JAGA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 48 filings
Turnover
€58.0m▲ 1.4%
2024 · €57.2m
EBIT margin
-2.3%▼ 0.7pp
2024 · -1.6%
Net result
-€1.6m▲ 2.1%
2024 · -€1.6m
Working capital
-€3.1m
2024 · €1.2m
In the rankings
#2 employer in Diepenbeek#3 company by total assets in Diepenbeek, Manufacturing sector#3 oldest company in Diepenbeek, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€58.0m
▲ 1.4%
2025
20182025
Operating result
-€1.3m
▼ 43.2%
2025
20182025
Net result
-€1.6m
▲ 2.1%
2025
lowest quarter of the sector
20182025
EBIT margin
-2.3%
▼ 0.7pp
2025
20182025
Equity
€6.2m
▲ 70.6%
2025
highest quarter of the sector
20182025
Total assets
€33.3m
▲ 39.7%
2025
highest quarter of the sector
20182025
Debt
€25.8m
▲ 29.0%
2025
20182025
Working capital
-€3.1m
2025
lowest quarter of the sector
20182025
Solvency
18.7%
▲ 3.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.87
▼ 0.20
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-4.7%
▲ 2.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
282.3
▼ 5.4%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€42.5m-€43.5m▲ 2.2%€42.3m▼ 2.6%€43.5m▲ 2.7%€49.3m▲ 13.4%€56.8m▲ 15.2%€57.2m▲ 0.7%€58.0m▲ 1.4%
Operating result-€0.3m-€0.4m€1.3m▲ 237%€0.7m▼ 43.8%€0.4m▼ 52.4%€2.2m▲ 529%-€0.9m-€1.3m▼ 43.2%
Net result-€0.8m-€0.02m€0.5mabove the sector's middle half▲ 30×€0.5mwithin the sector's middle half▼ 12.6%€0.2mwithin the sector's middle half▼ 64.3%€1.4mabove the sector's middle half▲ 724%-€1.6mbelow the sector's middle half-€1.6mbelow the sector's middle half▲ 2.1%
EBIT margin-0.7%-0.9%▲ 1.6pp3.1%▲ 2.2pp1.7%▼ 1.4pp0.7%▼ 1.0pp3.9%▲ 3.2pp-1.6%▼ 5.6pp-2.3%▼ 0.7pp
Equity€2.7m-€2.7m▲ 0.7%€3.2mabove the sector's middle half▲ 19.5%€3.7mabove the sector's middle half▲ 14.3%€3.9mabove the sector's middle half▲ 4.5%€5.2mabove the sector's middle half▲ 35.2%€3.6mwithin the sector's middle half▼ 30.5%€6.2mabove the sector's middle half▲ 70.6%
Total assets€20.0m-€17.7m▼ 11.5%€19.0mabove the sector's middle half▲ 7.7%€21.9mabove the sector's middle half▲ 14.9%€24.6mabove the sector's middle half▲ 12.6%€24.1mabove the sector's middle half▼ 2.2%€23.8mabove the sector's middle half▼ 1.1%€33.3mabove the sector's middle half▲ 39.7%
Debt€16.8m-€14.7m▼ 12.8%€15.5m▲ 5.5%€17.9m▲ 15.9%€20.6m▲ 14.8%€18.7m▼ 9.1%€20.0m▲ 6.8%€25.8m▲ 29.0%
Working capital€1.0m-€0.6m▼ 40.7%€1.5mabove the sector's middle half▲ 144%€4.6mabove the sector's middle half▲ 206%€4.6mabove the sector's middle half▼ 0.9%€4.0mabove the sector's middle half▼ 12.3%€1.2mwithin the sector's middle half▼ 68.9%-€3.1mbelow the sector's middle half
Solvency13.5%-15.4%▲ 1.9pp17.1%below the sector's middle half▲ 1.7pp17.0%below the sector's middle half▼ 0.1pp15.7%below the sector's middle half▼ 1.2pp21.8%below the sector's middle half▲ 6.0pp15.3%below the sector's middle half▼ 6.5pp18.7%below the sector's middle half▲ 3.4pp
Current ratio1.07-1.05▼ 0.021.11below the sector's middle half▲ 0.061.33within the sector's middle half▲ 0.211.27within the sector's middle half▼ 0.061.25within the sector's middle half▼ 0.021.07below the sector's middle half▼ 0.170.87below the sector's middle half▼ 0.20
Return on assets (ROA)-3.9%-0.1%▲ 4.0pp2.8%within the sector's middle half▲ 2.7pp2.1%within the sector's middle half▼ 0.7pp0.7%below the sector's middle half▼ 1.4pp5.7%within the sector's middle half▲ 5.0pp-6.7%below the sector's middle half▼ 12.4pp-4.7%below the sector's middle half▲ 2.0pp
Staff (FTE)307.6-299.5▼ 2.6%301.3above the sector's middle half▲ 0.6%292.9above the sector's middle half▼ 2.8%289.2above the sector's middle half▼ 1.3%301.5above the sector's middle half▲ 4.3%298.3above the sector's middle half▼ 1.1%282.3above the sector's middle half▼ 5.4%
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 a loss of €1.3m, larger than the loss of €931,663 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2023 Net result +724% on 2022. Merger absorbing NV H.D.I., Official Gazette 24-11-2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €31.5m
Fixed assets
€10.9m ▲ 105%
Current assets
€20.6m ▲ 11.3%
Equity and liabilities €33.3m
Equity
€6.2m ▲ 70.6%
Provisions
€1.2m ▲ 627%
Debt
€25.8m ▲ 29.0%
Debt's share of the balance-sheet total falls from 84.0% to 77.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€106,452▼
2024 · €105,293
Cash flow
-€335,865▲
2024 · -€559,976
Quick ratio
0.46▲
2024 · 0.41
Debt to equity
4.15▼
2024 · 5.49
ROE
-25.1%▲
2024 · -43.8%
Interest coverage
-0.31▼
2024 · 0.34
Debt ≤ 1 year
€23.7m▲
2024 · €17.3m
Debt > 1 year
€781,850▼
2024 · €1.1m
Customer credit
42 days▲
2024 · 26 days
Supplier credit
115 days▲
2024 · 107 days
Staff costs
€22.9m▲
2024 · €20.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 308 | 310 | 322 | 324 | 273 |
| full-time | 245 | 243 | 261 | 251 | 206 |
| part-time | 63 | 67 | 61 | 73 | 67 |
| in full-time equivalents | 287.6 | 288 | 300.7 | 297.9 | 253.2 |
| Average over the year, in full-time equivalents | 292.9 | 289.2 | 301.5 | 298.2 | 282 |
| On a permanent contract | 281 | 289 | 290 | 292 | 252 |
| Joined | 22 | 91 | 100 | 84 | 62 |
| Left | 37 | 89 | 88 | 82 | 101 |
| Agency workers, average number | 4.4 | 8.9 | 9.4 | 9.4 | 13.5 |
| Training hours | 5,083 | 7,246 | 9,861 | 7,187 | 1,740 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €3.3m | €3.2m | €2.6m | €5.4m | €11.9m |
| Mortgages, amount registered | €12.0m | €12.0m | - | €12.0m | €12.0m |
| Mortgage mandates | - | - | - | - | €2.3m |
| Carrying value of the mortgaged assets | €815,757 | €729,580 | - | €2.7m | €7.8m |
| Pledge on the business | €12.2m | €12.2m | - | €12.2m | €14.7m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1.1m | €518,907 | €1.6m | €2.6m | €1.8m |
| Intangible fixed assets | €251,824 | €101,288 | €188,603 | - | €10,640 |
| Depreciation and write-downs of the year | €652,760 | €761,445 | €845,849 | €1.0m | €1.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €37,022 | €38,258 | €39,686 | €40,998 | €30,250 |
| Other work by the auditor | - | - | - | - | €3,250 |
| Work by persons linked to the auditor | €35,904 | €28,958 | €40,936 | €30,508 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 9 entries · €346,159 awarded · €162,361 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €198,700 | €14,902 |
| 2024 | 2 | €29,212 | €29,212 |
| 2023 | 2 | €82,820 | €82,820 |
| 2022 | 2 | €35,427 | €35,427 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €45.8m | €53.7m | €61.0m | €60.8m | €59.8m | ▼ 1.6% |
| Turnover70 | €42.5m | €43.5m | €42.3m | €43.5m | €49.3m | €56.8m | €57.2m | €58.0m | ▲ 1.4% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.1m | €0.8m | -€0.1m | -€0.005m | -€0.7m | ▼ 15,819% |
| Own construction capitalised72 | - | - | - | €0.1m | €0.06m | - | - | €0.03m | - |
| Other operating income74 | - | - | - | €1.7m | €3.5m | €3.3m | €3.6m | €1.7m | ▼ 51.6% |
| Non-recurring operating income76A | - | - | - | €0.3m | €0.04m | €1.1m | €0.04m | €0.8m | ▲ 18× |
| Operating charges60/66A | - | - | - | €45.0m | €53.4m | €58.8m | €61.7m | €61.1m | ▼ 0.9% |
| Goods for resale, raw materials and consumables60 | - | - | - | €19.5m | €25.6m | €28.0m | €27.1m | €25.4m | ▼ 6.4% |
| Purchases600/8 | - | - | - | €20.9m | €28.3m | €27.8m | €26.8m | €23.6m | ▼ 11.6% |
| Change in stocks: decrease (increase)609 | - | - | - | -€1.4m | -€2.7m | €0.3m | €0.4m | €1.8m | ▲ 348% |
| Services and other goods61 | - | - | - | €8.1m | €9.3m | €10.5m | €11.6m | €13.1m | ▲ 12.4% |
| Remuneration, social security and pensions62 | - | - | - | €16.0m | €17.4m | €19.1m | €20.5m | €22.9m | ▲ 11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.8m | €0.8m | €0.7m | €0.7m | €0.8m | €0.8m | €1.0m | €1.2m | ▲ 18.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.3m | €0.008m | €0.08m | €1.1m | -€0.6m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.09m | -€0.07m | -€0.03m | €0.06m | €0.03m | ▼ 44.7% |
| Other operating charges640/8 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 22.8% |
| Operating charges capitalised as restructuring costs649 | - | - | - | - | - | - | - | -€1.8m | - |
| Non-recurring operating charges66A | - | - | - | €0.4m | €0.09m | €0.009m | €0.02m | €0.7m | ▲ 30× |
| Operating profit (loss)9901 | -€0.3m | €0.4m | €1.3m | €0.7m | €0.4m | €2.2m | -€0.9m | -€1.3m | ▼ 43.2% |
| Financial income75/76B | - | - | - | €0.4m | €0.3m | €0.5m | €0.2m | €0.5m | ▲ 213% |
| Recurring financial income75 | €0.2m | €0.2m | €0.1m | €0.4m | €0.3m | €0.5m | €0.2m | €0.5m | ▲ 213% |
| Income from current assets751 | - | - | - | €0.009m | €0.01m | €0.01m | €0.007m | - | - |
| Other financial income752/9 | - | - | - | €0.4m | €0.3m | €0.4m | €0.2m | €0.5m | ▲ 227% |
| Financial charges65/66B | - | - | - | €0.5m | €0.6m | €1.1m | €0.9m | €0.7m | ▼ 13.7% |
| Recurring financial charges65 | €0.6m | €0.5m | €0.7m | €0.5m | €0.6m | €1.1m | €0.9m | €0.7m | ▼ 13.7% |
| Debt charges650 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.3m | €0.3m | ▲ 11.4% |
| Other financial charges652/9 | - | - | - | €0.3m | €0.4m | €0.8m | €0.5m | €0.4m | ▼ 28.0% |
| Profit (loss) for the period before taxes9903 | -€0.7m | €0.04m | €0.8m | €0.6m | €0.1m | €1.6m | -€1.6m | -€1.6m | ▲ 4.0% |
| Income taxes67/77 | €0.05m | €0.02m | €0.3m | €0.2m | -€0.04m | €0.2m | -€0.03m | - | - |
| Taxes670/3 | - | - | - | €0.3m | €0.1m | €0.2m | €0.002m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.1m | €0.2m | €0.004m | €0.03m | - | - |
| Profit (loss) for the period9904 | -€0.8m | €0.02m | €0.5m | €0.5m | €0.2m | €1.4m | -€1.6m | -€1.6m | ▲ 2.1% |
| Profit (loss) for the period to be appropriated9905 | -€0.8m | €0.02m | €0.5m | €0.5m | €0.2m | €1.4m | -€1.6m | -€1.6m | ▲ 2.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €20.0m | €17.7m | €19.0m | €21.9m | €24.6m | €24.1m | €23.8m | €33.3m | ▲ 39.7% |
| Formation expenses20 | - | - | - | - | - | - | - | €1.8m | - |
| Fixed assets21/28 | €4.2m | €4.0m | €4.0m | €3.1m | €2.9m | €3.7m | €5.3m | €10.9m | ▲ 105% |
| Intangible fixed assets21 | €0.08m | €0.1m | €0.4m | €0.5m | €0.5m | €0.5m | €0.4m | €0.2m | ▼ 43.3% |
| Tangible fixed assets22/27 | €2.5m | €2.3m | €2.0m | €2.4m | €2.3m | €3.2m | €4.9m | €10.7m | ▲ 116% |
| Land and buildings22 | - | - | - | €0.8m | €0.7m | €1.4m | €2.7m | €7.8m | ▲ 188% |
| Plant, machinery and equipment23 | - | - | - | €0.5m | €0.6m | €0.7m | €0.7m | €0.9m | ▲ 33.1% |
| Furniture and vehicles24 | - | - | - | €0.3m | €0.3m | €0.4m | €0.3m | €0.4m | ▲ 16.7% |
| Leasing and similar rights25 | - | - | - | €0.6m | €0.5m | €0.6m | €1.0m | €1.0m | ▲ 1.3% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.1m | €0.09m | - | - |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.2m | €0.6m | ▲ 300% |
| Financial fixed assets28 | €1.7m | €1.7m | €1.6m | €0.1m | €0.1m | €0.009m | €0.009m | €0.009m | ▼ 0.2% |
| Affiliated companies280/1 | - | - | - | €0.1m | €0.1m | €0.001m | €0.001m | €0.001m | = |
| Participating interests280 | - | - | - | €0.1m | €0.1m | €0.001m | €0.001m | €0.001m | = |
| Other financial fixed assets284/8 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | ▼ 0.3% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | ▼ 0.3% |
| Current assets29/58 | €15.8m | €13.6m | €15.1m | €18.8m | €21.7m | €20.4m | €18.5m | €20.6m | ▲ 11.3% |
| Amounts receivable after more than one year29 | - | - | - | €2.6m | €2.0m | €2.0m | €2.0m | €2.0m | ▼ 0.2% |
| Other amounts receivable291 | - | - | - | €2.6m | €2.0m | €2.0m | €2.0m | €2.0m | ▼ 0.2% |
| Stocks and contracts in progress3 | €7.5m | €7.7m | €8.5m | €10.0m | €13.3m | €12.9m | €11.4m | €9.7m | ▼ 14.9% |
| Stocks30/36 | - | - | - | €10.0m | €13.3m | €12.9m | €11.4m | €9.7m | ▼ 14.9% |
| Raw materials and consumables30/31 | - | - | - | €5.5m | €7.9m | €7.6m | €6.7m | €5.6m | ▼ 15.6% |
| Work in progress32 | - | - | - | €1.5m | €1.8m | €1.8m | €1.7m | €1.5m | ▼ 13.5% |
| Finished goods33 | - | - | - | €1.7m | €2.2m | €2.1m | €2.2m | €1.6m | ▼ 24.7% |
| Goods purchased for resale34 | - | - | - | €1.3m | €1.4m | €1.4m | €0.9m | €1.0m | ▲ 11.3% |
| Amounts receivable within one year40/41 | €7.7m | €5.2m | €6.1m | €4.7m | €5.1m | €3.4m | €4.4m | €7.2m | ▲ 64.2% |
| Trade receivables40 | - | - | - | €4.5m | €4.0m | €2.6m | €4.1m | €6.6m | ▲ 62.8% |
| Other amounts receivable41 | - | - | - | €0.2m | €1.1m | €0.8m | €0.3m | €0.5m | ▲ 83.4% |
| Cash at bank and in hand54/58 | €0.3m | €0.07m | €0.2m | €1.0m | €0.5m | €1.4m | €0.2m | €1.0m | ▲ 572% |
| Deferred charges and accrued income490/1 | - | - | - | €0.6m | €0.7m | €0.7m | €0.6m | €0.7m | ▲ 24.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €20.0m | €17.7m | €19.0m | €21.9m | €24.6m | €24.1m | €23.8m | €33.3m | ▲ 39.7% |
| Equity10/15 | €2.7m | €2.7m | €3.2m | €3.7m | €3.9m | €5.2m | €3.6m | €6.2m | ▲ 70.6% |
| Contributions10/11 | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m | = |
| Capital10 | - | - | - | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m | = |
| Issued capital100 | - | - | - | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m | = |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €5.2m | - |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | -€1.2m | -€1.2m | -€0.7m | -€0.2m | -€0.03m | €1.3m | -€0.3m | -€2.9m | ▼ 1,006% |
| Provisions and deferred taxes16 | €0.4m | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | €0.2m | €1.2m | ▲ 627% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €1.2m | ▲ 627% |
| Pensions and similar obligations160 | - | - | - | €0.2m | €0.1m | €0.04m | €0.06m | €0.05m | ▼ 9.7% |
| Other liabilities and charges164/5 | - | - | - | €0.04m | €0.04m | €0.07m | €0.1m | €1.2m | ▲ 973% |
| Amounts payable17/49 | €16.8m | €14.7m | €15.5m | €17.9m | €20.6m | €18.7m | €20.0m | €25.8m | ▲ 29.0% |
| Amounts payable after more than one year17 | €1.9m | €1.5m | €1.7m | €2.1m | €1.7m | €0.7m | €1.1m | €0.8m | ▼ 25.9% |
| Financial debts170/4 | - | - | - | €1.8m | €1.5m | €0.4m | €0.8m | €0.8m | ▼ 1.0% |
| Leasing and similar obligations172 | - | - | - | €0.5m | €0.3m | €0.4m | €0.8m | €0.8m | ▼ 1.0% |
| Credit institutions173 | - | - | - | €0.3m | - | - | - | - | - |
| Other loans174 | - | - | - | €1.1m | €1.2m | €0.03m | €0.02m | €0.02m | ▼ 0.8% |
| Other amounts payable178/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | - | - |
| Amounts payable within one year42/48 | €14.7m | €13.0m | €13.6m | €14.2m | €17.1m | €16.4m | €17.3m | €23.7m | ▲ 37.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.6m | €0.4m | €0.2m | €0.3m | €0.3m | ▲ 18.9% |
| Financial debts43 | - | - | - | €3.3m | €3.9m | €3.3m | €4.4m | €10.8m | ▲ 148% |
| Credit institutions430/8 | - | - | - | €2.0m | €2.5m | €2.0m | €2.8m | €10.8m | ▲ 282% |
| Other loans439 | - | - | - | €1.3m | €1.4m | €1.3m | €1.5m | - | - |
| Trade debts44 | €6.3m | €5.1m | €5.2m | €6.4m | €8.7m | €7.6m | €8.0m | €8.0m | ▲ 0.5% |
| Suppliers440/4 | - | - | - | €6.4m | €8.7m | €7.6m | €8.0m | €8.0m | ▲ 0.5% |
| Advances received on contracts in progress46 | - | - | - | €0.6m | €0.7m | €1.7m | €0.7m | €0.3m | ▼ 60.2% |
| Taxes, remuneration and social security45 | - | - | - | €3.2m | €3.3m | €3.4m | €3.7m | €4.1m | ▲ 12.8% |
| Taxes450/3 | - | - | - | €0.8m | €0.9m | €0.8m | €0.7m | €0.6m | ▼ 7.9% |
| Remuneration and social security454/9 | - | - | - | €2.3m | €2.4m | €2.6m | €3.0m | €3.5m | ▲ 17.6% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.1m | €0.3m | €0.1m | ▼ 65.5% |
| Accrued charges and deferred income492/3 | - | - | - | €1.7m | €1.7m | €1.7m | €1.7m | €1.4m | ▼ 19.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.8m | €0.02m | €0.5m | €0.5m | €0.2m | €1.4m | -€1.6m | -€1.6m | ▲ 2.1% |
| + Depreciation and write-downs630 | €0.8m | €0.8m | €0.7m | €0.7m | €0.8m | €0.8m | €1.0m | €1.2m | ▲ 18.4% |
| Operating cash flow (approximation) | €0.05m | €0.8m | €1.2m | €1.1m | €0.9m | €2.2m | -€0.6m | -€0.3m | ▲ 40.0% |
| Investment in fixed assets (approximation) | - | -€0.6m | -€0.7m | €0.2m | -€0.6m | -€1.7m | -€2.6m | -€6.8m | ▼ 159% |
| Change in cash | - | -€0.2m | €0.2m | €0.7m | -€0.4m | €0.8m | -€1.2m | €0.9m | - |
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, 137 companies had the same profile as JAGA has now. Two years later, 95.6% were still going and 2.2% had gone bankrupt.
- Large
- solvency 10 to 30%
- a small loss
- without age
95.6%
was still going
2.2%
stopped otherwise
2.2%
went bankrupt
That fits the bankruptcy probability of JAGA itself: 1.6% 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 137 companies, not a prediction for JAGA. 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 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 19-06-2026 | 2026-00184125 | |
| 31-12-2024 | full format | 01-06-2026 | 2026-00133716 | |
| 31-12-2023 | full format | 24-07-2024 | 2024-00276133 | |
| 31-12-2022 | full format | 28-06-2023 | 2023-00167489 | |
| 31-12-2021 | full format | 07-07-2022 | 2022-20154905 | |
| 31-12-2020 | full format | 06-07-2021 | 2021-30800324 | |
| 31-12-2019 | full format | 03-07-2020 | 2020-25100555 | |
| 31-12-2018 | full format | 11-07-2019 | 2019-31100432 | |
| 31-12-2017 | full format | 10-08-2018 | 2018-44500072 | |
| 31-12-2016 | full format | 18-07-2017 | 2017-32400277 |