JULEMAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-10-2025 PDF all 14 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €390,000
Estimated: probably between €330,000 and €460,000
Total assets
€1.6m▲ 1.6%
2024 · €1.6m
Net result
€137,688▲ 18.9%
2024 · €115,831
Working capital
€84,087▼ 21.7%
2024 · €107,331
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€188,877
▲ 5.5%
2025
20192025
Net result
€137,688
▲ 18.9%
2025
highest quarter of the sector
20192025
Equity
€593,299
▲ 29.7%
2025
highest quarter of the sector
20192025
Total assets
€1.6m
▲ 1.6%
2025
highest quarter of the sector
20192025
Debt
€1.0m
▼ 9.6%
2025
20192025
Working capital
€84,087
▼ 21.7%
2025
middle half of the sector
20192025
Solvency
36.4%
▲ 7.9pp
2025
middle half of the sector
20192025
Current ratio
1.41
▼ 0.22
2025
middle half of the sector
20192025
Return on assets (ROA)
8.5%
▲ 1.2pp
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€0.05m-€0.07m▲ 39.7%€0.07m▲ 7.8%€0.09m▲ 29.5%€0.1m▲ 58.8%€0.2m▲ 23.5%€0.2m▲ 5.5%
Net result€0.03m-€0.03mwithin the sector's middle half▲ 26.1%€0.03mwithin the sector's middle half▲ 4.0%€0.05mwithin the sector's middle half▲ 45.3%€0.1mabove the sector's middle half▲ 94.8%€0.1mabove the sector's middle half▲ 18.5%€0.1mabove the sector's middle half▲ 18.9%
Equity€0.1m-€0.2mwithin the sector's middle half▲ 24.4%€0.2mwithin the sector's middle half▲ 19.9%€0.2mwithin the sector's middle half▲ 24.5%€0.3mabove the sector's middle half▲ 39.0%€0.5mabove the sector's middle half▲ 33.3%€0.6mabove the sector's middle half▲ 29.7%
Total assets€0.8m-€0.8mabove the sector's middle half▲ 2.4%€1.0mabove the sector's middle half▲ 32.7%€1.0mabove the sector's middle half▼ 0.3%€1.1mabove the sector's middle half▲ 2.8%€1.6mabove the sector's middle half▲ 51.8%€1.6mabove the sector's middle half▲ 1.6%
Debt€0.6m-€0.6m▼ 2.3%€0.8m▲ 36.1%€0.8m▼ 6.2%€0.7m▼ 8.7%€1.1m▲ 60.7%€1.0m▼ 9.6%
Working capital-€0.03m--€0.007mbelow the sector's middle half▲ 72.5%-€0.08mbelow the sector's middle half▼ 1,048%-€0.09mbelow the sector's middle half▼ 20.1%-€0.01mbelow the sector's middle half▲ 88.0%€0.1mwithin the sector's middle half€0.08mwithin the sector's middle half▼ 21.7%
Solvency17.5%-21.3%below the sector's middle half▲ 3.8pp19.3%below the sector's middle half▼ 2.0pp24.0%below the sector's middle half▲ 4.8pp32.5%within the sector's middle half▲ 8.5pp28.6%within the sector's middle half▼ 4.0pp36.4%within the sector's middle half▲ 7.9pp
Current ratio0.78-0.95below the sector's middle half▲ 0.170.61below the sector's middle half▼ 0.340.57below the sector's middle half▼ 0.030.94below the sector's middle half▲ 0.371.63within the sector's middle half▲ 0.681.41within the sector's middle half▼ 0.22
Return on assets (ROA)3.5%-4.3%within the sector's middle half▲ 0.8pp3.4%within the sector's middle half▼ 0.9pp4.9%within the sector's middle half▲ 1.5pp9.3%within the sector's middle half▲ 4.4pp7.2%within the sector's middle half▼ 2.0pp8.5%within the sector's middle half▲ 1.2pp
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 6% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €1.6m
Fixed assets
€1.3m ▲ 1.1%
Current assets
€290,621 ▲ 4.3%
Equity and liabilities €1.6m
Equity
€593,299 ▲ 29.7%
Debt
€1.0m ▼ 9.6%
Debt's share of the balance-sheet total falls from 71.4% to 63.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€224,651▲
2024 · €209,783
Cash flow
€173,463▲
2024 · €146,640
Debt to equity
1.74▼
2024 · 2.50
ROE
23.2%▼
2024 · 25.3%
Interest coverage
6.83▼
2024 · 13.57
Debt ≤ 1 year
€206,534▲
2024 · €171,305
Debt > 1 year
€822,205▼
2024 · €967,923
Income taxes
€58,966▲
2024 · €56,630
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €710,000 | €710,000 | €710,000 | €710,000 |
| Carrying value of the mortgaged assets | €614,351 | €584,558 | €593,709 | €606,252 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €14,783 | €1,742 | €41,436 | €50,075 |
| Financial fixed assets | €9,000 | - | €443,081 | - |
| Depreciation and write-downs of the year | €32,211 | €32,064 | €30,809 | €35,774 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €57,305 | €30,203 | €29,987 | €32,211 | €32,064 | €30,809 | €35,774 | ▲ 16.1% |
| Other operating charges640/8 | - | - | - | €6,308 | €6,636 | €5,952 | €5,759 | ▼ 3.2% |
| Gross operating margin9900 | €108,030 | €101,422 | €106,585 | €129,732 | €183,573 | €215,735 | €230,410 | ▲ 6.8% |
| Operating profit (loss)9901 | €46,751 | €65,330 | €70,449 | €91,213 | €144,873 | €178,973 | €188,877 | ▲ 5.5% |
| Financial income75/76B | - | - | - | - | €14,000 | €8,945 | €40,658 | ▲ 355% |
| Recurring financial income75 | €10 | €0 | €0 | - | €14,000 | €8,945 | €40,658 | ▲ 355% |
| Financial charges65/66B | - | - | - | €16,317 | €16,769 | €15,457 | €32,880 | ▲ 113% |
| Recurring financial charges65 | €13,070 | €16,605 | €16,431 | €16,317 | €16,769 | €15,457 | €32,880 | ▲ 113% |
| Profit (loss) for the period before taxes9903 | €33,691 | €48,725 | €54,018 | €74,896 | €142,104 | €172,461 | €196,655 | ▲ 14.0% |
| Income taxes67/77 | €7,372 | €15,524 | €19,481 | €24,705 | €44,320 | €56,630 | €58,966 | ▲ 4.1% |
| Profit (loss) for the period9904 | €26,319 | €33,200 | €34,537 | €50,191 | €97,784 | €115,831 | €137,688 | ▲ 18.9% |
| Profit (loss) for the period to be appropriated9905 | €26,181 | €33,063 | €34,537 | €50,191 | €97,784 | €115,831 | €137,688 | ▲ 18.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.8m | €0.8m | €1.0m | €1.0m | €1.1m | €1.6m | €1.6m | ▲ 1.6% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €0.7m | €0.6m | €0.9m | €0.9m | €0.9m | €1.3m | €1.3m | ▲ 1.1% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 2.4% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 2.1% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.003m | €0.002m | ▼ 10.3% |
| Furniture and vehicles24 | - | - | - | €0.009m | €0.009m | €0.008m | €0.01m | ▲ 26.4% |
| Financial fixed assets28 | €0 | €0 | €0.3m | €0.3m | €0.3m | €0.7m | €0.7m | = |
| Current assets29/58 | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 4.3% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.05m | €0.03m | €0.03m | €0.2m | €0.2m | ▲ 3.9% |
| Trade receivables40 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 3.5% |
| Other amounts receivable41 | - | - | - | - | €13 | €0.1m | €0.1m | ▲ 4.0% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.07m | €0.1m | €0.06m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 2.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €457 | €0.003m | €0.01m | ▲ 287% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.8m | €0.8m | €1.0m | €1.0m | €1.1m | €1.6m | €1.6m | ▲ 1.6% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.5m | €0.6m | ▲ 29.7% |
| Contributions10/11 | €0.01m | €0 | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.6m | ▲ 30.6% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €413 | €413 | €413 | €413 | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.3m | €0.4m | €0.6m | ▲ 30.6% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - | - | - |
| Amounts payable17/49 | €0.6m | €0.6m | €0.8m | €0.8m | €0.7m | €1.1m | €1.0m | ▼ 9.6% |
| Amounts payable after more than one year17 | €0.5m | €0.5m | €0.6m | €0.6m | €0.5m | €1.0m | €0.8m | ▼ 15.1% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €1.0m | €0.8m | ▼ 15.1% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 20.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.09m | €0.1m | €0.1m | ▲ 19.9% |
| Trade debts44 | €0.003m | €0.02m | €0.02m | €0.003m | €0.005m | €0.008m | €0.005m | ▼ 28.1% |
| Suppliers440/4 | - | - | - | €0.003m | €0.005m | €0.008m | €0.005m | ▼ 28.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.04m | €0.04m | €0.05m | ▲ 32.3% |
| Taxes450/3 | - | - | - | €0.02m | €0.04m | €0.04m | €0.05m | ▲ 32.3% |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.07m | €0.002m | €0.002m | ▲ 4.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.006m | €0.005m | €0.006m | ▲ 14.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,319 | €33,200 | €34,537 | €50,191 | €97,784 | €115,831 | €137,688 | ▲ 18.9% |
| + Depreciation and write-downs630 | €57,305 | €30,203 | €29,987 | €32,211 | €32,064 | €30,809 | €35,774 | ▲ 16.1% |
| Operating cash flow (approximation) | €83,624 | €63,403 | €64,524 | €82,402 | €129,847 | €146,640 | €173,463 | ▲ 18.3% |
| Investment in fixed assets (approximation) | - | -€9,263 | -€291,261 | -€23,783 | -€1,742 | -€484,517 | -€50,075 | ▲ 89.7% |
| Change in cash | - | €39,834 | -€43,089 | €31,576 | €58,998 | -€47,161 | -€2,732 | ▲ 94.2% |
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 JULEMAR 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 JULEMAR itself: 0.2% 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 JULEMAR. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 10-10-2025 | 2025-00543809 | |
| 31-03-2024 | micro format | 24-09-2024 | 2024-00470333 | |
| 31-03-2023 | micro format | 27-09-2023 | 2023-00462037 | |
| 31-03-2022 | micro format | 19-09-2022 | 2022-20433704 | |
| 31-03-2021 | micro format | 21-09-2021 | 2021-67800302 | |
| 31-03-2020 | micro format | 23-09-2020 | 2020-54700341 | |
| 31-03-2019 | micro format | 26-09-2019 | 2019-66500587 | |
| 31-03-2018 | micro format | 25-09-2018 | 2018-65500166 | |
| 31-03-2017 | micro format | 24-10-2017 | 2017-68000464 | |
| 31-03-2016 | abbreviated format | 19-09-2016 | 2016-60300262 |