FJW
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-07-2026 at the NBB all 14 filings
Equity
€620,921▲ 2.0%
2024 · €608,847
Total assets
€747,996▼ 3.5%
2024 · €775,473
Net result
€12,074▲ 19.5%
2024 · €10,105
Working capital
€433,080▲ 4.3%
2024 · €415,114
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€24,142
▲ 4.0%
2025
20182025
Net result
€12,074
▲ 19.5%
2025
middle half of the sector
20182025
Equity
€620,921
▲ 2.0%
2025
highest quarter of the sector
20182025
Total assets
€747,996
▼ 3.5%
2025
highest quarter of the sector
20182025
Debt
€127,075
▼ 23.7%
2025
20182025
Working capital
€433,080
▲ 4.3%
2025
highest quarter of the sector
20182025
Solvency
83.0%
▲ 4.5pp
2025
highest quarter of the sector
20182025
Current ratio
7.32
▲ 0.96
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.6%
▲ 0.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€41,244--€2,201-€13,763▼ 525%€105,875€97,264▼ 8.1%-€8,657-€25,147▼ 190%-€24,142▲ 4.0%
Net result€31,842--€881-€31,819below the sector's middle half▼ 3,511%€475,386above the sector's middle half€91,647above the sector's middle half▼ 80.7%€9,427within the sector's middle half▼ 89.7%€10,105within the sector's middle half▲ 7.2%€12,074within the sector's middle half▲ 19.5%
Equity€309,982-€309,101▼ 0.3%€277,282above the sector's middle half▼ 10.3%€572,668above the sector's middle half▲ 107%€589,315above the sector's middle half▲ 2.9%€598,742above the sector's middle half▲ 1.6%€608,847above the sector's middle half▲ 1.7%€620,921above the sector's middle half▲ 2.0%
Total assets€439,385-€429,756▼ 2.2%€389,623within the sector's middle half▼ 9.3%€813,257above the sector's middle half▲ 109%€858,031above the sector's middle half▲ 5.5%€803,859above the sector's middle half▼ 6.3%€775,473above the sector's middle half▼ 3.5%€747,996above the sector's middle half▼ 3.5%
Debt€129,403-€120,655▼ 6.8%€112,341▼ 6.9%€240,589▲ 114%€268,716▲ 11.7%€205,117▼ 23.7%€166,626▼ 18.8%€127,075▼ 23.7%
Working capital€139,468-€112,189within the sector's middle half€398,109above the sector's middle half▲ 255%€384,787above the sector's middle half▼ 3.3%€399,884above the sector's middle half▲ 3.9%€415,114above the sector's middle half▲ 3.8%€433,080above the sector's middle half▲ 4.3%
Solvency70.5%-71.9%▲ 1.4pp71.2%within the sector's middle half▼ 0.8pp70.4%within the sector's middle half▼ 0.8pp68.7%within the sector's middle half▼ 1.7pp74.5%within the sector's middle half▲ 5.8pp78.5%within the sector's middle half▲ 4.0pp83.0%above the sector's middle half▲ 4.5pp
Current ratio13.01above the sector's middle half3.72within the sector's middle half▼ 9.293.42within the sector's middle half▼ 0.304.79above the sector's middle half▲ 1.376.36above the sector's middle half▲ 1.577.32above the sector's middle half▲ 0.96
Return on assets (ROA)7.2%--0.2%▼ 7.5pp-8.2%below the sector's middle half▼ 8.0pp58.5%above the sector's middle half▲ 66.6pp10.7%within the sector's middle half▼ 47.8pp1.2%below the sector's middle half▼ 9.5pp1.3%below the sector's middle half▲ 0.1pp1.6%below the sector's middle half▲ 0.3pp
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 a loss of €24,142, smaller than the loss of €25,147 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €747,996
Fixed assets
€246,410 ▼ 12.9%
Current assets
€501,586 ▲ 1.8%
Equity and liabilities €747,996
Equity
€620,921 ▲ 2.0%
Debt
€127,075 ▼ 23.7%
Debt's share of the balance-sheet total falls from 21.5% to 17.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€9,570▲
2024 · -€9,657
Cash flow
€26,646▲
2024 · €25,595
Debt to equity
0.20▼
2024 · 0.27
ROE
1.9%▲
2024 · 1.7%
Interest coverage
-2.71▲
2024 · -3.72
Debt ≤ 1 year
€68,506▼
2024 · €77,377
Debt > 1 year
€58,569▼
2024 · €67,849
Income taxes
€194▼
2024 · €4,800
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 | €1,138 | €47,194 | - | - | - |
| Depreciation and write-downs of the year | €673 | €1,787 | €15,489 | €15,490 | €14,572 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €901 | €901 | €545 | €673 | €1,787 | €15,489 | €15,490 | €14,572 | ▼ 5.9% |
| Other operating charges640/8 | - | - | - | €448 | €450 | €687 | €1,353 | €1,660 | ▲ 22.7% |
| Gross operating margin9900 | €42,541 | €41,598 | -€13,105 | €106,996 | €99,501 | €7,519 | -€8,304 | -€7,910 | ▲ 4.7% |
| Operating profit (loss)9901 | €41,244 | -€2,201 | -€13,763 | €105,875 | €97,264 | -€8,657 | -€25,147 | -€24,142 | ▲ 4.0% |
| Financial income75/76B | - | - | - | €446,214 | €34,188 | €21,370 | €42,649 | €39,937 | ▼ 6.4% |
| Recurring financial income75 | €2,764 | €8,702 | €85 | €446,214 | €34,188 | €21,370 | €42,649 | €39,937 | ▼ 6.4% |
| Financial charges65/66B | - | - | - | €2,162 | €19,905 | €3,109 | €2,597 | €3,527 | ▲ 35.8% |
| Recurring financial charges65 | €1,864 | €1,834 | €8,052 | €2,162 | €19,905 | €3,109 | €2,597 | €3,527 | ▲ 35.8% |
| Profit (loss) for the period before taxes9903 | €31,842 | €4,667 | -€21,731 | €549,927 | €111,547 | €9,604 | €14,905 | €12,268 | ▼ 17.7% |
| Income taxes67/77 | - | €5,548 | €10,088 | €74,541 | €19,900 | €177 | €4,800 | €194 | ▼ 96.0% |
| Profit (loss) for the period9904 | €31,842 | -€881 | -€31,819 | €475,386 | €91,647 | €9,427 | €10,105 | €12,074 | ▲ 19.5% |
| Profit (loss) for the period to be appropriated9905 | €31,842 | -€881 | -€31,819 | €475,386 | €91,647 | €9,427 | €10,105 | €12,074 | ▲ 19.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €439,385 | €429,756 | €389,623 | €813,257 | €858,031 | €803,859 | €775,473 | €747,996 | ▼ 3.5% |
| Fixed assets21/28 | €299,835 | €268,634 | €268,089 | €268,554 | €313,961 | €298,472 | €282,982 | €246,410 | ▼ 12.9% |
| Tangible fixed assets22/27 | €2,535 | €1,634 | €1,089 | €1,554 | €46,961 | €31,472 | €15,982 | €1,410 | ▼ 91.2% |
| Plant, machinery and equipment23 | - | - | - | - | €3,421 | €2,718 | €2,014 | €1,310 | ▼ 35.0% |
| Furniture and vehicles24 | - | - | - | €1,554 | €43,540 | €28,754 | €13,968 | €100 | ▼ 99.3% |
| Financial fixed assets28 | €297,300 | €267,000 | €267,000 | €267,000 | €267,000 | €267,000 | €267,000 | €245,000 | ▼ 8.2% |
| Current assets29/58 | €139,550 | €161,123 | €121,534 | €544,703 | €544,070 | €505,387 | €492,491 | €501,586 | ▲ 1.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €96,034 | €253,771 | €410,580 | ▲ 61.8% |
| Trade receivables290 | - | - | - | - | - | €96,034 | €237,965 | €410,580 | ▲ 72.5% |
| Other amounts receivable291 | - | - | - | - | - | - | €15,806 | - | - |
| Amounts receivable within one year40/41 | €60,914 | €59,198 | €90,529 | €18,214 | €30,731 | €7,994 | €1,132 | €204 | ▼ 82.0% |
| Trade receivables40 | - | - | - | €11,253 | €26,766 | €7,847 | - | - | - |
| Other amounts receivable41 | - | - | - | €6,961 | €3,965 | €147 | €1,132 | €204 | ▼ 82.0% |
| Current investments50/53 | €43,162 | €50,026 | €23,498 | - | €258,916 | €298,916 | €106,577 | €70,937 | ▼ 33.4% |
| Cash at bank and in hand54/58 | €35,474 | €51,899 | €7,508 | €526,489 | €252,673 | €101,425 | €129,943 | €18,738 | ▼ 85.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,750 | €1,018 | €1,068 | €1,127 | ▲ 5.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €439,385 | €429,756 | €389,623 | €813,257 | €858,031 | €803,859 | €775,473 | €747,996 | ▼ 3.5% |
| Equity10/15 | €309,982 | €309,101 | €277,282 | €572,668 | €589,315 | €598,742 | €608,847 | €620,921 | ▲ 2.0% |
| Contributions10/11 | €14,000 | €14,000 | - | €14,000 | €14,000 | €14,000 | €14,000 | €14,000 | = |
| Reserves13 | €295,982 | €295,982 | €295,982 | €558,668 | €575,315 | €584,742 | €594,847 | €606,921 | ▲ 2.0% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Distributable reserves133 | - | - | - | €556,668 | €573,315 | €582,742 | €592,847 | €604,921 | ▲ 2.0% |
| Profit (loss) carried forward14 | - | -€881 | -€32,700 | - | - | - | - | - | - |
| Amounts payable17/49 | €129,403 | €120,655 | €112,341 | €240,589 | €268,716 | €205,117 | €166,626 | €127,075 | ▼ 23.7% |
| Amounts payable after more than one year17 | €129,320 | €120,655 | €102,996 | €93,995 | €85,660 | €76,880 | €67,849 | €58,569 | ▼ 13.7% |
| Financial debts170/4 | - | - | - | €93,995 | €85,660 | €76,880 | €67,849 | €58,569 | ▼ 13.7% |
| Amounts payable within one year42/48 | €82 | - | €9,345 | €146,594 | €159,283 | €105,503 | €77,377 | €68,506 | ▼ 11.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,001 | €8,335 | €8,781 | €9,030 | €9,280 | ▲ 2.8% |
| Trade debts44 | €82 | - | €457 | €6,738 | €51,827 | €2,970 | €1,118 | €6,768 | ▲ 505% |
| Suppliers440/4 | - | - | - | €6,738 | €51,827 | €2,970 | €1,118 | €6,768 | ▲ 505% |
| Taxes, remuneration and social security45 | - | - | - | €48,037 | €50 | €2,518 | €5,000 | €230 | ▼ 95.4% |
| Taxes450/3 | - | - | - | €48,037 | €50 | €200 | €5,000 | €230 | ▼ 95.4% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,318 | - | - | - |
| Other amounts payable47/48 | - | - | - | €82,818 | €99,071 | €91,234 | €62,229 | €52,228 | ▼ 16.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | €23,773 | €22,734 | €21,400 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,842 | -€881 | -€31,819 | €475,386 | €91,647 | €9,427 | €10,105 | €12,074 | ▲ 19.5% |
| + Depreciation and write-downs630 | €901 | €901 | €545 | €673 | €1,787 | €15,489 | €15,490 | €14,572 | ▼ 5.9% |
| Operating cash flow (approximation) | €32,743 | €20 | -€31,274 | €476,059 | €93,434 | €24,916 | €25,595 | €26,646 | ▲ 4.1% |
| Investment in fixed assets (approximation) | - | €30,300 | €0 | -€1,138 | -€47,194 | €0 | €0 | €22,000 | - |
| Change in cash | - | €16,425 | -€44,391 | €518,981 | -€273,816 | -€151,248 | €28,518 | -€111,205 | - |
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, 6,049 companies had the same profile as FJW has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of FJW 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 6,049 companies, not a prediction for FJW. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-07-2026 | 2026-00332049 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00205374 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00389499 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00245216 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20156438 | |
| 31-12-2020 | micro format | 09-08-2021 | 2021-47000491 | |
| 31-12-2019 | micro format | 24-11-2020 | 2020-71700190 | |
| 31-12-2018 | micro format | 25-09-2019 | 2019-65900278 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-49900537 | |
| 31-12-2016 | abbreviated format | 14-07-2017 | 2017-31600599 |