JPF CONSULTING
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 18 filings
Turnover
≈ €230,000
Estimated: probably between €200,000 and €280,000
Total assets
€99,140▲ 5.8%
2024 · €93,747
Net result
€19,576▲ 25.4%
2024 · €15,611
Working capital
€54,445▲ 37.8%
2024 · €39,505
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€32,104
▲ 21.4%
2025
20182025
Net result
€19,576
▲ 25.4%
2025
middle half of the sector
20182025
Equity
€65,684
▲ 42.5%
2025
middle half of the sector
20182025
Total assets
€99,140
▲ 5.8%
2025
middle half of the sector
20182025
Debt
€33,456
▼ 29.8%
2025
20182025
Working capital
€54,445
▲ 37.8%
2025
middle half of the sector
20182025
Solvency
66.3%
▲ 17.1pp
2025
middle half of the sector
20182025
Current ratio
2.67
▲ 0.82
2025
middle half of the sector
20182025
Return on assets (ROA)
19.7%
▲ 3.1pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▼ 33.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,592-€37,718▼ 4.7%€58,897▲ 56.2%€42,288▼ 28.2%€16,985▼ 59.8%€24,839▲ 46.2%€26,436▲ 6.4%€32,104▲ 21.4%
Net result€19,011-€23,225▲ 22.2%€36,570within the sector's middle half▲ 57.5%€26,962within the sector's middle half▼ 26.3%€9,457within the sector's middle half▼ 64.9%€14,043within the sector's middle half▲ 48.5%€15,611within the sector's middle half▲ 11.2%€19,576within the sector's middle half▲ 25.4%
Equity-€79,761--€56,536▲ 29.1%-€19,966below the sector's middle half▲ 64.7%€6,996below the sector's middle half€16,453below the sector's middle half▲ 135%€30,496within the sector's middle half▲ 85.4%€46,108within the sector's middle half▲ 51.2%€65,684within the sector's middle half▲ 42.5%
Total assets€119,970-€116,755▼ 2.7%€126,906within the sector's middle half▲ 8.7%€143,238within the sector's middle half▲ 12.9%€131,822within the sector's middle half▼ 8.0%€133,321within the sector's middle half▲ 1.1%€93,747within the sector's middle half▼ 29.7%€99,140within the sector's middle half▲ 5.8%
Debt€199,731-€173,291▼ 13.2%€146,872▼ 15.2%€136,241▼ 7.2%€115,369▼ 15.3%€102,825▼ 10.9%€47,639▼ 53.7%€33,456▼ 29.8%
Working capital-€131--€4,826▼ 3,584%€18,607within the sector's middle half€28,406within the sector's middle half▲ 52.7%€22,098within the sector's middle half▼ 22.2%€19,817within the sector's middle half▼ 10.3%€39,505within the sector's middle half▲ 99.4%€54,445within the sector's middle half▲ 37.8%
Solvency-66.5%--48.4%▲ 18.1pp-15.7%below the sector's middle half▲ 32.7pp4.9%below the sector's middle half▲ 20.6pp12.5%below the sector's middle half▲ 7.6pp22.9%below the sector's middle half▲ 10.4pp49.2%within the sector's middle half▲ 26.3pp66.3%within the sector's middle half▲ 17.1pp
Current ratio1.00-0.95▼ 0.051.23within the sector's middle half▲ 0.281.31within the sector's middle half▲ 0.081.24within the sector's middle half▼ 0.071.20within the sector's middle half▼ 0.041.85within the sector's middle half▲ 0.652.67within the sector's middle half▲ 0.82
Return on assets (ROA)15.8%-19.9%▲ 4.0pp28.8%above the sector's middle half▲ 8.9pp18.8%within the sector's middle half▼ 10.0pp7.2%within the sector's middle half▼ 11.6pp10.5%within the sector's middle half▲ 3.4pp16.7%within the sector's middle half▲ 6.1pp19.7%within the sector's middle half▲ 3.1pp
Staff (FTE)2.3-2▼ 13.0%2above the sector's middle half=2.3▲ 15.0%2.7▲ 17.4%2.4▼ 11.1%1.5▼ 37.5%1▼ 33.3%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 21% higher than in 2024. It is the third rise in a row, after the fall in 2022.
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 €99,140
Fixed assets
€12,154 ▲ 56.8%
Current assets
€86,986 ▲ 1.2%
Equity and liabilities €99,140
Equity
€65,684 ▲ 42.5%
Debt
€33,456 ▼ 29.8%
Debt's share of the balance-sheet total falls from 50.8% to 33.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€35,107▲
2024 · €30,778
Cash flow
€22,579▲
2024 · €19,953
Debt to equity
0.51▼
2024 · 1.03
ROE
29.8%▼
2024 · 33.9%
Interest coverage
16.71▲
2024 · 13.79
Debt ≤ 1 year
€32,541▼
2024 · €46,489
Income taxes
€10,846▲
2024 · €8,651
Staff costs
€101,721▼
2024 · €133,207
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 | 1 | 1 |
| full-time | 3 | 2 | 2 | 1 | 1 |
| part-time | - | - | - | 0 | - |
| in full-time equivalents | 3 | 2 | 2 | 1 | 1 |
| Average over the year, in full-time equivalents | 2.3 | 2.7 | 2.4 | 1.5 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | 1 | 2 | 3 | 0 | - |
| Left | 0 | 3 | 3 | 1 | - |
| Training hours | 374 | 1,056 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,330 | - | - | - | €7,403 |
| Depreciation and write-downs of the year | €5,093 | €5,161 | €5,161 | €4,342 | €3,002 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €149,333 | €163,955 | €183,426 | €133,207 | €101,721 | ▼ 23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,213 | €4,093 | €4,497 | €5,093 | €5,161 | €5,161 | €4,342 | €3,002 | ▼ 30.8% |
| Other operating charges640/8 | - | - | - | €413 | €413 | €384 | €387 | €794 | ▲ 105% |
| Non-recurring operating charges66A | - | - | - | €83 | €128 | €170 | - | - | - |
| Gross operating margin9900 | €187,988 | €166,383 | €203,314 | €197,209 | €186,642 | €213,981 | €164,372 | €137,621 | ▼ 16.3% |
| Operating profit (loss)9901 | €39,592 | €37,718 | €58,897 | €42,288 | €16,985 | €24,839 | €26,436 | €32,104 | ▲ 21.4% |
| Financial income75/76B | - | - | - | €10 | €39 | €8 | €58 | €419 | ▲ 618% |
| Recurring financial income75 | €215 | €139 | €10 | €10 | €39 | €8 | €58 | €419 | ▲ 618% |
| Financial charges65/66B | - | - | - | €4,002 | €3,124 | €2,584 | €2,232 | €2,101 | ▼ 5.9% |
| Recurring financial charges65 | €6,375 | €5,684 | €4,824 | €4,002 | €3,124 | €2,584 | €2,232 | €2,101 | ▼ 5.9% |
| Profit (loss) for the period before taxes9903 | €33,205 | €32,120 | €54,083 | €38,296 | €13,899 | €22,263 | €24,262 | €30,422 | ▲ 25.4% |
| Income taxes67/77 | €14,194 | €8,895 | €17,513 | €11,334 | €4,443 | €8,220 | €8,651 | €10,846 | ▲ 25.4% |
| Profit (loss) for the period9904 | €19,011 | €23,225 | €36,570 | €26,962 | €9,457 | €14,043 | €15,611 | €19,576 | ▲ 25.4% |
| Profit (loss) for the period to be appropriated9905 | €19,011 | €23,225 | €36,570 | €26,962 | €9,457 | €14,043 | €15,611 | €19,576 | ▲ 25.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €119,970 | €116,755 | €126,906 | €143,238 | €131,822 | €133,321 | €93,747 | €99,140 | ▲ 5.8% |
| Fixed assets21/28 | €30,930 | €28,876 | €26,180 | €22,417 | €17,256 | €12,095 | €7,753 | €12,154 | ▲ 56.8% |
| Tangible fixed assets22/27 | €24,492 | €25,099 | €26,155 | €22,392 | €17,231 | €12,070 | €7,728 | €12,129 | ▲ 56.9% |
| Furniture and vehicles24 | - | - | - | €1,979 | €1,151 | €322 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €20,413 | €16,080 | €11,748 | €7,728 | €12,129 | ▲ 56.9% |
| Financial fixed assets28 | €6,438 | €3,778 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €89,040 | €87,878 | €100,726 | €120,821 | €114,566 | €121,227 | €85,993 | €86,986 | ▲ 1.2% |
| Amounts receivable within one year40/41 | €83,256 | €74,928 | €83,271 | €72,550 | €75,686 | €56,760 | €48,152 | €68,355 | ▲ 42.0% |
| Trade receivables40 | - | - | - | €70,768 | €59,215 | €49,283 | €41,803 | €52,901 | ▲ 26.5% |
| Other amounts receivable41 | - | - | - | €1,782 | €16,470 | €7,477 | €6,349 | €15,455 | ▲ 143% |
| Cash at bank and in hand54/58 | €4,012 | €11,893 | €16,320 | €46,602 | €37,777 | €62,416 | €37,351 | €17,391 | ▼ 53.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,669 | €1,103 | €2,051 | €491 | €1,240 | ▲ 153% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €119,970 | €116,755 | €126,906 | €143,238 | €131,822 | €133,321 | €93,747 | €99,140 | ▲ 5.8% |
| Equity10/15 | -€79,761 | -€56,536 | -€19,966 | €6,996 | €16,453 | €30,496 | €46,108 | €65,684 | ▲ 42.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €445 | €445 | €445 | €445 | €445 | €445 | €15,445 | €34,945 | ▲ 126% |
| Non-distributable reserves130/1 | - | - | - | €445 | €445 | €445 | €445 | €445 | = |
| Reserves not available under the articles1311 | - | - | - | €445 | €445 | €445 | €445 | €445 | = |
| Distributable reserves133 | - | - | - | - | - | - | €15,000 | €34,500 | ▲ 130% |
| Profit (loss) carried forward14 | -€98,806 | -€75,581 | -€39,011 | -€12,048 | -€2,591 | €11,452 | €12,063 | €12,139 | ▲ 0.6% |
| Amounts payable17/49 | €199,731 | €173,291 | €146,872 | €136,241 | €115,369 | €102,825 | €47,639 | €33,456 | ▼ 29.8% |
| Amounts payable after more than one year17 | €110,560 | €80,560 | €60,560 | €40,560 | €20,560 | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €40,560 | €20,560 | €0 | - | - | - |
| Amounts payable within one year42/48 | €89,171 | €92,704 | €82,119 | €92,414 | €92,468 | €101,410 | €46,489 | €32,541 | ▼ 30.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €26,284 | €20,000 | €20,560 | €20,560 | €5,560 | ▼ 73.0% |
| Trade debts44 | €11,653 | €24,866 | €24,936 | €23,378 | €27,781 | €28,893 | €2,390 | €5,024 | ▲ 110% |
| Suppliers440/4 | - | - | - | €23,378 | €27,781 | €28,893 | €2,390 | €5,024 | ▲ 110% |
| Taxes, remuneration and social security45 | - | - | - | €26,586 | €20,632 | €24,578 | €14,601 | €19,896 | ▲ 36.3% |
| Taxes450/3 | - | - | - | €4,579 | - | - | €1,090 | €6,839 | ▲ 527% |
| Remuneration and social security454/9 | - | - | - | €22,007 | €20,632 | €24,578 | €13,511 | €13,058 | ▼ 3.4% |
| Other amounts payable47/48 | - | - | - | €16,166 | €24,055 | €27,379 | €8,938 | €2,061 | ▼ 76.9% |
| Accrued charges and deferred income492/3 | - | - | - | €3,267 | €2,341 | €1,415 | €1,150 | €915 | ▼ 20.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,011 | €23,225 | €36,570 | €26,962 | €9,457 | €14,043 | €15,611 | €19,576 | ▲ 25.4% |
| + Depreciation and write-downs630 | €4,213 | €4,093 | €4,497 | €5,093 | €5,161 | €5,161 | €4,342 | €3,002 | ▼ 30.8% |
| Operating cash flow (approximation) | €23,224 | €27,318 | €41,067 | €32,055 | €14,618 | €19,204 | €19,953 | €22,579 | ▲ 13.2% |
| Investment in fixed assets (approximation) | - | -€2,040 | -€1,801 | -€1,330 | €0 | €0 | €0 | -€7,403 | - |
| Change in cash | - | €7,880 | €4,427 | €30,282 | -€8,824 | €24,638 | -€25,065 | -€19,960 | ▲ 20.4% |
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 JPF CONSULTING 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 JPF CONSULTING 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 34,693 companies, not a prediction for JPF CONSULTING. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00321391 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00213164 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00225755 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00189700 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20118323 | |
| 31-12-2020 | micro format | 14-07-2021 | 2021-36500131 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26800567 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-50600463 | |
| 31-12-2017 | micro format | 20-08-2018 | 2018-46900200 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-25600069 |