Summary
AEC-PROJECTS is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2026 annual accounts show equity of €125,092 and a net result of -€7,451. Equity is growing by about 21% per year across the filed financial years. Its solvency ranks better than 33% of 246 sector peers (NACE 64, financial year 2026). The company has been active since 2001 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2026, abbreviated format
Equity
€125,092▲ 284%
2025 · €32,543
Net result
-€7,451
2025 · €831
Total assets
€308,052▲ 16.5%
2025 · €264,351
Solvency
40.6%▲ 28.3pp
2025 · 12.3%
Trend over the years
2022 to 2026, 5 financial years 2019 to 2026, 8 financial years
The operating result has fallen two years in a row; 2026 is 77% below 2025.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€4,873
2026
Net result-€7,451
2026
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€308,052
2026
Equity€125,092
2026
Debt€182,960
2026
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€22,145
2026
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-2.4%
2026
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency40.6%
2026
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.62
2026
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€12,093--€13,129▼ 8.6%€24,495€35,834▲ 46.3%€4,658▼ 87.0%€29,928▲ 543%€21,359▼ 28.6%€4,873▼ 77.2%
Net result-€18,373--€12,498▲ 32.0%€17,339within the sector's middle half€18,013within the sector's middle half▲ 3.9%-€4,615below the sector's middle half€388below the sector's middle half€831below the sector's middle half▲ 114%-€7,451
Equity€13,085-€588▼ 95.5%€17,926below the sector's middle half▲ 31×€35,939below the sector's middle half▲ 100%€31,324below the sector's middle half▼ 12.8%€31,712below the sector's middle half▲ 1.2%€32,543below the sector's middle half▲ 2.6%€125,092▲ 284%
Total assets€299,092-€268,996▼ 10.1%€266,363within the sector's middle half▼ 1.0%€292,871below the sector's middle half▲ 10.0%€266,489below the sector's middle half▼ 9.0%€284,676below the sector's middle half▲ 6.8%€264,351below the sector's middle half▼ 7.1%€308,052▲ 16.5%
Debt€286,007-€268,409▼ 6.2%€248,437▼ 7.4%€256,932▲ 3.4%€235,165▼ 8.5%€252,964▲ 7.6%€231,808▼ 8.4%€182,960▼ 21.1%
Working capital€5,485--€13,441€1,143within the sector's middle half€3,952within the sector's middle half▲ 246%-€13,343within the sector's middle half-€31,974within the sector's middle half▼ 140%-€12,670within the sector's middle half▲ 60.4%-€22,145▼ 74.8%
Solvency4.4%-0.2%▼ 4.2pp6.7%below the sector's middle half▲ 6.5pp12.3%below the sector's middle half▲ 5.5pp11.8%below the sector's middle half▼ 0.5pp11.1%below the sector's middle half▼ 0.6pp12.3%below the sector's middle half▲ 1.2pp40.6%▲ 28.3pp
Current ratio1.09-0.75▼ 0.331.02within the sector's middle half▲ 0.271.09within the sector's middle half▲ 0.060.69within the sector's middle half▼ 0.390.60within the sector's middle half▼ 0.100.85within the sector's middle half▲ 0.250.62▼ 0.23
Return on assets (ROA)-6.1%--4.6%▲ 1.5pp6.5%within the sector's middle half▲ 11.2pp6.2%within the sector's middle half▼ 0.4pp-1.7%below the sector's middle half▼ 7.9pp0.1%below the sector's middle half▲ 1.9pp0.3%below the sector's middle half▲ 0.2pp-2.4%▼ 2.7pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €308,052
Fixed assets
€271,782 ▲ 39.8%
Current assets
€36,269 ▼ 48.1%
Equity and liabilities €308,052
Equity
€125,092 ▲ 284%
Debt
€182,960 ▼ 21.1%
Debt's share of the balance-sheet total falls from 87.7% to 59.4%. Equity is higher and debt is lower.
Key figures and ratios
ROE
-6.0%▼
2025 · 2.6%
Debt ≤ 1 year
€58,414▼
2025 · €82,556
Debt > 1 year
€124,397▼
2025 · €149,053
Income taxes
€5,211▼
2025 · €7,329
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,911 | €14,441 | €10,672 | €10,685 | €11,085 | €21,746 | €22,787 | €22,683 | ▼ 0.5% |
| Other operating charges640/8 | - | - | - | €1,346 | €1,824 | €15,694 | €2,232 | €2,031 | ▼ 9.0% |
| Gross operating margin9900 | €10,047 | €1,485 | €35,710 | €47,866 | €17,566 | €67,368 | €46,379 | €29,587 | ▼ 36.2% |
| Operating profit (loss)9901 | -€12,093 | -€13,129 | €24,495 | €35,834 | €4,658 | €29,928 | €21,359 | €4,873 | ▼ 77.2% |
| Financial income75/76B | - | - | - | €1,788 | €1,621 | €414 | €1,061 | €971 | ▼ 8.4% |
| Recurring financial income75 | €467 | €7,514 | €820 | €1,788 | €1,621 | €414 | €1,061 | €971 | ▼ 8.4% |
| Financial charges65/66B | - | - | - | €6,405 | €7,823 | €22,648 | €14,260 | €8,084 | ▼ 43.3% |
| Recurring financial charges65 | €6,346 | €6,882 | €6,756 | €6,405 | €7,823 | €8,998 | €7,630 | €8,084 | ▲ 5.9% |
| Non-recurring financial charges66B | - | - | - | - | - | €13,650 | €6,630 | - | - |
| Profit (loss) for the period before taxes9903 | -€17,972 | -€12,498 | €18,558 | €31,217 | -€1,544 | €7,693 | €8,159 | -€2,240 | - |
| Income taxes67/77 | €401 | - | €1,220 | €13,205 | €3,071 | €7,305 | €7,329 | €5,211 | ▼ 28.9% |
| Profit (loss) for the period9904 | -€18,373 | -€12,498 | €17,339 | €18,013 | -€4,615 | €388 | €831 | -€7,451 | - |
| Profit (loss) for the period to be appropriated9905 | -€18,373 | -€12,498 | €17,339 | €18,013 | -€4,615 | €388 | €831 | -€7,451 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €299,092 | €268,996 | €266,363 | €292,871 | €266,489 | €284,676 | €264,351 | €308,052 | ▲ 16.5% |
| Fixed assets21/28 | €229,113 | €227,622 | €218,300 | €243,265 | €236,445 | €237,482 | €194,465 | €271,782 | ▲ 39.8% |
| Tangible fixed assets22/27 | €229,113 | €227,622 | €218,300 | €207,615 | €200,795 | €216,032 | €194,465 | €271,782 | ▲ 39.8% |
| Land and buildings22 | - | - | - | €204,770 | €195,210 | €185,650 | €176,091 | €266,531 | ▲ 51.4% |
| Plant, machinery and equipment23 | - | - | - | €994 | €2,189 | €1,827 | €2,442 | €1,941 | ▼ 20.5% |
| Furniture and vehicles24 | - | - | - | €1,851 | €3,397 | €28,555 | €15,932 | €3,310 | ▼ 79.2% |
| Financial fixed assets28 | - | - | - | €35,650 | €35,650 | €21,450 | - | - | - |
| Current assets29/58 | €69,979 | €41,374 | €48,063 | €49,606 | €30,043 | €47,193 | €69,886 | €36,269 | ▼ 48.1% |
| Amounts receivable within one year40/41 | €65,042 | €40,976 | €42,668 | €49,244 | €29,648 | €46,599 | €69,676 | €36,066 | ▼ 48.2% |
| Trade receivables40 | - | - | - | €19,700 | €16,263 | €17,064 | €18,809 | €6,321 | ▼ 66.4% |
| Other amounts receivable41 | - | - | - | €29,544 | €13,385 | €29,534 | €50,867 | €29,745 | ▼ 41.5% |
| Cash at bank and in hand54/58 | €4,838 | €50 | €5,064 | - | - | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €362 | €395 | €595 | €210 | €204 | ▼ 3.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €299,092 | €268,996 | €266,363 | €292,871 | €266,489 | €284,676 | €264,351 | €308,052 | ▲ 16.5% |
| Equity10/15 | €13,085 | €588 | €17,926 | €35,939 | €31,324 | €31,712 | €32,543 | €125,092 | ▲ 284% |
| Contributions10/11 | €20,000 | - | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €100,000 | - |
| Reserves13 | €2,000 | €2,000 | €2,000 | €15,939 | €11,324 | €11,712 | €12,543 | €5,092 | ▼ 59.4% |
| Distributable reserves133 | - | - | - | €15,939 | €11,324 | €11,712 | €12,543 | €5,092 | ▼ 59.4% |
| Profit (loss) carried forward14 | -€8,915 | -€21,412 | -€4,074 | - | - | - | - | - | - |
| Amounts payable17/49 | €286,007 | €268,409 | €248,437 | €256,932 | €235,165 | €252,964 | €231,808 | €182,960 | ▼ 21.1% |
| Amounts payable after more than one year17 | €221,513 | €213,463 | €201,517 | €211,278 | €191,778 | €172,876 | €149,053 | €124,397 | ▼ 16.5% |
| Financial debts170/4 | - | - | - | €211,278 | €191,778 | €172,876 | €149,053 | €124,397 | ▼ 16.5% |
| Amounts payable within one year42/48 | €64,494 | €54,815 | €46,921 | €45,654 | €43,387 | €79,168 | €82,556 | €58,414 | ▼ 29.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €20,238 | €19,500 | €23,024 | €23,823 | €24,656 | ▲ 3.5% |
| Financial debts43 | - | - | - | €4,818 | €4,686 | €7,676 | €9,457 | €6,618 | ▼ 30.0% |
| Credit institutions430/8 | - | - | - | €4,818 | €4,686 | €7,676 | €9,457 | €6,618 | ▼ 30.0% |
| Trade debts44 | €26,680 | €10,761 | €15,305 | €12,335 | €16,090 | €13,112 | €21,612 | €13,054 | ▼ 39.6% |
| Suppliers440/4 | - | - | - | €12,335 | €16,090 | €13,112 | €21,612 | €13,054 | ▼ 39.6% |
| Taxes, remuneration and social security45 | - | - | - | €8,263 | €3,110 | €18,141 | €15,739 | €7,789 | ▼ 50.5% |
| Taxes450/3 | - | - | - | €8,263 | €3,110 | €18,141 | €15,739 | €7,789 | ▼ 50.5% |
| Other amounts payable47/48 | - | - | - | - | - | €17,215 | €11,924 | €6,297 | ▼ 47.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €920 | €199 | €148 | ▼ 25.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,373 | -€12,498 | €17,339 | €18,013 | -€4,615 | €388 | €831 | -€7,451 | - |
| + Depreciation and write-downs630 | €15,911 | €14,441 | €10,672 | €10,685 | €11,085 | €21,746 | €22,787 | €22,683 | ▼ 0.5% |
| Operating cash flow (approximation) | -€2,462 | €1,943 | €28,011 | €28,698 | €6,470 | €22,135 | €23,618 | €15,232 | ▼ 35.5% |
| Investment in fixed assets (approximation) | - | -€12,950 | -€1,350 | -€35,650 | -€4,265 | -€22,783 | €20,230 | -€100,000 | - |
| Change in cash | - | -€4,788 | €5,014 | - | - | - | - | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2026 | abbreviated format | 29-09-2026 | 2026-00549767 |
| 30-06-2025 | abbreviated format | 19-12-2025 | 2025-00590859 |
| 30-06-2024 | abbreviated format | 16-12-2024 | 2024-00617346 |
| 30-06-2023 | abbreviated format | 26-01-2024 | 2024-00010669 |
| 30-06-2022 | abbreviated format | 21-12-2022 | 2022-20545707 |
| 30-06-2021 | micro format | 21-12-2021 | 2021-81100404 |
| 30-06-2020 | micro format | 22-12-2020 | 2020-76900426 |
| 30-06-2019 | micro format | 20-12-2019 | 2019-77000565 |
| 30-06-2018 | abbreviated format | 21-12-2018 | 2018-75700286 |
| 30-06-2017 | abbreviated format | 21-12-2017 | 2017-72800179 |
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Of the 24,459 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,049. 13,081 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.