JEPCO: 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.
JEPCO
Largest movements
- Receivables within one year +€18,135
up €18,135 (+2470.2%), from €734 to €18,869
of which Trade receivables: +€16,810
- Deferred charges and accrued income -€13,745
down €13,745 (-70.2%), from €19,578 to €5,832
- Tangible fixed assets -€10,680
down €10,680 (-4.0%), from €268,323 to €257,643
of which Plant, machinery and equipment: -€31,345
- Cash -€6,644
down €6,644 (-14.1%), from €47,195 to €40,551
mainly Investment in fixed assets (net) (-€37,735) and Receivables within one year (-€18,135)
- Profit (loss) carried forward -€12,510
down €12,510 (-11.5%), from -€108,760 to -€121,270
- Trade debts +€5,034
up €5,034 (+254.1%), from €1,981 to €7,015
- Current portion of long-term debt -€3,788
no longer reported in 2025 (was €3,788)
- Gross operating margin +€22,805
up €22,805 (+118.5%), from €19,247 to €42,052
- Depreciation -€2,441
down €2,441 (-4.8%), from €50,856 to €48,415
- Other operating charges -€570
down €570 (-10.2%), from €5,573 to €5,003
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 | €340,200 | €327,266 | -€12,934 | -3.8% |
| Fixed assets | 21/28 | €271,793 | €261,113 | -€10,680 | -3.9% |
| Tangible fixed assets | 22/27 | €268,323 | €257,643 | -€10,680 | -4.0% |
| Plant, machinery and equipment | 23 | €263,758 | €232,413 | -€31,345 | -11.9% |
| Furniture and vehicles | 24 | €4,566 | €25,230 | +€20,664 | +452.6% |
| Financial fixed assets | 28 | €3,470 | €3,470 | = | 0.0% |
| Current assets | 29/58 | €68,407 | €66,153 | -€2,253 | -3.3% |
| Stocks and contracts in progress | 3 | €900 | €900 | = | 0.0% |
| Stocks | 30/36 | €900 | €900 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €734 | €18,869 | +€18,135 | +2470.2% |
| Trade receivables | 40 | €22 | €16,832 | +€16,810 | +76409.1% |
| Other amounts receivable | 41 | €712 | €2,037 | +€1,325 | +186.1% |
| Cash at bank and in hand | 54/58 | €47,195 | €40,551 | -€6,644 | -14.1% |
| Deferred charges and accrued income | 490/1 | €19,578 | €5,832 | -€13,745 | -70.2% |
| Total equity and liabilities | 10/49 | €340,200 | €327,266 | -€12,934 | -3.8% |
| Equity | 10/15 | €167,377 | €154,867 | -€12,510 | -7.5% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Revaluation surpluses | 12 | €249,737 | €249,737 | = | 0.0% |
| Reserves | 13 | €2,400 | €2,400 | = | 0.0% |
| Distributable reserves | 133 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,760 | -€121,270 | -€12,510 | -11.5% |
| Amounts payable | 17/49 | €172,823 | €172,399 | -€424 | -0.2% |
| Amounts payable within one year | 42/48 | €172,823 | €172,399 | -€424 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €3,788 | - | -€3,788 | |
| Trade debts | 44 | €1,981 | €7,015 | +€5,034 | +254.1% |
| Suppliers | 440/4 | €1,981 | €7,015 | +€5,034 | +254.1% |
| Taxes, remuneration and social security | 45 | €2,225 | €147 | -€2,078 | -93.4% |
| Taxes | 450/3 | €155 | €147 | -€7 | -4.8% |
| Remuneration and social security | 454/9 | €2,070 | - | -€2,070 | |
| Other amounts payable | 47/48 | €164,830 | €165,237 | +€408 | +0.2% |
| Non-recurring operating income | 76A | €500 | €1,540 | +€1,040 | +207.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,856 | €48,415 | -€2,441 | -4.8% |
| Other operating charges | 640/8 | €5,573 | €5,003 | -€570 | -10.2% |
| Gross operating margin | 9900 | €19,247 | €42,052 | +€22,805 | +118.5% |
| Operating profit (loss) | 9901 | -€37,182 | -€11,367 | +€25,816 | +69.4% |
| Financial income | 75/76B | €242 | €142 | -€100 | -41.4% |
| Recurring financial income | 75 | €242 | €142 | -€100 | -41.4% |
| Financial charges | 65/66B | €1,311 | €1,096 | -€215 | -16.4% |
| Recurring financial charges | 65 | €1,311 | €1,096 | -€215 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | -€38,251 | -€12,321 | +€25,931 | +67.8% |
| Income taxes | 67/77 | €227 | €190 | -€38 | -16.6% |
| Profit (loss) for the period | 9904 | -€38,478 | -€12,510 | +€25,968 | +67.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,478 | -€12,510 | +€25,968 | +67.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.