JORCA
ActiveSummary
JORCA has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €108,906 and a net result of -€7,235. Equity is growing by ~8.4% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability37▲+5
Solvency39▼-1
Growth78=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity short (current ratio 0.43 against 0.13 in 2024; short-term debt: 12.5% and cash: 5.4% of total assets), and 85.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€7,235
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
28 d late
2023
27 d late
2022
47 d early
2021
48 d early
2020
61 d early
2019
72 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 25 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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 July (4 of the last 5 filed years within 47 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€108,906▼ 6.2%
2024 · €116,141
Total assets
€774,892▲ 0.5%
2024 · €771,355
Net result
-€7,235▲ 41.8%
2024 · -€12,422
Working capital
-€54,798▼ 25.3%
2024 · -€43,725
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€3,130▼ 17.7%€7,086▲ 126%€7,135▲ 0.7%€10,584▲ 48.3%€10,422▼ 1.5%
Net result-€10,293▼ 0.5%-€5,872▲ 43.0%-€5,374▲ 8.5%-€12,422▼ 131%-€7,235▲ 41.8%
Equity€39,808▼ 20.5%€33,936▼ 14.8%€128,563▲ 279%€116,141▼ 9.7%€108,906▼ 6.2%
Total assets€871,728▼ 2.5%€842,449▼ 3.4%€874,805▲ 3.8%€771,355▼ 11.8%€774,892▲ 0.5%
Debt€831,920▼ 1.4%€808,513▼ 2.8%€746,243▼ 7.7%€655,214▼ 12.2%€665,986▲ 1.6%
Working capital-€284,468▼ 3.7%-€290,627▼ 2.2%€27,657-€43,725-€54,798▼ 25.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 2% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €774,892
Fixed assets
€733,019 ▼ 4.1%
Current assets
€41,873 ▲ 528%
Equity and liabilities €774,892
Equity
€108,906 ▼ 6.2%
Debt
€665,986 ▲ 1.6%
Debt's share of the balance-sheet total rises from 84.9% to 85.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€42,094=
2024 · €42,104
Cash flow
€24,437▲
2024 · €19,098
Current ratio
0.43▲
2024 · 0.13
Debt to equity
6.12▲
2024 · 5.64
ROE
-6.6%▲
2024 · -10.7%
ROA
-0.9%▲
2024 · -1.6%
Interest coverage
2.38▲
2024 · 1.83
Debt ≤ 1 year
€96,671▲
2024 · €50,389
Debt > 1 year
€566,628▼
2024 · €603,418
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,422 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
0.8%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.1% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 1,422 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 | €31,795 | €31,846 | €31,691 | €31,520 | €31,672 | ▲ 0.5% |
| Other operating charges640/8 | €5,261 | €5,367 | €5,887 | €6,159 | €6,286 | ▲ 2.1% |
| Gross operating margin9900 | €40,186 | €44,299 | €44,712 | €48,263 | €48,380 | ▲ 0.2% |
| Operating profit (loss)9901 | €3,130 | €7,086 | €7,135 | €10,584 | €10,422 | ▼ 1.5% |
| Financial income75/76B | €1 | €0 | - | - | - | - |
| Recurring financial income75 | €1 | €0 | - | - | - | - |
| Financial charges65/66B | €13,423 | €12,958 | €12,508 | €23,006 | €17,657 | ▼ 23.3% |
| Recurring financial charges65 | €13,423 | €12,958 | €12,508 | €23,006 | €17,657 | ▼ 23.3% |
| Profit (loss) for the period before taxes9903 | -€10,293 | -€5,872 | -€5,374 | -€12,422 | -€7,235 | ▲ 41.8% |
| Profit (loss) for the period9904 | -€10,293 | -€5,872 | -€5,374 | -€12,422 | -€7,235 | ▲ 41.8% |
| Profit (loss) for the period to be appropriated9905 | -€10,293 | -€5,872 | -€5,374 | -€12,422 | -€7,235 | ▲ 41.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €871,728 | €842,449 | €874,805 | €771,355 | €774,892 | ▲ 0.5% |
| Fixed assets21/28 | €853,608 | €821,761 | €790,071 | €764,691 | €733,019 | ▼ 4.1% |
| Tangible fixed assets22/27 | €853,123 | €821,276 | €789,586 | €764,206 | €732,534 | ▼ 4.1% |
| Land and buildings22 | €852,316 | €820,951 | €789,586 | €764,206 | €732,534 | ▼ 4.1% |
| Furniture and vehicles24 | €807 | €326 | €0 | - | - | - |
| Financial fixed assets28 | €485 | €485 | €485 | €485 | €485 | = |
| Current assets29/58 | €18,120 | €20,687 | €84,735 | €6,664 | €41,873 | ▲ 528% |
| Cash at bank and in hand54/58 | €18,120 | €19,487 | €83,535 | €6,664 | €41,873 | ▲ 528% |
| Deferred charges and accrued income490/1 | - | €1,200 | €1,200 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €871,728 | €842,449 | €874,805 | €771,355 | €774,892 | ▲ 0.5% |
| Equity10/15 | €39,808 | €33,936 | €128,563 | €116,141 | €108,906 | ▼ 6.2% |
| Contributions10/11 | €150,000 | €150,000 | €250,000 | €250,000 | €250,000 | = |
| Reserves13 | €3,145 | €3,145 | €3,145 | €3,145 | €3,145 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | €1,285 | €1,285 | €3,145 | €3,145 | €3,145 | = |
| Profit (loss) carried forward14 | -€113,337 | -€119,209 | -€124,582 | -€137,004 | -€144,239 | ▼ 5.3% |
| Amounts payable17/49 | €831,920 | €808,513 | €746,243 | €655,214 | €665,986 | ▲ 1.6% |
| Amounts payable after more than one year17 | €528,264 | €496,110 | €688,294 | €603,418 | €566,628 | ▼ 6.1% |
| Financial debts170/4 | €453,264 | €421,110 | €388,294 | €343,138 | €309,865 | ▼ 9.7% |
| Other amounts payable178/9 | €75,000 | €75,000 | €300,000 | €260,280 | €256,763 | ▼ 1.4% |
| Amounts payable within one year42/48 | €302,589 | €311,314 | €57,078 | €50,389 | €96,671 | ▲ 91.9% |
| Current portion of amounts payable after more than one year42 | €33,447 | €34,173 | €34,936 | €34,389 | €35,319 | ▲ 2.7% |
| Trade debts44 | €0 | - | - | - | €352 | - |
| Suppliers440/4 | €0 | - | - | - | €352 | - |
| Other amounts payable47/48 | €269,141 | €277,141 | €22,141 | €16,000 | €61,000 | ▲ 281% |
| Accrued charges and deferred income492/3 | €1,068 | €1,089 | €871 | €1,408 | €2,687 | ▲ 90.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,293 | -€5,872 | -€5,374 | -€12,422 | -€7,235 | ▲ 41.8% |
| + Depreciation and write-downs630 | €31,795 | €31,846 | €31,691 | €31,520 | €31,672 | ▲ 0.5% |
| Operating cash flow (approximation) | €21,503 | €25,974 | €26,317 | €19,098 | €24,437 | ▲ 28.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€6,140 | €0 | ▲ 100% |
| Change in cash | - | €1,367 | €64,047 | -€76,871 | €35,209 | ▲ 146% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 27 days late
2023
31-12
Financial
Liquidity times 22current ratio 1.48
Current ratio from 0.07 to 1.48; short-term debt falls from €311,314 to €57,078.
31-12
Financial
Equity above €100,000Eq €128,563 ▲279%
Equity rises from €33,936 to €128,563.
14-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
20-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
22-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
25-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
04-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Dendermonde · 1 establishment unit since 2012
Ground area
1,507 m²
Building footprint
313 m²
Volume, LiDAR
1,579 m³
2 parcels, Flanders · tallest building 8.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Victo bvba
since 20122.207.337.839
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42007B0552/00A002 | Flanders | 1,232 m² | 1 · 313 m² | 8.6 m · 2 fl. |
| 42008A0137/00E000 | Flanders | 275 m² | - | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPrivate limited company
Founded13-01-2012
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0842727684
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.