JVS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-06-2026 PDF all 37 filings
Turnover
≈ €190,000
Estimated: probably between €100,000 and €410,000
Total assets
€648,145▲ 213%
2024 · €206,995
Net result
€32,250▲ 206%
2024 · €10,536
Working capital
€228,885▲ 21.1%
2022 · €188,942
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€33,067
▲ 214%
2025
20182025
Net result
€32,250
▲ 206%
2025
middle half of the sector
20182025
Equity
€239,245
▲ 15.6%
2025
middle half of the sector
20182025
Total assets
€648,145
▲ 213%
2025
middle half of the sector
20182025
Debt
€408,900
2025
20182025
Working capital
€228,885
2025
highest quarter of the sector
20182025
Solvency
36.9%
▼ 63.1pp
2025
middle half of the sector
20182025
Current ratio
3.10
2025
highest quarter of the sector
20182025
Return on assets (ROA)
5.0%
▼ 0.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€1,906--€27,387▼ 1,337%-€15,541▲ 43.3%-€15,496▲ 0.3%€50,891€7,575▼ 85.1%€10,536▲ 39.1%€33,067▲ 214%
Net result€9,733--€184,266-€15,553below the sector's middle half▲ 91.6%-€15,509below the sector's middle half▲ 0.3%€50,787above the sector's middle half€7,516within the sector's middle half▼ 85.2%€10,536within the sector's middle half▲ 40.2%€32,250within the sector's middle half▲ 206%
Equity€353,484-€169,218▼ 52.1%€153,664within the sector's middle half▼ 9.2%€138,155within the sector's middle half▼ 10.1%€188,942within the sector's middle half▲ 36.8%€196,459within the sector's middle half▲ 4.0%€206,995within the sector's middle half▲ 5.4%€239,245within the sector's middle half▲ 15.6%
Total assets€355,977-€266,018▼ 25.3%€252,000within the sector's middle half▼ 5.3%€238,000within the sector's middle half▼ 5.6%€290,003within the sector's middle half▲ 21.8%€196,459within the sector's middle half▼ 32.3%€206,995within the sector's middle half▲ 5.4%€648,145within the sector's middle half▲ 213%
Debt€2,493-€96,800▲ 39×€98,336▲ 1.6%€99,845▲ 1.5%€101,060▲ 1.2%€408,900
Working capital€353,484--€96,782-€99,845below the sector's middle half€188,942above the sector's middle half€228,885above the sector's middle half
Solvency99.3%-63.6%▼ 35.7pp61.0%within the sector's middle half▼ 2.6pp58.0%within the sector's middle half▼ 2.9pp65.2%above the sector's middle half▲ 7.1pp100.0%above the sector's middle half▲ 34.8pp100.0%above the sector's middle half=36.9%within the sector's middle half▼ 63.1pp
Current ratio0.000.00below the sector's middle half2.87above the sector's middle half▲ 2.873.10above the sector's middle half
Return on assets (ROA)2.7%--69.3%▼ 72.0pp-6.2%below the sector's middle half▲ 63.1pp-6.5%below the sector's middle half▼ 0.3pp17.5%above the sector's middle half▲ 24.0pp3.8%within the sector's middle half▼ 13.7pp5.1%within the sector's middle half▲ 1.3pp5.0%within the sector's middle half▼ 0.1pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 over 3.1 times that of 2024. 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
Assets €648,145
Fixed assets
€310,361
Current assets
€337,785
Equity and liabilities €648,145
Equity
€239,245
Debt
€408,900
Debt's share of the balance-sheet total is 63.1%.
Key figures and ratios
EBITDA
€33,937
Cash flow
€33,121
Debt to equity
1.71
ROE
13.5%▲
2024 · 5.1%
Interest coverage
41.57
Debt ≤ 1 year
€108,900
Debt > 1 year
€300,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €311,231 |
| Depreciation and write-downs of the year | €14,000 | - | - | - | €870 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €14,000 | €14,000 | €14,000 | - | - | - | €870 | - |
| Other operating charges640/8 | - | - | - | €231 | €60 | €287 | €126 | €40,932 | ▲ 325× |
| Non-recurring operating charges66A | - | - | - | - | €238,000 | - | - | - | - |
| Gross operating margin9900 | -€1,801 | -€13,280 | -€1,432 | -€1,265 | €288,951 | €7,862 | €10,662 | €74,869 | ▲ 602% |
| Operating profit (loss)9901 | -€1,906 | -€27,387 | -€15,541 | -€15,496 | €50,891 | €7,575 | €10,536 | €33,067 | ▲ 214% |
| Recurring financial income75 | €14,174 | €14,199 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €14 | €103 | €59 | - | €816 | - |
| Recurring financial charges65 | €41 | €169,751 | €13 | €14 | €103 | €59 | - | €816 | - |
| Profit (loss) for the period before taxes9903 | €12,226 | -€182,939 | -€15,553 | -€15,509 | €50,787 | €7,516 | €10,536 | €32,250 | ▲ 206% |
| Income taxes67/77 | €2,493 | €1,327 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €9,733 | -€184,266 | -€15,553 | -€15,509 | €50,787 | €7,516 | €10,536 | €32,250 | ▲ 206% |
| Profit (loss) for the period to be appropriated9905 | €9,733 | -€184,266 | -€15,553 | -€15,509 | €50,787 | €7,516 | €10,536 | €32,250 | ▲ 206% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €355,977 | €266,018 | €252,000 | €238,000 | €290,003 | €196,459 | €206,995 | €648,145 | ▲ 213% |
| Fixed assets21/28 | - | €266,000 | €252,000 | €238,000 | - | - | - | €310,361 | - |
| Tangible fixed assets22/27 | - | €266,000 | €252,000 | €238,000 | - | - | - | €310,361 | - |
| Land and buildings22 | - | - | - | €238,000 | - | - | - | €310,361 | - |
| Current assets29/58 | €355,977 | €18 | - | €0 | €290,003 | €196,459 | €206,995 | €337,785 | ▲ 63.2% |
| Amounts receivable within one year40/41 | €107,694 | - | - | - | €290,000 | €196,457 | €206,991 | €337,387 | ▲ 63.0% |
| Trade receivables40 | - | - | - | - | - | - | - | €90,000 | - |
| Other amounts receivable41 | - | - | - | - | €290,000 | €196,457 | €206,991 | €247,387 | ▲ 19.5% |
| Cash at bank and in hand54/58 | - | €18 | - | €0 | €3 | €1 | €4 | €398 | ▲ 98× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €355,977 | €266,018 | €252,000 | €238,000 | €290,003 | €196,459 | €206,995 | €648,145 | ▲ 213% |
| Equity10/15 | €353,484 | €169,218 | €153,664 | €138,155 | €188,942 | €196,459 | €206,995 | €239,245 | ▲ 15.6% |
| Contributions10/11 | €74,500 | €74,500 | €74,500 | €74,500 | €74,500 | €74,500 | €74,500 | €74,500 | = |
| Capital10 | - | - | - | €74,500 | €74,500 | €74,500 | €74,500 | €74,500 | = |
| Issued capital100 | - | - | - | €74,500 | €74,500 | €74,500 | €74,500 | €74,500 | = |
| Reserves13 | €315,245 | €315,245 | €315,245 | €315,245 | €315,245 | €315,245 | €315,245 | €315,245 | = |
| Non-distributable reserves130/1 | - | - | - | €7,450 | €7,450 | €7,450 | €7,450 | €7,450 | = |
| Legal reserve130 | - | - | - | €7,450 | €7,450 | €7,450 | €7,450 | €7,450 | = |
| Distributable reserves133 | - | - | - | €307,795 | €307,795 | €307,795 | €307,795 | €307,795 | = |
| Profit (loss) carried forward14 | -€36,261 | -€220,527 | -€236,081 | -€251,590 | -€200,802 | -€193,286 | -€182,750 | -€150,499 | ▲ 17.6% |
| Amounts payable17/49 | €2,493 | €96,800 | €98,336 | €99,845 | €101,060 | - | - | €408,900 | - |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €300,000 | - |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €300,000 | - |
| Amounts payable within one year42/48 | €2,493 | €96,800 | €98,336 | €99,845 | €101,060 | - | - | €108,900 | - |
| Trade debts44 | - | - | €940 | - | €810 | - | - | €108,900 | - |
| Suppliers440/4 | - | - | - | - | €810 | - | - | €108,900 | - |
| Other amounts payable47/48 | - | - | - | €99,845 | €100,250 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,733 | -€184,266 | -€15,553 | -€15,509 | €50,787 | €7,516 | €10,536 | €32,250 | ▲ 206% |
| + Depreciation and write-downs630 | - | €14,000 | €14,000 | €14,000 | - | - | - | €870 | - |
| Operating cash flow (approximation) | €9,733 | -€170,266 | -€1,553 | -€1,509 | €50,787 | €7,516 | €10,536 | €33,121 | ▲ 214% |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | - | - | - | - | - |
| Change in cash | - | - | - | - | €2 | -€1 | €3 | €394 | ▲ 140× |
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, 14,766 companies had the same profile as JVS has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JVS 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 14,766 companies, not a prediction for JVS. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-06-2026 | 2026-00158136 | |
| 31-12-2024 | micro format | 27-05-2025 | 2025-00109006 | |
| 31-12-2023 | micro format | 23-09-2024 | 2024-00475905 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00378623 | |
| 31-12-2021 | micro format | 29-09-2022 | 2022-20440238 | |
| 31-12-2020 | micro format | 03-08-2021 | 2021-45400393 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-47200342 | |
| 31-12-2018 | micro format | 12-07-2019 | 2019-32100099 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-51200164 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-35500479 |