ACTIVE

JSA

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Financial year 2025 · closed on 31/12/2025

Net result

3 M €

-15.8% YoY

Gross margin

-9,2 k €

+48.8% YoY

Equity

124 M €

+2.5% YoY

What does JSA do?

JSA is a Public limited company incorporated in 1987. Its main activity is: Management consultancy activities. Its registered office is in Herstal.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0432.972.069

Incorporation

01/12/1987

Legal form

Public limited company

Registered office

Rue de l'Abbaye 85
4040 Herstal · WallonieSee on map

Contributed capital

22 311 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	-9,2 k €	+48.8%	-18 k €	-61.9%	-11,1 k €	-27.6%	-8,7 k €	-432%	-1,6 k €	+70.9%	-5,6 k €	+83.3%	-33,8 k €		–		–		–		–		–		–		–		–		–		–		–		–		–
EBITDA	-10,2 k €	+46.1%	-19 k €	-57.0%	-12,1 k €	-26.1%	-9,6 k €	-282%	-2,5 k €	+61.4%	-6,5 k €	+81.3%	-34,6 k €	-2319%	1,6 k €	+131%	-5 k €	+53.9%	-10,8 k €	+85.0%	-72,3 k €	-810%	-7,9 k €	+45.1%	-14,5 k €	+83.3%	-86,5 k €	-702%	-10,8 k €	+94.5%	-195,2 k €	-56.5%	-124,7 k €	-49.8%	-83,3 k €	+35.0%	-128 k €	-113%	-60,1 k €
Operating result	-10,2 k €	+46.1%	-19 k €	-57.0%	-12,1 k €	-26.1%	-9,6 k €	-282%	-2,5 k €	+61.4%	-6,5 k €	+81.3%	-34,6 k €	-2319%	1,6 k €	+131%	-5 k €	+53.9%	-10,8 k €	+85.0%	-72,3 k €	-810%	-7,9 k €	+45.1%	-14,5 k €	+83.3%	-86,5 k €	-702%	-10,8 k €	+94.5%	-195,2 k €	-56.5%	-124,7 k €	-49.8%	-83,3 k €	+35.0%	-128 k €	-113%	-60,1 k €
Net result	3 M €	-15.8%	3,6 M €	-65.9%	10,6 M €	+10.8%	9,5 M €	+128%	4,2 M €	+169%	1,6 M €	-76.2%	6,5 M €	+0.9%	6,5 M €	+45.8%	4,4 M €	+33.7%	3,3 M €	-48.2%	6,4 M €	+38.3%	4,6 M €	+4.0%	4,5 M €	+267%	1,2 M €	+163%	-1,9 M €	+1.8%	-2 M €	-213%	1,7 M €	-57.4%	4,1 M €	-79.5%	19,9 M €	+398%	4 M €
Balance sheet
Equity	124 M €	+2.5%	121 M €	+3.1%	117,4 M €	+9.9%	106,8 M €	+9.8%	97,3 M €	+4.5%	93,1 M €	+1.7%	91,5 M €	+7.7%	85 M €	+8.2%	78,5 M €	+6.0%	74,1 M €	+4.7%	70,8 M €	+10.0%	64,4 M €	+7.8%	59,7 M €	+8.1%	55,3 M €	+2.2%	54 M €	-3.4%	56 M €	-8.2%	61 M €	+2.9%	59,2 M €	+7.4%	55,1 M €	+56.6%	35,2 M €
Total assets	138,1 M €	+0.7%	137,1 M €	+4.3%	131,5 M €	+7.7%	122,2 M €	+11.0%	110 M €	+1.3%	108,7 M €	+5.5%	103 M €	+4.6%	98,5 M €	+4.7%	94,1 M €	+1.4%	92,7 M €	+0.4%	92,3 M €	-0.1%	92,4 M €	+0.6%	91,9 M €	-0.5%	92,4 M €	-4.1%	96,3 M €	-1.8%	98,1 M €	+60.1%	61,2 M €	+2.3%	59,8 M €	+8.0%	55,4 M €	+57.0%	35,3 M €
Cash	97,4 k €	+32.5%	73,5 k €	-80.0%	367,1 k €	-21.9%	470,3 k €	-91.2%	5,4 M €	-62.9%	14,5 M €	+27.2%	11,4 M €	+64.9%	6,9 M €	+218%	2,2 M €	+182%	771,7 k €	+96.9%	392 k €	+222%	121,5 k €	+233%	36,5 k €	-96.4%	1 M €	+37.1%	733 k €	-84.4%	4,7 M €	+204918%	2,3 k €	-98.1%	120,4 k €	+1915%	6 k €	-99.5%	1,1 M €
Debts	14,1 M €	-12.6%	16,1 M €	+14.2%	14,1 M €	-7.8%	15,3 M €	+20.5%	12,7 M €	-18.1%	15,5 M €	+35.9%	11,4 M €	-14.9%	13,4 M €	-13.0%	15,4 M €	-16.4%	18,4 M €	-14.2%	21,5 M €	-23.0%	27,9 M €	-12.8%	32 M €	-13.5%	36,9 M €	-10.6%	41,3 M €	+0.0%	41,3 M €	+184742%	22,4 k €	-93.6%	351,8 k €	+258%	98,3 k €	+117%	45,3 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 35 ended

Active mandates

Eric JACQUET

Managing director · since 12 mai 2025 · until 15 juin 2028

Active

Ernest JACQUET

Administrateur · since 12 mai 2025 · until 15 juin 2028

Active

Ernst et Young Reviseurs d'Entreprises

Commissaire · since 12 mai 2025 · until 15 juin 2028 · 0446.334.711

Represented by Emilie VAN CALLEMONT

Active

Thierry PHILIPPE

Director · since 12 mai 2025 · until 15 juin 2028

Active

Ended mandates

Eric JACQUET

Managing director · since 15 juin 2022 · until 15 juin 2025

Ended

Ernest JACQUET

Administrateur · since 15 juin 2022 · until 15 juin 2025

Ended

Thierry PHILIPPE

Director · since 15 juin 2022 · until 15 juin 2025

Ended

Eric JACQUET

Managing director · since 25 mai 2022 · until 12 mai 2025

Ended

At this address

Other companies at this address

Company	CBE no.
JACQUET BENELUX● Active	0443.032.157
JSA HOLDING● Active	0828.249.346
JSA HOLDING BOCHUM● Active	0505.984.167
JSA Holding Deutschland● Active	0536.836.008
JSA TOP● Active	0722.900.220

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	17/07/2026	20/06/2025	16/12/2024	20/06/2023	16/09/2022	06/05/2021
General meeting	15/06/2026	12/05/2025	20/05/2024	15/06/2023	25/05/2022	30/04/2021
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

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	15/06/2026	17/07/2026	French	PDF
Abridged model	31/12/2024	12/05/2025	20/06/2025	French	PDF
Abridged modelCorrection	31/12/2023	20/05/2024	16/12/2024	French	PDF
Abridged model	31/12/2023	20/05/2024	03/07/2024	French	PDF
Abridged model	31/12/2022	15/06/2023	20/06/2023	French	PDF
Abridged modelCorrection	31/12/2021	25/05/2022	16/09/2022	French	PDF
Abridged model	31/12/2021	25/05/2022	30/06/2022	French	PDF
Abridged model	31/12/2020	30/04/2021	06/05/2021	French	PDF
Abridged model	31/12/2019	15/06/2020	10/07/2020	French	PDF
Full model	31/12/2018	07/05/2019	24/06/2019	French	PDF
Full model	31/12/2017	04/05/2018	31/05/2018	French	PDF
Full model	31/12/2016	07/04/2017	29/05/2017	French	PDF
Full model	31/12/2015	15/04/2016	17/05/2016	French	PDF
Full model	31/12/2014	15/06/2015	22/06/2015	French	PDF
Full model	31/12/2013	16/06/2014	26/06/2014	French	PDF
Full model	31/12/2012	15/06/2013	01/07/2013	French	PDF
Full model	31/12/2011	15/06/2012	23/08/2012	French	PDF
Full model	31/12/2010	15/06/2011	05/07/2011	French	PDF
Full model	31/12/2009	15/06/2010	21/06/2010	French	PDF
Full model	31/12/2008	15/06/2009	07/07/2009	French	PDF
Full model	31/12/2007	15/06/2008	03/07/2008	French	PDF
Full model	31/12/2006	15/06/2007	24/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 4 active · 35 ended

Active mandates

Eric JACQUET

Managing director · since 12 mai 2025 · until 15 juin 2028

Active

Ernest JACQUET

Administrateur · since 12 mai 2025 · until 15 juin 2028

Active

Ernst et Young Reviseurs d'Entreprises

Commissaire · since 12 mai 2025 · until 15 juin 2028 · 0446.334.711

Represented by Emilie VAN CALLEMONT

Active

Thierry PHILIPPE

Director · since 12 mai 2025 · until 15 juin 2028

Active

Ended mandates

Eric JACQUET

Managing director · since 15 juin 2022 · until 15 juin 2025

Ended

Ernest JACQUET

Administrateur · since 15 juin 2022 · until 15 juin 2025

Ended

Thierry PHILIPPE

Director · since 15 juin 2022 · until 15 juin 2025

Ended

Eric JACQUET

Managing director · since 25 mai 2022 · until 12 mai 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates11/06/2025
DEMISSIONS, NOMINATIONS
PDF
Other03/01/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates28/09/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates02/06/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates19/05/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates13/05/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates16/01/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates13/10/2017
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 20253 M €↓
12/05/2025
reconductionEric Jacquet — administrateur
12/05/2025
reconductionErnest Jacquet — administrateur
12/05/2025
reconductionThierry Philippe — administrateur
12/05/2025
reconductionEmilie Van Callemont — commissaire
2024
Annual accounts 20243,6 M €↓
2023
Annual accounts 202310,6 M €↑
2022
Annual accounts 20229,5 M €↑
01/07/2022
nominationEmilie Van Callemont — représentant permanent du commissaire
25/05/2022
reconductionEric Jacquet — administrateur
25/05/2022
reconductionErnest Jacquet — administrateur
25/05/2022
reconductionThierry Philippe — administrateur
25/05/2022
reconductionMarie-Laure Moreau — commissaire
2021
Annual accounts 20214,2 M €↑
2020
Annual accounts 20201,6 M €↓
2019
Annual accounts 20196,5 M €↑
2018
Annual accounts 20186,5 M €↑
2017
Annual accounts 20174,4 M €↑
2016
Annual accounts 20163,3 M €↓
2015
Annual accounts 20156,4 M €↑
2014
Annual accounts 20144,6 M €↑
2013
Annual accounts 20134,5 M €↑
2012
Annual accounts 20121,2 M €↑
2011
Annual accounts 2011-1,9 M €↑
2010
Annual accounts 2010-2 M €↓
2009
Annual accounts 20091,7 M €↓
2008
Annual accounts 20084,1 M €↓
2007
Annual accounts 200719,9 M €↑
2006
Annual accounts 20064 M €
01/12/1987
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

JSA

Overview

What does JSA do?

Trend over 20 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