Finnlayprojects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 9 filings
Turnover
≈ €170,000
Estimated: probably between €130,000 and €210,000
Total assets
€307,491▲ 4.4%
2024 · €294,474
Net result
€30,770▼ 69.4%
2024 · €100,670
Working capital
€96,637▲ 74.0%
2024 · €55,523
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€51,557
▼ 54.6%
2025
20182025
Net result
€30,770
▼ 69.4%
2025
middle half of the sector
20182025
Equity
€147,816
▲ 26.3%
2025
middle half of the sector
20182025
Total assets
€307,491
▲ 4.4%
2025
middle half of the sector
20182025
Debt
€159,675
▼ 10.0%
2025
20182025
Working capital
€96,637
▲ 74.0%
2025
middle half of the sector
20182025
Solvency
48.1%
▲ 8.3pp
2025
middle half of the sector
20182025
Current ratio
1.72
▲ 0.30
2025
middle half of the sector
20182025
Return on assets (ROA)
10.0%
▼ 24.2pp
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-€294-€40,202€12,447▼ 69.0%-€42,798€3,910€60,586▲ 15×€113,611▲ 87.5%€51,557▼ 54.6%
Net result-€59,711-€56,370€43,970within the sector's middle half▼ 22.0%-€52,308below the sector's middle half-€9,756below the sector's middle half▲ 81.3%€44,350within the sector's middle half€100,670above the sector's middle half▲ 127%€30,770within the sector's middle half▼ 69.4%
Equity€33,749-€90,119▲ 167%€134,090within the sector's middle half▲ 48.8%€81,782within the sector's middle half▼ 39.0%-€27,975below the sector's middle half€16,376below the sector's middle half€117,046within the sector's middle half▲ 615%€147,816within the sector's middle half▲ 26.3%
Total assets€391,260-€424,552▲ 8.5%€444,680within the sector's middle half▲ 4.7%€355,623within the sector's middle half▼ 20.0%€373,732within the sector's middle half▲ 5.1%€495,544above the sector's middle half▲ 32.6%€294,474within the sector's middle half▼ 40.6%€307,491within the sector's middle half▲ 4.4%
Debt€357,511-€334,433▼ 6.5%€310,590▼ 7.1%€273,841▼ 11.8%€401,706▲ 46.7%€479,169▲ 19.3%€177,427▼ 63.0%€159,675▼ 10.0%
Working capital€266,329-€282,468▲ 6.1%€256,802above the sector's middle half▼ 9.1%€173,571above the sector's middle half▼ 32.4%€46,300within the sector's middle half▼ 73.3%-€57,000below the sector's middle half€55,523within the sector's middle half€96,637within the sector's middle half▲ 74.0%
Solvency8.6%-21.2%▲ 12.6pp30.2%within the sector's middle half▲ 8.9pp23.0%below the sector's middle half▼ 7.2pp-7.5%below the sector's middle half▼ 30.5pp3.3%below the sector's middle half▲ 10.8pp39.7%within the sector's middle half▲ 36.4pp48.1%within the sector's middle half▲ 8.3pp
Current ratio3.17-3.45▲ 0.282.58within the sector's middle half▼ 0.872.09within the sector's middle half▼ 0.481.16within the sector's middle half▼ 0.930.86below the sector's middle half▼ 0.301.42within the sector's middle half▲ 0.551.72within the sector's middle half▲ 0.30
Return on assets (ROA)-15.3%-13.3%▲ 28.5pp9.9%within the sector's middle half▼ 3.4pp-14.7%below the sector's middle half▼ 24.6pp-2.6%below the sector's middle half▲ 12.1pp8.9%within the sector's middle half▲ 11.6pp34.2%above the sector's middle half▲ 25.2pp10.0%within the sector's middle half▼ 24.2pp
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 55% lower than 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
2025 in colour, 2024 as the grey bar beneath
Assets €307,491
Fixed assets
€76,798 ▼ 27.6%
Current assets
€230,694 ▲ 22.4%
Equity and liabilities €307,491
Equity
€147,816 ▲ 26.3%
Debt
€159,675 ▼ 10.0%
Debt's share of the balance-sheet total falls from 60.3% to 51.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€82,115▼
2024 · €143,640
Cash flow
€61,329▼
2024 · €130,699
Debt to equity
1.08▼
2024 · 1.52
ROE
20.8%▼
2024 · 86.0%
Interest coverage
9.87▼
2024 · 12.13
Debt ≤ 1 year
€134,057▲
2024 · €132,941
Debt > 1 year
€20,813▼
2024 · €39,144
Income taxes
€17,285▼
2024 · €33,245
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 | €6,076 | €34,081 | €108,231 | €6,436 | €1,347 |
| Depreciation and write-downs of the year | €7,761 | €13,179 | €21,812 | €30,029 | €30,558 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €1,398 awarded · €1,398 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €696 | €9,053 | €7,009 | €7,761 | €13,179 | €21,812 | €30,029 | €30,558 | ▲ 1.8% |
| Other operating charges640/8 | - | - | - | €2,381 | €7,891 | €4,334 | €10,086 | €677 | ▼ 93.3% |
| Gross operating margin9900 | €56,012 | €53,896 | €22,098 | -€32,657 | €24,980 | €86,733 | €153,726 | €82,792 | ▼ 46.1% |
| Operating profit (loss)9901 | -€294 | €40,202 | €12,447 | -€42,798 | €3,910 | €60,586 | €113,611 | €51,557 | ▼ 54.6% |
| Financial income75/76B | - | - | - | €2,403 | €43 | €15,637 | €32,149 | €4,820 | ▼ 85.0% |
| Recurring financial income75 | - | €2,613 | €48,134 | €2,403 | €43 | €15,637 | €32,149 | €4,820 | ▼ 85.0% |
| Financial charges65/66B | - | - | - | €9,704 | €11,245 | €9,944 | €11,846 | €8,322 | ▼ 29.7% |
| Recurring financial charges65 | €56,910 | -€21,931 | €12,000 | €9,704 | €11,245 | €9,944 | €11,846 | €8,322 | ▼ 29.7% |
| Profit (loss) for the period before taxes9903 | -€57,204 | €64,747 | €48,581 | -€50,099 | -€7,292 | €66,280 | €133,915 | €48,055 | ▼ 64.1% |
| Income taxes67/77 | €2,507 | €8,376 | €4,610 | €2,209 | €2,464 | €21,930 | €33,245 | €17,285 | ▼ 48.0% |
| Profit (loss) for the period9904 | -€59,711 | €56,370 | €43,970 | -€52,308 | -€9,756 | €44,350 | €100,670 | €30,770 | ▼ 69.4% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €52,625 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | -€59,711 | €56,370 | €43,970 | -€52,308 | -€9,756 | €44,350 | €48,045 | €30,770 | ▼ 36.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €391,260 | €424,552 | €444,680 | €355,623 | €373,732 | €495,544 | €294,474 | €307,491 | ▲ 4.4% |
| Fixed assets21/28 | €2,102 | €26,721 | €24,852 | €23,167 | €44,070 | €130,488 | €106,009 | €76,798 | ▼ 27.6% |
| Tangible fixed assets22/27 | €2,102 | €26,711 | €20,842 | €19,157 | €40,060 | €126,478 | €101,999 | €72,788 | ▼ 28.6% |
| Land and buildings22 | - | - | - | €3,445 | €3,065 | €2,685 | €2,306 | €3,183 | ▲ 38.0% |
| Furniture and vehicles24 | - | - | - | €2,920 | €30,599 | €22,797 | €20,344 | €11,902 | ▼ 41.5% |
| Leasing and similar rights25 | - | - | - | €12,792 | €6,396 | €100,996 | €79,349 | €57,703 | ▼ 27.3% |
| Financial fixed assets28 | - | €10 | €4,010 | €4,010 | €4,010 | €4,010 | €4,010 | €4,010 | = |
| Current assets29/58 | €389,158 | €397,831 | €419,828 | €332,455 | €329,662 | €365,056 | €188,464 | €230,694 | ▲ 22.4% |
| Amounts receivable within one year40/41 | €16,335 | €24,976 | €4,074 | €50,985 | €54,555 | €52,560 | €152,418 | €200,152 | ▲ 31.3% |
| Trade receivables40 | - | - | - | €34,436 | €52,457 | €49,869 | €47,104 | €23,741 | ▼ 49.6% |
| Other amounts receivable41 | - | - | - | €16,549 | €2,098 | €2,691 | €105,315 | €176,411 | ▲ 67.5% |
| Current investments50/53 | €315,253 | €353,117 | €402,055 | €224,071 | €218,052 | €251,159 | €0 | - | - |
| Cash at bank and in hand54/58 | €56,282 | €16,674 | €10,815 | €55,164 | €53,777 | €56,494 | €32,327 | €22,187 | ▼ 31.4% |
| Deferred charges and accrued income490/1 | - | - | - | €2,235 | €3,277 | €4,844 | €3,719 | €8,354 | ▲ 125% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €391,260 | €424,552 | €444,680 | €355,623 | €373,732 | €495,544 | €294,474 | €307,491 | ▲ 4.4% |
| Equity10/15 | €33,749 | €90,119 | €134,090 | €81,782 | -€27,975 | €16,376 | €117,046 | €147,816 | ▲ 26.3% |
| Contributions10/11 | €101,000 | €101,000 | - | €101,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | - | - | - | - | - | €15,376 | €116,046 | €146,816 | ▲ 26.5% |
| Tax-exempt reserves132 | - | - | - | - | - | - | €52,625 | €52,625 | = |
| Distributable reserves133 | - | - | - | - | - | €15,376 | €63,421 | €94,191 | ▲ 48.5% |
| Profit (loss) carried forward14 | -€67,251 | -€10,881 | €33,090 | -€19,218 | -€28,975 | €0 | - | - | - |
| Amounts payable17/49 | €357,511 | €334,433 | €310,590 | €273,841 | €401,706 | €479,169 | €177,427 | €159,675 | ▼ 10.0% |
| Amounts payable after more than one year17 | €225,066 | €210,221 | €147,564 | €112,222 | €114,878 | €56,643 | €39,144 | €20,813 | ▼ 46.8% |
| Financial debts170/4 | - | - | - | €112,222 | €114,878 | €56,643 | €39,144 | €20,813 | ▼ 46.8% |
| Amounts payable within one year42/48 | €122,829 | €115,363 | €163,027 | €158,884 | €283,362 | €422,057 | €132,941 | €134,057 | ▲ 0.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,725 | €0 | €16,704 | €17,499 | €18,332 | ▲ 4.8% |
| Financial debts43 | - | - | - | €29,064 | €1,261 | €84,627 | €1,222 | €4,406 | ▲ 261% |
| Credit institutions430/8 | - | - | - | €29,064 | €1,261 | €84,627 | €1,222 | €4,406 | ▲ 261% |
| Trade debts44 | €3,755 | €1,703 | €6,992 | €5,922 | €2,903 | €3,400 | €9,925 | €1,132 | ▼ 88.6% |
| Suppliers440/4 | - | - | - | €5,922 | €2,903 | €3,400 | €9,925 | €1,132 | ▼ 88.6% |
| Taxes, remuneration and social security45 | - | - | - | €6,356 | €5,221 | €2,404 | €22,193 | €5,616 | ▼ 74.7% |
| Taxes450/3 | - | - | - | €6,356 | €5,221 | €2,404 | €22,193 | €5,616 | ▼ 74.7% |
| Other amounts payable47/48 | - | - | - | €111,816 | €273,977 | €314,922 | €82,103 | €104,572 | ▲ 27.4% |
| Accrued charges and deferred income492/3 | - | - | - | €2,735 | €3,467 | €469 | €5,342 | €4,805 | ▼ 10.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€59,711 | €56,370 | €43,970 | -€52,308 | -€9,756 | €44,350 | €100,670 | €30,770 | ▼ 69.4% |
| + Depreciation and write-downs630 | €696 | €9,053 | €7,009 | €7,761 | €13,179 | €21,812 | €30,029 | €30,558 | ▲ 1.8% |
| Operating cash flow (approximation) | -€59,015 | €65,423 | €50,980 | -€44,547 | €3,422 | €66,163 | €130,699 | €61,329 | ▼ 53.1% |
| Investment in fixed assets (approximation) | - | -€33,673 | -€5,140 | -€6,076 | -€34,081 | -€108,231 | -€5,550 | -€1,347 | ▲ 75.7% |
| Change in cash | - | -€39,608 | -€5,859 | €44,349 | -€1,387 | €2,716 | -€24,167 | -€10,140 | ▲ 58.0% |
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 Finnlayprojects 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 Finnlayprojects 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 Finnlayprojects. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00356080 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00279855 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00268389 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00196536 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20278139 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62900469 | |
| 31-12-2019 | micro format | 03-07-2020 | 2020-25900246 | |
| 31-12-2018 | micro format | 29-10-2019 | 2019-72300117 | |
| 31-03-2012 | abbreviated format | 01-02-2013 | 2013-02600255 |