JAMICO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-06-2026 PDF all 27 filings
Turnover
≈ €640,000
Estimated: probably between €430,000 and €950,000
Total assets
€490,725▲ 8.2%
2024 · €453,670
Net result
€3,419▼ 89.9%
2024 · €33,795
Working capital
€9,270▼ 11.6%
2024 · €10,482
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€15,467
▼ 70.3%
2025
20182025
Net result
€3,419
▼ 89.9%
2025
middle half of the sector
20182025
Equity
€203,453
▲ 1.7%
2025
middle half of the sector
20182025
Total assets
€490,725
▲ 8.2%
2025
middle half of the sector
20182025
Debt
€287,272
▲ 13.3%
2025
20182025
Working capital
€9,270
▼ 11.6%
2025
middle half of the sector
20182025
Solvency
41.5%
▼ 2.6pp
2025
middle half of the sector
20182025
Current ratio
1.06
▼ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
0.7%
▼ 6.8pp
2025
middle half of the sector
20182025
Staff (FTE)
4.1
▲ 24.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€6,537-€14,446€62,764▲ 334%€96,463▲ 53.7%€25,238▼ 73.8%€8,101▼ 67.9%€52,108▲ 543%€15,467▼ 70.3%
Net result-€9,360-€9,160€59,403above the sector's middle half▲ 549%€94,426above the sector's middle half▲ 59.0%€20,729within the sector's middle half▼ 78.0%€4,154within the sector's middle half▼ 80.0%€33,795above the sector's middle half▲ 714%€3,419within the sector's middle half▼ 89.9%
Equity-€21,632--€12,472▲ 42.3%€46,931within the sector's middle half€141,357within the sector's middle half▲ 201%€162,086within the sector's middle half▲ 14.7%€166,239within the sector's middle half▲ 2.6%€200,035within the sector's middle half▲ 20.3%€203,453within the sector's middle half▲ 1.7%
Total assets€235,634-€189,994▼ 19.4%€206,546within the sector's middle half▲ 8.7%€333,367within the sector's middle half▲ 61.4%€346,760within the sector's middle half▲ 4.0%€353,137within the sector's middle half▲ 1.8%€453,670within the sector's middle half▲ 28.5%€490,725within the sector's middle half▲ 8.2%
Debt€257,265-€202,466▼ 21.3%€159,616▼ 21.2%€192,010▲ 20.3%€184,674▼ 3.8%€186,898▲ 1.2%€253,635▲ 35.7%€287,272▲ 13.3%
Working capital-€94,065--€66,663▲ 29.1%-€11,624within the sector's middle half▲ 82.6%€79,217within the sector's middle half€45,743within the sector's middle half▼ 42.3%€38,158within the sector's middle half▼ 16.6%€10,482within the sector's middle half▼ 72.5%€9,270within the sector's middle half▼ 11.6%
Solvency-9.2%--6.6%▲ 2.6pp22.7%within the sector's middle half▲ 29.3pp42.4%within the sector's middle half▲ 19.7pp46.7%within the sector's middle half▲ 4.3pp47.1%within the sector's middle half▲ 0.3pp44.1%within the sector's middle half▼ 3.0pp41.5%within the sector's middle half▼ 2.6pp
Current ratio0.47-0.53▲ 0.070.90within the sector's middle half▲ 0.361.50within the sector's middle half▲ 0.601.26within the sector's middle half▼ 0.231.67within the sector's middle half▲ 0.411.11within the sector's middle half▼ 0.561.06within the sector's middle half▼ 0.05
Return on assets (ROA)-4.0%-4.8%▲ 8.8pp28.8%above the sector's middle half▲ 23.9pp28.3%above the sector's middle half▼ 0.4pp6.0%within the sector's middle half▼ 22.3pp1.2%within the sector's middle half▼ 4.8pp7.4%within the sector's middle half▲ 6.3pp0.7%within the sector's middle half▼ 6.8pp
Staff (FTE)6.9-5.3▼ 23.2%4.2above the sector's middle half▼ 20.8%4.7▲ 11.9%3.9▼ 17.0%2▼ 48.7%3.3▲ 65.0%4.1▲ 24.2%
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 70% lower than 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 €490,725
Fixed assets
€321,259 ▼ 6.9%
Current assets
€169,466 ▲ 55.8%
Equity and liabilities €490,725
Equity
€203,453 ▲ 1.7%
Debt
€287,272 ▲ 13.3%
Debt's share of the balance-sheet total rises from 55.9% to 58.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€92,165▼
2024 · €107,587
Cash flow
€80,116▼
2024 · €89,274
Quick ratio
1.02▼
2024 · 1.04
Debt to equity
1.41▲
2024 · 1.27
ROE
1.7%▼
2024 · 16.9%
Interest coverage
8.95▼
2024 · 12.87
Debt ≤ 1 year
€160,196▲
2024 · €98,301
Debt > 1 year
€127,076▼
2024 · €155,334
Income taxes
€1,765▼
2024 · €9,959
Staff costs
€132,765▲
2024 · €118,187
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 | 2 | 3 | 2 | 2 | 2 |
| full-time | - | 1 | - | 0 | 0 |
| part-time | 2 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 1.8 | 2.8 | 1.8 | 1.8 | 1.8 |
| Average over the year, in full-time equivalents | 4.7 | 3.9 | 1.8 | 3.3 | 4.1 |
| On a permanent contract | 2 | 3 | 2 | 2 | 2 |
| Joined | 45 | 19 | 10 | 37 | 52 |
| Left | 45 | 18 | 11 | 37 | 52 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €48,500 | €88,833 | €183,268 | €194,254 | €56,971 |
| Financial fixed assets | - | - | €3,900 | - | - |
| Depreciation and write-downs of the year | €56,731 | €57,609 | €54,493 | €55,479 | €76,698 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €979 awarded · €979 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €120,144 | €97,752 | €61,863 | €118,187 | €132,765 | ▲ 12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €43,327 | €42,997 | €44,264 | €56,731 | €57,609 | €54,493 | €55,479 | €76,698 | ▲ 38.2% |
| Other operating charges640/8 | - | - | - | €5,305 | €6,145 | €6,699 | €8,771 | €8,086 | ▼ 7.8% |
| Non-recurring operating charges66A | - | - | - | €1,400 | - | - | €22,000 | €0 | ▼ 100% |
| Gross operating margin9900 | €213,999 | €204,423 | €231,700 | €280,042 | €186,744 | €131,157 | €256,544 | €233,016 | ▼ 9.2% |
| Operating profit (loss)9901 | -€6,537 | €14,446 | €62,764 | €96,463 | €25,238 | €8,101 | €52,108 | €15,467 | ▼ 70.3% |
| Financial income75/76B | - | - | - | €7,107 | €700 | €2,573 | €4 | €20 | ▲ 451% |
| Recurring financial income75 | €2,348 | €22 | €1,501 | €1,107 | €700 | €73 | €4 | €20 | ▲ 451% |
| Non-recurring financial income76B | - | - | - | €6,000 | - | €2,500 | €0 | - | - |
| Financial charges65/66B | - | - | - | €4,223 | €3,049 | €6,295 | €8,357 | €10,303 | ▲ 23.3% |
| Recurring financial charges65 | €5,637 | €5,066 | €4,787 | €4,223 | €3,049 | €6,295 | €8,357 | €10,303 | ▲ 23.3% |
| Profit (loss) for the period before taxes9903 | -€9,245 | €9,401 | €59,478 | €99,348 | €22,889 | €4,380 | €43,755 | €5,184 | ▼ 88.2% |
| Income taxes67/77 | €115 | €241 | €75 | €4,921 | €2,160 | €226 | €9,959 | €1,765 | ▼ 82.3% |
| Profit (loss) for the period9904 | -€9,360 | €9,160 | €59,403 | €94,426 | €20,729 | €4,154 | €33,795 | €3,419 | ▼ 89.9% |
| Profit (loss) for the period to be appropriated9905 | -€9,360 | €9,160 | €59,403 | €94,426 | €20,729 | €4,154 | €33,795 | €3,419 | ▼ 89.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €235,634 | €189,994 | €206,546 | €333,367 | €346,760 | €353,137 | €453,670 | €490,725 | ▲ 8.2% |
| Fixed assets21/28 | €153,325 | €113,698 | €105,344 | €94,213 | €125,437 | €258,112 | €344,887 | €321,259 | ▼ 6.9% |
| Tangible fixed assets22/27 | €152,459 | €112,611 | €104,257 | €93,126 | €124,350 | €253,125 | €339,901 | €320,172 | ▼ 5.8% |
| Land and buildings22 | - | - | - | €38,371 | €73,215 | €191,625 | €190,259 | €166,010 | ▼ 12.7% |
| Plant, machinery and equipment23 | - | - | - | €38,292 | €33,964 | €34,505 | €62,713 | €50,029 | ▼ 20.2% |
| Furniture and vehicles24 | - | - | - | €16,463 | €17,171 | €26,995 | €86,928 | €104,134 | ▲ 19.8% |
| Financial fixed assets28 | €866 | €1,087 | €1,087 | €1,087 | €1,087 | €4,987 | €4,987 | €1,087 | ▼ 78.2% |
| Current assets29/58 | €82,308 | €76,296 | €101,203 | €239,154 | €221,323 | €95,025 | €108,782 | €169,466 | ▲ 55.8% |
| Stocks and contracts in progress3 | €11,770 | €7,846 | €5,741 | €5,465 | €7,143 | €4,957 | €6,418 | €6,503 | ▲ 1.3% |
| Stocks30/36 | - | - | - | €5,465 | €7,143 | €4,957 | €6,418 | €6,503 | ▲ 1.3% |
| Amounts receivable within one year40/41 | €63,556 | €25,172 | €19,522 | €47,959 | €63,746 | €44,912 | €30,956 | €128,480 | ▲ 315% |
| Trade receivables40 | - | - | - | €38,759 | €51,128 | €22,463 | €24,803 | €109,587 | ▲ 342% |
| Other amounts receivable41 | - | - | - | €9,201 | €12,619 | €22,449 | €6,153 | €18,893 | ▲ 207% |
| Cash at bank and in hand54/58 | €4,193 | €40,270 | €72,687 | €185,730 | €150,433 | €41,787 | €71,408 | €31,938 | ▼ 55.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €3,369 | €0 | €2,546 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €235,634 | €189,994 | €206,546 | €333,367 | €346,760 | €353,137 | €453,670 | €490,725 | ▲ 8.2% |
| Equity10/15 | -€21,632 | -€12,472 | €46,931 | €141,357 | €162,086 | €166,239 | €200,035 | €203,453 | ▲ 1.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €102,362 | €102,362 | €102,362 | €135,157 | €155,886 | €160,039 | €193,835 | €197,253 | ▲ 1.8% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €42,890 | €42,890 | €42,890 | €42,890 | €42,890 | = |
| Distributable reserves133 | - | - | - | €90,408 | €111,137 | €117,149 | €150,945 | €154,363 | ▲ 2.3% |
| Profit (loss) carried forward14 | -€130,194 | -€121,035 | -€61,631 | - | - | - | - | - | - |
| Amounts payable17/49 | €257,265 | €202,466 | €159,616 | €192,010 | €184,674 | €186,898 | €253,635 | €287,272 | ▲ 13.3% |
| Amounts payable after more than one year17 | €80,892 | €59,507 | €46,788 | €32,073 | €9,094 | €130,030 | €155,334 | €127,076 | ▼ 18.2% |
| Financial debts170/4 | - | - | - | €32,073 | €9,094 | €130,030 | €155,334 | €127,076 | ▼ 18.2% |
| Amounts payable within one year42/48 | €176,373 | €142,958 | €112,827 | €159,937 | €175,580 | €56,868 | €98,301 | €160,196 | ▲ 63.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €26,043 | €22,979 | €21,852 | €27,193 | €38,280 | ▲ 40.8% |
| Trade debts44 | €17,860 | €10,883 | €10,997 | €36,354 | €64,427 | €12,214 | €43,647 | €102,302 | ▲ 134% |
| Suppliers440/4 | - | - | - | €36,354 | €64,427 | €12,214 | €43,647 | €102,302 | ▲ 134% |
| Advances received on contracts in progress46 | - | - | - | €1,528 | €1,552 | €125 | €10,250 | €3,281 | ▼ 68.0% |
| Taxes, remuneration and social security45 | - | - | - | €14,243 | €10,585 | €5,481 | €5,842 | €8,251 | ▲ 41.2% |
| Taxes450/3 | - | - | - | €7,741 | €5,850 | €995 | €1,026 | €3,256 | ▲ 217% |
| Remuneration and social security454/9 | - | - | - | €6,502 | €4,735 | €4,486 | €4,816 | €4,994 | ▲ 3.7% |
| Other amounts payable47/48 | - | - | - | €81,769 | €76,037 | €17,196 | €11,368 | €8,083 | ▼ 28.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,360 | €9,160 | €59,403 | €94,426 | €20,729 | €4,154 | €33,795 | €3,419 | ▼ 89.9% |
| + Depreciation and write-downs630 | €43,327 | €42,997 | €44,264 | €56,731 | €57,609 | €54,493 | €55,479 | €76,698 | ▲ 38.2% |
| Operating cash flow (approximation) | €33,967 | €52,157 | €103,667 | €151,157 | €78,338 | €58,647 | €89,274 | €80,116 | ▼ 10.3% |
| Investment in fixed assets (approximation) | - | -€3,369 | -€35,910 | -€45,600 | -€88,833 | -€187,168 | -€142,254 | -€53,069 | ▲ 62.7% |
| Change in cash | - | €36,078 | €32,417 | €113,042 | -€35,297 | -€108,646 | €29,622 | -€39,470 | - |
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, 17,041 companies had the same profile as JAMICO has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JAMICO 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 17,041 companies, not a prediction for JAMICO. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-06-2026 | 2026-00152858 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00317387 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00218333 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00284104 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20178996 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-45100225 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-35500203 | |
| 31-12-2018 | micro format | 06-06-2019 | 2019-16600558 | |
| 31-12-2017 | micro format | 26-07-2018 | 2018-38700143 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-26900115 |