CEE PEE Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 10 filings
Turnover
≈ €100,000
Estimated: probably between €79,000 and €130,000
Total assets
€129,778▲ 24.0%
2024 · €104,619
Net result
€15,582▲ 18.9%
2024 · €13,107
Working capital
€54,188▼ 34.7%
2024 · €82,936
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€23,818
▲ 27.8%
2025
20192025
Net result
€15,582
▲ 18.9%
2025
middle half of the sector
20192025
Equity
€60,184
▼ 28.9%
2025
middle half of the sector
20192025
Total assets
€129,778
▲ 24.0%
2025
middle half of the sector
20192025
Debt
€69,594
▲ 248%
2025
20192025
Working capital
€54,188
▼ 34.7%
2025
middle half of the sector
20192025
Solvency
46.4%
▼ 34.5pp
2025
middle half of the sector
20192025
Current ratio
1.78
▼ 3.36
2025
middle half of the sector
20192025
Return on assets (ROA)
12.0%
▼ 0.5pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€9,062--€3,698▲ 59.2%-€1,172▲ 68.3%€29,151€47,298▲ 62.2%€18,636▼ 60.6%€23,818▲ 27.8%
Net result-€9,774--€4,060below the sector's middle half▲ 58.5%-€1,747below the sector's middle half▲ 57.0%€24,145within the sector's middle half€35,262within the sector's middle half▲ 46.0%€13,107within the sector's middle half▼ 62.8%€15,582within the sector's middle half▲ 18.9%
Equity€17,896-€13,836below the sector's middle half▼ 22.7%€12,088below the sector's middle half▼ 12.6%€36,233within the sector's middle half▲ 200%€71,495within the sector's middle half▲ 97.3%€84,602within the sector's middle half▲ 18.3%€60,184within the sector's middle half▼ 28.9%
Total assets€28,826-€17,938below the sector's middle half▼ 37.8%€14,729below the sector's middle half▼ 17.9%€52,702below the sector's middle half▲ 258%€86,207within the sector's middle half▲ 63.6%€104,619within the sector's middle half▲ 21.4%€129,778within the sector's middle half▲ 24.0%
Debt€10,931-€4,103▼ 62.5%€2,640▼ 35.6%€16,469▲ 524%€14,711▼ 10.7%€20,017▲ 36.1%€69,594▲ 248%
Working capital€17,346-€9,295below the sector's middle half▼ 46.4%€8,476below the sector's middle half▼ 8.8%€30,134within the sector's middle half▲ 256%€68,602within the sector's middle half▲ 128%€82,936within the sector's middle half▲ 20.9%€54,188within the sector's middle half▼ 34.7%
Solvency62.1%-77.1%within the sector's middle half▲ 15.0pp82.1%above the sector's middle half▲ 4.9pp68.8%within the sector's middle half▼ 13.3pp82.9%above the sector's middle half▲ 14.2pp80.9%within the sector's middle half▼ 2.1pp46.4%within the sector's middle half▼ 34.5pp
Current ratio2.59-3.27within the sector's middle half▲ 0.684.21within the sector's middle half▲ 0.942.83within the sector's middle half▼ 1.385.66above the sector's middle half▲ 2.835.14within the sector's middle half▼ 0.521.78within the sector's middle half▼ 3.36
Return on assets (ROA)-33.9%--22.6%below the sector's middle half▲ 11.3pp-11.9%below the sector's middle half▲ 10.8pp45.8%above the sector's middle half▲ 57.7pp40.9%above the sector's middle half▼ 4.9pp12.5%within the sector's middle half▼ 28.4pp12.0%within the sector's middle half▼ 0.5pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 2025 is 28% 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €129,778
Fixed assets
€5,996 ▲ 260%
Current assets
€123,781 ▲ 20.2%
Equity and liabilities €129,778
Equity
€60,184 ▼ 28.9%
Debt
€69,594 ▲ 248%
Debt's share of the balance-sheet total rises from 19.1% to 53.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€25,364▲
2024 · €19,810
Cash flow
€17,128▲
2024 · €14,281
Debt to equity
1.16▲
2024 · 0.24
ROE
25.9%▲
2024 · 15.5%
Interest coverage
14.95▼
2024 · 40.77
Debt ≤ 1 year
€69,594▲
2024 · €20,017
Income taxes
€6,938▲
2024 · €5,484
Staff costs
€2,796▲
2024 · €2,266
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €6,721 | €2,604 | - | €5,876 |
| Depreciation and write-downs of the year | €4,234 | €4,436 | €1,174 | €1,546 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €149 awarded · €149 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €16,688 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | - | €129 | €2,266 | €2,796 | ▲ 23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €957 | €649 | €928 | €4,234 | €4,436 | €1,174 | €1,546 | ▲ 31.7% |
| Other operating charges640/8 | - | - | - | €556 | €3,440 | €2,027 | €941 | ▼ 53.6% |
| Gross operating margin9900 | -€6,805 | -€1,985 | €1,194 | €33,941 | €55,302 | €24,103 | €29,101 | ▲ 20.7% |
| Operating profit (loss)9901 | -€9,062 | -€3,698 | -€1,172 | €29,151 | €47,298 | €18,636 | €23,818 | ▲ 27.8% |
| Financial income75/76B | - | - | - | €8 | - | €440 | €398 | ▼ 9.6% |
| Recurring financial income75 | €86 | €351 | €3 | €8 | - | €440 | €398 | ▼ 9.6% |
| Financial charges65/66B | - | - | - | €578 | €141 | €486 | €1,696 | ▲ 249% |
| Recurring financial charges65 | €414 | €315 | €222 | €578 | €141 | €486 | €1,696 | ▲ 249% |
| Profit (loss) for the period before taxes9903 | -€9,390 | -€3,662 | -€1,390 | €28,582 | €47,157 | €18,591 | €22,520 | ▲ 21.1% |
| Income taxes67/77 | €385 | €398 | €357 | €4,437 | €11,895 | €5,484 | €6,938 | ▲ 26.5% |
| Profit (loss) for the period9904 | -€9,774 | -€4,060 | -€1,747 | €24,145 | €35,262 | €13,107 | €15,582 | ▲ 18.9% |
| Profit (loss) for the period to be appropriated9905 | -€9,774 | -€4,060 | -€1,747 | €24,145 | €35,262 | €13,107 | €15,582 | ▲ 18.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €28,826 | €17,938 | €14,729 | €52,702 | €86,207 | €104,619 | €129,778 | ▲ 24.0% |
| Fixed assets21/28 | €550 | €4,541 | €3,613 | €6,100 | €2,894 | €1,666 | €5,996 | ▲ 260% |
| Tangible fixed assets22/27 | €550 | €4,541 | €3,613 | €6,100 | €2,894 | €1,666 | €5,996 | ▲ 260% |
| Furniture and vehicles24 | - | - | - | €6,100 | €2,894 | €1,666 | €5,996 | ▲ 260% |
| Current assets29/58 | €28,276 | €13,397 | €11,116 | €46,603 | €83,313 | €102,953 | €123,781 | ▲ 20.2% |
| Amounts receivable within one year40/41 | €11,543 | €2,294 | €3,279 | €34,147 | €24,244 | €37,313 | €27,703 | ▼ 25.8% |
| Trade receivables40 | - | - | - | €30,584 | €11,732 | €32,273 | €27,528 | ▼ 14.7% |
| Other amounts receivable41 | - | - | - | €3,563 | €12,513 | €5,039 | €176 | ▼ 96.5% |
| Current investments50/53 | - | - | - | - | - | - | €3,000 | - |
| Cash at bank and in hand54/58 | €14,790 | €9,080 | €6,070 | €10,844 | €57,464 | €63,504 | €90,977 | ▲ 43.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,611 | €1,605 | €2,137 | €2,102 | ▼ 1.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €28,826 | €17,938 | €14,729 | €52,702 | €86,207 | €104,619 | €129,778 | ▲ 24.0% |
| Equity10/15 | €17,896 | €13,836 | €12,088 | €36,233 | €71,495 | €84,602 | €60,184 | ▼ 28.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €17,633 | €17,633 | €17,633 | €17,633 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €15,773 | €15,773 | €15,773 | €17,633 | ▲ 11.8% |
| Profit (loss) carried forward14 | -€2,564 | -€6,624 | -€8,372 | - | €35,262 | €48,369 | €23,951 | ▼ 50.5% |
| Amounts payable17/49 | €10,931 | €4,103 | €2,640 | €16,469 | €14,711 | €20,017 | €69,594 | ▲ 248% |
| Amounts payable within one year42/48 | €10,931 | €4,103 | €2,640 | €16,469 | €14,711 | €20,017 | €69,594 | ▲ 248% |
| Financial debts43 | - | - | - | - | - | €90 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | €90 | €0 | ▼ 100% |
| Trade debts44 | €966 | €2,138 | €466 | €2,314 | - | €10,720 | €322 | ▼ 97.0% |
| Suppliers440/4 | - | - | - | €2,314 | - | €10,720 | €322 | ▼ 97.0% |
| Taxes, remuneration and social security45 | - | - | - | €9,169 | €6,629 | €9,133 | €11,889 | ▲ 30.2% |
| Taxes450/3 | - | - | - | €9,169 | €5,265 | €7,769 | €6,775 | ▼ 12.8% |
| Remuneration and social security454/9 | - | - | - | - | €1,364 | €1,364 | €5,114 | ▲ 275% |
| Other amounts payable47/48 | - | - | - | €4,986 | €8,082 | €73 | €57,382 | ▲ 786× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,774 | -€4,060 | -€1,747 | €24,145 | €35,262 | €13,107 | €15,582 | ▲ 18.9% |
| + Depreciation and write-downs630 | €957 | €649 | €928 | €4,234 | €4,436 | €1,174 | €1,546 | ▲ 31.7% |
| Operating cash flow (approximation) | -€8,817 | -€3,411 | -€819 | €28,379 | €39,698 | €14,281 | €17,128 | ▲ 19.9% |
| Investment in fixed assets (approximation) | - | -€4,640 | €0 | -€6,721 | -€1,230 | €54 | -€5,876 | - |
| Change in cash | - | -€5,710 | -€3,010 | €4,774 | €46,619 | €6,041 | €27,472 | ▲ 355% |
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, 34,693 companies had the same profile as CEE PEE Projects has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of CEE PEE Projects itself: 0.1% within 12 months.
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 34,693 companies, not a prediction for CEE PEE 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00017707 | |
| 30-06-2024 | micro format | 21-01-2025 | 2025-00007364 | |
| 30-06-2023 | micro format | 20-02-2024 | 2024-00031889 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00008902 | |
| 30-06-2021 | micro format | 24-12-2021 | 2021-82300375 | |
| 30-06-2020 | micro format | 29-12-2020 | 2020-77700350 | |
| 30-06-2019 | micro format | 18-12-2019 | 2019-77000002 | |
| 30-06-2018 | micro format | 10-01-2019 | 2019-00900067 | |
| 30-06-2017 | abbreviated format | 02-01-2018 | 2018-00500172 | |
| 30-06-2016 | abbreviated format | 30-01-2017 | 2017-03400360 |