JAFA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-01-2026 PDF all 34 filings
Turnover
≈ €480,000
Estimated: probably between €240,000 and €850,000
EBIT margin
Not included in this filing
Net result
-€247,653
2024 · €634,947
Working capital
€1.2m▲ 74.3%
2024 · €670,813
In the rankings
#7 company by equity in Seneffe, Wholesale and retail trade sector#8 company by total assets in Seneffe, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€255,243
2025
20192025
Net result
-€247,653
2025
lowest quarter of the sector
20192025
Equity
€1.4m
▼ 15.4%
2025
highest quarter of the sector
20192025
Total assets
€4.6m
▼ 0.7%
2025
highest quarter of the sector
20192025
Debt
€3.1m
▲ 8.4%
2025
20192025
Working capital
€1.2m
▲ 74.3%
2025
highest quarter of the sector
20192025
Solvency
30.1%
▼ 5.2pp
2025
middle half of the sector
20192025
Current ratio
3.35
▲ 1.82
2025
middle half of the sector
20192025
Return on assets (ROA)
-5.4%
▼ 19.1pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.001m--€0.03m▼ 2,442%-€0.02m▲ 37.6%€0.2m€0.2m▲ 34.1%€0.9m▲ 276%-€0.3m
Net result-€466--€0.02mbelow the sector's middle half▼ 4,570%-€0.01mbelow the sector's middle half▲ 45.4%€0.2mabove the sector's middle half€0.2mabove the sector's middle half▲ 44.3%€0.6mabove the sector's middle half▲ 179%-€0.2mbelow the sector's middle half
Equity€0.4m-€0.4mwithin the sector's middle half▼ 5.8%€0.3mwithin the sector's middle half▼ 3.4%€0.5mabove the sector's middle half▲ 46.3%€0.9mabove the sector's middle half▲ 88.1%€1.6mabove the sector's middle half▲ 74.4%€1.4mabove the sector's middle half▼ 15.4%
Total assets€1.1m-€1.4mwithin the sector's middle half▲ 20.0%€1.3mwithin the sector's middle half▼ 2.1%€1.9mabove the sector's middle half▲ 39.7%€3.3mabove the sector's middle half▲ 78.6%€4.6mabove the sector's middle half▲ 38.1%€4.6mabove the sector's middle half▼ 0.7%
Debt€0.6m-€0.9m▲ 40.0%€0.9m▼ 0.9%€1.3m▲ 42.7%€2.3m▲ 77.1%€2.8m▲ 24.8%€3.1m▲ 8.4%
Working capital€0.08m-€0.02mbelow the sector's middle half▼ 73.1%€0.03mbelow the sector's middle half▲ 39.9%€0.3mabove the sector's middle half▲ 889%€0.7mabove the sector's middle half▲ 138%€0.7mabove the sector's middle half▼ 1.6%€1.2mabove the sector's middle half▲ 74.3%
Solvency32.7%-25.7%within the sector's middle half▼ 7.0pp25.4%within the sector's middle half▼ 0.3pp26.6%within the sector's middle half▲ 1.2pp28.0%within the sector's middle half▲ 1.4pp35.3%within the sector's middle half▲ 7.3pp30.1%within the sector's middle half▼ 5.2pp
Current ratio1.22-1.05below the sector's middle half▼ 0.171.07below the sector's middle half▲ 0.021.38within the sector's middle half▲ 0.311.99within the sector's middle half▲ 0.611.53within the sector's middle half▼ 0.463.35within the sector's middle half▲ 1.82
Return on assets (ROA)0.0%--1.6%below the sector's middle half▼ 1.5pp-0.9%below the sector's middle half▲ 0.7pp8.4%within the sector's middle half▲ 9.3pp6.8%within the sector's middle half▼ 1.6pp13.7%above the sector's middle half▲ 6.9pp-5.4%below the sector's middle half▼ 19.1pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €255,243, after a profit of €932,296 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.6m
Fixed assets
€2.9m ▲ 9.2%
Current assets
€1.7m ▼ 14.3%
Equity and liabilities €4.6m
Equity
€1.4m ▼ 15.4%
Provisions
€140,130 ▼ 11.6%
Debt
€3.1m ▲ 8.4%
Debt's share of the balance-sheet total rises from 61.3% to 66.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€86,003▼
2024 · €1.3m
Cash flow
€93,593▼
2024 · €954,649
Quick ratio
3.27▲
2024 · 1.49
Debt to equity
2.22▲
2024 · 1.73
ROE
-17.9%▼
2024 · 38.9%
Interest coverage
7.99▼
2024 · over 100
Debt ≤ 1 year
€497,246▼
2024 · €1.3m
Debt > 1 year
€2.6m▲
2024 · €1.6m
Staff costs
€115
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €19,611 | €2.3m | €1.0m | €644,421 |
| Depreciation and write-downs of the year | €82,964 | €132,520 | €319,702 | €341,246 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €115 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.07m | €0.07m | €0.08m | €0.08m | €0.1m | €0.3m | €0.3m | ▲ 6.7% |
| Other operating charges640/8 | - | - | - | €0.005m | €0.02m | €0.003m | €0.005m | ▲ 39.4% |
| Non-recurring operating charges66A | - | - | - | - | €104 | - | - | - |
| Gross operating margin9900 | €0.07m | €0.05m | €0.06m | €0.3m | €0.4m | €1.3m | €0.09m | ▼ 92.8% |
| Operating profit (loss)9901 | -€0.001m | -€0.03m | -€0.02m | €0.2m | €0.2m | €0.9m | -€0.3m | - |
| Financial income75/76B | - | - | - | - | €0.002m | €0 | - | - |
| Recurring financial income75 | €0 | €168 | - | - | €0.002m | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.003m | €0.007m | €0.01m | €0.01m | ▼ 0.8% |
| Recurring financial charges65 | €0.001m | €0.003m | €0.003m | €0.003m | €0.007m | €0.01m | €0.01m | ▼ 0.8% |
| Profit (loss) for the period before taxes9903 | -€0.002m | -€0.03m | -€0.02m | €0.2m | €0.2m | €0.9m | -€0.3m | - |
| Transfer from deferred taxes780 | - | - | - | €0.009m | €0.01m | €0.02m | €0.02m | ▲ 10.1% |
| Transfer to deferred taxes680 | - | - | - | - | €0.02m | €0.1m | - | - |
| Income taxes67/77 | €0.007m | - | - | €0.03m | €0.009m | €0.2m | - | - |
| Profit (loss) for the period9904 | -€466 | -€0.02m | -€0.01m | €0.2m | €0.2m | €0.6m | -€0.2m | - |
| Transfer from tax-exempt reserves789 | - | - | - | €0.02m | €0.02m | €0.04m | €0.05m | ▲ 12.4% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €0.006m | €0.03m | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.02m | -€0.005m | €0.005m | €0.2m | €0.2m | €0.6m | -€0.2m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.4m | €1.3m | €1.9m | €3.3m | €4.6m | €4.6m | ▼ 0.7% |
| Fixed assets21/28 | €0.7m | €0.9m | €0.9m | €0.8m | €2.0m | €2.7m | €2.9m | ▲ 9.2% |
| Tangible fixed assets22/27 | €0.7m | €0.9m | €0.9m | €0.8m | €2.0m | €2.7m | €2.9m | ▲ 9.2% |
| Land and buildings22 | - | - | - | €0.7m | €0.6m | €0.6m | €0.7m | ▲ 26.9% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €1.3m | €2.1m | €2.2m | ▲ 4.6% |
| Furniture and vehicles24 | - | - | - | - | €0.02m | €0.02m | €0.02m | ▼ 17.9% |
| Current assets29/58 | €0.4m | €0.5m | €0.4m | €1.0m | €1.4m | €1.9m | €1.7m | ▼ 14.3% |
| Stocks and contracts in progress3 | - | - | €0.3m | - | €0.008m | €0.05m | €0.04m | ▼ 19.6% |
| Stocks30/36 | - | - | - | - | €0.008m | €0.05m | €0.04m | ▼ 19.6% |
| Amounts receivable within one year40/41 | €0.03m | €0.5m | €0.04m | €1.0m | €0.3m | €1.4m | €1.4m | ▼ 5.6% |
| Trade receivables40 | - | - | - | €0.9m | €0.1m | €1.4m | €0.4m | ▼ 74.7% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.2m | €0.009m | €1.0m | ▲ 112× |
| Cash at bank and in hand54/58 | €0.4m | €0.002m | €0.09m | €0.07m | €1.0m | €0.4m | €0.3m | ▼ 42.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.006m | €0.01m | €0.01m | ▲ 5.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.4m | €1.3m | €1.9m | €3.3m | €4.6m | €4.6m | ▼ 0.7% |
| Equity10/15 | €0.4m | €0.4m | €0.3m | €0.5m | €0.9m | €1.6m | €1.4m | ▼ 15.4% |
| Contributions10/11 | €0.006m | €0.006m | €0.006m | €0.006m | €0.01m | €0.01m | €0.01m | = |
| Capital10 | - | - | - | €0.006m | - | - | - | - |
| Issued capital100 | - | - | - | €0.02m | - | - | - | - |
| Uncalled capital101 | - | - | - | €0.01m | - | - | - | - |
| Reserves13 | €0.3m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.4m | ▼ 10.9% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | - | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.3m | €0.4m | €0.3m | ▼ 11.6% |
| Distributable reserves133 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | €0.1m | €0.1m | €0.1m | €0.3m | €0.5m | €1.2m | €1.0m | ▼ 17.1% |
| Investment grants15 | - | - | - | - | €0.02m | €0.01m | €0.01m | ▼ 22.8% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.1m | €0.09m | €0.1m | €0.2m | €0.1m | ▼ 11.6% |
| Deferred taxes168 | - | - | - | €0.09m | €0.1m | €0.2m | €0.1m | ▼ 11.6% |
| Amounts payable17/49 | €0.6m | €0.9m | €0.9m | €1.3m | €2.3m | €2.8m | €3.1m | ▲ 8.4% |
| Amounts payable after more than one year17 | €0.3m | €0.5m | €0.5m | €0.5m | €1.6m | €1.6m | €2.6m | ▲ 65.2% |
| Financial debts170/4 | - | - | - | €0.3m | €0.5m | €0.5m | €1.5m | ▲ 218% |
| Other amounts payable178/9 | - | - | - | €0.3m | €1.1m | €1.1m | €1.1m | ▲ 0.1% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.4m | €0.8m | €0.7m | €1.3m | €0.5m | ▼ 61.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.1m | €0.1m | €0.2m | ▲ 47.2% |
| Trade debts44 | €0.3m | €0.4m | €0.4m | €0.7m | €0.6m | €0.9m | €0.3m | ▼ 67.1% |
| Suppliers440/4 | - | - | - | €0.7m | €0.6m | €0.9m | €0.3m | ▼ 67.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €0.2m | - | - |
| Taxes450/3 | - | - | - | €0.03m | €0.02m | €0.2m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.004m | €0.006m | €0.007m | ▲ 33.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€466 | -€0.02m | -€0.01m | €0.2m | €0.2m | €0.6m | -€0.2m | - |
| + Depreciation and write-downs630 | €0.07m | €0.07m | €0.08m | €0.08m | €0.1m | €0.3m | €0.3m | ▲ 6.7% |
| Operating cash flow (approximation) | €0.07m | €0.05m | €0.07m | €0.2m | €0.4m | €1.0m | €0.09m | ▼ 90.2% |
| Investment in fixed assets (approximation) | - | -€0.3m | -€0.08m | -€0.01m | -€1.3m | -€1.0m | -€0.6m | ▲ 42.4% |
| Change in cash | - | -€0.4m | €0.09m | -€0.02m | €1.0m | -€0.6m | -€0.2m | ▲ 68.6% |
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, 8,617 companies had the same profile as JAFA has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JAFA 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 8,617 companies, not a prediction for JAFA. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 05-01-2026 | 2026-00003395 | |
| 30-06-2024 | micro format | 23-01-2025 | 2025-00011025 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00023730 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00021949 | |
| 30-06-2021 | full format | 27-01-2022 | 2022-03000516 | |
| 30-06-2020 | full format | 16-12-2020 | 2020-76000358 | |
| 30-06-2019 | full format | 31-01-2020 | 2020-03900140 | |
| 30-06-2018 | full format | 21-12-2018 | 2018-75500139 | |
| 30-06-2017 | full format | 31-01-2018 | 2018-04400209 | |
| 30-06-2016 | full format | 07-01-2017 | 2017-00700197 |