JF-project: 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.
JF-project
Largest movements
- Current investments +€522,839
up €522,839 (+18.0%), from €2.9m to €3.4m
- Tangible fixed assets -€364,808
down €364,808 (-51.5%), from €707,787 to €342,979
of which Land and buildings: -€269,522
- Cash -€49,451
down €49,451 (-59.2%), from €83,551 to €34,100
mainly Current investments (-€522,839) and Debts after one year (-€39,798)
- Reserves +€207,251
up €207,251 (+8.2%), from €2.5m to €2.7m
- Financial income -€362,822
down €362,822 (-73.8%), from €491,392 to €128,570
- Gross operating margin +€53,451
up €53,451 (+17.7%), from €301,714 to €355,165
- Taxes -€10,347
down €10,347 (-8.5%), from €121,597 to €111,250
- Financial charges +€7,720
up €7,720 (+34.3%), from €22,524 to €30,245
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 | €4,216,398 | €4,363,111 | +€146,713 | +3.5% |
| Fixed assets | 21/28 | €741,037 | €373,979 | -€367,058 | -49.5% |
| Tangible fixed assets | 22/27 | €707,787 | €342,979 | -€364,808 | -51.5% |
| Land and buildings | 22 | €454,317 | €184,795 | -€269,522 | -59.3% |
| Furniture and vehicles | 24 | €253,470 | €158,183 | -€95,287 | -37.6% |
| Financial fixed assets | 28 | €33,250 | €31,000 | -€2,250 | -6.8% |
| Current assets | 29/58 | €3,475,361 | €3,989,132 | +€513,771 | +14.8% |
| Amounts receivable after more than one year | 29 | €432,523 | €466,067 | +€33,544 | +7.8% |
| Other amounts receivable | 291 | €432,523 | €466,067 | +€33,544 | +7.8% |
| Amounts receivable within one year | 40/41 | €36,557 | €43,837 | +€7,280 | +19.9% |
| Trade receivables | 40 | €12,408 | €18,150 | +€5,742 | +46.3% |
| Other amounts receivable | 41 | €24,149 | €25,687 | +€1,538 | +6.4% |
| Current investments | 50/53 | €2,911,509 | €3,434,348 | +€522,839 | +18.0% |
| Cash at bank and in hand | 54/58 | €83,551 | €34,100 | -€49,451 | -59.2% |
| Deferred charges and accrued income | 490/1 | €11,221 | €10,780 | -€441 | -3.9% |
| Total equity and liabilities | 10/49 | €4,216,398 | €4,363,111 | +€146,713 | +3.5% |
| Equity | 10/15 | €3,513,936 | €3,721,187 | +€207,251 | +5.9% |
| Contributions | 10/11 | €514,828 | €514,828 | = | 0.0% |
| Reserves | 13 | €2,524,199 | €2,731,451 | +€207,251 | +8.2% |
| Distributable reserves | 133 | €2,524,199 | €2,731,451 | +€207,251 | +8.2% |
| Profit (loss) carried forward | 14 | €474,908 | €474,908 | = | 0.0% |
| Amounts payable | 17/49 | €702,462 | €641,924 | -€60,538 | -8.6% |
| Amounts payable after more than one year | 17 | €470,582 | €430,784 | -€39,798 | -8.5% |
| Financial debts | 170/4 | €470,582 | €430,784 | -€39,798 | -8.5% |
| Amounts payable within one year | 42/48 | €231,007 | €211,140 | -€19,868 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €55,413 | €37,403 | -€18,011 | -32.5% |
| Financial debts | 43 | - | €1,700 | +€1,700 | |
| Credit institutions | 430/8 | - | €1,700 | +€1,700 | |
| Trade debts | 44 | €33,347 | €11,964 | -€21,384 | -64.1% |
| Suppliers | 440/4 | €33,347 | €11,964 | -€21,384 | -64.1% |
| Taxes, remuneration and social security | 45 | €128,008 | €148,635 | +€20,627 | +16.1% |
| Taxes | 450/3 | €128,008 | €148,635 | +€20,627 | +16.1% |
| Other amounts payable | 47/48 | €14,239 | €11,438 | -€2,801 | -19.7% |
| Accrued charges and deferred income | 492/3 | €872 | €0 | -€872 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,066 | €122,613 | -€2,453 | -2.0% |
| Other operating charges | 640/8 | €10,753 | €12,377 | +€1,624 | +15.1% |
| Gross operating margin | 9900 | €301,714 | €355,165 | +€53,451 | +17.7% |
| Operating profit (loss) | 9901 | €165,896 | €220,176 | +€54,280 | +32.7% |
| Financial income | 75/76B | €491,392 | €128,570 | -€362,822 | -73.8% |
| Recurring financial income | 75 | €491,392 | €128,570 | -€362,822 | -73.8% |
| Financial charges | 65/66B | €22,524 | €30,245 | +€7,720 | +34.3% |
| Recurring financial charges | 65 | €22,524 | €30,245 | +€7,720 | +34.3% |
| Profit (loss) for the period before taxes | 9903 | €634,764 | €318,501 | -€316,262 | -49.8% |
| Income taxes | 67/77 | €121,597 | €111,250 | -€10,347 | -8.5% |
| Profit (loss) for the period | 9904 | €513,167 | €207,251 | -€305,916 | -59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €513,167 | €207,251 | -€305,916 | -59.6% |
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 5 October 2026 via checked.be.