CJK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 20 filings
Turnover
≈ €19,000
Estimated: probably between €11,000 and €44,000
Total assets
€15,716▼ 28.9%
2024 · €22,088
Net result
€746▼ 76.6%
2024 · €3,190
Working capital
€7,351▲ 30.5%
2024 · €5,632
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€973
▼ 66.1%
2025
20182025
Net result
€746
▼ 76.6%
2025
lowest quarter of the sector
20182025
Equity
€13,130
▲ 6.0%
2025
lowest quarter of the sector
20182025
Total assets
€15,716
▼ 28.9%
2025
lowest quarter of the sector
20182025
Debt
€2,586
▼ 73.4%
2025
20182025
Working capital
€7,351
▲ 30.5%
2025
middle half of the sector
20182025
Solvency
83.5%
▲ 27.5pp
2025
highest quarter of the sector
20182025
Current ratio
3.84
▲ 2.26
2025
middle half of the sector
20182025
Return on assets (ROA)
4.7%
▼ 9.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€26,725-€21,732▼ 18.7%€1,807▼ 91.7%€915▼ 49.4%-€1,390-€4,900▼ 253%€2,869€973▼ 66.1%
Net result€21,221-€14,993▼ 29.4%-€813below the sector's middle half-€466below the sector's middle half▲ 42.7%-€1,235below the sector's middle half▼ 165%-€4,280below the sector's middle half▼ 247%€3,190within the sector's middle half€746below the sector's middle half▼ 76.6%
Equity€30,215-€45,208▲ 49.6%€44,395within the sector's middle half▼ 1.8%€43,929within the sector's middle half▼ 1.0%€42,695within the sector's middle half▼ 2.8%€17,194below the sector's middle half▼ 59.7%€12,383below the sector's middle half▼ 28.0%€13,130below the sector's middle half▲ 6.0%
Total assets€31,360-€50,734▲ 61.8%€47,870below the sector's middle half▼ 5.6%€44,668below the sector's middle half▼ 6.7%€44,046below the sector's middle half▼ 1.4%€40,197below the sector's middle half▼ 8.7%€22,088below the sector's middle half▼ 45.1%€15,716below the sector's middle half▼ 28.9%
Debt€1,144-€5,526▲ 383%€3,476▼ 37.1%€738▼ 78.8%€1,352▲ 83.0%€23,003▲ 17×€9,705▼ 57.8%€2,586▼ 73.4%
Working capital€28,122-€27,431▼ 2.5%€28,850within the sector's middle half▲ 5.2%€23,605within the sector's middle half▼ 18.2%€32,216within the sector's middle half▲ 36.5%€10,342within the sector's middle half▼ 67.9%€5,632within the sector's middle half▼ 45.5%€7,351within the sector's middle half▲ 30.5%
Solvency96.4%-89.1%▼ 7.2pp92.7%above the sector's middle half▲ 3.6pp98.3%above the sector's middle half▲ 5.6pp96.9%above the sector's middle half▼ 1.4pp42.8%within the sector's middle half▼ 54.2pp56.1%within the sector's middle half▲ 13.3pp83.5%above the sector's middle half▲ 27.5pp
Current ratio25.57-5.96▼ 19.619.30above the sector's middle half▲ 3.3432.96above the sector's middle half▲ 23.6624.84above the sector's middle half▼ 8.131.45within the sector's middle half▼ 23.391.58within the sector's middle half▲ 0.133.84within the sector's middle half▲ 2.26
Return on assets (ROA)67.7%-29.6%▼ 38.1pp-1.7%below the sector's middle half▼ 31.3pp-1.0%below the sector's middle half▲ 0.7pp-2.8%below the sector's middle half▼ 1.8pp-10.6%below the sector's middle half▼ 7.8pp14.4%within the sector's middle half▲ 25.1pp4.7%within the sector's middle half▼ 9.7pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 66% lower than in 2024.
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 €15,716
Fixed assets
€5,779 ▼ 14.4%
Current assets
€9,937 ▼ 35.2%
Equity and liabilities €15,716
Equity
€13,130 ▲ 6.0%
Debt
€2,586 ▼ 73.4%
Debt's share of the balance-sheet total falls from 43.9% to 16.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€2,879▼
2024 · €5,035
Cash flow
€2,652▼
2024 · €5,355
Debt to equity
0.20▼
2024 · 0.78
ROE
5.7%▼
2024 · 25.8%
Interest coverage
8.18▼
2024 · 8.20
Debt ≤ 1 year
€2,586▼
2024 · €9,705
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 | €11,445 | €1,245 | - | €2,065 | €933 |
| Depreciation and write-downs of the year | €6,667 | €4,281 | €3,627 | €2,165 | €1,906 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €23,766 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €893 | €3,656 | €3,341 | €6,667 | €4,281 | €3,627 | €2,165 | €1,906 | ▼ 12.0% |
| Other operating charges640/8 | - | - | - | €1,313 | €1,103 | €1,121 | €988 | €732 | ▼ 25.8% |
| Gross operating margin9900 | €29,707 | €26,506 | €6,372 | €8,895 | €3,994 | -€153 | €6,022 | €3,611 | ▼ 40.0% |
| Operating profit (loss)9901 | €26,725 | €21,732 | €1,807 | €915 | -€1,390 | -€4,900 | €2,869 | €973 | ▼ 66.1% |
| Financial income75/76B | - | - | - | €1,089 | €1,195 | €1,116 | €934 | €126 | ▼ 86.6% |
| Recurring financial income75 | €319 | €610 | €1,319 | €1,089 | €1,195 | €1,116 | €934 | €126 | ▼ 86.6% |
| Financial charges65/66B | - | - | - | €439 | €867 | €495 | €614 | €352 | ▼ 42.7% |
| Recurring financial charges65 | €472 | €519 | €446 | €439 | €867 | €495 | €614 | €352 | ▼ 42.7% |
| Profit (loss) for the period before taxes9903 | €26,572 | €21,823 | €2,680 | €1,565 | -€1,062 | -€4,280 | €3,190 | €746 | ▼ 76.6% |
| Income taxes67/77 | €5,351 | €6,831 | €3,493 | €2,031 | €172 | - | - | - | - |
| Profit (loss) for the period9904 | €21,221 | €14,993 | -€813 | -€466 | -€1,235 | -€4,280 | €3,190 | €746 | ▼ 76.6% |
| Profit (loss) for the period to be appropriated9905 | €21,221 | €14,993 | -€813 | -€466 | -€1,235 | -€4,280 | €3,190 | €746 | ▼ 76.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €31,360 | €50,734 | €47,870 | €44,668 | €44,046 | €40,197 | €22,088 | €15,716 | ▼ 28.9% |
| Fixed assets21/28 | €2,094 | €17,777 | €15,545 | €20,324 | €10,478 | €6,851 | €6,752 | €5,779 | ▼ 14.4% |
| Tangible fixed assets22/27 | €2,094 | €17,777 | €15,545 | €20,324 | €10,478 | €6,851 | €6,752 | €5,779 | ▼ 14.4% |
| Land and buildings22 | - | - | - | €8,840 | €7,166 | €5,971 | €4,777 | €3,583 | ▼ 25.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,782 | €1,369 | ▼ 23.2% |
| Furniture and vehicles24 | - | - | - | €11,484 | €3,313 | €880 | €192 | €827 | ▲ 330% |
| Current assets29/58 | €29,266 | €32,957 | €32,325 | €24,344 | €33,568 | €33,346 | €15,336 | €9,937 | ▼ 35.2% |
| Amounts receivable within one year40/41 | €17,924 | €26,469 | €21,273 | €21,204 | €19,896 | €30,316 | €8,695 | €4,688 | ▼ 46.1% |
| Trade receivables40 | - | - | - | €4,395 | €3,340 | €4,579 | €3,620 | €4,259 | ▲ 17.6% |
| Other amounts receivable41 | - | - | - | €16,808 | €16,556 | €25,737 | €5,075 | €428 | ▼ 91.6% |
| Cash at bank and in hand54/58 | €10,900 | €6,033 | €10,579 | €2,647 | €13,276 | €2,615 | €6,191 | €4,775 | ▼ 22.9% |
| Deferred charges and accrued income490/1 | - | - | - | €493 | €396 | €414 | €450 | €474 | ▲ 5.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €31,360 | €50,734 | €47,870 | €44,668 | €44,046 | €40,197 | €22,088 | €15,716 | ▼ 28.9% |
| Equity10/15 | €30,215 | €45,208 | €44,395 | €43,929 | €42,695 | €17,194 | €12,383 | €13,130 | ▲ 6.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €24,015 | €39,008 | €38,195 | €38,074 | €38,074 | €16,853 | €8,853 | €8,853 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €36,214 | €36,214 | €16,853 | €8,853 | €8,853 | = |
| Profit (loss) carried forward14 | - | - | - | -€345 | -€1,579 | -€5,859 | -€2,669 | -€1,923 | ▲ 28.0% |
| Amounts payable17/49 | €1,144 | €5,526 | €3,476 | €738 | €1,352 | €23,003 | €9,705 | €2,586 | ▼ 73.4% |
| Amounts payable within one year42/48 | €1,144 | €5,526 | €3,476 | €738 | €1,352 | €23,003 | €9,705 | €2,586 | ▼ 73.4% |
| Trade debts44 | €425 | €510 | €1,145 | €593 | €625 | €701 | €912 | €674 | ▼ 26.2% |
| Suppliers440/4 | - | - | - | €593 | €625 | €701 | €912 | €674 | ▼ 26.2% |
| Taxes, remuneration and social security45 | - | - | - | €146 | €726 | €2,143 | €1,193 | €1,432 | ▲ 20.1% |
| Taxes450/3 | - | - | - | €146 | €726 | €2,143 | €1,193 | €1,432 | ▲ 20.1% |
| Other amounts payable47/48 | - | - | - | - | - | €20,160 | €7,600 | €480 | ▼ 93.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,221 | €14,993 | -€813 | -€466 | -€1,235 | -€4,280 | €3,190 | €746 | ▼ 76.6% |
| + Depreciation and write-downs630 | €893 | €3,656 | €3,341 | €6,667 | €4,281 | €3,627 | €2,165 | €1,906 | ▼ 12.0% |
| Operating cash flow (approximation) | €22,115 | €18,649 | €2,527 | €6,201 | €3,047 | -€653 | €5,355 | €2,652 | ▼ 50.5% |
| Investment in fixed assets (approximation) | - | -€19,340 | -€1,109 | -€11,445 | €5,565 | €0 | -€2,065 | -€933 | ▲ 54.8% |
| Change in cash | - | -€4,868 | €4,546 | -€7,931 | €10,629 | -€10,661 | €3,575 | -€1,416 | - |
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, 17,041 companies had the same profile as CJK has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CJK itself: < 0.1% 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 17,041 companies, not a prediction for CJK. 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.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00259864 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00180057 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00173972 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00177216 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20111970 | |
| 31-12-2020 | micro format | 16-07-2021 | 2021-36400255 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-24700458 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-24400178 | |
| 31-12-2017 | micro format | 27-06-2018 | 2018-24200130 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-25200159 |