JS-SERVICES
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00441211.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 12 filings
Turnover
≈ €70,000
Estimated: probably between €32,000 and €170,000
EBIT margin
Not included in this filing
Net result
€3,005▼ 62.8%
2024 · €8,072
Working capital
-€64,949▲ 2.8%
2024 · -€66,844
Multi-year overview
2018 to 2025, 6 financial yearsOperating result
€4,363
▼ 60.8%
2025
20182025
Net result
€3,005
▼ 62.8%
2025
middle half of the sector
20182025
Equity
-€50,828
=
2025
lowest quarter of the sector
20182025
Total assets
€17,245
▼ 15.1%
2025
lowest quarter of the sector
20182025
Debt
€68,073
▼ 4.3%
2025
20182025
Working capital
-€64,949
▲ 2.8%
2025
lowest quarter of the sector
20182025
Solvency
-294.7%
▼ 44.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.05
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
17.4%
▼ 22.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192020202320242025
Operating result€2,954--€1,964-€5,925▼ 202%-€743-€11,128€4,363▼ 60.8%
Net result€3,036--€2,012-€6,350within the sector's middle half▼ 216%-€1,116within the sector's middle half-€8,072within the sector's middle half€3,005within the sector's middle half▼ 62.8%
Equity-€46,957--€48,969▼ 4.3%-€55,319below the sector's middle half▼ 13.0%-€58,910below the sector's middle half--€50,838below the sector's middle half▲ 13.7%-€50,828below the sector's middle half=
Total assets€17,812-€23,466▲ 31.7%€3,751below the sector's middle half▼ 84.0%€20,311below the sector's middle half€17,245below the sector's middle half▼ 15.1%
Debt€64,769-€72,435▲ 11.8%€59,070▼ 18.5%€58,910-€71,149▲ 20.8%€68,073▼ 4.3%
Working capital-€51,128--€51,920▼ 1.5%-€55,319below the sector's middle half▼ 6.5%-€66,844below the sector's middle half-€64,949below the sector's middle half▲ 2.8%
Solvency-263.6%--208.7%▲ 54.9pp-250.3%below the sector's middle half-294.7%below the sector's middle half▼ 44.4pp
Current ratio0.21-0.28▲ 0.070.06below the sector's middle half0.05below the sector's middle half▼ 0.01
Return on assets (ROA)17.0%--8.6%▼ 25.6pp39.7%above the sector's middle half17.4%above the sector's middle half▼ 22.3pp
Staff (FTE)0.9-0.7▼ 22.2%
above
within
below
The sector band is the middle half of the companies in Forestry and logging (NACE 02). 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 61% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €17,245
Fixed assets
€14,122 ▼ 11.8%
Current assets
€3,124 ▼ 27.4%
Equity and liabilities
Equity-€50,828
Debt€68,073
Equity is negative. Debt (€68,073) exceeds the balance-sheet total (€17,245).
Key figures and ratios
EBITDA
€8,748▼
2024 · €12,121
Cash flow
€7,390▼
2024 · €9,065
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€68,073▼
2024 · €71,149
Income taxes
€1,286▼
2024 · €3,005
Staff costs
€254▼
2024 · €325
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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | - | €17,000 | €2,500 |
| Depreciation and write-downs of the year | - | €994 | €4,385 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €325 | €254 | ▼ 21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,953 | €1,220 | - | - | €994 | €4,385 | ▲ 341% |
| Other operating charges640/8 | - | - | - | - | €122 | €189 | ▲ 55.9% |
| Gross operating margin9900 | €31,300 | €18,320 | €3,767 | -€743 | €12,568 | €9,192 | ▼ 26.9% |
| Operating profit (loss)9901 | €2,954 | -€1,964 | -€5,925 | -€743 | €11,128 | €4,363 | ▼ 60.8% |
| Recurring financial income75 | €749 | €289 | €29 | - | - | - | - |
| Financial charges65/66B | - | - | - | €372 | €51 | €72 | ▲ 41.5% |
| Recurring financial charges65 | €667 | €337 | €454 | €372 | €51 | €72 | ▲ 41.5% |
| Profit (loss) for the period before taxes9903 | €3,036 | -€2,012 | -€6,350 | -€1,116 | €11,077 | €4,291 | ▼ 61.3% |
| Income taxes67/77 | - | - | - | - | €3,005 | €1,286 | ▼ 57.2% |
| Profit (loss) for the period9904 | €3,036 | -€2,012 | -€6,350 | -€1,116 | €8,072 | €3,005 | ▼ 62.8% |
| Profit (loss) for the period to be appropriated9905 | €3,036 | -€2,012 | -€6,350 | -€1,116 | €8,072 | €3,005 | ▼ 62.8% |
| Line | 2018 | 2019 | 2020 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €17,812 | €23,466 | €3,751 | - | €20,311 | €17,245 | ▼ 15.1% |
| Fixed assets21/28 | €4,171 | €2,951 | - | - | €16,006 | €14,122 | ▼ 11.8% |
| Tangible fixed assets22/27 | €3,955 | €2,735 | - | - | €16,006 | €14,122 | ▼ 11.8% |
| Furniture and vehicles24 | - | - | - | - | €16,006 | €14,122 | ▼ 11.8% |
| Financial fixed assets28 | €216 | €216 | - | - | - | - | - |
| Current assets29/58 | €13,641 | €20,515 | €3,751 | - | €4,304 | €3,124 | ▼ 27.4% |
| Stocks and contracts in progress3 | €7,850 | €9,419 | - | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | €2,184 | - | €2,079 | €1,294 | ▼ 37.8% |
| Trade receivables40 | - | - | - | - | €1,913 | €1,294 | ▼ 32.4% |
| Other amounts receivable41 | - | - | - | - | €166 | - | - |
| Cash at bank and in hand54/58 | €5,791 | €11,096 | €1,567 | - | €2,226 | €1,830 | ▼ 17.8% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €17,812 | €23,466 | €3,751 | €0 | €20,311 | €17,245 | ▼ 15.1% |
| Equity10/15 | -€46,957 | -€48,969 | -€55,319 | -€58,910 | -€50,838 | -€50,828 | = |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€67,417 | -€69,429 | -€75,779 | -€79,370 | -€71,298 | -€71,288 | = |
| Amounts payable17/49 | €64,769 | €72,435 | €59,070 | €58,910 | €71,149 | €68,073 | ▼ 4.3% |
| Amounts payable within one year42/48 | €64,769 | €72,435 | €59,070 | €58,910 | €71,149 | €68,073 | ▼ 4.3% |
| Financial debts43 | - | - | - | €59 | - | - | - |
| Credit institutions430/8 | - | - | - | €59 | - | - | - |
| Trade debts44 | €3,285 | €4,995 | €942 | €1,228 | €1,128 | €71 | ▼ 93.7% |
| Suppliers440/4 | - | - | - | €1,228 | €1,128 | €71 | ▼ 93.7% |
| Taxes, remuneration and social security45 | - | - | - | - | €3,005 | €2,286 | ▼ 23.9% |
| Taxes450/3 | - | - | - | - | €3,005 | €2,286 | ▼ 23.9% |
| Other amounts payable47/48 | - | - | - | €57,622 | €67,015 | €65,716 | ▼ 1.9% |
| Line | 2018 | 2019 | 2020 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,036 | -€2,012 | -€6,350 | -€1,116 | €8,072 | €3,005 | ▼ 62.8% |
| + Depreciation and write-downs630 | €3,953 | €1,220 | - | - | €994 | €4,385 | ▲ 341% |
| Operating cash flow (approximation) | €6,989 | -€792 | -€6,350 | -€1,116 | €9,065 | €7,390 | ▼ 18.5% |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | -€2,500 | - |
| Change in cash | - | €5,305 | -€9,529 | - | - | -€396 | - |
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, 3,632 companies had the same profile as JS-SERVICES has now. Two years later, 91.9% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.9%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JS-SERVICES itself: 0.9% 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 3,632 companies, not a prediction for JS-SERVICES. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00441211 | |
| 31-12-2024 | micro format | 21-09-2025 | 2025-00496710 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00421611 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60400067 | |
| 31-12-2019 | full format | 25-08-2020 | 2020-44200344 | |
| 31-12-2018 | full format | 19-08-2019 | 2019-47500267 | |
| 31-12-2017 | full format | 27-08-2018 | 2018-51100154 | |
| 31-12-2016 | full format | 18-08-2017 | 2017-45200544 | |
| 31-12-2015 | full format | 30-08-2016 | 2016-54200476 | |
| 31-12-2014 | full format | 24-08-2015 | 2015-46000503 |