25 PROJECTS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 8 filings
Equity
€222,834▼ 22.7%
2024 · €288,250
Total assets
€741,863▲ 1.8%
2024 · €729,073
Net result
-€65,416▼ 122%
2024 · -€29,464
Working capital
-€371,207▼ 36.3%
2024 · -€272,402
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€60,544
▼ 125%
2025
20182025
Net result
-€65,416
▼ 122%
2025
lowest quarter of the sector
20182025
Equity
€222,834
▼ 22.7%
2025
middle half of the sector
20182025
Total assets
€741,863
▲ 1.8%
2025
middle half of the sector
20182025
Debt
€519,028
▲ 17.7%
2025
20182025
Working capital
-€371,207
▼ 36.3%
2025
lowest quarter of the sector
20182025
Solvency
30.0%
▼ 9.5pp
2025
middle half of the sector
20182025
Current ratio
0.01
▼ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-8.8%
▼ 4.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
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-€1,525-€405-€92,774-€51,555▲ 44.4%-€33,829▲ 34.4%-€32,720▲ 3.3%-€26,907▲ 17.8%-€60,544▼ 125%
Net result-€3,628--€1,685▲ 53.6%-€93,856below the sector's middle half▼ 5,472%-€55,869below the sector's middle half▲ 40.5%-€38,503below the sector's middle half▲ 31.1%-€38,746below the sector's middle half▼ 0.6%-€29,464below the sector's middle half▲ 24.0%-€65,416below the sector's middle half▼ 122%
Equity€72,372-€194,688▲ 169%€100,831within the sector's middle half▼ 48.2%€44,963within the sector's middle half▼ 55.4%€6,460below the sector's middle half▼ 85.6%-€32,286below the sector's middle half€288,250above the sector's middle half€222,834within the sector's middle half▼ 22.7%
Total assets€89,195-€832,617▲ 833%€960,334above the sector's middle half▲ 15.3%€893,282above the sector's middle half▼ 7.0%€833,877above the sector's middle half▼ 6.7%€749,531above the sector's middle half▼ 10.1%€729,073above the sector's middle half▼ 2.7%€741,863within the sector's middle half▲ 1.8%
Debt€16,822-€637,929▲ 38×€859,503▲ 34.7%€848,320▼ 1.3%€827,417▼ 2.5%€781,817▼ 5.5%€440,823▼ 43.6%€519,028▲ 17.7%
Working capital€31,012-€30,006▼ 3.2%-€230,570below the sector's middle half-€242,207below the sector's middle half▼ 5.0%-€239,528below the sector's middle half▲ 1.1%-€203,333below the sector's middle half▲ 15.1%-€272,402below the sector's middle half▼ 34.0%-€371,207below the sector's middle half▼ 36.3%
Solvency81.1%-23.4%▼ 57.8pp10.5%below the sector's middle half▼ 12.9pp5.0%below the sector's middle half▼ 5.5pp0.8%below the sector's middle half▼ 4.3pp-4.3%below the sector's middle half▼ 5.1pp39.5%within the sector's middle half▲ 43.8pp30.0%within the sector's middle half▼ 9.5pp
Current ratio2.84-1.53▼ 1.310.03below the sector's middle half▼ 1.500.02below the sector's middle half▼ 0.010.02below the sector's middle half=0.06below the sector's middle half▲ 0.050.03below the sector's middle half▼ 0.030.01below the sector's middle half▼ 0.02
Return on assets (ROA)-4.1%--0.2%▲ 3.9pp-9.8%below the sector's middle half▼ 9.6pp-6.3%below the sector's middle half▲ 3.5pp-4.6%below the sector's middle half▲ 1.6pp-5.2%below the sector's middle half▼ 0.6pp-4.0%below the sector's middle half▲ 1.1pp-8.8%below the sector's middle half▼ 4.8pp
Staff (FTE)0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a loss of €60,544, larger than the loss of €26,907 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Staff figure correction
- 2024 The accounts state 94 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure is therefore left out.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €741,863
Fixed assets
€737,140 ▲ 2.4%
Current assets
€4,723 ▼ 46.8%
Equity and liabilities €741,863
Equity
€222,834 ▼ 22.7%
Debt
€519,028 ▲ 17.7%
Debt's share of the balance-sheet total rises from 60.5% to 70.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€10,227▼
2024 · €22,427
Cash flow
-€15,099▼
2024 · €19,871
Debt to equity
2.33▲
2024 · 1.53
ROE
-29.4%▼
2024 · -10.2%
Interest coverage
-2.25▼
2024 · 3.36
Debt ≤ 1 year
€375,929▲
2024 · €281,272
Debt > 1 year
€143,099▼
2024 · €159,552
Income taxes
€330▲
2024 · €279
Staff costs
€0▼
2024 · €1,161
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 |
|---|---|
| Joined | 18 |
| Left | 18 |
Source: social balance sheet in the 2024 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €214,254 |
| Mortgages, amount registered | €50,000 | - | €50,000 | €50,000 | €50,000 |
| Carrying value of the mortgaged assets | €763,463 | - | €690,113 | €678,873 | €703,688 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,315 | €10,159 | - | €33,807 | €67,252 |
| Depreciation and write-downs of the year | €81,022 | €69,617 | €51,513 | €49,334 | €50,316 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €14,467 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €2,051 | €1,083 | €1,527 | €1,161 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,636 | €28,887 | €74,930 | €81,022 | €69,617 | €51,513 | €49,334 | €50,316 | ▲ 2.0% |
| Other operating charges640/8 | - | - | - | €3,138 | €4,305 | €3,628 | €4,610 | €2,686 | ▼ 41.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €9,535 | €0 | €745 | - |
| Gross operating margin9900 | €18,381 | €32,555 | -€13,319 | €34,656 | €41,175 | €33,483 | €28,199 | -€6,797 | - |
| Operating profit (loss)9901 | -€1,525 | €405 | -€92,774 | -€51,555 | -€33,829 | -€32,720 | -€26,907 | -€60,544 | ▼ 125% |
| Financial income75/76B | - | - | - | €4 | €56 | €35 | €4,391 | €1 | ▼ 100.0% |
| Recurring financial income75 | - | €23 | €3 | €4 | €56 | €35 | €0 | €1 | ▲ 348% |
| Non-recurring financial income76B | - | - | - | - | - | - | €4,390 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €3,696 | €3,997 | €5,508 | €6,668 | €4,543 | ▼ 31.9% |
| Recurring financial charges65 | €1,822 | €1,704 | €3,675 | €3,696 | €3,997 | €5,508 | €6,668 | €4,543 | ▼ 31.9% |
| Profit (loss) for the period before taxes9903 | -€3,347 | -€1,277 | -€93,376 | -€55,247 | -€37,770 | -€38,194 | -€29,185 | -€65,086 | ▼ 123% |
| Income taxes67/77 | €280 | €408 | €480 | €622 | €733 | €552 | €279 | €330 | ▲ 18.3% |
| Profit (loss) for the period9904 | -€3,628 | -€1,685 | -€93,856 | -€55,869 | -€38,503 | -€38,746 | -€29,464 | -€65,416 | ▼ 122% |
| Profit (loss) for the period to be appropriated9905 | -€3,628 | -€1,685 | -€93,856 | -€55,869 | -€38,503 | -€38,746 | -€29,464 | -€65,416 | ▼ 122% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €89,195 | €832,617 | €960,334 | €893,282 | €833,877 | €749,531 | €729,073 | €741,863 | ▲ 1.8% |
| Formation expenses20 | - | - | - | - | €0 | €0 | - | - | - |
| Fixed assets21/28 | €41,360 | €746,446 | €953,045 | €889,338 | €829,880 | €735,732 | €720,204 | €737,140 | ▲ 2.4% |
| Tangible fixed assets22/27 | €41,360 | €746,446 | €953,045 | €889,338 | €829,880 | €735,732 | €720,204 | €737,140 | ▲ 2.4% |
| Land and buildings22 | - | - | - | €763,463 | €727,911 | €690,113 | €678,873 | €703,688 | ▲ 3.7% |
| Plant, machinery and equipment23 | - | - | - | €18,786 | €12,499 | €6,212 | €9,353 | €8,138 | ▼ 13.0% |
| Furniture and vehicles24 | - | - | - | €107,089 | €89,470 | €39,407 | €31,978 | €25,314 | ▼ 20.8% |
| Current assets29/58 | €47,835 | €86,171 | €7,289 | €3,944 | €3,997 | €13,799 | €8,869 | €4,723 | ▼ 46.8% |
| Amounts receivable within one year40/41 | €4,630 | €17,541 | €2,542 | €1,991 | €1,948 | €609 | €5,528 | €774 | ▼ 86.0% |
| Trade receivables40 | - | - | - | €1,960 | €671 | €577 | €4,470 | €588 | ▼ 86.8% |
| Other amounts receivable41 | - | - | - | €32 | €1,277 | €32 | €1,058 | €186 | ▼ 82.5% |
| Cash at bank and in hand54/58 | €40,905 | €65,147 | €4,745 | €1,932 | €1,917 | €12,377 | €1,974 | €709 | ▼ 64.1% |
| Deferred charges and accrued income490/1 | - | - | - | €21 | €132 | €813 | €1,368 | €3,240 | ▲ 137% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €89,195 | €832,617 | €960,334 | €893,282 | €833,877 | €749,531 | €729,073 | €741,863 | ▲ 1.8% |
| Equity10/15 | €72,372 | €194,688 | €100,831 | €44,963 | €6,460 | -€32,286 | €288,250 | €222,834 | ▼ 22.7% |
| Contributions10/11 | €76,000 | €200,000 | - | €200,000 | €200,000 | €200,000 | €550,000 | €550,000 | = |
| Profit (loss) carried forward14 | -€3,628 | -€5,312 | -€99,169 | -€155,037 | -€193,540 | -€232,286 | -€261,750 | -€327,166 | ▼ 25.0% |
| Amounts payable17/49 | €16,822 | €637,929 | €859,503 | €848,320 | €827,417 | €781,817 | €440,823 | €519,028 | ▲ 17.7% |
| Amounts payable after more than one year17 | - | €581,765 | €620,398 | €601,499 | €582,493 | €564,263 | €159,552 | €143,099 | ▼ 10.3% |
| Financial debts170/4 | - | - | - | €601,499 | €582,493 | €564,263 | €159,552 | €143,099 | ▼ 10.3% |
| Amounts payable within one year42/48 | €16,822 | €56,165 | €237,859 | €246,151 | €243,525 | €217,132 | €281,272 | €375,929 | ▲ 33.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,871 | €19,020 | €18,652 | €54,702 | €16,453 | ▼ 69.9% |
| Trade debts44 | €1,283 | €11,084 | €1,938 | €29 | €460 | €1,393 | €19,970 | €1,451 | ▼ 92.7% |
| Suppliers440/4 | - | - | - | €29 | €460 | €1,393 | €19,970 | €1,451 | ▼ 92.7% |
| Advances received on contracts in progress46 | - | - | - | €1,947 | €2,496 | €2,741 | €316 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €2,352 | €1,465 | €640 | €884 | €553 | ▼ 37.5% |
| Taxes450/3 | - | - | - | €2,310 | €1,355 | €552 | €884 | €553 | ▼ 37.5% |
| Remuneration and social security454/9 | - | - | - | €43 | €110 | €88 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €222,952 | €220,084 | €193,707 | €205,399 | €357,472 | ▲ 74.0% |
| Accrued charges and deferred income492/3 | - | - | - | €669 | €1,399 | €422 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,628 | -€1,685 | -€93,856 | -€55,869 | -€38,503 | -€38,746 | -€29,464 | -€65,416 | ▼ 122% |
| + Depreciation and write-downs630 | €17,636 | €28,887 | €74,930 | €81,022 | €69,617 | €51,513 | €49,334 | €50,316 | ▲ 2.0% |
| Operating cash flow (approximation) | €14,008 | €27,203 | -€18,927 | €25,153 | €31,114 | €12,767 | €19,871 | -€15,099 | - |
| Investment in fixed assets (approximation) | - | -€733,973 | -€281,529 | -€17,315 | -€10,159 | €42,635 | -€33,807 | -€67,252 | ▼ 98.9% |
| Change in cash | - | €24,242 | -€60,402 | -€2,813 | -€15 | €10,460 | -€10,403 | -€1,264 | ▲ 87.8% |
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, 929 companies had the same profile as 25 PROJECTS has now. Two years later, 92.8% were still going and 1.7% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a small loss
92.8%
was still going
5.5%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of 25 PROJECTS itself: 0.5% 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 929 companies, not a prediction for 25 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00209316 | |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00292360 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00165668 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00181854 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20275486 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-28600400 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26400247 | |
| 31-12-2018 | micro format | 11-06-2019 | 2019-16900600 |