Eye Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-11-2025 PDF all 12 filings
Equity
€8,768▼ 39.2%
2024 · €14,410
Total assets
€19,608▲ 29.3%
2024 · €15,161
Net result
-€5,642▼ 25.8%
2024 · -€4,485
Working capital
€7,024▼ 47.5%
2024 · €13,369
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€5,059
▼ 16.5%
2025
20192025
Net result
-€5,642
▼ 25.8%
2025
middle half of the sector
20192025
Equity
€8,768
▼ 39.2%
2025
middle half of the sector
20192025
Total assets
€19,608
▲ 29.3%
2025
lowest quarter of the sector
20192025
Debt
€10,840
▲ 14×
2025
20192025
Working capital
€7,024
▼ 47.5%
2025
middle half of the sector
20192025
Solvency
44.7%
▼ 50.3pp
2025
middle half of the sector
20192025
Current ratio
1.65
▼ 17.15
2025
middle half of the sector
20192025
Return on assets (ROA)
-28.8%
▲ 0.8pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€8,636-€9,492€13,650▲ 43.8%€2,742▼ 79.9%€3,627▲ 32.2%-€4,341-€5,059▼ 16.5%
Net result-€15,977-€6,244within the sector's middle half€10,399within the sector's middle half▲ 66.5%€519within the sector's middle half▼ 95.0%€1,113within the sector's middle half▲ 114%-€4,485within the sector's middle half-€5,642within the sector's middle half▼ 25.8%
Equity-€11,781--€5,537below the sector's middle half▲ 53.0%€4,862below the sector's middle half€5,381below the sector's middle half▲ 10.7%€6,494below the sector's middle half▲ 20.7%€14,410within the sector's middle half▲ 122%€8,768within the sector's middle half▼ 39.2%
Total assets€133,664-€31,831below the sector's middle half▼ 76.2%€33,182below the sector's middle half▲ 4.2%€28,574below the sector's middle half▼ 13.9%€25,199below the sector's middle half▼ 11.8%€15,161below the sector's middle half▼ 39.8%€19,608below the sector's middle half▲ 29.3%
Debt€145,446-€37,368▼ 74.3%€28,320▼ 24.2%€23,194▼ 18.1%€18,705▼ 19.4%€751▼ 96.0%€10,840▲ 14×
Working capital-€11,781--€5,842within the sector's middle half▲ 50.4%€3,953within the sector's middle half€2,443within the sector's middle half▼ 38.2%€4,537within the sector's middle half▲ 85.7%€13,369within the sector's middle half▲ 195%€7,024within the sector's middle half▼ 47.5%
Solvency-8.8%--17.4%below the sector's middle half▼ 8.6pp14.7%within the sector's middle half▲ 32.0pp18.8%within the sector's middle half▲ 4.2pp25.8%within the sector's middle half▲ 6.9pp95.0%above the sector's middle half▲ 69.3pp44.7%within the sector's middle half▼ 50.3pp
Current ratio0.92-0.84within the sector's middle half▼ 0.081.14within the sector's middle half▲ 0.301.11within the sector's middle half▼ 0.031.24within the sector's middle half▲ 0.1418.80above the sector's middle half▲ 17.551.65within the sector's middle half▼ 17.15
Return on assets (ROA)-12.0%-19.6%above the sector's middle half▲ 31.6pp31.3%above the sector's middle half▲ 11.7pp1.8%within the sector's middle half▼ 29.5pp4.4%within the sector's middle half▲ 2.6pp-29.6%below the sector's middle half▼ 34.0pp-28.8%below the sector's middle half▲ 0.8pp
Staff (FTE)1-
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €5,059, larger than the loss of €4,341 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €19,608
Fixed assets
€1,744 ▲ 67.5%
Current assets
€17,865 ▲ 26.5%
Equity and liabilities €19,608
Equity
€8,768 ▼ 39.2%
Debt
€10,840 ▲ 14×
Debt's share of the balance-sheet total rises from 5.0% to 55.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€4,658▼
2024 · -€3,424
Cash flow
-€5,240▼
2024 · -€3,568
Quick ratio
0.77▼
2024 · 7.48
Debt to equity
1.24▲
2024 · 0.05
ROE
-64.3%▼
2024 · -31.1%
Interest coverage
-12.68▲
2024 · -36.61
Debt ≤ 1 year
€10,840▲
2024 · €751
Income taxes
€215▲
2024 · €52
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,750 | - | - | €1,104 |
| Depreciation and write-downs of the year | €871 | €980 | €917 | €401 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €92 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €131 | €195 | €871 | €980 | €917 | €401 | ▼ 56.2% |
| Other operating charges640/8 | - | - | - | €4,748 | €7,222 | €6,049 | €2,634 | ▼ 56.4% |
| Gross operating margin9900 | €39,357 | €15,334 | €15,731 | €8,453 | €11,829 | €2,625 | -€2,023 | - |
| Operating profit (loss)9901 | -€8,636 | €9,492 | €13,650 | €2,742 | €3,627 | -€4,341 | -€5,059 | ▼ 16.5% |
| Financial income75/76B | - | - | - | €7 | - | €2 | - | - |
| Recurring financial income75 | €875 | €56 | €144 | €7 | - | €2 | - | - |
| Financial charges65/66B | - | - | - | €144 | €268 | €94 | €367 | ▲ 293% |
| Recurring financial charges65 | €7,964 | €3,305 | €313 | €144 | €268 | €94 | €367 | ▲ 293% |
| Profit (loss) for the period before taxes9903 | -€15,725 | €6,244 | €13,481 | €2,606 | €3,359 | -€4,432 | -€5,426 | ▼ 22.4% |
| Income taxes67/77 | €253 | - | €3,082 | €2,086 | €2,246 | €52 | €215 | ▲ 312% |
| Profit (loss) for the period9904 | -€15,977 | €6,244 | €10,399 | €519 | €1,113 | -€4,485 | -€5,642 | ▼ 25.8% |
| Profit (loss) for the period to be appropriated9905 | -€15,977 | €6,244 | €10,399 | €519 | €1,113 | -€4,485 | -€5,642 | ▼ 25.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €133,664 | €31,831 | €33,182 | €28,574 | €25,199 | €15,161 | €19,608 | ▲ 29.3% |
| Fixed assets21/28 | - | €454 | €1,059 | €2,938 | €1,958 | €1,041 | €1,744 | ▲ 67.5% |
| Tangible fixed assets22/27 | - | €454 | €259 | €2,138 | €1,158 | €241 | €944 | ▲ 291% |
| Furniture and vehicles24 | - | - | - | €2,138 | €1,158 | €241 | €944 | ▲ 291% |
| Financial fixed assets28 | - | - | €800 | €800 | €800 | €800 | €800 | = |
| Current assets29/58 | €133,664 | €31,377 | €32,123 | €25,636 | €23,242 | €14,120 | €17,865 | ▲ 26.5% |
| Stocks and contracts in progress3 | €20,000 | €20,000 | €10,000 | €8,500 | €8,500 | €8,500 | €9,500 | ▲ 11.8% |
| Stocks30/36 | - | - | - | €8,500 | €8,500 | €8,500 | €9,500 | ▲ 11.8% |
| Amounts receivable within one year40/41 | €109,140 | €10,671 | €18,719 | €14,496 | €5,056 | €4,745 | €2,687 | ▼ 43.4% |
| Trade receivables40 | - | - | - | - | - | €2,343 | €2,651 | ▲ 13.2% |
| Other amounts receivable41 | - | - | - | €14,496 | €5,056 | €2,403 | €36 | ▼ 98.5% |
| Cash at bank and in hand54/58 | €4,525 | €706 | €3,005 | €2,290 | €9,686 | €874 | €5,678 | ▲ 549% |
| Deferred charges and accrued income490/1 | - | - | - | €350 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €133,664 | €31,831 | €33,182 | €28,574 | €25,199 | €15,161 | €19,608 | ▲ 29.3% |
| Equity10/15 | -€11,781 | -€5,537 | €4,862 | €5,381 | €6,494 | €14,410 | €8,768 | ▼ 39.2% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €18,600 | €18,600 | = |
| Reserves13 | €1,308 | €1,308 | €1,308 | €1,308 | €1,308 | €1,308 | €1,308 | = |
| Non-distributable reserves130/1 | - | - | - | €1,308 | €1,308 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,308 | €1,308 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,308 | €1,308 | = |
| Profit (loss) carried forward14 | -€19,289 | -€13,046 | -€2,646 | -€2,127 | -€1,014 | -€5,498 | -€11,140 | ▼ 103% |
| Amounts payable17/49 | €145,446 | €37,368 | €28,320 | €23,194 | €18,705 | €751 | €10,840 | ▲ 14× |
| Amounts payable within one year42/48 | €145,446 | €37,219 | €28,171 | €23,194 | €18,705 | €751 | €10,840 | ▲ 14× |
| Trade debts44 | €104,627 | €22,392 | €18,708 | €14,398 | €8,371 | €274 | €2,031 | ▲ 642% |
| Suppliers440/4 | - | - | - | €14,398 | €8,371 | €274 | €2,031 | ▲ 642% |
| Taxes, remuneration and social security45 | - | - | - | €8,795 | €10,334 | €477 | €1,122 | ▲ 135% |
| Taxes450/3 | - | - | - | €8,795 | €10,334 | €477 | €1,122 | ▲ 135% |
| Other amounts payable47/48 | - | - | - | - | - | - | €7,688 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,977 | €6,244 | €10,399 | €519 | €1,113 | -€4,485 | -€5,642 | ▼ 25.8% |
| + Depreciation and write-downs630 | - | €131 | €195 | €871 | €980 | €917 | €401 | ▼ 56.2% |
| Operating cash flow (approximation) | -€15,977 | €6,375 | €10,594 | €1,390 | €2,094 | -€3,568 | -€5,240 | ▼ 46.9% |
| Investment in fixed assets (approximation) | - | - | -€800 | -€2,750 | €0 | €0 | -€1,104 | - |
| Change in cash | - | -€3,819 | €2,299 | -€715 | €7,396 | -€8,812 | €4,804 | - |
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, 4,805 companies had the same profile as Eye Projects has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Eye Projects itself: 0.8% 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 4,805 companies, not a prediction for Eye 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-11-2025 | 2025-00571621 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00024010 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00018674 | |
| 30-06-2022 | micro format | 25-01-2023 | 2023-00005229 | |
| 30-06-2021 | micro format | 27-01-2022 | 2022-02400444 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-02900553 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-03000220 | |
| 30-06-2018 | micro format | 14-02-2019 | 2019-05100108 | |
| 30-06-2017 | micro format | 28-02-2018 | 2018-06000183 | |
| 30-06-2016 | abbreviated format | 27-02-2017 | 2017-05600501 |