C-PROJECT (0661.597.705): financials and annual accounts

C-PROJECT

Zedelgem ·KBO/BCE: BE 0661.597.705

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017
Balance sheet: assets
Total assets`20/58`	813,338	763,352	719,036	712,395	703,723	474,946	532,762	681,150	773,448
Fixed assets`21/28`	597,357	609,961	604,085	607,082	620,373	376,407	404,338	444,579	467,843
Tangible fixed assets`22/27`	592,107	604,711	601,535	604,532	614,573	370,607	398,538	438,779	462,043
Land and buildings`22`	581,249	589,754	598,258	604,532	612,597	352,663	355,999	363,957	371,916
Plant, machinery and equipment`23`	6,228	8,394	2,437	0	1,976	15,702	36,244	56,786	67,449
Furniture and vehicles`24`	4,630	6,564	839	0	0	2,243	6,295	18,036	22,678
Financial fixed assets`28`	5,250	5,250	2,550	2,550	5,800	5,800	5,800	5,800	5,800
Current assets`29/58`	215,981	153,391	114,951	105,313	83,350	98,539	128,424	236,571	305,605
Stocks and contracts in progress`3`	46,922	49,872	45,763	46,085	36,717	45,944	74,846	163,580	189,798
Stocks`30/36`	46,922	49,872	45,763	46,085	36,717	45,944	74,846	163,580	189,798
Amounts receivable within one year`40/41`	110,418	42,028	14,122	14,923	31,572	40,739	36,961	57,378	81,117
Trade receivables`40`	3,368	14,455	14,122	14,923	31,572	30,173	36,961	57,377	77,297
Other amounts receivable`41`	107,049	27,573	-	-	0	10,566	0	2	3,820
Cash at bank and in hand`54/58`	54,096	56,029	47,134	38,873	9,159	4,834	9,023	4,771	20,875
Deferred charges and accrued income`490/1`	4,545	5,463	7,933	5,432	5,901	7,022	7,594	10,842	13,816
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	813,338	763,352	719,036	712,395	703,723	474,946	532,762	681,150	773,448
Equity`10/15`	320,349	257,738	218,509	132,712	52,627	-158,087	-67,172	29,175	2,243
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	12,400
Issued capital`100`	-	-	-	-	-	-	-	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	-	-	6,200
Revaluation surpluses`12`	268,000	268,000	268,000	268,000	268,000	-	-	-	-
Reserves`13`	189,497	126,886	87,657	1,860	1,860	1,860	1,860	1,860	-
Non-distributable reserves`130/1`	-	-	0	1,860	1,860	1,860	1,860	-	-
Legal reserve`130`	-	-	-	-	-	-	-	1,860	-
Reserves not available under the articles`1311`	-	-	0	1,860	1,860	1,860	1,860	-	-
Distributable reserves`133`	189,497	126,886	87,657	-	-	-	-	-	-
Profit (loss) carried forward`14`	-155,748	-155,748	-155,748	-155,748	-235,833	-178,547	-87,632	8,715	-10,157
Amounts payable`17/49`	492,989	505,615	500,527	579,683	651,096	633,033	599,934	651,975	771,205
Amounts payable after more than one year`17`	231,092	213,290	276,178	303,988	348,852	392,788	369,655	422,236	410,270
Financial debts`170/4`	231,092	213,290	242,178	269,988	314,852	358,788	369,655	422,236	410,270
Other amounts payable`178/9`	-	0	34,000	34,000	34,000	34,000	-	-	-
Amounts payable within one year`42/48`	258,748	288,816	221,921	270,275	297,533	238,661	230,279	229,739	356,950
Current portion of amounts payable after more than one year`42`	55,953	28,889	31,522	44,864	43,936	43,027	42,783	47,906	33,037
Financial debts`43`	0	100,323	80,000	80,000	80,000	75,000	75,000	75,005	75,005
Credit institutions`430/8`	0	79,990	80,000	80,000	80,000	75,000	75,000	75,005	75,005
Other loans`439`	0	20,333	-	-	-	-	-	-	-
Trade debts`44`	93,543	68,519	32,336	25,870	40,373	52,005	40,558	42,250	137,712
Suppliers`440/4`	93,543	68,519	32,336	25,870	40,373	52,005	40,558	42,250	137,712
Taxes, remuneration and social security`45`	109,252	91,085	72,159	107,544	98,522	68,628	70,045	57,416	87,903
Taxes`450/3`	78,783	56,997	63,621	94,127	83,142	55,444	28,240	28,888	65,223
Remuneration and social security`454/9`	30,468	34,089	8,538	13,417	15,380	13,184	41,805	28,528	22,680
Other amounts payable`47/48`	-	0	5,903	11,997	34,703	0	1,893	7,162	23,293
Accrued charges and deferred income`492/3`	3,149	3,509	2,429	5,420	4,711	1,585	-	-	3,985
Income statement
Non-recurring operating income`76A`	-	0	124	15,962	1,815	-	-	-	-
Gross operating margin`9900`	263,685	249,856	194,636	156,376	83,016	61,991	153,345	241,156	138,951
Remuneration, social security and pensions`62`	129,548	118,306	53,611	34,602	43,291	58,566	171,653	155,290	70,816
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	13,512	12,341	9,429	10,041	24,034	31,280	31,593	34,743	60,366
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	0	-354	0	354	-	-
Other operating charges`640/8`	6,596	7,500	7,490	6,351	16,475	25,221	10,762	15,364	8,468
Non-recurring operating charges`66A`	0	25,691	0	8,850	26,296	13,930	20,954	-	-
Operating profit (loss)`9901`	114,029	86,017	124,105	96,532	-26,725	-67,007	-81,972	35,759	-699
Financial income`75/76B`	3,525	907	222	1,561	85	333	1,046	76	120
Recurring financial income`75`	3,525	907	222	1,561	85	333	1,046	76	120
Financial charges`65/66B`	19,586	28,001	26,031	17,715	30,354	15,474	14,921	15,104	9,578
Recurring financial charges`65`	19,586	28,001	26,031	17,715	30,354	15,474	14,921	15,104	9,578
Profit (loss) for the period before taxes`9903`	97,968	58,923	98,297	80,379	-56,995	-82,147	-95,846	20,731	-10,157
Income taxes`67/77`	35,357	19,694	12,500	294	291	8,768	500	-	-
Profit (loss) for the period`9904`	62,612	39,229	85,797	80,085	-57,286	-90,915	-96,346	20,731	-10,157
Profit (loss) for the period to be appropriated`9905`	62,612	39,229	85,797	80,085	-57,286	-90,915	-96,346	20,731	-10,157
Appropriation of the result
Profit (loss) to be appropriated`9906`	-93,137	-116,519	-69,951	-155,748	-235,833	-178,547	-87,632	10,575	-10,157
Profit (loss) brought forward from the previous period`14P`	-155,748	-155,748	-155,748	-235,833	-178,547	-	-	-	-
Transfer to equity`691/2`	62,612	39,229	85,797	-	-	-	0	1,860	-
To the legal reserve`6920`	-	-	-	-	-	-	0	1,860	-
To other reserves`6921`	62,612	39,229	85,797	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	3.3	3.1	1.3	2.3	1.8	2	5.1	4.4	2.4
Hours worked`1013`	6,079	6,164	2,445	2,259	2,657	2,986	9,186	7,851	4,171
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	11-08-2026	2026-00392379	PDF
31-12-2024	abbreviated format	24-07-2025	2025-00301938	PDF
31-12-2023	micro format	26-07-2024	2024-00288094	PDF
31-12-2022	micro format	24-03-2023	2023-00044420	PDF
31-12-2021	micro format	25-07-2022	2022-20242726	PDF
31-12-2020	micro format	22-11-2021	2021-77900194	PDF
31-12-2019	micro format	06-04-2021	2021-09700115	PDF
31-12-2018	micro format	28-10-2019	2019-71500555	PDF
31-12-2017	abbreviated format	27-09-2018	2018-66500535	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017
EBITDA	127,541	98,359	133,534	106,574	-2,691	-35,726	-50,379	70,502	59,667
Cash flow	76,124	51,570	95,226	90,126	-33,251	-59,635	-64,753	55,474	50,209
Investment in fixed assets (approximation)	908	18,218	6,432	-3,250	268,000	39,254	3,990	11,479	528,208
Change in cash	-1,932	8,894	8,261	29,714	4,325	-4,190	4,253	-16,104	-
Working capital	-42,767	-135,425	-106,969	-164,962	-214,183	-140,122	-101,855	6,832	-51,345
Solvency	39.4%	33.8%	30.4%	18.6%	7.5%	-33.3%	-12.6%	4.3%	0.3%
Current ratio	0.83	0.53	0.52	0.39	0.28	0.41	0.56	1.03	0.86
Quick ratio	0.65	0.36	0.31	0.22	0.16	0.22	0.23	0.32	0.32
Debt to equity	1.54	1.96	2.29	4.37	12.37	-	-	22.35	-
ROE	19.5%	15.2%	39.3%	60.3%	-108.9%	-	-	71.1%	-452.8%
ROA	7.7%	5.1%	11.9%	11.2%	-8.1%	-19.1%	-18.1%	3.0%	-1.3%
Interest coverage	6.51	3.51	5.13	6.02	-0.09	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	4	3	1	3	2
full-time	4	3	1	3	2
part-time	0	0	0	0	0
in full-time equivalents	4	3	1	3	2
Average over the year, in full-time equivalents	3.3	3.1	1.3	1.8	1.8
On a permanent contract	3	3	1	1	1
Joined	89	79	50	29	1
Left	88	77	52	28	0
Training hours	122	124	29	-	-

Item	2025	2024	2023	2022	2021
Overdue tax debts	-	-	€26,462	€60,112	€57,164
Overdue social security (RSZ) debts	-	€4,900	€4,900	€4,900	€8,327

C-PROJECT

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency39.4%

Current ratio0.83

Return on assets7.7%

Staff

Staff cost per FTE€39,257

Joined and left+1

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Overdue debts

Securities and guarantees

Investments

Insights on C-PROJECT

Next steps

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€287,045	-	-	-	-
Debts guaranteed by Belgian public bodies	-	€242,178	-	-	-
Mortgages, amount registered	€475,000	€475,000	€475,000	€475,000	€475,000
Mortgage mandates	€275,000	€275,000	€275,000	€275,000	€275,000
Carrying value of the mortgaged assets	€313,249	€321,754	€330,258	€336,532	€344,597
Pledge on the business	€295,000	€295,000	€295,000	€295,000	€295,000

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€908	€15,518	€6,432	-	-
Financial fixed assets	€0	€2,700	-	-	-
Depreciation and write-downs of the year	€13,512	€12,341	€9,429	€10,041	€24,034