BF3 BELGIAN PROJECTS
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 27-10-2026 at the NBB all 8 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€8,423▼ 4.2%
2025 · -€8,084
Working capital
€47,716▼ 8.1%
2025 · €51,938
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€3,923
▼ 8.2%
2026
20192026
Net result
-€8,423
▼ 4.2%
2026
20192026
Equity
-€45,804
▼ 22.5%
2026
20192026
Total assets
€47,812
▼ 9.1%
2026
20192026
Debt
€93,616
▲ 4.0%
2026
20192026
Working capital
€47,716
▼ 8.1%
2026
20192026
Solvency
-95.8%
▼ 24.7pp
2026
20192026
Current ratio
no figure
2026
20192026
Return on assets (ROA)
-17.6%
▼ 2.3pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€16,456--€20,071▼ 22.0%€22,127-€8,694-€5,147▲ 40.8%-€2,823▲ 45.2%-€3,624▼ 28.4%-€3,923▼ 8.2%
Net result-€16,828--€21,365▼ 27.0%€19,988within the sector's middle half-€12,720below the sector's middle half-€9,693below the sector's middle half▲ 23.8%-€7,280below the sector's middle half▲ 24.9%-€8,084below the sector's middle half▼ 11.0%-€8,423▼ 4.2%
Equity€1,772--€19,593€396below the sector's middle half-€12,325below the sector's middle half-€22,018below the sector's middle half▼ 78.6%-€29,298below the sector's middle half▼ 33.1%-€37,382below the sector's middle half▼ 27.6%-€45,804▼ 22.5%
Total assets€14,806-€23,952▲ 61.8%€38,572below the sector's middle half▲ 61.0%€69,108below the sector's middle half▲ 79.2%€60,116below the sector's middle half▼ 13.0%€55,873below the sector's middle half▼ 7.1%€52,612below the sector's middle half▼ 5.8%€47,812▼ 9.1%
Debt€13,034-€43,544▲ 234%€38,176▼ 12.3%€81,433▲ 113%€82,133▲ 0.9%€85,171▲ 3.7%€89,993▲ 5.7%€93,616▲ 4.0%
Working capital€12,053-€12,900▲ 7.0%€34,749within the sector's middle half▲ 169%€64,384within the sector's middle half▲ 85.3%€58,891within the sector's middle half▼ 8.5%€55,822within the sector's middle half▼ 5.2%€51,938within the sector's middle half▼ 7.0%€47,716▼ 8.1%
Solvency12.0%--81.8%▼ 93.8pp1.0%below the sector's middle half▲ 82.8pp-17.8%below the sector's middle half▼ 18.9pp-36.6%below the sector's middle half▼ 18.8pp-52.4%below the sector's middle half▼ 15.8pp-71.1%below the sector's middle half▼ 18.6pp-95.8%▼ 24.7pp
Current ratio5.38-2.17▼ 3.2110.09above the sector's middle half▲ 7.9214.63above the sector's middle half▲ 4.5449.09above the sector's middle half▲ 34.4678.14above the sector's middle half
Return on assets (ROA)-113.7%--89.2%▲ 24.5pp51.8%above the sector's middle half▲ 141.0pp-18.4%below the sector's middle half▼ 70.2pp-16.1%below the sector's middle half▲ 2.3pp-13.0%below the sector's middle half▲ 3.1pp-15.4%below the sector's middle half▼ 2.3pp-17.6%▼ 2.3pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 2026 is a loss of €3,923, larger than the loss of €3,624 in 2025.
Key figures and ratios
Debt ≤ 1 year
€96▼
2025 · €673
Debt > 1 year
€93,520▲
2025 · €89,320
A ratio outside any meaningful range has been withheld (balance sheet total €47,812, equity -€45,804).
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €381 | €498 | €298 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | -€15,134 | -€19,298 | €22,474 | -€8,313 | -€4,649 | -€2,525 | -€3,237 | -€3,523 | ▼ 8.8% |
| Operating profit (loss)9901 | -€16,456 | -€20,071 | €22,127 | -€8,694 | -€5,147 | -€2,823 | -€3,624 | -€3,923 | ▼ 8.2% |
| Financial charges65/66B | - | - | - | €4,027 | €4,546 | €4,458 | €4,460 | €4,500 | ▲ 0.9% |
| Recurring financial charges65 | €372 | €1,294 | €2,138 | €4,027 | €4,546 | €4,458 | €4,460 | €4,500 | ▲ 0.9% |
| Profit (loss) for the period before taxes9903 | -€16,828 | -€21,365 | €19,988 | -€12,720 | -€9,693 | -€7,280 | -€8,084 | -€8,423 | ▼ 4.2% |
| Profit (loss) for the period9904 | -€16,828 | -€21,365 | €19,988 | -€12,720 | -€9,693 | -€7,280 | -€8,084 | -€8,423 | ▼ 4.2% |
| Profit (loss) for the period to be appropriated9905 | -€16,828 | -€21,365 | €19,988 | -€12,720 | -€9,693 | -€7,280 | -€8,084 | -€8,423 | ▼ 4.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €14,806 | €23,952 | €38,572 | €69,108 | €60,116 | €55,873 | €52,612 | €47,812 | ▼ 9.1% |
| Current assets29/58 | €14,806 | €23,952 | €38,572 | €69,108 | €60,116 | €55,873 | €52,612 | €47,812 | ▼ 9.1% |
| Amounts receivable within one year40/41 | €2,880 | €6,098 | €15,400 | €45,804 | €6,520 | €1,994 | €2,238 | €2,786 | ▲ 24.5% |
| Trade receivables40 | - | - | - | €45,390 | €0 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €415 | €6,520 | €1,994 | €2,238 | €2,786 | ▲ 24.5% |
| Cash at bank and in hand54/58 | €11,926 | €17,854 | €23,172 | €23,303 | €53,595 | €53,880 | €50,374 | €45,026 | ▼ 10.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €14,806 | €23,952 | €38,572 | €69,108 | €60,116 | €55,873 | €52,612 | €47,812 | ▼ 9.1% |
| Equity10/15 | €1,772 | -€19,593 | €396 | -€12,325 | -€22,018 | -€29,298 | -€37,382 | -€45,804 | ▼ 22.5% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€16,828 | -€38,193 | -€18,204 | -€30,925 | -€40,618 | -€47,898 | -€55,982 | -€64,404 | ▼ 15.0% |
| Amounts payable17/49 | €13,034 | €43,544 | €38,176 | €81,433 | €82,133 | €85,171 | €89,993 | €93,616 | ▲ 4.0% |
| Amounts payable after more than one year17 | €10,281 | €31,228 | €33,028 | €76,709 | €80,909 | €85,120 | €89,320 | €93,520 | ▲ 4.7% |
| Financial debts170/4 | - | - | - | €76,709 | €80,909 | €85,120 | €89,320 | €93,520 | ▲ 4.7% |
| Amounts payable within one year42/48 | €2,753 | €11,052 | €3,822 | €4,724 | €1,225 | €51 | €673 | €96 | ▼ 85.7% |
| Trade debts44 | €2,609 | €11,052 | €3,822 | €4,724 | €1,225 | €51 | €673 | €96 | ▼ 85.7% |
| Suppliers440/4 | - | - | - | €4,724 | €1,225 | €51 | €673 | €96 | ▼ 85.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,828 | -€21,365 | €19,988 | -€12,720 | -€9,693 | -€7,280 | -€8,084 | -€8,423 | ▼ 4.2% |
| Operating cash flow (approximation) | -€16,828 | -€21,365 | €19,988 | -€12,720 | -€9,693 | -€7,280 | -€8,084 | -€8,423 | ▼ 4.2% |
| Change in cash | - | €5,928 | €5,318 | €131 | €30,292 | €284 | -€3,506 | -€5,347 | ▼ 52.5% |
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, 6,008 companies had the same profile as BF3 BELGIAN PROJECTS has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BF3 BELGIAN PROJECTS itself is lower: 0.2% within 12 months. It rests on far more data about BF3 BELGIAN PROJECTS than the profile alone.
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 6,008 companies, not a prediction for BF3 BELGIAN 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 27-10-2026 | 2026-00568886 | |
| 31-03-2025 | full format | 15-10-2025 | 2025-00542376 | |
| 31-03-2024 | full format | 28-10-2024 | 2024-00515617 | |
| 31-03-2023 | full format | 17-10-2023 | 2023-00487017 | |
| 31-03-2022 | full format | 24-06-2022 | 2022-20088503 | |
| 31-03-2021 | full format | 05-07-2021 | 2021-30100327 | |
| 31-03-2020 | full format | 22-07-2020 | 2020-32000429 | |
| 31-03-2019 | full format | 17-10-2019 | 2019-70700032 |