Equity
Equity fell by 48% in 1 year.
Equity fell by 48% in 1 year.
From profit to loss in 2025, after a profit of €11,160 in 2024.
Lower net result than 92% of companies in fabricated metal products. Sector median €43,813 · 1,245 companies.
The dashed line is the sector median: 0.5% across 3,710 companies (NACE 25, micro).
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 25, micro). It does better than 39% of them on solvency, 32% on liquidity, 4% on profitability and 8% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 3,591 companies had the same profile as JMW Projects has now. Each dot stands for 9 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JMW Projects itself: 0.9% within 12 months.
The method was tested on the 497,447 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 3,591 companies, not a prediction for JMW Projects. 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.
Liquidity is insufficient, with a current ratio of 0.98 (1.38 in 2024), below 1. Short-term debt is 61.6% and cash 20% of total assets. 63.6% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 14 days before the deadline. In the sector (NACE 25), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| JMW Projects Maasmechelen | €240,908 | -€39,577 | 36.4% | 0 |
| NIC-RACK Oostkamp | €508,653 | -€9,192 | 44.7% | 0 |
| Miix Poederkot Deinze | €806,168 | -€3,655 | 5.4% | 0 |
| A-P Projects Beringen | €171,894 | -€20,140 | 34.6% | - |
| Daklift As | €348,750 | -€15,576 | 5.9% | - |
| Metaalskeletbouw Evergem | €296,149 | -€3,300 | 1.3% | - |
| RW Panels Wingene | €156,473 | -€2,816 | 29.1% | - |
These companies have the same main activity as JMW Projects: manufacture of metal structures and parts of structures (NACE 25110). They are comparable in size and age: total assets between €156,000 and €806,000, founded between 2013 and 2020.
JMW Projects files the abbreviated format. That format states no turnover. The gross margin fell from -€1,795 in 2019 to -€39,577 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 38% of 1,245 companies in 2025.
Higher than 17% of 1,226 companies in 2025.
Lower than 95% of 1,244 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter · Staff: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
240,908 | 356,976 | 370,410 | 556,450 | 92,349 | 7,519 | 29,022 | |
20 |
- | - | - | 708 | 1,418 | 2,126 | 2,835 | |
21/28 |
96,037 | 113,980 | 88,705 | 52,430 | 4,064 | 2,728 | - | |
21 |
4,149 | 1,021 | 1,497 | 1,973 | - | - | - | |
22/27 |
91,888 | 112,959 | 82,708 | 45,957 | 4,064 | 2,728 | - | |
22 |
7,070 | 8,215 | 9,360 | 10,504 | 2,359 | - | - | |
23 |
52,193 | 59,148 | 22,320 | 14,559 | - | - | - | |
24 |
32,625 | 45,596 | 51,028 | 20,894 | 1,705 | 2,728 | - | |
28 |
- | 0 | 4,500 | 4,500 | - | - | - | |
29/58 |
144,870 | 242,996 | 281,705 | 503,312 | 86,867 | 2,665 | 26,187 | |
3 |
0 | 50,975 | - | - | - | - | - | |
37 |
0 | 50,975 | - | - | - | - | - | |
40/41 |
94,272 | 137,586 | 268,564 | 386,560 | 59,919 | 2,199 | 26,175 | |
40 |
84,389 | 107,504 | 237,344 | 358,362 | 52,621 | 1,212 | 15,600 | |
41 |
9,883 | 30,081 | 31,220 | 28,198 | 7,298 | 987 | 10,575 | |
54/58 |
48,197 | 52,384 | 13,141 | 115,533 | 26,948 | 466 | 12 | |
490/1 |
2,402 | 2,051 | - | 1,219 | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
240,908 | 356,976 | 370,410 | 556,450 | 92,349 | 7,519 | 29,022 | |
10/15 |
87,725 | 167,185 | 156,024 | 121,312 | 8,089 | -5,140 | 3,826 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | |
11 |
- | - | - | - | - | 6,200 | - | |
1109/19 |
- | - | - | - | - | 6,200 | - | |
13 |
160,985 | 160,985 | 149,824 | 115,112 | 1,889 | - | - | |
133 |
160,985 | 160,985 | 149,824 | 115,112 | 1,889 | - | - | |
14 |
-79,460 | - | - | - | - | -11,340 | -2,374 | |
17/49 |
153,183 | 189,791 | 214,386 | 435,138 | 84,260 | 12,659 | 25,196 | |
17 |
4,768 | 13,653 | 13,095 | - | - | - | - | |
170/4 |
4,768 | 13,653 | 13,095 | - | - | - | - | |
42/48 |
148,415 | 176,138 | 201,291 | 435,138 | 84,260 | 12,659 | 25,196 | |
42 |
8,885 | 18,682 | 36,386 | 30,000 | - | - | - | |
43 |
1,622 | 4,798 | - | - | - | - | - | |
430/8 |
1,622 | 4,798 | - | - | - | - | - | |
44 |
122,053 | 104,810 | 108,116 | 377,116 | 41,318 | 2,702 | 6,942 | |
440/4 |
122,053 | 104,810 | 108,116 | 377,116 | 41,318 | 2,702 | 6,942 | |
46 |
- | - | - | - | 39,000 | - | 15,600 | |
45 |
9,993 | 18,465 | 27,481 | 24,785 | 749 | - | - | |
450/3 |
9,993 | 18,465 | 27,481 | 24,785 | 749 | - | - | |
47/48 |
5,862 | 29,383 | 29,308 | 3,237 | 3,193 | 9,957 | 2,654 | |
| Income statement | ||||||||
70 |
- | - | 844,923 | 1.3m | - | - | - | |
76A |
1,000 | - | 208 | 3,401 | - | - | - | |
9900 |
-39,577 | 97,176 | 72,141 | 174,900 | 16,007 | -7,908 | -1,795 | |
60/61 |
- | - | 772,990 | 1.1m | - | - | - | |
62 |
375 | 321 | - | - | - | - | - | |
630 |
32,942 | 36,378 | 15,341 | 6,496 | 1,738 | 1,050 | 708 | |
640/8 |
2,250 | 2,811 | 1,911 | 1,306 | 201 | 272 | - | |
66A |
2,210 | 29,395 | - | - | - | - | - | |
9901 |
-77,353 | 28,271 | 54,889 | 167,098 | 14,068 | -9,230 | -2,503 | |
75/76B |
191 | 2,221 | 1,139 | 720 | - | 333 | 197 | |
75 |
191 | 2,221 | 1,139 | 720 | - | 333 | 197 | |
65/66B |
2,299 | 4,338 | 2,131 | 585 | 89 | 69 | 68 | |
65 |
2,299 | 4,338 | 2,131 | 585 | 89 | 69 | 68 | |
9903 |
-79,460 | 26,154 | 53,897 | 167,233 | 13,979 | -8,966 | -2,374 | |
67/77 |
0 | 14,994 | 19,185 | 54,010 | 750 | - | - | |
9904 |
-79,460 | 11,160 | 34,712 | 113,223 | 13,229 | -8,966 | -2,374 | |
9905 |
-79,460 | 11,160 | 34,712 | 113,223 | 13,229 | -8,966 | -2,374 | |
| Appropriation of the result | ||||||||
9906 |
-79,460 | 11,160 | 34,712 | 113,223 | 1,889 | -11,340 | -2,374 | |
14P |
- | - | - | - | -11,340 | - | - | |
691/2 |
0 | 11,160 | 34,712 | 113,223 | 1,889 | - | - | |
6921 |
0 | 11,160 | 34,712 | 113,223 | 1,889 | - | - | |
| Social balance sheet | ||||||||
9087 |
0 | - | - | - | - | - | - | |
| Document | ||||||||
The notes to these accounts have 26 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 01-04-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-04-2026 | 2026-00069244 | |
| 31-12-2024 | abbreviated format | 20-08-2025 | 2025-00385104 | |
| 31-12-2023 | abbreviated format | 29-08-2024 | 2024-00441202 | |
| 31-12-2022 | micro format | 19-04-2023 | 2023-00062202 | |
| 31-12-2021 | micro format | 17-08-2022 | 2022-20301632 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-61700236 | |
| 31-12-2019 | micro format | 02-09-2020 | 2020-50000018 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| -44,411 | 64,649 | 70,230 | 173,594 | 15,806 | -8,180 | -1,795 | ||
| -46,518 | 47,538 | 50,053 | 119,719 | 14,967 | -7,916 | -1,666 | ||
| 17,374 | 26,153 | 52,092 | 54,154 | 2,365 | 3,778 | - | ||
| -4,187 | 39,243 | -102,392 | 88,585 | 26,482 | 454 | - | ||
| -3,544 | 66,857 | 80,414 | 68,174 | 2,607 | -9,994 | 991 | ||
| - | - | 6.5% | 13.1% | - | - | - | ||
| 36.4% | 46.8% | 42.1% | 21.8% | 8.8% | -68.4% | 13.2% | ||
| 0.98 | 1.38 | 1.40 | 1.16 | 1.03 | 0.21 | 1.04 | ||
| 0.98 | 1.09 | 1.40 | 1.16 | 1.03 | 0.21 | 1.04 | ||
| 1.75 | 1.14 | 1.37 | 3.59 | 10.42 | - | 6.59 | ||
| -90.6% | 6.7% | 22.2% | 93.3% | 163.5% | - | -62.0% | ||
| -33.0% | 3.1% | 9.4% | 20.3% | 14.3% | -119.2% | -8.2% | ||
| -19.32 | 14.90 | 32.96 | over 100 | over 100 | - | - | ||
| - | - | 103 days | 102 days | - | - | - | ||
| - | - | 51 days | 124 days | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,279 | €26,153 | €52,092 | €47,274 | €2,365 |
| Intangible fixed assets | €5,096 | - | - | €2,380 | - |
| Financial fixed assets | €0 | - | - | €4,500 | - |
| €32,942 | €36,378 | €15,341 | €6,496 | €1,738 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €77,353, after a profit of €28,271 in 2024. It is the lowest result since 2019.
Debt's share of the balance-sheet total rises from 53.2% to 63.6%. Equity and debt are lower.
JMW Projects has no parent and no holdings in its annual accounts. JMW Projects shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| H & R Assembly registered office Breitwaterstraat 33, 3630 Maasmechelen 2512001 Manufacture of fabricated metal products, except machinery and equipment | 19-12-2018 | 2.283.174.122 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 73048B1295/00N000 | 3.2 ha | 1 · 2,225 m² | 2.1 m |
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