JNC ENGINEERING
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 23 filings
Turnover
≈ €540,000
Estimated: probably between €360,000 and €660,000
Total assets
€472,872▲ 8.3%
2024 · €436,477
Net result
€6,236▼ 70.1%
2024 · €20,851
Working capital
€9,155▼ 53.1%
2024 · €19,526
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€20,697
▼ 49.7%
2025
20182025
Net result
€6,236
▼ 70.1%
2025
middle half of the sector
20182025
Equity
€104,587
▼ 4.8%
2025
middle half of the sector
20182025
Total assets
€472,872
▲ 8.3%
2025
highest quarter of the sector
20182025
Debt
€368,286
▲ 12.8%
2025
20182025
Working capital
€9,155
▼ 53.1%
2025
middle half of the sector
20182025
Solvency
22.1%
▼ 3.0pp
2025
lowest quarter of the sector
20182025
Current ratio
1.06
▼ 0.13
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.3%
▼ 3.5pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€50,357-€45,065▼ 10.5%€23,796▼ 47.2%€19,788▼ 16.8%€29,549▲ 49.3%€45,631▲ 54.4%€41,114▼ 9.9%€20,697▼ 49.7%
Net result€44,061-€32,182▼ 27.0%€17,289within the sector's middle half▼ 46.3%€11,489within the sector's middle half▼ 33.5%€19,438within the sector's middle half▲ 69.2%€24,085within the sector's middle half▲ 23.9%€20,851within the sector's middle half▼ 13.4%€6,236within the sector's middle half▼ 70.1%
Equity€6,756-€38,938▲ 476%€56,226within the sector's middle half▲ 44.4%€67,716within the sector's middle half▲ 20.4%€69,904within the sector's middle half▲ 3.2%€88,989within the sector's middle half▲ 27.3%€109,840within the sector's middle half▲ 23.4%€104,587within the sector's middle half▼ 4.8%
Total assets€88,679-€122,370▲ 38.0%€149,712within the sector's middle half▲ 22.3%€397,188above the sector's middle half▲ 165%€440,355above the sector's middle half▲ 10.9%€498,908above the sector's middle half▲ 13.3%€436,477above the sector's middle half▼ 12.5%€472,872above the sector's middle half▲ 8.3%
Debt€81,923-€83,433▲ 1.8%€93,486▲ 12.0%€329,472▲ 252%€370,452▲ 12.4%€409,919▲ 10.7%€326,637▼ 20.3%€368,286▲ 12.8%
Working capital€20,730-€39,202▲ 89.1%€50,350within the sector's middle half▲ 28.4%€58,309within the sector's middle half▲ 15.8%€20,878within the sector's middle half▼ 64.2%€11,593within the sector's middle half▼ 44.5%€19,526within the sector's middle half▲ 68.4%€9,155within the sector's middle half▼ 53.1%
Solvency7.6%-31.8%▲ 24.2pp37.6%within the sector's middle half▲ 5.7pp17.0%below the sector's middle half▼ 20.5pp15.9%below the sector's middle half▼ 1.2pp17.8%below the sector's middle half▲ 2.0pp25.2%within the sector's middle half▲ 7.3pp22.1%below the sector's middle half▼ 3.0pp
Current ratio1.33-1.56▲ 0.231.54within the sector's middle half▼ 0.021.70within the sector's middle half▲ 0.161.17within the sector's middle half▼ 0.531.08below the sector's middle half▼ 0.091.20within the sector's middle half▲ 0.121.06below the sector's middle half▼ 0.13
Return on assets (ROA)49.7%-26.3%▼ 23.4pp11.5%within the sector's middle half▼ 14.8pp2.9%within the sector's middle half▼ 8.7pp4.4%within the sector's middle half▲ 1.5pp4.8%within the sector's middle half▲ 0.4pp4.8%within the sector's middle half▼ 0.1pp1.3%within the sector's middle half▼ 3.5pp
Staff (FTE)1-1.1▲ 10.0%1within the sector's middle half▼ 9.1%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 50% lower than in 2024 and the lowest since 2021. It is the second 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 €472,872
Fixed assets
€313,804 ▼ 1.1%
Current assets
€159,069 ▲ 33.5%
Equity and liabilities €472,872
Equity
€104,587 ▼ 4.8%
Debt
€368,286 ▲ 12.8%
Debt's share of the balance-sheet total rises from 74.8% to 77.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€73,048▼
2024 · €88,407
Cash flow
€58,586▼
2024 · €68,144
Debt to equity
3.52▲
2024 · 2.97
ROE
6.0%▼
2024 · 19.0%
Interest coverage
8.18▼
2024 · 9.28
Debt ≤ 1 year
€149,914▲
2024 · €99,636
Debt > 1 year
€217,758▼
2024 · €226,491
Income taxes
€5,531▼
2024 · €10,800
Staff costs
€104,137▼
2024 · €137,307
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €100,000 | €100,000 | €100,000 | €100,000 | - |
| Mortgage mandates | €140,120 | €140,120 | €140,120 | €140,120 | - |
| Carrying value of the mortgaged assets | €236,228 | €226,070 | €223,997 | €211,271 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €288,722 | €62,484 | €88,262 | €20,496 | €55,125 |
| Intangible fixed assets | - | €4,945 | - | - | - |
| Depreciation and write-downs of the year | €36,036 | €24,152 | €43,155 | €47,293 | €52,351 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €2,738 awarded · €2,738 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €810 | €810 |
| 2023 | 1 | €1,028 | €1,028 |
| 2022 | 1 | €900 | €900 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €53,198 | €65,693 | €104,462 | €137,307 | €104,137 | ▼ 24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,253 | €7,226 | €7,135 | €36,036 | €24,152 | €43,155 | €47,293 | €52,351 | ▲ 10.7% |
| Other operating charges640/8 | - | - | - | €4,634 | €5,156 | €4,718 | €3,163 | €3,346 | ▲ 5.8% |
| Gross operating margin9900 | €100,936 | €110,182 | €86,188 | €113,655 | €124,549 | €197,967 | €228,878 | €180,531 | ▼ 21.1% |
| Operating profit (loss)9901 | €50,357 | €45,065 | €23,796 | €19,788 | €29,549 | €45,631 | €41,114 | €20,697 | ▼ 49.7% |
| Financial income75/76B | - | - | - | €485 | €764 | €377 | €59 | €5 | ▼ 92.4% |
| Recurring financial income75 | €104 | €879 | €497 | €485 | €764 | €377 | €59 | €5 | ▼ 92.4% |
| Financial charges65/66B | - | - | - | €3,916 | €5,551 | €10,185 | €9,522 | €8,935 | ▼ 6.2% |
| Recurring financial charges65 | €6,035 | €4,530 | €1,991 | €3,916 | €5,551 | €10,185 | €9,522 | €8,935 | ▼ 6.2% |
| Profit (loss) for the period before taxes9903 | €44,427 | €41,414 | €22,302 | €16,357 | €24,761 | €35,823 | €31,651 | €11,767 | ▼ 62.8% |
| Income taxes67/77 | €365 | €9,232 | €5,013 | €4,868 | €5,323 | €11,738 | €10,800 | €5,531 | ▼ 48.8% |
| Profit (loss) for the period9904 | €44,061 | €32,182 | €17,289 | €11,489 | €19,438 | €24,085 | €20,851 | €6,236 | ▼ 70.1% |
| Profit (loss) for the period to be appropriated9905 | €44,061 | €32,182 | €17,289 | €11,489 | €19,438 | €24,085 | €20,851 | €6,236 | ▼ 70.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €88,679 | €122,370 | €149,712 | €397,188 | €440,355 | €498,908 | €436,477 | €472,872 | ▲ 8.3% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €5,738 | €13,431 | €6,296 | €255,729 | €299,005 | €344,112 | €317,315 | €313,804 | ▼ 1.1% |
| Intangible fixed assets21 | €0 | - | - | - | €3,477 | €1,829 | €181 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €5,738 | €13,431 | €6,296 | €255,729 | €295,528 | €342,283 | €317,134 | €313,804 | ▼ 1.1% |
| Land and buildings22 | - | - | - | €236,228 | €226,070 | €223,997 | €211,271 | €198,544 | ▼ 6.0% |
| Plant, machinery and equipment23 | - | - | - | €6,714 | €9,460 | €10,861 | €10,179 | €6,629 | ▼ 34.9% |
| Furniture and vehicles24 | - | - | - | €12,375 | €59,999 | €107,425 | €95,685 | €108,630 | ▲ 13.5% |
| Other tangible fixed assets26 | - | - | - | €412 | €0 | - | - | - | - |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €82,941 | €108,940 | €143,416 | €141,458 | €141,350 | €154,796 | €119,162 | €159,069 | ▲ 33.5% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €79,487 | €102,980 | €123,555 | €110,502 | €87,579 | €91,588 | €73,023 | €136,024 | ▲ 86.3% |
| Trade receivables40 | - | - | - | €81,307 | €55,277 | €63,962 | €55,401 | €110,018 | ▲ 98.6% |
| Other amounts receivable41 | - | - | - | €29,195 | €32,302 | €27,626 | €17,622 | €26,006 | ▲ 47.6% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €2,800 | €4,925 | €18,408 | €27,844 | €49,446 | €54,398 | €38,205 | €11,011 | ▼ 71.2% |
| Deferred charges and accrued income490/1 | - | - | - | €3,112 | €4,325 | €8,810 | €7,933 | €12,034 | ▲ 51.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €88,679 | €122,370 | €149,712 | €397,188 | €440,355 | €498,908 | €436,477 | €472,872 | ▲ 8.3% |
| Equity10/15 | €6,756 | €38,938 | €56,226 | €67,716 | €69,904 | €88,989 | €109,840 | €104,587 | ▼ 4.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €29,610 | €32,738 | €50,026 | €61,516 | €63,704 | €82,789 | €103,640 | €98,387 | ▼ 5.1% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €61,516 | €63,704 | €82,789 | €103,640 | €98,387 | ▼ 5.1% |
| Profit (loss) carried forward14 | -€29,054 | €0 | - | - | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €81,923 | €83,433 | €93,486 | €329,472 | €370,452 | €409,919 | €326,637 | €368,286 | ▲ 12.8% |
| Amounts payable after more than one year17 | €19,613 | €13,394 | €0 | €246,042 | €249,640 | €266,377 | €226,491 | €217,758 | ▼ 3.9% |
| Financial debts170/4 | - | - | - | €246,042 | €249,640 | €266,377 | €226,491 | €217,758 | ▼ 3.9% |
| Amounts payable within one year42/48 | €62,210 | €69,738 | €93,066 | €83,150 | €120,472 | €143,202 | €99,636 | €149,914 | ▲ 50.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €21,132 | €26,907 | €50,538 | €39,886 | €49,210 | ▲ 23.4% |
| Financial debts43 | - | - | - | €0 | - | €13,650 | €5,664 | €2,403 | ▼ 57.6% |
| Credit institutions430/8 | - | - | - | €0 | - | €13,650 | €5,664 | €2,403 | ▼ 57.6% |
| Trade debts44 | €23,133 | €35,663 | €60,688 | €44,416 | €54,050 | €49,038 | €23,311 | €65,281 | ▲ 180% |
| Suppliers440/4 | - | - | - | €44,416 | €54,050 | €49,038 | €23,311 | €65,281 | ▲ 180% |
| Taxes, remuneration and social security45 | - | - | - | €17,602 | €18,889 | €24,772 | €30,471 | €21,429 | ▼ 29.7% |
| Taxes450/3 | - | - | - | €10,957 | €13,068 | €11,934 | €11,757 | €11,258 | ▼ 4.2% |
| Remuneration and social security454/9 | - | - | - | €6,645 | €5,821 | €12,839 | €18,714 | €10,172 | ▼ 45.6% |
| Other amounts payable47/48 | - | - | - | €0 | €20,625 | €5,204 | €305 | €11,590 | ▲ 38× |
| Accrued charges and deferred income492/3 | - | - | - | €280 | €340 | €340 | €510 | €614 | ▲ 20.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,061 | €32,182 | €17,289 | €11,489 | €19,438 | €24,085 | €20,851 | €6,236 | ▼ 70.1% |
| + Depreciation and write-downs630 | €2,253 | €7,226 | €7,135 | €36,036 | €24,152 | €43,155 | €47,293 | €52,351 | ▲ 10.7% |
| Operating cash flow (approximation) | €46,315 | €39,408 | €24,423 | €47,525 | €43,591 | €67,240 | €68,144 | €58,586 | ▼ 14.0% |
| Investment in fixed assets (approximation) | - | -€14,919 | €0 | -€285,469 | -€67,429 | -€88,262 | -€20,496 | -€48,839 | ▼ 138% |
| Change in cash | - | €2,125 | €13,483 | €9,436 | €21,602 | €4,952 | -€16,193 | -€27,194 | ▼ 67.9% |
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, 4,685 companies had the same profile as JNC ENGINEERING has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of JNC ENGINEERING itself: 0.3% 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 4,685 companies, not a prediction for JNC 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.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00132873 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00258929 | |
| 31-12-2023 | micro format | 22-04-2024 | 2024-00066161 | |
| 31-12-2022 | micro format | 21-04-2023 | 2023-00062832 | |
| 31-12-2021 | micro format | 02-05-2022 | 2022-20016359 | |
| 31-12-2020 | micro format | 29-03-2021 | 2021-08800132 | |
| 31-12-2019 | micro format | 22-06-2020 | 2020-18900007 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-20300190 | |
| 31-12-2017 | micro format | 13-07-2018 | 2018-33100023 | |
| 31-12-2016 | abbreviated format | 27-03-2017 | 2017-07500320 |