Equity
Debts exceed assets in financial year 2025.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.3% across 209 companies (NACE 41, medium-sized).
About 5 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 41, medium-sized). It does better than 7% of them on solvency, 5% on liquidity, 12% on profitability and 14% on growth.
The bankruptcy probability was computed on 09-11-2026 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 30-09-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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, 129 companies had the same profile as Elements Projects has now. Each dot is one company, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Elements Projects itself: 0.5% within 12 months.
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 129 companies, not a prediction for Elements 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 0.87 (0.89 in 2024), below 1. Short-term debt is 102.7% and cash 1.2% of total assets. Equity is negative.
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 7 accounts on average 15 days before 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 | ||||
|---|---|---|---|---|
| Elements Projects Hotton | €10.1m | -€1,267 | -2.7% | - |
| WOLFE Geel | €12.8m | -€383,569 | 16.2% | 22.4 |
| BAOBAB REAL ESTATE Brussels | €8.3m | -€19,081 | 2.7% | 5.2 |
| MDECO INVEST Zedelgem | €12.7m | -€158,476 | 58.6% | - |
| KUB Waregem | €7.1m | -€360,763 | 0.3% | 1.8 |
| DWH Knokke-Heist | €13.1m | -€57,197 | 1.5% | 1 |
| COMMUNITY BUILDING VASTGOED Aalter | €7.5m | -€372,634 | -6.4% | - |
These companies have the same main activity as Elements Projects: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €7.1m and €13m, founded between 2010 and 2018.
Elements Projects has been active since 2014 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€277,745) and a net result of -€43,577.
Equity has been shrinking by about 41% per year since 2019. Its solvency ranks better than 9% of 1,037 sector peers (NACE 41, financial year 2025).
The computed 12-month bankruptcy probability is 0.5% (very low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover: not included in this filing.
Higher than 9% of 1,037 companies in 2025.
Higher than 16% of 1,016 companies in 2025.
Higher than 26% of 1,032 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||
20/58 |
10.1m | 10.9m | 7.4m | 5.1m | 2.4m | 405,527 | 117,436 | 41,793 | 37,108 | 36,163 | 113,934 | |
21/28 |
1.0m | 1.0m | 1.0m | 1.0m | 1.0m | 4,256 | 3,734 | 5,000 | 5,000 | 5,634 | 6,323 | |
22/27 |
- | 0 | 894 | 2,793 | 4,691 | 4,256 | 3,734 | - | - | 634 | 1,323 | |
23 |
- | 0 | 364 | 728 | 1,092 | 1,456 | - | - | - | 634 | 1,323 | |
24 |
- | 0 | 530 | 2,065 | 3,599 | 2,800 | 3,734 | - | - | - | - | |
28 |
1.0m | 1.0m | 1.0m | 1.0m | 1.0m | - | - | 5,000 | 5,000 | 5,000 | 5,000 | |
29/58 |
9.1m | 9.9m | 6.4m | 4.0m | 1.3m | 401,270 | 113,702 | 36,793 | 32,108 | 30,529 | 107,611 | |
3 |
8.8m | 7.9m | 6.0m | 3.1m | 1.1m | 237,989 | 55,212 | 5,755 | 5,755 | 5,755 | - | |
30/36 |
8.8m | 7.9m | 6.0m | 3.1m | 1.1m | 237,989 | 55,212 | 5,755 | 5,755 | 5,755 | - | |
40/41 |
136,114 | 1.8m | 384,401 | 737,974 | 7,808 | 47,435 | 27,127 | 25,667 | 15,366 | 20,091 | 103,713 | |
40 |
124,360 | 1.7m | 364,609 | 736,511 | - | - | 8,000 | 8,000 | 8,000 | 14,000 | 97,353 | |
41 |
11,753 | 76,817 | 19,792 | 1,463 | 7,808 | 47,435 | 19,127 | 17,667 | 7,366 | 6,091 | 6,360 | |
54/58 |
116,734 | 173,782 | 10,037 | 170,796 | 226,710 | 115,846 | 31,363 | 5,371 | 10,987 | 4,683 | 3,898 | |
490/1 |
- | - | - | 0 | 6,622 | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||
10/49 |
10.1m | 10.9m | 7.4m | 5.1m | 2.4m | 405,527 | 117,436 | 41,793 | 37,108 | 36,163 | 113,934 | |
10/15 |
-277,745 | -234,168 | -169,499 | -124,887 | -72,139 | -19,208 | 13,433 | 20,838 | 22,701 | 22,212 | 19,145 | |
10/11 |
18,600 | 18,600 | 18,600 | 8,500 | 8,500 | 8,500 | 8,500 | 8,500 | 8,500 | 8,500 | 8,500 | |
100 |
- | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | 10,100 | 10,100 | 10,100 | 10,100 | 10,100 | 10,100 | |
13 |
14,201 | 14,201 | 14,201 | 14,201 | 14,201 | 14,201 | 14,201 | 14,201 | 14,201 | 13,712 | 10,645 | |
130/1 |
- | - | 0 | 1,910 | 1,910 | 1,910 | - | - | - | - | - | |
130 |
- | - | - | - | - | 1,910 | 1,910 | 1,910 | 1,910 | 1,860 | 1,860 | |
1311 |
- | - | 0 | 1,910 | 1,910 | - | - | - | - | - | - | |
133 |
14,201 | 14,201 | 14,201 | 12,291 | 12,291 | 12,291 | 12,291 | 12,291 | 12,291 | 11,852 | 8,785 | |
14 |
-310,546 | -266,969 | -202,300 | -147,588 | -94,840 | -41,909 | -9,268 | -1,863 | - | - | - | |
17/49 |
10.4m | 11.2m | 7.6m | 5.2m | 2.4m | 424,734 | 104,003 | 20,955 | 14,407 | 13,950 | 94,789 | |
42/48 |
10.4m | 11.2m | 7.6m | 5.2m | 2.4m | 424,734 | 104,003 | 20,955 | 14,407 | 13,950 | 94,789 | |
43 |
700,000 | 750,000 | - | 0 | 170,846 | - | - | - | - | - | - | |
430/8 |
- | - | - | 0 | 170,846 | - | - | - | - | - | - | |
439 |
700,000 | 750,000 | - | - | - | - | - | - | - | - | - | |
44 |
33,571 | 2.5m | 718,627 | 193,436 | 211,044 | 48,013 | - | - | 3,522 | 2,308 | 85,316 | |
440/4 |
33,571 | 2.5m | 718,627 | 193,436 | 211,044 | 48,013 | - | - | 3,522 | 2,308 | 85,316 | |
46 |
7.4m | 5.8m | 4.7m | 2.9m | 368,167 | - | - | - | - | - | - | |
45 |
- | - | 0 | 256,721 | 1,056 | - | - | - | 395 | 1,455 | 9,469 | |
450/3 |
- | - | 0 | 256,721 | 1,056 | - | - | - | 395 | 1,455 | 7,669 | |
454/9 |
- | - | - | - | - | - | - | - | - | - | 1,800 | |
47/48 |
2.2m | 2.1m | 2.2m | 1.8m | 1.7m | 376,722 | 104,003 | 20,955 | 10,490 | 10,188 | 3 | |
| Income statement | ||||||||||||
9900 |
-1,267 | -7,949 | -22,452 | -13,257 | -17,704 | -16,601 | -4,589 | -1,194 | 2,660 | 6,153 | 19,304 | |
630 |
0 | 894 | 1,898 | 1,898 | 1,368 | 1,297 | 933 | - | 634 | 689 | 2,583 | |
640/8 |
1,033 | 1,034 | 411 | 270 | 1,311 | 1,337 | 886 | 453 | 671 | 645 | 797 | |
66A |
- | - | - | - | - | 8,000 | - | - | - | - | 7 | |
9901 |
-2,300 | -9,877 | -24,762 | -15,426 | -20,383 | -27,235 | -6,409 | -1,647 | 1,355 | 4,820 | 15,924 | |
75/76B |
368 | 2,131 | 222 | 102 | 102 | 134 | 441 | 139 | 114 | 66 | 2 | |
75 |
368 | 2,131 | 222 | 102 | 102 | 134 | 441 | 139 | 114 | 66 | 2 | |
65/66B |
41,645 | 56,923 | 30,172 | 37,424 | 32,650 | 5,539 | 1,437 | 355 | 585 | 389 | 76 | |
65 |
41,645 | 56,923 | 30,172 | 37,424 | 32,650 | 5,539 | 1,437 | 355 | 585 | 389 | 76 | |
66B |
- | - | - | - | 0 | - | - | - | - | - | - | |
9903 |
-43,577 | -64,669 | -54,712 | -52,748 | -52,931 | -32,641 | -7,405 | -1,863 | 884 | 4,497 | 15,842 | |
67/77 |
- | - | - | - | - | - | - | - | 395 | 1,429 | 5,197 | |
9904 |
-43,577 | -64,669 | -54,712 | -52,748 | -52,931 | -32,641 | -7,405 | -1,863 | 488 | 3,067 | 10,645 | |
9905 |
-43,577 | -64,669 | -54,712 | -52,748 | -52,931 | -32,641 | -7,405 | -1,863 | 488 | 3,067 | 10,645 | |
| Appropriation of the result | ||||||||||||
9906 |
-310,546 | -266,969 | -202,300 | -147,588 | -94,840 | -41,909 | -9,268 | -1,863 | 488 | 3,067 | 10,645 | |
14P |
-266,969 | -202,300 | -147,588 | -94,840 | -41,909 | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | 488 | 3,067 | 10,645 | |
6920 |
- | - | - | - | - | - | - | - | 50 | - | 1,860 | |
6921 |
- | - | - | - | - | - | - | - | 438 | 3,067 | 8,785 | |
| 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 filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 17-04-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 17-04-2026 | 2026-00081355 | |
| 30-09-2024 | full format | 31-03-2025 | 2025-00058221 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00074417 | |
| 30-09-2022 | micro format | 25-04-2023 | 2023-00064861 | |
| 30-09-2021 | micro format | 21-04-2022 | 2022-20005383 | |
| 30-09-2020 | micro format | 25-03-2021 | 2021-08500054 | |
| 30-09-2019 | micro format | 20-04-2020 | 2020-09300550 | |
| 30-09-2018 | micro format | 26-04-2019 | 2019-10600307 | |
| 30-09-2017 | micro format | 25-04-2018 | 2018-11200379 | |
| 30-09-2016 | abbreviated format | 24-04-2017 | 2017-09700156 | |
| 30-09-2015 | abbreviated format | 31-03-2016 | 2016-08000161 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -2,300 | -8,983 | -22,864 | -13,528 | -19,015 | -25,938 | -5,475 | - | 1,989 | 5,509 | 18,507 | ||
| -43,577 | -63,775 | -52,814 | -50,849 | -51,563 | -31,343 | -6,472 | - | 1,122 | 3,756 | 13,228 | ||
| 0 | 0 | 0 | 0 | 1.0m | 1,820 | 4,667 | - | 0 | 0 | 7,067 | ||
| -57,048 | 163,745 | -160,759 | -55,913 | 110,863 | 84,484 | 25,992 | -5,616 | 6,304 | 784 | - | ||
| -1.3m | -1.3m | -1.2m | -1.2m | -1.1m | -23,464 | 9,699 | 15,838 | 17,701 | 16,579 | 12,822 | ||
| -2.7% | -2.1% | -2.3% | -2.5% | -3.1% | -4.7% | 11.4% | 49.9% | 61.2% | 61.4% | 16.8% | ||
| 0.87 | 0.89 | 0.84 | 0.78 | 0.55 | 0.94 | 1.09 | 1.76 | 2.23 | 2.19 | 1.14 | ||
| 0.02 | 0.18 | 0.05 | 0.17 | 0.10 | 0.38 | 0.56 | 1.48 | 1.83 | 1.78 | 1.14 | ||
| - | - | - | - | - | - | 7.74 | 1.01 | 0.63 | 0.63 | 4.95 | ||
| - | - | - | - | - | - | -55.1% | -8.9% | 2.2% | 13.8% | 55.6% | ||
| -0.4% | -0.6% | -0.7% | -1.0% | -2.2% | -8.0% | -6.3% | -4.5% | 1.3% | 8.5% | 9.3% | ||
| -0.06 | -0.16 | -0.76 | -0.36 | -0.58 | - | - | - | - | - | - |
EBIT margin: not included in this filing.
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 | 30-09-2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €1,803 |
| Financial fixed assets | - | - | - | - | €1.0m |
| €0 | €894 | €1,898 | €1,898 | €1,368 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €2,300, smaller than the loss of €9,877 in 2024.
Equity is negative. Debt (€10.4m) exceeds the balance-sheet total (€10.1m).
Source: list of holdings in its own 30-09-2025 accounts. Every holding stands with its own latest accounts.
| J & E Holdings
registered office since 07-12-2015 · founded in 2015 |
total assets €2.0m (2025) 0643.882.733 |
| BE TO B
registered office since 11-10-2012 · founded in 2012 |
total assets €972,634 (2026) 0849.521.248 |
Source for every holding own accounts 30-09-2025
| Name | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| BO PROJETS | 50% | ||||||||
| SUJAC | 50% | ||||||||
| SYNDIX AAN ZEE | 50% | ||||||||
Source: list of holdings in its own accounts
The network lets you explore the ties of Elements Projects.
Deadline for the 2026 accounts: 30-04-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Rue des Vergers 13 registered office 6990 Hotton 64210 Activities of holding companies | 01-07-2019 | 2.292.209.473 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 83028B0283/00Y000 | 422 m² | 1 · 110 m² | 7.2 m · 1 |
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 0561.997.808
If something looks wrong or is missing, please tell us.