 to €440,483
- Depreciation +€265,178
up €265,178 (+186%), from €142,535 to €407,713
- Financial income +€192,655
up €192,655 (+136%), from €141,863 to €334,518
- Staff costs +€145,651
up €145,651 (+69.3%), from €210,159 to €355,810
From the 2023 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.
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,844,932 | €3,863,295 | +€1.0m | +35.8% |
| Formation expenses | 20 | €349,151 | €10,000 | -€339,151 | -97.1% |
| Fixed assets | 21/28 | €141,968 | €163,414 | +€21,446 | +15.1% |
| Tangible fixed assets | 22/27 | €141,968 | €163,414 | +€21,446 | +15.1% |
| Land and buildings | 22 | €3,313 | €3,570 | +€258 | +7.8% |
| Furniture and vehicles | 24 | €25,974 | €82,013 | +€56,038 | +216% |
| Other tangible fixed assets | 26 | €112,681 | €77,831 | -€34,850 | -30.9% |
| Current assets | 29/58 | €2,353,814 | €3,689,881 | +€1.3m | +56.8% |
| Stocks and contracts in progress | 3 | €638,448 | €5,000 | -€633,448 | -99.2% |
| Stocks | 30/36 | €513,448 | €5,000 | -€508,448 | -99.0% |
| Contracts in progress | 37 | €125,000 | - | -€125,000 | |
| Amounts receivable within one year | 40/41 | €254,656 | €638,848 | +€384,191 | +151% |
| Trade receivables | 40 | €186,973 | €234,480 | +€47,508 | +25.4% |
| Other amounts receivable | 41 | €67,684 | €404,367 | +€336,684 | +497% |
| Current investments | 50/53 | €802,700 | €802,700 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €649,707 | €2,239,956 | +€1.6m | +245% |
| Deferred charges and accrued income | 490/1 | €8,303 | €3,377 | -€4,926 | -59.3% |
| Total equity and liabilities | 10/49 | €2,844,932 | €3,863,295 | +€1.0m | +35.8% |
| Equity | 10/15 | €757,198 | €2,265,799 | +€1.5m | +199% |
| Contributions | 10/11 | €310,500 | €310,500 | = | 0.0% |
| Capital | 10 | €310,500 | €310,500 | = | 0.0% |
| Issued capital | 100 | €310,500 | €310,500 | = | 0.0% |
| Reserves | 13 | €446,698 | €1,955,299 | +€1.5m | +338% |
| Non-distributable reserves | 130/1 | €31,050 | €31,050 | = | 0.0% |
| Legal reserve | 130 | €31,050 | €31,050 | = | 0.0% |
| Distributable reserves | 133 | €415,648 | €1,924,249 | +€1.5m | +363% |
| Amounts payable | 17/49 | €2,087,734 | €1,597,496 | -€490,238 | -23.5% |
| Amounts payable after more than one year | 17 | €1,820,000 | €1,550,000 | -€270,000 | -14.8% |
| Financial debts | 170/4 | €135,000 | €135,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,685,000 | €1,415,000 | -€270,000 | -16.0% |
| Amounts payable within one year | 42/48 | €235,425 | €44,623 | -€190,803 | -81.0% |
| Current portion of amounts payable after more than one year | 42 | €80,000 | - | -€80,000 | |
| Trade debts | 44 | €30,705 | €7,193 | -€23,512 | -76.6% |
| Suppliers | 440/4 | €30,705 | €7,193 | -€23,512 | -76.6% |
| Taxes, remuneration and social security | 45 | €108,679 | €24,549 | -€84,130 | -77.4% |
| Taxes | 450/3 | €87,775 | €9,123 | -€78,652 | -89.6% |
| Remuneration and social security | 454/9 | €20,904 | €15,426 | -€5,478 | -26.2% |
| Other amounts payable | 47/48 | €16,041 | €12,881 | -€3,161 | -19.7% |
| Accrued charges and deferred income | 492/3 | €32,309 | €2,873 | -€29,435 | -91.1% |
| Non-recurring operating income | 76A | €149,212 | €108,241 | -€40,971 | -27.5% |
| Remuneration, social security and pensions | 62 | €210,159 | €355,810 | +€145,651 | +69.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,535 | €407,713 | +€265,178 | +186% |
| Other operating charges | 640/8 | €31,291 | €29,113 | -€2,177 | -7.0% |
| Non-recurring operating charges | 66A | - | €3,041 | +€3,041 | |
| Gross operating margin | 9900 | €237,336 | €2,410,705 | +€2.2m | +916% |
| Operating profit (loss) | 9901 | -€146,649 | €1,615,028 | +€1.8m | |
| Financial income | 75/76B | €141,863 | €334,518 | +€192,655 | +136% |
| Recurring financial income | 75 | €141,863 | €334,518 | +€192,655 | +136% |
| Financial charges | 65/66B | €360 | €462 | +€102 | +28.2% |
| Recurring financial charges | 65 | €360 | €462 | +€102 | +28.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,147 | €1,949,084 | +€2.0m | |
| Income taxes | 67/77 | €2,634 | €440,483 | +€437,849 | +16,622% |
| Profit (loss) for the period | 9904 | -€7,781 | €1,508,601 | +€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,781 | €1,508,601 | +€1.5m |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.