JAFI: 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.
JAFI
Largest movements
- Financial fixed assets +€661,719
up €661,719 (+32.9%), from €2.0m to €2.7m
- Receivables within one year +€590,930
up €590,930 (+73.3%), from €805,780 to €1.4m
of which Other amounts receivable: +€595,930
- Cash +€304,375
up €304,375 (+10,035%), from €3,033 to €307,408
mainly Contributions, distributions and other (+€3.0m) and Other debts (+€277,718)
- Contributions +€3.0m
up €3.0m (+4,615%), from €65,000 to €3.1m
- Profit (loss) carried forward -€1.4m
down €1.4m, from €355,403 to -€994,803
- Debts after one year -€303,612
down €303,612 (-89.6%), from €338,718 to €35,107
- Other debts +€277,718
up €277,718 (+14.4%), from €1.9m to €2.2m
- Current portion of long-term debt -€83,805
down €83,805 (-96.2%), from €87,152 to €3,346
- Financial charges +€1.3m
up €1.3m (+2,899%), from €46,549 to €1.4m
of which Non-recurring financial charges: +€1.3m
- Staff costs +€29,808
up €29,808 (+36.0%), from €82,777 to €112,585
- Taxes -€16,073
down €16,073 (-84.2%), from €19,082 to €3,009
- Services and other goods +€3,362
up €3,362 (+8.9%), from €37,885 to €41,247
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,839,767 | €4,388,188 | +€1.5m | +54.5% |
| Fixed assets | 21/28 | €2,030,953 | €2,684,071 | +€653,117 | +32.2% |
| Tangible fixed assets | 22/27 | €17,203 | €8,602 | -€8,602 | -50.0% |
| Furniture and vehicles | 24 | €17,203 | €8,602 | -€8,602 | -50.0% |
| Financial fixed assets | 28 | €2,013,750 | €2,675,469 | +€661,719 | +32.9% |
| Affiliated companies | 280/1 | €2,013,750 | €2,675,469 | +€661,719 | +32.9% |
| Participating interests | 280 | €2,013,750 | €2,675,469 | +€661,719 | +32.9% |
| Current assets | 29/58 | €808,813 | €1,704,118 | +€895,305 | +111% |
| Amounts receivable within one year | 40/41 | €805,780 | €1,396,710 | +€590,930 | +73.3% |
| Trade receivables | 40 | €10,890 | €5,890 | -€5,000 | -45.9% |
| Other amounts receivable | 41 | €794,890 | €1,390,820 | +€595,930 | +75.0% |
| Cash at bank and in hand | 54/58 | €3,033 | €307,408 | +€304,375 | +10,035% |
| Total equity and liabilities | 10/49 | €2,839,767 | €4,388,188 | +€1.5m | +54.5% |
| Equity | 10/15 | €436,903 | €2,086,697 | +€1.6m | +378% |
| Contributions | 10/11 | €65,000 | €3,065,000 | +€3.0m | +4,615% |
| Capital | 10 | €65,000 | €3,065,000 | +€3.0m | +4,615% |
| Issued capital | 100 | €65,000 | €3,065,000 | +€3.0m | +4,615% |
| Reserves | 13 | €16,500 | €16,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €355,403 | -€994,803 | -€1.4m | |
| Amounts payable | 17/49 | €2,402,864 | €2,301,492 | -€101,372 | -4.2% |
| Amounts payable after more than one year | 17 | €338,718 | €35,107 | -€303,612 | -89.6% |
| Financial debts | 170/4 | €338,718 | €35,107 | -€303,612 | -89.6% |
| Credit institutions | 173 | €292,535 | - | -€292,535 | |
| Other loans | 174 | €46,184 | €35,107 | -€11,077 | -24.0% |
| Amounts payable within one year | 42/48 | €2,064,146 | €2,246,385 | +€182,240 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €87,152 | €3,346 | -€83,805 | -96.2% |
| Trade debts | 44 | €3,219 | €5,236 | +€2,017 | +62.6% |
| Suppliers | 440/4 | €3,219 | €5,236 | +€2,017 | +62.6% |
| Taxes, remuneration and social security | 45 | €42,323 | €28,634 | -€13,689 | -32.3% |
| Taxes | 450/3 | €32,310 | €18,951 | -€13,359 | -41.3% |
| Remuneration and social security | 454/9 | €10,013 | €9,683 | -€330 | -3.3% |
| Other amounts payable | 47/48 | €1,931,451 | €2,209,169 | +€277,718 | +14.4% |
| Accrued charges and deferred income | 492/3 | - | €20,000 | +€20,000 | |
| Operating income | 70/76A | €220,853 | €220,567 | -€286 | -0.1% |
| Turnover | 70 | €216,000 | €216,000 | = | 0.0% |
| Other operating income | 74 | €4,853 | €4,567 | -€286 | -5.9% |
| Operating charges | 60/66A | €129,850 | €187,820 | +€57,970 | +44.6% |
| Services and other goods | 61 | €37,885 | €41,247 | +€3,362 | +8.9% |
| Remuneration, social security and pensions | 62 | €82,777 | €112,585 | +€29,808 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,602 | €8,602 | = | 0.0% |
| Other operating charges | 640/8 | €586 | €2,094 | +€1,508 | +257% |
| Non-recurring operating charges | 66A | - | €23,292 | +€23,292 | |
| Operating profit (loss) | 9901 | €91,003 | €32,748 | -€58,256 | -64.0% |
| Financial income | 75/76B | €15,573 | €15,930 | +€356 | +2.3% |
| Recurring financial income | 75 | €15,573 | €15,930 | +€356 | +2.3% |
| Income from financial fixed assets | 750 | - | €15,930 | +€15,930 | |
| Income from current assets | 751 | €15,573 | - | -€15,573 | |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Financial charges | 65/66B | €46,549 | €1,395,874 | +€1.3m | +2,899% |
| Recurring financial charges | 65 | €46,549 | €47,793 | +€1,244 | +2.7% |
| Debt charges | 650 | €8,150 | €47,769 | +€39,619 | +486% |
| Other financial charges | 652/9 | €38,399 | €24 | -€38,375 | -99.9% |
| Non-recurring financial charges | 66B | - | €1,348,081 | +€1.3m | |
| Profit (loss) for the period before taxes | 9903 | €60,028 | -€1,347,197 | -€1.4m | |
| Income taxes | 67/77 | €19,082 | €3,009 | -€16,073 | -84.2% |
| Taxes | 670/3 | €19,082 | €3,009 | -€16,073 | -84.2% |
| Profit (loss) for the period | 9904 | €40,946 | -€1,350,206 | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €40,946 | -€1,350,206 | -€1.4m |
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 27 October 2026 via checked.be.