J.D.B. CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 20 filings
Turnover
≈ €340,000
Estimated: probably between €220,000 and €520,000
Total assets
€486,193▼ 4.9%
2024 · €511,512
Net result
€42,458▲ 151%
2024 · €16,921
Working capital
€128,470▲ 164%
2024 · €48,693
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€61,821
▲ 128%
2025
20182025
Net result
€42,458
▲ 151%
2025
highest quarter of the sector
20182025
Equity
€241,642
▲ 21.3%
2025
highest quarter of the sector
20182025
Total assets
€486,193
▼ 4.9%
2025
highest quarter of the sector
20182025
Debt
€170,896
▼ 28.4%
2025
20182025
Working capital
€128,470
▲ 164%
2025
highest quarter of the sector
20182025
Solvency
49.7%
▲ 10.8pp
2025
middle half of the sector
20182025
Current ratio
2.14
▲ 0.85
2025
middle half of the sector
20182025
Return on assets (ROA)
8.7%
▲ 5.4pp
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€24,513-€22,610▼ 7.8%€15,286▼ 32.4%€36,432▲ 138%€66,113▲ 81.5%€16,968▼ 74.3%€27,061▲ 59.5%€61,821▲ 128%
Net result€14,774-€12,392▼ 16.1%€9,213within the sector's middle half▼ 25.7%€30,906within the sector's middle half▲ 235%€47,435above the sector's middle half▲ 53.5%€8,994within the sector's middle half▼ 81.0%€16,921within the sector's middle half▲ 88.1%€42,458above the sector's middle half▲ 151%
Equity€125,974-€135,117▲ 7.3%€144,331within the sector's middle half▲ 6.8%€147,736within the sector's middle half▲ 2.4%€195,171above the sector's middle half▲ 32.1%€197,038above the sector's middle half▲ 1.0%€199,184above the sector's middle half▲ 1.1%€241,642above the sector's middle half▲ 21.3%
Total assets€588,258-€511,288▼ 13.1%€471,882above the sector's middle half▼ 7.7%€597,353above the sector's middle half▲ 26.6%€616,624above the sector's middle half▲ 3.2%€577,462above the sector's middle half▼ 6.4%€511,512above the sector's middle half▼ 11.4%€486,193above the sector's middle half▼ 4.9%
Debt€388,631-€302,516▼ 22.2%€253,897▼ 16.1%€375,963▲ 48.1%€347,798▼ 7.5%€306,770▼ 11.8%€238,674▼ 22.2%€170,896▼ 28.4%
Working capital€79,571-€100,147▲ 25.9%€71,768within the sector's middle half▼ 28.3%€25,474within the sector's middle half▼ 64.5%€48,834within the sector's middle half▲ 91.7%€53,501within the sector's middle half▲ 9.6%€48,693within the sector's middle half▼ 9.0%€128,470above the sector's middle half▲ 164%
Solvency21.4%-26.4%▲ 5.0pp30.6%within the sector's middle half▲ 4.2pp24.7%within the sector's middle half▼ 5.9pp31.7%within the sector's middle half▲ 6.9pp34.1%within the sector's middle half▲ 2.5pp38.9%within the sector's middle half▲ 4.8pp49.7%within the sector's middle half▲ 10.8pp
Current ratio1.64-2.17▲ 0.531.89within the sector's middle half▼ 0.281.18within the sector's middle half▼ 0.711.29within the sector's middle half▲ 0.111.29within the sector's middle half=1.29within the sector's middle half=2.14within the sector's middle half▲ 0.85
Return on assets (ROA)2.5%-2.4%▼ 0.1pp2.0%within the sector's middle half▼ 0.5pp5.2%within the sector's middle half▲ 3.2pp7.7%within the sector's middle half▲ 2.5pp1.6%within the sector's middle half▼ 6.1pp3.3%within the sector's middle half▲ 1.8pp8.7%within the sector's middle half▲ 5.4pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 128% 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 €486,193
Fixed assets
€244,987 ▼ 16.9%
Current assets
€241,205 ▲ 11.4%
Equity and liabilities €486,193
Equity
€241,642 ▲ 21.3%
Provisions
€73,654 =
Debt
€170,896 ▼ 28.4%
Debt's share of the balance-sheet total falls from 46.7% to 35.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€127,666▲
2024 · €99,624
Cash flow
€108,303▲
2024 · €89,484
Quick ratio
1.83▲
2024 · 0.91
Debt to equity
0.71▼
2024 · 1.20
ROE
17.6%▲
2024 · 8.5%
Interest coverage
33.21▲
2024 · 19.55
Debt ≤ 1 year
€112,736▼
2024 · €167,886
Debt > 1 year
€56,149▼
2024 · €68,668
Income taxes
€17,442▲
2024 · €7,383
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 | €184,205 | €39,658 | €15,461 | €28,822 | €15,899 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €72,931 | €72,266 | €75,205 | €72,563 | €65,845 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €485 awarded · €485 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €438 |
| 2023 | 1 | €438 | €0 |
| 2022 | 1 | €47 | €47 |
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 | €63,928 | €61,679 | €58,649 | €72,931 | €72,266 | €75,205 | €72,563 | €65,845 | ▼ 9.3% |
| Other operating charges640/8 | - | - | - | €3,996 | €5,525 | €6,021 | €6,309 | €6,571 | ▲ 4.1% |
| Gross operating margin9900 | €91,879 | €88,146 | €77,926 | €113,359 | €143,904 | €98,194 | €105,933 | €134,237 | ▲ 26.7% |
| Operating profit (loss)9901 | €24,513 | €22,610 | €15,286 | €36,432 | €66,113 | €16,968 | €27,061 | €61,821 | ▲ 128% |
| Financial income75/76B | - | - | - | €2,319 | €3,560 | €2,616 | €2,339 | €1,924 | ▼ 17.8% |
| Recurring financial income75 | €712 | €1,623 | €1,579 | €2,319 | €3,560 | €2,616 | €2,339 | €1,924 | ▼ 17.8% |
| Financial charges65/66B | - | - | - | €4,608 | €5,254 | €5,944 | €5,096 | €3,844 | ▼ 24.6% |
| Recurring financial charges65 | €8,848 | €6,106 | €5,107 | €4,608 | €5,254 | €5,944 | €5,096 | €3,844 | ▼ 24.6% |
| Profit (loss) for the period before taxes9903 | €16,376 | €18,127 | €11,759 | €34,143 | €64,418 | €13,640 | €24,304 | €59,900 | ▲ 146% |
| Income taxes67/77 | €1,602 | €5,735 | €2,545 | €3,238 | €16,983 | €4,645 | €7,383 | €17,442 | ▲ 136% |
| Profit (loss) for the period9904 | €14,774 | €12,392 | €9,213 | €30,906 | €47,435 | €8,994 | €16,921 | €42,458 | ▲ 151% |
| Profit (loss) for the period to be appropriated9905 | €14,774 | €12,392 | €9,213 | €30,906 | €47,435 | €8,994 | €16,921 | €42,458 | ▲ 151% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €588,258 | €511,288 | €471,882 | €597,353 | €616,624 | €577,462 | €511,512 | €486,193 | ▼ 4.9% |
| Fixed assets21/28 | €383,683 | €325,404 | €319,752 | €431,026 | €398,418 | €338,674 | €294,933 | €244,987 | ▼ 16.9% |
| Tangible fixed assets22/27 | €383,433 | €325,154 | €319,502 | €430,776 | €398,168 | €338,424 | €294,683 | €244,737 | ▼ 16.9% |
| Land and buildings22 | - | - | - | €210,889 | €219,835 | €197,952 | €202,577 | €188,266 | ▼ 7.1% |
| Plant, machinery and equipment23 | - | - | - | €215,155 | €170,907 | €134,354 | €87,822 | €51,901 | ▼ 40.9% |
| Furniture and vehicles24 | - | - | - | €4,733 | €7,426 | €6,118 | €4,284 | €4,570 | ▲ 6.7% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €204,575 | €185,884 | €152,130 | €166,327 | €218,206 | €238,788 | €216,579 | €241,205 | ▲ 11.4% |
| Stocks and contracts in progress3 | €35,460 | €49,480 | €48,350 | €55,103 | €79,913 | €82,398 | €64,463 | €34,515 | ▼ 46.5% |
| Stocks30/36 | - | - | - | €55,103 | €79,913 | €82,398 | €64,463 | €34,515 | ▼ 46.5% |
| Amounts receivable within one year40/41 | €124,533 | €102,365 | €55,113 | €67,644 | €97,258 | €81,687 | €67,870 | €64,566 | ▼ 4.9% |
| Trade receivables40 | - | - | - | €58,546 | €92,197 | €80,314 | €63,894 | €61,945 | ▼ 3.1% |
| Other amounts receivable41 | - | - | - | €9,099 | €5,061 | €1,373 | €3,977 | €2,622 | ▼ 34.1% |
| Cash at bank and in hand54/58 | €41,703 | €31,868 | €44,828 | €37,647 | €36,537 | €68,885 | €78,466 | €136,698 | ▲ 74.2% |
| Deferred charges and accrued income490/1 | - | - | - | €5,933 | €4,497 | €5,818 | €5,780 | €5,426 | ▼ 6.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €588,258 | €511,288 | €471,882 | €597,353 | €616,624 | €577,462 | €511,512 | €486,193 | ▼ 4.9% |
| Equity10/15 | €125,974 | €135,117 | €144,331 | €147,736 | €195,171 | €197,038 | €199,184 | €241,642 | ▲ 21.3% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €107,424 | €116,567 | €125,781 | €129,186 | €176,621 | €178,488 | €180,634 | €223,092 | ▲ 23.5% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €127,331 | €174,766 | €178,488 | €180,634 | €223,092 | ▲ 23.5% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €73,654 | €73,654 | €73,654 | €73,654 | €73,654 | €73,654 | €73,654 | €73,654 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €73,654 | €73,654 | €73,654 | €73,654 | €73,654 | = |
| Pensions and similar obligations160 | - | - | - | €73,654 | €73,654 | €73,654 | €73,654 | €73,654 | = |
| Amounts payable17/49 | €388,631 | €302,516 | €253,897 | €375,963 | €347,798 | €306,770 | €238,674 | €170,896 | ▼ 28.4% |
| Amounts payable after more than one year17 | €263,627 | €216,780 | €173,535 | €234,617 | €177,617 | €119,709 | €68,668 | €56,149 | ▼ 18.2% |
| Financial debts170/4 | - | - | - | €234,617 | €177,617 | €119,709 | €68,668 | €56,149 | ▼ 18.2% |
| Amounts payable within one year42/48 | €125,004 | €85,737 | €80,362 | €140,853 | €169,372 | €185,287 | €167,886 | €112,736 | ▼ 32.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €56,101 | €57,000 | €57,907 | €51,042 | €12,519 | ▼ 75.5% |
| Trade debts44 | €12,014 | €10,541 | €33,402 | €52,514 | €54,531 | €44,688 | €42,578 | €29,775 | ▼ 30.1% |
| Suppliers440/4 | - | - | - | €52,514 | €54,531 | €44,688 | €42,578 | €29,775 | ▼ 30.1% |
| Advances received on contracts in progress46 | - | - | - | €422 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €21,148 | €26,507 | €33,065 | €34,921 | €44,378 | ▲ 27.1% |
| Taxes450/3 | - | - | - | €16,391 | €22,014 | €23,378 | €25,122 | €39,133 | ▲ 55.8% |
| Remuneration and social security454/9 | - | - | - | €4,756 | €4,493 | €9,687 | €9,799 | €5,246 | ▼ 46.5% |
| Other amounts payable47/48 | - | - | - | €10,668 | €31,333 | €49,626 | €39,345 | €26,064 | ▼ 33.8% |
| Accrued charges and deferred income492/3 | - | - | - | €493 | €810 | €1,774 | €2,120 | €2,012 | ▼ 5.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,774 | €12,392 | €9,213 | €30,906 | €47,435 | €8,994 | €16,921 | €42,458 | ▲ 151% |
| + Depreciation and write-downs630 | €63,928 | €61,679 | €58,649 | €72,931 | €72,266 | €75,205 | €72,563 | €65,845 | ▼ 9.3% |
| Operating cash flow (approximation) | €78,703 | €74,071 | €67,863 | €103,836 | €119,701 | €84,199 | €89,484 | €108,303 | ▲ 21.0% |
| Investment in fixed assets (approximation) | - | -€3,400 | -€52,997 | -€184,205 | -€39,658 | -€15,461 | -€28,822 | -€15,899 | ▲ 44.8% |
| Change in cash | - | -€9,835 | €12,960 | -€7,181 | -€1,110 | €32,348 | €9,580 | €58,232 | ▲ 508% |
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, 20,136 companies had the same profile as J.D.B. CONSTRUCT has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of J.D.B. CONSTRUCT 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 20,136 companies, not a prediction for J.D.B. CONSTRUCT. 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 | 24-07-2026 | 2026-00326999 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00302272 | |
| 31-12-2023 | micro format | 21-07-2024 | 2024-00266721 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00266473 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20212179 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-38500275 | |
| 31-12-2019 | micro format | 24-06-2020 | 2020-20000020 | |
| 31-12-2018 | micro format | 17-06-2019 | 2019-18900286 | |
| 31-12-2017 | micro format | 11-06-2018 | 2018-17600062 | |
| 31-12-2016 | micro format | 23-06-2017 | 2017-21400485 |