JORING
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-11-2025 PDF all 21 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €190,000
Estimated: probably between €110,000 and €340,000
Total assets
€504,139▼ 0.6%
2024 · €507,150
Net result
€2,783▼ 26.7%
2024 · €3,796
Working capital
€16,524
2024 · -€12,082
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€7,067
▼ 67.6%
2025
20192025
Net result
€2,783
▼ 26.7%
2025
20192025
Equity
€457,271
▲ 0.6%
2025
20192025
Total assets
€504,139
▼ 0.6%
2025
20192025
Debt
€46,868
▼ 11.0%
2025
20192025
Working capital
€16,524
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€39,338-€39,717▲ 1.0%€19,212▼ 51.6%€96,753▲ 404%€40,682▼ 58.0%€21,806▼ 46.4%€7,067▼ 67.6%
Net result€24,930-€25,798▲ 3.5%€10,603▼ 58.9%€68,741▲ 548%€27,401▼ 60.1%€3,796▼ 86.1%€2,783▼ 26.7%
Equity€318,149-€343,947▲ 8.1%€354,550▲ 3.1%€423,291▲ 19.4%€450,692▲ 6.5%€454,488▲ 0.8%€457,271▲ 0.6%
Total assets€528,113-€513,274▼ 2.8%€437,593▼ 14.7%€533,291▲ 21.9%€516,679▼ 3.1%€507,150▼ 1.8%€504,139▼ 0.6%
Debt€102,499-€169,327▲ 65.2%€83,043▼ 51.0%€110,000▲ 32.5%€65,987▼ 40.0%€52,663▼ 20.2%€46,868▼ 11.0%
Working capital€4,010-€32,125▲ 701%-€48,458-€17,446▲ 64.0%-€35,403▼ 103%-€12,082▲ 65.9%€16,524
The operating result for 2025 is 68% lower than in 2024 and the lowest since 2019. It is the third 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 €504,139
Fixed assets
€441,697 ▼ 6.9%
Current assets
€62,442 ▲ 89.6%
Equity and liabilities €504,139
Equity
€457,271 ▲ 0.6%
Debt
€46,868 ▼ 11.0%
Debt's share of the balance-sheet total falls from 10.4% to 9.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€42,062▼
2024 · €56,565
Cash flow
€37,779▼
2024 · €38,555
Current ratio
1.36▲
2024 · 0.73
Quick ratio
1.35▲
2024 · 0.71
Debt to equity
0.10▼
2024 · 0.12
ROE
0.6%▼
2024 · 0.8%
ROA
0.6%▼
2024 · 0.7%
Interest coverage
15.42▼
2024 · 20.29
Debt ≤ 1 year
€45,918▲
2024 · €45,024
Debt > 1 year
€0▼
2024 · €6,999
Income taxes
€1,555▼
2024 · €15,223
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €90,168 | €68,744 | €7,684 | €2,484 |
| Depreciation and write-downs of the year | €20,542 | €33,736 | €34,759 | €34,995 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,552 | €19,332 | €18,570 | €20,542 | €33,736 | €34,759 | €34,995 | ▲ 0.7% |
| Other operating charges640/8 | - | - | - | €6,842 | €1,907 | €3,958 | €4,788 | ▲ 21.0% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | - |
| Gross operating margin9900 | €64,073 | -€45,785 | €42,205 | €124,137 | €76,325 | €60,524 | €46,850 | ▼ 22.6% |
| Operating profit (loss)9901 | €39,338 | €39,717 | €19,212 | €96,753 | €40,682 | €21,806 | €7,067 | ▼ 67.6% |
| Financial income75/76B | - | - | - | - | €4 | €0 | €0 | - |
| Recurring financial income75 | €132 | €76 | €0 | - | €4 | €0 | €0 | - |
| Financial charges65/66B | - | - | - | €2,683 | €2,624 | €2,788 | €2,728 | ▼ 2.1% |
| Recurring financial charges65 | €3,740 | €2,982 | €2,557 | €2,683 | €2,624 | €2,788 | €2,728 | ▼ 2.1% |
| Profit (loss) for the period before taxes9903 | €35,730 | €36,811 | €16,654 | €94,070 | €38,063 | €19,019 | €4,338 | ▼ 77.2% |
| Income taxes67/77 | €10,799 | €11,014 | €6,051 | €25,329 | €10,662 | €15,223 | €1,555 | ▼ 89.8% |
| Profit (loss) for the period9904 | €24,930 | €25,798 | €10,603 | €68,741 | €27,401 | €3,796 | €2,783 | ▼ 26.7% |
| Profit (loss) for the period to be appropriated9905 | €24,930 | €25,798 | €10,603 | €68,741 | €27,401 | €3,796 | €2,783 | ▼ 26.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €528,113 | €513,274 | €437,593 | €533,291 | €516,679 | €507,150 | €504,139 | ▼ 0.6% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €438,604 | €419,755 | €404,330 | €466,276 | €501,284 | €474,209 | €441,697 | ▼ 6.9% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €438,604 | €419,755 | €404,330 | €466,276 | €501,284 | €474,209 | €441,697 | ▼ 6.9% |
| Land and buildings22 | - | - | - | €406,431 | €453,753 | €438,992 | €418,789 | ▼ 4.6% |
| Plant, machinery and equipment23 | - | - | - | €1,058 | €784 | €510 | €241 | ▼ 52.8% |
| Furniture and vehicles24 | - | - | - | €58,787 | €46,747 | €34,707 | €22,667 | ▼ 34.7% |
| Financial fixed assets28 | €0 | €0 | €0 | - | - | - | - | - |
| Current assets29/58 | €89,509 | €93,519 | €33,263 | €67,015 | €15,395 | €32,941 | €62,442 | ▲ 89.6% |
| Stocks and contracts in progress3 | €1,502 | €1,734 | €1,632 | €1,218 | €983 | €817 | €648 | ▼ 20.7% |
| Stocks30/36 | - | - | - | €1,218 | €983 | €817 | €648 | ▼ 20.7% |
| Amounts receivable within one year40/41 | €2,720 | - | €5,449 | €0 | €1,838 | €10,207 | €6,945 | ▼ 32.0% |
| Trade receivables40 | - | - | - | - | - | €1,668 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0 | €1,838 | €8,540 | €6,945 | ▼ 18.7% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €72,115 | €69,161 | €11,761 | €42,017 | €4,226 | €12,579 | €45,774 | ▲ 264% |
| Deferred charges and accrued income490/1 | - | - | - | €23,780 | €8,349 | €9,338 | €9,074 | ▼ 2.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €528,113 | €513,274 | €437,593 | €533,291 | €516,679 | €507,150 | €504,139 | ▼ 0.6% |
| Equity10/15 | €318,149 | €343,947 | €354,550 | €423,291 | €450,692 | €454,488 | €457,271 | ▲ 0.6% |
| Contributions10/11 | €68,600 | €0 | - | €68,600 | €68,600 | €68,600 | €68,600 | = |
| Reserves13 | €249,549 | €275,347 | €285,950 | €354,691 | €382,092 | €385,888 | €388,671 | ▲ 0.7% |
| Non-distributable reserves130/1 | - | - | - | €17,864 | €17,864 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €17,864 | €17,864 | €0 | - | - |
| Distributable reserves133 | - | - | - | €336,827 | €364,228 | €385,888 | €388,671 | ▲ 0.7% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - | - | - |
| Provisions and deferred taxes16 | €107,465 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €102,499 | €169,327 | €83,043 | €110,000 | €65,987 | €52,663 | €46,868 | ▼ 11.0% |
| Amounts payable after more than one year17 | €15,546 | - | - | €22,012 | €14,549 | €6,999 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €22,012 | €14,549 | €6,999 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €85,500 | €61,394 | €81,721 | €84,461 | €50,798 | €45,024 | €45,918 | ▲ 2.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,377 | €7,463 | €7,550 | €6,999 | ▼ 7.3% |
| Trade debts44 | €7,990 | €5,852 | €8,372 | €11,132 | €289 | €66 | €1,367 | ▲ 21× |
| Suppliers440/4 | - | - | - | €11,132 | €289 | €66 | €1,367 | ▲ 21× |
| Taxes, remuneration and social security45 | - | - | - | €15,033 | €3,636 | €3,707 | €3,740 | ▲ 0.9% |
| Taxes450/3 | - | - | - | €15,033 | €3,636 | €3,707 | €3,740 | ▲ 0.9% |
| Other amounts payable47/48 | - | - | - | €50,918 | €39,410 | €33,701 | €33,812 | ▲ 0.3% |
| Accrued charges and deferred income492/3 | - | - | - | €3,527 | €640 | €640 | €950 | ▲ 48.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,930 | €25,798 | €10,603 | €68,741 | €27,401 | €3,796 | €2,783 | ▼ 26.7% |
| + Depreciation and write-downs630 | €19,552 | €19,332 | €18,570 | €20,542 | €33,736 | €34,759 | €34,995 | ▲ 0.7% |
| Operating cash flow (approximation) | €44,482 | €45,130 | €29,173 | €89,283 | €61,137 | €38,555 | €37,779 | ▼ 2.0% |
| Investment in fixed assets (approximation) | - | -€484 | -€3,145 | -€82,488 | -€68,744 | -€7,684 | -€2,484 | ▲ 67.7% |
| Change in cash | - | -€2,954 | -€57,399 | €30,256 | -€37,792 | €8,354 | €33,195 | ▲ 297% |
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, 14,766 companies had the same profile as JORING has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JORING 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 14,766 companies, not a prediction for JORING. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 19-11-2025 | 2025-00569235 | |
| 30-06-2024 | micro format | 19-11-2024 | 2024-00602404 | |
| 30-06-2023 | micro format | 18-01-2024 | 2024-00003679 | |
| 30-06-2022 | micro format | 30-11-2022 | 2022-20530844 | |
| 30-06-2021 | micro format | 26-01-2022 | 2022-01900399 | |
| 30-06-2020 | micro format | 26-11-2020 | 2020-72000494 | |
| 30-06-2019 | micro format | 27-11-2019 | 2019-74600474 | |
| 30-06-2018 | micro format | 29-11-2018 | 2018-73100298 | |
| 30-06-2017 | abbreviated format | 30-11-2017 | 2017-70700171 | |
| 30-06-2016 | abbreviated format | 22-11-2016 | 2016-68300129 |