BTF Projects
ActiveSummary
BTF Projects has been active since 2021 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€49,992) and a net result of €2,355, of which €21,739 non-recurring income. Equity has been shrinking by about 11% per year since 2021. Its solvency ranks better than 19% of 17,149 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 03-03-2021 Normal situation
- Activity
- Development of residential building projects NACE 68121and 3 others
- Establishment unit
- 2.315.883.215 3210 Lubbeek, since 03-03-2021
- Financial year end
- 31 December
- Peppol
- Reachable since 24-11-2023
Board and ownership
- Nemeth BalazsDirector
- Vandevelde ThomasDirector
- Westheim Floris JohannesDirector
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.0%
- Gross margin
- €110,400
- ▲ 98.7%
- Turnover
- ≈ €200,000
- estimated
- Profit
- €2,355
- Equity
- -€49,992
- ▲ 4.5%
- Total assets
- €3.8m
- ▲ 24.7%
- Negative equity on 31-12-2025
- 2025 accounts filed 17 days after the deadline
Score breakdownraises riskCapped at 59: negative equityLiquidity: current ratio 3.60, cash €337Negative equity -€49,992lowers riskSector: Real estate activities (NACE 68)Size: total assets €3.8mShow the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 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 68, small). It does better than 13% of them on solvency, 33% on liquidity, 35% on profitability and 62% on growth.
The bankruptcy probability was computed on 04-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 5 accounts on average 22 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00401212.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 5 filings
Every figure per financial year
The operating result for 2025 is 138% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €460,000 | - | - | €2.2m | €2.2m |
| Carrying value of the mortgaged assets | €616,000 | - | - | €3.1m | €3.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €21,281 | - |
| Other operating charges640/8 | €30 | €475 | €2,003 | €10,489 | €2,923 | ▼ 72.1% |
| Gross operating margin9900 | -€39,205 | €2,951 | €121,150 | €55,561 | €110,400 | ▲ 98.7% |
| Operating profit (loss)9901 | -€39,235 | €2,476 | €119,146 | €45,072 | €107,477 | ▲ 138% |
| Financial income75/76B | €51 | - | €2,500 | €2,957 | €11,180 | ▲ 278% |
| Recurring financial income75 | €51 | - | €2,500 | €2,957 | €10,722 | ▲ 263% |
| Non-recurring financial income76B | - | - | - | - | €458 | - |
| Financial charges65/66B | €3,978 | €18,521 | €50,132 | €124,468 | €116,301 | ▼ 6.6% |
| Recurring financial charges65 | €3,978 | €18,521 | €50,132 | €124,468 | €116,301 | ▼ 6.6% |
| Profit (loss) for the period before taxes9903 | -€43,161 | -€16,046 | €71,514 | -€76,439 | €2,355 | - |
| Income taxes67/77 | - | - | €3,215 | - | - | - |
| Profit (loss) for the period9904 | -€43,161 | -€16,046 | €68,299 | -€76,439 | €2,355 | - |
| Profit (loss) for the period to be appropriated9905 | -€43,161 | -€16,046 | €68,299 | -€76,439 | €2,355 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.6m | €1.2m | €1.5m | €3.1m | €3.8m | ▲ 24.7% |
| Current assets29/58 | €0.6m | €1.2m | €1.5m | €3.1m | €3.8m | ▲ 24.7% |
| Amounts receivable after more than one year29 | - | - | €0.1m | - | - | - |
| Other amounts receivable291 | - | - | €0.1m | - | - | - |
| Stocks and contracts in progress3 | €0.6m | €1.2m | €1.4m | €3.1m | €3.1m | ▲ 0.4% |
| Stocks30/36 | €0.6m | €1.2m | €1.4m | €3.1m | €3.1m | ▲ 0.4% |
| Amounts receivable within one year40/41 | €0.005m | - | €0.008m | €0.02m | €0.8m | ▲ 38× |
| Trade receivables40 | - | - | €0.007m | €0.02m | €0.4m | ▲ 19× |
| Other amounts receivable41 | €0.005m | - | €0.001m | - | €0.4m | - |
| Cash at bank and in hand54/58 | €0.003m | €0.006m | €0.009m | €98 | €337 | ▲ 242% |
| Deferred charges and accrued income490/1 | €0.001m | €477 | €280 | €0.001m | €0.001m | ▲ 63.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.6m | €1.2m | €1.5m | €3.1m | €3.8m | ▲ 24.7% |
| Equity10/15 | -€0.03m | -€0.04m | €0.02m | -€0.05m | -€0.05m | ▲ 4.5% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.04m | -€0.06m | €0.009m | -€0.07m | -€0.06m | ▲ 3.5% |
| Amounts payable17/49 | €0.7m | €1.2m | €1.5m | €3.1m | €3.9m | ▲ 24.2% |
| Amounts payable after more than one year17 | €0.4m | €1.0m | €1.1m | €2.6m | €2.8m | ▲ 9.7% |
| Financial debts170/4 | €0.4m | €1.0m | €1.1m | €2.4m | €2.8m | ▲ 17.1% |
| Other amounts payable178/9 | - | - | - | €0.2m | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.4m | €0.6m | €1.1m | ▲ 88.9% |
| Financial debts43 | - | - | - | €0.1m | €0.06m | ▼ 51.7% |
| Credit institutions430/8 | - | - | - | €0.1m | €0.06m | ▼ 51.7% |
| Trade debts44 | €0.005m | €0.02m | €0.001m | €0.01m | €0.05m | ▲ 411% |
| Suppliers440/4 | €0.005m | €0.02m | €0.001m | €0.01m | €0.05m | ▲ 411% |
| Taxes, remuneration and social security45 | - | €0.001m | €0.01m | €0.01m | €0.1m | ▲ 11× |
| Taxes450/3 | - | €0.001m | €0.01m | €0.01m | €0.1m | ▲ 11× |
| Other amounts payable47/48 | €0.2m | €0.2m | €0.4m | €0.4m | €0.8m | ▲ 95.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.02m | ▲ 74.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€43,161 | -€16,046 | €68,299 | -€76,439 | €2,355 | - |
| Operating cash flow (approximation) | -€43,161 | -€16,046 | €68,299 | -€76,439 | €2,355 | - |
| Change in cash | - | €3,055 | €2,982 | -€9,293 | €238 | - |
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, 457 companies had the same profile as BTF Projects has now. Two years later, 97.2% were still going and 0.7% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BTF Projects itself is higher: 1.0% within 12 months. It rests on far more data about BTF 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 457 companies, not a prediction for BTF 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-08-2026 | 2026-00401212 | |
| 31-12-2024 | micro format | 16-08-2025 | 2025-00378410 | |
| 31-12-2023 | micro format | 16-09-2024 | 2024-00462003 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00391438 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20234272 |
Board & ownership
Directors
Owners and capital
Owners
Mandate history
- Board
- mandate already running before its first mention
| Name | Functions and periods |
|---|---|
| Nemeth Balazs |
|
| Vandevelde Thomas |
|
| Westheim Floris Johannes |
|
Network & group
BTF Projects shares no director with another company.
Connections & network
3 current directorsThe network starts from the directors of BTF Projects. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
22-12
Gazette deed
Registered office moved to LubbeekNew seat: Uilekot 5-3210 Lubbeek5 points ▸
- Board meeting, 01-12-2023
- Registered-office move, Uilekot 5-3210 Lubbeek
- Board composition, Westheim Floris (director)
- Board composition, Vandevelde Thomas (director)
- Board composition, Nemeth Balazs (director)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
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. Use the enterprise number 0764.565.282
Financial year and general meeting
Accounts at the NBBEnvironmental permits
The 10 most recent of 14 applications.
Source: Omgevingsloket Vlaanderen.
Sites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24066E0113/00H000 | Flanders | 803 m² | 1 · 126 m² | 9.5 m · 3 |
| 24063A0008/00E011 | Flanders | 450 m² | 1 · 110 m² | 7.3 m · 2 |