ACTIVE

JM CABAY

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Financial year 2025 · closed on 31/12/2025

Net result

176 k €

-39.9% YoY

Revenue

21,4 M €

-2.1% YoY

Equity

2,1 M €

+9.3% YoY

Workforce

16,1 ETP

-21.8% YoY

What does JM CABAY do?

JM CABAY is a Public limited company incorporated in 1983. Its main activity is: Operation of dairies and cheese making. Its registered office is in Courcelles. It employs on average 16,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0424.523.864

Incorporation

01/09/1983

Legal form

Public limited company

Registered office

Rue du Brabant Wallon(CO) 1
6180 Courcelles · WallonieSee on map

Contributed capital

700 000,00 €

Latest accounts

31/12/2025

Average workforce

16,1 ETP

Activities (NACE)

10510Operation of dairies and cheese making· main 10510Operation of dairies and cheese making 15510Manufacture of leather and related products 46331Wholesale of dairy products, eggs and edible oils and fats 46331Wholesale of dairy products, eggs and edible oils and fats

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	21,4 M €	-2.1%	21,9 M €	+16.4%	18,8 M €	-19.1%	23,2 M €	+32.4%	17,5 M €	-0.5%	17,6 M €	+23.5%	14,3 M €	-0.8%	14,4 M €	-1.0%	14,5 M €	-8.6%	15,9 M €	-4.0%	16,5 M €	+1.9%	16,2 M €	-11.4%	18,3 M €	+24.1%	14,8 M €	+25.3%	11,8 M €	-7.3%	12,7 M €	-1.1%	12,9 M €		–
EBITDA	339,3 k €	-30.8%	490,2 k €	+22.3%	400,9 k €	+154%	158 k €	-70.4%	533,9 k €	+209%	172,9 k €	+120%	-850,7 k €	-700%	-106,4 k €	-149%	217,8 k €	-59.0%	531,2 k €	+205%	-505,5 k €	-617%	97,8 k €	+236%	-71,8 k €	-262%	44,4 k €	-65.5%	128,7 k €	+87.5%	68,6 k €	-31.5%	100,2 k €	-42.7%	174,8 k €
Operating result	266 k €	-36.1%	416,2 k €	+40.5%	296,2 k €	+455%	53,3 k €	-90.0%	533,9 k €	+209%	172,9 k €	+120%	-850,7 k €	-700%	-106,4 k €	-149%	217,8 k €	-59.0%	531,2 k €	+205%	-505,5 k €	-617%	97,8 k €	+236%	-71,8 k €	-262%	44,4 k €	-65.5%	128,7 k €	+94.5%	66,1 k €	-15.3%	78,1 k €	+441%	-22,9 k €
Net result	176 k €	-39.9%	293 k €	+52.0%	192,7 k €		0 €	-100%	369,7 k €	+131%	160,1 k €	+119%	-860,2 k €	-642%	-115,9 k €	-161%	188,6 k €	-64.1%	524,8 k €	+202%	-516,1 k €	-104732%	493,3 €	+100%	-106,3 k €	-438%	31,5 k €	-63.7%	86,8 k €	+31.5%	66 k €	-14.2%	76,9 k €	+341%	-31,9 k €
Balance sheet
Equity	2,1 M €	+9.3%	1,9 M €	+18.4%	1,6 M €	+13.8%	1,4 M €	0.0%	1,4 M €	+537%	220,1 k €	+267%	60 k €	-93.5%	920,2 k €	-11.2%	1 M €	+22.3%	847,5 k €	+163%	322,7 k €	-61.5%	838,8 k €	+0.1%	838,3 k €	-11.2%	944,6 k €	+3.4%	913,1 k €	+10.5%	826,3 k €	+8.7%	760,3 k €	+11.2%	683,5 k €
Total assets	5,7 M €	-8.4%	6,3 M €	+13.5%	5,5 M €	+2.7%	5,4 M €	+10.5%	4,9 M €	+9.2%	4,5 M €	+9.2%	4,1 M €	+12.0%	3,6 M €	-9.1%	4 M €	-6.2%	4,3 M €	+0.6%	4,2 M €	-6.3%	4,5 M €	-2.4%	4,6 M €	+42.4%	3,3 M €	-2.3%	3,3 M €	+39.7%	2,4 M €	-18.4%	2,9 M €	+41.9%	2,1 M €
Cash	810,8 k €	-21.7%	1 M €	+1215%	78,8 k €	+338%	18 k €	-93.2%	263,9 k €	+769%	30,4 k €	-91.5%	356,8 k €	+120%	162,5 k €	-24.4%	214,8 k €	+986%	19,8 k €	+34.4%	14,7 k €	-97.1%	511,5 k €	+81.6%	281,7 k €	-28.8%	395,5 k €	-21.5%	503,9 k €	+5.1%	479,4 k €	-2.7%	492,9 k €	+77.8%	277,3 k €
Debts	3,7 M €	-16.4%	4,4 M €	+12.3%	3,9 M €	-1.8%	4 M €	+15.0%	3,5 M €	-18.2%	4,2 M €	+5.2%	4 M €	+52.2%	2,6 M €	-11.3%	3 M €	-13.3%	3,4 M €	-12.7%	3,9 M €	+6.2%	3,7 M €	-2.9%	3,8 M €	+64.3%	2,3 M €	-4.5%	2,4 M €	+55.1%	1,6 M €	-27.9%	2,2 M €	+57.0%	1,4 M €
Other
Workforce	16,1 ETP	-21.8%	20,6 ETP	+17.7%	17,5 ETP	+34.6%	13,0 ETP	0.0%	13,0 ETP	+46.1%	8,9 ETP	-1.1%	9,0 ETP	+12.5%	8,0 ETP	+33.3%	6,0 ETP	+50.0%	4,0 ETP	+300%	1,0 ETP		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 38 ended

Active mandates

Briois SAS

Managing director · since 24 novembre 2023 · until 18 mai 2029

Represented by Briois Edouard

Active

Hannibal SAS

Managing director · since 24 novembre 2023 · until 18 mai 2029

Represented by Briois Pierre-Luc

Active

Ended mandates

Alain Cabay

Director · since 21 août 2023 · until 24 novembre 2023

Ended

Jean-Marie Cabay

Managing director · since 21 août 2023 · until 24 novembre 2023

Ended

Olivier Cabay

Director · since 21 août 2023 · until 24 novembre 2023

Ended

Jean-Marie Cabay

Managing director · since 23 avril 2021 · until 21 août 2023

Ended

At this address

Other companies at this address

Company	CBE no.
AGRAL● Active	0429.223.515

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	16/07/2026	16/06/2025	07/08/2024	25/08/2023	19/08/2022	06/07/2021
General meeting	30/06/2026	16/05/2025	26/06/2024	21/08/2023	21/07/2022	28/05/2021
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	30/06/2026	16/07/2026	French	PDF
Full model	31/12/2024	16/05/2025	16/06/2025	French	PDF
Full model	31/12/2023	26/06/2024	07/08/2024	French	PDF
Full model	31/12/2022	21/08/2023	25/08/2023	French	PDF
Full model	31/12/2021	21/07/2022	19/08/2022	French	PDF
Full model	31/12/2020	28/05/2021	06/07/2021	French	PDF
Full model	31/12/2019	29/05/2020	16/06/2020	French	PDF
Full model	31/12/2018	20/06/2019	24/07/2019	French	PDF
Full model	31/12/2017	29/06/2018	16/07/2018	French	PDF
Full model	31/12/2016	25/08/2017	31/08/2017	French	PDF
Full model	31/12/2015	19/08/2016	23/08/2016	French	PDF
Abridged model	31/12/2014	15/05/2015	27/07/2015	French	PDF
Abridged model	31/12/2013	16/05/2014	28/08/2014	French	PDF
Abridged model	31/12/2012	27/08/2013	29/08/2013	French	PDF
Abridged model	31/12/2011	18/05/2012	07/08/2012	French	PDF
Abridged model	31/12/2010	20/05/2011	31/08/2011	French	PDF
Abridged model	31/12/2009	21/05/2010	19/07/2010	French	PDF
Abridged model	31/12/2008	30/06/2009	17/07/2009	French	PDF
Abridged model	31/12/2007	19/05/2008	04/07/2008	French	PDF
Abridged model	31/12/2006	18/05/2007	10/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

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 · 38 ended

Active mandates

Briois SAS

Managing director · since 24 novembre 2023 · until 18 mai 2029

Represented by Briois Edouard

Active

Hannibal SAS

Managing director · since 24 novembre 2023 · until 18 mai 2029

Represented by Briois Pierre-Luc

Active

Ended mandates

Alain Cabay

Director · since 21 août 2023 · until 24 novembre 2023

Ended

Jean-Marie Cabay

Managing director · since 21 août 2023 · until 24 novembre 2023

Ended

Olivier Cabay

Director · since 21 août 2023 · until 24 novembre 2023

Ended

Jean-Marie Cabay

Managing director · since 23 avril 2021 · until 21 août 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/06/2025
DEMISSIONS, NOMINATIONS
PDF
Other27/05/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates28/12/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates19/09/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates24/08/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates29/07/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates27/07/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates20/01/2015
DEMISSIONS, NOMINATIONS
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 2025176 k €↓
2024
Annual accounts 2024293 k €↑
2023
Annual accounts 2023192,7 k €↑
2022
Annual accounts 20220 €↓
2021
Annual accounts 2021369,7 k €↑
2018
Annual accounts 2018160,1 k €↑
2017
Annual accounts 2017-860,2 k €↓
2016
Annual accounts 2016-115,9 k €↓
2015
Annual accounts 2015188,6 k €↓
2014
Annual accounts 2014524,8 k €↑
2013
Annual accounts 2013-516,1 k €↓
2012
Annual accounts 2012493,3 €↑
2011
Annual accounts 2011-106,3 k €↓
2010
Annual accounts 201031,5 k €↓
2009
Annual accounts 200986,8 k €↑
2008
Annual accounts 200866 k €↓
2007
Annual accounts 200776,9 k €↑
2006
Annual accounts 2006-31,9 k €
01/09/1983
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

JM CABAY

Overview

What does JM CABAY do?

Trend over 18 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