JERO: 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.
JERO
Largest movements
- Receivables within one year -€102,614
down €102,614 (-60.5%), from €169,528 to €66,915
of which Trade receivables: -€91,181
- Tangible fixed assets -€77,856
down €77,856 (-9.0%), from €866,039 to €788,182
of which Land and buildings: -€73,611
- Reserves -€290,721
down €290,721 (-50.9%), from €570,725 to €280,004
of which Distributable reserves: -€282,923
- Other debts +€218,490
up €218,490 (+190%), from €115,069 to €333,559
- Debts after one year -€91,625
down €91,625 (-45.2%), from €202,908 to €111,283
- Tax, wage and social debts -€21,621
down €21,621 (-86.3%), from €25,043 to €3,422
- Current portion of long-term debt +€12,087
up €12,087 (+7.0%), from €172,396 to €184,483
- Gross operating margin -€62,270
down €62,270 (-31.6%), from €197,014 to €134,744
- Taxes -€17,688
down €17,688 (-58.0%), from €30,472 to €12,784
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 | €1,161,756 | €987,981 | -€173,775 | -15.0% |
| Fixed assets | 21/28 | €972,398 | €894,542 | -€77,856 | -8.0% |
| Tangible fixed assets | 22/27 | €866,039 | €788,182 | -€77,856 | -9.0% |
| Land and buildings | 22 | €840,445 | €766,833 | -€73,611 | -8.8% |
| Plant, machinery and equipment | 23 | €25,594 | €21,349 | -€4,245 | -16.6% |
| Financial fixed assets | 28 | €106,360 | €106,360 | = | 0.0% |
| Current assets | 29/58 | €189,358 | €93,439 | -€95,919 | -50.7% |
| Amounts receivable within one year | 40/41 | €169,528 | €66,915 | -€102,614 | -60.5% |
| Trade receivables | 40 | €150,000 | €58,820 | -€91,181 | -60.8% |
| Other amounts receivable | 41 | €19,528 | €8,095 | -€11,433 | -58.5% |
| Cash at bank and in hand | 54/58 | €19,830 | €26,524 | +€6,694 | +33.8% |
| Total equity and liabilities | 10/49 | €1,161,756 | €987,981 | -€173,775 | -15.0% |
| Equity | 10/15 | €632,725 | €342,004 | -€290,721 | -45.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €570,725 | €280,004 | -€290,721 | -50.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,596 | €7,798 | -€7,798 | -50.0% |
| Distributable reserves | 133 | €548,929 | €266,006 | -€282,923 | -51.5% |
| Provisions and deferred taxes | 16 | €5,301 | €2,651 | -€2,651 | -50.0% |
| Deferred taxes | 168 | €5,301 | €2,651 | -€2,651 | -50.0% |
| Amounts payable | 17/49 | €523,730 | €643,326 | +€119,596 | +22.8% |
| Amounts payable after more than one year | 17 | €202,908 | €111,283 | -€91,625 | -45.2% |
| Financial debts | 170/4 | €202,908 | €111,283 | -€91,625 | -45.2% |
| Amounts payable within one year | 42/48 | €312,538 | €524,386 | +€211,848 | +67.8% |
| Current portion of amounts payable after more than one year | 42 | €172,396 | €184,483 | +€12,087 | +7.0% |
| Trade debts | 44 | €30 | €2,921 | +€2,892 | +9,779% |
| Suppliers | 440/4 | €30 | €2,921 | +€2,892 | +9,779% |
| Taxes, remuneration and social security | 45 | €25,043 | €3,422 | -€21,621 | -86.3% |
| Taxes | 450/3 | €25,043 | €3,422 | -€21,621 | -86.3% |
| Other amounts payable | 47/48 | €115,069 | €333,559 | +€218,490 | +190% |
| Accrued charges and deferred income | 492/3 | €8,283 | €7,657 | -€626 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,089 | €77,856 | -€233 | -0.3% |
| Other operating charges | 640/8 | €6,247 | €6,437 | +€190 | +3.0% |
| Gross operating margin | 9900 | €197,014 | €134,744 | -€62,270 | -31.6% |
| Operating profit (loss) | 9901 | €112,677 | €50,450 | -€62,227 | -55.2% |
| Financial charges | 65/66B | €14,649 | €14,461 | -€188 | -1.3% |
| Recurring financial charges | 65 | €14,649 | €14,461 | -€188 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €98,028 | €35,989 | -€62,038 | -63.3% |
| Transfer from deferred taxes | 780 | €2,651 | €2,651 | = | 0.0% |
| Income taxes | 67/77 | €30,472 | €12,784 | -€17,688 | -58.0% |
| Profit (loss) for the period | 9904 | €70,207 | €25,856 | -€44,350 | -63.2% |
| Transfer from tax-exempt reserves | 789 | €7,798 | €7,798 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,005 | €33,654 | -€44,350 | -56.9% |
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 13 October 2026 via checked.be.