AS PROJECTS
ActiveSummary
AS PROJECTS has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €35,046 and a net result of -€12,583. Its solvency ranks better than 57% of 22,536 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Overview
- Equity
- €35,046
- Loss
- -€12,583
- SHISHKIN AlexandrDirector
- SMIRNOVA OlgaDirector
Why 64raises riskLoss of €12,583 (financial year 2025)Sector: Retail trade (NACE 47)lowers riskFounded in 2015Equity €35,046 (41.3% of total assets)Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro): better than 56% on solvency, 49% on liquidity, 23% on profitability and 17% on growth.
The bankruptcy probability was computed on 23-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 2 accounts on average 2 days before the deadline; the sector median (NACE 47) for financial year 2024 is on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
- Appointments: Peter Vandewalle, SHISHKIN Alexandr and…Resignation: MARSHFIELD PROJECTS INC (manager)…
Financials · financial year 2025, micro format
2024 to 2025, 2 financial years
The operating result turns negative in 2025: a loss of €10,827 after €5,827 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 47, Retail trade: 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).
Peer companies
Historical observationOf the 4,805 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 88.2% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,474 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,805 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Non-recurring operating income76A | €13,223 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,036 | €17,119 | ▲ 0.5% |
| Other operating charges640/8 | €2,124 | €1,808 | ▼ 14.9% |
| Gross operating margin9900 | €24,987 | €8,100 | ▼ 67.6% |
| Operating profit (loss)9901 | €5,827 | -€10,827 | - |
| Financial income75/76B | €600 | €1,410 | ▲ 135% |
| Recurring financial income75 | €600 | €1,410 | ▲ 135% |
| Financial charges65/66B | €2,509 | €2,153 | ▼ 14.2% |
| Recurring financial charges65 | €2,509 | €2,153 | ▼ 14.2% |
| Profit (loss) for the period before taxes9903 | €3,919 | -€11,570 | - |
| Income taxes67/77 | €1,293 | €1,013 | ▼ 21.6% |
| Profit (loss) for the period9904 | €2,626 | -€12,583 | - |
| Profit (loss) for the period to be appropriated9905 | €2,626 | -€12,583 | - |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €104,776 | €84,806 | ▼ 19.1% |
| Fixed assets21/28 | €64,742 | €50,327 | ▼ 22.3% |
| Tangible fixed assets22/27 | €64,742 | €50,327 | ▼ 22.3% |
| Plant, machinery and equipment23 | €61 | €1,376 | ▲ 23× |
| Furniture and vehicles24 | €64,681 | €48,951 | ▼ 24.3% |
| Current assets29/58 | €40,034 | €34,479 | ▼ 13.9% |
| Amounts receivable after more than one year29 | €8,325 | - | - |
| Other amounts receivable291 | €8,325 | - | - |
| Amounts receivable within one year40/41 | €19,086 | €25,129 | ▲ 31.7% |
| Trade receivables40 | €18,913 | €24,384 | ▲ 28.9% |
| Other amounts receivable41 | €173 | €745 | ▲ 330% |
| Cash at bank and in hand54/58 | €9,759 | €5,942 | ▼ 39.1% |
| Deferred charges and accrued income490/1 | €2,864 | €3,407 | ▲ 19.0% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €104,776 | €84,806 | ▼ 19.1% |
| Equity10/15 | €47,629 | €35,046 | ▼ 26.4% |
| Contributions10/11 | €5,500 | €5,500 | = |
| Reserves13 | €39,000 | €26,417 | ▼ 32.3% |
| Distributable reserves133 | €39,000 | €26,417 | ▼ 32.3% |
| Profit (loss) carried forward14 | €3,129 | €3,129 | = |
| Amounts payable17/49 | €57,147 | €49,760 | ▼ 12.9% |
| Amounts payable after more than one year17 | €40,450 | €27,468 | ▼ 32.1% |
| Financial debts170/4 | €40,450 | €27,468 | ▼ 32.1% |
| Amounts payable within one year42/48 | €16,697 | €22,116 | ▲ 32.5% |
| Current portion of amounts payable after more than one year42 | €12,505 | €12,836 | ▲ 2.6% |
| Trade debts44 | €2,740 | €3,948 | ▲ 44.1% |
| Suppliers440/4 | €2,740 | €3,948 | ▲ 44.1% |
| Taxes, remuneration and social security45 | €1,444 | €277 | ▼ 80.8% |
| Taxes450/3 | €1,444 | €277 | ▼ 80.8% |
| Other amounts payable47/48 | €8 | €5,056 | ▲ 622× |
| Accrued charges and deferred income492/3 | - | €176 | - |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €2,626 | -€12,583 | - |
| + Depreciation and write-downs630 | €17,036 | €17,119 | ▲ 0.5% |
| Operating cash flow (approximation) | €19,662 | €4,535 | ▼ 76.9% |
| Investment in fixed assets (approximation) | - | -€2,704 | - |
| Change in cash | - | -€3,817 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (2)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2025 | micro format | 31-01-2026 | 2026-00024764 |
| 30-06-2024 | micro format | 27-01-2025 | 2025-00011044 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Statutory auditor 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| SHISHKIN Alexandr |
|
| SMIRNOVA Olga |
|
| Peter Vandewalle |
|
| MARSHFIELD PROJECTS INC |
|
Owners and capital
Capital and shareholders
- 28-05-2024 Converted to unavailable equity · €5,500
- 28-05-2024 Converted to available equity · €5,500
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
28-05
Gazette deed
Appointments: Peter Vandewalle, SHISHKIN Alexandr and SMIRNOVA OlgaResignation: MARSHFIELD PROJECTS INC (manager) · Net-asset statement · Approval21 facts ▸
- General meeting, 15-05-2024
- Other provision, “geldigheid vergadering” (deed in Dutch)
- Net-asset statement, “omzetting naar besloten vennootschap”, EUR (deed in Dutch)
- Approval, “verslag zaakvoerder en staat van activa en passiva, eenparigheid” (deed in Dutch)
- Auditor appointment, Peter Vandewalle (company auditor)
- Auditor report, 14-05-2024
- Approval, “verslag bedrijfsrevisor omzetting, eenparigheid” (deed in Dutch)
- Legal-form conversion, “besloten vennootschap” (deed in Dutch)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Capital conversion, “beschikbaar eigen vermogen” (deed in Dutch)
- Other provision, “geen uitkering vrijgemaakt vermogen, 5:142 en 5:143 WVV” (deed in Dutch)
- Amendment of the articles, 11
- +9 further facts in this act
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 24 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice, with enterprise number 0635.735.129
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 37011A1123/00D000 | Flanders | 563 m² | 1 · 186 m² | 10.5 m · 1 |
| 34040C0580/00V002 | Flanders | 306 m² | 1 · 114 m² | 17.5 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Klusjes- en karweidiensten; Plaatsen van isolatie; Plaatsen van vloer- en wandtegels; Goederenvervoer over de weg; Koerierdiensten en…” (deed in Dutch)
7 activities (deed in Dutch)
- Klusjes- en karweidiensten
- Plaatsen van isolatie
- Plaatsen van vloer- en wandtegels
- Goederenvervoer over de weg
- Koerierdiensten en bezorgen van expresvracht
- Meubelen en alle andere interieurbenodigdheden.
- Ramen,deuren,luifels en alle andere materialen en woningtoebehoren.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- AS PROJECTS
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- One provision in the deed
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “Artikel 23 - Vertegenwoordigingsbevoegdheid Iedere bestuurder afzonderlijk, ook wanneer er meerdere zijn, vertegenwoordigt de vennootschap…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Bepaalde of onbepaalde termijn, 1” (deed in Dutch)“Geheel van bevoegdheden aan hem toegekend met mogelijkheid deel te delegeren, bestuurders kunnen uitoefening deel bevoegdheid ten titel van…” (deed in Dutch)“Bepalingen van toepassing ingeval vennootschap slechts één aandeelhouder telt, indien geen bestuurder benoemd heeft enige aandeelhouder van…” (deed in Dutch)1 more provision on this in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Wednesday of December at 19:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Indien meer dan één vereffenaar benoemd of aangewezen vormen zij onder voorbehoud artikel 2:93 WVV een college dat beraadslaagt en besluit…” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Vereffenaar bevoegd voor alle handelingen nodig of dienstig voor vereffening conform artikel 2:87 en volgende WVV, tenzij akte van benoeming…” (deed in Dutch)