JUFAGA: 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.
JUFAGA
Largest movements
- Current investments +€2.1m
new in 2025: €2.1m
- Cash -€359,362
down €359,362 (-84.2%), from €426,738 to €67,376
mainly Current investments (-€2.1m) and Receivables after one year (-€150,000)
- Receivables after one year +€150,000
up €150,000 (+25.0%), from €600,000 to €750,000
- Profit (loss) carried forward +€1.9m
up €1.9m, from -€144,894 to €1.8m
- Financial income +€2.0m
up €2.0m (+3303.0%), from €61,048 to €2.1m
of which Non-recurring financial income: +€2.0m
- Taxes +€42,000
no longer reported in 2025 (was -€42,000)
- Financial charges -€20,353
down €20,353 (-18.4%), from €110,723 to €90,370
- Gross operating margin +€13,897
up €13,897 (+35.3%), from -€39,329 to -€25,433
- Other operating charges +€6,874
up €6,874 (+3686.9%), from €186 to €7,061
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 | €12,416,432 | €14,423,034 | +€2.0m | +16.2% |
| Fixed assets | 21/28 | €10,858,166 | €10,954,597 | +€96,430 | +0.9% |
| Tangible fixed assets | 22/27 | €45,049 | €30,920 | -€14,128 | -31.4% |
| Land and buildings | 22 | €3,631 | €2,869 | -€762 | -21.0% |
| Furniture and vehicles | 24 | €41,418 | €28,051 | -€13,366 | -32.3% |
| Financial fixed assets | 28 | €10,813,118 | €10,923,677 | +€110,559 | +1.0% |
| Current assets | 29/58 | €1,558,265 | €3,468,437 | +€1.9m | +122.6% |
| Amounts receivable after more than one year | 29 | €600,000 | €750,000 | +€150,000 | +25.0% |
| Other amounts receivable | 291 | €600,000 | €750,000 | +€150,000 | +25.0% |
| Amounts receivable within one year | 40/41 | €507,297 | €495,470 | -€11,827 | -2.3% |
| Trade receivables | 40 | €27,840 | €20,470 | -€7,370 | -26.5% |
| Other amounts receivable | 41 | €479,457 | €475,000 | -€4,457 | -0.9% |
| Current investments | 50/53 | - | €2,098,523 | +€2.1m | |
| Cash at bank and in hand | 54/58 | €426,738 | €67,376 | -€359,362 | -84.2% |
| Deferred charges and accrued income | 490/1 | €24,229 | €57,067 | +€32,838 | +135.5% |
| Total equity and liabilities | 10/49 | €12,416,432 | €14,423,034 | +€2.0m | +16.2% |
| Equity | 10/15 | €8,935,106 | €10,875,597 | +€1.9m | +21.7% |
| Contributions | 10/11 | €9,000,000 | €9,000,000 | = | 0.0% |
| Reserves | 13 | €80,000 | €80,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €80,000 | €80,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€144,894 | €1,795,597 | +€1.9m | |
| Amounts payable | 17/49 | €3,481,326 | €3,547,437 | +€66,111 | +1.9% |
| Amounts payable after more than one year | 17 | €3,387,489 | €3,517,489 | +€130,000 | +3.8% |
| Financial debts | 170/4 | €3,387,489 | €3,517,489 | +€130,000 | +3.8% |
| Amounts payable within one year | 42/48 | €93,837 | €29,948 | -€63,889 | -68.1% |
| Current portion of amounts payable after more than one year | 42 | €24,662 | - | -€24,662 | |
| Trade debts | 44 | €15,600 | €343 | -€15,257 | -97.8% |
| Suppliers | 440/4 | €15,600 | €343 | -€15,257 | -97.8% |
| Taxes, remuneration and social security | 45 | €2,493 | €471 | -€2,021 | -81.1% |
| Taxes | 450/3 | €2,493 | €471 | -€2,021 | -81.1% |
| Other amounts payable | 47/48 | €51,082 | €29,134 | -€21,948 | -43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,546 | €14,128 | +€583 | +4.3% |
| Other operating charges | 640/8 | €186 | €7,061 | +€6,874 | +3686.9% |
| Gross operating margin | 9900 | -€39,329 | -€25,433 | +€13,897 | +35.3% |
| Operating profit (loss) | 9901 | -€53,061 | -€46,622 | +€6,440 | +12.1% |
| Financial income | 75/76B | €61,048 | €2,077,482 | +€2.0m | +3303.0% |
| Recurring financial income | 75 | €61,048 | €77,482 | +€16,434 | +26.9% |
| Non-recurring financial income | 76B | - | €2,000,000 | +€2.0m | |
| Financial charges | 65/66B | €110,723 | €90,370 | -€20,353 | -18.4% |
| Recurring financial charges | 65 | €110,723 | €90,370 | -€20,353 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | -€102,736 | €1,940,491 | +€2.0m | |
| Income taxes | 67/77 | -€42,000 | - | +€42,000 | |
| Profit (loss) for the period | 9904 | -€60,736 | €1,940,491 | +€2.0m | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,736 | €1,940,491 | +€2.0m |
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 9 October 2026 via checked.be.