JDF PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-05-2026 PDF all 5 filings
Turnover
≈ €320,000
Estimated: probably between €230,000 and €560,000
Total assets
€128,296▲ 25.3%
2024 · €102,422
Net result
€39,620▲ 30.4%
2024 · €30,383
Working capital
-€3,417
2024 · €11,630
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€50,527
▲ 26.1%
2025
20212025
Net result
€39,620
▲ 30.4%
2025
highest quarter of the sector
20212025
Equity
€16,066
▼ 55.9%
2025
middle half of the sector
20212025
Total assets
€128,296
▲ 25.3%
2025
middle half of the sector
20212025
Debt
€112,230
▲ 70.1%
2025
20212025
Working capital
-€3,417
2025
lowest quarter of the sector
20212025
Solvency
12.5%
▼ 23.1pp
2025
lowest quarter of the sector
20212025
Current ratio
0.97
▼ 0.22
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
30.9%
▲ 1.2pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€24,866-€14,710▼ 40.8%€34,325▲ 133%€40,085▲ 16.8%€50,527▲ 26.1%
Net result€19,593within the sector's middle half-€10,823within the sector's middle half▼ 44.8%€26,648above the sector's middle half▲ 146%€30,383above the sector's middle half▲ 14.0%€39,620above the sector's middle half▲ 30.4%
Equity€23,593within the sector's middle half-€34,417within the sector's middle half▲ 45.9%€61,064within the sector's middle half▲ 77.4%€36,447within the sector's middle half▼ 40.3%€16,066within the sector's middle half▼ 55.9%
Total assets€60,661within the sector's middle half-€63,336within the sector's middle half▲ 4.4%€88,949within the sector's middle half▲ 40.4%€102,422within the sector's middle half▲ 15.1%€128,296within the sector's middle half▲ 25.3%
Debt€37,068-€28,919▼ 22.0%€27,885▼ 3.6%€65,975▲ 137%€112,230▲ 70.1%
Working capital€6,764within the sector's middle half-€15,069within the sector's middle half▲ 123%€37,640within the sector's middle half▲ 150%€11,630within the sector's middle half▼ 69.1%-€3,417below the sector's middle half
Solvency38.9%within the sector's middle half-54.3%within the sector's middle half▲ 15.4pp68.7%above the sector's middle half▲ 14.3pp35.6%within the sector's middle half▼ 33.1pp12.5%below the sector's middle half▼ 23.1pp
Current ratio1.39within the sector's middle half-2.07within the sector's middle half▲ 0.693.13above the sector's middle half▲ 1.051.19within the sector's middle half▼ 1.940.97below the sector's middle half▼ 0.22
Return on assets (ROA)32.3%above the sector's middle half-17.1%within the sector's middle half▼ 15.2pp30.0%above the sector's middle half▲ 12.9pp29.7%above the sector's middle half▼ 0.3pp30.9%above the sector's middle half▲ 1.2pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 26% 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 €128,296
Fixed assets
€19,484 ▼ 35.6%
Current assets
€108,812 ▲ 50.8%
Equity and liabilities €128,296
Equity
€16,066 ▼ 55.9%
Debt
€112,230 ▲ 70.1%
Debt's share of the balance-sheet total rises from 64.4% to 87.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€61,290▲
2024 · €49,854
Cash flow
€50,383▲
2024 · €40,152
Debt to equity
6.99▲
2024 · 1.81
ROE
246.6%▲
2024 · 83.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€112,230▲
2024 · €60,545
Debt > 1 year
€0▼
2024 · €5,430
Income taxes
€10,699▲
2024 · €9,408
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 | €37,573 | €5,771 | €8,160 | €6,392 | - |
| Depreciation and write-downs of the year | €1,235 | €7,868 | €8,776 | €9,769 | €10,763 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,235 | €7,868 | €8,776 | €9,769 | €10,763 | ▲ 10.2% |
| Other operating charges640/8 | €1,326 | €1,232 | €831 | €1,518 | €1,050 | ▼ 30.8% |
| Gross operating margin9900 | €27,426 | €23,811 | €43,932 | €51,372 | €62,340 | ▲ 21.4% |
| Operating profit (loss)9901 | €24,866 | €14,710 | €34,325 | €40,085 | €50,527 | ▲ 26.1% |
| Financial income75/76B | €0 | €0 | €0 | €0 | €0 | - |
| Recurring financial income75 | €0 | €0 | €0 | €0 | €0 | - |
| Financial charges65/66B | €127 | €462 | €374 | €294 | €209 | ▼ 28.9% |
| Recurring financial charges65 | €127 | €462 | €374 | €294 | €209 | ▼ 28.9% |
| Profit (loss) for the period before taxes9903 | €24,739 | €14,248 | €33,951 | €39,791 | €50,318 | ▲ 26.5% |
| Income taxes67/77 | €5,146 | €3,425 | €7,303 | €9,408 | €10,699 | ▲ 13.7% |
| Profit (loss) for the period9904 | €19,593 | €10,823 | €26,648 | €30,383 | €39,620 | ▲ 30.4% |
| Profit (loss) for the period to be appropriated9905 | €19,593 | €10,823 | €26,648 | €30,383 | €39,620 | ▲ 30.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €60,661 | €63,336 | €88,949 | €102,422 | €128,296 | ▲ 25.3% |
| Fixed assets21/28 | €36,338 | €34,241 | €33,625 | €30,247 | €19,484 | ▼ 35.6% |
| Tangible fixed assets22/27 | €36,338 | €34,241 | €33,625 | €30,247 | €19,484 | ▼ 35.6% |
| Furniture and vehicles24 | €2,314 | €7,186 | €5,486 | €9,893 | €6,915 | ▼ 30.1% |
| Leasing and similar rights25 | €34,024 | €27,055 | €20,086 | €13,117 | €6,148 | ▼ 53.1% |
| Other tangible fixed assets26 | - | - | €8,053 | €7,237 | €6,421 | ▼ 11.3% |
| Current assets29/58 | €24,323 | €29,095 | €55,324 | €72,175 | €108,812 | ▲ 50.8% |
| Amounts receivable within one year40/41 | €15,327 | €11,812 | €38,466 | €14,718 | €22,548 | ▲ 53.2% |
| Trade receivables40 | €14,767 | €11,737 | €35,770 | €9,126 | €22,247 | ▲ 144% |
| Other amounts receivable41 | €560 | €75 | €2,697 | €5,592 | €301 | ▼ 94.6% |
| Cash at bank and in hand54/58 | €8,997 | €12,783 | €16,858 | €57,456 | €82,264 | ▲ 43.2% |
| Deferred charges and accrued income490/1 | - | €4,500 | €0 | - | €4,000 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €60,661 | €63,336 | €88,949 | €102,422 | €128,296 | ▲ 25.3% |
| Equity10/15 | €23,593 | €34,417 | €61,064 | €36,447 | €16,066 | ▼ 55.9% |
| Contributions10/11 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Profit (loss) carried forward14 | €19,593 | €30,417 | €57,064 | €32,447 | €12,066 | ▼ 62.8% |
| Amounts payable17/49 | €37,068 | €28,919 | €27,885 | €65,975 | €112,230 | ▲ 70.1% |
| Amounts payable after more than one year17 | €19,509 | €14,893 | €10,200 | €5,430 | €0 | ▼ 100% |
| Financial debts170/4 | €19,509 | €14,893 | €10,200 | €5,430 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €17,559 | €14,026 | €17,685 | €60,545 | €112,230 | ▲ 85.4% |
| Current portion of amounts payable after more than one year42 | €4,541 | €4,616 | €4,693 | €4,771 | €5,430 | ▲ 13.8% |
| Trade debts44 | €5,061 | €1,346 | €1,888 | €1,385 | €5,547 | ▲ 300% |
| Suppliers440/4 | €5,061 | €1,346 | €1,888 | €1,385 | €5,547 | ▲ 300% |
| Taxes, remuneration and social security45 | €5,146 | €6,695 | €5,913 | €2,953 | €1,573 | ▼ 46.7% |
| Taxes450/3 | €5,146 | €6,695 | €5,913 | €2,953 | €1,573 | ▼ 46.7% |
| Other amounts payable47/48 | €2,811 | €1,369 | €5,192 | €51,436 | €99,680 | ▲ 93.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,593 | €10,823 | €26,648 | €30,383 | €39,620 | ▲ 30.4% |
| + Depreciation and write-downs630 | €1,235 | €7,868 | €8,776 | €9,769 | €10,763 | ▲ 10.2% |
| Operating cash flow (approximation) | €20,828 | €18,692 | €35,424 | €40,152 | €50,383 | ▲ 25.5% |
| Investment in fixed assets (approximation) | - | -€5,771 | -€8,160 | -€6,392 | €0 | - |
| Change in cash | - | €3,787 | €4,075 | €40,598 | €24,808 | ▼ 38.9% |
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, 6,713 companies had the same profile as JDF PROJECTS has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JDF PROJECTS itself: 1.1% 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 6,713 companies, not a prediction for JDF PROJECTS. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-05-2026 | 2026-00101778 | |
| 31-12-2024 | micro format | 19-05-2025 | 2025-00097428 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00133146 | |
| 31-12-2022 | micro format | 08-06-2023 | 2023-00113198 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20058143 |