Joris
ActiveFinancials · financial year 2025, micro format, 2026 accounts filed
Annual accounts 2026 filed on 30-10-2026 at the NBB all 16 filings
The figures for financial year 2026 will follow.
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €37,000
Estimated: probably between €17,000 and €68,000
Total assets
€22,795▼ 40.2%
2024 · €38,126
Net result
-€3,617▲ 62.3%
2024 · -€9,605
Working capital
-€121,800▼ 25.0%
2024 · -€97,424
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€1,805
▼ 40.6%
2025
20192025
Net result
-€3,617
▲ 62.3%
2025
middle half of the sector
20192025
Equity
-€121,348
▼ 3.1%
2025
lowest quarter of the sector
20192025
Total assets
€22,795
▼ 40.2%
2025
lowest quarter of the sector
20192025
Debt
€144,143
▼ 7.5%
2025
20192025
Working capital
-€121,800
▼ 25.0%
2025
lowest quarter of the sector
20192025
Solvency
-532.4%
▼ 223.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.16
▼ 0.10
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-15.9%
▲ 9.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€10,346-€30,765▲ 197%€21,566▼ 29.9%€5,715▼ 73.5%-€1,570€3,040€1,805▼ 40.6%
Net result€4,939-€32,723above the sector's middle half▲ 563%€1,905within the sector's middle half▼ 94.2%-€4,535below the sector's middle half€7,574within the sector's middle half-€9,605below the sector's middle half-€3,617within the sector's middle half▲ 62.3%
Equity-€145,793--€113,070below the sector's middle half▲ 22.4%-€111,165below the sector's middle half▲ 1.7%-€115,700below the sector's middle half▼ 4.1%-€108,126below the sector's middle half▲ 6.5%-€117,731below the sector's middle half▼ 8.9%-€121,348below the sector's middle half▼ 3.1%
Total assets€140,913-€80,177within the sector's middle half▼ 43.1%€21,685below the sector's middle half▼ 73.0%€21,280below the sector's middle half▼ 1.9%€43,254below the sector's middle half▲ 103%€38,126below the sector's middle half▼ 11.9%€22,795below the sector's middle half▼ 40.2%
Debt€286,706-€193,247▼ 32.6%€132,850▼ 31.3%€136,980▲ 3.1%€151,380▲ 10.5%€155,857▲ 3.0%€144,143▼ 7.5%
Working capital-€134,536--€109,679below the sector's middle half▲ 18.5%-€118,505below the sector's middle half▼ 8.0%-€107,217below the sector's middle half▲ 9.5%-€100,329below the sector's middle half▲ 6.4%-€97,424below the sector's middle half▲ 2.9%-€121,800below the sector's middle half▼ 25.0%
Solvency-103.5%--141.0%below the sector's middle half▼ 37.6pp-512.6%below the sector's middle half▼ 371.6pp-543.7%below the sector's middle half▼ 31.1pp-250.0%below the sector's middle half▲ 293.7pp-308.8%below the sector's middle half▼ 58.8pp-532.4%below the sector's middle half▼ 223.6pp
Current ratio0.50-0.41below the sector's middle half▼ 0.090.11below the sector's middle half▼ 0.300.13below the sector's middle half▲ 0.020.27below the sector's middle half▲ 0.140.25below the sector's middle half▼ 0.020.16below the sector's middle half▼ 0.10
Return on assets (ROA)3.5%-40.8%above the sector's middle half▲ 37.3pp8.8%within the sector's middle half▼ 32.0pp-21.3%below the sector's middle half▼ 30.1pp17.5%above the sector's middle half▲ 38.8pp-25.2%below the sector's middle half▼ 42.7pp-15.9%below the sector's middle half▲ 9.3pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 41% lower than in 2024.
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 €22,795
Fixed assets
€452 ▼ 91.0%
Current assets
€22,343 ▼ 32.5%
Equity and liabilities
Equity-€121,348
Debt€144,143
Equity is negative. Debt (€144,143) exceeds the balance-sheet total (€22,795).
Key figures and ratios
EBITDA
€2,023▼
2024 · €5,319
Cash flow
-€3,399▲
2024 · -€7,325
Interest coverage
0.37▼
2024 · 0.42
Debt ≤ 1 year
€144,143▲
2024 · €130,525
Debt > 1 year
€0▼
2024 · €25,000
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €3,275 | €1,324 | - |
| Depreciation and write-downs of the year | €2,212 | €2,867 | €2,280 | €218 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €445 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,092 | €1,092 | €1,537 | €2,212 | €2,867 | €2,280 | €218 | ▼ 90.4% |
| Other operating charges640/8 | - | - | - | €629 | €481 | €740 | €715 | ▼ 3.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,627 | - |
| Gross operating margin9900 | €12,006 | €32,320 | €23,567 | €8,557 | €1,778 | €6,059 | €4,364 | ▼ 28.0% |
| Operating profit (loss)9901 | €10,346 | €30,765 | €21,566 | €5,715 | -€1,570 | €3,040 | €1,805 | ▼ 40.6% |
| Financial income75/76B | - | - | - | - | €21,426 | - | - | - |
| Recurring financial income75 | €6,955 | €15,664 | €0 | - | €21,426 | - | - | - |
| Financial charges65/66B | - | - | - | €10,250 | €12,283 | €12,645 | €5,421 | ▼ 57.1% |
| Recurring financial charges65 | €12,339 | €13,706 | €19,661 | €10,250 | €12,283 | €12,645 | €5,421 | ▼ 57.1% |
| Profit (loss) for the period before taxes9903 | €4,962 | €32,723 | €1,905 | -€4,535 | €7,574 | -€9,605 | -€3,617 | ▲ 62.3% |
| Income taxes67/77 | €23 | €0 | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | €4,939 | €32,723 | €1,905 | -€4,535 | €7,574 | -€9,605 | -€3,617 | ▲ 62.3% |
| Profit (loss) for the period to be appropriated9905 | €4,939 | €32,723 | €1,905 | -€4,535 | €7,574 | -€9,605 | -€3,617 | ▲ 62.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €140,913 | €80,177 | €21,685 | €21,280 | €43,254 | €38,126 | €22,795 | ▼ 40.2% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €4,368 | €3,276 | €7,340 | €5,128 | €5,536 | €5,024 | €452 | ▼ 91.0% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €4,368 | €3,276 | €7,340 | €5,128 | €5,536 | €5,024 | €452 | ▼ 91.0% |
| Plant, machinery and equipment23 | - | - | - | €1,092 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €4,036 | €5,536 | €5,024 | €452 | ▼ 91.0% |
| Financial fixed assets28 | €0 | €0 | €0 | - | - | - | - | - |
| Current assets29/58 | €136,545 | €76,901 | €14,345 | €16,152 | €37,718 | €33,101 | €22,343 | ▼ 32.5% |
| Amounts receivable after more than one year29 | - | - | - | - | €21,426 | €21,426 | €21,426 | = |
| Other amounts receivable291 | - | - | - | - | €21,426 | €21,426 | €21,426 | = |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €541 | €47,703 | €11,919 | €1,815 | €2,725 | €4,275 | €197 | ▼ 95.4% |
| Trade receivables40 | - | - | - | €1,815 | €1,815 | €4,058 | €197 | ▼ 95.1% |
| Other amounts receivable41 | - | - | - | - | €910 | €217 | €0 | ▼ 100% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €15,394 | €29,198 | €2,426 | €14,337 | €6,046 | €1,507 | €719 | ▼ 52.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €7,521 | €5,893 | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €140,913 | €80,177 | €21,685 | €21,280 | €43,254 | €38,126 | €22,795 | ▼ 40.2% |
| Equity10/15 | -€145,793 | -€113,070 | -€111,165 | -€115,700 | -€108,126 | -€117,731 | -€121,348 | ▼ 3.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,103 | €1,103 | €1,103 | €1,103 | €1,103 | €1,103 | €1,103 | = |
| Non-distributable reserves130/1 | - | - | - | €1,103 | €1,103 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,103 | €1,103 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,103 | €1,103 | = |
| Profit (loss) carried forward14 | -€165,495 | -€132,773 | -€130,868 | -€135,403 | -€127,829 | -€137,434 | -€141,051 | ▼ 2.6% |
| Amounts payable17/49 | €286,706 | €193,247 | €132,850 | €136,980 | €151,380 | €155,857 | €144,143 | ▼ 7.5% |
| Amounts payable after more than one year17 | €15,625 | €6,667 | - | €13,611 | €13,333 | €25,000 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €13,611 | €13,333 | €25,000 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €271,081 | €186,580 | €132,850 | €123,369 | €138,047 | €130,525 | €144,143 | ▲ 10.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €63,333 | €71,944 | €20,417 | €12,500 | ▼ 38.8% |
| Trade debts44 | - | - | €255 | - | €6,161 | €1,659 | €384 | ▼ 76.8% |
| Suppliers440/4 | - | - | - | - | €6,161 | €1,659 | €384 | ▼ 76.8% |
| Taxes, remuneration and social security45 | - | - | - | €313 | - | €332 | €670 | ▲ 102% |
| Taxes450/3 | - | - | - | €313 | - | €332 | €670 | ▲ 102% |
| Other amounts payable47/48 | - | - | - | €59,722 | €59,942 | €108,117 | €130,589 | ▲ 20.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €332 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,939 | €32,723 | €1,905 | -€4,535 | €7,574 | -€9,605 | -€3,617 | ▲ 62.3% |
| + Depreciation and write-downs630 | €1,092 | €1,092 | €1,537 | €2,212 | €2,867 | €2,280 | €218 | ▼ 90.4% |
| Operating cash flow (approximation) | €6,031 | €33,815 | €3,442 | -€2,323 | €10,441 | -€7,325 | -€3,399 | ▲ 53.6% |
| Investment in fixed assets (approximation) | - | €0 | -€5,601 | €0 | -€3,275 | -€1,768 | €4,354 | - |
| Change in cash | - | €13,804 | -€26,772 | €11,911 | -€8,291 | -€4,539 | -€788 | ▲ 82.6% |
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, 6,907 companies had the same profile as Joris has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Joris itself: 3.0% 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 6,907 companies, not a prediction for Joris. 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 11 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 30-10-2026 | 2026-00600597 | |
| 31-03-2025 | micro format | 30-09-2025 | 2025-00528787 | |
| 31-03-2024 | micro format | 28-10-2024 | 2024-00528441 | |
| 31-03-2023 | micro format | 26-10-2023 | 2023-00497948 | |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20515774 | |
| 31-03-2021 | micro format | 28-09-2021 | 2021-69900201 | |
| 31-03-2020 | micro format | 28-09-2020 | 2020-56800515 | |
| 31-03-2019 | micro format | 24-10-2019 | 2019-71300325 | |
| 31-03-2018 | micro format | 30-10-2018 | 2018-71600008 | |
| 31-03-2017 | micro format | 02-10-2017 | 2017-66600048 | |
| 31-03-2016 | abbreviated format | 24-10-2016 | 2016-66000597 |