EAGLE PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 15 filings
Turnover
≈ €260,000
Estimated: probably between €170,000 and €400,000
Total assets
€367,540▲ 17.7%
2024 · €312,177
Net result
€59,255▲ 59.4%
2024 · €37,176
Working capital
€75,076▲ 174%
2024 · €27,420
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€91,695
▲ 52.1%
2025
20182025
Net result
€59,255
▲ 59.4%
2025
highest quarter of the sector
20182025
Equity
€193,681
▲ 44.1%
2025
highest quarter of the sector
20182025
Total assets
€367,540
▲ 17.7%
2025
highest quarter of the sector
20182025
Debt
€173,859
▼ 2.2%
2025
20182025
Working capital
€75,076
▲ 174%
2025
middle half of the sector
20182025
Solvency
52.7%
▲ 9.6pp
2025
middle half of the sector
20182025
Current ratio
1.53
▲ 0.31
2025
middle half of the sector
20182025
Return on assets (ROA)
16.1%
▲ 4.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€27,879-€9,583▼ 65.6%€20,831▲ 117%€8,239▼ 60.4%€55,011▲ 568%€40,647▼ 26.1%€60,282▲ 48.3%€91,695▲ 52.1%
Net result€14,646-€3,022▼ 79.4%€11,762within the sector's middle half▲ 289%€2,329within the sector's middle half▼ 80.2%€36,203above the sector's middle half▲ 16×€24,363within the sector's middle half▼ 32.7%€37,176above the sector's middle half▲ 52.6%€59,255above the sector's middle half▲ 59.4%
Equity€133,053-€133,055=€122,094above the sector's middle half▼ 8.2%€70,768within the sector's middle half▼ 42.0%€85,998within the sector's middle half▲ 21.5%€97,250within the sector's middle half▲ 13.1%€134,426above the sector's middle half▲ 38.2%€193,681above the sector's middle half▲ 44.1%
Total assets€339,154-€329,047▼ 3.0%€311,618above the sector's middle half▼ 5.3%€284,877above the sector's middle half▼ 8.6%€292,716above the sector's middle half▲ 2.8%€286,472above the sector's middle half▼ 2.1%€312,177above the sector's middle half▲ 9.0%€367,540above the sector's middle half▲ 17.7%
Debt€206,100-€195,992▼ 4.9%€189,524▼ 3.3%€214,109▲ 13.0%€206,717▼ 3.5%€189,222▼ 8.5%€177,752▼ 6.1%€173,859▼ 2.2%
Working capital€88,175-€78,584▼ 10.9%€62,026within the sector's middle half▼ 21.1%€1,053within the sector's middle half▼ 98.3%€6,272within the sector's middle half▲ 496%-€1,169within the sector's middle half€27,420within the sector's middle half€75,076within the sector's middle half▲ 174%
Solvency39.2%-40.4%▲ 1.2pp39.2%within the sector's middle half▼ 1.3pp24.8%within the sector's middle half▼ 14.3pp29.4%within the sector's middle half▲ 4.5pp33.9%within the sector's middle half▲ 4.6pp43.1%within the sector's middle half▲ 9.1pp52.7%within the sector's middle half▲ 9.6pp
Current ratio2.73-2.35▼ 0.392.00within the sector's middle half▼ 0.351.01within the sector's middle half▼ 0.991.05within the sector's middle half▲ 0.040.99below the sector's middle half▼ 0.061.22within the sector's middle half▲ 0.231.53within the sector's middle half▲ 0.31
Return on assets (ROA)4.3%-0.9%▼ 3.4pp3.8%within the sector's middle half▲ 2.9pp0.8%within the sector's middle half▼ 3.0pp12.4%within the sector's middle half▲ 11.6pp8.5%within the sector's middle half▼ 3.9pp11.9%within the sector's middle half▲ 3.4pp16.1%within the sector's middle half▲ 4.2pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 52% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €367,540
Fixed assets
€150,149 ▼ 5.1%
Current assets
€217,391 ▲ 41.2%
Equity and liabilities €367,540
Equity
€193,681 ▲ 44.1%
Debt
€173,859 ▼ 2.2%
Debt's share of the balance-sheet total falls from 56.9% to 47.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€99,728▲
2024 · €68,184
Cash flow
€67,288▲
2024 · €45,078
Debt to equity
0.90▼
2024 · 1.32
ROE
30.6%▲
2024 · 27.7%
Interest coverage
11.82▲
2024 · 8.30
Debt ≤ 1 year
€142,315▲
2024 · €126,576
Debt > 1 year
€31,544▼
2024 · €51,176
Income taxes
€25,010▲
2024 · €15,566
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 | €870 | - | €10,899 | €1,699 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €9,744 | €8,279 | €9,023 | €7,902 | €8,033 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,286 | €9,581 | €9,439 | €9,744 | €8,279 | €9,023 | €7,902 | €8,033 | ▲ 1.7% |
| Other operating charges640/8 | - | - | - | €2,335 | €2,063 | €2,647 | €2,259 | €2,768 | ▲ 22.5% |
| Non-recurring operating charges66A | - | - | - | €24 | €762 | €868 | €2,619 | €0 | ▼ 100% |
| Gross operating margin9900 | €43,943 | €67,196 | €32,567 | €20,343 | €66,115 | €53,185 | €73,062 | €102,495 | ▲ 40.3% |
| Operating profit (loss)9901 | €27,879 | €9,583 | €20,831 | €8,239 | €55,011 | €40,647 | €60,282 | €91,695 | ▲ 52.1% |
| Financial income75/76B | - | - | - | €19 | €56 | €1,323 | €679 | €1,004 | ▲ 47.8% |
| Recurring financial income75 | €57 | €5 | €0 | €19 | €56 | €1,323 | €679 | €1,004 | ▲ 47.8% |
| Non-recurring financial income76B | - | - | - | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €3,146 | €3,178 | €6,529 | €8,219 | €8,434 | ▲ 2.6% |
| Recurring financial charges65 | €5,595 | €3,752 | €3,831 | €3,146 | €3,178 | €6,529 | €8,219 | €8,434 | ▲ 2.6% |
| Profit (loss) for the period before taxes9903 | €22,340 | €5,836 | €17,610 | €5,112 | €51,889 | €35,441 | €52,742 | €84,265 | ▲ 59.8% |
| Income taxes67/77 | €7,694 | €2,814 | €5,849 | €2,783 | €15,686 | €11,078 | €15,566 | €25,010 | ▲ 60.7% |
| Profit (loss) for the period9904 | €14,646 | €3,022 | €11,762 | €2,329 | €36,203 | €24,363 | €37,176 | €59,255 | ▲ 59.4% |
| Profit (loss) for the period to be appropriated9905 | €14,646 | €3,022 | €11,762 | €2,329 | €36,203 | €24,363 | €37,176 | €59,255 | ▲ 59.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €339,154 | €329,047 | €311,618 | €284,877 | €292,716 | €286,472 | €312,177 | €367,540 | ▲ 17.7% |
| Fixed assets21/28 | €200,119 | €192,099 | €187,545 | €178,541 | €169,500 | €169,003 | €158,182 | €150,149 | ▼ 5.1% |
| Tangible fixed assets22/27 | €198,989 | €190,969 | €186,415 | €177,541 | €168,500 | €168,003 | €157,182 | €149,149 | ▼ 5.1% |
| Land and buildings22 | - | - | - | €171,500 | €165,264 | €159,027 | €152,791 | €146,555 | ▼ 4.1% |
| Plant, machinery and equipment23 | - | - | - | €1,171 | €0 | - | €1,490 | €1,151 | ▼ 22.8% |
| Furniture and vehicles24 | - | - | - | €4,870 | €3,237 | €8,976 | €2,900 | €1,443 | ▼ 50.2% |
| Financial fixed assets28 | €1,130 | €1,130 | €1,130 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Current assets29/58 | €139,035 | €136,948 | €124,073 | €106,335 | €123,216 | €117,469 | €153,995 | €217,391 | ▲ 41.2% |
| Stocks and contracts in progress3 | - | - | - | €4,545 | €9,588 | €0 | - | - | - |
| Stocks30/36 | - | - | - | €4,545 | €9,588 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €72,099 | €90,720 | €50,192 | €13,485 | €23,121 | €27,126 | €20,427 | €22,013 | ▲ 7.8% |
| Trade receivables40 | - | - | - | €868 | €15,132 | €27,126 | €20,427 | €21,742 | ▲ 6.4% |
| Other amounts receivable41 | - | - | - | €12,617 | €7,990 | €0 | - | €271 | - |
| Current investments50/53 | - | - | - | - | €53,531 | €53,706 | €77,637 | €148,262 | ▲ 91.0% |
| Cash at bank and in hand54/58 | €60,189 | €34,383 | €67,540 | €84,120 | €29,499 | €31,312 | €51,491 | €43,854 | ▼ 14.8% |
| Deferred charges and accrued income490/1 | - | - | - | €4,185 | €7,477 | €5,326 | €4,441 | €3,262 | ▼ 26.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €339,154 | €329,047 | €311,618 | €284,877 | €292,716 | €286,472 | €312,177 | €367,540 | ▲ 17.7% |
| Equity10/15 | €133,053 | €133,055 | €122,094 | €70,768 | €85,998 | €97,250 | €134,426 | €193,681 | ▲ 44.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €114,453 | €114,455 | €103,494 | €52,168 | €67,398 | €78,650 | €115,826 | €175,081 | ▲ 51.2% |
| Non-distributable reserves130/1 | - | - | - | €2,496 | €2,496 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,496 | €2,496 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €49,672 | €64,902 | €78,650 | €115,826 | €175,081 | ▲ 51.2% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - | - |
| Amounts payable17/49 | €206,100 | €195,992 | €189,524 | €214,109 | €206,717 | €189,222 | €177,752 | €173,859 | ▼ 2.2% |
| Amounts payable after more than one year17 | €155,241 | €136,801 | €127,476 | €108,826 | €89,774 | €70,585 | €51,176 | €31,544 | ▼ 38.4% |
| Financial debts170/4 | - | - | - | €108,826 | €89,774 | €70,585 | €51,176 | €31,544 | ▼ 38.4% |
| Amounts payable within one year42/48 | €50,860 | €58,364 | €62,047 | €105,283 | €116,943 | €118,637 | €126,576 | €142,315 | ▲ 12.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,650 | €19,052 | €19,189 | €19,409 | €19,632 | ▲ 1.1% |
| Financial debts43 | - | - | - | €9,972 | €10,836 | €1,871 | €3,029 | €4,175 | ▲ 37.8% |
| Other loans439 | - | - | - | €9,972 | €10,836 | €1,871 | €3,029 | €4,175 | ▲ 37.8% |
| Trade debts44 | €7,591 | - | €353 | €715 | €3,011 | €2,718 | €1,868 | €1,294 | ▼ 30.8% |
| Suppliers440/4 | - | - | - | €715 | €3,011 | €2,718 | €1,868 | €1,294 | ▼ 30.8% |
| Taxes, remuneration and social security45 | - | - | - | €7,843 | €7,380 | €10,555 | €15,107 | €28,454 | ▲ 88.4% |
| Taxes450/3 | - | - | - | €7,843 | €7,380 | €10,555 | €15,107 | €28,454 | ▲ 88.4% |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €68,102 | €76,664 | €84,304 | €87,163 | €88,761 | ▲ 1.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,646 | €3,022 | €11,762 | €2,329 | €36,203 | €24,363 | €37,176 | €59,255 | ▲ 59.4% |
| + Depreciation and write-downs630 | €9,286 | €9,581 | €9,439 | €9,744 | €8,279 | €9,023 | €7,902 | €8,033 | ▲ 1.7% |
| Operating cash flow (approximation) | €23,932 | €12,603 | €21,201 | €12,073 | €44,482 | €33,387 | €45,078 | €67,288 | ▲ 49.3% |
| Investment in fixed assets (approximation) | - | -€1,562 | -€4,885 | -€740 | €762 | -€8,526 | €2,920 | €0 | ▼ 100% |
| Change in cash | - | -€25,806 | €33,157 | €16,580 | -€54,621 | €1,813 | €20,179 | -€7,637 | - |
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 EAGLE 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 EAGLE 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 EAGLE 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00218314 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00234244 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00433722 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00226524 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20401304 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-53500280 | |
| 31-12-2019 | micro format | 05-11-2020 | 2020-69700140 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-63000008 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-48500317 | |
| 30-06-2016 | abbreviated format | 31-01-2017 | 2017-03800260 |