JFC: 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.
What changed
JFC
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€196,490
2024 · €197,589-€1,099
Equity
€1.9m
2024 · €2.1m-€177,505
Cash
€1.3m
2024 · €1.4m-€57,744
Balance sheet total
€7.7m
2024 · €7.7m+€87,023
Largest movements
Assets
- Tangible fixed assets +€176,031
up €176,031 (+3.3%), from €5.3m to €5.4m
of which Land and buildings: +€205,670
Equity and liabilities
- Reserves -€177,503
down €177,503 (-13.2%), from €1.3m to €1.2m
of which Distributable reserves: -€137,682
- Other debts +€166,574
up €166,574 (+37.7%), from €441,926 to €608,501
- Trade debts +€103,749
up €103,749 (+42.1%), from €246,712 to €350,461
- Tax, wage and social debts +€98,933
up €98,933 (+54.7%), from €180,754 to €279,688
of which Taxes: +€93,512
Income statement
- Staff costs -€19,544
down €19,544 (-10.7%), from €182,686 to €163,142
- Gross operating margin -€12,655
down €12,655 (-1.5%), from €859,340 to €846,686
- Financial income -€11,670
down €11,670 (-96.2%), from €12,133 to €463
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.
Result 2024
€197,589
Gross operating margin
-€12,655
Staff costs
+€19,544
Depreciation
+€7,462
Other operating charges
+€1,404
Financial income
-€11,670
Financial charges
-€107
Taxes
-€5,882
Deferred taxes and other
+€804
Result 2025
€196,490
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€879,032
Investment
-€475,756
Financing
-€461,019
Cash 2024
€1.4m
From operations (derived)
+€879,032
Net result for the year
+€196,490
Depreciation
+€325,448
Stocks and contracts
+€24,750
Receivables within one year
-€18,532
Deferred charges and accrued income
-€677
Provisions
-€13,274
Trade debts
+€103,749
Tax, wage and social debts
+€98,933
Other debts
+€166,574
Accrued charges and deferred income
-€4,430
Investment (derived)
-€475,756
Investment in fixed assets (net)
-€475,756
Financing
-€461,019
Debts after one year
-€59,220
Current portion of long-term debt
-€27,805
Contributions, distributions and other
-€373,995
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,658,382 | €7,745,405 | +€87,023 | +1.1% |
| Formation expenses | 20 | €387,275 | €372,493 | -€14,782 | -3.8% |
| Fixed assets | 21/28 | €5,465,654 | €5,630,745 | +€165,091 | +3.0% |
| Intangible fixed assets | 21 | €42,228 | €31,288 | -€10,940 | -25.9% |
| Tangible fixed assets | 22/27 | €5,264,266 | €5,440,297 | +€176,031 | +3.3% |
| Land and buildings | 22 | €5,208,623 | €5,414,294 | +€205,670 | +3.9% |
| Plant, machinery and equipment | 23 | €3,001 | €3,975 | +€974 | +32.4% |
| Furniture and vehicles | 24 | €51,374 | €20,936 | -€30,438 | -59.2% |
| Other tangible fixed assets | 26 | €1,267 | €1,093 | -€174 | -13.8% |
| Financial fixed assets | 28 | €159,160 | €159,160 | = | 0.0% |
| Current assets | 29/58 | €1,805,454 | €1,742,168 | -€63,286 | -3.5% |
| Stocks and contracts in progress | 3 | €70,851 | €46,101 | -€24,750 | -34.9% |
| Stocks | 30/36 | €70,851 | €46,101 | -€24,750 | -34.9% |
| Amounts receivable within one year | 40/41 | €366,417 | €384,949 | +€18,532 | +5.1% |
| Trade receivables | 40 | €366,416 | €384,948 | +€18,532 | +5.1% |
| Other amounts receivable | 41 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,357,795 | €1,300,051 | -€57,744 | -4.3% |
| Deferred charges and accrued income | 490/1 | €10,390 | €11,067 | +€677 | +6.5% |
| Total equity and liabilities | 10/49 | €7,658,382 | €7,745,405 | +€87,023 | +1.1% |
| Equity | 10/15 | €2,060,246 | €1,882,741 | -€177,505 | -8.6% |
| Contributions | 10/11 | €22,180 | €22,180 | = | 0.0% |
| Reserves | 13 | €1,347,704 | €1,170,201 | -€177,503 | -13.2% |
| Non-distributable reserves | 130/1 | €30,800 | €30,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,994 | €30,800 | +€26,806 | +671% |
| Other | 1319 | €26,806 | - | -€26,806 | |
| Tax-exempt reserves | 132 | €743,732 | €703,911 | -€39,821 | -5.4% |
| Distributable reserves | 133 | €573,172 | €435,490 | -€137,682 | -24.0% |
| Profit (loss) carried forward | 14 | €690,361 | €690,359 | -€2 | 0.0% |
| Provisions and deferred taxes | 16 | €247,911 | €234,637 | -€13,274 | -5.4% |
| Deferred taxes | 168 | €247,911 | €234,637 | -€13,274 | -5.4% |
| Amounts payable | 17/49 | €5,350,226 | €5,628,028 | +€277,802 | +5.2% |
| Amounts payable after more than one year | 17 | €3,982,193 | €3,922,973 | -€59,220 | -1.5% |
| Financial debts | 170/4 | €3,982,193 | €3,922,973 | -€59,220 | -1.5% |
| Amounts payable within one year | 42/48 | €1,363,603 | €1,705,055 | +€341,451 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €494,211 | €466,406 | -€27,805 | -5.6% |
| Trade debts | 44 | €246,712 | €350,461 | +€103,749 | +42.1% |
| Suppliers | 440/4 | €246,712 | €350,461 | +€103,749 | +42.1% |
| Taxes, remuneration and social security | 45 | €180,754 | €279,688 | +€98,933 | +54.7% |
| Taxes | 450/3 | €150,746 | €244,259 | +€93,512 | +62.0% |
| Remuneration and social security | 454/9 | €30,008 | €35,429 | +€5,421 | +18.1% |
| Other amounts payable | 47/48 | €441,926 | €608,501 | +€166,574 | +37.7% |
| Accrued charges and deferred income | 492/3 | €4,430 | - | -€4,430 | |
| Remuneration, social security and pensions | 62 | €182,686 | €163,142 | -€19,544 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €332,910 | €325,448 | -€7,462 | -2.2% |
| Other operating charges | 640/8 | €14,195 | €12,791 | -€1,404 | -9.9% |
| Gross operating margin | 9900 | €859,340 | €846,686 | -€12,655 | -1.5% |
| Operating profit (loss) | 9901 | €329,550 | €345,305 | +€15,755 | +4.8% |
| Financial income | 75/76B | €12,133 | €463 | -€11,670 | -96.2% |
| Recurring financial income | 75 | €12,133 | €463 | -€11,670 | -96.2% |
| Financial charges | 65/66B | €105,134 | €105,241 | +€107 | +0.1% |
| Recurring financial charges | 65 | €105,134 | €105,241 | +€107 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €236,549 | €240,528 | +€3,979 | +1.7% |
| Transfer from deferred taxes | 780 | €52,290 | €53,094 | +€804 | +1.5% |
| Income taxes | 67/77 | €91,250 | €97,132 | +€5,882 | +6.4% |
| Profit (loss) for the period | 9904 | €197,589 | €196,490 | -€1,099 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €197,589 | €196,490 | -€1,099 | -0.6% |
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 24 October 2026 via checked.be.