E&V PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 9 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €280,000
Estimated: probably between €240,000 and €340,000
Total assets
€222,337▲ 7.2%
2024 · €207,384
Net result
€101,264▼ 1.1%
2024 · €102,399
Working capital
€82,083
2024 · -€48,321
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€132,881
▲ 28.8%
2025
20182025
Net result
€101,264
▼ 1.1%
2025
highest quarter of the sector
20182025
Equity
€133,388
▲ 315%
2025
middle half of the sector
20182025
Total assets
€222,337
▲ 7.2%
2025
middle half of the sector
20182025
Debt
€88,949
▼ 49.2%
2025
20182025
Working capital
€82,083
2025
middle half of the sector
20182025
Solvency
60.0%
▲ 44.5pp
2025
middle half of the sector
20182025
Current ratio
1.95
▲ 1.23
2025
middle half of the sector
20182025
Return on assets (ROA)
45.5%
▼ 3.8pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€21,218-€48,837▲ 130%€14,880▼ 69.5%€41,742▲ 181%€75,847▲ 81.7%€95,401▲ 25.8%€103,145▲ 8.1%€132,881▲ 28.8%
Net result€13,524-€38,657▲ 186%€13,046within the sector's middle half▼ 66.3%€31,296within the sector's middle half▲ 140%€58,184within the sector's middle half▲ 85.9%€73,625above the sector's middle half▲ 26.5%€102,399above the sector's middle half▲ 39.1%€101,264above the sector's middle half▼ 1.1%
Equity€39,695-€48,352▲ 21.8%€61,398within the sector's middle half▲ 27.0%€32,124within the sector's middle half▼ 47.7%€32,124within the sector's middle half=€32,124within the sector's middle half=€32,124within the sector's middle half=€133,388within the sector's middle half▲ 315%
Total assets€49,250-€120,684▲ 145%€153,722within the sector's middle half▲ 27.4%€168,115within the sector's middle half▲ 9.4%€165,996within the sector's middle half▼ 1.3%€180,566within the sector's middle half▲ 8.8%€207,384within the sector's middle half▲ 14.9%€222,337within the sector's middle half▲ 7.2%
Debt€9,556-€72,332▲ 657%€92,324▲ 27.6%€135,991▲ 47.3%€133,871▼ 1.6%€148,441▲ 10.9%€175,260▲ 18.1%€88,949▼ 49.2%
Working capital€39,345-€27,299▼ 30.6%-€6,785below the sector's middle half-€33,693below the sector's middle half▼ 397%-€22,743below the sector's middle half▲ 32.5%€1,864within the sector's middle half-€48,321below the sector's middle half€82,083within the sector's middle half
Solvency80.6%-40.1%▼ 40.5pp39.9%within the sector's middle half▼ 0.1pp19.1%below the sector's middle half▼ 20.8pp19.4%below the sector's middle half▲ 0.2pp17.8%below the sector's middle half▼ 1.6pp15.5%below the sector's middle half▼ 2.3pp60.0%within the sector's middle half▲ 44.5pp
Current ratio5.12-1.38▼ 3.740.86below the sector's middle half▼ 0.510.70below the sector's middle half▼ 0.160.83below the sector's middle half▲ 0.121.01below the sector's middle half▲ 0.190.72below the sector's middle half▼ 0.301.95within the sector's middle half▲ 1.23
Return on assets (ROA)27.5%-32.0%▲ 4.6pp8.5%within the sector's middle half▼ 23.5pp18.6%within the sector's middle half▲ 10.1pp35.1%above the sector's middle half▲ 16.4pp40.8%above the sector's middle half▲ 5.7pp49.4%above the sector's middle half▲ 8.6pp45.5%above the sector's middle half▼ 3.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 29% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €222,337
Fixed assets
€53,580 ▼ 36.8%
Current assets
€168,757 ▲ 37.6%
Equity and liabilities €222,337
Equity
€133,388 ▲ 315%
Debt
€88,949 ▼ 49.2%
Debt's share of the balance-sheet total falls from 84.5% to 40.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€166,131▲
2024 · €124,835
Cash flow
€134,514▲
2024 · €124,089
Debt to equity
0.67▼
2024 · 5.46
ROE
75.9%▼
2024 · 318.8%
Interest coverage
66.96▲
2024 · 28.18
Debt ≤ 1 year
€86,674▼
2024 · €170,991
Income taxes
€29,234▼
2024 · €30,537
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,731 | - | €801 | €94,619 | €2,115 |
| Depreciation and write-downs of the year | €28,763 | €29,362 | €28,565 | €21,690 | €33,250 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,198 | €3,122 | €24,310 | €28,763 | €29,362 | €28,565 | €21,690 | €33,250 | ▲ 53.3% |
| Other operating charges640/8 | - | - | - | €1,094 | €720 | €625 | €669 | €528 | ▼ 21.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €182 | €0 | - | - |
| Gross operating margin9900 | €38,001 | €53,132 | €39,973 | €71,599 | €105,929 | €124,774 | €125,505 | €166,658 | ▲ 32.8% |
| Operating profit (loss)9901 | €21,218 | €48,837 | €14,880 | €41,742 | €75,847 | €95,401 | €103,145 | €132,881 | ▲ 28.8% |
| Financial income75/76B | - | - | - | €133 | €172 | €82 | €34,221 | €98 | ▼ 99.7% |
| Recurring financial income75 | €0 | €1,391 | €892 | €133 | €172 | €82 | €51 | €98 | ▲ 91.7% |
| Non-recurring financial income76B | - | - | - | €0 | - | - | €34,170 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €1,074 | €1,701 | €2,649 | €4,430 | €2,481 | ▼ 44.0% |
| Recurring financial charges65 | €123 | €238 | €941 | €1,074 | €1,701 | €2,649 | €4,430 | €2,481 | ▼ 44.0% |
| Profit (loss) for the period before taxes9903 | €21,096 | €49,990 | €15,832 | €40,801 | €74,319 | €92,834 | €132,936 | €130,498 | ▼ 1.8% |
| Income taxes67/77 | €7,571 | €11,333 | €2,786 | €9,505 | €16,135 | €19,209 | €30,537 | €29,234 | ▼ 4.3% |
| Profit (loss) for the period9904 | €13,524 | €38,657 | €13,046 | €31,296 | €58,184 | €73,625 | €102,399 | €101,264 | ▼ 1.1% |
| Profit (loss) for the period to be appropriated9905 | €13,524 | €38,657 | €13,046 | €31,296 | €58,184 | €73,625 | €102,399 | €101,264 | ▼ 1.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €49,250 | €120,684 | €153,722 | €168,115 | €165,996 | €180,566 | €207,384 | €222,337 | ▲ 7.2% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €349 | €21,053 | €111,084 | €89,053 | €58,206 | €30,260 | €84,715 | €53,580 | ▼ 36.8% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €349 | €21,053 | €111,084 | €89,053 | €58,206 | €30,260 | €84,715 | €53,580 | ▼ 36.8% |
| Plant, machinery and equipment23 | - | - | - | €5,222 | €2,690 | €1,432 | €359 | €2,007 | ▲ 459% |
| Furniture and vehicles24 | - | - | - | €56,866 | €37,274 | €19,167 | €80,363 | €48,824 | ▼ 39.2% |
| Other tangible fixed assets26 | - | - | - | €26,965 | €18,242 | €9,661 | €3,993 | €2,749 | ▼ 31.1% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €48,901 | €99,631 | €42,638 | €79,062 | €107,789 | €150,306 | €122,669 | €168,757 | ▲ 37.6% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €32,785 | €86,993 | €26,714 | €33,203 | €32,107 | €34,673 | €26,465 | €36,882 | ▲ 39.4% |
| Trade receivables40 | - | - | - | €33,099 | €32,091 | €34,673 | €26,465 | €36,401 | ▲ 37.5% |
| Other amounts receivable41 | - | - | - | €104 | €16 | €0 | - | €481 | - |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €16,116 | €11,473 | €14,406 | €44,301 | €74,333 | €114,148 | €93,050 | €129,165 | ▲ 38.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,558 | €1,350 | €1,485 | €3,154 | €2,710 | ▼ 14.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €49,250 | €120,684 | €153,722 | €168,115 | €165,996 | €180,566 | €207,384 | €222,337 | ▲ 7.2% |
| Equity10/15 | €39,695 | €48,352 | €61,398 | €32,124 | €32,124 | €32,124 | €32,124 | €133,388 | ▲ 315% |
| Contributions10/11 | €12,400 | €12,400 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €14,213 | €35,952 | €48,998 | €13,524 | €13,524 | €13,524 | €13,524 | €20,671 | ▲ 52.8% |
| Distributable reserves133 | - | - | - | €13,524 | €13,524 | €13,524 | €13,524 | €20,671 | ▲ 52.8% |
| Profit (loss) carried forward14 | €13,082 | - | - | €0 | €0 | €0 | €0 | €94,118 | - |
| Amounts payable17/49 | €9,556 | €72,332 | €92,324 | €135,991 | €133,871 | €148,441 | €175,260 | €88,949 | ▼ 49.2% |
| Amounts payable after more than one year17 | - | - | €42,901 | €23,235 | €3,339 | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €23,235 | €3,339 | €0 | - | - | - |
| Amounts payable within one year42/48 | €9,556 | €72,332 | €49,423 | €112,755 | €130,532 | €148,441 | €170,991 | €86,674 | ▼ 49.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €19,666 | €19,896 | €3,339 | €0 | - | - |
| Trade debts44 | €750 | €23,436 | €1,224 | €6,737 | €685 | €2,015 | €258 | €4,914 | ▲ 19× |
| Suppliers440/4 | - | - | - | €6,737 | €685 | €2,015 | €258 | €4,914 | ▲ 19× |
| Taxes, remuneration and social security45 | - | - | - | €29,598 | €33,064 | €24,423 | €33,318 | €36,439 | ▲ 9.4% |
| Taxes450/3 | - | - | - | €29,598 | €33,064 | €24,423 | €33,318 | €36,439 | ▲ 9.4% |
| Other amounts payable47/48 | - | - | - | €56,754 | €76,887 | €118,664 | €137,415 | €45,321 | ▼ 67.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €4,269 | €2,274 | ▼ 46.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,524 | €38,657 | €13,046 | €31,296 | €58,184 | €73,625 | €102,399 | €101,264 | ▼ 1.1% |
| + Depreciation and write-downs630 | €16,198 | €3,122 | €24,310 | €28,763 | €29,362 | €28,565 | €21,690 | €33,250 | ▲ 53.3% |
| Operating cash flow (approximation) | €29,722 | €41,779 | €37,356 | €60,058 | €87,546 | €102,190 | €124,089 | €134,514 | ▲ 8.4% |
| Investment in fixed assets (approximation) | - | -€23,826 | -€114,342 | -€6,731 | €1,484 | -€619 | -€76,145 | -€2,115 | ▲ 97.2% |
| Change in cash | - | -€4,642 | €2,933 | €29,895 | €30,032 | €39,815 | -€21,097 | €36,115 | - |
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 E&V 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 E&V 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 E&V 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00332593 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00315472 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00277244 | |
| 31-12-2022 | micro format | 10-05-2023 | 2023-00084272 | |
| 31-12-2021 | micro format | 10-05-2022 | 2022-20023646 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-28100149 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-33200206 | |
| 31-12-2018 | micro format | 10-10-2019 | 2019-69800077 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-55100430 |