JERALEX: 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.
JERALEX
Largest movements
- Financial fixed assets +€2.3m
up €2.3m (+52.2%), from €4.4m to €6.6m
- Tangible fixed assets +€674,979
up €674,979 (+82.1%), from €822,497 to €1.5m
of which Land and buildings: +€661,540
- Debts after one year +€2.9m
up €2.9m (+238.8%), from €1.2m to €4.1m
of which Financial debts: +€2.3m
- Gross operating margin +€63,022
up €63,022 (+137.0%), from €46,005 to €109,027
- Depreciation +€53,853
up €53,853 (+168.4%), from €31,979 to €85,831
- Taxes -€3,728
down €3,728 (-98.0%), from €3,803 to €75
- Other operating charges +€2,093
up €2,093 (+56.9%), from €3,680 to €5,773
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 | €5,256,524 | €8,174,871 | +€2.9m | +55.5% |
| Fixed assets | 21/28 | €5,184,697 | €8,134,676 | +€2.9m | +56.9% |
| Tangible fixed assets | 22/27 | €822,497 | €1,497,476 | +€674,979 | +82.1% |
| Land and buildings | 22 | €822,497 | €1,484,037 | +€661,540 | +80.4% |
| Furniture and vehicles | 24 | - | €13,439 | +€13,439 | |
| Financial fixed assets | 28 | €4,362,200 | €6,637,200 | +€2.3m | +52.2% |
| Current assets | 29/58 | €71,827 | €40,195 | -€31,632 | -44.0% |
| Amounts receivable within one year | 40/41 | €45,352 | €14,633 | -€30,719 | -67.7% |
| Trade receivables | 40 | €15,484 | €14,633 | -€851 | -5.5% |
| Other amounts receivable | 41 | €29,868 | €0 | -€29,868 | -100.0% |
| Cash at bank and in hand | 54/58 | €25,276 | €25,460 | +€184 | +0.7% |
| Deferred charges and accrued income | 490/1 | €1,199 | €102 | -€1,097 | -91.5% |
| Total equity and liabilities | 10/49 | €5,256,524 | €8,174,871 | +€2.9m | +55.5% |
| Equity | 10/15 | €3,970,239 | €4,000,189 | +€29,950 | +0.8% |
| Contributions | 10/11 | €592,900 | €592,900 | = | 0.0% |
| Revaluation surpluses | 12 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €2,977,339 | €3,007,289 | +€29,950 | +1.0% |
| Distributable reserves | 133 | €2,977,339 | €3,007,289 | +€29,950 | +1.0% |
| Amounts payable | 17/49 | €1,286,285 | €4,174,682 | +€2.9m | +224.6% |
| Amounts payable after more than one year | 17 | €1,207,990 | €4,092,463 | +€2.9m | +238.8% |
| Financial debts | 170/4 | €312,403 | €2,636,792 | +€2.3m | +744.0% |
| Other amounts payable | 178/9 | €895,587 | €1,455,672 | +€560,085 | +62.5% |
| Amounts payable within one year | 42/48 | €78,295 | €82,218 | +€3,923 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €63,340 | €71,743 | +€8,403 | +13.3% |
| Trade debts | 44 | €5,509 | €2,179 | -€3,330 | -60.4% |
| Suppliers | 440/4 | €5,509 | €2,179 | -€3,330 | -60.4% |
| Taxes, remuneration and social security | 45 | €9,447 | €8,297 | -€1,150 | -12.2% |
| Taxes | 450/3 | €7,201 | €5,507 | -€1,694 | -23.5% |
| Remuneration and social security | 454/9 | €2,246 | €2,790 | +€544 | +24.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,979 | €85,831 | +€53,853 | +168.4% |
| Other operating charges | 640/8 | €3,680 | €5,773 | +€2,093 | +56.9% |
| Gross operating margin | 9900 | €46,005 | €109,027 | +€63,022 | +137.0% |
| Operating profit (loss) | 9901 | €10,347 | €17,423 | +€7,076 | +68.4% |
| Financial income | 75/76B | €28,355 | €28,355 | +€0 | 0.0% |
| Recurring financial income | 75 | €28,355 | €28,355 | +€0 | 0.0% |
| Financial charges | 65/66B | €14,710 | €15,753 | +€1,043 | +7.1% |
| Recurring financial charges | 65 | €14,710 | €15,753 | +€1,043 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €23,992 | €30,025 | +€6,033 | +25.1% |
| Income taxes | 67/77 | €3,803 | €75 | -€3,728 | -98.0% |
| Profit (loss) for the period | 9904 | €20,190 | €29,950 | +€9,760 | +48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,190 | €29,950 | +€9,760 | +48.3% |
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 12 October 2026 via checked.be.