JERFA: 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.
JERFA
Largest movements
- Tangible fixed assets +€8,476
up €8,476 (+60.8%), from €13,935 to €22,411
of which Plant, machinery and equipment: +€6,537
- Cash +€4,541
up €4,541 (+25.9%), from €17,521 to €22,062
mainly Other debts (+€13,500) and Trade debts (+€10,446)
- Receivables within one year -€1,921
down €1,921 (-37.3%), from €5,145 to €3,224
of which Trade receivables: -€2,584
- Stocks and contracts -€1,685
down €1,685 (-43.8%), from €3,851 to €2,166
- Deferred charges and accrued income +€1,089
up €1,089 (+270.2%), from €403 to €1,492
- Profit (loss) carried forward -€23,363
down €23,363 (-25.3%), from -€92,440 to -€115,804
- Other debts +€13,500
up €13,500 (+16.7%), from €80,822 to €94,322
- Trade debts +€10,446
up €10,446 (+59.7%), from €17,498 to €27,944
- Debts after one year +€9,239
new in 2025: €9,239
- Current portion of long-term debt +€2,547
up €2,547 (+120.6%), from €2,113 to €4,660
- Staff costs +€46,608
up €46,608 (+83.2%), from €56,039 to €102,647
- Gross operating margin +€23,266
up €23,266 (+35.4%), from €65,742 to €89,008
- Depreciation -€2,185
down €2,185 (-32.3%), from €6,755 to €4,570
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 | €40,855 | €51,355 | +€10,500 | +25.7% |
| Fixed assets | 21/28 | €13,935 | €22,411 | +€8,476 | +60.8% |
| Tangible fixed assets | 22/27 | €13,935 | €22,411 | +€8,476 | +60.8% |
| Land and buildings | 22 | €12,852 | €14,790 | +€1,939 | +15.1% |
| Plant, machinery and equipment | 23 | €1,084 | €7,621 | +€6,537 | +603.2% |
| Current assets | 29/58 | €26,920 | €28,944 | +€2,024 | +7.5% |
| Stocks and contracts in progress | 3 | €3,851 | €2,166 | -€1,685 | -43.8% |
| Stocks | 30/36 | €3,851 | €2,166 | -€1,685 | -43.8% |
| Amounts receivable within one year | 40/41 | €5,145 | €3,224 | -€1,921 | -37.3% |
| Trade receivables | 40 | €2,615 | €32 | -€2,584 | -98.8% |
| Other amounts receivable | 41 | €2,530 | €3,192 | +€662 | +26.2% |
| Cash at bank and in hand | 54/58 | €17,521 | €22,062 | +€4,541 | +25.9% |
| Deferred charges and accrued income | 490/1 | €403 | €1,492 | +€1,089 | +270.2% |
| Total equity and liabilities | 10/49 | €40,855 | €51,355 | +€10,500 | +25.7% |
| Equity | 10/15 | -€72,488 | -€95,852 | -€23,363 | -32.2% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Reserves | 13 | €8,952 | €8,952 | = | 0.0% |
| Distributable reserves | 133 | €8,952 | €8,952 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,440 | -€115,804 | -€23,363 | -25.3% |
| Amounts payable | 17/49 | €113,344 | €147,207 | +€33,863 | +29.9% |
| Amounts payable after more than one year | 17 | - | €9,239 | +€9,239 | |
| Financial debts | 170/4 | - | €9,239 | +€9,239 | |
| Amounts payable within one year | 42/48 | €111,700 | €136,368 | +€24,667 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €2,113 | €4,660 | +€2,547 | +120.6% |
| Financial debts | 43 | €1,803 | - | -€1,803 | |
| Credit institutions | 430/8 | €1,803 | - | -€1,803 | |
| Trade debts | 44 | €17,498 | €27,944 | +€10,446 | +59.7% |
| Suppliers | 440/4 | €17,498 | €27,944 | +€10,446 | +59.7% |
| Taxes, remuneration and social security | 45 | €9,465 | €9,442 | -€23 | -0.2% |
| Taxes | 450/3 | €525 | €1,023 | +€498 | +95.0% |
| Remuneration and social security | 454/9 | €8,941 | €8,419 | -€521 | -5.8% |
| Other amounts payable | 47/48 | €80,822 | €94,322 | +€13,500 | +16.7% |
| Accrued charges and deferred income | 492/3 | €1,643 | €1,600 | -€43 | -2.6% |
| Remuneration, social security and pensions | 62 | €56,039 | €102,647 | +€46,608 | +83.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,755 | €4,570 | -€2,185 | -32.3% |
| Other operating charges | 640/8 | €1,196 | €1,561 | +€365 | +30.5% |
| Gross operating margin | 9900 | €65,742 | €89,008 | +€23,266 | +35.4% |
| Operating profit (loss) | 9901 | €1,752 | -€19,770 | -€21,522 | |
| Financial charges | 65/66B | €3,396 | €3,593 | +€197 | +5.8% |
| Recurring financial charges | 65 | €3,396 | €3,593 | +€197 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,644 | -€23,363 | -€21,719 | -1321.1% |
| Profit (loss) for the period | 9904 | -€1,644 | -€23,363 | -€21,719 | -1321.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,644 | -€23,363 | -€21,719 | -1321.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.