JFE
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 26-10-2026 at the NBB all 49 filings
Turnover
≈ €3.5m
Estimated: probably between €2.1m and €4.4m
EBIT margin
Not included in this filing
Net result
€24,694▲ 16.1%
2025 · €21,264
Working capital
€299,458▲ 30.7%
2025 · €229,195
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€42,828
▼ 7.4%
2026
20192026
Net result
€24,694
▲ 16.1%
2026
20192026
Equity
€778,073
▲ 3.3%
2026
20192026
Total assets
€890,867
▼ 1.9%
2026
20192026
Debt
€110,188
▼ 27.4%
2026
20192026
Working capital
€299,458
▲ 30.7%
2026
20192026
Solvency
87.3%
▲ 4.4pp
2026
20192026
Current ratio
4.25
▲ 1.23
2026
20192026
Return on assets (ROA)
2.8%
▲ 0.4pp
2026
20192026
Staff (FTE)
4.7
▲ 11.9%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.06m-€0.01m▼ 78.0%€0.02m▲ 63.5%€0.09m▲ 325%€0.003m▼ 97.1%€0.03m▲ 13×€0.05m▲ 40.9%€0.04m▼ 7.4%
Net result€0.04m-€0.007m▼ 82.3%€0.009mwithin the sector's middle half▲ 28.4%€0.06mwithin the sector's middle half▲ 572%€0.003mbelow the sector's middle half▼ 95.4%€0.01mwithin the sector's middle half▲ 271%€0.02mwithin the sector's middle half▲ 103%€0.02m▲ 16.1%
Equity€0.6m-€0.6m▲ 1.1%€0.7mabove the sector's middle half▲ 1.4%€0.7mabove the sector's middle half▲ 9.4%€0.7mabove the sector's middle half▲ 0.4%€0.7mwithin the sector's middle half▲ 1.5%€0.8mabove the sector's middle half▲ 2.9%€0.8m▲ 3.3%
Total assets€1.0m-€0.8m▼ 14.7%€0.7mwithin the sector's middle half▼ 9.6%€0.9mwithin the sector's middle half▲ 26.3%€1.1mwithin the sector's middle half▲ 14.7%€0.9mwithin the sector's middle half▼ 12.4%€0.9mwithin the sector's middle half▼ 2.9%€0.9m▼ 1.9%
Debt€0.3m-€0.2m▼ 47.8%€0.07m▼ 54.0%€0.2m▲ 178%€0.3m▲ 65.2%€0.2m▼ 41.5%€0.2m▼ 24.0%€0.1m▼ 27.4%
Working capital€0.006m-€0.1m▲ 24×€0.2mwithin the sector's middle half▲ 22.2%€0.3mwithin the sector's middle half▲ 60.7%€0.3mwithin the sector's middle half▲ 1.1%€0.3mwithin the sector's middle half▼ 2.2%€0.2mwithin the sector's middle half▼ 20.5%€0.3m▲ 30.7%
Solvency67.1%-79.5%▲ 12.5pp89.2%above the sector's middle half▲ 9.7pp77.2%above the sector's middle half▼ 12.0pp67.6%above the sector's middle half▼ 9.6pp78.2%above the sector's middle half▲ 10.6pp82.9%above the sector's middle half▲ 4.7pp87.3%▲ 4.4pp
Current ratio1.02-1.92▲ 0.903.52above the sector's middle half▲ 1.612.41within the sector's middle half▼ 1.112.00within the sector's middle half▼ 0.412.74within the sector's middle half▲ 0.733.01above the sector's middle half▲ 0.284.25▲ 1.23
Return on assets (ROA)4.2%-0.9%▼ 3.3pp1.2%within the sector's middle half▲ 0.4pp6.6%within the sector's middle half▲ 5.4pp0.3%below the sector's middle half▼ 6.3pp1.1%within the sector's middle half▲ 0.9pp2.3%within the sector's middle half▲ 1.2pp2.8%▲ 0.4pp
Staff (FTE)3.3-6▲ 81.8%4.3within the sector's middle half▼ 28.3%5.3within the sector's middle half▲ 23.3%4.7within the sector's middle half▼ 11.3%4.9within the sector's middle half▲ 4.3%4.2within the sector's middle half▼ 14.3%4.7▲ 11.9%
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 2026 is 7% lower than in 2025.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €890,867
Fixed assets
€499,134 ▼ 11.7%
Current assets
€391,733 ▲ 14.2%
Equity and liabilities €890,867
Equity
€778,073 ▲ 3.3%
Provisions
€2,607 ▼ 20.4%
Debt
€110,188 ▼ 27.4%
Debt's share of the balance-sheet total falls from 16.7% to 12.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€135,579▲
2025 · €115,233
Cash flow
€117,445▲
2025 · €90,246
Quick ratio
2.86▲
2025 · 1.86
Debt to equity
0.14▼
2025 · 0.20
ROE
3.2%▲
2025 · 2.8%
Interest coverage
19.81▲
2025 · 12.79
Debt ≤ 1 year
€92,276▼
2025 · €113,894
Debt > 1 year
€17,912▼
2025 · €37,892
Income taxes
€13,696▼
2025 · €18,396
Staff costs
€260,056▲
2025 · €193,485
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 6 | 5 | 3 | 4 |
| full-time | 3 | 2 | 2 | 3 | 3 |
| part-time | 4 | 4 | 3 | 0 | 1 |
| in full-time equivalents | 4.4 | 4.2 | 4 | 3 | 3.9 |
| Average over the year, in full-time equivalents | 5.3 | 4.7 | 4.9 | 4.2 | 4.7 |
| On a permanent contract | 5 | 5 | 4 | 3 | 4 |
| Joined | 7 | 5 | 5 | 4 | 4 |
| Left | 5 | 4 | 4 | 5 | 3 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €48,390 | €107,820 | €66,540 | €165,796 | €49,756 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €59,898 | €56,441 | €64,130 | €68,982 | €92,751 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,670 awarded · €2,670 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €42,588 | €108,230 | €0 | €24,972 | €905 | ▼ 96.4% |
| Remuneration, social security and pensions62 | - | - | - | €204,182 | €199,482 | €215,081 | €193,485 | €260,056 | ▲ 34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €108,749 | €81,212 | €78,967 | €59,898 | €56,441 | €64,130 | €68,982 | €92,751 | ▲ 34.5% |
| Other operating charges640/8 | - | - | - | €7,987 | €7,725 | €7,983 | €8,497 | €7,779 | ▼ 8.4% |
| Non-recurring operating charges66A | - | - | - | €6,797 | €0 | - | - | €23,220 | - |
| Gross operating margin9900 | €337,655 | €299,400 | €265,086 | €368,068 | €266,270 | €320,029 | €317,214 | €426,634 | ▲ 34.5% |
| Operating profit (loss)9901 | €58,342 | €12,835 | €20,985 | €89,204 | €2,623 | €32,835 | €46,250 | €42,828 | ▼ 7.4% |
| Financial income75/76B | - | - | - | €3,026 | €5,923 | €1,223 | €1,749 | €1,741 | ▼ 0.5% |
| Recurring financial income75 | €3,845 | €4,759 | €1,324 | €3,026 | €5,923 | €1,223 | €1,749 | €1,741 | ▼ 0.5% |
| Financial charges65/66B | - | - | - | €5,258 | €6,288 | €14,980 | €9,007 | €6,845 | ▼ 24.0% |
| Recurring financial charges65 | €5,896 | €5,481 | €3,080 | €5,258 | €6,288 | €14,980 | €9,007 | €6,845 | ▼ 24.0% |
| Profit (loss) for the period before taxes9903 | €56,291 | €12,114 | €19,229 | €86,973 | €2,259 | €19,078 | €38,993 | €37,723 | ▼ 3.3% |
| Transfer from deferred taxes780 | - | - | - | €60 | €667 | €667 | €667 | €667 | = |
| Income taxes67/77 | €10,622 | €4,981 | €10,070 | €25,484 | €102 | €9,266 | €18,396 | €13,696 | ▼ 25.5% |
| Profit (loss) for the period9904 | €40,337 | €7,133 | €9,159 | €61,548 | €2,824 | €10,478 | €21,264 | €24,694 | ▲ 16.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €18,929 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) for the period to be appropriated9905 | €19,009 | €7,133 | €9,159 | €80,477 | €4,823 | €12,478 | €23,263 | €26,694 | ▲ 14.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €0.8m | €0.7m | €0.9m | €1.1m | €0.9m | €0.9m | €0.9m | ▼ 1.9% |
| Fixed assets21/28 | €0.7m | €0.5m | €0.5m | €0.4m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 11.7% |
| Tangible fixed assets22/27 | €0.7m | €0.5m | €0.5m | €0.4m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 11.7% |
| Land and buildings22 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.2% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.007m | €0.004m | €0.005m | €0.01m | ▲ 204% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.1m | €0.2m | €0.3m | €0.2m | ▼ 21.3% |
| Financial fixed assets28 | €466 | €466 | €0.001m | €256 | €256 | €256 | €256 | €256 | = |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.5m | €0.6m | €0.5m | €0.3m | €0.4m | ▲ 14.2% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 2.4% |
| Stocks30/36 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 2.4% |
| Amounts receivable within one year40/41 | €0.06m | €0.1m | €0.01m | €0.1m | €0.3m | €0.2m | €0.01m | €0.04m | ▲ 338% |
| Trade receivables40 | - | - | - | €0.05m | €0.02m | €0.03m | €0.008m | €0.04m | ▲ 386% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.3m | €0.1m | €0.002m | €0.003m | ▲ 99.2% |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.05m | €0.2m | €0.07m | €0.06m | €0.2m | €0.2m | ▲ 8.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.01m | €0.005m | €0.006m | ▲ 21.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €0.8m | €0.7m | €0.9m | €1.1m | €0.9m | €0.9m | €0.9m | ▼ 1.9% |
| Equity10/15 | €0.6m | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | ▲ 3.3% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 4.9% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 13.1% |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 5.8% |
| Provisions and deferred taxes16 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.004m | €0.003m | €0.003m | ▼ 20.4% |
| Deferred taxes168 | - | - | - | €0.005m | €0.005m | €0.004m | €0.003m | €0.003m | ▼ 20.4% |
| Amounts payable17/49 | €0.3m | €0.2m | €0.07m | €0.2m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 27.4% |
| Amounts payable after more than one year17 | €0.01m | €0 | €0.002m | €0 | €0.05m | €0.03m | €0.04m | €0.02m | ▼ 52.7% |
| Financial debts170/4 | - | - | - | €0 | €0.05m | €0.03m | €0.04m | €0.02m | ▼ 52.7% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.07m | €0.2m | €0.3m | €0.2m | €0.1m | €0.09m | ▼ 19.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.002m | €0.01m | €0.01m | €0.02m | €0.02m | ▲ 2.8% |
| Financial debts43 | - | - | - | - | €0.2m | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | - | €0.2m | €0 | - | - | - |
| Trade debts44 | €0.2m | €0.1m | €0.01m | €0.1m | €0.06m | €0.1m | €0.05m | €0.02m | ▼ 67.8% |
| Suppliers440/4 | - | - | - | €0.1m | €0.06m | €0.1m | €0.05m | €0.02m | ▼ 67.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.06m | €0.05m | €0.04m | €0.06m | ▲ 25.7% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.02m | €0.01m | €0.02m | ▲ 67.0% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 14.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,337 | €7,133 | €9,159 | €61,548 | €2,824 | €10,478 | €21,264 | €24,694 | ▲ 16.1% |
| + Depreciation and write-downs630 | €108,749 | €81,212 | €78,967 | €59,898 | €56,441 | €64,130 | €68,982 | €92,751 | ▲ 34.5% |
| Operating cash flow (approximation) | €149,087 | €88,345 | €88,125 | €121,446 | €59,264 | €74,608 | €90,246 | €117,445 | ▲ 30.1% |
| Investment in fixed assets (approximation) | - | €69,570 | -€57,554 | -€8,931 | -€103,050 | -€66,540 | -€152,763 | -€26,536 | ▲ 82.6% |
| Change in cash | - | -€8,147 | €35,485 | €175,433 | -€154,708 | -€13,495 | €138,692 | €16,834 | ▼ 87.9% |
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, 17,041 companies had the same profile as JFE has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JFE 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 17,041 companies, not a prediction for JFE. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 26-10-2026 | 2026-00568163 | |
| 31-03-2025 | abbreviated format | 24-11-2025 | 2025-00571124 | |
| 31-03-2024 | abbreviated format | 29-10-2024 | 2024-00518106 | |
| 31-03-2023 | abbreviated format | 30-10-2023 | 2023-00497330 | |
| 31-03-2022 | abbreviated format | 28-10-2022 | 2022-20478932 | |
| 31-03-2021 | abbreviated format | 03-11-2021 | 2021-76000466 | |
| 31-03-2020 | abbreviated format | 10-11-2020 | 2020-69600380 | |
| 31-03-2019 | abbreviated format | 31-10-2019 | 2019-72400535 | |
| 31-03-2018 | abbreviated format | 31-10-2018 | 2018-71500260 | |
| 31-03-2017 | abbreviated format | 31-10-2017 | 2017-69200060 |