SJ PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 13 filings
Turnover
≈ €140,000
Estimated: probably between €64,000 and €340,000
Total assets
€139,947▲ 6.1%
2024 · €131,963
Net result
€4,485▼ 64.2%
2024 · €12,531
Working capital
€61,455▲ 1.4%
2024 · €60,629
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,240
▼ 52.9%
2025
20182025
Net result
€4,485
▼ 64.2%
2025
middle half of the sector
20182025
Equity
€98,241
▼ 5.7%
2025
middle half of the sector
20182025
Total assets
€139,947
▲ 6.1%
2025
middle half of the sector
20182025
Debt
€41,706
▲ 50.0%
2025
20182025
Working capital
€61,455
▲ 1.4%
2025
highest quarter of the sector
20182025
Solvency
70.2%
▼ 8.7pp
2025
highest quarter of the sector
20182025
Current ratio
2.47
▼ 0.71
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.2%
▼ 6.3pp
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€30,498-€17,138▼ 43.8%€39,800▲ 132%€31,821▼ 20.0%€3,171▼ 90.0%€15,381▲ 385%€19,633▲ 27.6%€9,240▼ 52.9%
Net result€19,082-€10,395▼ 45.5%€26,446above the sector's middle half▲ 154%€18,839within the sector's middle half▼ 28.8%€1,593within the sector's middle half▼ 91.5%€10,715within the sector's middle half▲ 573%€12,531within the sector's middle half▲ 17.0%€4,485within the sector's middle half▼ 64.2%
Equity€78,015-€88,410▲ 13.3%€105,856within the sector's middle half▲ 19.7%€120,149within the sector's middle half▲ 13.5%€114,078within the sector's middle half▼ 5.1%€110,702within the sector's middle half▼ 3.0%€104,151within the sector's middle half▼ 5.9%€98,241within the sector's middle half▼ 5.7%
Total assets€94,164-€104,491▲ 11.0%€136,872within the sector's middle half▲ 31.0%€156,303within the sector's middle half▲ 14.2%€115,540within the sector's middle half▼ 26.1%€113,834within the sector's middle half▼ 1.5%€131,963within the sector's middle half▲ 15.9%€139,947within the sector's middle half▲ 6.1%
Debt€16,149-€16,081▼ 0.4%€31,016▲ 92.9%€36,154▲ 16.6%€1,462▼ 96.0%€3,133▲ 114%€27,811▲ 788%€41,706▲ 50.0%
Working capital€76,540-€87,672▲ 14.5%€103,533above the sector's middle half▲ 18.1%€115,031above the sector's middle half▲ 11.1%€81,312above the sector's middle half▼ 29.3%€63,218above the sector's middle half▼ 22.3%€60,629above the sector's middle half▼ 4.1%€61,455above the sector's middle half▲ 1.4%
Solvency82.8%-84.6%▲ 1.8pp77.3%above the sector's middle half▼ 7.3pp76.9%above the sector's middle half▼ 0.5pp98.7%above the sector's middle half▲ 21.9pp97.2%above the sector's middle half▼ 1.5pp78.9%above the sector's middle half▼ 18.3pp70.2%above the sector's middle half▼ 8.7pp
Current ratio5.74-6.45▲ 0.714.37above the sector's middle half▼ 2.094.18above the sector's middle half▼ 0.1856.62above the sector's middle half▲ 52.4421.18above the sector's middle half▼ 35.443.18above the sector's middle half▼ 18.002.47above the sector's middle half▼ 0.71
Return on assets (ROA)20.3%-9.9%▼ 10.3pp19.3%above the sector's middle half▲ 9.4pp12.1%within the sector's middle half▼ 7.3pp1.4%within the sector's middle half▼ 10.7pp9.4%within the sector's middle half▲ 8.0pp9.5%within the sector's middle half▲ 0.1pp3.2%within the sector's middle half▼ 6.3pp
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 53% lower than in 2024.
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 €139,947
Fixed assets
€36,786 ▼ 15.5%
Current assets
€103,161 ▲ 16.6%
Equity and liabilities €139,947
Equity
€98,241 ▼ 5.7%
Debt
€41,706 ▲ 50.0%
Debt's share of the balance-sheet total rises from 21.1% to 29.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€17,091▼
2024 · €27,341
Cash flow
€12,336▼
2024 · €20,240
Quick ratio
2.38▼
2024 · 3.03
Debt to equity
0.42▲
2024 · 0.27
ROE
4.6%▼
2024 · 12.0%
Interest coverage
7.18▼
2024 · 21.51
Debt ≤ 1 year
€41,706▲
2024 · €27,811
Income taxes
€2,905▼
2024 · €6,256
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 | €3,452 | €30,135 | €21,447 | €3,747 | €1,598 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €907 | €2,488 | €6,728 | €7,709 | €7,851 |
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 | €1,495 | €738 | €849 | €907 | €2,488 | €6,728 | €7,709 | €7,851 | ▲ 1.8% |
| Other operating charges640/8 | - | - | - | €55 | €555 | €650 | €846 | €768 | ▼ 9.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €483 | - |
| Gross operating margin9900 | €32,160 | €18,035 | €40,864 | €32,782 | €6,213 | €22,759 | €28,187 | €18,342 | ▼ 34.9% |
| Operating profit (loss)9901 | €30,498 | €17,138 | €39,800 | €31,821 | €3,171 | €15,381 | €19,633 | €9,240 | ▼ 52.9% |
| Financial income75/76B | - | - | - | €104 | €0 | €151 | €426 | €529 | ▲ 24.2% |
| Recurring financial income75 | €80 | €1 | €31 | €104 | €0 | €151 | €426 | €529 | ▲ 24.2% |
| Financial charges65/66B | - | - | - | €1,027 | €769 | €198 | €1,271 | €2,379 | ▲ 87.2% |
| Recurring financial charges65 | €879 | €849 | €983 | €1,027 | €769 | €198 | €1,271 | €2,379 | ▲ 87.2% |
| Profit (loss) for the period before taxes9903 | €29,698 | €16,290 | €38,848 | €30,897 | €2,402 | €15,335 | €18,788 | €7,390 | ▼ 60.7% |
| Income taxes67/77 | €10,616 | €5,896 | €12,402 | €12,058 | €809 | €4,620 | €6,256 | €2,905 | ▼ 53.6% |
| Profit (loss) for the period9904 | €19,082 | €10,395 | €26,446 | €18,839 | €1,593 | €10,715 | €12,531 | €4,485 | ▼ 64.2% |
| Profit (loss) for the period to be appropriated9905 | €19,082 | €10,395 | €26,446 | €18,839 | €1,593 | €10,715 | €12,531 | €4,485 | ▼ 64.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €94,164 | €104,491 | €136,872 | €156,303 | €115,540 | €113,834 | €131,963 | €139,947 | ▲ 6.1% |
| Fixed assets21/28 | €1,475 | €738 | €2,573 | €5,118 | €32,765 | €47,484 | €43,523 | €36,786 | ▼ 15.5% |
| Tangible fixed assets22/27 | €1,475 | €738 | €2,573 | €5,118 | €32,765 | €47,484 | €43,523 | €36,786 | ▼ 15.5% |
| Plant, machinery and equipment23 | - | - | - | - | €1,127 | €4,520 | €3,980 | €3,440 | ▼ 13.6% |
| Furniture and vehicles24 | - | - | - | €1,857 | €2,192 | €3,826 | €4,472 | €3,732 | ▼ 16.5% |
| Other tangible fixed assets26 | - | - | - | €3,262 | €29,446 | €39,138 | €35,070 | €29,613 | ▼ 15.6% |
| Current assets29/58 | €92,689 | €103,754 | €134,299 | €151,185 | €82,774 | €66,351 | €88,440 | €103,161 | ▲ 16.6% |
| Stocks and contracts in progress3 | €2,007 | €1,805 | €6,025 | €4,677 | €2,223 | €4,002 | €4,043 | €3,898 | ▼ 3.6% |
| Stocks30/36 | - | - | - | €4,677 | €2,223 | €4,002 | €4,043 | €3,898 | ▼ 3.6% |
| Amounts receivable within one year40/41 | €9,800 | €15,527 | €9,179 | €5,163 | €18,407 | €21,289 | €10,889 | €31,590 | ▲ 190% |
| Trade receivables40 | - | - | - | €4,374 | €10,438 | €11,722 | €7,509 | €29,337 | ▲ 291% |
| Other amounts receivable41 | - | - | - | €789 | €7,969 | €9,567 | €3,380 | €2,253 | ▼ 33.3% |
| Cash at bank and in hand54/58 | €80,882 | €86,421 | €119,095 | €141,345 | €62,144 | €41,060 | €71,776 | €65,815 | ▼ 8.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €1,732 | €1,857 | ▲ 7.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €94,164 | €104,491 | €136,872 | €156,303 | €115,540 | €113,834 | €131,963 | €139,947 | ▲ 6.1% |
| Equity10/15 | €78,015 | €88,410 | €105,856 | €120,149 | €114,078 | €110,702 | €104,151 | €98,241 | ▼ 5.7% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €65,615 | €76,010 | €93,456 | €107,749 | €101,678 | €98,302 | €91,751 | €85,841 | ▼ 6.4% |
| Non-distributable reserves130/1 | - | - | - | €1,240 | €1,240 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,240 | €1,240 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €106,509 | €100,438 | €98,302 | €91,751 | €85,841 | ▼ 6.4% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €16,149 | €16,081 | €31,016 | €36,154 | €1,462 | €3,133 | €27,811 | €41,706 | ▲ 50.0% |
| Amounts payable within one year42/48 | €16,149 | €16,081 | €30,766 | €36,154 | €1,462 | €3,133 | €27,811 | €41,706 | ▲ 50.0% |
| Trade debts44 | €90 | €992 | €1,603 | €787 | €1,082 | €260 | €988 | €575 | ▼ 41.8% |
| Suppliers440/4 | - | - | - | €787 | €1,082 | €260 | €988 | €575 | ▼ 41.8% |
| Taxes, remuneration and social security45 | - | - | - | €8,775 | €380 | €1,683 | €5,548 | €4,489 | ▼ 19.1% |
| Taxes450/3 | - | - | - | €8,775 | €380 | €1,683 | €5,548 | €4,489 | ▼ 19.1% |
| Other amounts payable47/48 | - | - | - | €26,592 | €0 | €1,190 | €21,276 | €36,641 | ▲ 72.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,082 | €10,395 | €26,446 | €18,839 | €1,593 | €10,715 | €12,531 | €4,485 | ▼ 64.2% |
| + Depreciation and write-downs630 | €1,495 | €738 | €849 | €907 | €2,488 | €6,728 | €7,709 | €7,851 | ▲ 1.8% |
| Operating cash flow (approximation) | €20,577 | €11,133 | €27,295 | €19,745 | €4,081 | €17,443 | €20,240 | €12,336 | ▼ 39.1% |
| Investment in fixed assets (approximation) | - | €0 | -€2,684 | -€3,452 | -€30,135 | -€21,447 | -€3,747 | -€1,114 | ▲ 70.3% |
| Change in cash | - | €5,540 | €32,674 | €22,250 | -€79,200 | -€21,085 | €30,716 | -€5,961 | - |
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, 10,904 companies had the same profile as SJ PROJECTS has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SJ PROJECTS itself: 0.1% 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 10,904 companies, not a prediction for SJ PROJECTS. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00203747 | |
| 31-12-2024 | micro format | 24-03-2025 | 2025-00052638 | |
| 31-12-2023 | micro format | 15-05-2024 | 2024-00088814 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00277507 | |
| 31-12-2021 | micro format | 04-08-2022 | 2022-20268775 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-56800314 | |
| 31-12-2019 | micro format | 08-07-2020 | 2020-27200038 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-47700453 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-21400008 | |
| 31-12-2016 | micro format | 05-07-2017 | 2017-28200142 |