JEE-BEE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 17-04-2026 PDF all 18 filings
Turnover
≈ €4.3m
Estimated: probably between €2.7m and €7.2m
EBIT margin
Not included in this filing
Net result
€129,026▲ 0.9%
2024 · €127,894
Working capital
€172,284▲ 95.1%
2024 · €88,290
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€326,184
▲ 17.3%
2025
20192025
Net result
€129,026
▲ 0.9%
2025
middle half of the sector
20192025
Equity
€482,036
▲ 31.0%
2025
middle half of the sector
20192025
Total assets
€1.6m
▼ 12.7%
2025
middle half of the sector
20192025
Debt
€1.1m
▼ 23.9%
2025
20192025
Working capital
€172,284
▲ 95.1%
2025
lowest quarter of the sector
20192025
Solvency
30.6%
▲ 10.2pp
2025
middle half of the sector
20192025
Current ratio
1.33
▲ 0.21
2025
middle half of the sector
20192025
Return on assets (ROA)
8.2%
▲ 1.1pp
2025
middle half of the sector
20192025
Staff (FTE)
5.3
▲ 10.4%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.1m-€0.09m▼ 8.9%€0.06m▼ 30.9%€0.2m▲ 198%€0.2m▲ 18.3%€0.3m▲ 22.6%€0.3m▲ 17.3%
Net result€0.02m-€0.02mwithin the sector's middle half▲ 11.8%€0.04mwithin the sector's middle half▲ 133%€0.06mwithin the sector's middle half▲ 53.6%€0.08mwithin the sector's middle half▲ 26.7%€0.1mwithin the sector's middle half▲ 65.4%€0.1mwithin the sector's middle half▲ 0.9%
Equity€0.3m-€0.3mwithin the sector's middle half▲ 4.3%€0.3mwithin the sector's middle half▼ 10.7%€0.2mbelow the sector's middle half▼ 33.2%€0.3mbelow the sector's middle half▲ 39.8%€0.4mwithin the sector's middle half▲ 42.0%€0.5mwithin the sector's middle half▲ 31.0%
Total assets€1.0m-€1.5mwithin the sector's middle half▲ 48.7%€1.5mwithin the sector's middle half▼ 2.8%€1.6mwithin the sector's middle half▲ 9.4%€1.6mwithin the sector's middle half▲ 0.5%€1.8mwithin the sector's middle half▲ 10.0%€1.6mwithin the sector's middle half▼ 12.7%
Debt€0.7m-€1.2m▲ 66.8%€1.2m▼ 0.8%€1.4m▲ 19.2%€1.4m▼ 4.5%€1.4m▲ 4.0%€1.1m▼ 23.9%
Working capital€0.2m-€0.06mbelow the sector's middle half▼ 67.2%€0.02mbelow the sector's middle half▼ 70.8%-€0.1mbelow the sector's middle half-€0.06mbelow the sector's middle half▲ 42.8%€0.09mbelow the sector's middle half€0.2mbelow the sector's middle half▲ 95.1%
Solvency28.9%-20.3%within the sector's middle half▼ 8.6pp18.6%below the sector's middle half▼ 1.6pp11.4%below the sector's middle half▼ 7.2pp15.8%below the sector's middle half▲ 4.4pp20.4%below the sector's middle half▲ 4.6pp30.6%within the sector's middle half▲ 10.2pp
Current ratio1.34-1.13within the sector's middle half▼ 0.211.03below the sector's middle half▼ 0.100.87below the sector's middle half▼ 0.170.92below the sector's middle half▲ 0.061.12below the sector's middle half▲ 0.191.33within the sector's middle half▲ 0.21
Return on assets (ROA)1.5%-1.1%within the sector's middle half▼ 0.4pp2.7%within the sector's middle half▲ 1.6pp3.7%within the sector's middle half▲ 1.1pp4.7%within the sector's middle half▲ 1.0pp7.1%within the sector's middle half▲ 2.4pp8.2%within the sector's middle half▲ 1.1pp
Staff (FTE)4.2-4.2within the sector's middle half=4.8within the sector's middle half▲ 14.3%4.1within the sector's middle half▼ 14.6%4.8within the sector's middle half▲ 17.1%4.8within the sector's middle half=5.3within the sector's middle half▲ 10.4%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 17% higher than in 2024 and the highest since 2019. It is the fourth rise in a row, after the fall in 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€873,083 ▼ 8.4%
Current assets
€700,948 ▼ 17.5%
Equity and liabilities €1.6m
Equity
€482,036 ▲ 31.0%
Debt
€1.1m ▼ 23.9%
Debt's share of the balance-sheet total falls from 79.6% to 69.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€436,012▲
2024 · €391,706
Cash flow
€238,854▼
2024 · €241,539
Quick ratio
1.09▲
2024 · 0.92
Debt to equity
2.27▼
2024 · 3.90
ROE
26.8%▼
2024 · 34.8%
Interest coverage
3.08▼
2024 · 3.49
Debt ≤ 1 year
€528,664▼
2024 · €760,999
Debt > 1 year
€562,333▼
2024 · €655,295
Income taxes
€59,050▲
2024 · €54,448
Staff costs
€274,717▲
2024 · €264,406
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 5 | 5 | 5 | 7 |
| full-time | 4 | 4 | 4 | 2 | 3 |
| part-time | - | 1 | 1 | 3 | 4 |
| in full-time equivalents | 4 | 4.8 | 4.8 | 4.4 | 5.9 |
| Average over the year, in full-time equivalents | 4.8 | 4.1 | 4.8 | 4.8 | 5.3 |
| On a permanent contract | 2 | 5 | 5 | 5 | 5 |
| Joined | 0 | 1 | 6 | 3 | - |
| Left | 1 | 0 | 6 | 3 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €37,650 | €92,467 | €40,176 | €135,020 | €30,000 |
| Intangible fixed assets | €4,200 | - | €17,940 | - | - |
| Depreciation and write-downs of the year | €111,884 | €88,122 | €92,913 | €113,645 | €109,828 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €192,324 | €197,451 | €265,278 | €264,406 | €274,717 | ▲ 3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €97,177 | €104,307 | €111,884 | €88,122 | €92,913 | €113,645 | €109,828 | ▼ 3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €2,591 | €381 | - | -€14,516 | €106,670 | - |
| Other operating charges640/8 | - | - | €15,294 | €16,736 | €19,025 | €25,961 | €19,891 | ▼ 23.4% |
| Gross operating margin9900 | €397,610 | €386,260 | €386,424 | €494,335 | €603,956 | €667,557 | €837,290 | ▲ 25.4% |
| Operating profit (loss)9901 | €102,163 | €93,092 | €64,330 | €191,645 | €226,741 | €278,061 | €326,184 | ▲ 17.3% |
| Financial income75/76B | - | - | €5,204 | €3,330 | €4,083 | €16,526 | €3,264 | ▼ 80.2% |
| Recurring financial income75 | €10,620 | €6,776 | €5,204 | €3,330 | €4,083 | €16,526 | €3,264 | ▼ 80.2% |
| Financial charges65/66B | - | - | €19,604 | €116,544 | €123,796 | €112,245 | €141,373 | ▲ 25.9% |
| Recurring financial charges65 | €95,564 | €81,415 | €19,604 | €116,544 | €123,796 | €112,245 | €141,373 | ▲ 25.9% |
| Profit (loss) for the period before taxes9903 | €17,219 | €18,454 | €49,930 | €78,431 | €107,027 | €182,341 | €188,075 | ▲ 3.1% |
| Income taxes67/77 | €1,987 | €1,424 | €10,205 | €17,429 | €29,727 | €54,448 | €59,050 | ▲ 8.5% |
| Profit (loss) for the period9904 | €15,233 | €17,030 | €39,725 | €61,002 | €77,301 | €127,894 | €129,026 | ▲ 0.9% |
| Profit (loss) for the period to be appropriated9905 | €15,233 | €17,030 | €39,725 | €61,002 | €77,301 | €127,894 | €129,026 | ▲ 0.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €1.5m | €1.5m | €1.6m | €1.6m | €1.8m | €1.6m | ▼ 12.7% |
| Fixed assets21/28 | €0.3m | €1.0m | €1.0m | €1.0m | €0.9m | €1.0m | €0.9m | ▼ 8.4% |
| Intangible fixed assets21 | €0.02m | €0.02m | €0.01m | €0.007m | €0.02m | €0.01m | €0.009m | ▼ 32.1% |
| Tangible fixed assets22/27 | €0.3m | €1.0m | €0.9m | €1.0m | €0.9m | €0.9m | €0.9m | ▼ 8.0% |
| Land and buildings22 | - | - | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 5.9% |
| Plant, machinery and equipment23 | - | - | €0.06m | €0.05m | €0.04m | €0.03m | €0.05m | ▲ 76.1% |
| Furniture and vehicles24 | - | - | €0.04m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 28.8% |
| Financial fixed assets28 | €180 | €180 | €180 | €180 | €180 | €180 | €180 | = |
| Current assets29/58 | €0.7m | €0.5m | €0.5m | €0.7m | €0.7m | €0.8m | €0.7m | ▼ 17.5% |
| Stocks and contracts in progress3 | €0.04m | €0.07m | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | ▼ 15.8% |
| Stocks30/36 | - | - | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | ▼ 15.8% |
| Amounts receivable within one year40/41 | €0.5m | €0.3m | €0.3m | €0.5m | €0.4m | €0.6m | €0.2m | ▼ 61.8% |
| Trade receivables40 | - | - | €0.3m | €0.5m | €0.4m | €0.6m | €0.2m | ▼ 61.9% |
| Other amounts receivable41 | - | - | €0.009m | €0.02m | - | €0.001m | €0.001m | ▼ 14.1% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.2m | €0.05m | €0.2m | €0.07m | €0.3m | ▲ 395% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €1.5m | €1.5m | €1.6m | €1.6m | €1.8m | €1.6m | ▼ 12.7% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 31.0% |
| Contributions10/11 | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.3m | €0.3m | €0.2m | €0.1m | €0.2m | €0.3m | €0.4m | ▲ 35.6% |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | €0.2m | €0.1m | €0.2m | €0.3m | €0.4m | ▲ 35.6% |
| Profit (loss) carried forward14 | €0.02m | €0.03m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 0.1% |
| Investment grants15 | - | - | €0.005m | €0.002m | - | - | - | - |
| Amounts payable17/49 | €0.7m | €1.2m | €1.2m | €1.4m | €1.4m | €1.4m | €1.1m | ▼ 23.9% |
| Amounts payable after more than one year17 | €0.2m | €0.8m | €0.7m | €0.7m | €0.6m | €0.7m | €0.6m | ▼ 14.2% |
| Financial debts170/4 | - | - | €0.7m | €0.7m | €0.6m | €0.7m | €0.6m | ▼ 14.2% |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.5m | €0.8m | €0.8m | €0.8m | €0.5m | ▼ 30.5% |
| Current portion of amounts payable after more than one year42 | - | - | €0.09m | €0.07m | €0.06m | €0.09m | €0.09m | ▲ 2.6% |
| Trade debts44 | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 11.6% |
| Suppliers440/4 | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 11.6% |
| Taxes, remuneration and social security45 | - | - | €0.03m | €0.03m | €0.07m | €0.2m | €0.1m | ▼ 17.2% |
| Taxes450/3 | - | - | €0.007m | €0.002m | €0.03m | €0.1m | €0.1m | ▼ 24.9% |
| Remuneration and social security454/9 | - | - | €0.03m | €0.03m | €0.04m | €0.03m | €0.04m | ▲ 12.2% |
| Other amounts payable47/48 | - | - | €0.08m | €0.2m | €0.3m | €0.2m | €0.02m | ▼ 87.2% |
| Accrued charges and deferred income492/3 | - | - | €0.01m | €0.001m | €0.001m | €0.02m | €0.001m | ▼ 94.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,233 | €17,030 | €39,725 | €61,002 | €77,301 | €127,894 | €129,026 | ▲ 0.9% |
| + Depreciation and write-downs630 | €97,177 | €104,307 | €111,884 | €88,122 | €92,913 | €113,645 | €109,828 | ▼ 3.4% |
| Operating cash flow (approximation) | €112,409 | €121,337 | €151,609 | €149,124 | €170,213 | €241,539 | €238,854 | ▼ 1.1% |
| Investment in fixed assets (approximation) | - | -€812,315 | -€41,850 | -€92,467 | -€58,116 | -€135,020 | -€30,000 | ▲ 77.8% |
| Change in cash | - | €6,174 | €30,210 | -€109,628 | €113,266 | -€95,540 | €266,018 | - |
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, 34,693 companies had the same profile as JEE-BEE has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of JEE-BEE itself: 0.2% 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 34,693 companies, not a prediction for JEE-BEE. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 17-04-2026 | 2026-00081391 | |
| 30-09-2024 | full format | 19-04-2025 | 2025-00071902 | |
| 30-09-2023 | full format | 23-04-2024 | 2024-00066496 | |
| 30-09-2022 | full format | 28-04-2023 | 2023-00070613 | |
| 30-09-2021 | full format | 03-05-2022 | 2022-20017554 | |
| 30-09-2020 | full format | 06-04-2021 | 2021-09500164 | |
| 30-09-2019 | full format | 28-04-2020 | 2020-10000044 | |
| 30-09-2018 | full format | 26-04-2019 | 2019-10600381 | |
| 30-09-2017 | full format | 03-04-2018 | 2018-08300549 | |
| 30-09-2016 | full format | 20-04-2017 | 2017-09600188 |