JOFA: what changed
Two fiscal 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
JOFA
NACE 46.900, Non-specialised wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€120,242
2024 · €73,745+€46,497
Equity
€1.1m
2024 · €964,847+€120,242
Cash
€200,153
2024 · €197,117+€3,036
Balance sheet total
€3.7m
2024 · €3.7m-€79,245
Largest movements
Assets
- Tangible fixed assets -€90,506
down €90,506 (-7.6%), from €1.2m to €1.1m
of which Leasing and similar rights: -€52,542
- Receivables within one year +€68,774
up €68,774 (+9.0%), from €762,633 to €831,407
of which Trade receivables: +€73,631
- Intangible fixed assets -€42,858
down €42,858 (-33.3%), from €128,684 to €85,826
Equity and liabilities
- Debts after one year -€165,176
down €165,176 (-29.5%), from €559,064 to €393,888
- Reserves +€120,242
up €120,242 (+13.0%), from €928,127 to €1.0m
of which Distributable reserves: +€134,148
- Current portion of long-term debt -€44,688
down €44,688 (-21.6%), from €206,849 to €162,161
Income statement
- Gross operating margin +€75,896
up €75,896 (+11.8%), from €642,902 to €718,798
- Staff costs +€35,128
up €35,128 (+13.4%), from €261,341 to €296,469
- Financial charges -€14,434
down €14,434 (-11.0%), from €130,709 to €116,275
- Taxes +€13,198
up €13,198 (+41.5%), from €31,802 to €45,000
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
€73,745
Gross operating margin
+€75,896
Staff costs
-€35,128
Depreciation
+€6,454
Other operating charges
+€3,840
Financial income
-€5,799
Financial charges
+€14,434
Taxes
-€13,198
Result 2025
€120,242
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.
From operations
+€212,900
Investment
€0
Financing
-€209,864
Cash 2024
€197,117
From operations (derived)
+€212,900
Net result for the year
+€120,242
Depreciation
+€133,364
Stocks and contracts
-€15,525
Receivables within one year
-€68,774
Deferred charges and accrued income
+€33,216
Provisions
-€5,841
Trade debts
+€22,784
Tax, wage and social debts
+€23,434
Other debts
-€30,000
Financing
-€209,864
Debts after one year
-€165,176
Current portion of long-term debt
-€44,688
Cash 2025
€200,153
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,741,339 | €3,662,094 | -€79,245 | -2.1% |
| Fixed assets | 21/28 | €1,326,605 | €1,193,241 | -€133,364 | -10.1% |
| Intangible fixed assets | 21 | €128,684 | €85,826 | -€42,858 | -33.3% |
| Tangible fixed assets | 22/27 | €1,191,295 | €1,100,789 | -€90,506 | -7.6% |
| Land and buildings | 22 | €556,921 | €543,947 | -€12,974 | -2.3% |
| Plant, machinery and equipment | 23 | €872 | - | -€872 | |
| Furniture and vehicles | 24 | €50,700 | €26,582 | -€24,118 | -47.6% |
| Leasing and similar rights | 25 | €393,103 | €340,561 | -€52,542 | -13.4% |
| Other tangible fixed assets | 26 | €189,698 | €189,698 | = | 0.0% |
| Financial fixed assets | 28 | €6,626 | €6,626 | = | 0.0% |
| Current assets | 29/58 | €2,414,734 | €2,468,853 | +€54,119 | +2.2% |
| Stocks and contracts in progress | 3 | €1,421,768 | €1,437,293 | +€15,525 | +1.1% |
| Stocks | 30/36 | €1,421,768 | €1,437,293 | +€15,525 | +1.1% |
| Amounts receivable within one year | 40/41 | €762,633 | €831,407 | +€68,774 | +9.0% |
| Trade receivables | 40 | €748,471 | €822,102 | +€73,631 | +9.8% |
| Other amounts receivable | 41 | €14,162 | €9,306 | -€4,857 | -34.3% |
| Cash at bank and in hand | 54/58 | €197,117 | €200,153 | +€3,036 | +1.5% |
| Deferred charges and accrued income | 490/1 | €33,216 | - | -€33,216 | |
| Total equity and liabilities | 10/49 | €3,741,339 | €3,662,094 | -€79,245 | -2.1% |
| Equity | 10/15 | €964,847 | €1,085,089 | +€120,242 | +12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €18,120 | €18,120 | = | 0.0% |
| Reserves | 13 | €928,127 | €1,048,369 | +€120,242 | +13.0% |
| Tax-exempt reserves | 132 | €123,714 | €109,808 | -€13,906 | -11.2% |
| Distributable reserves | 133 | €804,413 | €938,561 | +€134,148 | +16.7% |
| Provisions and deferred taxes | 16 | €64,014 | €58,173 | -€5,841 | -9.1% |
| Provisions for liabilities and charges | 160/5 | €21,428 | €21,428 | = | 0.0% |
| Pensions and similar obligations | 160 | €21,428 | €21,428 | = | 0.0% |
| Deferred taxes | 168 | €42,586 | €36,745 | -€5,841 | -13.7% |
| Amounts payable | 17/49 | €2,712,478 | €2,518,832 | -€193,646 | -7.1% |
| Amounts payable after more than one year | 17 | €559,064 | €393,888 | -€165,176 | -29.5% |
| Financial debts | 170/4 | €559,064 | €393,888 | -€165,176 | -29.5% |
| Amounts payable within one year | 42/48 | €2,145,851 | €2,117,381 | -€28,470 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €206,849 | €162,161 | -€44,688 | -21.6% |
| Financial debts | 43 | €1,499,946 | €1,499,946 | = | 0.0% |
| Credit institutions | 430/8 | €1,499,946 | €1,499,946 | = | 0.0% |
| Trade debts | 44 | €296,729 | €319,513 | +€22,784 | +7.7% |
| Suppliers | 440/4 | €296,729 | €319,513 | +€22,784 | +7.7% |
| Taxes, remuneration and social security | 45 | €90,703 | €114,137 | +€23,434 | +25.8% |
| Taxes | 450/3 | €59,815 | €83,723 | +€23,907 | +40.0% |
| Remuneration and social security | 454/9 | €30,888 | €30,414 | -€474 | -1.5% |
| Other amounts payable | 47/48 | €51,624 | €21,624 | -€30,000 | -58.1% |
| Accrued charges and deferred income | 492/3 | €7,563 | €7,563 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €261,341 | €296,469 | +€35,128 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,818 | €133,364 | -€6,454 | -4.6% |
| Other operating charges | 640/8 | €26,553 | €22,713 | -€3,840 | -14.5% |
| Gross operating margin | 9900 | €642,902 | €718,798 | +€75,896 | +11.8% |
| Operating profit (loss) | 9901 | €215,191 | €266,252 | +€51,061 | +23.7% |
| Financial income | 75/76B | €15,223 | €9,424 | -€5,799 | -38.1% |
| Recurring financial income | 75 | €15,223 | €9,424 | -€5,799 | -38.1% |
| Financial charges | 65/66B | €130,709 | €116,275 | -€14,434 | -11.0% |
| Recurring financial charges | 65 | €130,709 | €116,275 | -€14,434 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €99,705 | €159,401 | +€59,695 | +59.9% |
| Transfer from deferred taxes | 780 | €5,841 | €5,841 | = | 0.0% |
| Income taxes | 67/77 | €31,802 | €45,000 | +€13,198 | +41.5% |
| Profit (loss) for the period | 9904 | €73,745 | €120,242 | +€46,497 | +63.1% |
| Transfer from tax-exempt reserves | 789 | €13,906 | €13,906 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €87,651 | €134,148 | +€46,497 | +53.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.