E.L. Projects
ActiveSummary
E.L. Projects has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€2,260) and a net result of €3,011. Equity is growing by ~23.3% per year across the filed fiscal years. Its solvency ranks better than 7% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability95▲+82
Solvency8▲+8
Growth78=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.88; short-term debt: 113.4% and cash: 27.3% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-17.2%
Return on assets
22.9%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 7% of 28184 sector peers (2025).
NBB · sector comparisonPosition among 28184 sector peers
Solvency
better than 7%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-09-2026, 39 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
39 d late
2024
28 d late
2023
193 d late
2022
37 d early
2020
67 d late
2019
2 d late
2018
21 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 39 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€2,260▲ 57.1%
2024 · -€5,271
Total assets
€13,147▲ 191%
2024 · €4,521
Net result
€3,011
2024 · -€446
Working capital
-€1,764▲ 66.5%
2024 · -€5,271
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202022202320242025
Operating result€8,840-€797-€1,755-€382€5,410
Net result€8,823within the sector's middle half-€858below the sector's middle half-€1,708within the sector's middle half-€446below the sector's middle half€3,011within the sector's middle half
Equity-€4,007below the sector's middle half▲ 68.8%-€6,533below the sector's middle half--€4,825below the sector's middle half▲ 26.1%-€5,271below the sector's middle half▼ 9.2%-€2,260below the sector's middle half▲ 57.1%
Total assets€11,129below the sector's middle half▲ 4,406%€160below the sector's middle half-€6,012below the sector's middle half▲ 3,658%€4,521below the sector's middle half▼ 24.8%€13,147below the sector's middle half▲ 191%
Debt€15,136▲ 15.7%€6,693-€10,837▲ 61.9%€9,792▼ 9.6%€15,407▲ 57.3%
Working capital-€4,007▲ 68.8%-€6,533--€4,825▲ 26.1%-€5,271▼ 9.2%-€1,764▲ 66.5%
Solvency-36.0%below the sector's middle half-80.3%below the sector's middle half-17.2%below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €5,410 after a loss of €382 in 2024.
Key figures and ratios
Current ratio
0.88
Debt to equity
-6.82
ROA
22.9%
Debt ≤ 1 year
€14,911▲
2024 · €9,792
Income taxes
€456
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,798 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 91% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.5%
went bankrupt
5.3%
stopped otherwise
91%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,798 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | €109 | - | €120 | - |
| Gross operating margin9900 | €8,840 | -€797 | €1,864 | -€382 | €5,530 | ▲ 1,548% |
| Operating profit (loss)9901 | €8,840 | -€797 | €1,755 | -€382 | €5,410 | ▲ 1,516% |
| Financial charges65/66B | - | €61 | €47 | €64 | €1,943 | ▲ 2,936% |
| Recurring financial charges65 | €17 | €61 | €47 | €64 | €1,943 | ▲ 2,936% |
| Profit (loss) for the period before taxes9903 | €8,823 | -€858 | €1,708 | -€446 | €3,467 | ▲ 877% |
| Income taxes67/77 | - | - | - | - | €456 | - |
| Profit (loss) for the period9904 | €8,823 | -€858 | €1,708 | -€446 | €3,011 | ▲ 775% |
| Profit (loss) for the period to be appropriated9905 | €8,823 | -€858 | €1,708 | -€446 | €3,011 | ▲ 775% |
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €11,129 | €160 | €6,012 | €4,521 | €13,147 | ▲ 191% |
| Current assets29/58 | €11,129 | €160 | €6,012 | €4,521 | €13,147 | ▲ 191% |
| Amounts receivable within one year40/41 | €10,000 | €120 | €6,000 | €4,450 | €9,564 | ▲ 115% |
| Trade receivables40 | - | €120 | €6,000 | €4,450 | €4,450 | = |
| Other amounts receivable41 | - | - | - | - | €5,114 | - |
| Cash at bank and in hand54/58 | €1,129 | €40 | €12 | €71 | €3,583 | ▲ 4,946% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €11,129 | €160 | €6,012 | €4,521 | €13,147 | ▲ 191% |
| Equity10/15 | -€4,007 | -€6,533 | -€4,825 | -€5,271 | -€2,260 | ▲ 57.1% |
| Contributions10/11 | - | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Profit (loss) carried forward14 | -€11,007 | -€13,533 | -€11,825 | -€12,271 | -€9,260 | ▲ 24.5% |
| Amounts payable17/49 | €15,136 | €6,693 | €10,837 | €9,792 | €15,407 | ▲ 57.3% |
| Amounts payable within one year42/48 | €15,136 | €6,693 | €10,837 | €9,792 | €14,911 | ▲ 52.3% |
| Trade debts44 | €2,418 | - | €3,514 | €2,469 | €6,298 | ▲ 155% |
| Suppliers440/4 | - | - | €3,514 | €2,469 | €6,298 | ▲ 155% |
| Other amounts payable47/48 | - | €6,693 | €7,323 | €7,323 | €8,613 | ▲ 17.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €496 | - |
| Line | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,823 | -€858 | €1,708 | -€446 | €3,011 | ▲ 775% |
| Operating cash flow (approximation) | €8,823 | -€858 | €1,708 | -€446 | €3,011 | ▲ 775% |
| Change in cash | - | - | -€28 | €59 | €3,512 | ▲ 5,853% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
08-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 39 days late
2025
31-12
Financial
Back to profitnet €3,011
Net result €3,011 after one loss-making year.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
09-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 193 days late
2023
31-12
Financial
Back to profitnet €1,708
Net result €1,708 after one loss-making year.
24-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 67 days late
2020
30-09
Financial
Back to profitnet €8,823
Net result €8,823 after 2 loss-making years.
02-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 2 days late
2019
30-09
Financial
Weakest financial yearnet -€1,976
Net result drops to -€1,976, the lowest in the series; recovery starts the following year.
09-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
03-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 3 days late
2017
10-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 102 days late
2016
16-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 108 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Merksplas · 1 establishment unit since 2003
Ground area
755 m²
Building footprint
197 m²
Volume, LiDAR
910 m³
Parcel 13023I0604/00C004, Flanders · tallest building 7.9 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Pannenhuisstraat 18, 2330 Merksplas
since 20032.123.223.201
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13023I0604/00C004 | Flanders | 755 m² | 1 · 197 m² | 7.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector and region
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 8,464 companies in sector 43120 we hold annual accounts for 3,233. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded14-11-2002
Fiscal year end31-12
Activities, NACEBEL 2025
43120Site preparation
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0478828127
Also
9925:BE0478828127
Registered
16-07-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.