A-C PROJECTS
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 29-10-2026 at the NBB all 18 filings
Equity
€29,240▼ 45.7%
2025 · €53,819
Total assets
€64,768▼ 30.3%
2025 · €92,873
Net result
-€24,579▼ 264%
2025 · -€6,752
Working capital
€51,268▼ 23.1%
2025 · €66,626
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€23,983
▼ 300%
2026
20192026
Net result
-€24,579
▼ 264%
2026
20192026
Equity
€29,240
▼ 45.7%
2026
20192026
Total assets
€64,768
▼ 30.3%
2026
20192026
Debt
€35,528
▼ 9.0%
2026
20192026
Working capital
€51,268
▼ 23.1%
2026
20192026
Solvency
45.1%
▼ 12.8pp
2026
20192026
Current ratio
5.87
▲ 0.13
2026
20192026
Return on assets (ROA)
-37.9%
▼ 30.7pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€5,263-€66€24,776▲ 377×-€6,958€5,998€17,668▲ 195%-€5,989-€23,983▼ 300%
Net result-€6,202-€26€24,432within the sector's middle half▲ 935×-€7,905below the sector's middle half€4,844within the sector's middle half€16,732within the sector's middle half▲ 245%-€6,752below the sector's middle half-€24,579▼ 264%
Equity€22,442-€22,468▲ 0.1%€46,900within the sector's middle half▲ 109%€38,995within the sector's middle half▼ 16.9%€43,839within the sector's middle half▲ 12.4%€60,571within the sector's middle half▲ 38.2%€53,819within the sector's middle half▼ 11.1%€29,240▼ 45.7%
Total assets€99,415-€100,567▲ 1.2%€117,231within the sector's middle half▲ 16.6%€100,177within the sector's middle half▼ 14.5%€97,833within the sector's middle half▼ 2.3%€99,014within the sector's middle half▲ 1.2%€92,873within the sector's middle half▼ 6.2%€64,768▼ 30.3%
Debt€76,973-€78,098▲ 1.5%€70,331▼ 9.9%€61,181▼ 13.0%€53,994▼ 11.7%€38,443▼ 28.8%€39,053▲ 1.6%€35,528▼ 9.0%
Working capital€61,621-€62,035▲ 0.7%€85,179within the sector's middle half▲ 37.3%€77,488within the sector's middle half▼ 9.0%€80,648within the sector's middle half▲ 4.1%€72,350within the sector's middle half▼ 10.3%€66,626within the sector's middle half▼ 7.9%€51,268▼ 23.1%
Solvency22.6%-22.3%▼ 0.2pp40.0%within the sector's middle half▲ 17.7pp38.9%within the sector's middle half▼ 1.1pp44.8%within the sector's middle half▲ 5.9pp61.2%within the sector's middle half▲ 16.4pp57.9%within the sector's middle half▼ 3.2pp45.1%▼ 12.8pp
Current ratio2.67-2.63▼ 0.043.83above the sector's middle half▲ 1.204.66above the sector's middle half▲ 0.836.76above the sector's middle half▲ 2.106.38above the sector's middle half▼ 0.385.74above the sector's middle half▼ 0.645.87▲ 0.13
Return on assets (ROA)-6.2%-0.0%▲ 6.3pp20.8%above the sector's middle half▲ 20.8pp-7.9%below the sector's middle half▼ 28.7pp5.0%within the sector's middle half▲ 12.8pp16.9%above the sector's middle half▲ 11.9pp-7.3%below the sector's middle half▼ 24.2pp-37.9%▼ 30.7pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 2026 is a loss of €23,983, larger than the loss of €5,989 in 2025. It is the lowest result since 2022.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €64,768
Fixed assets
€2,972 ▼ 75.6%
Current assets
€61,796 ▼ 23.4%
Equity and liabilities €64,768
Equity
€29,240 ▼ 45.7%
Debt
€35,528 ▼ 9.0%
Debt's share of the balance-sheet total rises from 42.1% to 54.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€22,925▼
2025 · -€3,117
Cash flow
-€23,522▼
2025 · -€3,880
Debt to equity
1.22▲
2025 · 0.73
ROE
-84.1%▼
2025 · -12.5%
Interest coverage
-52.69▼
2025 · -5.41
Debt ≤ 1 year
€10,528▼
2025 · €14,053
Debt > 1 year
€25,000=
2025 · €25,000
Income taxes
€177▼
2025 · €187
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €21,566 | - | €12,007 | €1,845 | €2,843 |
| Financial fixed assets | - | €2,112 | - | - | €0 |
| Depreciation and write-downs of the year | €676 | €428 | €1,377 | €2,872 | €1,057 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €884 awarded · €884 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €168 | €168 |
| 2024 | 1 | €147 | €147 |
| 2023 | 1 | €117 | €117 |
| 2022 | 1 | €452 | €452 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5,822 | €2,000 | €399 | €0 | €774 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,323 | €445 | €650 | €676 | €428 | €1,377 | €2,872 | €1,057 | ▼ 63.2% |
| Other operating charges640/8 | - | - | - | €903 | €40,184 | €1,786 | €1,764 | €1,091 | ▼ 38.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €3,789 | - |
| Gross operating margin9900 | -€2,893 | €1,571 | €27,281 | -€5,379 | €46,610 | €20,830 | -€1,353 | -€18,045 | ▼ 1,234% |
| Operating profit (loss)9901 | -€5,263 | €66 | €24,776 | -€6,958 | €5,998 | €17,668 | -€5,989 | -€23,983 | ▼ 300% |
| Financial income75/76B | - | - | - | €2 | €0 | - | €0 | €16 | ▲ 33× |
| Recurring financial income75 | €2 | €454 | €1 | €2 | €0 | - | €0 | €16 | ▲ 33× |
| Financial charges65/66B | - | - | - | €755 | €945 | €751 | €576 | €435 | ▼ 24.5% |
| Recurring financial charges65 | €845 | €403 | €274 | €755 | €945 | €751 | €576 | €435 | ▼ 24.5% |
| Profit (loss) for the period before taxes9903 | -€6,106 | €117 | €24,503 | -€7,711 | €5,054 | €16,917 | -€6,565 | -€24,402 | ▼ 272% |
| Income taxes67/77 | €96 | €90 | €71 | €194 | €210 | €185 | €187 | €177 | ▼ 5.2% |
| Profit (loss) for the period9904 | -€6,202 | €26 | €24,432 | -€7,905 | €4,844 | €16,732 | -€6,752 | -€24,579 | ▼ 264% |
| Profit (loss) for the period to be appropriated9905 | -€6,202 | €26 | €24,432 | -€7,905 | €4,844 | €16,732 | -€6,752 | -€24,579 | ▼ 264% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €99,415 | €100,567 | €117,231 | €100,177 | €97,833 | €99,014 | €92,873 | €64,768 | ▼ 30.3% |
| Fixed assets21/28 | €891 | €445 | €1,935 | €1,507 | €3,192 | €13,221 | €12,193 | €2,972 | ▼ 75.6% |
| Tangible fixed assets22/27 | €891 | €445 | €1,935 | €1,507 | €1,080 | €11,109 | €10,081 | €2,972 | ▼ 70.5% |
| Plant, machinery and equipment23 | - | - | - | €699 | €478 | €10,323 | €9,624 | €506 | ▼ 94.7% |
| Furniture and vehicles24 | - | - | - | €808 | €601 | €786 | €458 | €2,466 | ▲ 439% |
| Financial fixed assets28 | - | - | - | - | €2,112 | €2,112 | €2,112 | €0 | ▼ 100% |
| Current assets29/58 | €98,524 | €100,121 | €115,296 | €98,669 | €94,641 | €85,794 | €80,679 | €61,796 | ▼ 23.4% |
| Stocks and contracts in progress3 | €9,883 | €17,788 | €17,788 | €17,788 | €0 | - | €9,500 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | €17,788 | €0 | - | €9,500 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €75,004 | €75,609 | €72,158 | €75,476 | €82,126 | €82,123 | €65,040 | €23,540 | ▼ 63.8% |
| Trade receivables40 | - | - | - | €72,061 | €82,126 | €82,008 | €65,040 | €23,540 | ▼ 63.8% |
| Other amounts receivable41 | - | - | - | €3,414 | €0 | €115 | €0 | - | - |
| Cash at bank and in hand54/58 | €12,569 | €4,997 | €23,048 | €4,144 | €10,900 | €1,818 | €3,381 | €37,137 | ▲ 999% |
| Deferred charges and accrued income490/1 | - | - | - | €1,262 | €1,616 | €1,853 | €2,759 | €1,120 | ▼ 59.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €99,415 | €100,567 | €117,231 | €100,177 | €97,833 | €99,014 | €92,873 | €64,768 | ▼ 30.3% |
| Equity10/15 | €22,442 | €22,468 | €46,900 | €38,995 | €43,839 | €60,571 | €53,819 | €29,240 | ▼ 45.7% |
| Contributions10/11 | €100,000 | €100,000 | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €319 | €319 | €319 | €319 | €319 | €319 | €0 | - | - |
| Non-distributable reserves130/1 | - | - | - | €319 | €319 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €319 | €319 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €319 | €0 | - | - |
| Profit (loss) carried forward14 | -€77,877 | -€77,851 | -€53,419 | -€61,324 | -€56,480 | -€39,748 | -€46,181 | -€70,760 | ▼ 53.2% |
| Amounts payable17/49 | €76,973 | €78,098 | €70,331 | €61,181 | €53,994 | €38,443 | €39,053 | €35,528 | ▼ 9.0% |
| Amounts payable after more than one year17 | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | €25,000 | €25,000 | €25,000 | = |
| Financial debts170/4 | - | - | - | €40,000 | €40,000 | €25,000 | €25,000 | €25,000 | = |
| Amounts payable within one year42/48 | €36,903 | €38,086 | €30,117 | €21,181 | €13,994 | €13,443 | €14,053 | €10,528 | ▼ 25.1% |
| Financial debts43 | - | - | - | - | - | €24 | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €24 | €0 | - | - |
| Trade debts44 | €9,601 | €13,166 | €10,930 | €12,501 | €295 | €2,467 | €4,291 | €772 | ▼ 82.0% |
| Suppliers440/4 | - | - | - | €12,501 | €295 | €2,467 | €4,291 | €772 | ▼ 82.0% |
| Taxes, remuneration and social security45 | - | - | - | €220 | €8,109 | €8,300 | €459 | €1,366 | ▲ 198% |
| Taxes450/3 | - | - | - | €220 | €8,109 | €8,300 | €459 | €1,366 | ▲ 198% |
| Other amounts payable47/48 | - | - | - | €8,460 | €5,590 | €2,652 | €9,304 | €8,390 | ▼ 9.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,202 | €26 | €24,432 | -€7,905 | €4,844 | €16,732 | -€6,752 | -€24,579 | ▼ 264% |
| + Depreciation and write-downs630 | €1,323 | €445 | €650 | €676 | €428 | €1,377 | €2,872 | €1,057 | ▼ 63.2% |
| Operating cash flow (approximation) | -€4,879 | €472 | €25,081 | -€7,229 | €5,272 | €18,109 | -€3,880 | -€23,522 | ▼ 506% |
| Investment in fixed assets (approximation) | - | €0 | -€2,140 | -€248 | -€2,112 | -€11,406 | -€1,845 | €8,164 | - |
| Change in cash | - | -€7,572 | €18,051 | -€18,904 | €6,756 | -€9,082 | €1,563 | €33,756 | ▲ 22× |
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, 4,805 companies had the same profile as A-C PROJECTS has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of A-C PROJECTS itself is lower: 0.2% within 12 months. It rests on far more data about A-C PROJECTS than the profile alone.
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 4,805 companies, not a prediction for A-C 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.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 29-10-2026 | 2026-00594291 | |
| 31-03-2025 | micro format | 03-10-2025 | 2025-00532819 | |
| 31-03-2024 | micro format | 29-10-2024 | 2024-00517723 | |
| 31-03-2023 | micro format | 27-10-2023 | 2023-00496594 | |
| 31-03-2022 | micro format | 21-10-2022 | 2022-20468918 | |
| 31-03-2021 | micro format | 28-10-2021 | 2021-73700271 | |
| 31-03-2020 | micro format | 30-10-2020 | 2020-65000597 | |
| 31-03-2019 | micro format | 24-10-2019 | 2019-71200542 | |
| 31-03-2018 | micro format | 28-09-2018 | 2018-65500548 | |
| 31-03-2017 | micro format | 29-09-2017 | 2017-63700057 |