JAIF
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 39 days after the deadline Filed on 11 March 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00052453.
Annual accounts 2025 filed on 11-03-2026 PDF all 14 filings
Turnover
€106,104
EBIT margin
16.5%
Net result
€3,201▼ 88.8%
2024 · €28,528
Working capital
€207,849▲ 2.2%
2024 · €203,386
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€4,865
▼ 85.5%
2025
20192025
Net result
€3,201
▼ 88.8%
2025
lowest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€265,913
▲ 1.2%
2025
highest quarter of the sector
20192025
Total assets
€338,490
▲ 1.2%
2025
middle half of the sector
20192025
Debt
€72,576
▲ 1.2%
2025
20192025
Working capital
€207,849
▲ 2.2%
2025
highest quarter of the sector
20192025
Solvency
78.6%
=
2025
highest quarter of the sector
20192025
Current ratio
4.23
▲ 0.03
2025
middle half of the sector
20192025
Return on assets (ROA)
0.9%
▼ 7.6pp
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
Turnover€106,104
Operating result-€15,140--€11,112▲ 26.6%€1,890€9,747▲ 416%€17,531▲ 79.9%€33,570▲ 91.5%€4,865▼ 85.5%
Net result-€15,971--€11,394below the sector's middle half▲ 28.7%€1,788within the sector's middle half€9,524within the sector's middle half▲ 433%€17,316within the sector's middle half▲ 81.8%€28,528within the sector's middle half▲ 64.7%€3,201below the sector's middle half▼ 88.8%
EBIT margin16.5%
Equity€216,950-€205,556within the sector's middle half▼ 5.3%€207,344within the sector's middle half▲ 0.9%€216,868within the sector's middle half▲ 4.6%€234,184within the sector's middle half▲ 8.0%€262,712within the sector's middle half▲ 12.2%€265,913above the sector's middle half▲ 1.2%
Total assets€233,147-€216,477below the sector's middle half▼ 7.1%€226,346below the sector's middle half▲ 4.6%€250,982below the sector's middle half▲ 10.9%€290,368below the sector's middle half▲ 15.7%€334,413below the sector's middle half▲ 15.2%€338,490within the sector's middle half▲ 1.2%
Debt€16,197-€10,921▼ 32.6%€19,002▲ 74.0%€34,114▲ 79.5%€56,184▲ 64.7%€71,700▲ 27.6%€72,576▲ 1.2%
Working capital€146,191-€142,126within the sector's middle half▼ 2.8%€145,059within the sector's middle half▲ 2.1%€158,023within the sector's middle half▲ 8.9%€171,597within the sector's middle half▲ 8.6%€203,386within the sector's middle half▲ 18.5%€207,849above the sector's middle half▲ 2.2%
Solvency93.1%-95.0%above the sector's middle half▲ 1.9pp91.6%above the sector's middle half▼ 3.3pp86.4%above the sector's middle half▼ 5.2pp80.7%above the sector's middle half▼ 5.8pp78.6%above the sector's middle half▼ 2.1pp78.6%above the sector's middle half=
Current ratio10.03-57.91above the sector's middle half▲ 47.8814.49above the sector's middle half▼ 43.417.11above the sector's middle half▼ 7.384.58above the sector's middle half▼ 2.534.21above the sector's middle half▼ 0.374.23within the sector's middle half▲ 0.03
Return on assets (ROA)-6.9%--5.3%below the sector's middle half▲ 1.6pp0.8%within the sector's middle half▲ 6.1pp3.8%within the sector's middle half▲ 3.0pp6.0%within the sector's middle half▲ 2.2pp8.5%within the sector's middle half▲ 2.6pp0.9%below the sector's middle half▼ 7.6pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 86% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €338,490
Fixed assets
€66,314 ▼ 1.9%
Current assets
€272,176 ▲ 2.0%
Equity and liabilities €338,490
Equity
€265,913 ▲ 1.2%
Debt
€72,576 ▲ 1.2%
Debt's share of the balance-sheet total stays at 21.4%.
Key figures and ratios
EBITDA
€9,295▼
2024 · €37,107
Cash flow
€7,630▼
2024 · €32,065
Debt to equity
0.27=
2024 · 0.27
ROE
1.2%▼
2024 · 10.9%
Interest coverage
37.01▲
2024 · 7.36
Debt ≤ 1 year
€64,326▲
2024 · €63,450
Debt > 1 year
€8,250=
2024 · €8,250
Income taxes
€1,414
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 | - | €8,798 | €1,041 | €3,166 |
| Depreciation and write-downs of the year | €3,770 | €5,055 | €3,537 | €4,429 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €106,104 | - | - | - |
| Non-recurring operating income76A | - | - | - | €455 | - | €715 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €83,257 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,114 | €1,824 | €3,331 | €3,770 | €5,055 | €3,537 | €4,429 | ▲ 25.2% |
| Other operating charges640/8 | - | - | - | €559 | €423 | €960 | €570 | ▼ 40.6% |
| Gross operating margin9900 | -€12,839 | -€8,798 | €5,424 | €14,077 | €23,008 | €38,066 | €9,865 | ▼ 74.1% |
| Operating profit (loss)9901 | -€15,140 | -€11,112 | €1,890 | €9,747 | €17,531 | €33,570 | €4,865 | ▼ 85.5% |
| Financial income75/76B | - | - | - | - | €43 | €2 | €1 | ▼ 60.6% |
| Recurring financial income75 | - | €5 | €18 | - | €43 | €2 | €1 | ▼ 60.6% |
| Financial charges65/66B | - | - | - | €223 | €257 | €5,044 | €251 | ▼ 95.0% |
| Recurring financial charges65 | €147 | €287 | €120 | €223 | €257 | €5,044 | €251 | ▼ 95.0% |
| Profit (loss) for the period before taxes9903 | -€15,978 | -€11,394 | €1,788 | €9,524 | €17,316 | €28,528 | €4,615 | ▼ 83.8% |
| Income taxes67/77 | -€6 | - | - | - | - | - | €1,414 | - |
| Profit (loss) for the period9904 | -€15,971 | -€11,394 | €1,788 | €9,524 | €17,316 | €28,528 | €3,201 | ▼ 88.8% |
| Profit (loss) for the period to be appropriated9905 | -€15,971 | -€11,394 | €1,788 | €9,524 | €17,316 | €28,528 | €3,201 | ▼ 88.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €233,147 | €216,477 | €226,346 | €250,982 | €290,368 | €334,413 | €338,490 | ▲ 1.2% |
| Fixed assets21/28 | €70,758 | €71,853 | €70,536 | €67,095 | €70,838 | €67,577 | €66,314 | ▼ 1.9% |
| Tangible fixed assets22/27 | €5,931 | €7,026 | €9,458 | €6,017 | €9,760 | €6,500 | €5,237 | ▼ 19.4% |
| Land and buildings22 | - | - | - | €584 | €3,394 | €1,616 | €1,526 | ▼ 5.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €974 | - |
| Furniture and vehicles24 | - | - | - | €2,457 | €2,628 | €2,402 | €1,510 | ▼ 37.1% |
| Other tangible fixed assets26 | - | - | - | €2,976 | €3,738 | €2,482 | €1,226 | ▼ 50.6% |
| Financial fixed assets28 | €64,827 | €64,827 | €61,077 | €61,077 | €61,077 | €61,077 | €61,077 | = |
| Current assets29/58 | €162,389 | €144,624 | €155,810 | €183,887 | €219,531 | €266,836 | €272,176 | ▲ 2.0% |
| Amounts receivable within one year40/41 | €42,414 | €6,829 | €13,780 | €18,754 | €37,072 | €42,484 | €61,720 | ▲ 45.3% |
| Trade receivables40 | - | - | - | €18,674 | €32,763 | €42,484 | €59,152 | ▲ 39.2% |
| Other amounts receivable41 | - | - | - | €80 | €4,309 | - | €2,568 | - |
| Cash at bank and in hand54/58 | €118,774 | €137,460 | €140,351 | €161,885 | €177,933 | €219,642 | €205,339 | ▼ 6.5% |
| Deferred charges and accrued income490/1 | - | - | - | €3,248 | €4,526 | €4,709 | €5,116 | ▲ 8.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €233,147 | €216,477 | €226,346 | €250,982 | €290,368 | €334,413 | €338,490 | ▲ 1.2% |
| Equity10/15 | €216,950 | €205,556 | €207,344 | €216,868 | €234,184 | €262,712 | €265,913 | ▲ 1.2% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Uncalled capital101 | - | - | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €208,890 | €197,496 | €199,284 | €208,808 | €226,124 | €254,652 | €257,853 | ▲ 1.3% |
| Amounts payable17/49 | €16,197 | €10,921 | €19,002 | €34,114 | €56,184 | €71,700 | €72,576 | ▲ 1.2% |
| Amounts payable after more than one year17 | - | €8,250 | €8,250 | €8,250 | €8,250 | €8,250 | €8,250 | = |
| Other amounts payable178/9 | - | - | - | €8,250 | €8,250 | €8,250 | €8,250 | = |
| Amounts payable within one year42/48 | €16,197 | €2,498 | €10,752 | €25,864 | €47,934 | €63,450 | €64,326 | ▲ 1.4% |
| Trade debts44 | €12,398 | €1,841 | €2,271 | €5,662 | €1,420 | €766 | €2,188 | ▲ 186% |
| Suppliers440/4 | - | - | - | €5,662 | €1,420 | €766 | €2,188 | ▲ 186% |
| Taxes, remuneration and social security45 | - | - | - | - | €484 | €3,169 | €2,853 | ▼ 10.0% |
| Taxes450/3 | - | - | - | - | €484 | €3,169 | €2,853 | ▼ 10.0% |
| Other amounts payable47/48 | - | - | - | €20,202 | €46,030 | €59,515 | €59,285 | ▼ 0.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,971 | -€11,394 | €1,788 | €9,524 | €17,316 | €28,528 | €3,201 | ▼ 88.8% |
| + Depreciation and write-downs630 | €2,114 | €1,824 | €3,331 | €3,770 | €5,055 | €3,537 | €4,429 | ▲ 25.2% |
| Operating cash flow (approximation) | -€13,857 | -€9,569 | €5,120 | €13,294 | €22,371 | €32,065 | €7,630 | ▼ 76.2% |
| Investment in fixed assets (approximation) | - | -€2,919 | -€2,014 | -€330 | -€8,798 | -€276 | -€3,166 | ▼ 1,047% |
| Change in cash | - | €18,686 | €2,891 | €21,534 | €16,048 | €41,709 | -€14,302 | - |
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, 10,904 companies had the same profile as JAIF has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of JAIF 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 10,904 companies, not a prediction for JAIF. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 11-03-2026 | 2026-00052453 | |
| 30-06-2024 | full format | 27-03-2025 | 2025-00057444 | |
| 30-06-2023 | full format | 12-01-2024 | 2024-00000964 | |
| 30-06-2022 | full format | 31-01-2023 | 2023-00018772 | |
| 30-06-2021 | full format | 27-01-2022 | 2022-02400323 | |
| 30-06-2020 | full format | 01-02-2021 | 2021-03800212 | |
| 30-06-2019 | full format | 19-02-2020 | 2020-05200594 | |
| 30-06-2018 | full format | 11-02-2019 | 2019-05100436 | |
| 30-06-2017 | full format | 25-01-2018 | 2018-02400107 | |
| 30-06-2016 | full format | 06-01-2017 | 2017-00500240 |