JAC34
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 21-07-2026 at the NBB all 8 filings
Turnover
≈ €420,000
Estimated: probably between €280,000 and €630,000
EBIT margin
Not included in this filing
Net result
€35,235
2024 · -€2,088
Working capital
-€89,177▲ 15.1%
2024 · -€105,053
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€36,605
2025
20182025
Net result
€35,235
2025
middle half of the sector
20182025
Equity
-€124,146
▲ 22.1%
2025
lowest quarter of the sector
20182025
Total assets
€42,773
▲ 177%
2025
lowest quarter of the sector
20182025
Debt
€166,918
▼ 4.5%
2025
20182025
Working capital
-€89,177
▲ 15.1%
2025
lowest quarter of the sector
20182025
Solvency
-290.2%
2025
lowest quarter of the sector
20182025
Current ratio
0.32
▲ 0.20
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
82.4%
▲ 95.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€39,952--€119,655▼ 199%€40,872€25,104▼ 38.6%-€15,876-€102,905▼ 548%-€2,019▲ 98.0%€36,605
Net result-€41,252--€62,686▼ 52.0%€35,130within the sector's middle half€20,775within the sector's middle half▼ 40.9%-€21,698below the sector's middle half-€106,162below the sector's middle half▼ 389%-€2,088below the sector's middle half▲ 98.0%€35,235within the sector's middle half
Equity-€22,652--€85,338▼ 277%-€50,207below the sector's middle half▲ 41.2%-€29,433below the sector's middle half▲ 41.4%-€51,130below the sector's middle half▼ 73.7%-€157,293below the sector's middle half▼ 208%-€159,381below the sector's middle half▼ 1.3%-€124,146below the sector's middle half▲ 22.1%
Total assets€380,981-€628,274▲ 64.9%€526,757within the sector's middle half▼ 16.2%€499,847above the sector's middle half▼ 5.1%€400,298below the sector's middle half▼ 19.9%€179,366below the sector's middle half▼ 55.2%€15,424below the sector's middle half▼ 91.4%€42,773below the sector's middle half▲ 177%
Debt€403,633-€713,612▲ 76.8%€576,965▼ 19.1%€529,279▼ 8.3%€451,428▼ 14.7%€336,659▼ 25.4%€174,805▼ 48.1%€166,918▼ 4.5%
Working capital-€239,837--€112,477▲ 53.1%-€67,909below the sector's middle half▲ 39.6%-€25,890below the sector's middle half▲ 61.9%-€24,273below the sector's middle half▲ 6.2%-€182,171below the sector's middle half▼ 651%-€105,053below the sector's middle half▲ 42.3%-€89,177below the sector's middle half▲ 15.1%
Solvency-5.9%--13.6%▼ 7.6pp-9.5%below the sector's middle half▲ 4.1pp-5.9%below the sector's middle half▲ 3.6pp-12.8%below the sector's middle half▼ 6.9pp-87.7%below the sector's middle half▼ 74.9pp-290.2%below the sector's middle half
Current ratio0.11-0.72▲ 0.610.79below the sector's middle half▲ 0.070.92within the sector's middle half▲ 0.130.92below the sector's middle half=0.39below the sector's middle half▼ 0.530.13below the sector's middle half▼ 0.260.32below the sector's middle half▲ 0.20
Return on assets (ROA)-10.8%--10.0%▲ 0.9pp6.7%within the sector's middle half▲ 16.6pp4.2%within the sector's middle half▼ 2.5pp-5.4%below the sector's middle half▼ 9.6pp-59.2%below the sector's middle half▼ 53.8pp-13.5%below the sector's middle half▲ 45.6pp82.4%above the sector's middle half▲ 95.9pp
Staff (FTE)9.89.8within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 profit of €36,605, after a loss of €2,019 in 2024. It is the highest result since 2020.
The turnover shown is an estimate from the gross margin.
Key figures and ratios
Debt ≤ 1 year
€131,950▲
2024 · €120,477
Debt > 1 year
€34,969▼
2024 · €54,329
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €11,497 | €2,015 | - | - | - |
| Depreciation and write-downs of the year | €75,100 | €75,641 | €68,872 | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €214,309 | €222,824 | €164,845 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,461 | €72,631 | €73,559 | €75,100 | €75,641 | €68,872 | - | - | - |
| Other operating charges640/8 | - | - | - | €448 | €2,488 | €384 | - | €435 | - |
| Non-recurring operating charges66A | - | - | - | - | - | - | €5,982 | - | - |
| Gross operating margin9900 | -€8,943 | €128,860 | €327,757 | €314,960 | €285,076 | €131,196 | €3,963 | €37,040 | ▲ 835% |
| Operating profit (loss)9901 | -€39,952 | -€119,655 | €40,872 | €25,104 | -€15,876 | -€102,905 | -€2,019 | €36,605 | - |
| Recurring financial income75 | - | €63,798 | €0 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €4,329 | €5,822 | €3,257 | €70 | €1,369 | ▲ 20× |
| Recurring financial charges65 | €1,300 | €6,830 | €5,741 | €4,329 | €5,822 | €3,257 | €70 | €1,369 | ▲ 20× |
| Profit (loss) for the period before taxes9903 | -€41,252 | -€62,686 | €35,130 | €20,775 | -€21,698 | -€106,162 | -€2,088 | €35,235 | - |
| Profit (loss) for the period9904 | -€41,252 | -€62,686 | €35,130 | €20,775 | -€21,698 | -€106,162 | -€2,088 | €35,235 | - |
| Profit (loss) for the period to be appropriated9905 | -€41,252 | -€62,686 | €35,130 | €20,775 | -€21,698 | -€106,162 | -€2,088 | €35,235 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €380,981 | €628,274 | €526,757 | €499,847 | €400,298 | €179,366 | €15,424 | €42,773 | ▲ 177% |
| Fixed assets21/28 | €351,012 | €343,747 | €270,188 | €206,585 | €132,959 | €64,087 | - | - | - |
| Tangible fixed assets22/27 | €351,012 | €343,747 | €270,188 | €206,585 | €132,959 | €64,087 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €95,507 | €66,034 | €40,280 | - | - | - |
| Furniture and vehicles24 | - | - | - | €10,036 | €4,687 | €117 | - | - | - |
| Leasing and similar rights25 | - | - | - | €36,359 | €24,231 | €12,103 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €64,683 | €38,007 | €11,587 | - | - | - |
| Current assets29/58 | €29,969 | €284,528 | €256,569 | €293,262 | €267,339 | €115,279 | €15,424 | €42,773 | ▲ 177% |
| Stocks and contracts in progress3 | - | €114,584 | €112,476 | €129,213 | €132,800 | €42,990 | - | - | - |
| Stocks30/36 | - | - | - | €129,213 | €132,800 | €42,990 | - | - | - |
| Amounts receivable within one year40/41 | €29,180 | €74,155 | €41,626 | €90,253 | €72,749 | €62,165 | €12,060 | €12,060 | = |
| Trade receivables40 | - | - | - | €83,139 | €65,218 | €50,105 | - | - | - |
| Other amounts receivable41 | - | - | - | €7,115 | €7,531 | €12,060 | €12,060 | €12,060 | = |
| Cash at bank and in hand54/58 | €789 | €95,789 | €97,837 | €72,319 | €60,931 | €9,302 | €3,364 | €30,713 | ▲ 813% |
| Deferred charges and accrued income490/1 | - | - | - | €1,476 | €858 | €821 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €380,981 | €628,274 | €526,757 | €499,847 | €400,298 | €179,366 | €15,424 | €42,773 | ▲ 177% |
| Equity10/15 | -€22,652 | -€85,338 | -€50,207 | -€29,433 | -€51,130 | -€157,293 | -€159,381 | -€124,146 | ▲ 22.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€41,252 | -€103,938 | -€68,807 | -€48,033 | -€69,730 | -€175,893 | -€177,981 | -€142,746 | ▲ 19.8% |
| Amounts payable17/49 | €403,633 | €713,612 | €576,965 | €529,279 | €451,428 | €336,659 | €174,805 | €166,918 | ▼ 4.5% |
| Amounts payable after more than one year17 | €133,827 | €316,607 | €252,486 | €210,128 | €159,817 | €39,209 | €54,329 | €34,969 | ▼ 35.6% |
| Financial debts170/4 | - | - | - | €169,128 | €121,317 | €23,209 | €23,209 | €3,849 | ▼ 83.4% |
| Other amounts payable178/9 | - | - | - | €41,000 | €38,500 | €16,000 | €31,120 | €31,120 | = |
| Amounts payable within one year42/48 | €269,806 | €397,005 | €324,479 | €319,151 | €291,612 | €297,450 | €120,477 | €131,950 | ▲ 9.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €31,323 | €31,852 | - | - | - | - |
| Trade debts44 | €269,806 | €346,807 | €270,101 | €277,204 | €255,347 | €178,121 | €85,499 | €54,621 | ▼ 36.1% |
| Suppliers440/4 | - | - | - | €277,204 | €255,347 | €178,121 | €85,499 | €54,621 | ▼ 36.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | €115,000 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €9,274 | €83 | - | €290 | €290 | = |
| Taxes450/3 | - | - | - | €1,984 | €83 | - | €290 | €290 | = |
| Remuneration and social security454/9 | - | - | - | €7,290 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €1,350 | €4,330 | €4,330 | €34,688 | €77,038 | ▲ 122% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€41,252 | -€62,686 | €35,130 | €20,775 | -€21,698 | -€106,162 | -€2,088 | €35,235 | - |
| + Depreciation and write-downs630 | €29,461 | €72,631 | €73,559 | €75,100 | €75,641 | €68,872 | - | - | - |
| Operating cash flow (approximation) | -€11,791 | €9,945 | €108,689 | €95,875 | €53,943 | -€37,290 | -€2,088 | €35,235 | - |
| Investment in fixed assets (approximation) | - | -€65,366 | €0 | -€11,497 | -€2,015 | €0 | - | - | - |
| Change in cash | - | €95,000 | €2,048 | -€25,518 | -€11,388 | -€51,629 | -€5,938 | €27,348 | - |
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, 2,180 companies had the same profile as JAC34 has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of JAC34 itself is lower: 0.9% within 12 months. It rests on far more data about JAC34 than the profile alone.
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 2,180 companies, not a prediction for JAC34. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 21-07-2026 | 2026-00338570 | |
| 31-12-2024 | full format | 23-08-2025 | 2025-00399899 | |
| 31-12-2023 | full format | 22-11-2024 | 2024-00603363 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00438621 | |
| 31-12-2021 | micro format | 25-11-2022 | 2022-20526654 | |
| 31-12-2020 | full format | 29-08-2021 | 2021-63900281 | |
| 31-12-2019 | full format | 31-08-2020 | 2020-50700436 | |
| 31-12-2018 | full format | 29-09-2019 | 2019-68300542 |