Losses
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Debts rose by €697,389 in 2025.
Green is investment, beige is depreciation.
Short-term debts rose from €512,992 to €771,045.
The last five annual accounts were filed 0 to 29 days before the end of the period.
Lower net result than 95% of companies in financial services. Sector median €32,856 · 9,773 companies.
The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 17 days before the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| AP PROJECTS Schilde | €2.1m | -€17,924 | 30.8% | - |
| MAXIME Retie | €1.9m | -€21,051 | 42.9% | 0 |
| Tecinvest Berlaar | €2.2m | -€20,012 | 93.9% | 0 |
| LABELLA Deerlijk | €2.3m | -€9,830 | -8.2% | - |
| ART LOUISE Uccle | €1.8m | -€9,202 | 77.6% | - |
| CAUS INVEST Damme | €2.5m | -€49,618 | 13.7% | - |
| Roadmaster Management Oostkamp | €1.9m | -€68,220 | 31.0% | - |
These companies have the same main activity as AP PROJECTS: activities of holding companies (NACE 64210). They are comparable in size and age: total assets between €1.8m and €2.5m, founded between 1991 and 1997.
AP PROJECTS files the micro format. That format states no turnover. The gross margin fell from €37,426 in 2007 to -€17,924 in 2025.
The balance sheet grew most from 2010 to 2012 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Higher than 33% of 9,771 companies in 2025.
Higher than 9% of 9,625 companies in 2025.
Net result: bottom quarter · Equity: top quarter · Balance sheet total: top quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
2.1m | 1.6m | 1.3m | 1.3m | 1.2m | 1.3m | 1.4m | 1.5m | 1.7m | 1.6m | 1.6m | 1.7m | 1.7m | 1.7m | 147,130 | 104,689 | 20,246 | 38,103 | 56,587 | |
21/28 |
1.5m | 660,730 | 349,309 | 274,840 | 547,113 | 577,480 | 600,937 | 633,708 | 551,334 | 568,057 | 590,861 | 1.5m | 1.5m | 1.5m | 2,398 | 774 | 2,183 | 7,515 | 10,288 | |
21 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 350 | 700 | 1,050 | |
22/27 |
1.5m | 655,730 | 346,809 | 272,340 | 547,113 | 577,480 | 600,937 | 633,708 | 551,334 | 568,057 | 590,861 | 1.5m | 1.5m | 1.5m | 1,398 | 774 | 1,833 | 6,214 | 8,636 | |
22 |
217,500 | - | - | - | 480,967 | 496,070 | 504,399 | 520,378 | 536,357 | 552,335 | 568,314 | 1.5m | 1.5m | 1.5m | - | - | - | 2,744 | 2,807 | |
23 |
- | - | - | - | - | - | - | - | - | 213 | 440 | 667 | 895 | 1,122 | - | 730 | 1,460 | 1,969 | 2,919 | |
24 |
54,639 | 59,858 | 48,331 | 50,621 | 66,146 | 79,850 | 93,418 | 108,650 | 7,279 | 15,509 | 22,107 | 31,810 | 25,852 | 24,118 | 1,398 | 44 | 374 | 1,501 | 2,910 | |
26 |
1.3m | 595,872 | 298,478 | 221,719 | - | 1,560 | 3,120 | 4,680 | 7,699 | - | - | - | - | - | - | - | - | - | - | |
28 |
2,500 | 5,000 | 2,500 | 2,500 | - | - | - | - | - | - | - | - | - | 1,000 | 1,000 | - | - | 601 | 601 | |
29/58 |
592,102 | 921,871 | 925,759 | 1.0m | 666,852 | 758,667 | 808,820 | 843,621 | 1.1m | 1.0m | 979,732 | 251,763 | 210,222 | 166,537 | 144,732 | 103,916 | 18,062 | 30,588 | 46,299 | |
40/41 |
78,551 | 40,297 | 6,883 | 33,876 | 22,843 | 9,290 | 12,387 | 14,857 | 22,176 | 20,610 | 2,816 | 5,611 | 1,185 | 20,084 | 10,886 | 22,255 | 447 | 8,436 | 21,173 | |
40 |
10,993 | 16,636 | - | 720 | 1,223 | 587 | 4,840 | 8,696 | 8,025 | 13,129 | - | - | 1,056 | 12,605 | - | 12,605 | - | 7,183 | 20,269 | |
41 |
67,559 | 23,661 | 6,883 | 33,156 | 21,620 | 8,703 | 7,547 | 6,161 | 14,151 | 7,481 | 2,816 | 5,611 | 128 | 7,480 | 10,886 | 9,650 | 447 | 1,253 | 904 | |
50/53 |
212,677 | 810,295 | 824,529 | 352,623 | 390,517 | 459,401 | 278,366 | 356,286 | 894,941 | 996,866 | 916,192 | - | - | - | - | - | - | - | - | |
54/58 |
299,858 | 69,896 | 93,927 | 621,514 | 251,304 | 288,141 | 516,227 | 472,479 | 198,497 | 18,990 | 60,725 | 246,152 | 209,038 | 146,453 | 133,846 | 81,661 | 17,615 | 22,124 | 24,714 | |
490/1 |
1,015 | 1,382 | 420 | 1,241 | 2,188 | 1,835 | 1,841 | - | - | - | - | - | - | - | - | - | - | 28 | 413 | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
2.1m | 1.6m | 1.3m | 1.3m | 1.2m | 1.3m | 1.4m | 1.5m | 1.7m | 1.6m | 1.6m | 1.7m | 1.7m | 1.7m | 147,130 | 104,689 | 20,246 | 38,103 | 56,587 | |
10/15 |
656,597 | 802,179 | 852,306 | 867,045 | 797,023 | 917,914 | 994,155 | 1.0m | 838,729 | 747,319 | 716,740 | 921,149 | 904,496 | 885,852 | 124,231 | 84,097 | 20,191 | 36,795 | 52,528 | |
10/11 |
788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
100 |
- | - | - | - | - | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 788,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
13 |
258,579 | 258,579 | 258,579 | 258,579 | 258,579 | 258,579 | 258,579 | 258,579 | 133,149 | 133,149 | 133,149 | 133,149 | 116,496 | 97,852 | 62,231 | 22,097 | 186 | 186 | 186 | |
130/1 |
77,118 | 77,118 | 77,118 | 77,118 | 77,118 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | 77,118 | 77,118 | 77,118 | 77,118 | 77,118 | 77,118 | 77,118 | 60,466 | 41,822 | 6,200 | 6,200 | 186 | 186 | 186 | |
1311 |
77,118 | 77,118 | 77,118 | 77,118 | 77,118 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
181,461 | 181,461 | 181,461 | 181,461 | 181,461 | 181,461 | 181,461 | 181,461 | 56,031 | 56,031 | 56,031 | 56,031 | 56,031 | 56,031 | 56,031 | 15,897 | - | - | - | |
14 |
-389,982 | -244,400 | -194,273 | -179,534 | -249,556 | -128,665 | -52,424 | - | -82,420 | -173,830 | -204,409 | - | - | - | - | - | -41,995 | -25,391 | -9,658 | |
17/49 |
1.5m | 780,422 | 422,761 | 417,049 | 416,943 | 418,233 | 415,603 | 430,750 | 828,219 | 857,203 | 853,853 | 825,106 | 815,796 | 822,549 | 22,900 | 20,592 | 55 | 1,309 | 4,059 | |
17 |
681,633 | 235,097 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
170/4 |
668,916 | 230,930 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
178/9 |
12,717 | 4,167 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
771,045 | 512,992 | 422,761 | 408,649 | 408,543 | 418,233 | 403,603 | 413,750 | 828,219 | 809,203 | 805,853 | 777,011 | 815,796 | 822,549 | 22,900 | 20,592 | 55 | 1,309 | 4,059 | |
42 |
737,014 | 409,070 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | 800,000 | 800,000 | 800,000 | 764,000 | 800,000 | 800,000 | - | - | - | - | - | |
44 |
11,882 | 87,145 | 16,684 | 5,367 | 6,031 | 18,233 | 1,495 | 1,659 | 26,219 | 1,481 | 1,194 | 2,612 | 3,586 | 20,135 | 2,324 | 2,545 | - | 1,138 | 3,727 | |
440/4 |
11,882 | 87,145 | 16,684 | 5,367 | 6,031 | 18,233 | 1,495 | 1,659 | 26,219 | 1,481 | 1,194 | 2,612 | 3,586 | 20,135 | 2,324 | 2,545 | - | 1,138 | 3,727 | |
45 |
8,390 | 3,748 | 4,144 | 2,527 | 2,263 | - | 2,108 | 12,091 | 2,000 | 7,722 | 4,659 | 9,807 | 12,210 | 2,414 | 20,119 | 17,485 | 55 | 170 | 93 | |
450/3 |
- | - | 395 | - | - | - | - | 10,091 | - | 5,723 | 2,659 | 9,807 | 12,210 | 2,414 | 8,264 | 6,885 | 55 | 170 | 93 | |
454/9 |
8,390 | 3,748 | 3,748 | 2,527 | 2,263 | - | 2,108 | 2,000 | 2,000 | 1,998 | 2,000 | - | - | - | 11,855 | 10,600 | - | - | - | |
47/48 |
13,759 | 13,029 | 1,933 | 756 | 248 | - | - | - | - | - | - | 592 | - | - | 456 | 562 | - | - | 239 | |
492/3 |
25,133 | 32,333 | - | 8,400 | 8,400 | - | 12,000 | 17,000 | - | 48,000 | 48,000 | 48,095 | - | - | - | - | - | - | - | |
| Income statement | ||||||||||||||||||||
9900 |
-17,924 | -20,446 | -11,984 | 78,295 | -107,492 | -35,136 | 10,757 | 19,949 | 39,481 | 115,076 | 110,490 | 126,066 | 123,540 | 87,244 | 65,852 | 84,333 | -5,585 | 2,596 | 37,426 | |
62 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4,742 | 14,574 | 12,468 | |
630 |
107,237 | 32,081 | 23,339 | 16,706 | 35,032 | 33,811 | 32,771 | 32,832 | 26,346 | 27,161 | 27,850 | 48,380 | 42,412 | 10,870 | 1,049 | 1,410 | 1,987 | 2,772 | 5,003 | |
640/8 |
3,171 | 15,562 | 1,846 | 5,361 | 4,898 | 2,774 | 3,346 | 3,226 | 4,681 | 6,139 | 255,804 | 8,887 | 3,313 | 6,085 | 2,952 | 7,353 | 548 | 338 | 962 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,744 | - | - | |
9901 |
-128,331 | -68,090 | -37,169 | 56,228 | -147,422 | -71,720 | -25,359 | -16,109 | 8,454 | 81,776 | -173,164 | 68,799 | 77,816 | 70,289 | 61,851 | 75,571 | -12,862 | -15,088 | 18,993 | |
75/76B |
19,613 | 48,703 | 36,087 | 27,082 | 41,723 | 13,075 | 21,855 | 257,853 | 116,289 | 35,769 | 20,977 | 3,421 | 2,438 | 1,254 | 544 | 175 | 30 | 426 | 560 | |
75 |
19,613 | 48,703 | 36,087 | 27,082 | 41,723 | 13,075 | 21,855 | 257,853 | 116,289 | 35,769 | 20,977 | 3,421 | 2,438 | 1,254 | 544 | 175 | 30 | 426 | 560 | |
65/66B |
36,075 | 29,867 | 12,961 | 12,581 | 13,830 | 15,778 | 47,336 | 20,075 | 32,170 | 85,888 | 51,884 | 48,099 | 49,043 | 17,378 | 66 | 1,469 | 1,025 | 1,015 | 624 | |
65 |
36,075 | 29,867 | 12,961 | 12,581 | 13,830 | 15,778 | 47,336 | 20,075 | 32,170 | 85,888 | 51,884 | 48,099 | 49,043 | 17,378 | 66 | 1,469 | 1,025 | 1,015 | 624 | |
9903 |
-144,793 | -49,254 | -14,042 | 70,729 | -119,529 | -74,423 | -50,841 | 221,670 | 92,573 | 31,658 | -204,071 | 24,121 | 31,210 | 54,165 | 62,329 | 74,277 | -16,601 | -15,677 | 18,929 | |
67/77 |
789 | 874 | 696 | 706 | 1,362 | 1,818 | 1,584 | 13,820 | 1,163 | 1,079 | 338 | 7,469 | 12,566 | 18,544 | 22,195 | 10,371 | 3 | 57 | -57 | |
9904 |
-145,582 | -50,127 | -14,739 | 70,022 | -120,891 | -76,241 | -52,424 | 207,850 | 91,410 | 30,579 | -204,409 | 16,652 | 18,644 | 35,622 | 40,134 | 63,906 | -16,604 | -15,733 | 18,986 | |
9905 |
-145,582 | -50,127 | -14,739 | 70,022 | -120,891 | -76,241 | -52,424 | 207,850 | 91,410 | 30,579 | -204,409 | 16,652 | 18,644 | 35,622 | 40,134 | 63,906 | -16,604 | -15,733 | 18,986 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
-389,982 | -244,400 | -194,273 | -179,534 | -249,556 | -128,665 | -52,424 | 125,430 | -82,420 | -173,830 | -204,409 | 16,652 | 18,644 | 35,622 | 40,134 | 21,911 | -41,995 | -25,391 | -9,658 | |
14P |
-244,400 | -194,273 | -179,534 | -249,556 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | 125,430 | - | - | - | 16,652 | 18,644 | 35,622 | 40,134 | 21,911 | - | - | - | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | 16,652 | 18,644 | 35,622 | - | 6,014 | - | - | - | |
6921 |
- | - | - | - | - | - | - | 125,430 | - | - | - | - | - | - | 40,134 | 15,897 | - | - | - | |
| Social balance sheet | ||||||||||||||||||||
9087 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.4 | 0.4 | 0.4 | |
Hours worked1013 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 163 | 700 | 736 | |
| Document | ||||||||||||||||||||
The accounts for 13 older financial years (1994-2006) were filed as documents without figures as data, scans for example.
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 27-01-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-01-2026 | 2026-00014683 | |
| 30-06-2024 | micro format | 22-01-2025 | 2025-00008147 | |
| 30-06-2023 | micro format | 02-01-2024 | 2024-00540889 | |
| 30-06-2022 | micro format | 05-01-2023 | 2023-20553016 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03300062 | |
| 30-06-2020 | micro format | 06-01-2021 | 2021-00400102 | |
| 30-06-2019 | micro format | 03-01-2020 | 2020-00100412 | |
| 30-06-2018 | micro format | 29-01-2019 | 2019-02900446 | |
| 30-06-2017 | micro format | 03-01-2018 | 2018-00300052 | |
| 30-06-2016 | abbreviated format | 26-08-2016 | 2016-47800070 | |
| 30-06-2015 | abbreviated format | 28-12-2015 | 2015-70500323 | |
| 30-06-2014 | abbreviated format | 31-12-2014 | 2014-71200307 | |
| 30-06-2013 | abbreviated format | 17-01-2014 | 2014-01200196 | |
| 30-06-2012 | abbreviated format | 14-01-2013 | 2013-00800442 | |
| 30-06-2011 | abbreviated format | 04-01-2012 | 2012-00400089 | |
| 30-06-2010 | abbreviated format | 28-01-2011 | 2011-02100078 | |
| 30-06-2009 | abbreviated format | 05-01-2010 | 2010-00500369 | |
| 30-06-2008 | abbreviated format | 03-02-2009 | 2009-03800290 | |
| 30-06-2007 | abbreviated format | 25-01-2008 | 2008-02200230 | |
| 30-06-2006 | abbreviated format | 30-01-2007 | 2007-03003390 | |
| 30-06-2005 | abbreviated format | 13-01-2006 | 2006-01503618 | |
| 30-06-2004 | abbreviated format | 27-01-2005 | 2005-03102923 | |
| 30-06-2003 | abbreviated format | 20-02-2004 | 2004-05101980 | |
| 30-06-2002 | abbreviated format | 01-03-2004 | 2004-05803988 | |
| 30-06-2001 | abbreviated format | 11-01-2002 | 2002-01101794 | |
| 30-06-2000 | abbreviated format | 20-03-2001 | 2001-07002213 | |
| 30-06-1999 | abbreviated format | 20-06-2000 | 2000-24604230 | |
| 30-06-1998 | abbreviated format | 12-01-2000 | 2000-01004079 | |
| 30-06-1997 | abbreviated format | 18-03-1998 | 1998-04603073 | |
| 30-06-1996 | abbreviated format | 30-12-1996 | 1996-54901574 | |
| 30-06-1995 | abbreviated format | 29-01-1996 | 1996-01504552 | |
| 30-06-1994 | abbreviated format | 30-12-1994 | 1994-51902144 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 993,277 | 383,320 | 142,338 | 225,400 | 4,665 | 10,354 | 0 | 118,749 | 9,624 | 4,356 | 3,069 | 32,802 | 11,617 | 1.6m | 2,673 | 0 | -3,345 | 0 | 5,602 | ||
| 229,962 | -24,031 | -527,586 | 370,209 | -36,837 | -228,086 | 43,749 | 273,982 | 179,507 | -41,735 | -185,427 | 37,114 | 62,585 | 12,607 | 52,185 | 64,046 | -4,509 | -2,590 | - | ||
| 30.8% | 50.7% | 66.8% | 67.5% | 65.7% | 68.7% | 70.5% | 70.8% | 50.3% | 46.6% | 45.6% | 52.7% | 52.6% | 51.9% | 84.4% | 80.3% | 99.7% | 96.6% | 92.8% | ||
| -22.2% | -6.2% | -1.7% | 8.1% | -15.2% | -8.3% | -5.3% | 19.9% | 10.9% | 4.1% | -28.5% | 1.8% | 2.1% | 4.0% | 32.3% | 76.0% | -82.2% | -42.8% | 36.1% | ||
| -6.8% | -3.2% | -1.2% | 5.5% | -10.0% | -5.7% | -3.7% | 14.1% | 5.5% | 1.9% | -13.0% | 1.0% | 1.1% | 2.1% | 27.3% | 61.0% | -82.0% | -41.3% | 33.6% |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Mortgages, amount registered | - | €27,500 | - | - |
| - | €236,500 | - | - | |
| Carrying value of the mortgaged assets | - | €312,754 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €993,277 | €380,820 | €142,338 | €222,900 |
| Financial fixed assets | - | €2,500 | - | €2,500 |
| €107,237 | €32,081 | €23,339 | €16,706 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €128,331, larger than the loss of €68,090 in 2024. It is the lowest result since 2021.
Debt's share of the balance-sheet total rises from 49.3% to 69.2%. Equity is lower and debt is higher.
AP PROJECTS has no parent and no holdings in its annual accounts. GHEYSENS Tom is the only director.
| Verlinden, Heidi (sole trader)
establishment since 16-01-2014 |
founded in 2014 0544.450.013 |
| Memphis Hotel Brussels
establishment since 04-06-2002 |
founded in 1987 0431.536.469 |
The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Pater Nuyenslaan 32 registered office 2970 Schilde | 07-01-1994 | 2.065.035.869 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11041C0250/00P000 | 8,897 m² | 1 · 566 m² | 13.2 m · 3 |
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