27 Projects · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of 27 Projects is 1.8% (moderate). The 2024 annual accounts show negative equity (€-171k) and a net result of €-26k. Equity is shrinking by ~21.2% per year across the filed fiscal years. The company has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 7 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

1.8% Moderate

0%0,5%1,5%4%10%≥25%

No NACE activity registered +Annual accounts: weaker financial profile +Long track record −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Signals

1 signal · with evidence

Negative equity

Equity is negative for financial year 2024: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).

View the annual accounts

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 20 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-10-2025, 89 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

How we compute the deadline

The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	28-10-2025	89 d late	2025-00550989
31-12-2023	31-07-2024	15-11-2024	107 d late	2024-00602726
31-12-2022	31-07-2023	31-08-2023	31 d late	2023-00441776
31-12-2021	31-07-2022	23-08-2022	23 d late	2022-20327598
31-12-2020	31-07-2021	26-10-2021	87 d late	2021-73400310
31-12-2019	31-07-2020	20-08-2020	20 d late	2020-42700362
31-12-2018	31-07-2019	23-09-2019	54 d late	2019-65300432
31-12-2017	31-07-2018	22-10-2018	83 d late	2018-69800074
31-12-2016	31-07-2017	29-09-2017	60 d late	2017-65600156
31-12-2015	31-07-2016	16-09-2016	47 d late	2016-60200233

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

Long-established

Founded in 2002, 24 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Financials

Turnover€48k+16.6%

EBIT margin-48.6%+1.8pp

Net result€-26k-71.8%

Working capital€-347k-3.8%

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 28-10-2025 with the NBB · fiscal year 2024 · micro

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~21.2%/year over 7 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Revenue

€48k

+16.6% 18-24

EBITDA

€4k

-72.5% 18-24

Net profit

€-26k

-71.8% 18-24

Cash flow

€2k

-87.7% 18-24

Total assets

€240k

-9.9% 18-24

Equity

€-171k

-17.7% 18-24

Working capital

€-347k

-3.8% 18-24

Income taxes

€164

+10.1% 18-24

Show 12 other metrics

Debt

€410k

-0.2% 18-24

Debt ≤ 1y

€358k

+1.2% 18-24

Debt > 1y

€53k

-8.8% 18-24

Current ratio

0.03

-44.9% 18-24

Quick ratio

0.03

-44.9% 18-24

Solvency

-71.3%

-30.6% 18-24

Debt / equity

-2.40

+15.2% 18-24

ROE

15.0%

+46.0% 18-24

ROA

-10.7%

-90.7% 18-24

Net margin

-53.0%

+4.2% 18-24

EBITDA margin

7.5%

-78.2% 18-24

Interest coverage

1.85

-88.1% 18-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	micro
Revenue	€48k
EBITDA	€4k
Net profit	€-26k
Cash flow	€2k
Staff costs	-
Income taxes	€164
Dividends	-
Total assets	€240k
Equity	€-171k
Debt	€410k
of which ≤ 1y	€358k
of which > 1y	€53k
Working capital	€-347k
Employees (FTE)	-

Ratios (computed)

	2024
Current ratio	0.03
Quick ratio	0.03
Working capital ratio	-144.8%
Solvency	-71.3%
Debt / equity	-2.40
Long-term debt ratio	-0.31
Interest coverage	1.85
Gross margin	11.0%
Net margin	-53.0%
ROA	-10.7%
ROE	15.0%
EBITDA margin	7.5%
Days sales outstanding	-
Days payable outstanding	34d
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2024

Assets

Fixed assets €229k · 95.6% Current assets €11k · 4.5%

Full annual accounts (22 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€240k
Fixed assets	21/28	€229k
Tangible fixed assets	22/27	€229k
Current assets	29/58	€11k
Cash & bank	54/58	€9k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€240k
Equity	10/15	€-171k
Contributions / capital	10/11	€19k
Reserves	13	€21k
Accumulated profits (losses)	14	€-210k
Amounts payable	17/49	€410k
Amounts payable after one year	17	€53k
Amounts payable within one year	42/48	€358k
Trade debts payable within one year	44	€4k
Income statement
Turnover	70	€48k
Gross operating margin	9900	€5k
Operating result	9901	€-23k
Financial charges	65	€2k
Result before taxes	9903	€-25k
Income taxes	67/77	€164
Net result for the period	9904	€-26k
Result to be appropriated	9905	€-26k

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2024 · computed

22 / 100 Critical

050100

Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Directors

Directors & mandates

1 director

2 of this company's 2 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.

Current directors & mandates

DUHAUT Gabrielle
Director
State Gazette act 23478529 (28-12-2023)

Current
28-12-2023 → present
2 events
- 28-12-2023 Resigned· Manager
- 28-12-2023 Appointed· Director

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	-
Legal form	Private limited company(610)
Incorporation	30-07-2002
Status	Active
Postal code	6000

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

4 companies at this address See who is registered here

Parcels1

Ground area712 m²

Buildings1

Building footprint137 m²

Volume (LiDAR)5,770 m³

Tallest building43.0 m · ±14 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
52011B0239/00K161	Wallonia	712 m²	1 · 137 m²	43.0 m · 14 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgisch Staatsblad · acts

1 acts

All acts · 1 updated 2 years ago

2023

28-12-2023 1 director appointed, 1 resigning Director changes·Vincent LABENNE

DUHAUT Gabrielle, Bestuurder
DUHAUT Gabrielle, Zaakvoerder

Notary: Vincent LABENNE · Gouy-lez-Piéton

Original publication ↗

Analysis

Financial profile

5 of 5 axes measured

52 / 100

Mixed profile: strong on stability, weaker on health.

All 5 axes are computed from data Checked has read.

Health 22

Profitability 38

Solvency 33

Growth 68

Stability 100

Credit advice

verdict per customer and amount

Company registry

Company registry (CBE)

Crossroads Bank

Names & trade names

Legal nameFR

27 Projects

Registered office

Rue de la Neuville 62

6000 Charleroi, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.