JVK Construct
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 6 filings
Turnover
≈ €890,000
Estimated: probably between €620,000 and €1.3m
Total assets
€2.1m▲ 30.0%
2024 · €1.6m
Net result
€39,539▲ 0.7%
2024 · €39,266
Working capital
-€81,534▼ 39.4%
2024 · -€58,508
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€126,238
▲ 24.4%
2025
20202025
Net result
€39,539
▲ 0.7%
2025
highest quarter of the sector
20202025
Equity
€308,629
▲ 14.7%
2025
highest quarter of the sector
20202025
Total assets
€2.1m
▲ 30.0%
2025
highest quarter of the sector
20202025
Debt
€1.8m
▲ 33.0%
2025
20202025
Working capital
-€81,534
▼ 39.4%
2025
lowest quarter of the sector
20202025
Solvency
14.5%
▼ 1.9pp
2025
lowest quarter of the sector
20202025
Current ratio
0.86
▼ 0.02
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
1.9%
▼ 0.5pp
2025
middle half of the sector
20202025
Staff (FTE)
2.4
▲ 20.0%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.1m-€0.08m▼ 43.1%€0.08m▼ 1.0%€0.05m▼ 36.8%€0.1m▲ 112%€0.1m▲ 24.4%
Net result€0.1mabove the sector's middle half-€0.06mabove the sector's middle half▼ 39.0%€0.05mabove the sector's middle half▼ 21.2%€0.02mwithin the sector's middle half▼ 48.1%€0.04mabove the sector's middle half▲ 64.6%€0.04mabove the sector's middle half▲ 0.7%
Equity€0.1mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 57.3%€0.2mabove the sector's middle half▲ 28.7%€0.2mabove the sector's middle half▲ 11.6%€0.3mabove the sector's middle half▲ 17.1%€0.3mabove the sector's middle half▲ 14.7%
Total assets€0.2mwithin the sector's middle half-€0.5mabove the sector's middle half▲ 110%€0.8mabove the sector's middle half▲ 54.0%€1.7mabove the sector's middle half▲ 117%€1.6mabove the sector's middle half▼ 2.6%€2.1mabove the sector's middle half▲ 30.0%
Debt€0.1m-€0.3m▲ 149%€0.6m▲ 65.8%€1.5m▲ 156%€1.4m▼ 5.7%€1.8m▲ 33.0%
Working capital€0.04mwithin the sector's middle half-€0.04mwithin the sector's middle half▼ 11.5%€0.08mwithin the sector's middle half▲ 116%-€0.1mbelow the sector's middle half-€0.06mbelow the sector's middle half▲ 56.3%-€0.08mbelow the sector's middle half▼ 39.4%
Solvency42.4%within the sector's middle half-31.8%within the sector's middle half▼ 10.7pp26.6%within the sector's middle half▼ 5.2pp13.6%below the sector's middle half▼ 12.9pp16.4%below the sector's middle half▲ 2.8pp14.5%below the sector's middle half▼ 1.9pp
Current ratio1.50within the sector's middle half-1.17within the sector's middle half▼ 0.331.17within the sector's middle half=0.75below the sector's middle half▼ 0.420.88below the sector's middle half▲ 0.130.86below the sector's middle half▼ 0.02
Return on assets (ROA)39.9%above the sector's middle half-11.6%within the sector's middle half▼ 28.3pp5.9%within the sector's middle half▼ 5.7pp1.4%within the sector's middle half▼ 4.5pp2.4%within the sector's middle half▲ 1.0pp1.9%within the sector's middle half▼ 0.5pp
Staff (FTE)0.61.6▲ 167%2▲ 25.0%2.4▲ 20.0%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 24% 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 €2.1m
Fixed assets
€1.6m ▲ 34.2%
Current assets
€485,972 ▲ 17.4%
Equity and liabilities €2.1m
Equity
€308,629 ▲ 14.7%
Debt
€1.8m ▲ 33.0%
Debt's share of the balance-sheet total rises from 83.6% to 85.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€327,159▲
2024 · €227,654
Cash flow
€240,461▲
2024 · €165,404
Debt to equity
5.91▲
2024 · 5.10
ROE
12.8%▼
2024 · 14.6%
Interest coverage
4.86▼
2024 · 5.62
Debt ≤ 1 year
€567,505▲
2024 · €472,371
Debt > 1 year
€1.3m▲
2024 · €898,073
Income taxes
€20,064▼
2024 · €22,623
Staff costs
€111,901▲
2024 · €92,098
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 2 | 3 |
| full-time | 1 | 2 | 2 | 2 |
| part-time | - | - | - | 1 |
| in full-time equivalents | 1 | 2 | 2 | 2.4 |
| Average over the year, in full-time equivalents | 0.6 | 1.6 | 2 | 2.4 |
| On a permanent contract | 1 | 2 | 2 | 2 |
| Joined | 6 | 3 | - | 7 |
| Left | 5 | 2 | - | 6 |
| Training hours | - | - | - | 272 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | €850,000 | - | - |
| Carrying value of the mortgaged assets | - | - | €1.1m | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €187,812 | €62,624 | €1.2m | €61,570 | €620,705 |
| Financial fixed assets | - | €180 | - | - | - |
| Depreciation and write-downs of the year | €45,390 | €80,704 | €80,246 | €126,138 | €200,921 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €144 awardedAnnual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €17,963 | - | - | - |
| Remuneration, social security and pensions62 | - | - | €28,394 | €77,544 | €92,098 | €111,901 | ▲ 21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,889 | €45,390 | €80,704 | €80,246 | €126,138 | €200,921 | ▲ 59.3% |
| Other operating charges640/8 | - | €13,660 | €3,078 | €10,707 | €12,571 | €5,401 | ▼ 57.0% |
| Gross operating margin9900 | €149,135 | €135,530 | €187,897 | €216,386 | €332,324 | €444,461 | ▲ 33.7% |
| Operating profit (loss)9901 | €134,385 | €76,480 | €75,721 | €47,888 | €101,516 | €126,238 | ▲ 24.4% |
| Financial income75/76B | - | €108 | €124 | €1,566 | €892 | €702 | ▼ 21.4% |
| Recurring financial income75 | €14 | €108 | €124 | €1,566 | €892 | €702 | ▼ 21.4% |
| Financial charges65/66B | - | €2,018 | €8,600 | €15,003 | €40,519 | €67,336 | ▲ 66.2% |
| Recurring financial charges65 | €735 | €2,018 | €8,600 | €15,003 | €40,519 | €67,336 | ▲ 66.2% |
| Profit (loss) for the period before taxes9903 | €133,664 | €74,570 | €67,245 | €34,451 | €61,889 | €59,603 | ▼ 3.7% |
| Income taxes67/77 | €38,128 | €16,283 | €21,301 | €10,595 | €22,623 | €20,064 | ▼ 11.3% |
| Profit (loss) for the period9904 | €95,537 | €58,287 | €45,944 | €23,856 | €39,266 | €39,539 | ▲ 0.7% |
| Profit (loss) for the period to be appropriated9905 | €95,537 | €58,287 | €45,944 | €23,856 | €39,266 | €39,539 | ▲ 0.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.2m | €0.5m | €0.8m | €1.7m | €1.6m | €2.1m | ▲ 30.0% |
| Fixed assets21/28 | €0.1m | €0.3m | €0.2m | €1.3m | €1.2m | €1.6m | ▲ 34.2% |
| Tangible fixed assets22/27 | €0.1m | €0.3m | €0.2m | €1.3m | €1.2m | €1.6m | ▲ 34.2% |
| Land and buildings22 | - | - | - | €1.1m | €1.1m | €1.5m | ▲ 40.5% |
| Plant, machinery and equipment23 | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 11.7% |
| Furniture and vehicles24 | - | €0.1m | €0.1m | €0.08m | €0.04m | €0.05m | ▲ 20.4% |
| Financial fixed assets28 | - | - | €180 | €180 | €180 | - | - |
| Current assets29/58 | €0.1m | €0.2m | €0.5m | €0.4m | €0.4m | €0.5m | ▲ 17.4% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.4m | €0.4m | €0.3m | €0.4m | ▲ 37.5% |
| Trade receivables40 | - | €0.2m | €0.3m | €0.4m | €0.3m | €0.4m | ▲ 33.7% |
| Other amounts receivable41 | - | €0.01m | €0.001m | €0.008m | €0.005m | €0.02m | ▲ 282% |
| Cash at bank and in hand54/58 | €0.007m | €0.008m | €0.2m | €0.02m | €0.09m | €0.02m | ▼ 76.0% |
| Deferred charges and accrued income490/1 | - | €0.003m | €0.002m | €0.002m | €0.002m | €0.02m | ▲ 799% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.2m | €0.5m | €0.8m | €1.7m | €1.6m | €2.1m | ▲ 30.0% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 14.7% |
| Contributions10/11 | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 15.0% |
| Distributable reserves133 | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 15.0% |
| Amounts payable17/49 | €0.1m | €0.3m | €0.6m | €1.5m | €1.4m | €1.8m | ▲ 33.0% |
| Amounts payable after more than one year17 | €0.06m | €0.1m | €0.1m | €0.9m | €0.9m | €1.3m | ▲ 39.8% |
| Financial debts170/4 | - | €0.1m | €0.1m | €0.9m | €0.9m | €1.3m | ▲ 39.8% |
| Amounts payable within one year42/48 | €0.08m | €0.2m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 20.1% |
| Current portion of amounts payable after more than one year42 | - | €0.04m | €0.2m | €0.09m | €0.1m | €0.2m | ▲ 53.1% |
| Trade debts44 | €0.02m | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | ▲ 21.9% |
| Suppliers440/4 | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | ▲ 21.9% |
| Advances received on contracts in progress46 | - | - | €0.07m | €0.07m | - | - | - |
| Taxes, remuneration and social security45 | - | €0.02m | €0.04m | €0.02m | €0.05m | €0.1m | ▲ 91.8% |
| Taxes450/3 | - | €0.02m | €0.04m | €0.004m | €0.04m | €0.08m | ▲ 121% |
| Remuneration and social security454/9 | - | - | €0.001m | €0.01m | €0.01m | €0.01m | ▲ 5.0% |
| Other amounts payable47/48 | - | €277 | €0.01m | €0.1m | €0.2m | €0.1m | ▼ 26.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.06m | €0.05m | €0.02m | €0.04m | €0.04m | ▲ 0.7% |
| + Depreciation and write-downs630 | €0.01m | €0.05m | €0.08m | €0.08m | €0.1m | €0.2m | ▲ 59.3% |
| Operating cash flow (approximation) | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 45.4% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.06m | -€1.1m | -€0.06m | -€0.6m | ▼ 908% |
| Change in cash | - | €0.001m | €0.2m | -€0.2m | €0.07m | -€0.07m | - |
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, 3,274 companies had the same profile as JVK Construct has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JVK Construct itself: 0.5% 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 3,274 companies, not a prediction for JVK 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00294792 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00292017 | |
| 31-12-2023 | micro format | 16-07-2024 | 2024-00247726 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00248332 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20204026 | |
| 31-12-2020 | micro format | 21-07-2021 | 2021-38800137 |