JETPHARMA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 13 filings
Turnover
≈ €370,000
Estimated: probably between €260,000 and €730,000
Total assets
€146,419▲ 9.0%
2024 · €134,295
Net result
€22,181▼ 34.8%
2024 · €34,001
Working capital
€7,173
2024 · -€15,584
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€27,304
▼ 35.6%
2025
20182025
Net result
€22,181
▼ 34.8%
2025
middle half of the sector
20182025
Equity
€14,285
2025
middle half of the sector
20182025
Total assets
€146,419
▲ 9.0%
2025
middle half of the sector
20182025
Debt
€132,135
▼ 7.1%
2025
20182025
Working capital
€7,173
2025
middle half of the sector
20182025
Solvency
9.8%
▲ 15.6pp
2025
middle half of the sector
20182025
Current ratio
1.05
▲ 0.17
2025
middle half of the sector
20182025
Return on assets (ROA)
15.1%
▼ 10.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€2,602--€2,766▼ 6.3%-€2,779▼ 0.5%-€25,494▼ 817%-€26,643▼ 4.5%€5,078€42,428▲ 736%€27,304▼ 35.6%
Net result-€8,335--€6,303▲ 24.4%-€7,276below the sector's middle half▼ 15.4%-€28,021below the sector's middle half▼ 285%-€32,986below the sector's middle half▼ 17.7%-€2,113within the sector's middle half▲ 93.6%€34,001above the sector's middle half€22,181within the sector's middle half▼ 34.8%
Equity€34,803-€28,500▼ 18.1%€21,224within the sector's middle half▼ 25.5%-€6,798below the sector's middle half-€39,784below the sector's middle half▼ 485%-€41,897below the sector's middle half▼ 5.3%-€7,896below the sector's middle half▲ 81.2%€14,285within the sector's middle half
Total assets€260,331-€223,322▼ 14.2%€206,426within the sector's middle half▼ 7.6%€160,317within the sector's middle half▼ 22.3%€112,743within the sector's middle half▼ 29.7%€112,791within the sector's middle half=€134,295within the sector's middle half▲ 19.1%€146,419within the sector's middle half▲ 9.0%
Debt€225,528-€194,823▼ 13.6%€185,202▼ 4.9%€167,115▼ 9.8%€152,527▼ 8.7%€154,688▲ 1.4%€142,191▼ 8.1%€132,135▼ 7.1%
Working capital-€95,140--€72,024▲ 24.3%-€46,492below the sector's middle half▲ 35.4%-€44,049below the sector's middle half▲ 5.3%-€41,468below the sector's middle half▲ 5.9%-€41,862below the sector's middle half▼ 1.0%-€15,584below the sector's middle half▲ 62.8%€7,173within the sector's middle half
Solvency13.4%-12.8%▼ 0.6pp10.3%within the sector's middle half▼ 2.5pp-4.2%below the sector's middle half▼ 14.5pp-35.3%below the sector's middle half▼ 31.0pp-37.1%below the sector's middle half▼ 1.9pp-5.9%below the sector's middle half▲ 31.3pp9.8%within the sector's middle half▲ 15.6pp
Current ratio0.57-0.63▲ 0.060.75below the sector's middle half▲ 0.120.73below the sector's middle half▼ 0.010.72below the sector's middle half▼ 0.010.72below the sector's middle half=0.89within the sector's middle half▲ 0.161.05within the sector's middle half▲ 0.17
Return on assets (ROA)-3.2%--2.8%▲ 0.4pp-3.5%below the sector's middle half▼ 0.7pp-17.5%below the sector's middle half▼ 14.0pp-29.3%below the sector's middle half▼ 11.8pp-1.9%within the sector's middle half▲ 27.4pp25.3%above the sector's middle half▲ 27.2pp15.1%above the sector's middle half▼ 10.2pp
Staff (FTE)1.1-1.1=1.1within the sector's middle half=2▲ 81.8%2=2=2=2=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 36% lower than in 2024.
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 €146,419
Fixed assets
€7,360 ▼ 28.1%
Current assets
€139,059 ▲ 12.1%
Equity and liabilities €146,419
Equity
€14,285
Debt
€132,135
Debt's share of the balance-sheet total is 90.2%.
Key figures and ratios
EBITDA
€30,181▼
2024 · €43,338
Cash flow
€25,058▼
2024 · €34,911
Quick ratio
0.41▲
2024 · 0.31
Debt to equity
9.25
ROE
155.3%
Interest coverage
5.96▲
2024 · 5.17
Debt ≤ 1 year
€131,886▼
2024 · €139,641
Income taxes
€64▲
2024 · €59
Staff costs
€87,405▲
2024 · €75,867
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 | 2 | 2 | 2 | 2 | 2 |
| part-time | 2 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 1.1 | 1.2 | 1.2 | 1.2 | 1.2 |
| Average over the year, in full-time equivalents | 1.1 | 1.2 | 1.2 | 1.2 | 1.2 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,157 | - | - | €8,633 | - |
| Depreciation and write-downs of the year | €34,112 | €34,527 | €1,719 | €910 | €2,877 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €2,892 | - |
| Remuneration, social security and pensions62 | - | - | - | €52,631 | €67,187 | €72,655 | €75,867 | €87,405 | ▲ 15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,898 | €32,808 | €32,808 | €34,112 | €34,527 | €1,719 | €910 | €2,877 | ▲ 216% |
| Other operating charges640/8 | - | - | - | €207 | €258 | €437 | €193 | €61 | ▼ 68.5% |
| Non-recurring operating charges66A | - | - | - | €980 | - | - | - | - | - |
| Gross operating margin9900 | €78,820 | €85,167 | €79,406 | €62,436 | €75,329 | €79,889 | €119,398 | €117,647 | ▼ 1.5% |
| Operating profit (loss)9901 | -€2,602 | -€2,766 | -€2,779 | -€25,494 | -€26,643 | €5,078 | €42,428 | €27,304 | ▼ 35.6% |
| Financial income75/76B | - | - | - | €3 | €9 | €17 | €18 | €3 | ▼ 81.4% |
| Recurring financial income75 | €0 | €10 | €8 | €3 | €9 | €17 | €18 | €3 | ▼ 81.4% |
| Financial charges65/66B | - | - | - | €2,413 | €6,223 | €7,076 | €8,385 | €5,063 | ▼ 39.6% |
| Recurring financial charges65 | €5,619 | €3,419 | €2,955 | €2,413 | €6,223 | €7,076 | €8,385 | €5,063 | ▼ 39.6% |
| Profit (loss) for the period before taxes9903 | -€8,221 | -€6,176 | -€5,726 | -€27,904 | -€32,856 | -€1,982 | €34,061 | €22,245 | ▼ 34.7% |
| Income taxes67/77 | €114 | €127 | €1,550 | €117 | €130 | €132 | €59 | €64 | ▲ 8.3% |
| Profit (loss) for the period9904 | -€8,335 | -€6,303 | -€7,276 | -€28,021 | -€32,986 | -€2,113 | €34,001 | €22,181 | ▼ 34.8% |
| Profit (loss) for the period to be appropriated9905 | -€8,335 | -€6,303 | -€7,276 | -€28,021 | -€32,986 | -€2,113 | €34,001 | €22,181 | ▼ 34.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €260,331 | €223,322 | €206,426 | €160,317 | €112,743 | €112,791 | €134,295 | €146,419 | ▲ 9.0% |
| Fixed assets21/28 | €133,331 | €100,523 | €67,715 | €38,760 | €4,234 | €2,515 | €10,238 | €7,360 | ▼ 28.1% |
| Intangible fixed assets21 | €91,200 | €68,400 | €45,600 | €22,800 | - | - | - | - | - |
| Tangible fixed assets22/27 | €40,031 | €30,023 | €20,015 | €13,860 | €2,134 | €415 | €8,138 | €5,260 | ▼ 35.4% |
| Plant, machinery and equipment23 | - | - | - | €4,610 | €2,134 | €415 | €8,138 | €5,260 | ▼ 35.4% |
| Furniture and vehicles24 | - | - | - | €9,250 | - | - | - | - | - |
| Financial fixed assets28 | €2,100 | €2,100 | €2,100 | €2,100 | €2,100 | €2,100 | €2,100 | €2,100 | = |
| Current assets29/58 | €127,000 | €122,799 | €138,711 | €121,557 | €108,509 | €110,276 | €124,057 | €139,059 | ▲ 12.1% |
| Stocks and contracts in progress3 | €84,541 | €79,926 | €81,809 | €77,858 | €74,874 | €77,115 | €80,253 | €84,710 | ▲ 5.6% |
| Stocks30/36 | - | - | - | €77,858 | €74,874 | €77,115 | €80,253 | €84,710 | ▲ 5.6% |
| Amounts receivable within one year40/41 | €38,503 | €40,866 | €52,555 | €36,794 | €30,445 | €29,133 | €39,859 | €47,768 | ▲ 19.8% |
| Trade receivables40 | - | - | - | €36,754 | €30,445 | €29,133 | €39,859 | €47,768 | ▲ 19.8% |
| Other amounts receivable41 | - | - | - | €40 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €3,816 | €1,862 | €2,347 | €3,404 | €3,191 | €2,237 | €3,537 | €4,771 | ▲ 34.9% |
| Deferred charges and accrued income490/1 | - | - | - | €3,500 | - | €1,790 | €408 | €1,810 | ▲ 343% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €260,331 | €223,322 | €206,426 | €160,317 | €112,743 | €112,791 | €134,295 | €146,419 | ▲ 9.0% |
| Equity10/15 | €34,803 | €28,500 | €21,224 | -€6,798 | -€39,784 | -€41,897 | -€7,896 | €14,285 | - |
| Contributions10/11 | €100,000 | €100,000 | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €10 | €10 | €10 | €10 | €10 | €10 | €10 | €10 | = |
| Non-distributable reserves130/1 | - | - | - | €10 | €10 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €10 | €10 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €10 | €10 | €10 | = |
| Profit (loss) carried forward14 | -€65,207 | -€71,510 | -€78,786 | -€106,808 | -€139,794 | -€141,907 | -€107,906 | -€85,725 | ▲ 20.6% |
| Amounts payable17/49 | €225,528 | €194,823 | €185,202 | €167,115 | €152,527 | €154,688 | €142,191 | €132,135 | ▼ 7.1% |
| Amounts payable after more than one year17 | €3,388 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €222,139 | €194,823 | €185,202 | €165,606 | €149,977 | €152,138 | €139,641 | €131,886 | ▼ 5.6% |
| Financial debts43 | - | - | - | - | €5,747 | €7,630 | €3,463 | €3,192 | ▼ 7.8% |
| Credit institutions430/8 | - | - | - | - | €5,747 | €7,630 | €3,463 | €3,192 | ▼ 7.8% |
| Trade debts44 | €71,843 | €53,632 | €59,247 | €56,515 | €44,650 | €54,549 | €53,039 | €66,967 | ▲ 26.3% |
| Suppliers440/4 | - | - | - | €56,515 | €44,650 | €54,549 | €53,039 | €66,967 | ▲ 26.3% |
| Taxes, remuneration and social security45 | - | - | - | €12,468 | €18,314 | €15,143 | €19,002 | €20,483 | ▲ 7.8% |
| Taxes450/3 | - | - | - | €879 | €4,090 | €2,611 | €3,470 | €3,839 | ▲ 10.6% |
| Remuneration and social security454/9 | - | - | - | €11,589 | €14,223 | €12,532 | €15,533 | €16,644 | ▲ 7.2% |
| Other amounts payable47/48 | - | - | - | €96,623 | €81,267 | €74,815 | €64,136 | €41,244 | ▼ 35.7% |
| Accrued charges and deferred income492/3 | - | - | - | €1,509 | €2,550 | €2,550 | €2,550 | €248 | ▼ 90.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,335 | -€6,303 | -€7,276 | -€28,021 | -€32,986 | -€2,113 | €34,001 | €22,181 | ▼ 34.8% |
| + Depreciation and write-downs630 | €32,898 | €32,808 | €32,808 | €34,112 | €34,527 | €1,719 | €910 | €2,877 | ▲ 216% |
| Operating cash flow (approximation) | €24,563 | €26,504 | €25,532 | €6,091 | €1,540 | -€394 | €34,911 | €25,058 | ▼ 28.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€5,157 | €0 | €0 | -€8,633 | €0 | - |
| Change in cash | - | -€1,954 | €485 | €1,057 | -€214 | -€953 | €1,299 | €1,234 | ▼ 5.0% |
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, 1,325 companies had the same profile as JETPHARMA has now. Two years later, 95.2% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
95.2%
was still going
3.2%
stopped otherwise
1.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JETPHARMA 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 1,325 companies, not a prediction for JETPHARMA. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00310562 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00213877 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00212517 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00252605 | |
| 31-12-2021 | micro format | 11-07-2022 | 2022-20178516 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-33800100 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-27300059 | |
| 31-12-2018 | micro format | 01-08-2019 | 2019-43000349 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-52000586 | |
| 31-12-2016 | full format | 06-09-2017 | 2017-60200247 |