F&T Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 36 filings
Turnover
≈ €95,000
Estimated: probably between €46,000 and €190,000
Total assets
€25,685▲ 1.8%
2024 · €25,237
Net result
€18,623▲ 12.3%
2024 · €16,590
Working capital
€8,425
2024 · -€9,008
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,132
▲ 12.8%
2025
20182025
Net result
€18,623
▲ 12.3%
2025
middle half of the sector
20182025
Equity
€10,031
2025
lowest quarter of the sector
20182025
Total assets
€25,685
▲ 1.8%
2025
lowest quarter of the sector
20182025
Debt
€15,654
▼ 53.7%
2025
20182025
Working capital
€8,425
2025
middle half of the sector
20182025
Solvency
39.1%
▲ 73.1pp
2025
middle half of the sector
20182025
Current ratio
1.56
▲ 0.83
2025
middle half of the sector
20182025
Return on assets (ROA)
72.5%
▲ 6.8pp
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€7,139--€1,207€1,543-€23,204-€2,041▲ 91.2%€17,422€16,960▼ 2.7%€19,132▲ 12.8%
Net result€6,383--€2,703-€1,068below the sector's middle half▲ 60.5%-€24,416below the sector's middle half▼ 2,186%-€2,066below the sector's middle half▲ 91.5%€17,233within the sector's middle half€16,590within the sector's middle half▼ 3.7%€18,623within the sector's middle half▲ 12.3%
Equity-€12,161--€14,865▼ 22.2%-€15,933below the sector's middle half▼ 7.2%-€40,349below the sector's middle half▼ 153%-€42,415below the sector's middle half▼ 5.1%-€25,182below the sector's middle half▲ 40.6%-€8,592below the sector's middle half▲ 65.9%€10,031below the sector's middle half
Total assets€38,643-€45,060▲ 16.6%€42,748below the sector's middle half▼ 5.1%€11,036below the sector's middle half▼ 74.2%€688below the sector's middle half▼ 93.8%€19,999below the sector's middle half▲ 29×€25,237below the sector's middle half▲ 26.2%€25,685below the sector's middle half▲ 1.8%
Debt€50,804-€59,925▲ 18.0%€58,681▼ 2.1%€51,385▼ 12.4%€43,103▼ 16.1%€45,180▲ 4.8%€33,829▼ 25.1%€15,654▼ 53.7%
Working capital-€36,377--€38,684▼ 6.3%-€39,753below the sector's middle half▼ 2.8%-€41,037below the sector's middle half▼ 3.2%-€25,598below the sector's middle half-€9,008below the sector's middle half▲ 64.8%€8,425within the sector's middle half
Solvency-31.5%--33.0%▼ 1.5pp-37.3%below the sector's middle half▼ 4.3pp-365.6%below the sector's middle half▼ 328.3pp-125.9%below the sector's middle half-34.0%below the sector's middle half▲ 91.9pp39.1%within the sector's middle half▲ 73.1pp
Current ratio0.28-0.35▲ 0.070.32below the sector's middle half▼ 0.030.20below the sector's middle half▼ 0.120.43below the sector's middle half0.73below the sector's middle half▲ 0.301.56within the sector's middle half▲ 0.83
Return on assets (ROA)16.5%--6.0%▼ 22.5pp-2.5%below the sector's middle half▲ 3.5pp-221.2%below the sector's middle half▼ 218.7pp86.2%above the sector's middle half65.7%above the sector's middle half▼ 20.4pp72.5%above the sector's middle half▲ 6.8pp
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 13% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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
Assets €24,997
Fixed assets
€1,608
Current assets
€23,389
Equity and liabilities €25,685
Equity
€10,031
Debt
€15,654
Debt's share of the balance-sheet total is 60.9%.
Key figures and ratios
EBITDA
€19,296
Cash flow
€18,787
Debt to equity
1.56
ROE
185.7%
Interest coverage
51.99
Debt ≤ 1 year
€14,964▼
2024 · €33,557
Income taxes
€187▼
2024 · €193
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 | - | - | - | - | €1,771 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €19,832 | - | - | - | €163 |
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 | €706 | €396 | - | €19,832 | - | - | - | €163 | - |
| Other operating charges640/8 | - | - | - | €827 | €457 | €814 | €294 | €1,043 | ▲ 255% |
| Gross operating margin9900 | €8,341 | -€311 | €2,045 | -€2,545 | -€1,584 | €18,236 | €17,254 | €20,338 | ▲ 17.9% |
| Operating profit (loss)9901 | €7,139 | -€1,207 | €1,543 | -€23,204 | -€2,041 | €17,422 | €16,960 | €19,132 | ▲ 12.8% |
| Financial income75/76B | - | - | - | €59 | - | - | €62 | €49 | ▼ 20.5% |
| Recurring financial income75 | €31 | - | - | €59 | - | - | €62 | €49 | ▼ 20.5% |
| Financial charges65/66B | - | - | - | €1,271 | €25 | €90 | €239 | €371 | ▲ 55.1% |
| Recurring financial charges65 | €787 | €1,496 | €2,611 | €1,271 | €25 | €90 | €239 | €371 | ▲ 55.1% |
| Profit (loss) for the period before taxes9903 | €6,383 | -€2,703 | -€1,068 | -€24,416 | -€2,066 | €17,332 | €16,782 | €18,810 | ▲ 12.1% |
| Income taxes67/77 | - | - | - | - | - | €99 | €193 | €187 | ▼ 2.9% |
| Profit (loss) for the period9904 | €6,383 | -€2,703 | -€1,068 | -€24,416 | -€2,066 | €17,233 | €16,590 | €18,623 | ▲ 12.3% |
| Profit (loss) for the period to be appropriated9905 | €6,383 | -€2,703 | -€1,068 | -€24,416 | -€2,066 | €17,233 | €16,590 | €18,623 | ▲ 12.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €38,643 | €45,060 | €42,748 | €11,036 | €688 | €19,999 | €25,237 | €25,685 | ▲ 1.8% |
| Formation expenses20 | €688 | €688 | €688 | €688 | €688 | €688 | €688 | €688 | = |
| Fixed assets21/28 | €23,528 | €23,131 | €23,132 | - | - | - | - | €1,608 | - |
| Intangible fixed assets21 | €19,831 | €19,831 | €19,832 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €396 | - | - | - | - | - | - | €1,608 | - |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €1,608 | - |
| Financial fixed assets28 | €3,300 | €3,300 | €3,300 | - | - | - | - | - | - |
| Current assets29/58 | €14,427 | €21,241 | €18,928 | €10,348 | - | €19,311 | €24,548 | €23,389 | ▼ 4.7% |
| Stocks and contracts in progress3 | €14,314 | €21,128 | €18,412 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | - | €10,346 | - | €4,076 | €8,100 | €9,195 | ▲ 13.5% |
| Trade receivables40 | - | - | - | €10,346 | - | €4,076 | €8,100 | €9,195 | ▲ 13.5% |
| Cash at bank and in hand54/58 | €113 | €113 | - | €2 | - | €15,234 | €16,448 | €13,639 | ▼ 17.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €555 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €38,643 | €45,060 | €42,748 | €11,036 | €688 | €19,999 | €25,237 | €25,685 | ▲ 1.8% |
| Equity10/15 | -€12,161 | -€14,865 | -€15,933 | -€40,349 | -€42,415 | -€25,182 | -€8,592 | €10,031 | - |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Contributions outside capital11 | - | - | - | €18,592 | - | - | - | - | - |
| Other1109/19 | - | - | - | €18,592 | - | - | - | - | - |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€32,613 | -€35,316 | -€36,384 | -€60,800 | -€62,866 | -€45,633 | -€29,043 | -€10,420 | ▲ 64.1% |
| Amounts payable17/49 | €50,804 | €59,925 | €58,681 | €51,385 | €43,103 | €45,180 | €33,829 | €15,654 | ▼ 53.7% |
| Amounts payable within one year42/48 | €50,804 | €59,925 | €58,681 | €51,385 | €43,103 | €44,908 | €33,557 | €14,964 | ▼ 55.4% |
| Trade debts44 | €500 | €1,083 | €526 | - | €356 | €545 | €632 | €2 | ▼ 99.7% |
| Suppliers440/4 | - | - | - | - | €356 | €545 | €632 | €2 | ▼ 99.7% |
| Taxes, remuneration and social security45 | - | - | - | €2,278 | €678 | €6,988 | €11,852 | €8,940 | ▼ 24.6% |
| Taxes450/3 | - | - | - | €2,278 | €678 | €4,702 | €9,566 | €6,654 | ▼ 30.4% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,286 | €2,286 | €2,286 | = |
| Other amounts payable47/48 | - | - | - | €49,107 | €42,069 | €37,376 | €21,072 | €6,022 | ▼ 71.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €272 | €272 | €689 | ▲ 153% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,383 | -€2,703 | -€1,068 | -€24,416 | -€2,066 | €17,233 | €16,590 | €18,623 | ▲ 12.3% |
| + Depreciation and write-downs630 | €706 | €396 | - | €19,832 | - | - | - | €163 | - |
| Operating cash flow (approximation) | €7,089 | -€2,307 | -€1,068 | -€4,584 | -€2,066 | €17,233 | €16,590 | €18,787 | ▲ 13.2% |
| Investment in fixed assets (approximation) | - | €1 | -€1 | - | - | - | - | - | - |
| Change in cash | - | -€0 | - | - | - | - | €1,214 | -€2,809 | - |
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, 31,368 companies had the same profile as F&T Projects has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of F&T 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 31,368 companies, not a prediction for F&T 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00197499 | |
| 31-12-2024 | micro format | 13-06-2025 | 2025-00140142 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00257902 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00201424 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20182759 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-42100154 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-36200560 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-25200327 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-40800267 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-38600160 |