ACE Projects
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 20 filings
Equity
€140,106▼ 32.1%
2024 · €206,387
Total assets
€959,445▲ 0.6%
2024 · €953,798
Net result
-€66,281▼ 701%
2024 · -€8,273
Working capital
€697,947▲ 11.1%
2024 · €628,434
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€52,073
2025
20182025
Net result
-€66,281
▼ 701%
2025
lowest quarter of the sector
20182025
Equity
€140,106
▼ 32.1%
2025
middle half of the sector
20182025
Total assets
€959,445
▲ 0.6%
2025
middle half of the sector
20182025
Debt
€819,339
▲ 9.6%
2025
20182025
Working capital
€697,947
▲ 11.1%
2025
middle half of the sector
20182025
Solvency
14.6%
▼ 7.0pp
2025
lowest quarter of the sector
20182025
Current ratio
3.77
▲ 0.76
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-6.9%
▼ 6.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.04m▼ 71.4%€0.04m▲ 8.1%€0.03m▼ 19.9%-€0.008m€0.1m€0.02m▼ 84.4%-€0.05m
Net result€0.06m-€0.01m▼ 75.2%-€459below the sector's middle half-€0.02mbelow the sector's middle half▼ 4,361%-€0.08mbelow the sector's middle half▼ 266%€0.04mabove the sector's middle half-€0.008mbelow the sector's middle half-€0.07mbelow the sector's middle half▼ 701%
Equity€0.3m-€0.3m▲ 5.5%€0.3mwithin the sector's middle half▼ 0.2%€0.3mabove the sector's middle half▼ 7.5%€0.2mabove the sector's middle half▼ 29.8%€0.2mabove the sector's middle half▲ 21.4%€0.2mwithin the sector's middle half▼ 3.9%€0.1mwithin the sector's middle half▼ 32.1%
Total assets€0.7m-€1.2m▲ 57.8%€1.4mwithin the sector's middle half▲ 16.3%€2.1mabove the sector's middle half▲ 55.5%€2.2mabove the sector's middle half▲ 6.5%€2.7mabove the sector's middle half▲ 19.9%€1.0mwithin the sector's middle half▼ 64.5%€1.0mwithin the sector's middle half▲ 0.6%
Debt€0.5m-€0.9m▲ 85.9%€1.1m▲ 21.3%€1.9m▲ 71.4%€2.1m▲ 11.5%€2.5m▲ 19.7%€0.7m▼ 69.8%€0.8m▲ 9.6%
Working capital€0.3m-€0.3m▼ 18.5%€0.3mwithin the sector's middle half▲ 11.5%€0.7mabove the sector's middle half▲ 120%€0.7mabove the sector's middle half▲ 7.4%€0.8mabove the sector's middle half▲ 6.9%€0.6mwithin the sector's middle half▼ 18.3%€0.7mwithin the sector's middle half▲ 11.1%
Solvency35.0%-23.4%▼ 11.6pp20.1%within the sector's middle half▼ 3.3pp12.0%within the sector's middle half▼ 8.2pp7.9%within the sector's middle half▼ 4.1pp8.0%within the sector's middle half▲ 0.1pp21.6%within the sector's middle half▲ 13.6pp14.6%below the sector's middle half▼ 7.0pp
Current ratio2.02-1.37▼ 0.641.34within the sector's middle half▼ 0.031.61within the sector's middle half▲ 0.271.51within the sector's middle half▼ 0.101.43within the sector's middle half▼ 0.083.01within the sector's middle half▲ 1.583.77above the sector's middle half▲ 0.76
Return on assets (ROA)7.8%-1.2%▼ 6.6pp0.0%below the sector's middle half▼ 1.3pp-1.0%within the sector's middle half▼ 0.9pp-3.3%below the sector's middle half▼ 2.4pp1.4%within the sector's middle half▲ 4.8pp-0.9%below the sector's middle half▼ 2.3pp-6.9%below the sector's middle half▼ 6.0pp
Staff (FTE)0.8-
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 2025 is a loss of €52,073, after a profit of €16,649 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €959,445
Fixed assets
€9,618 ▼ 22.0%
Current assets
€949,828 ▲ 0.9%
Equity and liabilities €959,445
Equity
€140,106 ▼ 32.1%
Debt
€819,339 ▲ 9.6%
Debt's share of the balance-sheet total rises from 78.4% to 85.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€49,355▼
2024 · €19,366
Cash flow
-€63,563▼
2024 · -€5,556
Quick ratio
2.29▲
2024 · 2.13
Debt to equity
5.85▲
2024 · 3.62
ROE
-47.3%▼
2024 · -4.0%
Interest coverage
-3.35▼
2024 · 0.73
Debt ≤ 1 year
€251,881▼
2024 · €313,028
Debt > 1 year
€555,458▲
2024 · €420,058
Income taxes
€501▼
2024 · €1,391
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,535 | €10,621 | €6,747 | - | - |
| Financial fixed assets | €188,015 | €47,268 | €380 | - | - |
| Depreciation and write-downs of the year | €91 | €630 | €1,797 | €2,717 | €2,717 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €2,730 awarded · €2,730 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €272 | €7,184 | €0 | €21,870 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €662 | - | €272 | €91 | €630 | €1,797 | €2,717 | €2,717 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €14,305 | -€14,305 | - |
| Other operating charges640/8 | - | - | - | €1,026 | €18,845 | €2,454 | €4,040 | €3,368 | ▼ 16.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,058 | €1,632 | ▲ 54.2% |
| Gross operating margin9900 | €173,752 | €62,679 | €44,588 | €35,763 | €11,601 | €110,697 | €38,769 | -€58,660 | - |
| Operating profit (loss)9901 | €139,775 | €40,004 | €43,236 | €34,647 | -€7,874 | €106,446 | €16,649 | -€52,073 | - |
| Financial income75/76B | - | - | - | €32,969 | €19,556 | €25,052 | €2,999 | €1,005 | ▼ 66.5% |
| Recurring financial income75 | €20,187 | €16,593 | €15,223 | €32,969 | €19,556 | €25,052 | €2,999 | €703 | ▼ 76.5% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €302 | - |
| Financial charges65/66B | - | - | - | €87,879 | €86,110 | €86,425 | €26,530 | €14,712 | ▼ 44.5% |
| Recurring financial charges65 | €76,385 | €34,339 | €56,547 | €87,879 | €86,110 | €86,425 | €26,530 | €14,712 | ▼ 44.5% |
| Profit (loss) for the period before taxes9903 | €83,576 | €22,258 | €1,912 | -€20,263 | -€74,428 | €45,073 | -€6,882 | -€65,779 | ▼ 856% |
| Income taxes67/77 | €26,038 | €8,000 | €2,371 | €224 | €614 | €7,204 | €1,391 | €501 | ▼ 64.0% |
| Profit (loss) for the period9904 | €57,538 | €14,259 | -€459 | -€20,487 | -€75,042 | €37,869 | -€8,273 | -€66,281 | ▼ 701% |
| Profit (loss) for the period to be appropriated9905 | €57,538 | €14,259 | -€459 | -€20,487 | -€75,042 | €37,869 | -€8,273 | -€66,281 | ▼ 701% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €1.2m | €1.4m | €2.1m | €2.2m | €2.7m | €1.0m | €1.0m | ▲ 0.6% |
| Fixed assets21/28 | €0.07m | €0.2m | €0.1m | €0.3m | €0.1m | €0.1m | €0.01m | €0.01m | ▼ 22.0% |
| Tangible fixed assets22/27 | - | - | €0.001m | €0.001m | €0.006m | €0.01m | €0.008m | €0.006m | ▼ 32.5% |
| Plant, machinery and equipment23 | - | - | - | €0 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.006m | €0.01m | €0.008m | €0.006m | ▼ 32.5% |
| Financial fixed assets28 | €0.07m | €0.2m | €0.1m | €0.3m | €0.1m | €0.1m | €0.004m | €0.004m | = |
| Current assets29/58 | €0.7m | €1.0m | €1.2m | €1.8m | €2.1m | €2.6m | €0.9m | €0.9m | ▲ 0.9% |
| Stocks and contracts in progress3 | - | - | - | €0.2m | €0.4m | €0.6m | €0.3m | €0.4m | ▲ 34.7% |
| Contracts in progress37 | - | - | - | €0.2m | €0.4m | €0.6m | €0.3m | €0.4m | ▲ 34.7% |
| Amounts receivable within one year40/41 | €0.7m | €1.0m | €1.2m | €1.2m | €1.6m | €1.8m | €0.5m | €0.3m | ▼ 48.3% |
| Trade receivables40 | - | - | - | €1.2m | €1.4m | €1.6m | €0.4m | €0.2m | ▼ 45.8% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.1m | €0.2m | €0.1m | €0.04m | ▼ 59.1% |
| Cash at bank and in hand54/58 | €0.01m | €0.03m | €0.03m | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 42.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.02m | €0.03m | €0.002m | €0.1m | ▲ 76× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €1.2m | €1.4m | €2.1m | €2.2m | €2.7m | €1.0m | €1.0m | ▲ 0.6% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 32.1% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.06m | €0.07m | €0.07m | €0.07m | €0.07m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Distributable reserves133 | - | - | - | €0.07m | €0.07m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.2m | €0.2m | €0.08m | €0.08m | €0.08m | €0.01m | ▼ 86.9% |
| Amounts payable17/49 | €0.5m | €0.9m | €1.1m | €1.9m | €2.1m | €2.5m | €0.7m | €0.8m | ▲ 9.6% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.7m | €0.6m | €0.6m | €0.4m | €0.6m | ▲ 32.2% |
| Financial debts170/4 | - | - | - | €0.2m | €100 | €0 | €0.4m | €0.6m | ▲ 32.2% |
| Other amounts payable178/9 | - | - | - | €0.6m | €0.6m | €0.6m | - | - | - |
| Amounts payable within one year42/48 | €0.3m | €0.7m | €0.9m | €1.1m | €1.4m | €1.8m | €0.3m | €0.3m | ▼ 19.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0 | - | - | - | - |
| Trade debts44 | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 37.0% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 37.0% |
| Advances received on contracts in progress46 | - | - | - | €0.5m | €0.9m | €1.1m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.08m | €0.03m | €0.05m | €0.02m | €0.008m | ▼ 45.8% |
| Taxes450/3 | - | - | - | €0.07m | €0.01m | €0.03m | €0.02m | €0.008m | ▼ 45.8% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.02m | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.5m | €0.1m | €0.1m | ▲ 17.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.05m | €0.06m | €0.08m | €0.01m | €0.01m | ▼ 16.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,538 | €14,259 | -€459 | -€20,487 | -€75,042 | €37,869 | -€8,273 | -€66,281 | ▼ 701% |
| + Depreciation and write-downs630 | €662 | - | €272 | €91 | €630 | €1,797 | €2,717 | €2,717 | = |
| Operating cash flow (approximation) | €58,200 | €14,259 | -€187 | -€20,396 | -€74,412 | €39,666 | -€5,556 | -€63,563 | ▼ 1,044% |
| Investment in fixed assets (approximation) | - | -€85,018 | €9,802 | -€187,933 | €215,639 | -€7,127 | €110,506 | €0 | ▼ 100% |
| Change in cash | - | €17,632 | -€118 | €220,125 | -€135,282 | €17,123 | -€3,661 | €53,053 | - |
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, 2,507 companies had the same profile as ACE Projects has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
96.4%
was still going
1.8%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ACE Projects itself: 0.8% 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 2,507 companies, not a prediction for ACE 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00367459 | |
| 31-12-2024 | abbreviated format | 15-10-2025 | 2025-00542946 | |
| 31-12-2023 | micro format | 25-09-2024 | 2024-00471304 | |
| 31-12-2022 | micro format | 24-04-2024 | 2024-00068422 | |
| 31-12-2021 | micro format | 22-06-2023 | 2023-00147792 | |
| 31-12-2020 | abbreviated format | 23-02-2022 | 2022-06200104 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-67500151 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56800046 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-61400565 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-47400552 |