JAPAVIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 26 filings
Turnover
≈ €200,000
Estimated: probably between €100,000 and €390,000
Total assets
€82,542▼ 17.9%
2024 · €100,598
Net result
€197
2024 · -€15,773
Working capital
-€75,336▼ 22.0%
2024 · -€61,751
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,197
2025
20182025
Net result
€197
2025
lowest quarter of the sector
20182025
Equity
-€22,170
▲ 0.9%
2025
lowest quarter of the sector
20182025
Total assets
€82,542
▼ 17.9%
2025
middle half of the sector
20182025
Debt
€104,712
▼ 14.8%
2025
20182025
Working capital
-€75,336
▼ 22.0%
2025
lowest quarter of the sector
20182025
Solvency
-26.9%
▼ 4.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.05
▼ 0.22
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.2%
▲ 15.9pp
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€2,270-€7,445▲ 228%€10,453▲ 40.4%€9,830▼ 6.0%-€2,257€5,709-€13,802€2,197
Net result€704-€6,113▲ 768%€9,394within the sector's middle half▲ 53.7%€8,649within the sector's middle half▼ 7.9%-€2,887below the sector's middle half€4,727within the sector's middle half-€15,773below the sector's middle half€197below the sector's middle half
Equity-€32,589--€26,476▲ 18.8%-€17,082below the sector's middle half▲ 35.5%-€8,433below the sector's middle half▲ 50.6%-€11,321below the sector's middle half▼ 34.2%-€6,593below the sector's middle half▲ 41.8%-€22,366below the sector's middle half▼ 239%-€22,170below the sector's middle half▲ 0.9%
Total assets€71,280-€70,435▼ 1.2%€64,465below the sector's middle half▼ 8.5%€71,221within the sector's middle half▲ 10.5%€83,632within the sector's middle half▲ 17.4%€81,599within the sector's middle half▼ 2.4%€100,598within the sector's middle half▲ 23.3%€82,542within the sector's middle half▼ 17.9%
Debt€103,869-€96,911▼ 6.7%€81,546▼ 15.9%€79,654▼ 2.3%€94,952▲ 19.2%€88,192▼ 7.1%€122,964▲ 39.4%€104,712▼ 14.8%
Working capital-€66,526--€66,723▼ 0.3%-€62,340below the sector's middle half▲ 6.6%-€55,223below the sector's middle half▲ 11.4%-€58,684below the sector's middle half▼ 6.3%-€64,657below the sector's middle half▼ 10.2%-€61,751below the sector's middle half▲ 4.5%-€75,336below the sector's middle half▼ 22.0%
Solvency-45.7%--37.6%▲ 8.1pp-26.5%below the sector's middle half▲ 11.1pp-11.8%below the sector's middle half▲ 14.7pp-13.5%below the sector's middle half▼ 1.7pp-8.1%below the sector's middle half▲ 5.5pp-22.2%below the sector's middle half▼ 14.2pp-26.9%below the sector's middle half▼ 4.6pp
Current ratio0.08-0.10▲ 0.010.07below the sector's middle half▼ 0.030.24below the sector's middle half▲ 0.160.24below the sector's middle half=0.15below the sector's middle half▼ 0.090.27below the sector's middle half▲ 0.120.05below the sector's middle half▼ 0.22
Return on assets (ROA)1.0%-8.7%▲ 7.7pp14.6%within the sector's middle half▲ 5.9pp12.1%within the sector's middle half▼ 2.4pp-3.5%below the sector's middle half▼ 15.6pp5.8%within the sector's middle half▲ 9.2pp-15.7%below the sector's middle half▼ 21.5pp0.2%below the sector's middle half▲ 15.9pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 profit of €2,197, after a loss of €13,802 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 €82,542
Fixed assets
€78,764 ▲ 0.6%
Current assets
€3,778 ▼ 83.1%
Equity and liabilities
Equity-€22,170
Debt€104,712
Equity is negative. Debt (€104,712) exceeds the balance-sheet total (€82,542).
Key figures and ratios
EBITDA
€14,341▲
2024 · -€5,248
Cash flow
€12,341▲
2024 · -€7,220
Interest coverage
6.92▲
2024 · -2.43
Debt ≤ 1 year
€79,114▼
2024 · €84,042
Debt > 1 year
€25,598▼
2024 · €38,923
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | - | €17,809 | €11,578 | €16,563 | €12,601 |
| Depreciation and write-downs of the year | €5,525 | €6,364 | €6,856 | €8,554 | €12,144 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1 | €2,479 | - | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,612 | €5,171 | €5,271 | €5,525 | €6,364 | €6,856 | €8,554 | €12,144 | ▲ 42.0% |
| Other operating charges640/8 | - | - | - | €147 | €292 | €300 | €399 | €128 | ▼ 67.9% |
| Gross operating margin9900 | €10,297 | €12,879 | €15,830 | €15,502 | €4,399 | €12,866 | -€4,849 | €14,469 | - |
| Operating profit (loss)9901 | €2,270 | €7,445 | €10,453 | €9,830 | -€2,257 | €5,709 | -€13,802 | €2,197 | - |
| Financial income75/76B | - | - | - | - | - | €44 | €185 | €72 | ▼ 61.2% |
| Recurring financial income75 | €0 | €4 | - | - | - | €44 | €185 | €72 | ▼ 61.2% |
| Financial charges65/66B | - | - | - | €1,181 | €630 | €1,013 | €2,156 | €2,072 | ▼ 3.9% |
| Recurring financial charges65 | €1,566 | €1,334 | €1,059 | €1,181 | €630 | €1,013 | €2,156 | €2,072 | ▼ 3.9% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €0 | €0 | ▼ 97.3% |
| Profit (loss) for the period before taxes9903 | €704 | €6,115 | €9,394 | €8,649 | -€2,887 | €4,741 | -€15,773 | €197 | - |
| Income taxes67/77 | - | €1 | - | - | - | €13 | - | - | - |
| Profit (loss) for the period9904 | €704 | €6,113 | €9,394 | €8,649 | -€2,887 | €4,727 | -€15,773 | €197 | - |
| Profit (loss) for the period to be appropriated9905 | €704 | €6,113 | €9,394 | €8,649 | -€2,887 | €4,727 | -€15,773 | €197 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €71,280 | €70,435 | €64,465 | €71,221 | €83,632 | €81,599 | €100,598 | €82,542 | ▼ 17.9% |
| Fixed assets21/28 | €65,152 | €63,159 | €59,656 | €54,131 | €65,576 | €70,298 | €78,308 | €78,764 | ▲ 0.6% |
| Tangible fixed assets22/27 | €65,132 | €63,139 | €59,636 | €54,111 | €65,556 | €70,278 | €78,288 | €78,744 | ▲ 0.6% |
| Land and buildings22 | - | - | - | €49,004 | €46,989 | €44,974 | €59,215 | €65,803 | ▲ 11.1% |
| Plant, machinery and equipment23 | - | - | - | €2,586 | €1,597 | €11,896 | €9,226 | €6,657 | ▼ 27.9% |
| Furniture and vehicles24 | - | - | - | €2,521 | €16,970 | €13,408 | €9,846 | €6,284 | ▼ 36.2% |
| Financial fixed assets28 | €20 | €20 | €20 | €20 | €20 | €20 | €20 | €20 | = |
| Current assets29/58 | €6,128 | €7,276 | €4,809 | €17,090 | €18,056 | €11,301 | €22,290 | €3,778 | ▼ 83.1% |
| Amounts receivable within one year40/41 | €832 | €2,994 | €4,414 | €6,337 | €9,544 | €5,025 | €3,037 | €2,851 | ▼ 6.1% |
| Trade receivables40 | - | - | - | €6,337 | €8,116 | €5,025 | €1,883 | €2,712 | ▲ 44.0% |
| Other amounts receivable41 | - | - | - | - | €1,428 | - | €1,154 | €139 | ▼ 88.0% |
| Cash at bank and in hand54/58 | €5,295 | €4,282 | €395 | €10,753 | €8,512 | €6,276 | €19,254 | €927 | ▼ 95.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €71,280 | €70,435 | €64,465 | €71,221 | €83,632 | €81,599 | €100,598 | €82,542 | ▼ 17.9% |
| Equity10/15 | -€32,589 | -€26,476 | -€17,082 | -€8,433 | -€11,321 | -€6,593 | -€22,366 | -€22,170 | ▲ 0.9% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Profit (loss) carried forward14 | -€38,787 | -€32,673 | -€23,279 | -€14,630 | -€17,518 | -€12,790 | -€28,564 | -€28,367 | ▲ 0.7% |
| Amounts payable17/49 | €103,869 | €96,911 | €81,546 | €79,654 | €94,952 | €88,192 | €122,964 | €104,712 | ▼ 14.8% |
| Amounts payable after more than one year17 | €31,215 | €22,912 | €14,397 | €7,341 | €18,213 | €12,234 | €38,923 | €25,598 | ▼ 34.2% |
| Financial debts170/4 | - | - | - | €7,341 | €18,213 | €12,234 | €38,923 | €25,598 | ▼ 34.2% |
| Amounts payable within one year42/48 | €72,654 | €73,999 | €67,149 | €72,313 | €76,739 | €75,957 | €84,042 | €79,114 | ▼ 5.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,635 | €10,317 | €6,640 | €13,194 | €13,691 | ▲ 3.8% |
| Trade debts44 | - | €1,546 | €613 | €611 | €1,957 | €8,796 | €622 | €393 | ▼ 36.8% |
| Suppliers440/4 | - | - | - | €611 | €1,957 | €8,796 | €622 | €393 | ▼ 36.8% |
| Taxes, remuneration and social security45 | - | - | - | €1,637 | - | €992 | €1,996 | - | - |
| Taxes450/3 | - | - | - | €1,637 | - | €992 | €1,996 | - | - |
| Other amounts payable47/48 | - | - | - | €62,430 | €64,466 | €59,530 | €68,229 | €65,030 | ▼ 4.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €704 | €6,113 | €9,394 | €8,649 | -€2,887 | €4,727 | -€15,773 | €197 | - |
| + Depreciation and write-downs630 | €5,612 | €5,171 | €5,271 | €5,525 | €6,364 | €6,856 | €8,554 | €12,144 | ▲ 42.0% |
| Operating cash flow (approximation) | €6,316 | €11,285 | €14,665 | €14,174 | €3,477 | €11,584 | -€7,220 | €12,341 | - |
| Investment in fixed assets (approximation) | - | -€3,178 | -€1,768 | €0 | -€17,809 | -€11,578 | -€16,563 | -€12,601 | ▲ 23.9% |
| Change in cash | - | -€1,014 | -€3,887 | €10,358 | -€2,241 | -€2,236 | €12,977 | -€18,326 | - |
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, 1,449 companies had the same profile as JAPAVIC has now. Two years later, 92.2% were still going and 2.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
92.2%
was still going
4.8%
stopped otherwise
2.5%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JAPAVIC itself: 0.9% 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 1,449 companies, not a prediction for JAPAVIC. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-07-2026 | 2026-00268706 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00233082 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00223163 | |
| 31-12-2022 | micro format | 10-07-2023 | 2023-00221148 | |
| 31-12-2021 | micro format | 11-07-2022 | 2022-20171261 | |
| 31-12-2020 | micro format | 15-07-2021 | 2021-36200115 | |
| 31-12-2019 | micro format | 13-07-2020 | 2020-29500015 | |
| 31-12-2018 | micro format | 16-07-2019 | 2019-33600554 | |
| 31-12-2017 | micro format | 16-07-2018 | 2018-33700177 | |
| 31-12-2016 | micro format | 02-07-2017 | 2017-26200074 |