Equity
Equity fell by 68% in 4 years.
Equity fell by 68% in 4 years.
Every financial year from 2022 to 2025 closed with a loss. 2023 was the heaviest.
The abbreviated format states no turnover.
Of this, €583,635 falls due within a year.
In 2025, 4 people joined and 7 left.
Three of the last ten came late. The 2022 accounts came latest: 57 days after the end of the period.
The dashed line is the sector median: 0.2% across 26,627 companies (NACE 68, micro).
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 30% of them on solvency, 21% on liquidity, 29% on profitability and 36% on growth.
The bankruptcy probability was computed on 05-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,037 companies had the same profile as JAY CONSTRUCT has now. Each dot stands for 3 companies, two years later.
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JAY CONSTRUCT itself: 0.9% within 12 months.
The method was tested on the 497,447 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 1,037 companies, not a prediction for JAY CONSTRUCT. 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.
Liquidity is tight, with a current ratio of 1.49 (1.5 in 2024), below the usual 1.5. Short-term debt is 62.7% and cash 8.9% of total assets. 90.7% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 2 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| JAY CONSTRUCT Ninove | €0.9m | €384,955 | 9.3% | 7.1 |
| MINDSET REAL ESTATE Kortrijk | €1.2m | €446,714 | 9.2% | 6.5 |
| LAURENT JEWELS Mons | €1.3m | €346,456 | 18.1% | 6.6 |
| CONFORT IMMO Binche | €1.4m | €635,896 | 27.1% | 8.2 |
| BARRIER Houthalen-Helchteren | €0.7m | €325,472 | 0.9% | 4.9 |
| ATS STEVENS Pelt | €1.2m | €841,929 | 17.6% | 8.1 |
| IMMOBILIERE XAVIER BERTRAND Nandrin | €1.9m | €441,299 | 21.6% | 6.1 |
These companies have the same main activity as JAY CONSTRUCT: buying and selling of own real estate (NACE 68110). They are comparable in size and age: total assets between €679,000 and €1.9m, founded between 2011 and 2017.
JAY CONSTRUCT files the abbreviated format. That format states no turnover. The gross margin rose from €296,000 in 2015 to €384,955 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €680,000. Estimated: probably between €520,000 and €1.1m.
Higher than 28% of 11,288 companies in 2025.
Higher than 60% of 10,839 companies in 2025.
Higher than 35% of 11,173 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: top quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||
Total assets20/58 |
930,888 | 981,148 | 1.1m | 1.1m | 1.0m | 1.1m | 943,473 | 1.0m | 1.1m | 1.1m | 1.3m | |
Formation expenses20 |
- | - | - | - | - | 0 | 4,271 | 29,900 | 55,528 | 81,157 | 106,785 | |
Fixed assets21/28 |
63,208 | 77,528 | 75,752 | 26,842 | 30,198 | 44,780 | 77,185 | 134,286 | 174,711 | 203,707 | 344,577 | |
Intangible fixed assets21 |
5,052 | 6,343 | - | 0 | 5,454 | 16,175 | 30,107 | 47,372 | 39,033 | 28,674 | 20,833 | |
Tangible fixed assets22/27 |
57,996 | 71,025 | 75,592 | 26,682 | 24,584 | 28,445 | 46,918 | 86,754 | 135,518 | 174,873 | 216,959 | |
Plant, machinery and equipment23 |
3,968 | 6,269 | 6,266 | 8,590 | 9,931 | 11,603 | 14,548 | 32,728 | 54,771 | 64,828 | 86,469 | |
Furniture and vehicles24 |
17,345 | 23,397 | 24,980 | 0 | 181 | 3,409 | 9,912 | 19,624 | 34,240 | 49,804 | 57,962 | |
Other tangible fixed assets26 |
36,683 | 41,359 | 44,346 | 18,092 | 14,473 | 13,433 | 22,458 | 34,402 | 46,507 | 60,240 | 72,528 | |
Financial fixed assets28 |
160 | 160 | 160 | 160 | 160 | 160 | 160 | 160 | 160 | 160 | - | |
Current assets29/58 |
867,680 | 903,619 | 982,465 | 1.1m | 992,101 | 1.1m | 862,017 | 855,324 | 862,301 | 863,014 | 919,037 | |
Stocks and contracts in progress3 |
760,949 | 783,683 | 803,815 | 813,834 | 789,082 | 619,342 | 674,638 | 683,309 | 698,512 | 689,874 | 616,955 | |
Stocks30/36 |
760,949 | 783,683 | 803,815 | 813,834 | 789,082 | 619,342 | 674,638 | 683,309 | 698,512 | 689,874 | 616,955 | |
Amounts receivable within one year40/41 |
17,840 | 29,365 | 47,153 | 73,580 | 9,465 | 196,818 | 101,531 | 59,992 | 12,190 | 24,881 | 53,773 | |
Trade receivables40 |
17,840 | 29,361 | 37,150 | 62,877 | 9,465 | 40,656 | 28,524 | 29,860 | 10,396 | 17,267 | 53,773 | |
Other amounts receivable41 |
0 | 4 | 10,004 | 10,703 | 0 | 156,161 | 73,006 | 30,131 | 1,794 | 7,614 | - | |
Cash at bank and in hand54/58 |
82,400 | 79,411 | 126,256 | 171,056 | 187,926 | 228,261 | 75,475 | 104,493 | 147,605 | 131,174 | 136,953 | |
Deferred charges and accrued income490/1 |
6,491 | 11,160 | 5,241 | 5,980 | 5,628 | 6,508 | 10,373 | 7,530 | 3,994 | 17,085 | 111,356 | |
| Balance sheet: equity and liabilities | ||||||||||||
Total equity and liabilities10/49 |
930,888 | 981,148 | 1.1m | 1.1m | 1.0m | 1.1m | 943,473 | 1.0m | 1.1m | 1.1m | 1.3m | |
Equity10/15 |
86,201 | 89,856 | 147,693 | 217,425 | 269,313 | 182,839 | 70,688 | 42,041 | 5,624 | 25,282 | 64,481 | |
Contributions10/11 |
50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | |
Issued capital100 |
- | - | - | - | - | - | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | |
Reserves13 |
5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 14,481 | |
Non-distributable reserves130/1 |
- | - | 0 | 5,000 | 5,000 | 5,000 | - | - | - | - | - | |
Legal reserve130 |
- | - | - | - | - | - | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | |
Reserves not available under the articles1311 |
- | - | 0 | 5,000 | 5,000 | 5,000 | - | - | - | - | - | |
Distributable reserves133 |
5,000 | 5,000 | 5,000 | - | - | - | - | - | - | - | 9,481 | |
Profit (loss) carried forward14 |
31,201 | 34,856 | 92,693 | 162,425 | 214,313 | 127,839 | 15,688 | -12,959 | -49,377 | -29,718 | - | |
Amounts payable17/49 |
844,687 | 891,291 | 910,524 | 873,867 | 752,986 | 912,870 | 872,786 | 977,469 | 1.1m | 1.1m | 1.2m | |
Amounts payable after more than one year17 |
251,000 | 275,000 | 295,880 | 290,000 | 290,000 | 440,000 | 480,000 | 550,000 | 560,881 | 587,957 | 666,318 | |
Financial debts170/4 |
251,000 | 275,000 | 295,880 | 290,000 | 290,000 | 440,000 | 480,000 | 550,000 | 560,881 | 587,957 | 666,318 | |
Amounts payable within one year42/48 |
583,635 | 604,032 | 604,987 | 581,175 | 461,046 | 432,811 | 388,937 | 423,369 | 521,622 | 528,645 | 527,241 | |
Current portion of amounts payable after more than one year42 |
0 | 5,880 | 5,620 | - | - | - | - | 13,044 | 29,186 | 30,421 | 29,671 | |
Financial debts43 |
125,000 | 125,000 | 100,000 | 50,000 | 0 | 50,000 | 150,000 | 150,000 | 150,000 | 150,000 | 100,000 | |
Credit institutions430/8 |
125,000 | 125,000 | 100,000 | 50,000 | 0 | 50,000 | 150,000 | 150,000 | 150,000 | 150,000 | 100,000 | |
Trade debts44 |
224,852 | 215,374 | 268,727 | 342,233 | 254,904 | 188,004 | 115,898 | 148,528 | 269,468 | 251,298 | 230,479 | |
Suppliers440/4 |
224,852 | 215,374 | 268,727 | 342,233 | 254,904 | 188,004 | 115,898 | 148,528 | 269,468 | 251,298 | 230,479 | |
Advances received on contracts in progress46 |
21,948 | 24,967 | 17,148 | 15,914 | 7,106 | 9,359 | 6,278 | 4,174 | 1,679 | 6,243 | 494 | |
Taxes, remuneration and social security45 |
60,098 | 57,294 | 64,054 | 49,478 | 73,539 | 90,484 | 68,149 | 58,619 | 22,120 | 48,444 | 54,108 | |
Taxes450/3 |
12,249 | 6,525 | 8,160 | 7,068 | 31,592 | 46,746 | 29,212 | 22,317 | 4,595 | 12,931 | 15,338 | |
Remuneration and social security454/9 |
47,849 | 50,769 | 55,894 | 42,410 | 41,947 | 43,738 | 38,937 | 36,302 | 17,526 | 35,513 | 38,770 | |
Other amounts payable47/48 |
151,736 | 175,517 | 149,438 | 123,550 | 125,498 | 94,964 | 48,612 | 49,004 | 49,168 | 42,238 | 112,489 | |
Accrued charges and deferred income492/3 |
10,052 | 12,259 | 9,657 | 2,692 | 1,940 | 40,060 | 3,849 | 4,101 | 4,414 | 5,994 | 5,574 | |
| Income statement | ||||||||||||
Gross operating margin9900 |
384,955 | 307,466 | 280,045 | 286,081 | 415,187 | 451,596 | 433,854 | 358,324 | 348,466 | 380,587 | 296,000 | |
Remuneration, social security and pensions62 |
337,954 | 317,280 | 314,853 | 312,973 | 281,981 | 265,810 | 286,496 | 206,671 | 241,508 | 308,450 | 201,196 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
22,044 | 19,511 | 13,722 | 16,240 | 26,851 | 43,420 | 105,413 | 105,348 | 99,989 | 90,743 | 72,423 | |
Other operating charges640/8 |
8,385 | 2,626 | 2,292 | 2,552 | 3,011 | 1,319 | 1,910 | 1,934 | 12,739 | 1,718 | 1,814 | |
Operating profit (loss)9901 |
16,571 | -31,951 | -50,822 | -45,684 | 103,344 | 141,048 | 40,035 | 44,371 | -5,770 | -20,325 | 20,567 | |
Financial income75/76B |
1,300 | 704 | 560 | 3,193 | 23,165 | 23,073 | 9,012 | 4,956 | 486 | 1,016 | 6,511 | |
Recurring financial income75 |
1,300 | 704 | 560 | 3,193 | 23,165 | 23,073 | 9,012 | 4,956 | 486 | 1,016 | 6,511 | |
Financial charges65/66B |
21,350 | 26,416 | 19,399 | 9,456 | 10,122 | 13,540 | 12,600 | 12,971 | 13,873 | 20,108 | 12,379 | |
Recurring financial charges65 |
21,350 | 26,416 | 19,399 | 9,456 | 10,122 | 13,540 | 12,600 | 12,971 | 13,873 | 20,108 | 12,379 | |
Profit (loss) for the period before taxes9903 |
-3,479 | -57,663 | -69,661 | -51,946 | 116,387 | 150,581 | 36,447 | 36,355 | -19,158 | -39,417 | 14,699 | |
Income taxes67/77 |
176 | 174 | 71 | -58 | 29,913 | 38,429 | 7,800 | -62 | 501 | -218 | 218 | |
Profit (loss) for the period9904 |
-3,655 | -57,837 | -69,732 | -51,888 | 86,474 | 112,152 | 28,647 | 36,417 | -19,658 | -39,199 | 14,481 | |
Profit (loss) for the period to be appropriated9905 |
-3,655 | -57,837 | -69,732 | -51,888 | 86,474 | 112,152 | 28,647 | 36,417 | -19,658 | -39,199 | 14,481 | |
| Appropriation of the result | ||||||||||||
Profit (loss) to be appropriated9906 |
31,201 | 34,856 | 92,693 | 162,425 | 214,313 | 127,839 | 15,688 | -12,959 | -49,377 | -39,199 | 14,481 | |
Profit (loss) brought forward from the previous period14P |
34,856 | 92,693 | 162,425 | 214,313 | 127,839 | - | - | - | - | - | - | |
Transfer from equity791/2 |
- | - | - | - | - | - | - | - | - | 9,481 | - | |
Transfer to equity691/2 |
- | - | - | - | - | - | - | - | - | - | 14,481 | |
To the legal reserve6920 |
- | - | - | - | - | - | - | - | - | - | 5,000 | |
To other reserves6921 |
- | - | - | - | - | - | - | - | - | - | 9,481 | |
| Social balance sheet | ||||||||||||
Average staff (FTE)9087 |
7.1 | 7.1 | 7.2 | 7.2 | 7.2 | 7.6 | 7.5 | 5.9 | 6.3 | 8 | 4.8 | |
Hours worked1013 |
11,826 | 11,206 | 11,917 | 11,896 | 11,713 | 11,494 | 12,966 | 10,007 | 11,133 | 13,995 | 8,238 | |
| Document | ||||||||||||
The notes to these accounts have 20 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 16-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00308166 | |
| 31-12-2024 | abbreviated format | 14-07-2025 | 2025-00275566 | |
| 31-12-2023 | abbreviated format | 11-07-2024 | 2024-00240086 | |
| 31-12-2022 | abbreviated format | 26-09-2023 | 2023-00454275 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20128905 | |
| 31-12-2020 | abbreviated format | 27-08-2021 | 2021-56600497 | |
| 31-12-2019 | abbreviated format | 16-07-2020 | 2020-31100197 | |
| 31-12-2018 | abbreviated format | 19-07-2019 | 2019-35500405 | |
| 31-12-2017 | abbreviated format | 27-08-2018 | 2018-51200434 | |
| 31-12-2016 | abbreviated format | 31-07-2017 | 2017-39400202 | |
| 31-12-2015 | abbreviated format | 28-07-2016 | 2016-37300575 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 38,615 | -12,440 | -37,101 | -29,444 | 130,196 | 184,468 | 145,448 | 149,719 | 94,219 | 70,418 | 92,990 | |
| Cash flow | 18,388 | -38,326 | -56,010 | -35,648 | 113,325 | 155,571 | 134,060 | 141,765 | 80,331 | 51,545 | 86,904 | |
| Investment in fixed assets | 7,723 | 21,287 | 62,632 | 12,884 | 12,269 | 6,744 | 22,684 | 39,294 | 55,363 | 31,030 | 288,858 | |
| Change in cash | 2,989 | -46,846 | -44,799 | -16,871 | -40,335 | 152,786 | -29,018 | -43,112 | 16,432 | -5,779 | - | |
| Working capital | 284,045 | 299,587 | 377,478 | 483,275 | 531,055 | 618,118 | 473,080 | 431,956 | 340,679 | 334,369 | 391,796 | |
| Solvency | 9.3% | 9.2% | 14.0% | 19.9% | 26.3% | 16.7% | 7.5% | 4.1% | 0.5% | 2.2% | 5.1% | |
| Current ratio | 1.49 | 1.50 | 1.62 | 1.83 | 2.15 | 2.43 | 2.22 | 2.02 | 1.65 | 1.63 | 1.74 | |
| Quick ratio | 0.18 | 0.20 | 0.30 | 0.43 | 0.44 | 1.00 | 0.48 | 0.41 | 0.31 | 0.33 | 0.57 | |
| Debt to equity | 9.80 | 9.92 | 6.16 | 4.02 | 2.80 | 4.99 | 12.35 | 23.25 | - | 44.40 | 18.60 | |
| ROE | -4.2% | -64.4% | -47.2% | -23.9% | 32.1% | 61.3% | 40.5% | 86.6% | -349.6% | -155.0% | 22.5% | |
| ROA | -0.4% | -5.9% | -6.6% | -4.8% | 8.5% | 10.2% | 3.0% | 3.6% | -1.8% | -3.4% | 1.1% | |
| Interest coverage | 1.81 | -0.47 | -1.91 | -3.11 | 12.86 | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 9 | 8 | 7 | 8 |
| full-time | 6 | 6 | 5 | 6 | 7 |
| part-time | 0 | 3 | 3 | 1 | 1 |
| in full-time equivalents | 6 | 7.8 | 7.2 | 6.8 | 7.2 |
| Average over the year, in full-time equivalents | 7.1 | 7.1 | 7.2 | 7.2 | 7.2 |
| On a permanent contract | 5 | 7 | 6 | 5 | 8 |
| Joined | 4 | 19 | 2 | 6 | 10 |
| Left | 7 | 18 | 1 | 7 | 10 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Pledge on the business | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,723 | €14,830 | €62,632 | €12,884 | €12,269 |
| Intangible fixed assets | - | €6,456 | - | - | - |
| Financial fixed assets | €0 | - | - | - | - |
| Depreciation and write-downs of the year | €22,044 | €19,511 | €13,722 | €16,240 | €26,851 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €16,571, after a loss of €31,951 in 2024. It is the highest result since 2021.
Debt's share of the balance-sheet total falls from 90.8% to 90.7%. Equity and debt are lower.
JAY CONSTRUCT has no parent and no holdings in its annual accounts. JAY CONSTRUCT shares no director with another company.
| AUTO 5
establishment since 20-10-1992 · founded in 1992 |
592 FTE (2025) 0447.265.812 |
| SALLET J.
registered office since 20-12-1999 · founded in 1999 |
1 FTE (2025) 0467.515.452 |
| BTWeenheid SPT
registered office since 01-05-2019 |
founded in 2019 0725.820.613 |
| Dekegel, Anny (sole trader)
establishment since 01-01-1975 |
founded in 1975 0853.594.555 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number | FASFC approval |
|---|---|---|---|
| Hubo registered office Albertlaan 30, 9400 Ninove | 09-03-2015 | 2.240.786.508 | Retailer of feed materials Retail - compound feed for production animals Retailer of fertilizers Retailer of pesticides Retailer of petfood Food outlet - food>3 months |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 41362B1780/00P000 | 2.1 ha | 1 · 802 m² | 6.0 m · 2 |
If something looks wrong or is missing, please tell us.