JORTA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00433800.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 23 filings
Equity
€186,190▼ 9.8%
2024 · €206,428
Total assets
€201,356▼ 7.3%
2024 · €217,231
Net result
-€20,238
2024 · €32,448
Working capital
€175,285▼ 14.2%
2024 · €204,190
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€20,235
2025
20182025
Net result
-€20,238
2025
lowest quarter of the sector
20182025
Equity
€186,190
▼ 9.8%
2025
highest quarter of the sector
20182025
Total assets
€201,356
▼ 7.3%
2025
middle half of the sector
20182025
Debt
€15,166
▲ 40.4%
2025
20182025
Working capital
€175,285
▼ 14.2%
2025
highest quarter of the sector
20182025
Solvency
92.5%
▼ 2.6pp
2025
highest quarter of the sector
20182025
Current ratio
12.56
▼ 7.34
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-10.1%
▼ 25.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€23,018--€47,313▼ 106%-€73,857▼ 56.1%-€24,511▲ 66.8%-€1,256▲ 94.9%€22,979€29,875▲ 30.0%-€20,235
Net result-€23,393--€47,739▼ 104%-€74,486below the sector's middle half▼ 56.0%-€24,620below the sector's middle half▲ 66.9%-€3,392below the sector's middle half▲ 86.2%€22,031within the sector's middle half€32,448above the sector's middle half▲ 47.3%-€20,238below the sector's middle half
Equity-€97,814--€145,554▼ 48.8%-€220,039below the sector's middle half▼ 51.2%€155,341above the sector's middle half€151,949above the sector's middle half▼ 2.2%€173,980above the sector's middle half▲ 14.5%€206,428above the sector's middle half▲ 18.7%€186,190above the sector's middle half▼ 9.8%
Total assets€149,920-€139,844▼ 6.7%€103,691within the sector's middle half▼ 25.9%€200,824within the sector's middle half▲ 93.7%€178,692within the sector's middle half▼ 11.0%€195,087within the sector's middle half▲ 9.2%€217,231within the sector's middle half▲ 11.4%€201,356within the sector's middle half▼ 7.3%
Debt€247,734-€285,398▲ 15.2%€323,730▲ 13.4%€45,483▼ 86.0%€26,743▼ 41.2%€21,107▼ 21.1%€10,804▼ 48.8%€15,166▲ 40.4%
Working capital-€174,856--€199,622▼ 14.2%-€253,116below the sector's middle half▼ 26.8%€136,127above the sector's middle half€146,593above the sector's middle half▲ 7.7%€170,376above the sector's middle half▲ 16.2%€204,190above the sector's middle half▲ 19.8%€175,285above the sector's middle half▼ 14.2%
Solvency-65.2%--104.1%▼ 38.8pp-212.2%below the sector's middle half▼ 108.1pp77.4%above the sector's middle half▲ 289.6pp85.0%above the sector's middle half▲ 7.7pp89.2%above the sector's middle half▲ 4.1pp95.0%above the sector's middle half▲ 5.8pp92.5%above the sector's middle half▼ 2.6pp
Current ratio0.29-0.30▲ 0.010.22below the sector's middle half▼ 0.083.99within the sector's middle half▲ 3.776.48above the sector's middle half▲ 2.499.07above the sector's middle half▲ 2.5919.90above the sector's middle half▲ 10.8312.56above the sector's middle half▼ 7.34
Return on assets (ROA)-15.6%--34.1%▼ 18.5pp-71.8%below the sector's middle half▼ 37.7pp-12.3%below the sector's middle half▲ 59.6pp-1.9%within the sector's middle half▲ 10.4pp11.3%within the sector's middle half▲ 13.2pp14.9%within the sector's middle half▲ 3.6pp-10.1%below the sector's middle half▼ 25.0pp
above
within
below
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). 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 a loss of €20,235, after a profit of €29,875 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €201,356
Fixed assets
€10,905 ▲ 387%
Current assets
€190,451 ▼ 11.4%
Equity and liabilities €201,356
Equity
€186,190 ▼ 9.8%
Debt
€15,166 ▲ 40.4%
Debt's share of the balance-sheet total rises from 5.0% to 7.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€19,092▼
2024 · €31,241
Cash flow
-€19,095▼
2024 · €33,814
Quick ratio
9.45▼
2024 · 14.65
Debt to equity
0.08▲
2024 · 0.05
ROE
-10.9%▼
2024 · 15.7%
Interest coverage
-15.44▼
2024 · 20.67
Debt ≤ 1 year
€15,166▲
2024 · €10,804
Income taxes
€529▲
2024 · €80
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,417 | €1,296 | - | - | €9,810 |
| Depreciation and write-downs of the year | €18,280 | €15,153 | €1,452 | €1,367 | €1,143 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,141 | €23,881 | €20,991 | €18,280 | €15,153 | €1,452 | €1,367 | €1,143 | ▼ 16.4% |
| Other operating charges640/8 | - | - | - | €657 | €861 | €3,905 | €709 | €763 | ▲ 7.5% |
| Gross operating margin9900 | €4,053 | -€22,835 | -€52,209 | -€5,574 | €14,758 | €28,337 | €31,951 | -€18,330 | - |
| Operating profit (loss)9901 | -€23,018 | -€47,313 | -€73,857 | -€24,511 | -€1,256 | €22,979 | €29,875 | -€20,235 | - |
| Financial income75/76B | - | - | - | - | €2 | €15 | €4,164 | €1,762 | ▼ 57.7% |
| Recurring financial income75 | - | - | €2 | - | €2 | €15 | €4,164 | €1,762 | ▼ 57.7% |
| Financial charges65/66B | - | - | - | €108 | €2,050 | €797 | €1,511 | €1,236 | ▼ 18.2% |
| Recurring financial charges65 | €375 | €426 | €631 | €108 | €2,050 | €797 | €1,511 | €1,236 | ▼ 18.2% |
| Profit (loss) for the period before taxes9903 | -€23,393 | -€47,739 | -€74,486 | -€24,620 | -€3,304 | €22,197 | €32,527 | -€19,710 | - |
| Income taxes67/77 | - | - | - | - | €88 | €166 | €80 | €529 | ▲ 565% |
| Profit (loss) for the period9904 | -€23,393 | -€47,739 | -€74,486 | -€24,620 | -€3,392 | €22,031 | €32,448 | -€20,238 | - |
| Profit (loss) for the period to be appropriated9905 | -€23,393 | -€47,739 | -€74,486 | -€24,620 | -€3,392 | €22,031 | €32,448 | -€20,238 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €149,920 | €139,844 | €103,691 | €200,824 | €178,692 | €195,087 | €217,231 | €201,356 | ▼ 7.3% |
| Fixed assets21/28 | €77,042 | €54,068 | €33,077 | €19,214 | €5,357 | €3,604 | €2,238 | €10,905 | ▲ 387% |
| Intangible fixed assets21 | €54,057 | €39,918 | €25,779 | €11,639 | - | - | - | - | - |
| Tangible fixed assets22/27 | €22,368 | €13,534 | €6,682 | €6,958 | €4,740 | €3,288 | €1,921 | €10,588 | ▲ 451% |
| Plant, machinery and equipment23 | - | - | - | €6,958 | €4,740 | €3,288 | €1,921 | €2,302 | ▲ 19.8% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €8,287 | - |
| Financial fixed assets28 | €617 | €617 | €617 | €617 | €617 | €317 | €317 | €317 | = |
| Current assets29/58 | €72,878 | €85,776 | €70,614 | €181,610 | €173,335 | €191,483 | €214,994 | €190,451 | ▼ 11.4% |
| Stocks and contracts in progress3 | €49,020 | €58,552 | €56,565 | €51,240 | €55,052 | €53,865 | €56,708 | €47,141 | ▼ 16.9% |
| Stocks30/36 | - | - | - | €51,240 | €55,052 | €53,865 | €56,708 | €47,141 | ▼ 16.9% |
| Amounts receivable within one year40/41 | €17,471 | €17,340 | €12,584 | €8,922 | €15,713 | €15,384 | €9,593 | €10,767 | ▲ 12.2% |
| Trade receivables40 | - | - | - | €8,922 | €15,545 | €7,293 | €7,669 | €1,340 | ▼ 82.5% |
| Other amounts receivable41 | - | - | - | - | €168 | €8,091 | €1,924 | €9,428 | ▲ 390% |
| Current investments50/53 | - | - | - | - | - | - | €110,000 | €110,000 | = |
| Cash at bank and in hand54/58 | €6,388 | €9,884 | €1,465 | €121,448 | €102,569 | €122,233 | €36,764 | €21,643 | ▼ 41.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €1,929 | €899 | ▼ 53.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €149,920 | €139,844 | €103,691 | €200,824 | €178,692 | €195,087 | €217,231 | €201,356 | ▼ 7.3% |
| Equity10/15 | -€97,814 | -€145,554 | -€220,039 | €155,341 | €151,949 | €173,980 | €206,428 | €186,190 | ▼ 9.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €418,600 | €418,600 | €418,600 | €418,600 | €418,600 | = |
| Profit (loss) carried forward14 | -€116,414 | -€164,154 | -€238,639 | -€263,259 | -€266,651 | -€244,620 | -€212,172 | -€232,410 | ▼ 9.5% |
| Amounts payable17/49 | €247,734 | €285,398 | €323,730 | €45,483 | €26,743 | €21,107 | €10,804 | €15,166 | ▲ 40.4% |
| Amounts payable within one year42/48 | €247,734 | €285,398 | €323,730 | €45,483 | €26,743 | €21,107 | €10,804 | €15,166 | ▲ 40.4% |
| Trade debts44 | €9,127 | €6,849 | €7,645 | €12,878 | €9,900 | €12,506 | - | €9,880 | - |
| Suppliers440/4 | - | - | - | €12,878 | €9,900 | €12,506 | - | €9,880 | - |
| Taxes, remuneration and social security45 | - | - | - | €7,630 | €11,265 | €8,601 | €10,804 | €5,286 | ▼ 51.1% |
| Taxes450/3 | - | - | - | €7,630 | €11,265 | €8,601 | €10,804 | €5,286 | ▼ 51.1% |
| Other amounts payable47/48 | - | - | - | €24,975 | €5,577 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€23,393 | -€47,739 | -€74,486 | -€24,620 | -€3,392 | €22,031 | €32,448 | -€20,238 | - |
| + Depreciation and write-downs630 | €26,141 | €23,881 | €20,991 | €18,280 | €15,153 | €1,452 | €1,367 | €1,143 | ▼ 16.4% |
| Operating cash flow (approximation) | €2,748 | -€23,858 | -€53,494 | -€6,340 | €11,761 | €23,483 | €33,814 | -€19,095 | - |
| Investment in fixed assets (approximation) | - | -€908 | €0 | -€4,417 | -€1,296 | €300 | €0 | -€9,810 | - |
| Change in cash | - | €3,496 | -€8,419 | €119,983 | -€18,879 | €19,664 | -€85,470 | -€15,120 | ▲ 82.3% |
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, 5,831 companies had the same profile as JORTA has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of JORTA itself is lower: 0.2% within 12 months. It rests on far more data about JORTA than the profile alone.
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 5,831 companies, not a prediction for JORTA. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-08-2026 | 2026-00433800 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00402084 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00384241 | |
| 31-12-2022 | micro format | 28-09-2023 | 2023-00456660 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20332918 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-69300040 | |
| 31-12-2019 | micro format | 07-10-2020 | 2020-59300091 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-62900217 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-54200547 | |
| 31-12-2016 | micro format | 26-07-2017 | 2017-36500416 |