JEMAT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-01-2026 PDF all 26 filings
Every figure per financial year
The operating result for 2025 is 44% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €991,797 | - | €106,826 | €106,826 |
| Mortgage mandates | - | - | €912,471 | €802,471 |
| Carrying value of the mortgaged assets | €563,097 | - | €864,262 | €816,777 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €6,452 | €265,668 | €247,650 | €5,627 |
| Depreciation and write-downs of the year | €37,873 | €37,633 | €51,878 | €53,112 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €5,750 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €56,616 | €55,839 | €53,091 | €37,873 | €37,633 | €51,878 | €53,112 | ▲ 2.4% |
| Other operating charges640/8 | - | - | - | €8,136 | €8,543 | €8,956 | €5,223 | ▼ 41.7% |
| Gross operating margin9900 | €94,956 | €96,098 | €64,549 | €50,661 | €33,413 | €108,366 | €126,694 | ▲ 16.9% |
| Operating profit (loss)9901 | €30,822 | €33,914 | €2,192 | €4,651 | -€12,763 | €47,531 | €68,359 | ▲ 43.8% |
| Financial income75/76B | - | - | - | - | €0 | €357 | €29 | ▼ 92.0% |
| Recurring financial income75 | €1,256 | €1,245 | €0 | - | €0 | €357 | €29 | ▼ 92.0% |
| Financial charges65/66B | - | - | - | €14,977 | €17,839 | €26,621 | €17,810 | ▼ 33.1% |
| Recurring financial charges65 | €13,383 | €16,317 | €15,614 | €14,977 | €17,839 | €26,621 | €17,810 | ▼ 33.1% |
| Profit (loss) for the period before taxes9903 | €18,695 | €16,707 | -€13,422 | -€10,326 | -€30,602 | €21,267 | €50,578 | ▲ 138% |
| Income taxes67/77 | €7,849 | €5,635 | €3 | €140 | €149 | €105 | €6,963 | ▲ 66× |
| Profit (loss) for the period9904 | €11,380 | €11,605 | -€13,425 | -€10,466 | -€30,751 | €21,162 | €43,615 | ▲ 106% |
| Profit (loss) for the period to be appropriated9905 | €11,380 | €11,605 | -€13,425 | -€10,466 | -€30,751 | €21,162 | €43,615 | ▲ 106% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €1.0m | €0.9m | €0.9m | €1.0m | €1.1m | €1.0m | ▼ 8.9% |
| Fixed assets21/28 | €0.9m | €0.6m | €0.6m | €0.6m | €0.8m | €0.9m | €0.8m | ▼ 5.5% |
| Tangible fixed assets22/27 | €0.7m | €0.6m | €0.6m | €0.6m | €0.8m | €0.9m | €0.8m | ▼ 5.5% |
| Land and buildings22 | - | - | - | €0.6m | €0.8m | €0.9m | €0.8m | ▼ 5.5% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.002m | - | - | - |
| Financial fixed assets28 | €0.3m | - | - | - | - | - | - | - |
| Current assets29/58 | €0.1m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 23.2% |
| Amounts receivable within one year40/41 | €0.02m | €0.01m | €0.007m | €0.007m | €0.02m | €0.2m | €0.1m | ▼ 18.4% |
| Trade receivables40 | - | - | - | - | €0.01m | - | €0.1m | - |
| Other amounts receivable41 | - | - | - | €0.007m | €0.003m | €0.2m | €0.03m | ▼ 80.7% |
| Cash at bank and in hand54/58 | €0.09m | €0.4m | €0.3m | €0.3m | €0.2m | €0.03m | €0.01m | ▼ 53.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | - | €0.001m | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €0.9m | €0.9m | €1.0m | €1.1m | €1.0m | ▼ 8.9% |
| Equity10/15 | €0.4m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 10.4% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | €0.4m | ▲ 12.3% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 12.5% |
| Profit (loss) carried forward14 | €0.001m | €0.001m | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.001m | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.6m | €0.6m | €0.5m | €0.5m | €0.6m | €0.7m | €0.5m | ▼ 21.3% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 9.8% |
| Financial debts170/4 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 9.8% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 28.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.03m | €0.04m | €0.04m | ▲ 3.2% |
| Financial debts43 | - | - | - | - | €0.001m | €0.001m | €0.001m | ▲ 0.7% |
| Other loans439 | - | - | - | - | €0.001m | €0.001m | €0.001m | ▲ 0.7% |
| Trade debts44 | €0.009m | €299 | €0.002m | €0.003m | €0.002m | €0.01m | €0.008m | ▼ 26.7% |
| Suppliers440/4 | - | - | - | €0.003m | €0.002m | €0.01m | €0.008m | ▼ 26.7% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €0.005m | - |
| Taxes450/3 | - | - | - | - | - | - | €0.005m | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 36.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.03m | €0.04m | €0.004m | ▼ 89.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,380 | €11,605 | -€13,425 | -€10,466 | -€30,751 | €21,162 | €43,615 | ▲ 106% |
| + Depreciation and write-downs630 | €56,616 | €55,839 | €53,091 | €37,873 | €37,633 | €51,878 | €53,112 | ▲ 2.4% |
| Operating cash flow (approximation) | €67,996 | €67,444 | €39,666 | €27,408 | €6,882 | €73,040 | €96,726 | ▲ 32.4% |
| Investment in fixed assets (approximation) | - | €222,989 | -€10,610 | -€6,452 | -€265,668 | -€118,339 | -€5,627 | ▲ 95.2% |
| Change in cash | - | €260,151 | -€17,323 | €1,682 | -€183,601 | -€129,068 | -€14,252 | ▲ 89.0% |
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 JEMAT 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
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JEMAT 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 JEMAT. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-01-2026 | 2026-00031513 | |
| 30-06-2024 | micro format | 14-12-2024 | 2024-00615857 | |
| 30-06-2023 | micro format | 12-01-2024 | 2024-00000651 | |
| 30-06-2022 | micro format | 17-01-2023 | 2023-20558881 | |
| 30-06-2021 | micro format | 27-01-2022 | 2022-02000183 | |
| 30-06-2020 | micro format | 27-01-2021 | 2021-02200124 | |
| 30-06-2019 | micro format | 29-01-2020 | 2020-02500189 | |
| 30-06-2018 | micro format | 15-01-2019 | 2019-01400262 | |
| 30-06-2017 | micro format | 23-01-2018 | 2018-02100045 | |
| 30-06-2016 | abbreviated format | 26-01-2017 | 2017-02500147 |