Exus Project
ActiveExus Project has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €424k and a net result of €-24k. Equity is shrinking by ~2.6% per year across the filed fiscal years. Its solvency ranks better than 44% of 13866 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
15
/ 100
Critical▼ -8 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency20▼-3
Growth52=
Stability100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.23 against 0.27 in 2024), and 77.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← 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
22.4%
Return on assets
-1.3%
Age of the figures
17 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity fell accordingly. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€24k
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 13-07-2025, 110 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
110 d early
2024
98 d early
2023
98 d early
2022
94 d early
2021
122 d early
2020
127 d early
2019
129 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close11-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Equity
€424k▼ 5.3%
2024 · €448k
2019: €49k
2020: €512k
2021: €472k
2022: €476k
2023: €458k
2024: €448k
2019 → 2025
Total assets
€1.89M▼ 0.1%
2024 · €1.89M
2019: €50k
2020: €512k
2021: €893k
2022: €1.17M
2023: €1.55M
2024: €1.89M
2019 → 2025
Net result
€-24k▼ 137%
2024 · €-10k
2019: €16k
2020: €14k
2021: €-41k
2022: €4k
2023: €-18k
2024: €-10k
2019 → 2025
Working capital
€-55k▼ 23.6%
2024 · €-44k
2019: €28k
2021: €6k
2022: €-441
2023: €-67k
2024: €-44k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€472k-€476k▲ 0.9%€458k▼ 3.8%€448k▼ 2.2%€424k▼ 5.3%
Operating result€-35k-€15k€-701€8k€-5k
Net result€-41k-€4k€-18k€-10k▲ 44.0%€-24k▼ 137%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €5k after €8k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.89M
Fixed assets
€1.88M▼ 0.1%
Current assets
€16k▼ 1.2%
Equity and liabilities €1.89M
Equity
€424k▼ 5.3%
Debt
€1.47M▲ 1.5%
The debt ratio rises from 76.3% to 77.6%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€41k▼
2024 · €46k
Cash flow
€22k▼
2024 · €28k
Solvency
22.4%▼
2024 · 23.7%
Current ratio
0.23▼
2024 · 0.27
Quick ratio
0.23▼
2024 · 0.27
Debt / equity
3.46▲
2024 · 3.23
ROE
-5.6%▼
2024 · -2.2%
ROA
-1.3%▼
2024 · -0.5%
Interest coverage
2.21▼
2024 · 2.60
Debt
€1.47M▲
2024 · €1.44M
Debt ≤ 1 year
€71k▲
2024 · €60k
Debt > 1 year
€1.40M▲
2024 · €1.38M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.89M€1.89M▼
Fixed assets21/28€1.88M€1.88M▼
Tangible fixed assets22/27€1.88M€1.88M▼
Land and buildings22€1.88M€1.88M▼
Current assets29/58€16k€16k▼
Amounts receivable within one year40/41€10k€10k▲
Trade receivables40€10k€10k▲
Cash at bank and in hand54/58€5k€6k▲
Deferred charges and accrued income490/1€1k-
Equity and liabilities
Total equity and liabilities10/49€1.89M€1.89M▼
Equity10/15€448k€424k▼
Contributions10/11€19k€19k=
Outside capital11€19k€19k=
Other1109/19€19k€19k=
Revaluation surpluses12€450k€450k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€-23k€-46k▼
Amounts payable17/49€1.44M€1.47M▲
Amounts payable after more than one year17€1.38M€1.40M▲
Financial debts170/4€1.38M€1.40M▲
Amounts payable within one year42/48€60k€71k▲
Current portion of amounts payable after more than one year42€56k€57k▲
Trade debts44€4k€13k▲
Suppliers440/4€4k€13k▲
Other amounts payable47/48-€349
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€39k€46k▲
Other operating charges640/8€3k€4k▲
Gross operating margin9900€50k€45k▼
Operating profit (loss)9901€8k€-5k▼
Financial charges65/66B€18k€19k▲
Recurring financial charges65€18k€19k▲
Profit (loss) for the period before taxes9903€-10k€-24k▼
Profit (loss) for the period9904€-10k€-24k▼
Profit (loss) for the period to be appropriated9905€-10k€-24k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-23k€-46k▼
Profit (loss) brought forward from the previous period14P€-12k€-23k▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-03
Financial
Back to profitnet €4k
Net result €4k after one loss-making year.
2021
01-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-03
Financial
Weakest financial yearnet €-41k ▼397%
Net result drops to €-41k, the lowest in the series; recovery starts the following year.
2020
26-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
31-03
Financial
Equity above €500kEq €512k ▲954%
2 profitable years in a row build equity to €512k.
2019
24-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
12-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2018
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
02-03-2018
Herman Cornelis: Resigned as Manager
02-03-2018
Maurice Pierreux: Resigned as Manager
Location & real-estate footprint
Registered office, Pepingen
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Ninoofsesteenweg(P) 1221670 PepingenGround area
176 m²
Parcel 23064B0329/00F000, Flanders. Linked by address, not a title deed.
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23064B0329/00F000 | Flanders | 176 m² | - | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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, comparable size
CARMAFIN
BE 0818.664.558
Grimbergen · Eq €424k
NEF Consultancy
BE 0809.418.082
Elsene · Eq €425k
PRO-BUILD
BE 0873.057.408
Mol · Eq €425k
VULKANXPRESS
BE 0472.218.269
Rijkevorsel · Eq €424k
CREATION
BE 0827.865.702
Wuustwezel · Eq €425k
Of 7,288 companies in sector 68110 we hold annual accounts for 5,353. 3,740 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded08-12-1987
Fiscal year end31-03
Legal name NL
PAJO PLAN
Activities, NACEBEL
68110Buying and selling of own real estate
68121Development of residential building projects
68122Development of non-residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Sources
Crossroads Bank for EnterprisesNational Bank · 36 filingsAddress and cadastre registers
Data from official sources, last processed on 11-09-2026. Scores and ratios are computed by Checked and are not a credit decision.