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A PROJECT

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Private limited companyfounded 2010active for 16 yearsBrusselsesteenweg 424, 1785 Merchtem, BelgiumKBO/BCE: BE 0830.253.286

Financials · financial year 2025, abbreviated format

2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00500408.

Annual accounts 2025 filed on 31-08-2026 at the NBB all 15 filings

Turnover
≈ €2.9m
Estimated: probably between €2.2m and €3.6m
Total assets
€1.9m▲ 14.8%
2024 · €1.6m
Net result
€296,772▼ 9.2%
2024 · €326,673
Working capital
€1.0m▲ 9.9%
2024 · €924,068
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 17% lower than in 2024.

Operating result€0.4m 2025 Net result€0.3m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.1m▼ 34.9%€0.1m▲ 1.8%€0.1m▲ 16.7%€0.2m▲ 52.3%€0.4m▲ 125%€0.5m▲ 22.9%€0.4m▼ 16.7%
Net result€0.1m-€0.07m▼ 34.4%€0.09mwithin the sector's middle half▲ 31.3%€0.08mwithin the sector's middle half▼ 14.5%€0.1mwithin the sector's middle half▲ 62.6%€0.3mabove the sector's middle half▲ 143%€0.3mabove the sector's middle half▲ 9.7%€0.3mabove the sector's middle half▼ 9.2%
Equity€0.7m-€0.7m▲ 3.2%€0.8mabove the sector's middle half▲ 11.8%€0.9mabove the sector's middle half▲ 9.0%€1.0mabove the sector's middle half▲ 13.5%€0.8mabove the sector's middle half▼ 18.1%€1.1mabove the sector's middle half▲ 26.6%€1.3mabove the sector's middle half▲ 21.5%
Total assets€1.3m-€1.4m▲ 0.4%€1.4mwithin the sector's middle half▲ 1.9%€1.5mwithin the sector's middle half▲ 7.8%€1.6mwithin the sector's middle half▲ 7.7%€1.2mwithin the sector's middle half▼ 23.6%€1.6mwithin the sector's middle half▲ 33.3%€1.9mabove the sector's middle half▲ 14.8%
Debt€0.6m-€0.6m▼ 2.9%€0.5m▼ 10.1%€0.6m▲ 5.3%€0.6m▼ 1.8%€0.4m▼ 33.4%€0.6m▲ 49.0%€0.6m▲ 2.4%
Working capital€0.6m-€0.4m▼ 33.7%€0.6mabove the sector's middle half▲ 47.9%€0.6mabove the sector's middle half▲ 2.8%€0.8mabove the sector's middle half▲ 23.8%€0.6mabove the sector's middle half▼ 26.5%€0.9mabove the sector's middle half▲ 58.2%€1.0mabove the sector's middle half▲ 9.9%
Solvency53.4%-55.0%▲ 1.5pp60.3%within the sector's middle half▲ 5.3pp61.0%within the sector's middle half▲ 0.7pp64.3%above the sector's middle half▲ 3.3pp68.8%above the sector's middle half▲ 4.6pp65.4%above the sector's middle half▼ 3.5pp69.2%above the sector's middle half▲ 3.8pp
Current ratio4.57-2.28▼ 2.293.98above the sector's middle half▲ 1.703.19above the sector's middle half▼ 0.783.48above the sector's middle half▲ 0.283.45above the sector's middle half▼ 0.033.70above the sector's middle half▲ 0.252.91within the sector's middle half▼ 0.79
Return on assets (ROA)7.6%-4.9%▼ 2.6pp6.4%within the sector's middle half▲ 1.4pp5.1%within the sector's middle half▼ 1.3pp7.6%within the sector's middle half▲ 2.6pp24.3%above the sector's middle half▲ 16.7pp20.0%above the sector's middle half▼ 4.3pp15.8%above the sector's middle half▼ 4.2pp
Staff (FTE)1.9-3.2▲ 68.4%6within the sector's middle half▲ 87.5%6.3within the sector's middle half▲ 5.0%6.6within the sector's middle half▲ 4.8%6.3within the sector's middle half▼ 4.5%6.9within the sector's middle half▲ 9.5%8.9within the sector's middle half▲ 29.0%
above within below The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets €328,264 ▼ 10.6%
Current assets €1.5m ▲ 22.2%
Equity and liabilities €1.9m
Equity €1.3m ▲ 21.5%
Provisions €1,751 ▼ 41.9%
Debt €576,340 ▲ 2.4%
Debt's share of the balance-sheet total falls from 34.4% to 30.7%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€488,945▼
2024 · €564,797
Cash flow
€375,511▼
2024 · €399,108
Quick ratio
2.89▼
2024 · 3.68
Debt to equity
0.44▼
2024 · 0.53
ROE
22.9%▼
2024 · 30.6%
Interest coverage
34.71▼
2024 · 71.06
Debt ≤ 1 year
€531,951▲
2024 · €342,105
Debt > 1 year
€23,556▼
2024 · €60,762
Income taxes
€121,270▼
2024 · €166,507
Staff costs
€480,899▲
2024 · €389,554
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date66567
full-time65467
part-time01100
in full-time equivalents65.84.967
Average over the year, in full-time equivalents6.36.66.36.98.9
On a permanent contract55567
Joined23347
Left23436
Training hours---00

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item20212022202320242025
Mortgages, amount registered€25,000€25,000€25,000€25,000€25,000
Carrying value of the mortgaged assets€140,000€280,000€280,000€280,000€280,000

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€89,776€28,233€14,074€37,546€39,877
Financial fixed assets----€0
Depreciation and write-downs of the year€82,898€94,834€98,484€72,435€78,739

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Subsidies and aid

Flemish government

2025 · 1 entry · €2,125 awarded · €2,125 paid
Schemes
1 entry · €2,125 · €2,125 paid · Vlaams Energie- en Klimaatagentschap
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 63 lines
Balance sheet Code20242025
Assets
Total assets20/58€1.6m€1.9m▲
Fixed assets21/28€0.4m€0.3m▼
Tangible fixed assets22/27€0.4m€0.3m▼
Land and buildings22€0.1m€0.09m▼
Plant, machinery and equipment23€0.01m€0.006m▼
Furniture and vehicles24€0.08m€0.08m▲
Other tangible fixed assets26€0.2m€0.2m▼
Current assets29/58€1.3m€1.5m▲
Stocks and contracts in progress3€0.008m€0.008m▲
Stocks30/36€0.008m€0.008m▲
Amounts receivable within one year40/41€0.3m€0.4m▲
Trade receivables40€0.2m€0.2m▲
Other amounts receivable41€0.1m€0.1m▲
Current investments50/53€0.3m€0.7m▲
Cash at bank and in hand54/58€0.6m€0.5m▼
Deferred charges and accrued income490/1€0.03m€0.03m▼
Equity and liabilities
Total equity and liabilities10/49€1.6m€1.9m▲
Equity10/15€1.1m€1.3m▲
Contributions10/11€0.02m€0.02m=
Reserves13€1.0m€1.3m▲
Tax-exempt reserves132€0.03m€0.02m▼
Distributable reserves133€1.0m€1.2m▲
Profit (loss) carried forward14€0.006m€0.007m▲
Provisions and deferred taxes16€0.003m€0.002m▼
Deferred taxes168€0.003m€0.002m▼
Amounts payable17/49€0.6m€0.6m▲
Amounts payable after more than one year17€0.06m€0.02m▼
Financial debts170/4€0.06m€0.02m▼
Amounts payable within one year42/48€0.3m€0.5m▲
Current portion of amounts payable after more than one year42€0.04m€0.04m▲
Trade debts44€0.2m€0.3m▲
Suppliers440/4€0.2m€0.3m▲
Taxes, remuneration and social security45€0.04m€0.08m▲
Taxes450/3€0.03m€0.03m▲
Remuneration and social security454/9€0.01m€0.04m▲
Other amounts payable47/48€0.05m€0.1m▲
Accrued charges and deferred income492/3€0.2m€0.02m▼
Income statement Code20242025
Non-recurring operating income76A€0.001m€0▼
Remuneration, social security and pensions62€0.4m€0.5m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.07m€0.08m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0-
Other operating charges640/8€0.02m€0.02m▼
Non-recurring operating charges66A€0.001m€0▼
Gross operating margin9900€1.0m€1.0m▲
Operating profit (loss)9901€0.5m€0.4m▼
Financial income75/76B€0.008m€0.02m▲
Recurring financial income75€0.008m€0.02m▲
Financial charges65/66B€0.008m€0.01m▲
Recurring financial charges65€0.008m€0.01m▲
Profit (loss) for the period before taxes9903€0.5m€0.4m▼
Transfer from deferred taxes780€0.001m€0.001m=
Income taxes67/77€0.2m€0.1m▼
Profit (loss) for the period9904€0.3m€0.3m▼
Transfer from tax-exempt reserves789€0.004m€0.004m=
Profit (loss) for the period to be appropriated9905€0.3m€0.3m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.3m€0.3m▼
Profit (loss) brought forward from the previous period14P€0.006m€0.006m▲
Transfer from equity791/2€0.1m€0.07m▼
Transfer to equity691/2€0.3m€0.3m▼
To other reserves6921€0.3m€0.3m▼
Profit to be distributed694/7€0.1m€0.07m▼
Return on contributions (dividend)694€0.1m€0.07m▼
Social balance sheet
Average headcount (FTE)90876.98.9▲

The notes to these accounts have 19 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.

Line20182019202020212022202320242025Change
Non-recurring operating income76A---€12,000€13,223€0€1,110€0▼ 100%
Remuneration, social security and pensions62---€239,006€300,486€330,835€389,554€480,899▲ 23.4%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€56,397€107,140€75,556€82,898€94,834€98,484€72,435€78,739▲ 8.7%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-----€3,793€0--
Other operating charges640/8---€5,560€5,690€5,207€20,669€18,429▼ 10.8%
Non-recurring operating charges66A------€602€0▼ 100%
Gross operating margin9900€291,582€344,382€416,062€444,469€579,231€839,020€975,622€988,273▲ 1.3%
Operating profit (loss)9901€151,408€98,546€100,277€117,004€178,221€400,701€492,362€410,206▼ 16.7%
Financial income75/76B---€11,176€12,590€38,268€7,504€20,664▲ 175%
Recurring financial income75€9,553€11,472€9,066€11,176€12,590€38,268€7,504€20,664▲ 175%
Financial charges65/66B---€9,246€7,956€6,603€7,948€14,089▲ 77.3%
Recurring financial charges65€12,387€8,532€7,175€9,246€7,956€6,603€7,948€14,089▲ 77.3%
Profit (loss) for the period before taxes9903€148,573€101,486€102,169€118,934€182,856€432,366€491,918€416,781▼ 15.3%
Transfer from deferred taxes780---€7€812€1,214€1,261€1,261=
Transfer to deferred taxes680---€3,000€3,306€0---
Income taxes67/77€46,473€34,466€14,192€40,695€58,040€135,840€166,507€121,270▼ 27.2%
Profit (loss) for the period9904€102,101€67,020€87,976€75,246€122,322€297,740€326,673€296,772▼ 9.2%
Transfer from tax-exempt reserves789---€11,270€2,436€3,643€3,783€3,783=
Transfer to tax-exempt reserves689---€9,000€9,917€0---
Profit (loss) for the period to be appropriated9905€102,101€67,020€95,476€77,516€114,841€301,383€330,456€300,556▼ 9.0%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€1.3m€1.4m€1.4m€1.5m€1.6m€1.2m€1.6m€1.9m▲ 14.8%
Fixed assets21/28€0.5m€0.6m€0.5m€0.6m€0.5m€0.4m€0.4m€0.3m▼ 10.6%
Intangible fixed assets21€0.002m€0.002m€0.001m€0.001m€0----
Tangible fixed assets22/27€0.5m€0.6m€0.5m€0.6m€0.5m€0.4m€0.4m€0.3m▼ 10.6%
Land and buildings22---€0.1m€0.1m€0.1m€0.1m€0.09m▼ 11.1%
Plant, machinery and equipment23---€0.01m€0.006m€0.02m€0.01m€0.006m▼ 40.7%
Furniture and vehicles24---€0.1m€0.1m€0.07m€0.08m€0.08m▲ 3.0%
Other tangible fixed assets26---€0.3m€0.2m€0.2m€0.2m€0.2m▼ 14.3%
Current assets29/58€0.8m€0.8m€0.8m€0.9m€1.1m€0.8m€1.3m€1.5m▲ 22.2%
Stocks and contracts in progress3€0.02m€0.02m€0.02m€0.04m€0.02m€0.008m€0.008m€0.008m▲ 1.7%
Stocks30/36---€0.02m€0.02m€0.008m€0.008m€0.008m▲ 1.7%
Contracts in progress37---€0.03m€0----
Amounts receivable within one year40/41€0.1m€0.1m€0.1m€0.2m€0.3m€0.3m€0.3m€0.4m▲ 21.5%
Trade receivables40---€0.2m€0.2m€0.1m€0.2m€0.2m▲ 18.4%
Other amounts receivable41---€0.01m€0.1m€0.2m€0.1m€0.1m▲ 26.3%
Current investments50/53€0.3m€0.3m€0.3m€0.3m€0.3m€0.3m€0.3m€0.7m▲ 136%
Cash at bank and in hand54/58€0.4m€0.3m€0.4m€0.4m€0.5m€0.3m€0.6m€0.5m▼ 28.3%
Deferred charges and accrued income490/1---€0.02m€0.02m€0.008m€0.03m€0.03m▼ 2.3%
Equity and liabilities
Total equity and liabilities10/49€1.3m€1.4m€1.4m€1.5m€1.6m€1.2m€1.6m€1.9m▲ 14.8%
Equity10/15€0.7m€0.7m€0.8m€0.9m€1.0m€0.8m€1.1m€1.3m▲ 21.5%
Contributions10/11€0.02m€0.02m-€0.02m€0.02m€0.02m€0.02m€0.02m=
Reserves13€0.7m€0.7m€0.8m€0.9m€1.0m€0.8m€1.0m€1.3m▲ 22.0%
Non-distributable reserves130/1---€0.002m€0.002m€0---
Reserves not available under the articles1311---€0.002m€0.002m€0---
Tax-exempt reserves132---€0.03m€0.04m€0.03m€0.03m€0.02m▼ 13.6%
Distributable reserves133---€0.9m€1.0m€0.8m€1.0m€1.2m▲ 23.0%
Profit (loss) carried forward14€0.03m€0.03m€0.03m€0.004m€0.004m€0.006m€0.006m€0.007m▲ 9.1%
Provisions and deferred taxes16---€0.003m€0.005m€0.004m€0.003m€0.002m▼ 41.9%
Deferred taxes168---€0.003m€0.005m€0.004m€0.003m€0.002m▼ 41.9%
Amounts payable17/49€0.6m€0.6m€0.5m€0.6m€0.6m€0.4m€0.6m€0.6m▲ 2.4%
Amounts payable after more than one year17€0.3m€0.2m€0.2m€0.2m€0.1m€0.1m€0.06m€0.02m▼ 61.2%
Financial debts170/4---€0.2m€0.1m€0.1m€0.06m€0.02m▼ 61.2%
Amounts payable within one year42/48€0.2m€0.3m€0.2m€0.3m€0.3m€0.2m€0.3m€0.5m▲ 55.5%
Current portion of amounts payable after more than one year42---€0.05m€0.05m€0.04m€0.04m€0.04m▲ 2.6%
Trade debts44€0.06m€0.2m€0.07m€0.1m€0.06m€0.1m€0.2m€0.3m▲ 34.5%
Suppliers440/4---€0.1m€0.06m€0.1m€0.2m€0.3m▲ 34.5%
Taxes, remuneration and social security45---€0.06m€0.2m€0.07m€0.04m€0.08m▲ 90.7%
Taxes450/3---€0.03m€0.06m€0.05m€0.03m€0.03m▲ 19.1%
Remuneration and social security454/9---€0.03m€0.09m€0.02m€0.01m€0.04m▲ 265%
Other amounts payable47/48---€0.04m€0.05m€0.02m€0.05m€0.1m▲ 159%
Accrued charges and deferred income492/3---€0.1m€0.1m€0.04m€0.2m€0.02m▼ 87.0%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€102,101€67,020€87,976€75,246€122,322€297,740€326,673€296,772▼ 9.2%
+ Depreciation and write-downs630€56,397€107,140€75,556€82,898€94,834€98,484€72,435€78,739▲ 8.7%
Operating cash flow (approximation)€158,498€174,161€163,532€158,144€217,156€396,224€399,108€375,511▼ 5.9%
Investment in fixed assets (approximation)--€175,313-€19,800-€89,776-€28,233-€14,074-€37,546-€39,877▼ 6.2%
Change in cash--€92,221€69,993-€2,745€131,072-€258,839€380,369-€179,380-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 34,693 companies had the same profile as A PROJECT has now. Two years later, 0.7% had gone bankrupt and 95.3% were still going.

  • Micro
  • 10 to 20 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
0.7% went bankrupt
3.9% stopped otherwise
95.3% was still going

That fits the bankruptcy probability of A PROJECT itself: 0.1% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 34,693 companies, not a prediction for A PROJECT. 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 15 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 abbreviated format 31-08-2026 2026-00500408 PDF
31-12-2024 abbreviated format 27-08-2025 2025-00412224 PDF
31-12-2023 abbreviated format 30-08-2024 2024-00401617 PDF
31-12-2022 abbreviated format 26-08-2023 2023-00356749 PDF
31-12-2021 abbreviated format 29-08-2022 2022-20334120 PDF
31-12-2020 abbreviated format 26-08-2021 2021-55100535 PDF
31-12-2019 abbreviated format 06-08-2020 2020-39500421 PDF
31-12-2018 abbreviated format 19-08-2019 2019-47300304 PDF
31-12-2017 abbreviated format 20-08-2018 2018-47300566 PDF
31-12-2016 abbreviated format 29-08-2017 2017-49200036 PDF

Show all 15 filings

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