Losses
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Of this, €668,596 falls due within a year.
The 2025 accounts came latest: 60 days after the end of the period.
Lower net result than 90% of companies in construction of buildings. Sector median €8,543 · 9,442 companies.
The dashed line is the sector median: 1.5% across 13,459 companies (NACE 41, micro).
About 6 in 100 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 41, micro). It does better than 14% of them on solvency, 3% on liquidity, 20% on profitability and 13% on growth.
The bankruptcy probability was computed on 07-11-2026 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 elevated class on 30-06-2025, 6.3% 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, 865 companies had the same profile as D2 Projects has now. Each dot stands for 3 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of D2 Projects itself is higher: 5.6% within 12 months. It rests on far more data about D2 Projects than the profile alone.
The method was tested on the 497,447 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 865 companies, not a prediction for D2 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 insufficient, with a current ratio of 0.81 (1.1 in 2024), below 1. Short-term debt is 95% and cash 0.4% of total assets. 96.1% 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 3 accounts on average 13 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| D2 Projects Ghent | €703,430 | -€3,062 | 3.9% | - |
| P & V Grond Lievegem | €810,082 | -€61,787 | -6.2% | - |
| MULTI STOCK Maldegem | €840,777 | -€2,544 | 56.0% | - |
| VEND RENOVATIES Antwerp | €688,439 | -€367,200 | -32.5% | - |
| MJ HOME Bernissart | €790,337 | €954 | -4.6% | - |
| ARDE - IMMO Libin | €792,445 | -€15,609 | 7.3% | - |
| COPROVEST Schelle | €663,849 | -€1,186 | 2.3% | - |
These companies have the same main activity as D2 Projects: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €664,000 and €841,000, founded between 2021 and 2023.
D2 Projects files the micro format. That format states no turnover. The gross margin fell from -€1,200 in 2023 to -€3,062 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Higher than 14% of 9,452 companies in 2025.
Higher than 15% of 9,200 companies in 2025.
Higher than 20% of 9,272 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
703,430 | 672,789 | 617,526 | |
21/28 |
160,000 | - | - | |
22/27 |
160,000 | - | - | |
22 |
160,000 | - | - | |
29/58 |
543,430 | 672,789 | 617,526 | |
3 |
537,513 | 662,757 | 615,942 | |
30/36 |
537,513 | 662,757 | 615,942 | |
40/41 |
2,756 | 4,454 | - | |
40 |
- | 1,698 | - | |
41 |
2,756 | 2,756 | - | |
54/58 |
3,007 | 5,579 | 1,584 | |
490/1 |
154 | - | - | |
| Balance sheet: equity and liabilities | ||||
10/49 |
703,430 | 672,789 | 617,526 | |
10/15 |
27,372 | 44,418 | 47,741 | |
10/11 |
50,000 | 50,000 | 50,000 | |
14 |
-22,628 | -5,582 | -2,259 | |
17/49 |
676,058 | 628,371 | 569,785 | |
42/48 |
668,596 | 609,407 | 563,654 | |
43 |
385,000 | 385,000 | 385,000 | |
430/8 |
385,000 | 385,000 | 385,000 | |
44 |
7,126 | 2,559 | - | |
440/4 |
7,126 | 2,559 | - | |
45 |
- | 2,376 | 2,176 | |
450/3 |
- | 2,376 | 2,176 | |
47/48 |
276,469 | 219,472 | 176,479 | |
492/3 |
7,462 | 18,964 | 6,131 | |
| Income statement | ||||
9900 |
-3,062 | -2,452 | -1,200 | |
640/8 |
3,732 | 592 | 1,023 | |
66A |
6,400 | 250 | - | |
9901 |
-13,193 | -3,294 | -2,223 | |
65/66B |
3,853 | 29 | 36 | |
65 |
3,853 | 29 | 36 | |
9903 |
-17,046 | -3,322 | -2,259 | |
9904 |
-17,046 | -3,322 | -2,259 | |
9905 |
-17,046 | -3,322 | -2,259 | |
| Appropriation of the result | ||||
9906 |
-22,628 | -5,582 | -2,259 | |
14P |
-5,582 | -2,259 | - | |
| Document | ||||
The notes to these accounts have 8 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 29-09-2026.
2025 annual accounts filed 60 days after the deadline. Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00538295.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 166,400 | - | - | ||
| -2,572 | 3,995 | - | ||
| -125,166 | 63,382 | 53,871 | ||
| 3.9% | 6.6% | 7.7% | ||
| 0.81 | 1.10 | 1.10 | ||
| 0.01 | 0.02 | 0.00 | ||
| 24.70 | 14.15 | 11.93 | ||
| -62.3% | -7.5% | -4.7% | ||
| -2.4% | -0.5% | -0.4% |
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 |
|---|---|---|---|
| Mortgages, amount registered | €27,500 | €27,500 | €27,500 |
| €396,000 | €396,000 | €396,000 | |
| Carrying value of the mortgaged assets | €697,513 | €662,757 | €615,942 |
Source: notes to the 2023 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €166,400 | - | - |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €13,193, larger than the loss of €3,294 in 2024. It is the lowest result since 2023.
Debt's share of the balance-sheet total rises from 93.4% to 96.1%. Equity is lower and debt is higher.
Source: lists of holdings in the owners' accounts
1 other company of this director went bankrupt (2024).
Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.
D2 Projects has no parent and no holdings in its annual accounts.
| Het Vroonhof
registered office since 06-12-1988 · founded in 1988 · accounts filed late |
2.9 FTE (2025) 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 · group SU.RE Investments |
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 |
| Hairco via D.C. Beheer, no longer at Hairco · Niet statutaire saffelberg bestuurder · deed of 11-05-2023 Open bankruptcy · founded in 2017 |
37 FTE (2023) |
| Zymofix via D.C. Beheer, no longer at Zymofix · Director (not named in the articles) · deed of 27-08-2026 founded in 2022 |
12 FTE (2025) |
| Renasci via D.C. Beheer, no longer at Renasci · Chair of the board · deed of 05-05-2015 founded in 2015 |
turnover €741,268 (2025) |
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
On 15 June 2022, D2 Projects was incorporated as a private limited company by D.C. Beheer and PROJECT CLAIM CONSULTANCY & MANAGEMENT, with a starting capital of €50,000.12 Today the board has 2 members.3 Total assets went from €617,526 in 2023 to €703,430 in 2025.4
| Waterlelielaan 1 registered office 9032 Ghent |
| 23-01-2025 | Granted | Bomen vellen die geen deel uitmaken van een bos en/of bodemreliëf wijzigen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Slopen van niet vrijstaande gebouwen of constructies; Verbouwen en/of uitbreiden zonder functiewijziging en met wijzigen van aantal woongelegenheden; Verwijderen van vrijstaande gebouwen submitted 13-09-2024 · project 2024077063 | Anzegem |
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 0787.291.491
If something looks wrong or is missing, please tell us.