JSV
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-10-2025 PDF all 11 filings
Turnover
≈ €430,000
Estimated: probably between €320,000 and €530,000
Total assets
€544,303▲ 30.7%
2024 · €416,323
Net result
€52,207▲ 74.0%
2024 · €30,012
Working capital
€43,007▲ 26×
2024 · €1,644
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€72,130
▲ 54.8%
2025
20192025
Net result
€52,207
▲ 74.0%
2025
highest quarter of the sector
20192025
Equity
€274,251
▲ 23.5%
2025
highest quarter of the sector
20192025
Total assets
€544,303
▲ 30.7%
2025
highest quarter of the sector
20192025
Debt
€270,052
▲ 39.0%
2025
20192025
Working capital
€43,007
▲ 26×
2025
highest quarter of the sector
20192025
Solvency
50.4%
▼ 2.9pp
2025
middle half of the sector
20192025
Current ratio
1.46
▲ 0.43
2025
middle half of the sector
20192025
Return on assets (ROA)
9.6%
▲ 2.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€51,828-€47,135▼ 9.1%€34,441▼ 26.9%€38,208▲ 10.9%€16,523▼ 56.8%€46,590▲ 182%€72,130▲ 54.8%
Net result€28,626-€31,267above the sector's middle half▲ 9.2%€16,857within the sector's middle half▼ 46.1%€25,092above the sector's middle half▲ 48.8%€716within the sector's middle half▼ 97.1%€30,012above the sector's middle half▲ 42×€52,207above the sector's middle half▲ 74.0%
Equity€118,100-€149,367above the sector's middle half▲ 26.5%€166,224above the sector's middle half▲ 11.3%€191,316above the sector's middle half▲ 15.1%€192,032above the sector's middle half▲ 0.4%€222,044above the sector's middle half▲ 15.6%€274,251above the sector's middle half▲ 23.5%
Total assets€379,786-€367,577above the sector's middle half▼ 3.2%€336,264above the sector's middle half▼ 8.5%€428,931above the sector's middle half▲ 27.6%€432,094above the sector's middle half▲ 0.7%€416,323above the sector's middle half▼ 3.6%€544,303above the sector's middle half▲ 30.7%
Debt€261,687-€218,210▼ 16.6%€170,040▼ 22.1%€237,616▲ 39.7%€240,062▲ 1.0%€194,279▼ 19.1%€270,052▲ 39.0%
Working capital€6,468-€34,100above the sector's middle half▲ 427%€42,908above the sector's middle half▲ 25.8%-€15,729within the sector's middle half-€17,855within the sector's middle half▼ 13.5%€1,644within the sector's middle half€43,007above the sector's middle half▲ 26×
Solvency31.1%-40.6%within the sector's middle half▲ 9.5pp49.4%within the sector's middle half▲ 8.8pp44.6%within the sector's middle half▼ 4.8pp44.4%within the sector's middle half▼ 0.2pp53.3%within the sector's middle half▲ 8.9pp50.4%within the sector's middle half▼ 2.9pp
Current ratio1.11-1.65within the sector's middle half▲ 0.542.19within the sector's middle half▲ 0.540.79within the sector's middle half▼ 1.410.65within the sector's middle half▼ 0.141.03within the sector's middle half▲ 0.381.46within the sector's middle half▲ 0.43
Return on assets (ROA)7.5%-8.5%within the sector's middle half▲ 1.0pp5.0%within the sector's middle half▼ 3.5pp5.8%within the sector's middle half▲ 0.8pp0.2%within the sector's middle half▼ 5.7pp7.2%within the sector's middle half▲ 7.0pp9.6%within the sector's middle half▲ 2.4pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 55% 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 €544,303
Fixed assets
€407,542 ▲ 16.3%
Current assets
€136,761 ▲ 107%
Equity and liabilities €544,303
Equity
€274,251 ▲ 23.5%
Debt
€270,052 ▲ 39.0%
Debt's share of the balance-sheet total rises from 46.7% to 49.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€138,366▲
2024 · €112,879
Cash flow
€118,442▲
2024 · €96,301
Quick ratio
1.41▲
2024 · 0.94
Debt to equity
0.98▲
2024 · 0.87
ROE
19.0%▲
2024 · 13.5%
Interest coverage
30.55▲
2024 · 18.33
Debt ≤ 1 year
€93,754▲
2024 · €64,370
Debt > 1 year
€176,298▲
2024 · €129,909
Income taxes
€15,395▲
2024 · €10,572
Staff costs
€387
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €175,167 | €101,256 | €17,168 | €123,469 |
| Depreciation and write-downs of the year | €62,009 | €72,570 | €66,289 | €66,236 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €30,500 | €14,876 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €387 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €70,153 | €52,313 | €46,597 | €62,009 | €72,570 | €66,289 | €66,236 | ▼ 0.1% |
| Other operating charges640/8 | - | - | - | €2,092 | €2,125 | €2,281 | €1,803 | ▼ 21.0% |
| Gross operating margin9900 | €128,287 | €101,560 | €86,201 | €102,308 | €91,217 | €115,160 | €140,556 | ▲ 22.1% |
| Operating profit (loss)9901 | €51,828 | €47,135 | €34,441 | €38,208 | €16,523 | €46,590 | €72,130 | ▲ 54.8% |
| Financial income75/76B | - | - | - | - | - | €153 | - | - |
| Recurring financial income75 | €99 | - | - | - | - | €153 | - | - |
| Financial charges65/66B | - | - | - | €5,436 | €5,806 | €6,159 | €4,529 | ▼ 26.5% |
| Recurring financial charges65 | €5,542 | €3,237 | €3,312 | €5,436 | €5,806 | €6,159 | €4,529 | ▼ 26.5% |
| Profit (loss) for the period before taxes9903 | €46,385 | €43,898 | €31,130 | €32,772 | €10,716 | €40,584 | €67,602 | ▲ 66.6% |
| Income taxes67/77 | €17,758 | €12,631 | €14,273 | €7,680 | €10,000 | €10,572 | €15,395 | ▲ 45.6% |
| Profit (loss) for the period9904 | €28,626 | €31,267 | €16,857 | €25,092 | €716 | €30,012 | €52,207 | ▲ 74.0% |
| Profit (loss) for the period to be appropriated9905 | €28,626 | €31,267 | €16,857 | €25,092 | €716 | €30,012 | €52,207 | ▲ 74.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €379,786 | €367,577 | €336,264 | €428,931 | €432,094 | €416,323 | €544,303 | ▲ 30.7% |
| Fixed assets21/28 | €315,021 | €280,964 | €257,398 | €370,557 | €399,243 | €350,309 | €407,542 | ▲ 16.3% |
| Intangible fixed assets21 | - | - | - | - | - | €0 | - | - |
| Tangible fixed assets22/27 | €315,021 | €280,964 | €257,398 | €370,557 | €399,243 | €350,309 | €407,542 | ▲ 16.3% |
| Land and buildings22 | - | - | - | €283,620 | €256,939 | €235,452 | €271,238 | ▲ 15.2% |
| Plant, machinery and equipment23 | - | - | - | €21,063 | €11,343 | €9,022 | €65,558 | ▲ 627% |
| Furniture and vehicles24 | - | - | - | €65,874 | €130,962 | €95,668 | €60,578 | ▼ 36.7% |
| Other tangible fixed assets26 | - | - | - | - | - | €10,168 | €10,168 | = |
| Current assets29/58 | €64,765 | €86,613 | €78,867 | €58,375 | €32,851 | €66,014 | €136,761 | ▲ 107% |
| Stocks and contracts in progress3 | €2,204 | €2,204 | €2,622 | €2,840 | €7,155 | €5,402 | €5,014 | ▼ 7.2% |
| Stocks30/36 | - | - | - | €2,840 | €7,155 | €5,402 | €5,014 | ▼ 7.2% |
| Amounts receivable within one year40/41 | €2,940 | €2,423 | €3,002 | €17,545 | €14,228 | €726 | €7,735 | ▲ 965% |
| Trade receivables40 | - | - | - | €3,111 | €2,562 | €726 | €199 | ▼ 72.5% |
| Other amounts receivable41 | - | - | - | €14,434 | €11,666 | €0 | €7,536 | - |
| Cash at bank and in hand54/58 | €59,621 | €81,986 | €73,243 | €37,990 | €11,468 | €59,886 | €124,012 | ▲ 107% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €379,786 | €367,577 | €336,264 | €428,931 | €432,094 | €416,323 | €544,303 | ▲ 30.7% |
| Equity10/15 | €118,100 | €149,367 | €166,224 | €191,316 | €192,032 | €222,044 | €274,251 | ▲ 23.5% |
| Contributions10/11 | €20,000 | - | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €46,834 | €46,834 | €46,834 | €46,834 | €46,834 | €46,834 | €46,834 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | - | - | - |
| Distributable reserves133 | - | - | - | €44,834 | €44,834 | €46,834 | €46,834 | = |
| Profit (loss) carried forward14 | €51,266 | €82,533 | €99,390 | €124,482 | €125,198 | €155,210 | €207,417 | ▲ 33.6% |
| Amounts payable17/49 | €261,687 | €218,210 | €170,040 | €237,616 | €240,062 | €194,279 | €270,052 | ▲ 39.0% |
| Amounts payable after more than one year17 | €200,965 | €165,698 | €134,082 | €163,512 | €189,356 | €129,909 | €176,298 | ▲ 35.7% |
| Financial debts170/4 | - | - | - | €163,512 | €189,356 | €129,909 | €176,298 | ▲ 35.7% |
| Amounts payable within one year42/48 | €58,297 | €52,512 | €35,958 | €74,104 | €50,706 | €64,370 | €93,754 | ▲ 45.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €55,167 | €48,009 | €42,850 | €48,611 | ▲ 13.4% |
| Trade debts44 | €16,403 | €14,870 | €1,957 | €17,393 | €2,696 | €11,608 | €41,910 | ▲ 261% |
| Suppliers440/4 | - | - | - | €17,393 | €2,696 | €11,608 | €41,910 | ▲ 261% |
| Taxes, remuneration and social security45 | - | - | - | €1,545 | - | €3,233 | €3,233 | = |
| Remuneration and social security454/9 | - | - | - | €1,545 | - | €3,233 | €3,233 | = |
| Other amounts payable47/48 | - | - | - | - | - | €6,679 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,626 | €31,267 | €16,857 | €25,092 | €716 | €30,012 | €52,207 | ▲ 74.0% |
| + Depreciation and write-downs630 | €70,153 | €52,313 | €46,597 | €62,009 | €72,570 | €66,289 | €66,236 | ▼ 0.1% |
| Operating cash flow (approximation) | €98,780 | €83,580 | €63,454 | €87,100 | €73,286 | €96,301 | €118,442 | ▲ 23.0% |
| Investment in fixed assets (approximation) | - | -€18,256 | -€23,030 | -€175,167 | -€101,256 | -€17,355 | -€123,469 | ▼ 611% |
| Change in cash | - | €22,365 | -€8,743 | -€35,253 | -€26,522 | €48,418 | €64,126 | ▲ 32.4% |
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, 17,811 companies had the same profile as JSV has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of JSV itself: 0.4% 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 17,811 companies, not a prediction for JSV. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 30-10-2025 | 2025-00557372 | |
| 31-03-2024 | micro format | 21-10-2024 | 2024-00510262 | |
| 31-03-2023 | micro format | 21-09-2023 | 2023-00450147 | |
| 31-03-2022 | micro format | 27-10-2022 | 2022-20474963 | |
| 31-03-2021 | micro format | 25-10-2021 | 2021-73300420 | |
| 31-03-2020 | micro format | 30-10-2020 | 2020-66800158 | |
| 31-03-2019 | micro format | 11-10-2019 | 2019-69900401 | |
| 31-03-2018 | micro format | 21-09-2018 | 2018-64000397 | |
| 31-03-2017 | micro format | 19-09-2017 | 2017-62400328 | |
| 31-03-2016 | abbreviated format | 25-10-2016 | 2016-66200443 |