Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Back in profit in 2025, after a loss of €56,641 in 2024.
Of this, €117,848 falls due within a year.
Green is investment, beige is depreciation.
In 2025, nobody joined and 1 person left.
A director left. Latest change 09-12-2025 · 1 in office.
The dashed line is the sector median: 1.5% across 13,459 companies (NACE 41, micro).
About 6 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 41, micro). It does better than 10% of them on solvency, 7% on liquidity, 34% on profitability and 84% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 2,180 companies had the same profile as JSA Construct has now. Each dot stands for 6 companies, two years later.
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JSA Construct itself: 5.9% within 12 months.
The method was tested on the 497,447 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 2,180 companies, not a prediction for JSA 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.
Liquidity is insufficient, with a current ratio of 0.87 (0.62 in 2024), below 1. Short-term debt is 91.6% and cash 4.7% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 6 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| JSA Construct Binche | €128,687 | €35,554 | -4.7% | - |
| A9 DESIGN Mons | €117,543 | €40,664 | 68.0% | - |
| NAMARIS Châtelet | €136,648 | €38,412 | 37.8% | - |
| L.I.V.-BOUWENWERK Ternat | €130,364 | €38,087 | 72.8% | - |
| Raul & Alexandra Construct Anderlecht | €133,521 | €35,997 | 80.4% | - |
| DE BOSS CONSTRUCTION Sint-Pieters-Leeuw | €127,846 | €34,470 | 15.2% | - |
| BOUWONDERNEMING DECUYPERE Bruges | €125,339 | €31,550 | 73.1% | - |
These companies have the same main activity as JSA Construct: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €118,000 and €137,000, founded between 2020 and 2021.
JSA Construct files the micro format. That format states no turnover. The gross margin rose from €18,775 in 2021 to €35,554 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €250,000. Estimated: probably between €140,000 and €460,000.
Higher than 10% of 9,452 companies in 2025.
Higher than 17% of 9,200 companies in 2025.
Higher than 59% of 9,272 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, nobody joined and 1 person left. Training hours in 2025: 22.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
128,687 | 56,235 | 164,439 | 69,314 | 90,101 | |
21/28 |
26,740 | 10,196 | 21,293 | 30,888 | 4,328 | |
22/27 |
25,833 | 9,289 | 21,293 | 30,888 | 4,328 | |
23 |
5,458 | 8,458 | 11,458 | 14,458 | - | |
24 |
20,375 | 831 | 9,835 | 16,431 | 4,328 | |
28 |
908 | 908 | - | - | - | |
29/58 |
101,946 | 46,039 | 143,146 | 38,426 | 85,773 | |
40/41 |
91,274 | 45,524 | 103,068 | 28,665 | 8,679 | |
40 |
77,480 | 30,590 | 90,627 | 8,628 | - | |
41 |
13,795 | 14,934 | 12,441 | 20,036 | 8,679 | |
54/58 |
6,000 | - | 39,114 | 7,382 | 77,082 | |
490/1 |
4,672 | 515 | 964 | 2,379 | 12 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
128,687 | 56,235 | 164,439 | 69,314 | 90,101 | |
10/15 |
-6,019 | -19,653 | 36,988 | 31,635 | 17,699 | |
10/11 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
14 |
-16,019 | -29,653 | 26,988 | 21,635 | 7,699 | |
17/49 |
134,706 | 75,889 | 127,451 | 37,680 | 72,402 | |
17 |
16,858 | - | 17,646 | 7,253 | - | |
170/4 |
16,858 | - | 17,646 | 7,253 | - | |
42/48 |
117,848 | 74,830 | 109,805 | 30,426 | 72,402 | |
42 |
3,267 | 17,646 | 19,607 | 4,936 | - | |
43 |
48,128 | 34,763 | - | - | - | |
430/8 |
48,128 | 34,763 | - | - | - | |
44 |
59,815 | 10,800 | 68,802 | 6,052 | 13,018 | |
440/4 |
59,815 | 10,800 | 68,802 | 6,052 | 13,018 | |
46 |
- | - | - | - | 50,000 | |
45 |
448 | 2,665 | 9,611 | 5,153 | 7,532 | |
450/3 |
- | 1,988 | 6,544 | 4,568 | 2,406 | |
454/9 |
448 | 677 | 3,067 | 585 | 5,126 | |
47/48 |
6,190 | 8,956 | 11,785 | 14,285 | 1,852 | |
492/3 |
- | 1,058 | - | - | - | |
| Income statement | ||||||
76A |
579 | - | - | - | - | |
9900 |
35,554 | -31,541 | 30,521 | 39,457 | 18,775 | |
62 |
7,528 | 9,442 | 9,122 | 5,543 | 1,936 | |
630 |
4,943 | 3,735 | 11,528 | 6,440 | 2,172 | |
640/8 |
2,109 | 1,701 | 1,176 | 816 | 1,274 | |
66A |
- | 5,615 | - | 504 | - | |
9901 |
20,974 | -52,034 | 8,695 | 26,154 | 13,394 | |
75/76B |
31 | 116 | 126 | 687 | 0 | |
75 |
31 | 116 | 126 | 687 | 0 | |
65/66B |
7,371 | 4,723 | 1,493 | 8,337 | 3,290 | |
65 |
7,371 | 4,723 | 1,493 | 8,337 | 3,290 | |
9903 |
13,634 | -56,641 | 7,328 | 18,504 | 10,105 | |
67/77 |
- | - | 1,975 | 4,568 | 2,406 | |
9904 |
13,634 | -56,641 | 5,353 | 13,936 | 7,699 | |
9905 |
13,634 | -56,641 | 5,353 | 13,936 | 7,699 | |
| Appropriation of the result | ||||||
9906 |
-16,019 | -29,653 | 26,988 | 21,635 | 7,699 | |
14P |
-29,653 | 26,988 | 21,635 | 7,699 | - | |
| Social balance sheet | ||||||
9087 |
1 | 1 | 1 | 1 | - | |
Hours worked1013 |
976 | 1,760 | 1,824 | 640 | - | |
| Document | ||||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 24-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00195262 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00194196 | |
| 31-12-2023 | micro format | 24-09-2024 | 2024-00470805 | |
| 31-12-2022 | micro format | 17-08-2023 | 2023-00340431 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20322722 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 25,917 | -48,300 | 20,223 | 32,594 | 15,566 | ||
| 18,577 | -52,907 | 16,881 | 20,376 | 9,871 | ||
| 21,488 | 908 | 1,932 | 33,000 | 6,500 | ||
| - | - | 31,732 | -69,699 | - | ||
| -15,902 | -28,791 | 33,342 | 8,000 | 13,371 | ||
| -4.7% | -34.9% | 22.5% | 45.6% | 19.6% | ||
| 0.87 | 0.62 | 1.30 | 1.26 | 1.18 | ||
| - | - | 3.45 | 1.19 | 4.09 | ||
| - | - | 14.5% | 44.1% | 43.5% | ||
| 10.6% | -100.7% | 3.3% | 20.1% | 8.5% | ||
| 3.52 | -10.23 | 13.55 | 3.91 | 4.73 |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | - | 1 | 1 | 1 |
| part-time | 1 | - | - | - |
| in full-time equivalents | 0.5 | 1 | 1 | 1 |
| 0.5 | 1 | 1 | 1 | |
| On a permanent contract | 1 | - | - | - |
| Joined | 0 | 1 | - | - |
| Left | 1 | 1 | - | - |
| Training hours | 22 | - | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €21,488 | - | €1,932 | €33,000 | €6,500 |
| Financial fixed assets | - | €908 | - | - | - |
| €4,943 | €3,735 | €11,528 | €6,440 | €2,172 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €20,974, after a loss of €52,034 in 2024. It is the highest result since 2022.
Equity is negative. Debt (€134,706) exceeds the balance-sheet total (€128,687).
JSA Construct has no parent and no holdings in its annual accounts. ARNOULD Jérôme Bernard Benoit Maurice Patrick Ghislain is the only director. JSA Construct shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
JSA Construct was incorporated on 1 October 2020 as a private limited company by three natural persons, with a starting capital of €10,000.12 The registered office moved to Lobbes in 2023 and to Leval-Trahegnies in 2025.34 Since 2020, ARNOULD Jérôme Bernard Benoit Maurice Patrick Ghislain has served as director.5 Total assets rose from €90,101 in 2021 to €128,687 in 2025 and headcount from 1 full-time equivalents in 2022 to 1 in 2025.6
| Establishment | Since | Unit number |
|---|---|---|
| Rue des Moulins 14 registered office 7134 Binche | 01-10-2020 | 2.308.627.219 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 56043B0692/00A002 | 531 m² | 1 · 153 m² | 7.1 m · 2 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0755.565.266
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