JEFCO: what changed
JEFCO
Largest movements
- Tangible fixed assets -€50,092
down €50,092 (-6.5%), from €771,915 to €721,823
of which Land and buildings: -€49,108
- Deferred charges and accrued income +€50,009
up €50,009 (+709%), from €7,052 to €57,061
- Cash +€14,655
up €14,655 (+59.8%), from €24,488 to €39,143
mainly Contributions, distributions and other (+€2.4m) and Depreciation (+€50,111)
- Contributions +€2.4m
up €2.4m (+3,790%), from €62,000 to €2.4m
- Other debts -€2.2m
no longer reported in 2025 (was €2.2m)
- Profit (loss) carried forward -€115,581
down €115,581 (-7.8%), from -€1.5m to -€1.6m
- Gross operating margin +€59,933
up €59,933 (+189%), from €31,772 to €91,706
- Financial charges +€6,719
up €6,719 (+6.4%), from €104,308 to €111,027
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €811,424 | €827,616 | +€16,192 | +2.0% |
| Formation expenses | 20 | - | €3,628 | +€3,628 | |
| Fixed assets | 21/28 | €773,590 | €723,498 | -€50,092 | -6.5% |
| Tangible fixed assets | 22/27 | €771,915 | €721,823 | -€50,092 | -6.5% |
| Land and buildings | 22 | €768,038 | €718,930 | -€49,108 | -6.4% |
| Other tangible fixed assets | 26 | €3,876 | €2,893 | -€983 | -25.4% |
| Financial fixed assets | 28 | €1,675 | €1,675 | = | 0.0% |
| Current assets | 29/58 | €37,834 | €100,489 | +€62,655 | +166% |
| Amounts receivable within one year | 40/41 | €6,294 | €4,285 | -€2,009 | -31.9% |
| Trade receivables | 40 | €6,294 | €3,648 | -€2,646 | -42.0% |
| Other amounts receivable | 41 | - | €637 | +€637 | |
| Cash at bank and in hand | 54/58 | €24,488 | €39,143 | +€14,655 | +59.8% |
| Deferred charges and accrued income | 490/1 | €7,052 | €57,061 | +€50,009 | +709% |
| Total equity and liabilities | 10/49 | €811,424 | €827,616 | +€16,192 | +2.0% |
| Equity | 10/15 | -€1,413,730 | €820,689 | +€2.2m | |
| Contributions | 10/11 | €62,000 | €2,412,000 | +€2.4m | +3,790% |
| Capital | 10 | €62,000 | €2,412,000 | +€2.4m | +3,790% |
| Issued capital | 100 | €62,000 | €2,412,000 | +€2.4m | +3,790% |
| Profit (loss) carried forward | 14 | -€1,475,730 | -€1,591,311 | -€115,581 | -7.8% |
| Amounts payable | 17/49 | €2,225,154 | €6,927 | -€2.2m | -99.7% |
| Amounts payable within one year | 42/48 | €2,225,154 | €6,551 | -€2.2m | -99.7% |
| Trade debts | 44 | €757 | €6,551 | +€5,794 | +765% |
| Suppliers | 440/4 | €757 | €6,551 | +€5,794 | +765% |
| Taxes, remuneration and social security | 45 | €612 | - | -€612 | |
| Taxes | 450/3 | €612 | - | -€612 | |
| Other amounts payable | 47/48 | €2,223,784 | - | -€2.2m | |
| Accrued charges and deferred income | 492/3 | - | €375 | +€375 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,092 | €50,111 | +€20 | 0.0% |
| Other operating charges | 640/8 | €45,568 | €46,148 | +€580 | +1.3% |
| Gross operating margin | 9900 | €31,772 | €91,706 | +€59,933 | +189% |
| Operating profit (loss) | 9901 | -€63,887 | -€4,554 | +€59,333 | +92.9% |
| Financial charges | 65/66B | €104,308 | €111,027 | +€6,719 | +6.4% |
| Recurring financial charges | 65 | €104,308 | €111,027 | +€6,719 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | -€168,195 | -€115,581 | +€52,614 | +31.3% |
| Profit (loss) for the period | 9904 | -€168,195 | -€115,581 | +€52,614 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€168,195 | -€115,581 | +€52,614 | +31.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.