JAN WAEGEMANS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 17 filings
Turnover
≈ €120,000
Estimated: probably between €96,000 and €170,000
Total assets
€218,345▼ 2.0%
2024 · €222,725
Net result
€25,496▲ 169%
2024 · €9,462
Working capital
€18,425▲ 2.5%
2024 · €17,979
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€43,487
▲ 151%
2025
20192025
Net result
€25,496
▲ 169%
2025
middle half of the sector
20192025
Equity
€115,075
▲ 22.4%
2025
middle half of the sector
20192025
Total assets
€218,345
▼ 2.0%
2025
middle half of the sector
20192025
Debt
€103,269
▼ 19.8%
2025
20192025
Working capital
€18,425
▲ 2.5%
2025
middle half of the sector
20192025
Solvency
52.7%
▲ 10.5pp
2025
middle half of the sector
20192025
Current ratio
1.18
▲ 0.03
2025
middle half of the sector
20192025
Return on assets (ROA)
11.7%
▲ 7.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€14,456-€11,995▼ 17.0%€12,765▲ 6.4%€4,102▼ 67.9%€4,809▲ 17.2%€17,301▲ 260%€43,487▲ 151%
Net result€15,574-€7,297within the sector's middle half▼ 53.1%€7,471within the sector's middle half▲ 2.4%€131below the sector's middle half▼ 98.2%€303below the sector's middle half▲ 132%€9,462within the sector's middle half▲ 31×€25,496within the sector's middle half▲ 169%
Equity€69,347-€76,644within the sector's middle half▲ 10.5%€84,115within the sector's middle half▲ 9.7%€84,245within the sector's middle half▲ 0.2%€84,549within the sector's middle half▲ 0.4%€94,010within the sector's middle half▲ 11.2%€115,075within the sector's middle half▲ 22.4%
Total assets€244,681-€228,132within the sector's middle half▼ 6.8%€230,839within the sector's middle half▲ 1.2%€258,814within the sector's middle half▲ 12.1%€245,818within the sector's middle half▼ 5.0%€222,725within the sector's middle half▼ 9.4%€218,345within the sector's middle half▼ 2.0%
Debt€175,334-€151,488▼ 13.6%€146,725▼ 3.1%€174,568▲ 19.0%€161,270▼ 7.6%€128,714▼ 20.2%€103,269▼ 19.8%
Working capital-€78,892--€73,488below the sector's middle half▲ 6.9%€17,994within the sector's middle half€17,770within the sector's middle half▼ 1.2%€7,965within the sector's middle half▼ 55.2%€17,979within the sector's middle half▲ 126%€18,425within the sector's middle half▲ 2.5%
Solvency28.3%-33.6%within the sector's middle half▲ 5.3pp36.4%within the sector's middle half▲ 2.8pp32.6%within the sector's middle half▼ 3.9pp34.4%within the sector's middle half▲ 1.8pp42.2%within the sector's middle half▲ 7.8pp52.7%within the sector's middle half▲ 10.5pp
Current ratio0.36-0.32below the sector's middle half▼ 0.041.16below the sector's middle half▲ 0.831.12below the sector's middle half▼ 0.041.05below the sector's middle half▼ 0.061.15below the sector's middle half▲ 0.091.18within the sector's middle half▲ 0.03
Return on assets (ROA)6.4%-3.2%within the sector's middle half▼ 3.2pp3.2%within the sector's middle half=0.1%below the sector's middle half▼ 3.2pp0.1%below the sector's middle half▲ 0.1pp4.2%within the sector's middle half▲ 4.1pp11.7%within the sector's middle half▲ 7.4pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 151% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €218,345
Fixed assets
€97,382 ▲ 16.7%
Current assets
€120,962 ▼ 13.1%
Equity and liabilities €218,345
Equity
€115,075 ▲ 22.4%
Debt
€103,269 ▼ 19.8%
Debt's share of the balance-sheet total falls from 57.8% to 47.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€56,040▲
2024 · €30,051
Cash flow
€38,049▲
2024 · €22,211
Quick ratio
1.15▲
2024 · 1.09
Debt to equity
0.90▼
2024 · 1.37
ROE
22.2%▲
2024 · 10.1%
Interest coverage
12.32▲
2024 · 8.24
Debt ≤ 1 year
€102,537▼
2024 · €121,267
Debt > 1 year
€578▼
2024 · €7,407
Income taxes
€13,151▲
2024 · €4,196
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €843 | €1,591 | €14,362 | €5,959 | €28,069 |
| Financial fixed assets | - | €3,556 | €2,767 | €3,556 | €3,556 |
| Depreciation and write-downs of the year | €14,660 | €14,319 | €16,215 | €12,750 | €12,553 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €645 awarded · €645 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €6,095 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,783 | €15,912 | €14,660 | €14,319 | €16,215 | €12,750 | €12,553 | ▼ 1.5% |
| Other operating charges640/8 | - | - | €879 | €1,162 | €1,985 | €1,880 | €2,177 | ▲ 15.8% |
| Gross operating margin9900 | €32,553 | €28,821 | €28,304 | €19,584 | €23,009 | €31,931 | €58,216 | ▲ 82.3% |
| Operating profit (loss)9901 | €14,456 | €11,995 | €12,765 | €4,102 | €4,809 | €17,301 | €43,487 | ▲ 151% |
| Financial income75/76B | - | - | €228 | - | €3 | €4 | €1 | ▼ 66.5% |
| Recurring financial income75 | €15 | €0 | €103 | - | €3 | €4 | €1 | ▼ 66.5% |
| Non-recurring financial income76B | - | - | €125 | - | - | - | - | - |
| Financial charges65/66B | - | - | €1,641 | €1,858 | €2,980 | €3,648 | €4,842 | ▲ 32.7% |
| Recurring financial charges65 | €1,709 | €1,849 | €1,641 | €1,509 | €2,980 | €3,648 | €4,549 | ▲ 24.7% |
| Non-recurring financial charges66B | - | - | - | €349 | - | - | €293 | - |
| Profit (loss) for the period before taxes9903 | €18,960 | €10,147 | €11,352 | €2,245 | €1,832 | €13,657 | €38,646 | ▲ 183% |
| Income taxes67/77 | €3,386 | €2,850 | €3,881 | €2,114 | €1,529 | €4,196 | €13,151 | ▲ 213% |
| Profit (loss) for the period9904 | €15,574 | €7,297 | €7,471 | €131 | €303 | €9,462 | €25,496 | ▲ 169% |
| Profit (loss) for the period to be appropriated9905 | €15,574 | €7,297 | €7,471 | €131 | €303 | €9,462 | €25,496 | ▲ 169% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €244,681 | €228,132 | €230,839 | €258,814 | €245,818 | €222,725 | €218,345 | ▼ 2.0% |
| Fixed assets21/28 | €200,260 | €192,816 | €99,225 | €89,704 | €90,617 | €83,478 | €97,382 | ▲ 16.7% |
| Tangible fixed assets22/27 | €83,944 | €73,833 | €60,016 | €46,940 | €45,087 | €34,392 | €49,614 | ▲ 44.3% |
| Land and buildings22 | - | - | €46,019 | €38,349 | €30,679 | €23,010 | €15,340 | ▼ 33.3% |
| Plant, machinery and equipment23 | - | - | €1,781 | €1,135 | €964 | €1,114 | €1,871 | ▲ 68.0% |
| Furniture and vehicles24 | - | - | €12,216 | €7,456 | €13,443 | €10,268 | €32,403 | ▲ 216% |
| Financial fixed assets28 | €116,316 | €118,982 | €39,208 | €42,764 | €45,531 | €49,086 | €47,768 | ▼ 2.7% |
| Current assets29/58 | €44,422 | €35,316 | €131,614 | €169,110 | €155,201 | €139,247 | €120,962 | ▼ 13.1% |
| Stocks and contracts in progress3 | €3,466 | €1,752 | €10,818 | €60,001 | €42,356 | €7,079 | €3,020 | ▼ 57.3% |
| Stocks30/36 | - | - | €10,818 | €40,001 | €34,479 | €7,079 | €3,020 | ▼ 57.3% |
| Contracts in progress37 | - | - | - | €20,000 | €7,878 | - | - | - |
| Amounts receivable within one year40/41 | €32,734 | €5,628 | €102,271 | €76,682 | €99,145 | €102,276 | €114,273 | ▲ 11.7% |
| Trade receivables40 | - | - | €17,723 | €20,025 | €44,927 | €43,565 | €58,722 | ▲ 34.8% |
| Other amounts receivable41 | - | - | €84,548 | €56,656 | €54,218 | €58,711 | €55,551 | ▼ 5.4% |
| Cash at bank and in hand54/58 | €7,505 | €26,345 | €15,862 | €28,742 | €11,540 | €27,486 | €1,142 | ▼ 95.8% |
| Deferred charges and accrued income490/1 | - | - | €2,664 | €3,686 | €2,160 | €2,406 | €2,526 | ▲ 5.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €244,681 | €228,132 | €230,839 | €258,814 | €245,818 | €222,725 | €218,345 | ▼ 2.0% |
| Equity10/15 | €69,347 | €76,644 | €84,115 | €84,245 | €84,549 | €94,010 | €115,075 | ▲ 22.4% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €50,747 | €58,044 | €65,515 | €65,645 | €65,949 | €75,410 | €96,475 | ▲ 27.9% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | €1,897 | €1,897 | €1,897 | €1,897 | €1,897 | = |
| Distributable reserves133 | - | - | €61,758 | €61,889 | €62,192 | €73,514 | €94,579 | ▲ 28.7% |
| Amounts payable17/49 | €175,334 | €151,488 | €146,725 | €174,568 | €161,270 | €128,714 | €103,269 | ▼ 19.8% |
| Amounts payable after more than one year17 | €51,977 | €42,658 | €33,078 | €23,228 | €14,034 | €7,407 | €578 | ▼ 92.2% |
| Financial debts170/4 | - | - | €33,078 | €23,228 | €14,034 | €7,407 | €578 | ▼ 92.2% |
| Amounts payable within one year42/48 | €123,314 | €108,804 | €113,621 | €151,340 | €147,236 | €121,267 | €102,537 | ▼ 15.4% |
| Current portion of amounts payable after more than one year42 | - | - | €9,581 | €9,850 | €9,194 | €6,627 | €6,830 | ▲ 3.1% |
| Trade debts44 | €6,198 | €8,856 | €14,271 | €8,151 | €16,982 | €25,607 | €13,101 | ▼ 48.8% |
| Suppliers440/4 | - | - | €14,271 | €8,151 | €16,982 | €25,607 | €13,101 | ▼ 48.8% |
| Taxes, remuneration and social security45 | - | - | €6,655 | €1,271 | €1,779 | €657 | €6,209 | ▲ 845% |
| Taxes450/3 | - | - | €4,655 | €1,271 | €1,779 | €657 | €6,209 | ▲ 845% |
| Remuneration and social security454/9 | - | - | €2,000 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €83,114 | €132,069 | €119,280 | €88,376 | €76,398 | ▼ 13.6% |
| Accrued charges and deferred income492/3 | - | - | €26 | - | - | €40 | €154 | ▲ 290% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,574 | €7,297 | €7,471 | €131 | €303 | €9,462 | €25,496 | ▲ 169% |
| + Depreciation and write-downs630 | €16,783 | €15,912 | €14,660 | €14,319 | €16,215 | €12,750 | €12,553 | ▼ 1.5% |
| Operating cash flow (approximation) | €32,358 | €23,209 | €22,131 | €14,450 | €16,518 | €22,211 | €38,049 | ▲ 71.3% |
| Investment in fixed assets (approximation) | - | -€8,468 | €78,931 | -€4,798 | -€17,129 | -€5,610 | -€26,457 | ▼ 372% |
| Change in cash | - | €18,840 | -€10,483 | €12,880 | -€17,202 | €15,946 | -€26,344 | - |
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, 34,693 companies had the same profile as JAN WAEGEMANS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of JAN WAEGEMANS itself: 0.4% 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 34,693 companies, not a prediction for JAN WAEGEMANS. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-04-2026 | 2026-00097111 | |
| 30-09-2024 | micro format | 29-04-2026 | 2026-00092861 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00075969 | |
| 30-09-2022 | micro format | 30-05-2023 | 2023-00097923 | |
| 30-09-2021 | micro format | 28-04-2022 | 2022-20011329 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12800460 | |
| 30-09-2019 | micro format | 27-05-2020 | 2020-13300239 | |
| 30-09-2018 | micro format | 28-05-2019 | 2019-14800537 | |
| 30-09-2017 | micro format | 25-05-2018 | 2018-14000418 | |
| 30-09-2016 | abbreviated format | 29-05-2017 | 2017-13900578 |