JORJ CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 10 filings
Turnover
≈ €710,000
Estimated: probably between €470,000 and €1.3m
Total assets
€487,365▲ 36.9%
2024 · €355,953
Net result
€58,823▲ 198%
2024 · €19,750
Working capital
€220,219▲ 100%
2024 · €110,045
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€93,528
▲ 155%
2025
20192025
Net result
€58,823
▲ 198%
2025
highest quarter of the sector
20192025
Equity
€218,925
▲ 36.7%
2025
highest quarter of the sector
20192025
Total assets
€487,365
▲ 36.9%
2025
highest quarter of the sector
20192025
Debt
€268,441
▲ 37.1%
2025
20192025
Working capital
€220,219
▲ 100%
2025
highest quarter of the sector
20192025
Solvency
44.9%
▼ 0.1pp
2025
middle half of the sector
20192025
Current ratio
1.94
▲ 0.35
2025
middle half of the sector
20192025
Return on assets (ROA)
12.1%
▲ 6.5pp
2025
middle half of the sector
20192025
Staff (FTE)
1.5
▲ 25.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€37,242-€59,726▲ 60.4%€47,324▼ 20.8%€23,824▼ 49.7%€15,804▼ 33.7%€36,624▲ 132%€93,528▲ 155%
Net result€31,220-€41,796above the sector's middle half▲ 33.9%€29,639above the sector's middle half▼ 29.1%€15,283within the sector's middle half▼ 48.4%€7,909within the sector's middle half▼ 48.2%€19,750within the sector's middle half▲ 150%€58,823above the sector's middle half▲ 198%
Equity€95,953-€137,749above the sector's middle half▲ 43.6%€167,388above the sector's middle half▲ 21.5%€182,671above the sector's middle half▲ 9.1%€141,184above the sector's middle half▼ 22.7%€160,102above the sector's middle half▲ 13.4%€218,925above the sector's middle half▲ 36.7%
Total assets€196,536-€249,786within the sector's middle half▲ 27.1%€279,571within the sector's middle half▲ 11.9%€257,835within the sector's middle half▼ 7.8%€290,308within the sector's middle half▲ 12.6%€355,953above the sector's middle half▲ 22.6%€487,365above the sector's middle half▲ 36.9%
Debt€100,583-€112,037▲ 11.4%€112,183▲ 0.1%€75,164▼ 33.0%€149,124▲ 98.4%€195,852▲ 31.3%€268,441▲ 37.1%
Working capital€79,726-€113,725above the sector's middle half▲ 42.6%€140,886above the sector's middle half▲ 23.9%€164,020above the sector's middle half▲ 16.4%€86,406within the sector's middle half▼ 47.3%€110,045above the sector's middle half▲ 27.4%€220,219above the sector's middle half▲ 100%
Solvency48.8%-55.1%within the sector's middle half▲ 6.3pp59.9%within the sector's middle half▲ 4.7pp70.8%above the sector's middle half▲ 11.0pp48.6%within the sector's middle half▼ 22.2pp45.0%within the sector's middle half▼ 3.7pp44.9%within the sector's middle half▼ 0.1pp
Current ratio2.49-2.93within the sector's middle half▲ 0.442.83within the sector's middle half▼ 0.113.70above the sector's middle half▲ 0.871.73within the sector's middle half▼ 1.961.60within the sector's middle half▼ 0.141.94within the sector's middle half▲ 0.35
Return on assets (ROA)15.9%-16.7%above the sector's middle half▲ 0.8pp10.6%within the sector's middle half▼ 6.1pp5.9%within the sector's middle half▼ 4.7pp2.7%within the sector's middle half▼ 3.2pp5.5%within the sector's middle half▲ 2.8pp12.1%within the sector's middle half▲ 6.5pp
Staff (FTE)0.11▲ 900%1=1.2▲ 20.0%1.5▲ 25.0%
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 155% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €487,365
Fixed assets
€33,652 ▼ 45.6%
Current assets
€453,713 ▲ 54.3%
Equity and liabilities €487,365
Equity
€218,925 ▲ 36.7%
Debt
€268,441 ▲ 37.1%
Debt's share of the balance-sheet total rises from 55.0% to 55.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€129,487▲
2024 · €74,871
Cash flow
€94,782▲
2024 · €57,997
Debt to equity
1.23▲
2024 · 1.22
ROE
26.9%▲
2024 · 12.3%
Interest coverage
14.70▲
2024 · 10.42
Debt ≤ 1 year
€233,494▲
2024 · €184,058
Income taxes
€27,887▲
2024 · €9,921
Staff costs
€40,099▼
2024 · €41,355
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 2 | 2 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | - | - | - | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1.4 | 1.8 |
| Average over the year, in full-time equivalents | 0.1 | 1 | 1 | 1.2 | 1.5 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | 1 | - | - | 2 | 2 |
| Left | 0 | - | - | 1 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,281 | €1,829 | €73,765 | €14,019 | €5,740 |
| Financial fixed assets | - | - | - | - | €2,020 |
| Depreciation and write-downs of the year | €32,059 | €30,331 | €20,676 | €38,247 | €35,959 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €2,147 | €21,517 | €30,444 | €41,355 | €40,099 | ▼ 3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,700 | €31,408 | €32,059 | €30,331 | €20,676 | €38,247 | €35,959 | ▼ 6.0% |
| Other operating charges640/8 | - | - | €900 | €1,973 | €3,707 | €11,506 | €1,419 | ▼ 87.7% |
| Gross operating margin9900 | €79,247 | €92,481 | €82,430 | €77,645 | €70,631 | €127,732 | €171,005 | ▲ 33.9% |
| Operating profit (loss)9901 | €37,242 | €59,726 | €47,324 | €23,824 | €15,804 | €36,624 | €93,528 | ▲ 155% |
| Financial income75/76B | - | - | €1,090 | €1,179 | €69 | €230 | €1,992 | ▲ 765% |
| Recurring financial income75 | €959 | €971 | €1,090 | €1,179 | €69 | €230 | €1,992 | ▲ 765% |
| Financial charges65/66B | - | - | €1,762 | €1,473 | €2,176 | €7,183 | €8,811 | ▲ 22.7% |
| Recurring financial charges65 | €1,474 | €1,561 | €1,762 | €1,473 | €2,176 | €7,183 | €8,811 | ▲ 22.7% |
| Profit (loss) for the period before taxes9903 | €36,727 | €59,137 | €46,652 | €23,529 | €13,697 | €29,672 | €86,710 | ▲ 192% |
| Income taxes67/77 | €5,506 | €17,341 | €17,014 | €8,246 | €5,788 | €9,921 | €27,887 | ▲ 181% |
| Profit (loss) for the period9904 | €31,220 | €41,796 | €29,639 | €15,283 | €7,909 | €19,750 | €58,823 | ▲ 198% |
| Profit (loss) for the period to be appropriated9905 | €31,220 | €41,796 | €29,639 | €15,283 | €7,909 | €19,750 | €58,823 | ▲ 198% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €196,536 | €249,786 | €279,571 | €257,835 | €290,308 | €355,953 | €487,365 | ▲ 36.9% |
| Fixed assets21/28 | €63,326 | €77,270 | €61,492 | €32,990 | €86,078 | €61,851 | €33,652 | ▼ 45.6% |
| Tangible fixed assets22/27 | €63,326 | €77,270 | €61,492 | €32,990 | €86,078 | €61,851 | €31,632 | ▼ 48.9% |
| Land and buildings22 | - | - | €663 | €442 | €221 | - | - | - |
| Plant, machinery and equipment23 | - | - | €6,583 | €3,449 | €3,090 | €5,253 | €4,894 | ▼ 6.8% |
| Furniture and vehicles24 | - | - | €54,246 | €29,099 | €82,767 | €56,598 | €26,738 | ▼ 52.8% |
| Financial fixed assets28 | - | - | - | - | - | - | €2,020 | - |
| Current assets29/58 | €133,210 | €172,516 | €218,079 | €224,845 | €204,230 | €294,103 | €453,713 | ▲ 54.3% |
| Amounts receivable after more than one year29 | - | - | €51,793 | €52,453 | €5,527 | €98,218 | €100,129 | ▲ 1.9% |
| Other amounts receivable291 | - | - | €51,793 | €52,453 | €5,527 | €98,218 | €100,129 | ▲ 1.9% |
| Stocks and contracts in progress3 | €2,818 | €2,766 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €81,326 | €72,424 | €124,036 | €109,320 | €162,055 | €164,061 | €244,355 | ▲ 48.9% |
| Trade receivables40 | - | - | €102,340 | €85,389 | €125,152 | €154,066 | €229,875 | ▲ 49.2% |
| Other amounts receivable41 | - | - | €21,696 | €23,931 | €36,903 | €9,995 | €14,480 | ▲ 44.9% |
| Cash at bank and in hand54/58 | - | €43,943 | €34,391 | €57,973 | €15,059 | €11,712 | €70,588 | ▲ 503% |
| Deferred charges and accrued income490/1 | - | - | €7,858 | €5,099 | €21,589 | €20,112 | €38,641 | ▲ 92.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €196,536 | €249,786 | €279,571 | €257,835 | €290,308 | €355,953 | €487,365 | ▲ 36.9% |
| Equity10/15 | €95,953 | €137,749 | €167,388 | €182,671 | €141,184 | €160,102 | €218,925 | ▲ 36.7% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €77,256 | €77,256 | €106,756 | €121,756 | €80,160 | €99,910 | €158,733 | ▲ 58.9% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | €104,896 | €119,896 | €78,300 | €98,050 | €156,873 | ▲ 60.0% |
| Profit (loss) carried forward14 | €12,497 | €54,293 | €54,432 | €54,715 | €54,824 | €53,992 | €53,992 | = |
| Amounts payable17/49 | €100,583 | €112,037 | €112,183 | €75,164 | €149,124 | €195,852 | €268,441 | ▲ 37.1% |
| Amounts payable after more than one year17 | €46,499 | €52,246 | €33,490 | €14,340 | €31,301 | €11,794 | - | - |
| Financial debts170/4 | - | - | €33,490 | €14,340 | €31,301 | €11,794 | - | - |
| Amounts payable within one year42/48 | €53,484 | €58,791 | €77,193 | €60,825 | €117,823 | €184,058 | €233,494 | ▲ 26.9% |
| Current portion of amounts payable after more than one year42 | - | - | €23,786 | €23,342 | €28,683 | €23,717 | €16,032 | ▼ 32.4% |
| Financial debts43 | - | - | - | - | - | €60 | €1,377 | ▲ 23× |
| Credit institutions430/8 | - | - | - | - | - | €60 | €1,377 | ▲ 23× |
| Trade debts44 | €10,077 | €24,081 | €35,554 | €12,419 | €64,678 | €134,996 | €189,983 | ▲ 40.7% |
| Suppliers440/4 | - | - | €35,554 | €12,419 | €64,678 | €134,996 | €189,983 | ▲ 40.7% |
| Taxes, remuneration and social security45 | - | - | €17,853 | €25,064 | €11,102 | €24,358 | €24,306 | ▼ 0.2% |
| Taxes450/3 | - | - | €2,014 | €12,301 | €6,606 | €7,110 | €19,057 | ▲ 168% |
| Remuneration and social security454/9 | - | - | €15,840 | €12,763 | €4,496 | €17,248 | €5,249 | ▼ 69.6% |
| Other amounts payable47/48 | - | - | - | - | €13,360 | €927 | €1,796 | ▲ 93.7% |
| Accrued charges and deferred income492/3 | - | - | €1,500 | - | - | - | €34,947 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,220 | €41,796 | €29,639 | €15,283 | €7,909 | €19,750 | €58,823 | ▲ 198% |
| + Depreciation and write-downs630 | €40,700 | €31,408 | €32,059 | €30,331 | €20,676 | €38,247 | €35,959 | ▼ 6.0% |
| Operating cash flow (approximation) | €71,920 | €73,204 | €61,697 | €45,614 | €28,586 | €57,997 | €94,782 | ▲ 63.4% |
| Investment in fixed assets (approximation) | - | -€45,352 | -€16,281 | -€1,829 | -€73,765 | -€14,019 | -€7,760 | ▲ 44.6% |
| Change in cash | - | - | -€9,552 | €23,582 | -€42,914 | -€3,348 | €58,877 | - |
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, 34,693 companies had the same profile as JORJ CONSTRUCT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of JORJ CONSTRUCT itself: 0.2% 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 34,693 companies, not a prediction for JORJ CONSTRUCT. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-04-2026 | 2026-00096927 | |
| 30-09-2024 | micro format | 31-03-2025 | 2025-00058046 | |
| 30-09-2023 | micro format | 25-03-2024 | 2024-00048417 | |
| 30-09-2022 | micro format | 14-04-2023 | 2023-00059650 | |
| 30-09-2021 | micro format | 31-05-2022 | 2022-20042859 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-13400455 | |
| 30-09-2019 | micro format | 29-05-2020 | 2020-13700196 | |
| 30-09-2018 | micro format | 16-04-2019 | 2019-10100105 | |
| 30-09-2017 | micro format | 02-05-2018 | 2018-12100236 | |
| 30-09-2016 | full format | 28-04-2017 | 2017-10700030 |