JO-RES
ActiveSummary
JO-RES has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€17,655) and a net result of €9,382. Equity is growing by ~14.6% per year across the filed fiscal years. Its solvency ranks better than 16% of 14258 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▲+3
Solvency20▲+3
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 1.57 against 1.54 in 2024; short-term debt: 6.6% and cash: 10.3% of total assets), but equity is negative.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-5.1%
Return on assets
2.7%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 14258 sector peers (2025).
NBB · sector comparisonPosition among 14258 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2025
31 d late
2024
61 d late
2023
30 d late
2022
31 d late
2021
30 d late
2020
1 d early
2019
28 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 30 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 31 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€17,655▲ 34.7%
2024 · -€27,037
Total assets
€345,132▼ 3.5%
2024 · €357,552
Net result
€9,382▲ 10.9%
2024 · €8,462
Working capital
€12,936▲ 6.1%
2024 · €12,190
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€12,189▲ 29.4%€12,897▲ 5.8%€12,001▼ 6.9%€14,143▲ 17.8%€14,688▲ 3.9%
Net result€5,519within the sector's middle half▲ 139%€6,486within the sector's middle half▲ 17.5%€5,952within the sector's middle half▼ 8.2%€8,462within the sector's middle half▲ 42.2%€9,382within the sector's middle half▲ 10.9%
Equity-€47,937below the sector's middle half▲ 10.3%-€41,451below the sector's middle half▲ 13.5%-€35,499below the sector's middle half▲ 14.4%-€27,037below the sector's middle half▲ 23.8%-€17,655below the sector's middle half▲ 34.7%
Total assets€399,437within the sector's middle half▼ 3.5%€385,340within the sector's middle half▼ 3.5%€370,327within the sector's middle half▼ 3.9%€357,552within the sector's middle half▼ 3.4%€345,132within the sector's middle half▼ 3.5%
Debt€447,374▼ 4.3%€426,791▼ 4.6%€405,826▼ 4.9%€384,589▼ 5.2%€362,787▼ 5.7%
Working capital€10,968within the sector's middle half▲ 10.9%€11,971within the sector's middle half▲ 9.1%€11,349within the sector's middle half▼ 5.2%€12,190within the sector's middle half▲ 7.4%€12,936within the sector's middle half▲ 6.1%
Solvency-12.0%below the sector's middle half▲ 0.9pp-10.8%below the sector's middle half▲ 1.2pp-9.6%below the sector's middle half▲ 1.2pp-7.6%below the sector's middle half▲ 2.0pp-5.1%below the sector's middle half▲ 2.4pp
Current ratio1.52within the sector's middle half▲ 0.041.55within the sector's middle half▲ 0.041.52within the sector's middle half▼ 0.041.54within the sector's middle half▲ 0.031.57within the sector's middle half▲ 0.03
Return on assets (ROA)1.4%within the sector's middle half▲ 0.8pp1.7%within the sector's middle half▲ 0.3pp1.6%within the sector's middle half▼ 0.1pp2.4%within the sector's middle half▲ 0.8pp2.7%within the sector's middle half▲ 0.4pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 4% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €345,132
Fixed assets
€309,547 ▼ 4.2%
Current assets
€35,585 ▲ 2.9%
Key figures and ratios
EBITDA
€28,119▼
2024 · €28,206
Cash flow
€22,813▲
2024 · €22,525
Debt to equity
-20.55▼
2024 · -14.22
Interest coverage
5.30▲
2024 · 4.96
Debt ≤ 1 year
€22,649▲
2024 · €22,385
Debt > 1 year
€340,138▼
2024 · €362,204
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 906 companies that looked in July 2024 the way this one looks now, 6.1% went bankrupt within 24 months and 89% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a profit under 5% of the balance sheet
6.1%
went bankrupt
4.1%
stopped otherwise
89%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 906 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,142 | €15,459 | €14,736 | €14,063 | €13,431 | ▼ 4.5% |
| Other operating charges640/8 | €1,651 | €1,681 | €1,844 | €1,985 | €2,119 | ▲ 6.8% |
| Gross operating margin9900 | €29,982 | €30,037 | €28,581 | €30,191 | €30,238 | ▲ 0.2% |
| Operating profit (loss)9901 | €12,189 | €12,897 | €12,001 | €14,143 | €14,688 | ▲ 3.9% |
| Financial charges65/66B | €6,670 | €6,411 | €6,049 | €5,681 | €5,306 | ▼ 6.6% |
| Recurring financial charges65 | €6,670 | €6,411 | €6,049 | €5,681 | €5,306 | ▼ 6.6% |
| Profit (loss) for the period before taxes9903 | €5,519 | €6,486 | €5,952 | €8,462 | €9,382 | ▲ 10.9% |
| Profit (loss) for the period9904 | €5,519 | €6,486 | €5,952 | €8,462 | €9,382 | ▲ 10.9% |
| Profit (loss) for the period to be appropriated9905 | €5,519 | €6,486 | €5,952 | €8,462 | €9,382 | ▲ 10.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €399,437 | €385,340 | €370,327 | €357,552 | €345,132 | ▼ 3.5% |
| Fixed assets21/28 | €367,235 | €351,776 | €337,040 | €322,977 | €309,547 | ▼ 4.2% |
| Tangible fixed assets22/27 | €367,235 | €351,776 | €337,040 | €322,977 | €309,547 | ▼ 4.2% |
| Land and buildings22 | €367,235 | €351,776 | €337,040 | €322,977 | €309,547 | ▼ 4.2% |
| Current assets29/58 | €32,202 | €33,564 | €33,287 | €34,575 | €35,585 | ▲ 2.9% |
| Amounts receivable within one year40/41 | - | - | - | €2,246 | - | - |
| Trade receivables40 | - | - | - | €2,246 | - | - |
| Cash at bank and in hand54/58 | €32,202 | €33,564 | €33,287 | €32,329 | €35,585 | ▲ 10.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €399,437 | €385,340 | €370,327 | €357,552 | €345,132 | ▼ 3.5% |
| Equity10/15 | -€47,937 | -€41,451 | -€35,499 | -€27,037 | -€17,655 | ▲ 34.7% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€54,137 | -€47,651 | -€41,699 | -€33,237 | -€23,855 | ▲ 28.2% |
| Amounts payable17/49 | €447,374 | €426,791 | €405,826 | €384,589 | €362,787 | ▼ 5.7% |
| Amounts payable after more than one year17 | €426,140 | €405,198 | €383,888 | €362,204 | €340,138 | ▼ 6.1% |
| Financial debts170/4 | €426,140 | €405,198 | €383,888 | €362,204 | €340,138 | ▼ 6.1% |
| Amounts payable within one year42/48 | €21,234 | €21,593 | €21,938 | €22,385 | €22,649 | ▲ 1.2% |
| Current portion of amounts payable after more than one year42 | €20,580 | €20,942 | €21,310 | €21,684 | €22,066 | ▲ 1.8% |
| Taxes, remuneration and social security45 | €654 | €651 | €628 | €701 | €583 | ▼ 16.8% |
| Taxes450/3 | €654 | €651 | €628 | €701 | €583 | ▼ 16.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,519 | €6,486 | €5,952 | €8,462 | €9,382 | ▲ 10.9% |
| + Depreciation and write-downs630 | €16,142 | €15,459 | €14,736 | €14,063 | €13,431 | ▼ 4.5% |
| Operating cash flow (approximation) | €21,661 | €21,945 | €20,688 | €22,525 | €22,813 | ▲ 1.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1 | - |
| Change in cash | - | €1,362 | -€277 | -€958 | €3,256 | ▲ 440% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Highest result since 2018net €9,382 ▲10.9%
Operating result €14,688, net result €9,382, both a record.
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €2,312
Net result €2,312 after 2 loss-making years.
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
2019
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Aalst · 1 establishment unit since 2017
Ground area
202 m²
Building footprint
88 m²
Volume, LiDAR
801 m³
Parcel 41002B0281/00V000, Flanders · tallest building 11.9 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
JO-RES
since 20172.269.113.278
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41002B0281/00V000 | Flanders | 202 m² | 1 · 88 m² | 11.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 9,145 companies in sector 68201 we hold annual accounts for 6,776. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded09-06-2017
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0676671604
Also
9925:BE0676671604
Registered
27-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.