Jeca
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 22 filings
Turnover
€2.5m▼ 13.0%
2024 · €2.9m
EBIT margin
4.8%▼ 1.3pp
2024 · 6.0%
Net result
-€15,417▲ 88.8%
2024 · -€137,791
Working capital
-€2.9m▼ 20.2%
2024 · -€2.4m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€2.5m
▼ 13.0%
2025
20182025
Operating result
€119,951
▼ 31.1%
2025
20182025
Net result
-€15,417
▲ 88.8%
2025
lowest quarter of the sector
20182025
EBIT margin
4.8%
▼ 1.3pp
2025
20182025
Equity
€3.1m
▼ 0.5%
2025
middle half of the sector
20182025
Total assets
€16.0m
▲ 46.2%
2025
highest quarter of the sector
20182025
Debt
€12.9m
▲ 64.5%
2025
20182025
Working capital
-€2.9m
▼ 20.2%
2025
lowest quarter of the sector
20182025
Solvency
19.2%
▼ 9.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.77
▲ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
-0.1%
▲ 1.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
13.4
▼ 2.2%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.8m-€1.0m▲ 19.4%€1.1m▲ 6.1%€1.5m▲ 43.6%€2.0m▲ 30.3%€2.9m▲ 43.8%€2.9m▲ 0.4%€2.5m▼ 13.0%
Operating result€0.04m-€0.03m▼ 19.5%€0.05m▲ 59.3%€0.07m▲ 50.4%€0.1m▲ 30.3%€0.1m▲ 43.8%€0.2m▲ 27.2%€0.1m▼ 31.1%
Net result€0.02m-€0.005m▼ 72.0%€0.02mwithin the sector's middle half▲ 297%€0.03mwithin the sector's middle half▲ 25.7%-€0.02mbelow the sector's middle half-€0.006mbelow the sector's middle half▲ 60.4%-€0.1mbelow the sector's middle half▼ 2,109%-€0.02mbelow the sector's middle half▲ 88.8%
EBIT margin4.5%-3.0%▼ 1.5pp4.5%▲ 1.5pp4.8%▲ 0.2pp4.8%=4.8%=6.0%▲ 1.3pp4.8%▼ 1.3pp
Equity€3.2m-€3.2m▲ 0.2%€3.2mabove the sector's middle half▲ 0.6%€3.2mabove the sector's middle half▲ 0.8%€3.2mabove the sector's middle half▼ 0.5%€3.2mabove the sector's middle half▼ 0.2%€3.1mabove the sector's middle half▼ 4.3%€3.1mwithin the sector's middle half▼ 0.5%
Total assets€6.3m-€19.2m▲ 204%€14.9mabove the sector's middle half▼ 22.3%€8.7mabove the sector's middle half▼ 41.8%€8.4mabove the sector's middle half▼ 3.7%€10.5mabove the sector's middle half▲ 25.6%€10.9mabove the sector's middle half▲ 4.2%€16.0mabove the sector's middle half▲ 46.2%
Debt€3.1m-€16.0m▲ 413%€11.7m▼ 26.9%€5.4m▼ 53.5%€5.1m▼ 5.5%€7.3m▲ 41.7%€7.9m▲ 7.9%€12.9m▲ 64.5%
Working capital-€2.8m--€0.3m▲ 90.0%-€2.8mbelow the sector's middle half▼ 896%-€2.7mbelow the sector's middle half▲ 1.4%-€2.7mbelow the sector's middle half▲ 2.7%-€2.6mbelow the sector's middle half▲ 3.3%-€2.4mbelow the sector's middle half▲ 5.4%-€2.9mbelow the sector's middle half▼ 20.2%
Solvency50.6%-16.7%▼ 33.9pp21.6%within the sector's middle half▲ 4.9pp37.4%within the sector's middle half▲ 15.8pp38.6%within the sector's middle half▲ 1.2pp30.7%within the sector's middle half▼ 7.9pp28.2%within the sector's middle half▼ 2.5pp19.2%below the sector's middle half▼ 9.0pp
Current ratio0.11-0.98▲ 0.870.76within the sector's middle half▼ 0.220.50below the sector's middle half▼ 0.270.47below the sector's middle half▼ 0.020.64within the sector's middle half▲ 0.170.67within the sector's middle half▲ 0.030.77within the sector's middle half▲ 0.10
Return on assets (ROA)0.3%-0.0%▼ 0.3pp0.1%within the sector's middle half▲ 0.1pp0.3%within the sector's middle half▲ 0.2pp-0.2%below the sector's middle half▼ 0.5pp-0.1%below the sector's middle half▲ 0.1pp-1.3%below the sector's middle half▼ 1.2pp-0.1%below the sector's middle half▲ 1.2pp
Staff (FTE)3.9-3.7▼ 5.1%3.5within the sector's middle half▼ 5.4%6.8within the sector's middle half▲ 94.3%10.7within the sector's middle half▲ 57.4%14.7above the sector's middle half▲ 37.4%13.7above the sector's middle half▼ 6.8%13.4above the sector's middle half▼ 2.2%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 31% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.0m
Fixed assets
€6.0m =
Current assets
€10.0m ▲ 102%
Equity and liabilities €16.0m
Equity
€3.1m ▼ 0.5%
Debt
€12.9m ▲ 64.5%
Debt's share of the balance-sheet total rises from 71.8% to 80.8%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
4.21▲
2024 · 2.55
ROE
-0.5%▲
2024 · -4.5%
Debt ≤ 1 year
€12.9m▲
2024 · €7.4m
Income taxes
€27,671▲
2024 · €281
Customer credit
4 days▼
2024 · 56 days
Staff costs
€1.7m▲
2024 · €1.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 12 | 13 | 14 | 13 |
| full-time | 10 | 12 | 12 | 13 | 11 |
| part-time | - | - | 1 | 1 | 2 |
| in full-time equivalents | 10 | 12 | 12.8 | 13.8 | 12.7 |
| Average over the year, in full-time equivalents | 6.8 | 10.7 | 14.7 | 13.7 | 13.4 |
| On a permanent contract | 10 | 12 | 13 | 14 | 13 |
| Joined | 6 | 3 | 5 | 2 | 3 |
| Left | 1 | 1 | 4 | 1 | 4 |
| Training hours | 140 | - | 72 | 224 | 304 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Auditor
The auditor is Ernst et Young Reviseurs d'Entreprises.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €2,032 | €2,050 | €2,089 | €2,155 | €2,056 |
| Other work by the auditor | €750 | - | - | - | - |
| Work by persons linked to the auditor | €2,100 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €1.6m | €2.1m | €2.9m | €2.9m | €2.7m | ▼ 8.5% |
| Turnover70 | €0.8m | €1.0m | €1.1m | €1.5m | €2.0m | €2.9m | €2.9m | €2.5m | ▼ 13.0% |
| Other operating income74 | - | - | - | €0.05m | €0.06m | €0.05m | €0.04m | €0.2m | ▲ 290% |
| Operating charges60/66A | - | - | - | €1.5m | €2.0m | €2.8m | €2.8m | €2.6m | ▼ 7.0% |
| Services and other goods61 | - | - | - | €0.9m | €0.9m | €1.2m | €1.1m | €0.9m | ▼ 23.5% |
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €1.0m | €1.5m | €1.6m | €1.7m | ▲ 4.4% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.002m | €396 | €0.002m | €0.001m | ▼ 15.0% |
| Operating profit (loss)9901 | €0.04m | €0.03m | €0.05m | €0.07m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 31.1% |
| Recurring financial income75 | - | - | €0 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.03m | €0.1m | €0.1m | €0.3m | €0.1m | ▼ 65.4% |
| Recurring financial charges65 | €0.005m | €0.01m | €0.02m | €0.03m | €0.1m | €0.1m | €0.3m | €0.1m | ▼ 65.4% |
| Debt charges650 | €0.004m | €0.01m | €0.01m | €0.02m | €0.09m | €0.1m | €0.3m | €0.1m | ▼ 68.1% |
| Other financial charges652/9 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 1.3% |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.02m | €0.03m | €0.05m | -€0.006m | €0.02m | -€0.1m | €0.01m | - |
| Income taxes67/77 | €0.02m | €0.01m | €0.01m | €0.02m | €0.009m | €0.03m | €281 | €0.03m | ▲ 99× |
| Taxes670/3 | - | - | - | €0.02m | €0.01m | €0.03m | €0.004m | €0.03m | ▲ 559% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.001m | - | €0.004m | - | - |
| Profit (loss) for the period9904 | €0.02m | €0.005m | €0.02m | €0.03m | -€0.02m | -€0.006m | -€0.1m | -€0.02m | ▲ 88.8% |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.005m | €0.02m | €0.03m | -€0.02m | -€0.006m | -€0.1m | -€0.02m | ▲ 88.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.3m | €19.2m | €14.9m | €8.7m | €8.4m | €10.5m | €10.9m | €16.0m | ▲ 46.2% |
| Fixed assets21/28 | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | = |
| Financial fixed assets28 | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | = |
| Affiliated companies280/1 | - | - | - | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | = |
| Participating interests280 | - | - | - | €6.0m | €6.0m | €6.0m | €6.0m | €6.0m | = |
| Current assets29/58 | €0.3m | €13.2m | €8.9m | €2.7m | €2.4m | €4.5m | €5.0m | €10.0m | ▲ 102% |
| Amounts receivable within one year40/41 | €0.3m | €9.7m | €5.9m | €0.4m | €2.4m | €4.5m | €4.9m | €10.0m | ▲ 102% |
| Trade receivables40 | - | - | - | €0.4m | €0.8m | €1.2m | €0.4m | €0.03m | ▼ 93.9% |
| Other amounts receivable41 | - | - | - | - | €1.6m | €3.3m | €4.5m | €9.9m | ▲ 122% |
| Cash at bank and in hand54/58 | - | €3.6m | €3.0m | €2.3m | - | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.03m | €0.04m | ▲ 8.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.3m | €19.2m | €14.9m | €8.7m | €8.4m | €10.5m | €10.9m | €16.0m | ▲ 46.2% |
| Equity10/15 | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m | €3.2m | €3.1m | €3.1m | ▼ 0.5% |
| Contributions10/11 | €2.5m | €2.5m | - | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | = |
| Reserves13 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 2.7% |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.3m | €0.3m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.7m | €0.6m | €0.6m | ▼ 2.7% |
| Amounts payable17/49 | €3.1m | €16.0m | €11.7m | €5.4m | €5.1m | €7.3m | €7.9m | €12.9m | ▲ 64.5% |
| Amounts payable after more than one year17 | - | €2.5m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €3.1m | €13.5m | €11.7m | €5.4m | €5.0m | €7.1m | €7.4m | €12.9m | ▲ 75.0% |
| Financial debts43 | - | - | - | €3.0m | - | - | - | - | - |
| Other loans439 | - | - | - | €3.0m | - | - | - | - | - |
| Trade debts44 | €0.1m | €0.1m | €0.09m | €0.3m | €0.2m | €0.3m | €0.3m | €0.6m | ▲ 121% |
| Suppliers440/4 | - | - | - | €0.3m | €0.2m | €0.3m | €0.3m | €0.6m | ▲ 121% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.4m | €0.5m | €0.6m | €0.4m | ▼ 25.6% |
| Taxes450/3 | - | - | - | €0.1m | €0.2m | €0.3m | €0.2m | €0.1m | ▼ 29.4% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 24.2% |
| Other amounts payable47/48 | - | - | - | €1.9m | €4.4m | €6.3m | €6.5m | €11.9m | ▲ 81.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.1m | €0.2m | €0.5m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,009 | €5,033 | €19,972 | €25,096 | -€15,731 | -€6,237 | -€137,791 | -€15,417 | ▲ 88.8% |
| Operating cash flow (approximation) | €18,009 | €5,033 | €19,972 | €25,096 | -€15,731 | -€6,237 | -€137,791 | -€15,417 | ▲ 88.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | - | -€550,076 | -€724,886 | - | - | - | - | - |
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, 2,507 companies had the same profile as Jeca has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
96.4%
was still going
1.8%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Jeca itself: 0.6% 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 2,507 companies, not a prediction for Jeca. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-07-2026 | 2026-00322786 | |
| 31-12-2024 | full format | 18-06-2025 | 2025-00148083 | |
| 31-12-2023 | full format | 27-06-2024 | 2024-00190069 | |
| 31-12-2022 | full format | 12-07-2023 | 2023-00227600 | |
| 31-12-2021 | full format | 08-07-2022 | 2022-20160869 | |
| 31-12-2020 | full format | 16-07-2021 | 2021-36800358 | |
| 31-12-2019 | full format | 10-08-2020 | 2020-40300220 | |
| 31-12-2018 | full format | 12-07-2019 | 2019-33400479 | |
| 31-12-2017 | full format | 21-06-2018 | 2018-22300519 | |
| 31-12-2016 | full format | 23-06-2017 | 2017-23000289 |