JAMARKO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 38 filings
Turnover
≈ €90,000
Estimated: probably between €43,000 and €210,000
Total assets
€377,287▼ 4.7%
2024 · €396,040
Net result
-€9,051▼ 9.4%
2024 · -€8,274
Working capital
€329,175▲ 5.4%
2024 · €312,303
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,930
▲ 4.7%
2025
20182025
Net result
-€9,051
▼ 9.4%
2025
lowest quarter of the sector
20182025
Equity
€366,716
▼ 2.4%
2025
highest quarter of the sector
20182025
Total assets
€377,287
▼ 4.7%
2025
middle half of the sector
20182025
Debt
€9,228
▼ 43.0%
2025
20182025
Working capital
€329,175
▲ 5.4%
2025
highest quarter of the sector
20182025
Solvency
97.2%
▲ 2.3pp
2025
highest quarter of the sector
20182025
Current ratio
38.50
▲ 17.57
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-2.4%
▼ 0.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€16,688-€11,260▼ 32.5%€34,886▲ 210%€36,857▲ 5.6%€64,913▲ 76.1%€107,098▲ 65.0%-€11,468-€10,930▲ 4.7%
Net result€8,807-€4,580▼ 48.0%€20,082within the sector's middle half▲ 338%€17,510within the sector's middle half▼ 12.8%€36,977above the sector's middle half▲ 111%€74,792above the sector's middle half▲ 102%-€8,274below the sector's middle half-€9,051below the sector's middle half▼ 9.4%
Equity€230,100-€234,680▲ 2.0%€254,762above the sector's middle half▲ 8.6%€272,272above the sector's middle half▲ 6.9%€309,249above the sector's middle half▲ 13.6%€384,041above the sector's middle half▲ 24.2%€375,767above the sector's middle half▼ 2.2%€366,716above the sector's middle half▼ 2.4%
Total assets€311,377-€306,910▼ 1.4%€322,073within the sector's middle half▲ 4.9%€337,499within the sector's middle half▲ 4.8%€368,409within the sector's middle half▲ 9.2%€432,450within the sector's middle half▲ 17.4%€396,040within the sector's middle half▼ 8.4%€377,287within the sector's middle half▼ 4.7%
Debt€60,741-€54,437▼ 10.4%€52,259▼ 4.0%€52,917▲ 1.3%€49,592▼ 6.3%€41,582▼ 16.2%€16,188▼ 61.1%€9,228▼ 43.0%
Working capital€75,798-€90,010▲ 18.7%€131,013above the sector's middle half▲ 45.6%€173,145above the sector's middle half▲ 32.2%€234,091above the sector's middle half▲ 35.2%€334,892above the sector's middle half▲ 43.1%€312,303above the sector's middle half▼ 6.7%€329,175above the sector's middle half▲ 5.4%
Solvency73.9%-76.5%▲ 2.6pp79.1%above the sector's middle half▲ 2.6pp80.7%above the sector's middle half▲ 1.6pp83.9%above the sector's middle half▲ 3.3pp88.8%above the sector's middle half▲ 4.9pp94.9%above the sector's middle half▲ 6.1pp97.2%above the sector's middle half▲ 2.3pp
Current ratio2.29-2.65▲ 0.363.62above the sector's middle half▲ 0.964.57above the sector's middle half▲ 0.956.33above the sector's middle half▲ 1.7611.54above the sector's middle half▲ 5.2220.93above the sector's middle half▲ 9.3938.50above the sector's middle half▲ 17.57
Return on assets (ROA)2.8%-1.5%▼ 1.3pp6.2%within the sector's middle half▲ 4.7pp5.2%within the sector's middle half▼ 1.0pp10.0%above the sector's middle half▲ 4.8pp17.3%above the sector's middle half▲ 7.3pp-2.1%within the sector's middle half▼ 19.4pp-2.4%below the sector's middle half▼ 0.3pp
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 a loss of €10,930, smaller than the loss of €11,468 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €377,287
Fixed assets
€39,333 ▼ 42.2%
Current assets
€337,954 ▲ 3.0%
Equity and liabilities €377,287
Equity
€366,716 ▼ 2.4%
Provisions
€1,343 ▼ 67.1%
Debt
€9,228 ▼ 43.0%
Debt's share of the balance-sheet total falls from 4.1% to 2.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€20,227▲
2024 · €16,432
Cash flow
€22,106▲
2024 · €19,626
Debt to equity
0.03▼
2024 · 0.04
ROE
-2.5%▼
2024 · -2.2%
Interest coverage
14.33▼
2024 · 25.21
Debt ≤ 1 year
€8,779▼
2024 · €15,671
Income taxes
€1,346▲
2024 · €162
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 | €429 | - | - | €30,169 | €2,425 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €25,443 | €25,459 | €24,583 | €27,899 | €31,157 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,031 | €24,970 | €25,024 | €25,443 | €25,459 | €24,583 | €27,899 | €31,157 | ▲ 11.7% |
| Other operating charges640/8 | - | - | - | €5,406 | €5,936 | €6,556 | €4,432 | €3,783 | ▼ 14.6% |
| Gross operating margin9900 | €46,311 | €42,028 | €65,314 | €67,706 | €96,309 | €138,236 | €20,864 | €24,010 | ▲ 15.1% |
| Operating profit (loss)9901 | €16,688 | €11,260 | €34,886 | €36,857 | €64,913 | €107,098 | -€11,468 | -€10,930 | ▲ 4.7% |
| Financial income75/76B | - | - | - | €32 | €15 | €465 | €1,266 | €1,895 | ▲ 49.6% |
| Recurring financial income75 | €112 | €125 | €150 | €32 | €15 | €465 | €1,266 | €1,895 | ▲ 49.6% |
| Financial charges65/66B | - | - | - | €1,399 | €7,451 | -€2,333 | €652 | €1,412 | ▲ 117% |
| Recurring financial charges65 | €4,313 | €3,673 | €3,866 | €1,399 | €3,785 | -€2,333 | €652 | €1,412 | ▲ 117% |
| Non-recurring financial charges66B | - | - | - | - | €3,666 | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €12,487 | €7,711 | €31,170 | €35,490 | €57,477 | €109,895 | -€10,853 | -€10,447 | ▲ 3.7% |
| Transfer from deferred taxes780 | - | - | - | €2,742 | €2,742 | €2,742 | €2,742 | €2,742 | = |
| Income taxes67/77 | €6,422 | €5,873 | €13,829 | €20,722 | €23,242 | €37,845 | €162 | €1,346 | ▲ 730% |
| Profit (loss) for the period9904 | €8,807 | €4,580 | €20,082 | €17,510 | €36,977 | €74,792 | -€8,274 | -€9,051 | ▼ 9.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €32,843 | €8,225 | €8,225 | €8,225 | €8,225 | = |
| Profit (loss) for the period to be appropriated9905 | €17,032 | €12,805 | €28,307 | €50,353 | €45,202 | €83,017 | -€49 | -€826 | ▼ 1,596% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €311,377 | €306,910 | €322,073 | €337,499 | €368,409 | €432,450 | €396,040 | €377,287 | ▼ 4.7% |
| Fixed assets21/28 | €176,987 | €162,464 | €141,001 | €115,837 | €90,378 | €65,796 | €68,066 | €39,333 | ▼ 42.2% |
| Tangible fixed assets22/27 | €176,695 | €162,172 | €140,710 | €115,696 | €90,237 | €65,654 | €67,924 | €39,192 | ▼ 42.3% |
| Land and buildings22 | - | - | - | €72,263 | €58,037 | €44,499 | €57,464 | €38,977 | ▼ 32.2% |
| Plant, machinery and equipment23 | - | - | - | €2,733 | €1,944 | €1,223 | €501 | €215 | ▼ 57.1% |
| Furniture and vehicles24 | - | - | - | €865 | €379 | €16 | €0 | - | - |
| Other tangible fixed assets26 | - | - | - | €39,835 | €29,876 | €19,917 | €9,959 | €0 | ▼ 100% |
| Financial fixed assets28 | €292 | €292 | €292 | €142 | €142 | €142 | €142 | €142 | = |
| Current assets29/58 | €134,390 | €144,447 | €181,072 | €221,661 | €278,030 | €366,654 | €327,974 | €337,954 | ▲ 3.0% |
| Amounts receivable within one year40/41 | €7,451 | €5,063 | €12,552 | €19 | €17,933 | €3,457 | €22,117 | €28,420 | ▲ 28.5% |
| Trade receivables40 | - | - | - | - | €17,933 | €0 | €3,482 | €13,241 | ▲ 280% |
| Other amounts receivable41 | - | - | - | €19 | - | €3,457 | €18,636 | €15,179 | ▼ 18.5% |
| Current investments50/53 | - | - | €161,889 | €206,458 | €83,589 | €87,255 | €87,255 | €87,255 | = |
| Cash at bank and in hand54/58 | €121,167 | €136,860 | €5,140 | €12,745 | €173,490 | €273,020 | €217,483 | €217,272 | ▼ 0.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,439 | €3,018 | €2,922 | €1,119 | €5,007 | ▲ 347% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €311,377 | €306,910 | €322,073 | €337,499 | €368,409 | €432,450 | €396,040 | €377,287 | ▼ 4.7% |
| Equity10/15 | €230,100 | €234,680 | €254,762 | €272,272 | €309,249 | €384,041 | €375,767 | €366,716 | ▼ 2.4% |
| Contributions10/11 | €74,500 | €74,500 | - | €74,500 | €74,500 | €74,500 | €74,500 | €74,500 | = |
| Contributions outside capital11 | - | - | - | - | €74,500 | - | - | - | - |
| Other1109/19 | - | - | - | - | €74,500 | - | - | - | - |
| Reserves13 | €155,600 | €160,180 | €180,262 | €197,772 | €234,749 | €309,541 | €301,267 | €292,216 | ▼ 3.0% |
| Non-distributable reserves130/1 | - | - | - | €3,739 | €3,739 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,739 | €3,739 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €37,576 | €29,351 | €21,125 | €12,900 | €4,675 | ▼ 63.8% |
| Distributable reserves133 | - | - | - | €156,456 | €201,659 | €288,415 | €288,367 | €287,541 | ▼ 0.3% |
| Provisions and deferred taxes16 | €20,536 | €17,794 | €15,052 | €12,310 | €9,569 | €6,827 | €4,085 | €1,343 | ▼ 67.1% |
| Deferred taxes168 | - | - | - | €12,310 | €9,569 | €6,827 | €4,085 | €1,343 | ▼ 67.1% |
| Amounts payable17/49 | €60,741 | €54,437 | €52,259 | €52,917 | €49,592 | €41,582 | €16,188 | €9,228 | ▼ 43.0% |
| Amounts payable within one year42/48 | €58,591 | €54,437 | €50,059 | €48,517 | €43,940 | €31,762 | €15,671 | €8,779 | ▼ 44.0% |
| Trade debts44 | €529 | €1,826 | €681 | €3,009 | €297 | €733 | €202 | €1,565 | ▲ 675% |
| Suppliers440/4 | - | - | - | €3,009 | €297 | €733 | €202 | €1,565 | ▲ 675% |
| Taxes, remuneration and social security45 | - | - | - | €17,856 | €27,150 | €24,107 | €9,496 | €2,916 | ▼ 69.3% |
| Taxes450/3 | - | - | - | €17,856 | €27,150 | €24,107 | €9,496 | €2,916 | ▼ 69.3% |
| Other amounts payable47/48 | - | - | - | €27,651 | €16,492 | €6,922 | €5,973 | €4,298 | ▼ 28.0% |
| Accrued charges and deferred income492/3 | - | - | - | €4,400 | €5,652 | €9,821 | €517 | €449 | ▼ 13.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,807 | €4,580 | €20,082 | €17,510 | €36,977 | €74,792 | -€8,274 | -€9,051 | ▼ 9.4% |
| + Depreciation and write-downs630 | €24,031 | €24,970 | €25,024 | €25,443 | €25,459 | €24,583 | €27,899 | €31,157 | ▲ 11.7% |
| Operating cash flow (approximation) | €32,838 | €29,550 | €45,106 | €42,953 | €62,436 | €99,375 | €19,626 | €22,106 | ▲ 12.6% |
| Investment in fixed assets (approximation) | - | -€10,447 | -€3,561 | -€279 | €0 | €0 | -€30,169 | -€2,425 | ▲ 92.0% |
| Change in cash | - | €15,692 | -€131,720 | €7,605 | €160,745 | €99,531 | -€55,538 | -€211 | ▲ 99.6% |
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, 12,322 companies had the same profile as JAMARKO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JAMARKO 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 12,322 companies, not a prediction for JAMARKO. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00232703 | |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00123344 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00153453 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00203205 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20331487 | |
| 31-12-2020 | micro format | 06-07-2021 | 2021-31900091 | |
| 31-12-2019 | micro format | 26-06-2020 | 2020-21200393 | |
| 31-12-2018 | micro format | 05-08-2019 | 2019-43600132 | |
| 31-12-2017 | micro format | 21-08-2018 | 2018-47900382 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51400048 |