ACTIVE

JF Maes

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Financial year 2025 · closed on 31/12/2025

Net result

1,3 M €

+101.0% YoY

Revenue

28,2 M €

+37.2% YoY

Equity

7,4 M €

+22.2% YoY

Workforce

7,1 ETP

0.0% YoY

What does JF Maes do?

JF Maes is a Public limited company incorporated in 1992. Its main activity is: Non-specialised wholesale trade. Its registered office is in Tubize. It employs on average 7,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0447.984.503

Incorporation

06/08/1992

Legal form

Public limited company

Registered office

Avenue Zénobe Gramme 5
1480 Tubize · WallonieSee on map

Contributed capital

1 800 000,00 €

Latest accounts

31/12/2025

Average workforce

7,1 ETP

Activities (NACE)

46900Non-specialised wholesale trade· main 46900Non-specialised wholesale trade 51350Air transport 46350Wholesale of tobacco products 46350Wholesale of tobacco products 46499Wholesale of other household goods+5

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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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
Revenue	28,2 M €	+37.2%	20,5 M €	+18.8%	17,3 M €	+0.3%	17,2 M €	+25.5%	13,7 M €	+86.4%	7,4 M €	-2.3%	7,5 M €	-41.1%	12,8 M €	-16.2%	15,3 M €	-12.5%	17,5 M €	+18.6%	14,7 M €	+15.1%	12,8 M €	-11.9%	14,5 M €	+6.1%	13,7 M €	+10.0%	12,4 M €	+16.1%	10,7 M €	+6.6%	10,1 M €		–		–		–
EBITDA	2 M €	+109%	968,7 k €	+18.4%	818,5 k €	-3.3%	846,2 k €	-14.4%	988 k €	+6.3%	929,4 k €	+200%	310 k €	-37.7%	497,7 k €	-56.0%	1,1 M €	+23.9%	914 k €	+82.8%	500,1 k €	-29.3%	707,2 k €	+28.6%	549,8 k €	-19.4%	681,9 k €	+7.7%	633 k €	+5.1%	602,3 k €	+34.5%	447,9 k €	+12.2%	399,2 k €	-26.3%	541,6 k €	+35.7%	399,1 k €
Operating result	1,7 M €	+134%	742,3 k €	-13.2%	855,5 k €	+77.1%	483,1 k €	-31.9%	709,1 k €	-7.7%	768,4 k €	+70.7%	450,1 k €	+22.5%	367,5 k €	-37.8%	590,7 k €	-12.6%	675,9 k €	+114%	315,9 k €	-43.1%	554,7 k €	+51.1%	367 k €	-25.2%	490,9 k €	+25.3%	391,8 k €	-1.0%	395,6 k €	+33.5%	296,4 k €	-8.6%	324,3 k €	-23.1%	421,6 k €	+43.9%	292,9 k €
Net result	1,3 M €	+101%	670,3 k €	-1.8%	682,8 k €	+93.1%	353,6 k €	-46.1%	655,7 k €	+11.3%	589,2 k €	+70.9%	344,8 k €	+4.2%	330,8 k €	+25.7%	263,1 k €	-42.0%	453,9 k €	+116%	209,9 k €	-39.2%	345,1 k €	+104%	169,1 k €	-32.0%	248,7 k €	+24.9%	199,2 k €	-25.1%	265,9 k €	+6.6%	249,5 k €	-42.2%	431,5 k €	+38.7%	311,1 k €	+23.1%	252,6 k €
Balance sheet
Equity	7,4 M €	+22.2%	6 M €	+10.5%	5,5 M €	+14.1%	4,8 M €	+8.2%	4,4 M €	+11.2%	4 M €	+17.0%	3,4 M €	-10.7%	3,8 M €	-16.8%	4,6 M €	+9.9%	4,2 M €	+7.2%	3,9 M €	+1.7%	3,8 M €	+128%	1,7 M €	-51.8%	3,5 M €	+6.0%	3,3 M €	+9.9%	3 M €	+9.6%	2,7 M €	+4.1%	2,6 M €	+19.8%	2,2 M €	+8.9%	2 M €
Total assets	10,3 M €	+13.9%	9,1 M €	+35.5%	6,7 M €	-8.4%	7,3 M €	+30.2%	5,6 M €	+29.4%	4,3 M €	+1.2%	4,3 M €	+0.7%	4,3 M €	-37.8%	6,9 M €	+0.4%	6,8 M €	+8.3%	6,3 M €	-3.5%	6,5 M €	+11.0%	5,9 M €	-3.4%	6,1 M €	-1.0%	6,2 M €	+10.8%	5,6 M €	+9.4%	5,1 M €	+20.1%	4,2 M €	+24.1%	3,4 M €	+10.5%	3,1 M €
Cash	612,3 k €	-46.1%	1,1 M €	+59.1%	714,3 k €	+42.0%	503,2 k €	+36.4%	368,9 k €	+24.6%	296 k €	+98.0%	149,5 k €	+147%	60,4 k €	-4.4%	63,2 k €	-85.5%	437,4 k €	+98.6%	220,2 k €	-14.3%	256,9 k €	-5.9%	272,9 k €	-16.7%	327,6 k €	-27.3%	450,6 k €	+5.0%	429,3 k €	-1.2%	434,3 k €	+84.1%	235,9 k €	+69.3%	139,4 k €	-26.2%	189 k €
Debts	2,8 M €	+3.0%	2,8 M €	+248%	793,6 k €	-63.1%	2,2 M €	+134%	920,6 k €	+277%	244,2 k €	-68.6%	777,9 k €	+128%	341,6 k €	-84.3%	2,2 M €	-16.1%	2,6 M €	+11.0%	2,3 M €	-4.0%	2,4 M €	-36.5%	3,8 M €	+53.7%	2,5 M €	-6.8%	2,7 M €	+12.9%	2,4 M €	+5.9%	2,2 M €	+49.8%	1,5 M €	+25.4%	1,2 M €	+11.0%	1,1 M €
Other
Workforce	7,1 ETP	0.0%	7,1 ETP	-1.4%	7,2 ETP	+7.5%	6,7 ETP	+31.4%	5,1 ETP	-19.0%	6,3 ETP	-1.6%	6,4 ETP	-14.7%	7,5 ETP	-31.8%	11,0 ETP	-2.7%	11,3 ETP	+3.7%	10,9 ETP	0.0%	10,9 ETP	0.0%	10,9 ETP	-3.5%	11,3 ETP	-1.7%	11,5 ETP	+7.5%	10,7 ETP	+9.2%	9,8 ETP	+1.0%	9,7 ETP	+3.2%	9,4 ETP	+20.5%	7,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

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

Active mandates

EX & CO

Director · since 27 mai 2021 · until 27 mai 2027 · 0893.466.109

Represented by Christophe Schinkel

Active

SELF INVEST INTERNATIONAL

Director · since 27 mai 2021 · until 27 mai 2027 · 0437.515.530

Represented by Joelle Maes

Active

Ended mandates

EX & CO

Managing director · since 22 mai 2015 · until 28 mai 2021 · 0893.466.109

Represented by Christophe Schinkel

Ended

EX & CO

Managing director · since 22 mai 2015 · 0893.466.109

Represented by Christophe Schinkel

Ended

Joelle MAES

Director · since 22 mai 2015 · until 28 mai 2021

Ended

Joëlle MAES

Director · since 22 mai 2015

Ended

At this address

Other companies at this address

Company	CBE no.
TOMANACO● Active	0535.852.546

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full 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	19/06/2026	20/06/2025	20/06/2024	26/05/2023	28/06/2022	09/06/2021
General meeting	28/05/2026	30/05/2025	30/05/2024	25/05/2023	01/06/2022	27/05/2021
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	28/05/2026	19/06/2026	French	PDF
Full model	31/12/2024	30/05/2025	20/06/2025	French	PDF
Full model	31/12/2023	30/05/2024	20/06/2024	French	PDF
Abridged model	31/12/2022	25/05/2023	26/05/2023	French	PDF
Abridged model	31/12/2021	01/06/2022	28/06/2022	French	PDF
Abridged model	31/12/2020	27/05/2021	09/06/2021	French	PDF
Full model	31/12/2019	28/05/2020	28/07/2020	French	PDF
Full model	31/12/2018	22/05/2019	20/06/2019	French	PDF
Full model	31/12/2017	15/05/2018	23/05/2018	French	PDF
Full model	31/12/2016	16/05/2017	12/06/2017	French	PDF
Full model	31/12/2015	17/05/2016	07/06/2016	French	PDF
Full model	31/12/2014	18/05/2015	04/06/2015	French	PDF
Full modelCorrection	31/12/2013	27/05/2014	07/07/2014	French	PDF
Full model	31/12/2013	27/05/2014	25/06/2014	French	PDF
Full model	31/12/2012	21/05/2013	20/06/2013	French	PDF
Full model	31/12/2011	15/05/2012	30/05/2012	French	PDF
Full model	31/12/2010	17/05/2011	19/05/2011	French	PDF
Full model	31/12/2009	19/05/2010	01/06/2010	French	PDF
Abridged model	31/12/2008	12/05/2009	23/06/2009	French	PDF
Abridged model	31/12/2007	15/05/2008	17/06/2008	French	PDF
Abridged model	31/12/2006	09/05/2007	15/05/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 · 31 ended

Active mandates

EX & CO

Director · since 27 mai 2021 · until 27 mai 2027 · 0893.466.109

Represented by Christophe Schinkel

Active

SELF INVEST INTERNATIONAL

Director · since 27 mai 2021 · until 27 mai 2027 · 0437.515.530

Represented by Joelle Maes

Active

Ended mandates

EX & CO

Managing director · since 22 mai 2015 · until 28 mai 2021 · 0893.466.109

Represented by Christophe Schinkel

Ended

EX & CO

Managing director · since 22 mai 2015 · 0893.466.109

Represented by Christophe Schinkel

Ended

Joelle MAES

Director · since 22 mai 2015 · until 28 mai 2021

Ended

Joëlle MAES

Director · since 22 mai 2015

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates12/08/2026
Nomination commissaire
PDF
Mandates16/06/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates31/01/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DENOMINATION - OBJET
PDF
Mandates26/08/2021
DEMISSIONS, NOMINATIONS
PDF
Capital / shares22/07/2019
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS
PDF
Mandates15/06/2016
DEMISSIONS, NOMINATIONS
PDF
Mandates19/06/2015
DEMISSIONS, NOMINATIONS
PDF
Mandates03/11/2014
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 20251,3 M €↑
2024
Annual accounts 2024670,3 k €↓
2023
Annual accounts 2023682,8 k €↑
2022
Annual accounts 2022353,6 k €↓
2022
Name changeJF Maes
2021
Annual accounts 2021655,7 k €↑
2020
Annual accounts 2020589,2 k €↑
2019
Annual accounts 2019344,8 k €↑
2018
Annual accounts 2018330,8 k €↑
2017
Annual accounts 2017263,1 k €↓
2016
Annual accounts 2016453,9 k €↑
2015
Annual accounts 2015209,9 k €↓
2014
Annual accounts 2014345,1 k €↑
2013
Annual accounts 2013169,1 k €↓
2012
Annual accounts 2012248,7 k €↑
2011
Annual accounts 2011199,2 k €↓
2010
Annual accounts 2010265,9 k €↑
2009
Annual accounts 2009249,5 k €↓
2008
Annual accounts 2008431,5 k €↑
2007
Annual accounts 2007311,1 k €↑
2006
Annual accounts 2006252,6 k €
2006
Name changeETABLISSEMENTS JACQUES F. MAES
06/08/1992
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

JF Maes

Overview

What does JF Maes 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