Summary
J.M. CONSTRUCT has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €48.3m and a net result of -€1.4m. Equity is growing by about 2.9% per year across the filed financial years. Its solvency ranks better than 57% of 543 sector peers (NACE 81, financial year 2025). The company has been active since 1989 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, full format
In the rankings
#1 company by total assets in Hasselt, Administrative and support services sector#2 company by equity in Hasselt, Administrative and support services sector
2025 annual accounts filed late (6 days) Filed on 6 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00388083.
Turnover
€2.3m▼ 36.6%
2024 · €3.6m
EBIT margin
-41.3%▼ 56.8pp
2024 · 15.4%
Net result
-€1.4m
2024 · €598,603
Working capital
-€27.3m▼ 19.1%
2024 · -€22.9m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €931,853 after €548,859 in 2024, the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€2.3m
2025
Operating result-€0.9m
2025
Net result-€1.4m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€98.4m
2025
Equity€48.3m
2025
Debt€50.2m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€27.3m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin-41.3%
2025
Return on assets (ROA)-1.4%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency49.0%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.31
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)7.9
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 81, Services to buildings and landscape activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.8m-€1.4m▲ 70.9%€1.1m▼ 20.6%€1.7m▲ 50.4%€1.7m▼ 1.8%€1.4m▼ 17.0%€3.6m▲ 159%€2.3m▼ 36.6%
Operating result€0.09m-€0.7m▲ 674%€0.4m▼ 49.2%-€0.05m€0.4m€0.2m▼ 61.7%€0.5m▲ 224%-€0.9m
Net result€6.0m-€1.3m▼ 77.9%€0.5mabove the sector's middle half▼ 62.4%€1.8mabove the sector's middle half▲ 263%€2.2mabove the sector's middle half▲ 19.7%€1.5mabove the sector's middle half▼ 28.7%€0.6mabove the sector's middle half▼ 61.4%-€1.4mbelow the sector's middle half
EBIT margin11.0%-49.8%▲ 38.8pp31.9%▼ 18.0pp-2.9%▼ 34.8pp26.7%▲ 29.6pp12.3%▼ 14.4pp15.4%▲ 3.1pp-41.3%▼ 56.8pp
Equity€41.7m-€43.0m▲ 3.2%€43.5mabove the sector's middle half▲ 1.2%€45.4mabove the sector's middle half▲ 4.2%€47.5mabove the sector's middle half▲ 4.8%€49.1mabove the sector's middle half▲ 3.3%€49.7mabove the sector's middle half▲ 1.2%€48.3mabove the sector's middle half▼ 2.8%
Total assets€41.8m-€43.2m▲ 3.2%€43.7mabove the sector's middle half▲ 1.3%€56.7mabove the sector's middle half▲ 29.6%€68.7mabove the sector's middle half▲ 21.3%€74.0mabove the sector's middle half▲ 7.7%€105.8mabove the sector's middle half▲ 43.0%€98.4mabove the sector's middle half▼ 7.0%
Debt€0.1m-€0.1m▼ 7.5%€0.2m▲ 58.3%€11.3m▲ 66×€21.2m▲ 87.6%€25.0m▲ 17.7%€56.2m▲ 125%€50.2m▼ 10.7%
Working capital€19.3m-€11.1m▼ 42.6%€11.3mabove the sector's middle half▲ 2.5%€11.7mabove the sector's middle half▲ 3.1%€6.7mabove the sector's middle half▼ 42.6%-€4.0mbelow the sector's middle half-€22.9mbelow the sector's middle half▼ 471%-€27.3mbelow the sector's middle half▼ 19.1%
Solvency99.7%-99.7%=99.6%above the sector's middle half▼ 0.1pp80.1%above the sector's middle half▼ 19.6pp69.2%above the sector's middle half▼ 10.9pp66.3%above the sector's middle half▼ 2.9pp46.9%within the sector's middle half▼ 19.4pp49.0%within the sector's middle half▲ 2.1pp
Current ratio67.96above the sector's middle half43.34above the sector's middle half▼ 24.631.67within the sector's middle half▼ 41.670.84below the sector's middle half▼ 0.830.38below the sector's middle half▼ 0.450.31below the sector's middle half▼ 0.08
Return on assets (ROA)14.4%-3.1%▼ 11.3pp1.1%within the sector's middle half▼ 1.9pp3.2%within the sector's middle half▲ 2.1pp3.2%within the sector's middle half=2.1%within the sector's middle half▼ 1.1pp0.6%within the sector's middle half▼ 1.5pp-1.4%below the sector's middle half▼ 2.0pp
Staff (FTE)3-3=3below the sector's middle half=2below the sector's middle half▼ 33.3%2below the sector's middle half=2below the sector's middle half=6.9within the sector's middle half▲ 245%7.9within the sector's middle half▲ 14.5%
above
within
below
the middle half of NACE 81, Services to buildings and landscape activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
- 2024 Turnover +159% on 2023. Part of NV MACHIELS REAL ESTATE received in a demerger, Official Gazette 05-09-2024.
- 2024 Net result -61% on 2023. Part of NV MACHIELS REAL ESTATE received in a demerger, Official Gazette 05-09-2024. Partial demerger to J.M. RECYCLING NV, effective 17-06-2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €98.4m
Fixed assets
€86.3m ▼ 5.7%
Current assets
€12.1m ▼ 15.2%
Equity and liabilities €98.4m
Equity
€48.3m ▼ 2.8%
Debt
€50.2m ▼ 10.7%
Debt's share of the balance-sheet total falls from 53.1% to 51.0%. Equity and debt are lower.
Key figures and ratios
ROE
-2.9%▼
2024 · 1.2%
Debt ≤ 1 year
€39.4m▲
2024 · €37.2m
Debt > 1 year
€10.3m▼
2024 · €18.8m
Income taxes
€408▲
2024 · €366
Staff costs
€865,143▲
2024 · €807,347
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €1.7m | €1.7m | €1.4m | €3.7m | €2.4m | ▼ 33.4% |
| Turnover70 | €0.8m | €1.4m | €1.1m | €1.7m | €1.7m | €1.4m | €3.6m | €2.3m | ▼ 36.6% |
| Other operating income74 | - | - | - | €144 | €0.04m | €0.008m | €0.1m | €0.2m | ▲ 64.3% |
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Operating charges60/66A | - | - | - | €1.7m | €1.3m | €1.2m | €3.1m | €3.4m | ▲ 8.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.3m | €0.3m | €0.1m | €0.1m | €0.4m | ▲ 285% |
| Purchases600/8 | - | - | - | - | - | - | €0.4m | €0 | ▼ 100% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.3m | €0.3m | €0.1m | -€0.3m | €0.4m | - |
| Services and other goods61 | - | - | - | €1.2m | €0.8m | €0.8m | €2.2m | €2.1m | ▼ 5.3% |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.2m | €0.2m | €0.8m | €0.9m | ▲ 7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.008m | €0.003m | €0 | - | - | €0.006m | €0.006m | = |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.02m | €0.01m | €0.001m | ▼ 88.4% |
| Non-recurring operating charges66A | - | - | - | €0.008m | €0 | - | - | - | - |
| Operating profit (loss)9901 | €0.09m | €0.7m | €0.4m | -€0.05m | €0.4m | €0.2m | €0.5m | -€0.9m | - |
| Financial income75/76B | - | - | - | €2.0m | €2.2m | €3.0m | €1.9m | €1.7m | ▼ 9.2% |
| Recurring financial income75 | €6.2m | €0.7m | €0.5m | €2.0m | €2.2m | €3.0m | €1.9m | €1.7m | ▼ 9.2% |
| Income from financial fixed assets750 | - | - | - | €1.8m | €1.9m | €2.4m | €0.9m | €1.2m | ▲ 26.5% |
| Income from current assets751 | - | - | - | €0.1m | €0.3m | €0.6m | €0.8m | €0.5m | ▼ 37.8% |
| Other financial income752/9 | - | - | - | - | - | €33 | €0.1m | €0.003m | ▼ 97.8% |
| Non-recurring financial income76B | - | - | - | €0.001m | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.09m | €0.5m | €1.6m | €1.8m | €2.2m | ▲ 18.5% |
| Recurring financial charges65 | €0.3m | €0.03m | €0.3m | €0.09m | €0.5m | €1.6m | €1.8m | €2.2m | ▲ 18.5% |
| Debt charges650 | €0.04m | €0.01m | €0.01m | €0.08m | €0.5m | €1.3m | €1.8m | €2.2m | ▲ 18.4% |
| Other financial charges652/9 | - | - | - | €0.01m | €0.02m | €0.4m | €461 | €0.002m | ▲ 408% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €6.0m | €1.3m | €0.5m | €1.8m | €2.2m | €1.5m | €0.6m | -€1.4m | - |
| Income taxes67/77 | €0.001m | €0.01m | -€0.003m | €0 | - | - | €366 | €408 | ▲ 11.6% |
| Taxes670/3 | - | - | - | €0 | - | - | €366 | €408 | ▲ 11.6% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | €6.0m | €1.3m | €0.5m | €1.8m | €2.2m | €1.5m | €0.6m | -€1.4m | - |
| Profit (loss) for the period to be appropriated9905 | €6.0m | €1.3m | €0.5m | €1.8m | €2.2m | €1.5m | €0.6m | -€1.4m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €41.8m | €43.2m | €43.7m | €56.7m | €68.7m | €74.0m | €105.8m | €98.4m | ▼ 7.0% |
| Fixed assets21/28 | €22.4m | €32.0m | €32.2m | €44.7m | €51.9m | €53.4m | €91.5m | €86.3m | ▼ 5.7% |
| Tangible fixed assets22/27 | €0.008m | - | €0.07m | €0 | - | - | €0.1m | €0.1m | ▲ 45.0% |
| Furniture and vehicles24 | - | - | - | €0 | - | - | €0.01m | €0.005m | ▼ 56.3% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.09m | €0.1m | ▲ 57.3% |
| Financial fixed assets28 | €22.4m | €32.0m | €32.1m | €44.7m | €51.9m | €53.4m | €91.4m | €86.2m | ▼ 5.8% |
| Affiliated companies280/1 | - | - | - | €33.3m | €33.3m | €33.4m | €34.9m | €34.2m | ▼ 2.0% |
| Participating interests280 | - | - | - | €32.7m | €32.7m | €32.7m | €34.2m | €34.2m | = |
| Amounts receivable281 | - | - | - | €0.6m | €0.6m | €0.8m | €0.7m | €0 | ▼ 100% |
| Companies linked by participating interests282/3 | - | - | - | €11.4m | €18.7m | €20.0m | €56.5m | €52.0m | ▼ 8.1% |
| Participating interests282 | - | - | - | €2.7m | €4.1m | €4.4m | €30.7m | €31.0m | ▲ 0.9% |
| Amounts receivable283 | - | - | - | €8.6m | €14.5m | €15.6m | €25.8m | €21.0m | ▼ 18.7% |
| Current assets29/58 | €19.4m | €11.2m | €11.5m | €12.0m | €16.8m | €20.6m | €14.3m | €12.1m | ▼ 15.2% |
| Amounts receivable after more than one year29 | - | - | - | €9.7m | €14.7m | €18.4m | €9.8m | €9.4m | ▼ 3.9% |
| Other amounts receivable291 | - | - | - | €9.7m | €14.7m | €18.4m | €9.8m | €9.4m | ▼ 3.9% |
| Stocks and contracts in progress3 | €1.2m | €1.1m | €0.9m | €0.6m | €0.4m | €0.3m | €0.5m | €0.1m | ▼ 82.0% |
| Stocks30/36 | - | - | - | €0.6m | €0.4m | €0.3m | €0.5m | €0.1m | ▼ 82.0% |
| Property held for sale35 | - | - | - | €0.6m | €0.4m | €0.3m | €0.5m | €0.1m | ▼ 82.0% |
| Amounts receivable within one year40/41 | €5.1m | €0.4m | €1.2m | €0.5m | €0.5m | €0.3m | €1.9m | €0.2m | ▼ 88.2% |
| Trade receivables40 | - | - | - | €0.06m | €0.4m | €0.3m | €1.6m | €0.2m | ▼ 85.9% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.08m | €0.03m | €0.4m | €0.008m | ▼ 97.9% |
| Cash at bank and in hand54/58 | €11.5m | €3.0m | €0.05m | €0.1m | €0.005m | €0.001m | €0.004m | €0.003m | ▼ 24.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1.0m | €1.2m | €1.6m | €2.1m | €2.4m | ▲ 17.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €41.8m | €43.2m | €43.7m | €56.7m | €68.7m | €74.0m | €105.8m | €98.4m | ▼ 7.0% |
| Equity10/15 | €41.7m | €43.0m | €43.5m | €45.4m | €47.5m | €49.1m | €49.7m | €48.3m | ▼ 2.8% |
| Contributions10/11 | €4.6m | €4.6m | €4.6m | €4.6m | €4.6m | €4.6m | €4.6m | €4.6m | = |
| Capital10 | - | - | - | €4.6m | €4.6m | €4.6m | €4.6m | €4.6m | = |
| Issued capital100 | - | - | - | €4.6m | €4.6m | €4.6m | €4.6m | €4.6m | = |
| Reserves13 | €37.1m | €38.4m | €38.9m | €40.8m | €42.9m | €44.5m | €45.1m | €43.7m | ▼ 3.1% |
| Non-distributable reserves130/1 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Legal reserve130 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Distributable reserves133 | - | - | - | €40.3m | €42.5m | €44.0m | €44.6m | €43.2m | ▼ 3.1% |
| Investment grants15 | - | - | - | - | - | - | €0.001m | €0.001m | = |
| Amounts payable17/49 | €0.1m | €0.1m | €0.2m | €11.3m | €21.2m | €25.0m | €56.2m | €50.2m | ▼ 10.7% |
| Amounts payable after more than one year17 | - | - | - | €11.0m | €11.0m | €0 | €18.8m | €10.3m | ▼ 45.4% |
| Financial debts170/4 | - | - | - | €11.0m | €11.0m | €0 | €18.8m | €10.3m | ▼ 45.4% |
| Credit institutions173 | - | - | - | €11.0m | €11.0m | €0 | €9.5m | €0 | ▼ 100% |
| Other loans174 | - | - | - | - | - | - | €9.3m | €10.3m | ▲ 10.1% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.2m | €0.3m | €10.1m | €24.6m | €37.2m | €39.4m | ▲ 5.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €11.0m | €0 | - | - |
| Financial debts43 | - | - | - | - | - | €0.003m | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €0.003m | €0 | - | - |
| Trade debts44 | €0.02m | €0.02m | €0.06m | €0.2m | €0.4m | €0.1m | €0.9m | €0.2m | ▼ 73.3% |
| Suppliers440/4 | - | - | - | €0.2m | €0.4m | €0.1m | €0.9m | €0.2m | ▼ 73.3% |
| Advances received on contracts in progress46 | - | - | - | €0.01m | €0.02m | €0.03m | €0 | €0.007m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.04m | €0.03m | €0.3m | €0.1m | ▼ 58.0% |
| Taxes450/3 | - | - | - | €0.003m | €0.01m | €0.003m | €0.2m | €0.01m | ▼ 92.3% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.03m | €0.03m | €0.1m | €0.1m | ▼ 11.7% |
| Other amounts payable47/48 | - | - | - | €0 | €9.6m | €13.4m | €36.0m | €39.0m | ▲ 8.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.1m | €0.3m | €0.1m | €0.5m | ▲ 230% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6.0m | €1.3m | €0.5m | €1.8m | €2.2m | €1.5m | €0.6m | -€1.4m | - |
| + Depreciation and write-downs630 | €0.02m | €0.008m | €0.003m | €0 | - | - | €0.006m | €0.006m | = |
| Operating cash flow (approximation) | €6.0m | €1.3m | €0.5m | €1.8m | €2.2m | €1.5m | €0.6m | -€1.4m | - |
| Investment in fixed assets (approximation) | - | -€9.6m | -€0.2m | -€12.5m | -€7.2m | -€1.5m | -€38.1m | €5.2m | - |
| Change in cash | - | -€8.5m | -€3.0m | €0.08m | -€0.1m | -€0.003m | €0.002m | -€0.001m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 06-08-2026 | 2026-00388083 |
| 31-12-2024 | full format | 29-08-2025 | 2025-00471554 |
| 31-12-2023 | full format | 08-08-2024 | 2024-00341073 |
| 31-12-2022 | full format | 11-08-2023 | 2023-00327527 |
| 31-12-2021 | full format | 29-07-2022 | 2022-20263974 |
| 31-12-2020 | full format | 11-08-2021 | 2021-47700199 |
| 31-12-2019 | full format | 13-08-2020 | 2020-40900564 |
| 31-12-2018 | full format | 31-07-2019 | 2019-42200191 |
| 31-12-2017 | full format | 26-07-2018 | 2018-38700377 |
| 31-12-2016 | full format | 03-08-2017 | 2017-41000335 |
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