CJDS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 5 filings
Turnover
≈ €59,000
Estimated: probably between €29,000 and €120,000
Total assets
€17,734▼ 25.9%
2024 · €23,926
Net result
€3,805▲ 54.0%
2024 · €2,471
Working capital
-€11,901▲ 16.2%
2024 · -€14,199
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€5,311
▲ 69.8%
2025
20212025
Net result
€3,805
▲ 54.0%
2025
middle half of the sector
20212025
Equity
-€510
▲ 88.2%
2025
lowest quarter of the sector
20212025
Total assets
€17,734
▼ 25.9%
2025
lowest quarter of the sector
20212025
Debt
€18,244
▼ 35.4%
2025
20212025
Working capital
-€11,901
▲ 16.2%
2025
lowest quarter of the sector
20212025
Solvency
-2.9%
▲ 15.2pp
2025
lowest quarter of the sector
20212025
Current ratio
0.34
▲ 0.07
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
21.5%
▲ 11.1pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€2,836-€8,504-€10,963€3,128€5,311▲ 69.8%
Net result-€2,896below the sector's middle half-€6,517within the sector's middle half-€11,608below the sector's middle half€2,471below the sector's middle half€3,805within the sector's middle half▲ 54.0%
Equity-€896below the sector's middle half-€4,821below the sector's middle half-€6,786below the sector's middle half-€4,315below the sector's middle half▲ 36.4%-€510below the sector's middle half▲ 88.2%
Total assets€18,126below the sector's middle half-€52,837below the sector's middle half▲ 191%€30,868below the sector's middle half▼ 41.6%€23,926below the sector's middle half▼ 22.5%€17,734below the sector's middle half▼ 25.9%
Debt€19,023-€48,016▲ 152%€37,654▼ 21.6%€28,241▼ 25.0%€18,244▼ 35.4%
Working capital-€6,920below the sector's middle half-€866below the sector's middle half-€12,370below the sector's middle half-€14,199below the sector's middle half▼ 14.8%-€11,901below the sector's middle half▲ 16.2%
Solvency-4.9%below the sector's middle half-9.1%below the sector's middle half▲ 14.1pp-22.0%below the sector's middle half▼ 31.1pp-18.0%below the sector's middle half▲ 4.0pp-2.9%below the sector's middle half▲ 15.2pp
Current ratio0.58below the sector's middle half-1.05within the sector's middle half▲ 0.470.27below the sector's middle half▼ 0.780.27below the sector's middle half=0.34below the sector's middle half▲ 0.07
Return on assets (ROA)-16.0%below the sector's middle half-12.3%within the sector's middle half▲ 28.3pp-37.6%below the sector's middle half▼ 49.9pp10.3%within the sector's middle half▲ 47.9pp21.5%within the sector's middle half▲ 11.1pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 70% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €17,734
Fixed assets
€11,631 ▼ 37.6%
Current assets
€6,103 ▲ 15.6%
Equity and liabilities
Equity-€510
Debt€18,244
Equity is negative. Debt (€18,244) exceeds the balance-sheet total (€17,734).
Key figures and ratios
EBITDA
€12,328▲
2024 · €10,812
Cash flow
€10,822▲
2024 · €10,155
Interest coverage
39.84▲
2024 · 22.43
Debt ≤ 1 year
€18,004▼
2024 · €19,477
Income taxes
€1,197▲
2024 · €174
The equity ratios are withheld because equity of -€510 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,000 | €33,090 | €1,996 | - | - |
| Financial fixed assets | - | - | - | €100 | - |
| Depreciation and write-downs of the year | €3,333 | €6,575 | €10,946 | €7,684 | €7,017 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,333 | €6,575 | €10,946 | €7,684 | €7,017 | ▼ 8.7% |
| Other operating charges640/8 | €125 | - | - | €3,208 | €400 | ▼ 87.5% |
| Gross operating margin9900 | €623 | €15,078 | -€17 | €14,020 | €12,728 | ▼ 9.2% |
| Operating profit (loss)9901 | -€2,836 | €8,504 | -€10,963 | €3,128 | €5,311 | ▲ 69.8% |
| Financial income75/76B | - | €80 | €0 | - | - | - |
| Recurring financial income75 | - | €80 | €0 | - | - | - |
| Financial charges65/66B | €60 | €241 | €645 | €482 | €309 | ▼ 35.8% |
| Recurring financial charges65 | €60 | €241 | €645 | €482 | €309 | ▼ 35.8% |
| Profit (loss) for the period before taxes9903 | -€2,896 | €8,343 | -€11,608 | €2,646 | €5,002 | ▲ 89.0% |
| Income taxes67/77 | - | €1,826 | - | €174 | €1,197 | ▲ 586% |
| Profit (loss) for the period9904 | -€2,896 | €6,517 | -€11,608 | €2,471 | €3,805 | ▲ 54.0% |
| Profit (loss) for the period to be appropriated9905 | -€2,896 | €6,517 | -€11,608 | €2,471 | €3,805 | ▲ 54.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €18,126 | €52,837 | €30,868 | €23,926 | €17,734 | ▼ 25.9% |
| Fixed assets21/28 | €8,667 | €35,182 | €26,232 | €18,648 | €11,631 | ▼ 37.6% |
| Tangible fixed assets22/27 | €8,667 | €35,182 | €26,232 | €18,548 | €11,531 | ▼ 37.8% |
| Plant, machinery and equipment23 | - | - | €1,668 | €1,269 | €870 | ▼ 31.5% |
| Furniture and vehicles24 | €8,667 | €35,182 | €24,564 | €17,279 | €10,661 | ▼ 38.3% |
| Financial fixed assets28 | - | - | - | €100 | €100 | = |
| Current assets29/58 | €9,460 | €17,656 | €4,636 | €5,278 | €6,103 | ▲ 15.6% |
| Amounts receivable within one year40/41 | €8,481 | €10,635 | €2,956 | €3,181 | €4,525 | ▲ 42.3% |
| Trade receivables40 | €8,481 | €10,635 | €2,956 | €3,181 | €4,525 | ▲ 42.3% |
| Cash at bank and in hand54/58 | €482 | €5,690 | €78 | €481 | €463 | ▼ 3.7% |
| Deferred charges and accrued income490/1 | €497 | €1,331 | €1,602 | €1,617 | €1,115 | ▼ 31.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €18,126 | €52,837 | €30,868 | €23,926 | €17,734 | ▼ 25.9% |
| Equity10/15 | -€896 | €4,821 | -€6,786 | -€4,315 | -€510 | ▲ 88.2% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | -€2,896 | €2,821 | -€8,786 | -€6,315 | -€2,510 | ▲ 60.2% |
| Amounts payable17/49 | €19,023 | €48,016 | €37,654 | €28,241 | €18,244 | ▼ 35.4% |
| Amounts payable after more than one year17 | - | €31,226 | €20,020 | €8,644 | - | - |
| Financial debts170/4 | - | €31,226 | €20,020 | €8,644 | - | - |
| Amounts payable within one year42/48 | €16,380 | €16,790 | €17,006 | €19,477 | €18,004 | ▼ 7.6% |
| Current portion of amounts payable after more than one year42 | - | €11,040 | €11,206 | €11,375 | €8,644 | ▼ 24.0% |
| Trade debts44 | €727 | - | - | €106 | €3,987 | ▲ 38× |
| Suppliers440/4 | €727 | - | - | €106 | €3,987 | ▲ 38× |
| Taxes, remuneration and social security45 | €3,009 | €4,103 | €5,462 | €5,341 | €4,895 | ▼ 8.4% |
| Taxes450/3 | €3,009 | €4,103 | €4,058 | €3,704 | €4,255 | ▲ 14.9% |
| Remuneration and social security454/9 | - | - | €1,403 | €1,637 | €640 | ▼ 60.9% |
| Other amounts payable47/48 | €12,643 | €1,647 | €338 | €2,654 | €478 | ▼ 82.0% |
| Accrued charges and deferred income492/3 | €2,643 | - | €629 | €120 | €240 | ▲ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,896 | €6,517 | -€11,608 | €2,471 | €3,805 | ▲ 54.0% |
| + Depreciation and write-downs630 | €3,333 | €6,575 | €10,946 | €7,684 | €7,017 | ▼ 8.7% |
| Operating cash flow (approximation) | €437 | €13,092 | -€662 | €10,155 | €10,822 | ▲ 6.6% |
| Investment in fixed assets (approximation) | - | -€33,090 | -€1,996 | -€100 | €0 | - |
| Change in cash | - | €5,208 | -€5,612 | €403 | -€18 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,180 companies had the same profile as CJDS has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CJDS itself: 2.6% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,180 companies, not a prediction for CJDS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00232133 | |
| 31-12-2024 | micro format | 08-08-2025 | 2025-00366064 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00390807 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00340625 | |
| 31-12-2021 | micro format | 17-08-2022 | 2022-20290776 |