GHOST PROJECTS
ActiveSummary
GHOST PROJECTS has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€107,403) and a net result of €594. Equity is shrinking by ~29% per year across the filed fiscal years. Its solvency ranks better than 5% of 11502 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability42▲+42
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.15 against 0.12 in 2024; short-term debt: 652.8% and cash: 71.3% of total assets), and equity is negative.
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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
-552.8%
Return on assets
3.1%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 11502 sector peers (2025).
NBB · sector comparisonPosition among 11502 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-08-2026, 14 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
14 d late
2024
57 d late
2023
9 d late
2022
16 d late
2021
2 d early
2020
19 d late
2019
21 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 13 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 14 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€107,403▲ 0.5%
2024 · -€107,996
Total assets
€19,431▲ 23.0%
2024 · €15,795
Net result
€594
2024 · -€12,584
Working capital
-€107,944▼ 0.8%
2024 · -€107,054
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€20,267▼ 885%-€11,323▲ 44.1%-€31,235▼ 176%-€11,768▲ 62.3%€1,203
Net result-€22,344below the sector's middle half▼ 523%-€14,653below the sector's middle half▲ 34.4%-€34,719below the sector's middle half▼ 137%-€12,584below the sector's middle half▲ 63.8%€594within the sector's middle half
Equity-€46,040below the sector's middle half▼ 94.3%-€60,693below the sector's middle half▼ 31.8%-€95,412below the sector's middle half▼ 57.2%-€107,996below the sector's middle half▼ 13.2%-€107,403below the sector's middle half▲ 0.5%
Total assets€71,884within the sector's middle half▲ 95.1%€49,228below the sector's middle half▼ 31.5%€38,001below the sector's middle half▼ 22.8%€15,795below the sector's middle half▼ 58.4%€19,431below the sector's middle half▲ 23.0%
Debt€117,924▲ 94.8%€109,921▼ 6.8%€133,413▲ 21.4%€123,791▼ 7.2%€126,833▲ 2.5%
Working capital-€61,312below the sector's middle half▼ 175%-€73,539below the sector's middle half▼ 19.9%-€99,884below the sector's middle half▼ 35.8%-€107,054below the sector's middle half▼ 7.2%-€107,944below the sector's middle half▼ 0.8%
Solvency-64.0%below the sector's middle half▲ 0.3pp-123.3%below the sector's middle half▼ 59.2pp-251.1%below the sector's middle half▼ 127.8pp-683.7%below the sector's middle half▼ 432.7pp-552.8%below the sector's middle half▲ 131.0pp
Current ratio0.29below the sector's middle half▼ 0.290.17below the sector's middle half▼ 0.120.14below the sector's middle half▼ 0.030.12below the sector's middle half▼ 0.020.15below the sector's middle half▲ 0.03
Return on assets (ROA)-31.1%below the sector's middle half▼ 21.3pp-29.8%below the sector's middle half▲ 1.3pp-91.4%below the sector's middle half▼ 61.6pp-79.7%below the sector's middle half▲ 11.7pp3.1%within the sector's middle half▲ 82.7pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €1,203 after a loss of €11,768 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €19,431
Fixed assets
€542 ▼ 28.5%
Current assets
€18,889 ▲ 25.6%
Key figures and ratios
EBITDA
€1,419▲
2024 · -€11,583
Cash flow
€809▲
2024 · -€12,400
Quick ratio
0.13▲
2024 · 0.10
Debt to equity
-1.18▼
2024 · -1.15
Interest coverage
2.33▲
2024 · -14.36
Debt ≤ 1 year
€126,833▲
2024 · €122,091
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,381 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit under 5% of the balance sheet
2.0%
went bankrupt
3.1%
stopped otherwise
94%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,381 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,100 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,398 | €12,477 | €12,470 | €185 | €216 | ▲ 16.8% |
| Other operating charges640/8 | €3,506 | €2,867 | €2,287 | €4,225 | €1,683 | ▼ 60.2% |
| Gross operating margin9900 | -€4,364 | €4,021 | -€16,478 | -€7,358 | €3,102 | ▲ 142% |
| Operating profit (loss)9901 | -€20,267 | -€11,323 | -€31,235 | -€11,768 | €1,203 | ▲ 110% |
| Financial income75/76B | €100 | €4 | €0 | €0 | - | - |
| Recurring financial income75 | €100 | €4 | €0 | €0 | - | - |
| Financial charges65/66B | €1,677 | €3,481 | €3,334 | €807 | €610 | ▼ 24.4% |
| Recurring financial charges65 | €1,677 | €3,481 | €3,334 | €807 | €610 | ▼ 24.4% |
| Profit (loss) for the period before taxes9903 | -€21,844 | -€14,800 | -€34,569 | -€12,574 | €594 | ▲ 105% |
| Income taxes67/77 | €500 | -€147 | €150 | €10 | - | - |
| Profit (loss) for the period9904 | -€22,344 | -€14,653 | -€34,719 | -€12,584 | €594 | ▲ 105% |
| Profit (loss) for the period to be appropriated9905 | -€22,344 | -€14,653 | -€34,719 | -€12,584 | €594 | ▲ 105% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €71,884 | €49,228 | €38,001 | €15,795 | €19,431 | ▲ 23.0% |
| Fixed assets21/28 | €46,417 | €33,941 | €21,471 | €757 | €542 | ▼ 28.5% |
| Tangible fixed assets22/27 | €46,417 | €33,941 | €21,471 | €757 | €542 | ▼ 28.5% |
| Plant, machinery and equipment23 | €363 | €178 | €0 | - | - | - |
| Furniture and vehicles24 | €4,068 | €2,140 | €211 | €125 | €0 | ▼ 100% |
| Leasing and similar rights25 | €41,058 | €30,793 | €20,529 | €0 | - | - |
| Other tangible fixed assets26 | €928 | €830 | €731 | €632 | €542 | ▼ 14.3% |
| Current assets29/58 | €25,466 | €15,288 | €16,530 | €15,037 | €18,889 | ▲ 25.6% |
| Stocks and contracts in progress3 | €7,593 | €6,754 | €3,908 | €3,230 | €2,748 | ▼ 14.9% |
| Stocks30/36 | €7,593 | €6,754 | €3,908 | €3,230 | €2,748 | ▼ 14.9% |
| Amounts receivable within one year40/41 | €9,709 | €4,865 | €3,545 | €7,601 | €1,987 | ▼ 73.9% |
| Trade receivables40 | €8,997 | €2,496 | €1,213 | €2,988 | €1,611 | ▼ 46.1% |
| Other amounts receivable41 | €712 | €2,369 | €2,332 | €4,613 | €376 | ▼ 91.9% |
| Cash at bank and in hand54/58 | €6,240 | €616 | €5,848 | €2,590 | €13,849 | ▲ 435% |
| Deferred charges and accrued income490/1 | €1,924 | €3,053 | €3,228 | €1,617 | €305 | ▼ 81.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €71,884 | €49,228 | €38,001 | €15,795 | €19,431 | ▲ 23.0% |
| Equity10/15 | -€46,040 | -€60,693 | -€95,412 | -€107,996 | -€107,403 | ▲ 0.5% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€52,240 | -€66,893 | -€101,612 | -€114,196 | -€113,603 | ▲ 0.5% |
| Amounts payable17/49 | €117,924 | €109,921 | €133,413 | €123,791 | €126,833 | ▲ 2.5% |
| Amounts payable after more than one year17 | €27,946 | €21,095 | €14,149 | €0 | - | - |
| Financial debts170/4 | €27,946 | €21,095 | €14,149 | €0 | - | - |
| Amounts payable within one year42/48 | €86,778 | €88,827 | €116,413 | €122,091 | €126,833 | ▲ 3.9% |
| Current portion of amounts payable after more than one year42 | €6,758 | €6,851 | €6,946 | €0 | - | - |
| Financial debts43 | €2,178 | €8,352 | €0 | - | €10 | - |
| Credit institutions430/8 | €2,178 | €8,352 | €0 | - | €10 | - |
| Trade debts44 | €12,854 | €1,780 | €1,710 | €3,883 | €5,801 | ▲ 49.4% |
| Suppliers440/4 | €12,854 | €1,780 | €1,710 | €3,883 | €5,801 | ▲ 49.4% |
| Advances received on contracts in progress46 | €2,400 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | €620 | €2,402 | €270 | €120 | €3,726 | ▲ 3,005% |
| Taxes450/3 | €620 | €2,402 | €270 | €120 | €3,726 | ▲ 3,005% |
| Other amounts payable47/48 | €61,968 | €69,441 | €107,488 | €118,088 | €117,296 | ▼ 0.7% |
| Accrued charges and deferred income492/3 | €3,200 | €0 | €2,850 | €1,700 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€22,344 | -€14,653 | -€34,719 | -€12,584 | €594 | ▲ 105% |
| + Depreciation and write-downs630 | €12,398 | €12,477 | €12,470 | €185 | €216 | ▲ 16.8% |
| Operating cash flow (approximation) | -€9,946 | -€2,176 | -€22,249 | -€12,400 | €809 | ▲ 107% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €20,529 | €0 | ▼ 100% |
| Change in cash | - | -€5,624 | €5,233 | -€3,258 | €11,259 | ▲ 446% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
14-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 14 days late
2025
31-12
Financial
Back to profitnet €594
Net result €594 after 7 loss-making years.
26-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 57 days late
2024
09-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 9 days late
2023
31-12
Financial
Weakest financial yearnet -€34,719
Net result drops to -€34,719, the lowest in the series; recovery starts the following year.
16-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 16 days late
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
19-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 19 days late
2020
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
12-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 58 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Blankenberge · 1 establishment unit since 2015
Ground area
946 m²
Building footprint
182 m²
Volume, LiDAR
828 m³
Parcel 31034B0477/00P000, Flanders · tallest building 8.5 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
FIRESHOP
since 20152.247.027.962
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31034B0477/00P000 | Flanders | 946 m² | 1 · 182 m² | 8.5 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 1,307 companies in sector 46423 we hold annual accounts for 810. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded28-09-2015
Fiscal year end31-12
Activities, NACEBEL 2025
46423Wholesale of clothing, excluding workwear and underwear
46160Agents in the wholesale of textiles, clothing, fur, footwear and leather goods
47120Other non-specialised retail sale
47711Retail sale of women's outerwear
55100Hotels and similar accommodation
68321Property management for co-owned buildings (syndics)
74111Design of textile patterns, clothing, jewellery, furniture and decorative items
E-invoicing
Reachable via Peppol
Peppol ID
0208:0638927617
Also
9925:BE0638927617
Registered
01-02-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.