JABELMAT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 49 filings
Turnover
€847,627▲ 4.9%
2024 · €808,032
EBIT margin
9.2%▼ 7.6pp
2024 · 16.8%
Net result
€61,258▼ 39.4%
2024 · €101,053
Working capital
€594,363▲ 11.7%
2024 · €532,084
In the rankings
#2 company by equity in Antwerp, Agriculture, forestry and fishing sector#4 company by total assets in Antwerp, Agriculture, forestry and fishing sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€847,627
▲ 4.9%
2025
20182025
Operating result
€77,729
▼ 42.7%
2025
20182025
Net result
€61,258
▼ 39.4%
2025
middle half of the sector
20182025
EBIT margin
9.2%
▼ 7.6pp
2025
20182025
Equity
€5.5m
▲ 1.1%
2025
highest quarter of the sector
20182025
Total assets
€5.6m
▲ 1.4%
2025
middle half of the sector
20182025
Debt
€167,639
▲ 9.8%
2025
20182025
Working capital
€594,363
▲ 11.7%
2025
middle half of the sector
20182025
Solvency
97.0%
▼ 0.2pp
2025
highest quarter of the sector
20182025
Current ratio
4.59
▲ 0.04
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.1%
▼ 0.7pp
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
Turnover€0.3m€0.3m▲ 7.1%€0.3m▲ 2.4%€0.8m▲ 149%€0.8m▲ 4.9%
Operating result€0.2m-€0.04m▼ 77.6%€0.2m▲ 593%€0.04m▼ 85.4%€0.03m▼ 8.3%€0.05m▲ 37.5%€0.1m▲ 197%€0.08m▼ 42.7%
Net result€0.1m-€0.02m▼ 83.6%€0.1mabove the sector's middle half▲ 490%€0.02mwithin the sector's middle half▼ 86.7%€0.03mwithin the sector's middle half▲ 51.9%€0.03mwithin the sector's middle half▲ 16.6%€0.1mwithin the sector's middle half▲ 195%€0.06mwithin the sector's middle half▼ 39.4%
EBIT margin12.3%10.5%▼ 1.8pp14.1%▲ 3.6pp16.8%▲ 2.7pp9.2%▼ 7.6pp
Equity€1.1m-€1.1m▼ 5.8%€1.1mabove the sector's middle half▲ 5.3%€1.1mabove the sector's middle half▲ 1.7%€1.2mabove the sector's middle half▲ 2.6%€1.2mwithin the sector's middle half▲ 2.9%€5.4mabove the sector's middle half▲ 351%€5.5mabove the sector's middle half▲ 1.1%
Total assets€1.4m-€1.3m▼ 8.4%€1.2mwithin the sector's middle half▼ 3.4%€1.2mwithin the sector's middle half▼ 5.2%€1.2mwithin the sector's middle half▲ 1.2%€1.3mwithin the sector's middle half▲ 10.5%€5.5mabove the sector's middle half▲ 320%€5.6mwithin the sector's middle half▲ 1.4%
Debt€0.3m-€0.2m▼ 18.4%€0.1m▼ 42.5%€0.05m▼ 62.7%€0.03m▼ 30.4%€0.1m▲ 265%€0.2m▲ 20.5%€0.2m▲ 9.8%
Working capital€0.4m-€0.3m▼ 17.4%€0.4mwithin the sector's middle half▲ 18.3%€0.4mwithin the sector's middle half▲ 5.5%€0.4mwithin the sector's middle half▲ 8.2%€0.4mwithin the sector's middle half▲ 8.2%€0.5mwithin the sector's middle half▲ 18.4%€0.6mwithin the sector's middle half▲ 11.7%
Solvency79.7%-82.0%▲ 2.2pp89.3%above the sector's middle half▲ 7.3pp95.8%above the sector's middle half▲ 6.5pp97.1%above the sector's middle half▲ 1.3pp90.4%above the sector's middle half▼ 6.7pp97.2%above the sector's middle half▲ 6.8pp97.0%above the sector's middle half▼ 0.2pp
Current ratio2.30-2.32▲ 0.023.72above the sector's middle half▲ 1.408.68above the sector's middle half▲ 4.9613.54above the sector's middle half▲ 4.864.59above the sector's middle half▼ 8.954.55above the sector's middle half▼ 0.054.59above the sector's middle half▲ 0.04
Return on assets (ROA)10.6%-1.9%▼ 8.7pp11.6%above the sector's middle half▲ 9.7pp1.6%within the sector's middle half▼ 10.0pp2.5%within the sector's middle half▲ 0.8pp2.6%within the sector's middle half▲ 0.1pp1.8%within the sector's middle half▼ 0.8pp1.1%within the sector's middle half▼ 0.7pp
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 43% lower than in 2024.
Large changes and their cause
- 2024 Equity +351%, Total assets +320% on 2023. Capital increase of €4,100,000 (Official Gazette 30-12-2024).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.6m
Fixed assets
€4.9m =
Current assets
€760,132 ▲ 11.4%
Equity and liabilities €5.6m
Equity
€5.5m ▲ 1.1%
Debt
€167,639 ▲ 9.8%
Debt's share of the balance-sheet total rises from 2.8% to 3.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€79,534▼
2024 · €137,082
Cash flow
€63,063▼
2024 · €102,406
Quick ratio
3.21▲
2024 · 1.93
Debt to equity
0.03▲
2024 · 0.03
ROE
1.1%▼
2024 · 1.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€165,769▲
2024 · €150,070
Income taxes
€20,044▼
2024 · €35,627
Customer credit
126 days▲
2024 · 76 days
Supplier credit
78 days▲
2024 · 72 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €4.1m | - |
| Depreciation and write-downs of the year | - | - | €1,353 | €1,805 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €3,309 paidSchemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €295,616 | €316,514 | €324,232 | €808,032 | €847,627 | ▲ 4.9% |
| Non-recurring operating income76A | - | - | - | - | €363 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €170,786 | €244,686 | €711,528 | €731,838 | ▲ 2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €747 | €533 | €533 | €533 | - | - | €1,353 | €1,805 | ▲ 33.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €6,186 | -€6,186 | - | €55,620 | - |
| Other operating charges640/8 | - | - | - | - | €40,022 | €34,317 | €21,884 | €23,950 | ▲ 9.4% |
| Non-recurring operating charges66A | - | - | - | - | €229,196 | €65,000 | - | - | - |
| Gross operating margin9900 | €181,758 | €52,175 | €265,052 | €72,430 | €308,688 | €138,905 | €158,966 | €159,104 | ▲ 0.1% |
| Operating profit (loss)9901 | €160,961 | €35,997 | €249,400 | €36,308 | €33,284 | €45,773 | €135,729 | €77,729 | ▼ 42.7% |
| Financial income75/76B | - | - | - | - | €371 | €382 | €1,153 | €4,080 | ▲ 254% |
| Recurring financial income75 | €259 | - | €269 | €401 | €371 | €382 | €1,153 | €4,080 | ▲ 254% |
| Financial charges65/66B | - | - | - | - | €72 | €468 | €203 | €507 | ▲ 150% |
| Recurring financial charges65 | €103 | €26 | €384 | €36 | €72 | €468 | €203 | €507 | ▲ 150% |
| Profit (loss) for the period before taxes9903 | €161,117 | €35,971 | €249,285 | €36,673 | €33,583 | €45,687 | €136,679 | €81,302 | ▼ 40.5% |
| Income taxes67/77 | €11,362 | €11,358 | €103,981 | €17,365 | €4,256 | €11,489 | €35,627 | €20,044 | ▼ 43.7% |
| Profit (loss) for the period9904 | €149,755 | €24,612 | €145,305 | €19,308 | €29,327 | €34,198 | €101,053 | €61,258 | ▼ 39.4% |
| Profit (loss) for the period to be appropriated9905 | €149,755 | €24,612 | €145,305 | €19,308 | €29,327 | €34,198 | €101,053 | €61,258 | ▼ 39.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.3m | €1.2m | €1.2m | €1.2m | €1.3m | €5.5m | €5.6m | ▲ 1.4% |
| Fixed assets21/28 | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | €4.9m | €4.9m | = |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | €4.9m | €4.9m | = |
| Land and buildings22 | - | - | - | - | €0.7m | €0.7m | €4.9m | €4.9m | = |
| Current assets29/58 | €0.7m | €0.5m | €0.5m | €0.4m | €0.4m | €0.6m | €0.7m | €0.8m | ▲ 11.4% |
| Stocks and contracts in progress3 | €0.08m | €0.1m | - | - | - | €0.3m | €0.4m | €0.2m | ▼ 41.6% |
| Stocks30/36 | - | - | - | - | - | €0.3m | €0.4m | €0.2m | ▼ 41.6% |
| Amounts receivable within one year40/41 | €0.1m | €0.05m | €0.1m | €0.1m | €0.3m | €0.08m | €0.3m | €0.5m | ▲ 83.1% |
| Trade receivables40 | - | - | - | - | €0.2m | €0.05m | €0.2m | €0.3m | ▲ 73.5% |
| Other amounts receivable41 | - | - | - | - | €0.1m | €0.03m | €0.1m | €0.2m | ▲ 96.3% |
| Cash at bank and in hand54/58 | €0.4m | €0.4m | €0.4m | €0.3m | €0.2m | €0.2m | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.002m | €0.02m | €0.001m | €0.002m | ▲ 79.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.3m | €1.2m | €1.2m | €1.2m | €1.3m | €5.5m | €5.6m | ▲ 1.4% |
| Equity10/15 | €1.1m | €1.1m | €1.1m | €1.1m | €1.2m | €1.2m | €5.4m | €5.5m | ▲ 1.1% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €4.4m | €4.4m | = |
| Capital10 | - | - | - | - | €0.3m | €0.3m | €4.4m | €4.4m | = |
| Issued capital100 | - | - | - | - | €0.3m | €0.3m | €4.4m | €4.4m | = |
| Contributions outside capital11 | - | - | - | - | €13 | €13 | €13 | €13 | = |
| Share premium1100/10 | - | - | - | - | €13 | €13 | €13 | €13 | = |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 0.5% |
| Non-distributable reserves130/1 | - | - | - | - | €0.04m | €0.04m | €0.05m | €0.05m | ▲ 6.2% |
| Legal reserve130 | - | - | - | - | €0.04m | €0.04m | €0.05m | €0.05m | ▲ 6.2% |
| Distributable reserves133 | - | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Profit (loss) carried forward14 | €0.1m | €0.07m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 19.2% |
| Amounts payable17/49 | €0.3m | €0.2m | €0.1m | €0.05m | €0.03m | €0.1m | €0.2m | €0.2m | ▲ 9.8% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.1m | €0.05m | €0.03m | €0.1m | €0.2m | €0.2m | ▲ 10.5% |
| Trade debts44 | €0.2m | €0.2m | €0.06m | €0.04m | €0.02m | €0.1m | €0.1m | €0.2m | ▲ 11.4% |
| Suppliers440/4 | - | - | - | - | €0.02m | €0.1m | €0.1m | €0.2m | ▲ 11.4% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.01m | €0.002m | €0.01m | €0.009m | ▼ 3.6% |
| Taxes450/3 | - | - | - | - | €0.01m | €0.002m | €0.01m | €0.009m | ▼ 3.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.002m | €0.002m | €0.003m | €0.002m | ▼ 29.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.02m | €0.1m | €0.02m | €0.03m | €0.03m | €0.1m | €0.06m | ▼ 39.4% |
| + Depreciation and write-downs630 | €0.001m | €0.001m | €0.001m | €0.001m | - | - | €0.001m | €0.002m | ▲ 33.3% |
| Operating cash flow (approximation) | €0.2m | €0.03m | €0.1m | €0.02m | €0.03m | €0.03m | €0.1m | €0.06m | ▼ 38.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0.001m | €0 | -€4.1m | €0 | - |
| Change in cash | - | -€0.06m | €0.01m | -€0.07m | -€0.2m | -€0.02m | - | - | - |
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, 14,766 companies had the same profile as JABELMAT has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JABELMAT 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 14,766 companies, not a prediction for JABELMAT. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00178444 | |
| 31-12-2024 | abbreviated format | 17-06-2025 | 2025-00181767 | |
| 31-12-2023 | abbreviated format | 13-06-2024 | 2024-00130993 | |
| 31-12-2022 | abbreviated format | 23-06-2023 | 2023-00169233 | |
| 31-12-2021 | abbreviated format | 25-03-2022 | 2022-08900428 | |
| 31-12-2020 | abbreviated format | 05-05-2021 | 2021-13400333 | |
| 31-12-2019 | abbreviated format | 04-05-2020 | 2020-11200179 | |
| 31-12-2018 | abbreviated format | 26-08-2019 | 2019-58400481 | |
| 31-12-2017 | abbreviated format | 26-08-2019 | 2019-58400472 | |
| 31-12-2016 | micro format | 13-06-2017 | 2017-16900601 |