JARO: 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
JARO
NACE 46.392, Non-specialised wholesale
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6,134
2024 · €401,630-€407,764
Equity
€1.1m
2024 · €1.1m-€6,134
Cash
€69,243
2024 · €452,130-€382,887
Balance sheet total
€1.9m
2024 · €2.0m-€162,001
Largest movements
Assets
- Cash -€382,887
down €382,887 (-84.7%), from €452,130 to €69,243
mainly Investment in fixed assets (net) (-€307,327) and Other debts (-€85,000)
- Tangible fixed assets +€221,101
up €221,101 (+14.1%), from €1.6m to €1.8m
of which Land and buildings: +€156,109
Equity and liabilities
- Other debts -€85,000
down €85,000 (-42.3%), from €201,090 to €116,090
- Tax, wage and social debts -€26,153
down €26,153 (-89.6%), from €29,181 to €3,028
Income statement
- Gross operating margin -€544,520
down €544,520 (-83.5%), from €652,441 to €107,921
- Taxes -€28,468
down €28,468 (-95.9%), from €29,688 to €1,220
- Depreciation +€11,943
up €11,943 (+16.1%), from €74,283 to €86,226
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
€401,630
Gross operating margin
-€544,520
Depreciation
-€11,943
Other operating charges
+€912
Other operating items
+€201
Financial income
-€1,243
Financial charges
+€3,003
Taxes
+€28,468
Deferred taxes and other
+€117,358
Result 2025
-€6,134
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
-€40,219
Investment
-€307,327
Financing
-€35,342
Cash 2024
€452,130
From operations (derived)
-€40,219
Net result for the year
-€6,134
Depreciation
+€86,226
Deferred charges and accrued income
+€214
Provisions
-€3,086
Trade debts
-€7,334
Tax, wage and social debts
-€26,153
Other debts
-€85,000
Accrued charges and deferred income
+€1,048
Investment (derived)
-€307,327
Investment in fixed assets (net)
-€307,327
Financing
-€35,342
Debts after one year
-€9,913
Current portion of long-term debt
-€6,086
Short-term financial debts
-€19,343
Cash 2025
€69,243
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,024,208 | €1,862,207 | -€162,001 | -8.0% |
| Fixed assets | 21/28 | €1,568,880 | €1,789,981 | +€221,101 | +14.1% |
| Tangible fixed assets | 22/27 | €1,568,880 | €1,789,981 | +€221,101 | +14.1% |
| Land and buildings | 22 | €1,539,358 | €1,695,466 | +€156,109 | +10.1% |
| Plant, machinery and equipment | 23 | €465 | €376 | -€89 | -19.0% |
| Leasing and similar rights | 25 | €16,825 | €14,865 | -€1,960 | -11.7% |
| Assets under construction and advance payments | 27 | €12,233 | €79,273 | +€67,041 | +548% |
| Current assets | 29/58 | €455,328 | €72,226 | -€383,102 | -84.1% |
| Cash at bank and in hand | 54/58 | €452,130 | €69,243 | -€382,887 | -84.7% |
| Deferred charges and accrued income | 490/1 | €3,197 | €2,983 | -€214 | -6.7% |
| Total equity and liabilities | 10/49 | €2,024,208 | €1,862,207 | -€162,001 | -8.0% |
| Equity | 10/15 | €1,062,278 | €1,056,144 | -€6,134 | -0.6% |
| Contributions | 10/11 | €238,592 | €238,592 | = | 0.0% |
| Capital | 10 | €238,592 | €238,592 | = | 0.0% |
| Issued capital | 100 | €238,592 | €238,592 | = | 0.0% |
| Reserves | 13 | €791,054 | €784,915 | -€6,139 | -0.8% |
| Non-distributable reserves | 130/1 | €23,859 | €23,859 | = | 0.0% |
| Legal reserve | 130 | €23,859 | €23,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €362,054 | €353,435 | -€8,619 | -2.4% |
| Distributable reserves | 133 | €405,141 | €407,621 | +€2,480 | +0.6% |
| Profit (loss) carried forward | 14 | €32,632 | €32,637 | +€5 | 0.0% |
| Provisions and deferred taxes | 16 | €120,872 | €117,786 | -€3,086 | -2.6% |
| Deferred taxes | 168 | €120,872 | €117,786 | -€3,086 | -2.6% |
| Amounts payable | 17/49 | €841,058 | €688,276 | -€152,782 | -18.2% |
| Amounts payable after more than one year | 17 | €510,593 | €500,679 | -€9,913 | -1.9% |
| Financial debts | 170/4 | €510,593 | €500,679 | -€9,913 | -1.9% |
| Amounts payable within one year | 42/48 | €330,465 | €186,549 | -€143,916 | -43.5% |
| Current portion of amounts payable after more than one year | 42 | €73,349 | €67,263 | -€6,086 | -8.3% |
| Financial debts | 43 | €19,343 | - | -€19,343 | |
| Credit institutions | 430/8 | €19,343 | - | -€19,343 | |
| Trade debts | 44 | €7,503 | €169 | -€7,334 | -97.7% |
| Suppliers | 440/4 | €7,503 | €169 | -€7,334 | -97.7% |
| Taxes, remuneration and social security | 45 | €29,181 | €3,028 | -€26,153 | -89.6% |
| Taxes | 450/3 | €29,181 | €3,028 | -€26,153 | -89.6% |
| Other amounts payable | 47/48 | €201,090 | €116,090 | -€85,000 | -42.3% |
| Accrued charges and deferred income | 492/3 | - | €1,048 | +€1,048 | |
| Non-recurring operating income | 76A | €592,122 | - | -€592,122 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,283 | €86,226 | +€11,943 | +16.1% |
| Other operating charges | 640/8 | €19,223 | €18,311 | -€912 | -4.7% |
| Non-recurring operating charges | 66A | €201 | - | -€201 | |
| Gross operating margin | 9900 | €652,441 | €107,921 | -€544,520 | -83.5% |
| Operating profit (loss) | 9901 | €558,735 | €3,384 | -€555,350 | -99.4% |
| Financial income | 75/76B | €2,467 | €1,224 | -€1,243 | -50.4% |
| Recurring financial income | 75 | €2,467 | €1,224 | -€1,243 | -50.4% |
| Financial charges | 65/66B | €15,611 | €12,608 | -€3,003 | -19.2% |
| Recurring financial charges | 65 | €15,611 | €12,608 | -€3,003 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €545,591 | -€8,000 | -€553,590 | |
| Transfer from deferred taxes | 780 | €4,152 | €3,086 | -€1,066 | -25.7% |
| Transfer to deferred taxes | 680 | €118,424 | - | -€118,424 | |
| Income taxes | 67/77 | €29,688 | €1,220 | -€28,468 | -95.9% |
| Profit (loss) for the period | 9904 | €401,630 | -€6,134 | -€407,764 | |
| Transfer from tax-exempt reserves | 789 | €11,816 | €8,619 | -€3,197 | -27.1% |
| Transfer to tax-exempt reserves | 689 | €355,273 | - | -€355,273 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,173 | €2,485 | -€55,688 | -95.7% |
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 31 October 2026 via checked.be.