Losses
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
Debts rose by €1.0m in 2025.
Mortgage mandates, new in 2025. 6.0 times equity · not in the 2024 accounts.
Short-term debts rose from €246,564 to €1.2m.
The 2023 accounts came latest: 427 days after the end of the period.
The dashed line is the sector median: 0.2% across 26,627 companies (NACE 68, micro).
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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, micro). It does better than 40% of them on solvency, 25% on liquidity, 19% on profitability and 35% on growth.
The bankruptcy probability was computed on 05-11-2026 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).
In July 2024, 748 companies had the same profile as D.C. Projects has now. Each dot stands for 2 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of D.C. Projects itself: 0.6% within 12 months.
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 748 companies, not a prediction for D.C. 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.
Liquidity is tight, with a current ratio of 1.47 (2.67 in 2024), below the usual 1.5. Short-term debt is 68.1% and cash 15% of total assets. 79.4% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 6 accounts on average 117 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.
| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| D.C. Projects Ghent | €1.7m | -€17,379 | 20.6% | - |
| TRIGINTA MANAGER Ghent | €1.5m | -€167,557 | 31.7% | 9 |
| VYREGA Wortegem-Petegem | €1.7m | -€17,899 | 50.6% | 0 |
| WA REAL Kruisem | €1.7m | -€83,132 | 99.9% | - |
| Boost Dreams Development Geraardsbergen | €1.7m | -€6,046 | 8.0% | - |
| ZEAL PROJECTS Wetteren | €2.1m | -€79,297 | -42.1% | - |
| RISMAR Ghent | €2.0m | -€12,509 | 8.3% | - |
These companies have the same main activity as D.C. Projects: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €1.5m and €2.1m, founded between 2018 and 2020.
D.C. Projects files the abbreviated format. That format states no turnover. The gross margin rose from -€18,786 in 2020 to -€17,379 in 2025.
Het Vroonhof holds 80% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Higher than 40% of 11,288 companies in 2025.
Higher than 59% of 10,839 companies in 2025.
Higher than 30% of 11,173 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
Total assets20/58 |
1.7m | 660,231 | 518,002 | 974,325 | 626,159 | 128,768 | |
Fixed assets21/28 |
181 | 802 | 1,902 | 3,001 | - | 177 | |
Intangible fixed assets21 |
181 | 331 | 481 | 631 | - | - | |
Tangible fixed assets22/27 |
- | 471 | 1,421 | 2,370 | - | 177 | |
Plant, machinery and equipment23 |
- | 471 | 1,421 | 2,370 | - | - | |
Furniture and vehicles24 |
- | - | - | - | - | 177 | |
Current assets29/58 |
1.7m | 659,429 | 516,100 | 971,324 | 626,159 | 128,591 | |
Stocks and contracts in progress3 |
1.2m | 389,309 | 385,975 | 882,411 | 572,266 | 85,945 | |
Stocks30/36 |
1.2m | 389,309 | 273,409 | 850,891 | 572,266 | 85,945 | |
Contracts in progress37 |
- | - | 112,566 | 31,521 | - | - | |
Amounts receivable within one year40/41 |
263,250 | 240,954 | 44,483 | 44,817 | 32,669 | 28,246 | |
Trade receivables40 |
70,930 | 11,380 | 2,942 | 41,817 | 227 | 10,100 | |
Other amounts receivable41 |
192,320 | 229,574 | 41,541 | 3,000 | 32,442 | 18,146 | |
Cash at bank and in hand54/58 |
252,977 | 25,133 | 84,068 | 33,713 | 12,079 | 11,490 | |
Deferred charges and accrued income490/1 |
7,071 | 4,033 | 1,574 | 10,383 | 9,145 | 2,910 | |
| Balance sheet: equity and liabilities | |||||||
Total equity and liabilities10/49 |
1.7m | 660,231 | 518,002 | 974,325 | 626,159 | 128,768 | |
Equity10/15 |
347,390 | 363,176 | 404,641 | 155,182 | 72,462 | 80,066 | |
Contributions10/11 |
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |
Reserves13 |
247,390 | 263,176 | 304,000 | 55,000 | - | - | |
Tax-exempt reserves132 |
19,864 | 19,864 | 19,864 | 19,864 | - | - | |
Distributable reserves133 |
227,526 | 243,312 | 284,136 | 35,136 | - | - | |
Profit (loss) carried forward14 |
- | - | 641 | 182 | -27,538 | -19,934 | |
Amounts payable17/49 |
1.3m | 297,055 | 113,361 | 819,143 | 553,696 | 48,703 | |
Amounts payable after more than one year17 |
175,000 | 50,000 | - | - | - | - | |
Financial debts170/4 |
175,000 | 50,000 | - | - | - | - | |
Amounts payable within one year42/48 |
1.2m | 246,564 | 111,503 | 811,507 | 552,630 | 48,679 | |
Current portion of amounts payable after more than one year42 |
50,000 | - | - | - | - | - | |
Financial debts43 |
776,943 | - | - | 459,408 | 325,864 | - | |
Credit institutions430/8 |
776,943 | - | - | 459,408 | 325,864 | - | |
Trade debts44 |
60,902 | 206,560 | 47,533 | 49,260 | 31,459 | 23,679 | |
Suppliers440/4 |
60,902 | 206,560 | 47,533 | 49,260 | 31,459 | 23,679 | |
Advances received on contracts in progress46 |
149,286 | - | - | - | 38,711 | - | |
Taxes, remuneration and social security45 |
47,414 | 34,866 | 59,970 | 56,770 | - | - | |
Taxes450/3 |
47,414 | 34,866 | 59,970 | 56,770 | - | - | |
Other amounts payable47/48 |
66,478 | 5,138 | 4,000 | 246,068 | 156,595 | 25,000 | |
Accrued charges and deferred income492/3 |
16,582 | 491 | 1,858 | 7,636 | 1,066 | 24 | |
| Income statement | |||||||
Gross operating margin9900 |
-17,379 | -4,691 | 339,319 | 90,198 | -15,810 | -18,786 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
621 | 1,100 | 1,100 | 598 | - | 144 | |
Other operating charges640/8 |
938 | 1,313 | 721 | 4,677 | 661 | 934 | |
Operating profit (loss)9901 |
-18,938 | -7,104 | 337,498 | 84,923 | -16,471 | -19,864 | |
Financial income75/76B |
7,006 | 4,008 | 1,028 | 9,370 | 8,927 | - | |
Recurring financial income75 |
7,006 | 4,008 | 1,028 | 9,370 | 8,927 | - | |
Financial charges65/66B |
1,472 | 980 | 591 | 79 | 59 | 71 | |
Recurring financial charges65 |
1,472 | 980 | 591 | 79 | 59 | 71 | |
Profit (loss) for the period before taxes9903 |
-13,404 | -4,076 | 337,935 | 94,214 | -7,603 | -19,934 | |
Income taxes67/77 |
2,382 | - | 88,476 | 11,494 | - | - | |
Profit (loss) for the period9904 |
-15,786 | -4,076 | 249,459 | 82,720 | -7,603 | -19,934 | |
Transfer to tax-exempt reserves689 |
- | - | - | 19,864 | - | - | |
Profit (loss) for the period to be appropriated9905 |
-15,786 | -4,076 | 249,459 | 62,856 | -7,603 | -19,934 | |
| Appropriation of the result | |||||||
Profit (loss) to be appropriated9906 |
-15,786 | -3,824 | 249,641 | 35,318 | -27,538 | -19,934 | |
Profit (loss) brought forward from the previous period14P |
- | 252 | 182 | -27,538 | -19,934 | - | |
Transfer from equity791/2 |
15,786 | 3,824 | - | - | - | - | |
Transfer to equity691/2 |
- | - | 249,000 | 35,136 | - | - | |
To other reserves6921 |
- | - | 249,000 | 35,136 | - | - | |
| Document | |||||||
The notes to these accounts have 18 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 25-09-2026.
2025 annual accounts filed 56 days after the deadline. Filed on 25 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00538110.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 25-09-2026 | 2026-00538110 | |
| 31-12-2024 | abbreviated format | 09-10-2025 | 2025-00539560 | |
| 31-12-2023 | abbreviated format | 01-10-2025 | 2025-00525811 | |
| 31-12-2022 | abbreviated format | 28-09-2023 | 2023-00466654 | |
| 31-12-2021 | abbreviated format | 29-08-2022 | 2022-20382717 | |
| 31-12-2020 | abbreviated format | 29-09-2021 | 2021-69500080 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| EBITDA | -18,317 | -6,004 | 338,598 | 85,520 | - | -19,720 | |
| Cash flow | -15,165 | -2,976 | 250,559 | 83,317 | - | -19,790 | |
| Investment in fixed assets (approximation) | 0 | 0 | 0 | 3,599 | - | 321 | |
| Change in cash | 227,843 | -58,935 | 50,355 | 21,634 | 590 | - | |
| Working capital | 538,791 | 412,865 | 404,597 | 159,817 | 73,529 | 79,912 | |
| Solvency | 20.6% | 55.0% | 78.1% | 15.9% | 11.6% | 62.2% | |
| Current ratio | 1.47 | 2.67 | 4.63 | 1.20 | 1.13 | 2.64 | |
| Quick ratio | 0.45 | 1.10 | 1.17 | 0.11 | 0.10 | 0.88 | |
| Debt to equity | 3.86 | 0.82 | 0.28 | 5.28 | 7.64 | 0.61 | |
| ROE | -4.5% | -1.1% | 61.6% | 53.3% | -10.5% | -24.9% | |
| ROA | -0.9% | -0.6% | 48.2% | 8.5% | -1.2% | -15.5% | |
| Interest coverage | -12.44 | -6.12 | over 100 | over 100 | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €776,943 | - | - | €459,408 | €325,864 |
| Mortgages, amount registered | €27,500 | - | €27,500 | €55,000 | €27,500 |
| Mortgage mandates | €2.1m | - | €1.3m | €2.1m | €852,500 |
| Carrying value of the mortgaged assets | €857,458 | - | €217,143 | €831,391 | €436,640 |
| Carrying value of the other pledged assets | €271,257 | - | - | €48,257 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €2,849 | - |
| Intangible fixed assets | - | - | - | €750 | - |
| Depreciation and write-downs of the year | €621 | €1,100 | €1,100 | €598 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €18,938, larger than the loss of €7,104 in 2024. It is the lowest result since 2020.
Debt's share of the balance-sheet total rises from 45.0% to 79.4%. Equity is lower and debt is higher.
Further up the chainHET VROONHOF BV consolidates
Source: parent in its own accounts, lists of holdings in the owners' accounts
Source: list of holdings in the 2024 accounts of Het Vroonhof. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.
Part of the group Het Vroonhof Group, risk and exposure| Het Vroonhof
registered office since 06-12-1988 · founded in 1988 · accounts filed late |
3.3 FTE (2024) 0435.495.752 |
| SU.RE Investments
registered office since 16-03-2018 · founded in 2018 |
total assets €9.6m (2025) 0692.638.002 |
| CALCUTTA IMMO
registered office since 30-01-1987 · founded in 1987 |
total assets €5.0m (2025) 0430.301.106 |
| SU.RE Investments II
registered office since 01-07-2024 · founded in 2024 |
total assets €4.4m (2025) 1010.475.229 |
| Klein Dorlick
registered office since 17-09-2013 · founded in 2013 |
total assets €3.1m (2025) 0538.693.260 |
| D.C. Properties
registered office since 21-12-2011 · founded in 2011 · group Het Vroonhof |
total assets €3.1m (2025) 0842.016.121 |
| BreiGoed
registered office since 02-05-2006 · founded in 2005 |
total assets €3.0m (2025) 0878.081.414 |
| De Steenfabriek
registered office since 17-01-2023 · founded in 2023 |
total assets €2.9m (2025) 0797.138.179 |
| L'île Adam
registered office since 31-03-1982 · founded in 1982 |
total assets €2.7m (2017) 0422.550.905 |
| Zymofix
registered office since 25-07-2022 · founded in 2022 |
12 FTE (2025) 0788.847.055 |
The network starts from the directors of D.C. Projects. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Waterlelielaan 1 registered office 9032 Ghent |
| 05-03-2026 | Granted | Bouwen of herbouwen; Slopen van niet vrijstaande gebouwen of constructies submitted 27-12-2025 · project 2025122196 | Gent |
| 18-07-2025 | Under appeal | Bouwen of herbouwen; Slopen van niet vrijstaande gebouwen of constructies project 2025078756 | RVVB |
| 03-01-2025 | Granted | Bouwen of herbouwen submitted 09-10-2024 · project 2024126924 | Gent |
| 12-12-2024 | Granted | Bouwen of herbouwen; Slopen of verwijderen; Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen; Verwijderen van vrijstaande gebouwen submitted 22-07-2024 · project 2024098618 | Gent |
| 12-10-2023 | Granted | Bouwen of herbouwen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwe publiciteitsinrichting (met inbegrip van vernieuwen van een bestaande vergunning); Slopen van niet vrijstaande gebouwen of constructies submitted 16-12-2022 · project 2022153895 | Provincie West-Vlaanderen |
| 04-07-2022 | Discontinued | Bomen vellen die geen deel uitmaken van een bos en/of bodemreliëf wijzigen; Bouwen of herbouwen; Nieuwe publiciteitsinrichting (met inbegrip van vernieuwen van een bestaande vergunning); Slopen van niet vrijstaande gebouwen of constructies submitted 11-03-2022 · project 2022011118 | Brugge |
| 27-02-2020 | Granted | Bouwen of herbouwen; Slopen van niet vrijstaande gebouwen of constructies submitted 29-11-2019 · project 2019142132 | Gent |
| 14-08-2019 | Granted | Bouwen of herbouwen; Slopen van niet vrijstaande gebouwen of constructies submitted 13-06-2019 · project 2019069226 | Gent |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44074C0050/00H000 | 5,728 m² | 1 · 268 m² | 12.1 m · 2 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.
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 0732.961.395
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