ACTIVE

JAGA

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Financial year 2025 · closed on 31/12/2025

Net result

-1,6 M €

+40.6% YoY

Revenue

58 M €

+1.4% YoY

Equity

6,2 M €

+138.4% YoY

Workforce

282,3 ETP

-5.4% YoY

What does JAGA do?

JAGA is a Public limited company incorporated in 1973. Its main activity is: Manufacture of central heating radiators and boilers. Its registered office is in Diepenbeek. It employs on average 282,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0413.382.425

Incorporation

01/01/1973

Legal form

Public limited company

Registered office

Verbindingslaan 16
3590 Diepenbeek · FlandreSee on map

Contributed capital

3 200 000,00 €

Latest accounts

31/12/2025

Average workforce

282,3 ETP

Activities (NACE)

25210Manufacture of central heating radiators and boilers· main 25210Manufacture of central heating radiators and boilers

Joint committees (2)

Signals

Healthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	58 M €	+1.4%	57,2 M €	+0.7%	56,8 M €	+15.2%	49,3 M €	+13.4%	43,5 M €	+2.7%	42,3 M €	-2.6%	43,5 M €	+2.2%	42,5 M €	+1.6%	41,8 M €	-40.5%	70,3 M €	+58.5%	44,4 M €	-5.8%	47,1 M €	-9.3%	51,9 M €	-4.3%	54,3 M €	-2.7%	55,8 M €	-2.6%	57,2 M €	-16.0%	68,1 M €	+1.0%	67,4 M €	-0.3%	67,7 M €
EBITDA	-706,9 k €	-158%	1,2 M €	-61.0%	3,1 M €	+197%	1,1 M €	-35.8%	1,6 M €	-42.1%	2,8 M €	+56.2%	1,8 M €	+172%	666,8 k €	-43.6%	1,2 M €	-5.2%	1,2 M €	-56.6%	2,9 M €	+53.9%	1,9 M €	+10.0%	1,7 M €	+58.5%	1,1 M €	+1737%	58,3 k €	-97.3%	2,2 M €	-39.9%	3,6 M €	+58.6%	2,3 M €	+91.3%	1,2 M €
Operating result	-1,3 M €	+32.2%	-2 M €	-188%	2,2 M €	+529%	354,9 k €	-52.4%	745,5 k €	-43.8%	1,3 M €	+237%	393,6 k €	+230%	-303,9 k €	-293%	157,6 k €	+134%	-462,7 k €	-174%	621,9 k €	-29.8%	886,1 k €	+51.6%	584,6 k €	+344%	-239,7 k €	+83.9%	-1,5 M €	-774%	220,2 k €	-84.1%	1,4 M €	+893%	-174,4 k €	+87.7%	-1,4 M €
Net result	-1,6 M €	+40.6%	-2,6 M €	-293%	1,4 M €	+724%	165,6 k €	-64.3%	463,6 k €	-12.6%	530,7 k €	+2903%	17,7 k €	+102%	-773,7 k €	-4882%	16,2 k €	+102%	-983 k €	-1414%	74,8 k €	+6.0%	70,6 k €	+528%	11,2 k €	+101%	-867,4 k €	+53.8%	-1,9 M €	-1937%	102,2 k €	+163%	38,9 k €	+112%	-337,6 k €	+51.5%	-696,7 k €
Balance sheet
Equity	6,2 M €	+138%	2,6 M €	-50.2%	5,2 M €	+35.2%	3,9 M €	+4.5%	3,7 M €	+14.3%	3,2 M €	+19.5%	2,7 M €	+0.7%	2,7 M €	-22.3%	3,5 M €	+0.5%	3,5 M €	-22.1%	4,4 M €	+1.7%	4,4 M €	+1.6%	4,3 M €	-5.0%	4,5 M €	-16.7%	5,4 M €	-23.2%	7,1 M €	+0.7%	7 M €	-0.0%	7 M €	-6.2%	7,5 M €
Total assets	33,3 M €	+39.7%	23,8 M €	-1.1%	24,1 M €	-2.2%	24,6 M €	+12.6%	21,9 M €	+14.9%	19 M €	+7.7%	17,7 M €	-11.5%	20 M €	-11.3%	22,5 M €	+2.3%	22 M €	-12.2%	25,1 M €	-2.8%	25,8 M €	-4.5%	27 M €	-3.1%	27,8 M €	-0.2%	27,9 M €	+3.5%	26,9 M €	-12.2%	30,7 M €	-12.9%	35,2 M €	-8.7%	38,6 M €
Cash	1 M €	+572%	150,8 k €	-88.9%	1,4 M €	+157%	527,8 k €	-45.7%	971,6 k €	+338%	221,9 k €	+240%	65,3 k €	-76.9%	282,7 k €	-72.0%	1 M €	+170%	374,2 k €	+49.1%	250,9 k €	-59.1%	614 k €	+104%	301,1 k €	-58.0%	716,4 k €	-29.7%	1 M €	-62.3%	2,7 M €	+107%	1,3 M €	-56.4%	3 M €	+113%	1,4 M €
Debts	24,5 M €	+33.5%	18,3 M €	+7.6%	17 M €	-9.8%	18,9 M €	+16.2%	16,2 M €	+6.2%	15,3 M €	+5.5%	14,5 M €	-13.0%	16,7 M €	-8.6%	18,2 M €	+4.4%	17,5 M €	-8.2%	19 M €	-3.6%	19,8 M €	-7.3%	21,3 M €	-3.0%	22 M €	+3.4%	21,2 M €	+14.5%	18,5 M €	-17.8%	22,6 M €	-16.8%	27,1 M €	-9.4%	29,9 M €
Other
Workforce	282,3 ETP	-5.4%	298,3 ETP	-1.1%	301,5 ETP	+4.3%	289,2 ETP	-1.3%	292,9 ETP	-2.8%	301,3 ETP	+0.6%	299,5 ETP	-2.6%	307,6 ETP	-0.7%	309,7 ETP	-9.4%	342,0 ETP	-8.5%	373,8 ETP	-2.4%	383,0 ETP	-6.0%	407,4 ETP	-3.5%	422,0 ETP	+0.3%	420,8 ETP	-1.8%	428,6 ETP	-6.8%	459,7 ETP	-1.7%	467,7 ETP	+37.7%	339,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 26 ended

Active mandates

CLIMATE DESIGNERS FOR NET ZERO

Managing director · since 14 mai 2025 · until 27 août 2031 · 1021.720.596

Represented by Jan Battheu

Active

Vybros Capital Partners

Director · since 14 mai 2025 · until 27 juin 2031 · 1002.056.223

Represented by Guy Vande Vyvere

Active

Ended mandates

CLIMATE DESIGNERS FOR NET ZERO

Managing director · since 14 mai 2025 · until 27 juin 2031 · 1021.720.596

Represented by Jan Battheu

Ended

Jan Joseph Kriekels

Managing director · since 23 juin 2023 · until 14 mai 2025

Ended

Jan Joseph Kriekels

Managing director · since 23 juin 2023 · until 22 juin 2029

Ended

LICOMA

Director · since 23 juin 2023 · until 14 mai 2025 · 0436.033.212

Represented by François Vermer

Ended

At this address

Other companies at this address

Company	CBE no.
CDNZ RE● Active	1041.957.865
CLIMATE DESIGNERS FOR NET ZERO● Active	1021.720.596
INRACO● Active	1022.799.870
NIVO DESIGN en PRODUKTONTWIKKELING● Active	0450.050.603

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	19/06/2026	01/06/2026	24/07/2024	28/06/2023	07/07/2022	06/07/2021
General meeting	22/05/2026	22/05/2026	28/06/2024	23/06/2023	24/06/2022	25/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	22/05/2026	19/06/2026	Dutch	PDF
Full modelCorrection	31/12/2024	22/05/2026	01/06/2026	Dutch	PDF
Full model	31/12/2024	27/06/2025	10/07/2025	Dutch	PDF
Full model	31/12/2023	28/06/2024	24/07/2024	Dutch	PDF
Full model	31/12/2022	23/06/2023	28/06/2023	Dutch	PDF
Full model	31/12/2021	24/06/2022	07/07/2022	Dutch	PDF
Full model	31/12/2020	25/06/2021	06/07/2021	Dutch	PDF
Full model	31/12/2019	26/06/2020	03/07/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	11/07/2019	Dutch	PDF
Full model	31/12/2017	22/06/2018	10/08/2018	Dutch	PDF
Full model	31/12/2016	23/06/2017	18/07/2017	Dutch	PDF
Full model	31/03/2015	25/09/2015	16/11/2015	Dutch	PDF
Full model	31/03/2014	26/09/2014	29/10/2014	Dutch	PDF
Full model	31/03/2013	27/09/2013	31/10/2013	Dutch	PDF
Full model	31/03/2012	28/09/2012	29/10/2012	Dutch	PDF
Full model	31/03/2011	23/09/2011	24/10/2011	Dutch	PDF
Full model	31/03/2010	24/09/2010	25/10/2010	Dutch	PDF
Full model	31/03/2009	25/09/2009	20/10/2009	Dutch	PDF
Full model	31/03/2008	26/09/2008	22/10/2008	Dutch	PDF
Full model	31/03/2007	28/09/2007	02/10/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 26 ended

Active mandates

CLIMATE DESIGNERS FOR NET ZERO

Managing director · since 14 mai 2025 · until 27 août 2031 · 1021.720.596

Represented by Jan Battheu

Active

Vybros Capital Partners

Director · since 14 mai 2025 · until 27 juin 2031 · 1002.056.223

Represented by Guy Vande Vyvere

Active

Ended mandates

CLIMATE DESIGNERS FOR NET ZERO

Managing director · since 14 mai 2025 · until 27 juin 2031 · 1021.720.596

Represented by Jan Battheu

Ended

Jan Joseph Kriekels

Managing director · since 23 juin 2023 · until 14 mai 2025

Ended

Jan Joseph Kriekels

Managing director · since 23 juin 2023 · until 22 juin 2029

Ended

LICOMA

Director · since 23 juin 2023 · until 14 mai 2025 · 0436.033.212

Represented by François Vermer

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/09/2026
DIVERSEN, ONTSLAGEN, BENOEMINGEN
PDF
Mandates16/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring24/11/2023
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates20/09/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/07/2023
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring23/06/2023
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates25/03/2021
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-1,6 M €↑
2024
Annual accounts 2024-2,6 M €↓
2023
Annual accounts 20231,4 M €↑
2022
Annual accounts 2022165,6 k €↓
2021
Annual accounts 2021463,6 k €↓
2020
Annual accounts 2020530,7 k €↑
2019
Annual accounts 201917,7 k €↑
2018
Annual accounts 2018-773,7 k €↓
2017
Annual accounts 201716,2 k €↑
2016
Annual accounts 2016-983 k €↓
2015
Annual accounts 201574,8 k €↑
2014
Annual accounts 201470,6 k €↑
2013
Annual accounts 201311,2 k €↑
2012
Annual accounts 2012-867,4 k €↑
2011
Annual accounts 2011-1,9 M €↓
2010
Annual accounts 2010102,2 k €↑
2009
Annual accounts 200938,9 k €↑
2008
Annual accounts 2008-337,6 k €↑
2007
Annual accounts 2007-696,7 k €
01/01/1973
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

JAGA

Overview

What does JAGA do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline