JBL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 28 filings
Turnover
≈ €200,000
Estimated: probably between €160,000 and €310,000
Total assets
€1.7m▼ 6.0%
2024 · €1.8m
Net result
€29,222▲ 24.0%
2024 · €23,569
Working capital
-€93,457▼ 142%
2024 · -€38,689
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€53,128
▲ 8.1%
2025
20182025
Net result
€29,222
▲ 24.0%
2025
middle half of the sector
20182025
Equity
€621,485
▲ 4.9%
2025
middle half of the sector
20182025
Total assets
€1.7m
▼ 6.0%
2025
middle half of the sector
20182025
Debt
€1.0m
▼ 11.6%
2025
20182025
Working capital
-€93,457
▼ 142%
2025
middle half of the sector
20182025
Solvency
36.9%
▲ 3.8pp
2025
middle half of the sector
20182025
Current ratio
0.55
▼ 0.26
2025
middle half of the sector
20182025
Return on assets (ROA)
1.7%
▲ 0.4pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.003m--€0.007m€0.08m€0.02m▼ 80.2%€0.03m▲ 101%€0.05m▲ 39.2%€0.05m▲ 6.8%€0.05m▲ 8.1%
Net result-€1.1m--€0.03m▲ 97.5%€0.05mabove the sector's middle half€0.003mwithin the sector's middle half▼ 93.8%€0.01mwithin the sector's middle half▲ 288%€0.02mwithin the sector's middle half▲ 54.9%€0.02mwithin the sector's middle half▲ 36.7%€0.03mwithin the sector's middle half▲ 24.0%
Equity€0.5m-€0.5m▼ 5.4%€0.5mabove the sector's middle half▲ 9.4%€0.5mabove the sector's middle half▲ 0.5%€0.6mabove the sector's middle half▲ 2.1%€0.6mabove the sector's middle half▲ 3.1%€0.6mabove the sector's middle half▲ 4.1%€0.6mwithin the sector's middle half▲ 4.9%
Total assets€3.8m-€2.5m▼ 33.6%€2.5mabove the sector's middle half▼ 3.3%€2.3mabove the sector's middle half▼ 6.1%€2.2mabove the sector's middle half▼ 5.8%€2.1mabove the sector's middle half▼ 4.7%€1.8mabove the sector's middle half▼ 13.6%€1.7mwithin the sector's middle half▼ 6.0%
Debt€3.2m-€2.0m▼ 38.8%€1.9m▼ 6.5%€1.7m▼ 8.1%€1.6m▼ 8.3%€1.4m▼ 7.5%€1.1m▼ 21.0%€1.0m▼ 11.6%
Working capital€1.4m-€0.5m▼ 67.2%€0.4mabove the sector's middle half▼ 16.8%€0.3mabove the sector's middle half▼ 18.7%€0.2mabove the sector's middle half▼ 20.8%€0.2mabove the sector's middle half▼ 24.6%-€0.04mwithin the sector's middle half-€0.09mwithin the sector's middle half▼ 142%
Solvency13.6%-19.3%▲ 5.8pp21.9%within the sector's middle half▲ 2.5pp23.4%within the sector's middle half▲ 1.5pp25.4%within the sector's middle half▲ 2.0pp27.4%within the sector's middle half▲ 2.1pp33.1%within the sector's middle half▲ 5.6pp36.9%within the sector's middle half▲ 3.8pp
Current ratio4.36-4.20▼ 0.163.43above the sector's middle half▼ 0.773.05above the sector's middle half▼ 0.382.58within the sector's middle half▼ 0.471.99within the sector's middle half▼ 0.590.81within the sector's middle half▼ 1.180.55within the sector's middle half▼ 0.26
Return on assets (ROA)-29.3%--1.1%▲ 28.2pp1.9%within the sector's middle half▲ 3.0pp0.1%within the sector's middle half▼ 1.7pp0.5%within the sector's middle half▲ 0.4pp0.8%within the sector's middle half▲ 0.3pp1.3%within the sector's middle half▲ 0.5pp1.7%within the sector's middle half▲ 0.4pp
Staff (FTE)0.8-
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 8% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.7m
Fixed assets
€1.6m ▼ 3.6%
Current assets
€112,492 ▼ 29.7%
Equity and liabilities €1.7m
Equity
€621,485 ▲ 4.9%
Provisions
€52,429 ▼ 5.9%
Debt
€1.0m ▼ 11.6%
Debt's share of the balance-sheet total falls from 63.8% to 60.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€128,155▲
2024 · €123,615
Cash flow
€104,249▲
2024 · €98,034
Debt to equity
1.62▼
2024 · 1.93
ROE
4.7%▲
2024 · 4.0%
Interest coverage
9.47▲
2024 · 6.42
Debt ≤ 1 year
€205,949▲
2024 · €198,704
Debt > 1 year
€803,082▼
2024 · €943,275
Income taxes
€13,650▲
2024 · €12,511
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 | - | - | - | - | €15,546 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €74,465 | €74,465 | €74,465 | €74,465 | €75,027 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €430 | €87 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.09m | €0.1m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.08m | ▲ 0.8% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 3.1% |
| Gross operating margin9900 | €0.2m | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 3.6% |
| Operating profit (loss)9901 | €0.003m | -€0.007m | €0.08m | €0.02m | €0.03m | €0.05m | €0.05m | €0.05m | ▲ 8.1% |
| Financial income75/76B | - | - | - | €0.007m | €0.003m | €0.003m | €0.003m | €0 | ▼ 100% |
| Recurring financial income75 | €0.5m | €0.01m | - | €0.007m | €0.003m | €0.003m | €0.003m | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 29.8% |
| Recurring financial charges65 | €0.04m | €0.04m | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 29.8% |
| Profit (loss) for the period before taxes9903 | -€0.8m | -€0.03m | €0.06m | -€413 | €0.01m | €0.03m | €0.03m | €0.04m | ▲ 20.7% |
| Transfer from deferred taxes780 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Income taxes67/77 | €0.001m | - | €0.01m | - | €0.006m | €0.01m | €0.01m | €0.01m | ▲ 9.1% |
| Profit (loss) for the period9904 | -€1.1m | -€0.03m | €0.05m | €0.003m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 24.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) for the period to be appropriated9905 | -€1.1m | -€0.02m | €0.05m | €0.01m | €0.02m | €0.03m | €0.03m | €0.04m | ▲ 16.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.8m | €2.5m | €2.5m | €2.3m | €2.2m | €2.1m | €1.8m | €1.7m | ▼ 6.0% |
| Fixed assets21/28 | €2.0m | €1.9m | €1.9m | €1.9m | €1.8m | €1.7m | €1.6m | €1.6m | ▼ 3.6% |
| Tangible fixed assets22/27 | €2.0m | €1.9m | €1.9m | €1.8m | €1.8m | €1.7m | €1.6m | €1.6m | ▼ 3.7% |
| Land and buildings22 | - | - | - | €1.8m | €1.8m | €1.7m | €1.6m | €1.6m | ▼ 4.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €0.01m | - |
| Financial fixed assets28 | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Current assets29/58 | €1.8m | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | €0.2m | €0.1m | ▼ 29.7% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €0.2m | €0.2m | €0 | - | - |
| Other amounts receivable291 | - | - | - | €0.3m | €0.2m | €0.2m | €0 | - | - |
| Amounts receivable within one year40/41 | €0.5m | €0.1m | €0.06m | €0.03m | €0.03m | €0.04m | €0.03m | €0.05m | ▲ 71.3% |
| Trade receivables40 | - | - | - | €0.006m | €0.006m | €0.01m | €0.02m | €0.04m | ▲ 52.8% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.03m | €0.03m | €0.002m | €0.008m | ▲ 273% |
| Cash at bank and in hand54/58 | €0.4m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.07m | ▼ 49.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.8m | €2.5m | €2.5m | €2.3m | €2.2m | €2.1m | €1.8m | €1.7m | ▼ 6.0% |
| Equity10/15 | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 4.9% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 9.1% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.9% |
| Distributable reserves133 | - | - | - | €0.05m | €0.07m | €0.09m | €0.1m | €0.2m | ▲ 30.7% |
| Profit (loss) carried forward14 | - | -€0.02m | - | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.07m | €0.07m | €0.07m | €0.07m | €0.06m | €0.06m | €0.06m | €0.05m | ▼ 5.9% |
| Deferred taxes168 | - | - | - | €0.07m | €0.06m | €0.06m | €0.06m | €0.05m | ▼ 5.9% |
| Amounts payable17/49 | €3.2m | €2.0m | €1.9m | €1.7m | €1.6m | €1.4m | €1.1m | €1.0m | ▼ 11.6% |
| Amounts payable after more than one year17 | €2.8m | €1.8m | €1.7m | €1.6m | €1.4m | €1.3m | €0.9m | €0.8m | ▼ 14.9% |
| Financial debts170/4 | - | - | - | €1.6m | €1.4m | €1.3m | €0.9m | €0.8m | ▼ 14.9% |
| Amounts payable within one year42/48 | €0.4m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 3.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 1.3% |
| Trade debts44 | €0.01m | €154 | €0.01m | €0.004m | €0.001m | €0.02m | €0.05m | €0.05m | ▲ 9.2% |
| Suppliers440/4 | - | - | - | €0.004m | €0.001m | €0.02m | €0.05m | €0.05m | ▲ 9.2% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.006m | €0.01m | €0.01m | €0.01m | ▲ 9.1% |
| Taxes450/3 | - | - | - | - | €0.006m | €0.01m | €0.01m | €0.01m | ▲ 9.1% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.001m | €0.003m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1.1m | -€0.03m | €0.05m | €0.003m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 24.0% |
| + Depreciation and write-downs630 | €0.09m | €0.1m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.08m | ▲ 0.8% |
| Operating cash flow (approximation) | -€1.0m | €0.07m | €0.1m | €0.08m | €0.09m | €0.09m | €0.1m | €0.1m | ▲ 6.3% |
| Investment in fixed assets (approximation) | - | -€0.01m | -€0.05m | €0 | €0 | €0 | €0 | -€0.02m | - |
| Change in cash | - | -€0.2m | €0.01m | -€0.02m | -€0.04m | -€0.01m | €0.02m | -€0.07m | - |
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, 14,766 companies had the same profile as JBL has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JBL 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 14,766 companies, not a prediction for JBL. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00248279 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00286713 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00212021 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00193644 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20118492 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-26900200 | |
| 31-12-2019 | micro format | 11-08-2020 | 2020-40500289 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-26800527 | |
| 31-12-2017 | abbreviated format | 19-06-2018 | 2018-19900260 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-25300088 |