MJAM
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 7 filings
Turnover
≈ €1.9m
Estimated: probably between €1.8m and €2.7m
Total assets
€3.9m▼ 3.1%
2024 · €4.0m
Net result
€245▼ 99.5%
2024 · €45,105
Working capital
€240,571▼ 30.9%
2024 · €348,186
In the rankings
#1 company by total assets in Jabbeke, Accommodation and food service sector#10 company by equity in Jabbeke, Accommodation and food service sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€67,779
▼ 38.7%
2025
20192025
Net result
€245
▼ 99.5%
2025
middle half of the sector
20192025
Equity
€252,273
▲ 0.1%
2025
middle half of the sector
20192025
Total assets
€3.9m
▼ 3.1%
2025
highest quarter of the sector
20192025
Debt
€3.7m
▼ 3.3%
2025
20192025
Working capital
€240,571
▼ 30.9%
2025
highest quarter of the sector
20192025
Solvency
6.4%
▲ 0.2pp
2025
middle half of the sector
20192025
Current ratio
1.55
▼ 0.30
2025
middle half of the sector
20192025
Return on assets (ROA)
0.0%
▼ 1.1pp
2025
middle half of the sector
20192025
Staff (FTE)
9.7
▼ 2.0%
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€0.1m--€0.01m€0.1m€0.1m▼ 19.5%-€0.008m€0.1m€0.07m▼ 38.7%
Net result€0.09m--€0.05mbelow the sector's middle half€0.1mwithin the sector's middle half€0.08mabove the sector's middle half▼ 13.4%-€0.05mbelow the sector's middle half€0.05mwithin the sector's middle half€245within the sector's middle half▼ 99.5%
Equity€0.1m-€0.08mwithin the sector's middle half▼ 39.6%€0.2mwithin the sector's middle half▲ 121%€0.3mwithin the sector's middle half▲ 47.4%€0.2mwithin the sector's middle half▼ 19.8%€0.3mwithin the sector's middle half▲ 21.8%€0.3mwithin the sector's middle half▲ 0.1%
Total assets€3.3m-€3.2mabove the sector's middle half▼ 2.3%€3.3mabove the sector's middle half▲ 0.2%€3.2mabove the sector's middle half▼ 1.5%€4.1mabove the sector's middle half▲ 28.9%€4.0mabove the sector's middle half▼ 2.0%€3.9mabove the sector's middle half▼ 3.1%
Debt€3.2m-€3.2m▼ 0.7%€3.1m▼ 2.8%€2.9m▼ 4.3%€3.9m▲ 33.1%€3.8m▼ 3.3%€3.7m▼ 3.3%
Working capital-€0.06m--€0.2mbelow the sector's middle half▼ 204%€0.06mwithin the sector's middle half-€0.005mwithin the sector's middle half€0.3mabove the sector's middle half€0.3mabove the sector's middle half▲ 29.3%€0.2mabove the sector's middle half▼ 30.9%
Solvency3.9%-2.4%below the sector's middle half▼ 1.5pp5.4%below the sector's middle half▲ 2.9pp8.0%within the sector's middle half▲ 2.7pp5.0%below the sector's middle half▼ 3.0pp6.2%below the sector's middle half▲ 1.2pp6.4%within the sector's middle half▲ 0.2pp
Current ratio0.83-0.60within the sector's middle half▼ 0.231.16within the sector's middle half▲ 0.560.99within the sector's middle half▼ 0.171.65within the sector's middle half▲ 0.661.86within the sector's middle half▲ 0.211.55within the sector's middle half▼ 0.30
Return on assets (ROA)2.7%--1.6%within the sector's middle half▼ 4.3pp2.9%within the sector's middle half▲ 4.5pp2.6%within the sector's middle half▼ 0.4pp-1.2%within the sector's middle half▼ 3.8pp1.1%within the sector's middle half▲ 2.4pp0.0%within the sector's middle half▼ 1.1pp
Staff (FTE)9.5-9.7within the sector's middle half▲ 2.1%9.1within the sector's middle half▼ 6.2%10.3within the sector's middle half▲ 13.2%10.7within the sector's middle half▲ 3.9%9.9within the sector's middle half▼ 7.5%9.7within the sector's middle half▼ 2.0%
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 39% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €3.9m
Fixed assets
€3.2m ▼ 1.3%
Current assets
€674,245 ▼ 10.6%
Equity and liabilities €3.9m
Equity
€252,273 ▲ 0.1%
Debt
€3.7m ▼ 3.3%
Debt's share of the balance-sheet total falls from 93.8% to 93.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€289,189▼
2024 · €328,406
Cash flow
€221,654▼
2024 · €263,019
Quick ratio
0.19▼
2024 · 0.43
Debt to equity
14.54▼
2024 · 15.05
ROE
0.1%▼
2024 · 17.9%
Interest coverage
4.83▼
2024 · 5.15
Debt ≤ 1 year
€433,674▲
2024 · €406,046
Debt > 1 year
€3.2m▼
2024 · €3.3m
Income taxes
€9,997▲
2024 · €2,841
Staff costs
€524,381▲
2024 · €488,887
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 | 9 | 9 | 9 | 8 | 9 |
| full-time | 9 | 9 | 9 | 8 | 9 |
| in full-time equivalents | 9 | 9 | 9 | 8 | 9 |
| Average over the year, in full-time equivalents | 9.1 | 10.3 | 10.7 | 9.9 | 9.7 |
| On a permanent contract | 9 | 9 | 9 | 8 | 9 |
| Joined | 200 | 274 | 338 | 337 | 238 |
| Left | 198 | 274 | 338 | 338 | 237 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.6m | €1.4m | €2.3m | €2.1m | €1.9m |
| Mortgages, amount registered | €1.8m | €1.8m | €55,000 | €55,000 | €55,000 |
| Mortgage mandates | - | - | €2.7m | €2.7m | €2.7m |
| Carrying value of the mortgaged assets | €2.2m | €2.2m | €3.0m | €2.9m | €2.9m |
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 | €94,785 | €66,729 | €1.1m | €65,270 | €177,243 |
| Depreciation and write-downs of the year | €221,654 | €212,574 | €347,330 | €217,913 | €221,410 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €262,472 | €467,186 | €542,152 | €488,887 | €524,381 | ▲ 7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €210,312 | €214,066 | €221,654 | €212,574 | €347,330 | €217,913 | €221,410 | ▲ 1.6% |
| Other operating charges640/8 | - | - | €7,821 | €10,514 | €11,434 | €12,485 | €12,748 | ▲ 2.1% |
| Non-recurring operating charges66A | - | - | - | €21,665 | - | - | - | - |
| Gross operating margin9900 | €663,711 | €447,830 | €628,483 | €821,812 | €892,661 | €829,778 | €826,318 | ▼ 0.4% |
| Operating profit (loss)9901 | €128,274 | -€14,790 | €136,536 | €109,872 | -€8,256 | €110,493 | €67,779 | ▼ 38.7% |
| Financial income75/76B | - | - | €1,960 | €1,564 | €1,941 | €1,184 | €2,341 | ▲ 97.7% |
| Recurring financial income75 | €1,548 | €902 | €1,960 | €1,564 | €1,941 | €1,184 | €2,341 | ▲ 97.7% |
| Financial charges65/66B | - | - | €42,498 | €28,130 | €44,368 | €63,730 | €59,878 | ▼ 6.0% |
| Recurring financial charges65 | €38,465 | €37,779 | €42,498 | €28,130 | €44,368 | €63,730 | €59,878 | ▼ 6.0% |
| Profit (loss) for the period before taxes9903 | €91,358 | -€51,667 | €95,998 | €83,306 | -€50,683 | €47,947 | €10,242 | ▼ 78.6% |
| Income taxes67/77 | €263 | €188 | €227 | €356 | €354 | €2,841 | €9,997 | ▲ 252% |
| Profit (loss) for the period9904 | €91,095 | -€51,856 | €95,770 | €82,950 | -€51,036 | €45,105 | €245 | ▼ 99.5% |
| Profit (loss) for the period to be appropriated9905 | €91,095 | -€51,856 | €95,770 | €82,950 | -€51,036 | €45,105 | €245 | ▼ 99.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.3m | €3.2m | €3.3m | €3.2m | €4.1m | €4.0m | €3.9m | ▼ 3.1% |
| Fixed assets21/28 | €3.0m | €3.0m | €2.8m | €2.7m | €3.4m | €3.3m | €3.2m | ▼ 1.3% |
| Tangible fixed assets22/27 | €3.0m | €3.0m | €2.8m | €2.7m | €3.4m | €3.3m | €3.2m | ▼ 1.3% |
| Land and buildings22 | - | - | €2.2m | €2.2m | €3.0m | €2.9m | €2.9m | ▼ 0.4% |
| Plant, machinery and equipment23 | - | - | €0.5m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 20.7% |
| Furniture and vehicles24 | - | - | €0.2m | €0.1m | €0.1m | €0.09m | €0.1m | ▲ 30.2% |
| Financial fixed assets28 | €475 | €475 | €475 | €475 | €475 | €475 | €475 | = |
| Current assets29/58 | €0.3m | €0.3m | €0.4m | €0.5m | €0.7m | €0.8m | €0.7m | ▼ 10.6% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.3m | €0.5m | €0.6m | €0.6m | €0.6m | ▲ 2.1% |
| Stocks30/36 | - | - | €0.3m | €0.5m | €0.6m | €0.6m | €0.6m | ▲ 2.1% |
| Amounts receivable within one year40/41 | €0.04m | €0.01m | €0.003m | €0.008m | €0.03m | €0.1m | €0.02m | ▼ 81.4% |
| Trade receivables40 | - | - | €0.001m | €0.003m | - | €0.09m | - | - |
| Other amounts receivable41 | - | - | €0.001m | €0.005m | €0.03m | €0.03m | €0.02m | ▼ 26.1% |
| Cash at bank and in hand54/58 | €0.03m | €0.01m | €0.04m | €0.03m | €0.04m | €0.03m | €0.02m | ▼ 39.1% |
| Deferred charges and accrued income490/1 | - | - | €0.02m | €0.03m | €0.04m | €0.02m | €0.04m | ▲ 105% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.3m | €3.2m | €3.3m | €3.2m | €4.1m | €4.0m | €3.9m | ▼ 3.1% |
| Equity10/15 | €0.1m | €0.08m | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | ▲ 0.1% |
| Contributions10/11 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | €0.09m | €0.04m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.1% |
| Amounts payable17/49 | €3.2m | €3.2m | €3.1m | €2.9m | €3.9m | €3.8m | €3.7m | ▼ 3.3% |
| Amounts payable after more than one year17 | €2.8m | €2.7m | €2.7m | €2.4m | €3.5m | €3.3m | €3.2m | ▼ 4.8% |
| Financial debts170/4 | - | - | €2.7m | €2.4m | €3.5m | €3.3m | €3.2m | ▼ 4.8% |
| Amounts payable within one year42/48 | €0.3m | €0.5m | €0.3m | €0.5m | €0.4m | €0.4m | €0.4m | ▲ 6.8% |
| Current portion of amounts payable after more than one year42 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 7.1% |
| Trade debts44 | €0.05m | €0.02m | €0.03m | €0.08m | €0.08m | €0.1m | €0.05m | ▼ 50.7% |
| Suppliers440/4 | - | - | €0.03m | €0.08m | €0.08m | €0.1m | €0.05m | ▼ 50.7% |
| Taxes, remuneration and social security45 | - | - | €0.04m | €0.07m | €0.08m | €0.08m | €0.1m | ▲ 75.3% |
| Taxes450/3 | - | - | €0.004m | €0.03m | €0.02m | €0.03m | €0.09m | ▲ 159% |
| Remuneration and social security454/9 | - | - | €0.03m | €0.03m | €0.06m | €0.04m | €0.05m | ▲ 12.1% |
| Other amounts payable47/48 | - | - | €0.1m | €0.2m | €0.03m | €0.03m | €0.04m | ▲ 39.1% |
| Accrued charges and deferred income492/3 | - | - | €0.04m | €0.05m | €0.05m | €0.06m | €0.07m | ▲ 13.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.09m | -€0.05m | €0.1m | €0.08m | -€0.05m | €0.05m | €245 | ▼ 99.5% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | ▲ 1.6% |
| Operating cash flow (approximation) | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 15.7% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.09m | -€0.04m | -€1.1m | -€0.07m | -€0.2m | ▼ 172% |
| Change in cash | - | -€0.01m | €0.02m | -€0.001m | €0.001m | -€0.003m | -€0.01m | ▼ 368% |
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, 1,251 companies had the same profile as MJAM has now. Two years later, 94.4% were still going and 2.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
94.4%
was still going
2.7%
stopped otherwise
2.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MJAM itself: 2.6% 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 1,251 companies, not a prediction for MJAM. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00247681 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00438384 | |
| 31-12-2023 | abbreviated format | 16-07-2024 | 2024-00248795 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00180146 | |
| 31-12-2021 | abbreviated format | 27-07-2022 | 2022-20241353 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-63100128 | |
| 31-12-2019 | abbreviated format | 28-08-2020 | 2020-48500185 |