JFE: 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.
JFE
Largest movements
- Receivables within one year -€147,571
down €147,571 (-93.6%), from €157,594 to €10,023
of which Other amounts receivable: -€123,482
- Cash +€138,692
up €138,692 (+236.9%), from €58,555 to €197,247
mainly Receivables within one year (+€147,571) and Stocks and contracts (+€96,112)
- Stocks and contracts -€96,112
down €96,112 (-42.3%), from €227,131 to €131,020
- Tangible fixed assets +€83,781
up €83,781 (+17.4%), from €481,312 to €565,092
of which Furniture and vehicles: +€103,089
- Trade debts -€48,054
down €48,054 (-49.2%), from €97,754 to €49,700
- Reserves +€21,264
up €21,264 (+4.4%), from €482,115 to €503,379
of which Distributable reserves: +€23,263
- Tax, wage and social debts -€9,694
down €9,694 (-17.8%), from €54,458 to €44,763
of which Taxes: -€11,787
- Staff costs -€21,596
down €21,596 (-10.0%), from €215,081 to €193,485
- Taxes +€9,130
up €9,130 (+98.5%), from €9,266 to €18,396
- Financial charges -€5,974
down €5,974 (-39.9%), from €14,980 to €9,007
- Depreciation +€4,853
up €4,853 (+7.6%), from €64,130 to €68,982
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 | €935,862 | €908,438 | -€27,425 | -2.9% |
| Fixed assets | 21/28 | €481,568 | €565,348 | +€83,781 | +17.4% |
| Tangible fixed assets | 22/27 | €481,312 | €565,092 | +€83,781 | +17.4% |
| Land and buildings | 22 | €324,391 | €304,491 | -€19,900 | -6.1% |
| Plant, machinery and equipment | 23 | €4,287 | €4,878 | +€591 | +13.8% |
| Furniture and vehicles | 24 | €152,634 | €255,723 | +€103,089 | +67.5% |
| Financial fixed assets | 28 | €256 | €256 | = | 0.0% |
| Current assets | 29/58 | €454,294 | €343,089 | -€111,205 | -24.5% |
| Stocks and contracts in progress | 3 | €227,131 | €131,020 | -€96,112 | -42.3% |
| Stocks | 30/36 | €227,131 | €131,020 | -€96,112 | -42.3% |
| Amounts receivable within one year | 40/41 | €157,594 | €10,023 | -€147,571 | -93.6% |
| Trade receivables | 40 | €32,426 | €8,337 | -€24,089 | -74.3% |
| Other amounts receivable | 41 | €125,168 | €1,686 | -€123,482 | -98.7% |
| Cash at bank and in hand | 54/58 | €58,555 | €197,247 | +€138,692 | +236.9% |
| Deferred charges and accrued income | 490/1 | €11,014 | €4,800 | -€6,214 | -56.4% |
| Total equity and liabilities | 10/49 | €935,862 | €908,438 | -€27,425 | -2.9% |
| Equity | 10/15 | €732,115 | €753,379 | +€21,264 | +2.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €482,115 | €503,379 | +€21,264 | +4.4% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,309 | €15,310 | -€2,000 | -11.6% |
| Distributable reserves | 133 | €439,806 | €463,069 | +€23,263 | +5.3% |
| Provisions and deferred taxes | 16 | €3,940 | €3,273 | -€667 | -16.9% |
| Deferred taxes | 168 | €3,940 | €3,273 | -€667 | -16.9% |
| Amounts payable | 17/49 | €199,807 | €151,786 | -€48,022 | -24.0% |
| Amounts payable after more than one year | 17 | €33,715 | €37,892 | +€4,177 | +12.4% |
| Financial debts | 170/4 | €33,715 | €37,892 | +€4,177 | +12.4% |
| Amounts payable within one year | 42/48 | €166,092 | €113,894 | -€52,199 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €13,881 | €19,430 | +€5,549 | +40.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €97,754 | €49,700 | -€48,054 | -49.2% |
| Suppliers | 440/4 | €97,754 | €49,700 | -€48,054 | -49.2% |
| Taxes, remuneration and social security | 45 | €54,458 | €44,763 | -€9,694 | -17.8% |
| Taxes | 450/3 | €21,669 | €9,883 | -€11,787 | -54.4% |
| Remuneration and social security | 454/9 | €32,788 | €34,881 | +€2,093 | +6.4% |
| Non-recurring operating income | 76A | €0 | €24,972 | +€24,972 | |
| Remuneration, social security and pensions | 62 | €215,081 | €193,485 | -€21,596 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,130 | €68,982 | +€4,853 | +7.6% |
| Other operating charges | 640/8 | €7,983 | €8,497 | +€514 | +6.4% |
| Gross operating margin | 9900 | €320,029 | €317,214 | -€2,815 | -0.9% |
| Operating profit (loss) | 9901 | €32,835 | €46,250 | +€13,415 | +40.9% |
| Financial income | 75/76B | €1,223 | €1,749 | +€526 | +43.0% |
| Recurring financial income | 75 | €1,223 | €1,749 | +€526 | +43.0% |
| Financial charges | 65/66B | €14,980 | €9,007 | -€5,974 | -39.9% |
| Recurring financial charges | 65 | €14,980 | €9,007 | -€5,974 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €19,078 | €38,993 | +€19,915 | +104.4% |
| Transfer from deferred taxes | 780 | €667 | €667 | = | 0.0% |
| Income taxes | 67/77 | €9,266 | €18,396 | +€9,130 | +98.5% |
| Profit (loss) for the period | 9904 | €10,478 | €21,264 | +€10,785 | +102.9% |
| Transfer from tax-exempt reserves | 789 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,478 | €23,263 | +€10,785 | +86.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.