JVB Building
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 at the NBB all 5 filings
Equity
€22,840▼ 24.9%
2024 · €30,400
Total assets
€71,041▲ 77.7%
2024 · €39,984
Net result
-€7,560
2024 · €19,593
Working capital
€13,320▼ 35.1%
2024 · €20,516
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€7,487
2025
20212025
Net result
-€7,560
2025
lowest quarter of the sector
20212025
Equity
€22,840
▼ 24.9%
2025
middle half of the sector
20212025
Total assets
€71,041
▲ 77.7%
2025
middle half of the sector
20212025
Debt
€48,201
▲ 403%
2025
20212025
Working capital
€13,320
▼ 35.1%
2025
middle half of the sector
20212025
Solvency
32.2%
▼ 43.9pp
2025
middle half of the sector
20212025
Current ratio
1.29
▼ 1.88
2025
middle half of the sector
20212025
Return on assets (ROA)
-10.6%
▼ 59.6pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
0
▼ 100%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€55,081--€251-€27,211▼ 10,740%€30,892-€7,487
Net result€36,790above the sector's middle half--€734below the sector's middle half-€26,250below the sector's middle half▼ 3,477%€19,593within the sector's middle half-€7,560below the sector's middle half
Equity€37,790within the sector's middle half-€37,056within the sector's middle half▼ 1.9%€10,806below the sector's middle half▼ 70.8%€30,400within the sector's middle half▲ 181%€22,840within the sector's middle half▼ 24.9%
Total assets€173,106within the sector's middle half-€170,228within the sector's middle half▼ 1.7%€147,767within the sector's middle half▼ 13.2%€39,984below the sector's middle half▼ 72.9%€71,041within the sector's middle half▲ 77.7%
Debt€135,316-€133,172▼ 1.6%€136,961▲ 2.8%€9,584▼ 93.0%€48,201▲ 403%
Working capital-€24,874below the sector's middle half--€25,392below the sector's middle half▼ 2.1%-€30,256below the sector's middle half▼ 19.2%€20,516within the sector's middle half€13,320within the sector's middle half▼ 35.1%
Solvency21.8%below the sector's middle half-21.8%below the sector's middle half▼ 0.1pp7.3%below the sector's middle half▼ 14.5pp76.0%above the sector's middle half▲ 68.7pp32.2%within the sector's middle half▼ 43.9pp
Current ratio0.65below the sector's middle half-0.73below the sector's middle half▲ 0.090.71below the sector's middle half▼ 0.023.16within the sector's middle half▲ 2.451.29within the sector's middle half▼ 1.88
Return on assets (ROA)21.3%above the sector's middle half--0.4%below the sector's middle half▼ 21.7pp-17.8%below the sector's middle half▼ 17.3pp49.0%above the sector's middle half▲ 66.8pp-10.6%below the sector's middle half▼ 59.6pp
Staff (FTE)2.9-5▲ 72.4%4.7▼ 6.0%2.1▼ 55.3%0▼ 100%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a loss of €7,487, after a profit of €30,892 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €71,041
Fixed assets
€11,339 ▲ 13.6%
Current assets
€59,701 ▲ 99.0%
Equity and liabilities €71,041
Equity
€22,840 ▼ 24.9%
Debt
€48,201 ▲ 403%
Debt's share of the balance-sheet total rises from 24.0% to 67.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€4,126▼
2024 · €32,810
Cash flow
-€4,199▼
2024 · €21,512
Quick ratio
0.72▼
2024 · 3.16
Debt to equity
2.11▲
2024 · 0.32
ROE
-33.1%▼
2024 · 64.5%
Interest coverage
-6.52▼
2024 · 8.96
Debt ≤ 1 year
€46,381▲
2024 · €9,482
Income taxes
€122▼
2024 · €1,901
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 | 4 | 5 | 5 | 3 | - |
| full-time | 3 | 5 | 5 | 1 | - |
| part-time | 1 | - | - | 2 | - |
| in full-time equivalents | 3.5 | 5 | 5 | 2.1 | - |
| Average over the year, in full-time equivalents | 2.9 | 5 | 4.7 | 2.1 | 0 |
| On a permanent contract | 4 | 5 | 5 | 3 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €153,965 | €42,061 | €31,701 | €26,951 | €4,715 |
| Depreciation and write-downs of the year | €26,546 | €42,432 | €41,987 | €1,918 | €3,361 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 4 entries · €2,831 awarded · €2,831 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 2 | €1,747 | €1,747 |
| 2023 | 1 | €459 | €459 |
| 2022 | 1 | €625 | €625 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €96,617 | €166,362 | €255,426 | €106,383 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,546 | €42,432 | €41,987 | €1,918 | €3,361 | ▲ 75.2% |
| Other operating charges640/8 | €2,736 | €1,023 | €3,856 | €6,027 | €766 | ▼ 87.3% |
| Non-recurring operating charges66A | €375 | €2,423 | - | - | - | - |
| Gross operating margin9900 | €181,355 | €211,990 | €274,057 | €145,220 | -€3,360 | - |
| Operating profit (loss)9901 | €55,081 | -€251 | -€27,211 | €30,892 | -€7,487 | - |
| Financial income75/76B | €393 | €3,947 | €5,178 | €2,825 | €682 | ▼ 75.8% |
| Recurring financial income75 | €153 | €3,644 | €5,178 | €2,825 | €682 | ▼ 75.8% |
| Non-recurring financial income76B | €240 | €304 | - | - | - | - |
| Financial charges65/66B | €4,416 | €3,464 | €4,217 | €12,222 | €633 | ▼ 94.8% |
| Recurring financial charges65 | €3,146 | €3,464 | €4,217 | €3,660 | €633 | ▼ 82.7% |
| Non-recurring financial charges66B | €1,269 | - | - | €8,562 | - | - |
| Profit (loss) for the period before taxes9903 | €51,058 | €232 | -€26,250 | €21,494 | -€7,437 | - |
| Income taxes67/77 | €14,268 | €966 | - | €1,901 | €122 | ▼ 93.6% |
| Profit (loss) for the period9904 | €36,790 | -€734 | -€26,250 | €19,593 | -€7,560 | - |
| Profit (loss) for the period to be appropriated9905 | €36,790 | -€734 | -€26,250 | €19,593 | -€7,560 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €173,106 | €170,228 | €147,767 | €39,984 | €71,041 | ▲ 77.7% |
| Fixed assets21/28 | €127,419 | €100,228 | €73,814 | €9,985 | €11,339 | ▲ 13.6% |
| Tangible fixed assets22/27 | €127,419 | €100,228 | €73,814 | €9,985 | €11,339 | ▲ 13.6% |
| Plant, machinery and equipment23 | €25,377 | €23,900 | €13,200 | - | €5,882 | - |
| Furniture and vehicles24 | €11,995 | €12,955 | €10,647 | €9,985 | €5,457 | ▼ 45.3% |
| Leasing and similar rights25 | €90,047 | €63,374 | €49,967 | - | - | - |
| Current assets29/58 | €45,687 | €70,000 | €73,954 | €29,999 | €59,701 | ▲ 99.0% |
| Stocks and contracts in progress3 | - | €27,500 | €10,500 | - | €26,250 | - |
| Stocks30/36 | - | €27,500 | €10,500 | - | €26,250 | - |
| Amounts receivable within one year40/41 | €39,862 | €42,500 | €59,811 | €26,037 | €20,342 | ▼ 21.9% |
| Trade receivables40 | €27,413 | €34,081 | €47,000 | €19,983 | €12,154 | ▼ 39.2% |
| Other amounts receivable41 | €12,449 | €8,419 | €12,811 | €6,054 | €8,187 | ▲ 35.2% |
| Cash at bank and in hand54/58 | €5,826 | - | - | €2,637 | €11,191 | ▲ 324% |
| Deferred charges and accrued income490/1 | - | - | €3,643 | €1,325 | €1,919 | ▲ 44.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €173,106 | €170,228 | €147,767 | €39,984 | €71,041 | ▲ 77.7% |
| Equity10/15 | €37,790 | €37,056 | €10,806 | €30,400 | €22,840 | ▼ 24.9% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €36,790 | €36,790 | €36,790 | €36,790 | €36,790 | = |
| Distributable reserves133 | €36,790 | €36,790 | €36,790 | €36,790 | €36,790 | = |
| Profit (loss) carried forward14 | - | -€734 | -€26,984 | -€7,391 | -€14,950 | ▼ 102% |
| Amounts payable17/49 | €135,316 | €133,172 | €136,961 | €9,584 | €48,201 | ▲ 403% |
| Amounts payable after more than one year17 | €64,755 | €37,780 | €21,525 | - | - | - |
| Financial debts170/4 | €64,755 | €37,780 | €21,525 | - | - | - |
| Amounts payable within one year42/48 | €70,561 | €95,392 | €104,210 | €9,482 | €46,381 | ▲ 389% |
| Current portion of amounts payable after more than one year42 | €29,685 | €26,975 | €25,488 | - | - | - |
| Financial debts43 | - | €1,653 | €24,556 | - | - | - |
| Credit institutions430/8 | - | €1,653 | €24,556 | - | - | - |
| Trade debts44 | €22,118 | €39,731 | €50,509 | €7,166 | €41,980 | ▲ 486% |
| Suppliers440/4 | €22,118 | €39,731 | €50,509 | €7,166 | €41,980 | ▲ 486% |
| Taxes, remuneration and social security45 | €17,913 | €27,033 | €3,658 | €2,316 | €2,438 | ▲ 5.3% |
| Taxes450/3 | €14,268 | €15,525 | €3,401 | €1,901 | €2,023 | ▲ 6.4% |
| Remuneration and social security454/9 | €3,645 | €11,508 | €257 | €415 | €415 | = |
| Other amounts payable47/48 | €845 | - | - | - | €1,963 | - |
| Accrued charges and deferred income492/3 | - | - | €11,226 | €102 | €1,820 | ▲ 18× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,790 | -€734 | -€26,250 | €19,593 | -€7,560 | - |
| + Depreciation and write-downs630 | €26,546 | €42,432 | €41,987 | €1,918 | €3,361 | ▲ 75.2% |
| Operating cash flow (approximation) | €63,336 | €41,698 | €15,737 | €21,512 | -€4,199 | - |
| Investment in fixed assets (approximation) | - | -€15,242 | -€15,572 | €61,910 | -€4,715 | - |
| Change in cash | - | - | - | - | €8,554 | - |
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, 3,591 companies had the same profile as JVB Building has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JVB Building itself: 1.7% 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 3,591 companies, not a prediction for JVB Building. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00160734 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00197504 | |
| 31-12-2023 | micro format | 21-08-2024 | 2024-00355843 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00353559 | |
| 31-12-2021 | micro format | 31-05-2022 | 2022-20038972 |