Jema Engineering
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 9 filings
Turnover
≈ €120,000
Estimated: probably between €95,000 and €170,000
Total assets
€68,614▼ 45.5%
2024 · €125,980
Net result
€42,219▼ 7.5%
2024 · €45,635
Working capital
€41,280▼ 64.8%
2024 · €117,343
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€54,276
▼ 9.2%
2025
20182025
Net result
€42,219
▼ 7.5%
2025
middle half of the sector
20182025
Equity
€63,140
▼ 46.7%
2025
middle half of the sector
20182025
Total assets
€68,614
▼ 45.5%
2025
middle half of the sector
20182025
Debt
€5,475
▼ 26.1%
2025
20182025
Working capital
€41,280
▼ 64.8%
2025
middle half of the sector
20182025
Solvency
92.0%
▼ 2.1pp
2025
highest quarter of the sector
20182025
Current ratio
8.54
▼ 8.29
2025
highest quarter of the sector
20182025
Return on assets (ROA)
61.5%
▲ 25.3pp
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
Operating result€73,410-€65,361▼ 11.0%€68,398▲ 4.6%€51,608▼ 24.5%€70,625▲ 36.9%€69,244▼ 2.0%€59,747▼ 13.7%€54,276▼ 9.2%
Net result€56,754-€50,551▼ 10.9%€52,713above the sector's middle half▲ 4.3%€38,580above the sector's middle half▼ 26.8%€54,313above the sector's middle half▲ 40.8%€53,976above the sector's middle half▼ 0.6%€45,635above the sector's middle half▼ 15.5%€42,219within the sector's middle half▼ 7.5%
Equity€104,519-€155,070▲ 48.4%€207,783above the sector's middle half▲ 34.0%€246,362above the sector's middle half▲ 18.6%€300,675above the sector's middle half▲ 22.0%€72,933within the sector's middle half▼ 75.7%€118,568within the sector's middle half▲ 62.6%€63,140within the sector's middle half▼ 46.7%
Total assets€105,588-€161,647▲ 53.1%€213,771within the sector's middle half▲ 32.2%€255,141within the sector's middle half▲ 19.4%€308,249within the sector's middle half▲ 20.8%€80,484within the sector's middle half▼ 73.9%€125,980within the sector's middle half▲ 56.5%€68,614within the sector's middle half▼ 45.5%
Debt€1,069-€6,577▲ 515%€5,989▼ 8.9%€8,779▲ 46.6%€7,574▼ 13.7%€7,551▼ 0.3%€7,412▼ 1.8%€5,475▼ 26.1%
Working capital€92,490-€138,041▲ 49.2%€192,794above the sector's middle half▲ 39.7%€229,591above the sector's middle half▲ 19.1%€286,811above the sector's middle half▲ 24.9%€61,976within the sector's middle half▼ 78.4%€117,343above the sector's middle half▲ 89.3%€41,280within the sector's middle half▼ 64.8%
Solvency99.0%-95.9%▼ 3.1pp97.2%above the sector's middle half▲ 1.3pp96.6%above the sector's middle half▼ 0.6pp97.5%above the sector's middle half▲ 1.0pp90.6%above the sector's middle half▼ 6.9pp94.1%above the sector's middle half▲ 3.5pp92.0%above the sector's middle half▼ 2.1pp
Current ratio87.52-21.99▼ 65.5333.19above the sector's middle half▲ 11.2127.15above the sector's middle half▼ 6.0438.87above the sector's middle half▲ 11.719.21above the sector's middle half▼ 29.6616.83above the sector's middle half▲ 7.628.54above the sector's middle half▼ 8.29
Return on assets (ROA)53.8%-31.3%▼ 22.5pp24.7%above the sector's middle half▼ 6.6pp15.1%within the sector's middle half▼ 9.5pp17.6%within the sector's middle half▲ 2.5pp67.1%above the sector's middle half▲ 49.4pp36.2%above the sector's middle half▼ 30.8pp61.5%above the sector's middle half▲ 25.3pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 9% lower than in 2024. It is the third fall in a row.
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 €68,614
Fixed assets
€21,859 ▲ 18×
Current assets
€46,755 ▼ 62.5%
Equity and liabilities €68,614
Equity
€63,140 ▼ 46.7%
Debt
€5,475 ▼ 26.1%
Debt's share of the balance-sheet total rises from 5.9% to 8.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€57,194▼
2024 · €60,613
Cash flow
€45,137▼
2024 · €46,501
Debt to equity
0.09▲
2024 · 0.06
ROE
66.9%▲
2024 · 38.5%
Interest coverage
over 100▲
2024 · 71.56
Debt ≤ 1 year
€5,475▼
2024 · €7,412
Income taxes
€11,745▼
2024 · €13,326
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 | €4,331 | - | - | - | €23,553 |
| Depreciation and write-downs of the year | €2,548 | €2,907 | €2,907 | €866 | €2,918 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,337 | €2,041 | €2,041 | €2,548 | €2,907 | €2,907 | €866 | €2,918 | ▲ 237% |
| Other operating charges640/8 | - | - | - | €700 | €375 | €613 | €984 | €787 | ▼ 20.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €8,867 | €0 | ▼ 100% |
| Gross operating margin9900 | €75,556 | €68,469 | €70,559 | €54,856 | €73,907 | €72,764 | €70,463 | €57,981 | ▼ 17.7% |
| Operating profit (loss)9901 | €73,410 | €65,361 | €68,398 | €51,608 | €70,625 | €69,244 | €59,747 | €54,276 | ▼ 9.2% |
| Financial income75/76B | - | - | - | €5 | €2 | €639 | €62 | €62 | ▲ 0.3% |
| Recurring financial income75 | €30 | €0 | €0 | €5 | €2 | €639 | €62 | €62 | ▲ 0.3% |
| Financial charges65/66B | - | - | - | €1,679 | €1,579 | €1,150 | €847 | €374 | ▼ 55.8% |
| Recurring financial charges65 | €496 | €405 | €1,197 | €1,679 | €1,579 | €1,150 | €847 | €374 | ▼ 55.8% |
| Profit (loss) for the period before taxes9903 | €72,944 | €64,956 | €67,202 | €49,934 | €69,048 | €68,734 | €58,961 | €53,963 | ▼ 8.5% |
| Income taxes67/77 | €16,191 | €14,405 | €14,489 | €11,355 | €14,735 | €14,758 | €13,326 | €11,745 | ▼ 11.9% |
| Profit (loss) for the period9904 | €56,754 | €50,551 | €52,713 | €38,580 | €54,313 | €53,976 | €45,635 | €42,219 | ▼ 7.5% |
| Profit (loss) for the period to be appropriated9905 | €56,754 | €50,551 | €52,713 | €38,580 | €54,313 | €53,976 | €45,635 | €42,219 | ▼ 7.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €105,588 | €161,647 | €213,771 | €255,141 | €308,249 | €80,484 | €125,980 | €68,614 | ▼ 45.5% |
| Fixed assets21/28 | €12,029 | €17,029 | €14,989 | €16,771 | €13,864 | €10,957 | €1,225 | €21,859 | ▲ 18× |
| Tangible fixed assets22/27 | €12,029 | €17,029 | €14,989 | €16,771 | €13,864 | €10,957 | €1,225 | €21,859 | ▲ 18× |
| Land and buildings22 | - | - | - | €8,019 | €6,683 | €5,346 | €0 | €12,155 | - |
| Furniture and vehicles24 | - | - | - | €3,823 | €2,957 | €2,091 | €1,225 | €9,704 | ▲ 693% |
| Other tangible fixed assets26 | - | - | - | €4,929 | €4,225 | €3,521 | €0 | - | - |
| Current assets29/58 | €93,559 | €144,618 | €198,783 | €238,370 | €294,385 | €69,527 | €124,756 | €46,755 | ▼ 62.5% |
| Amounts receivable within one year40/41 | €2,992 | €15,312 | €1,379 | €16,775 | €17,968 | €16,252 | €19,603 | €4,933 | ▼ 74.8% |
| Trade receivables40 | - | - | - | €16,630 | €16,558 | €14,816 | €15,488 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €145 | €1,410 | €1,435 | €4,115 | €4,933 | ▲ 19.9% |
| Cash at bank and in hand54/58 | €90,568 | €129,305 | €197,404 | €221,595 | €276,417 | €53,275 | €105,153 | €41,822 | ▼ 60.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €105,588 | €161,647 | €213,771 | €255,141 | €308,249 | €80,484 | €125,980 | €68,614 | ▼ 45.5% |
| Equity10/15 | €104,519 | €155,070 | €207,783 | €246,362 | €300,675 | €72,933 | €118,568 | €63,140 | ▼ 46.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €98,319 | €148,870 | €201,583 | €240,162 | €294,475 | €54,333 | €99,968 | €44,540 | ▼ 55.4% |
| Non-distributable reserves130/1 | - | - | - | €2,078 | €2,078 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,078 | €2,078 | - | - | - | - |
| Distributable reserves133 | - | - | - | €238,084 | €292,396 | €54,333 | €99,968 | €44,540 | ▼ 55.4% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €1,069 | €6,577 | €5,989 | €8,779 | €7,574 | €7,551 | €7,412 | €5,475 | ▼ 26.1% |
| Amounts payable within one year42/48 | €1,069 | €6,577 | €5,989 | €8,779 | €7,574 | €7,551 | €7,412 | €5,475 | ▼ 26.1% |
| Trade debts44 | - | €927 | - | €490 | €290 | - | - | €138 | - |
| Suppliers440/4 | - | - | - | €490 | €290 | - | - | €138 | - |
| Taxes, remuneration and social security45 | - | - | - | €7,512 | €6,333 | €6,600 | €6,461 | €4,401 | ▼ 31.9% |
| Taxes450/3 | - | - | - | €7,512 | €6,333 | €6,600 | €6,461 | €4,401 | ▼ 31.9% |
| Other amounts payable47/48 | - | - | - | €777 | €951 | €951 | €951 | €936 | ▼ 1.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €56,754 | €50,551 | €52,713 | €38,580 | €54,313 | €53,976 | €45,635 | €42,219 | ▼ 7.5% |
| + Depreciation and write-downs630 | €1,337 | €2,041 | €2,041 | €2,548 | €2,907 | €2,907 | €866 | €2,918 | ▲ 237% |
| Operating cash flow (approximation) | €58,090 | €52,592 | €54,753 | €41,128 | €57,219 | €56,883 | €46,501 | €45,137 | ▼ 2.9% |
| Investment in fixed assets (approximation) | - | -€7,041 | €0 | -€4,331 | €0 | €0 | €8,867 | -€23,553 | - |
| Change in cash | - | €38,738 | €68,099 | €24,192 | €54,822 | -€223,142 | €51,878 | -€63,331 | - |
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 Jema Engineering 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 Jema Engineering 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 34,693 companies, not a prediction for Jema Engineering. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00231943 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00144386 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00158319 | |
| 31-12-2022 | micro format | 13-07-2023 | 2023-00231626 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20110441 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-35500010 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-19500287 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-21400391 | |
| 31-12-2017 | micro format | 22-06-2018 | 2018-22400254 |