GLG PROJECTS

Active

Private limited companyfounded 20232 yrs activeWesthinderstraat 23, 8380 Brugge, BelgiumKBO/BCE: BE 1003.959.106

The computed 12-month bankruptcy probability of GLG PROJECTS is 2.2% (moderate). The 2025 annual accounts show equity of €105k and a net result of €24k. Its solvency ranks better than 41% of 27450 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2025

58 / 100

Fair

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability80▼-20

Solvency64▲+1

Growth52

Track record82

Bankruptcy probability, 12 months

2.2% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €6k at 30 days only on tighter terms

Liquidity tight (current ratio 1.46 against 1.46 in 2024; short-term debt: 56.7% and cash: 11.8% of total assets), and 61.2% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Young company

A young company has little track record yet and statistically fails more often than an established one.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 43

Relative position

BE, all sectors

reference

Sector 43

higher

← fewer bankruptcies more bankruptcies →

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

38.8%

Return on assets

Age of the figures

9 mo

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-07-2026, 4 days ahead of the deadline.

NBB · 2 filings

Deviation from the deadline

2025

4 d early

2024

3 d early

← before the deadline after the deadline →

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.

Companies Code · seven months

Position in the running window

16-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, micro schema

Equity

€105k▲ 30.0%

2024 · €81k

2024: €81k

2024 → 2025

Total assets

€271k▲ 26.2%

2024 · €214k

2024: €214k

2024 → 2025

Net result

€24k▼ 68.8%

2024 · €78k

2024: €78k

2024 → 2025

Working capital

€71k▲ 13.8%

2024 · €62k

2024: €62k

2024 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20242025Trend

Equity€81k-€105k▲ 30.0%

Operating result€98k-€35k▼ 64.5%

Net result€78k-€24k▼ 68.8%

Turnover and EBIT margin not published: the micro schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result falls in 2025; 2025 is 64% below 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €271k

17.2%

82.8%

Fixed assets €47k▲ 149%

Current assets €224k▲ 14.5%

Equity and liabilities €271k

38.8%

61.2%

Equity €105k▲ 30.0%

Debt €166k▲ 23.9%

The debt ratio falls from 62.3% to 61.2%. Equity and debt are higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€54k▼

2024 · €100k

Cash flow

€43k▼

2024 · €79k

Solvency

38.8%▲

2024 · 37.7%

Current ratio

1.46▼

2024 · 1.46

Quick ratio

1.46▼

2024 · 1.46

Debt / equity

1.58▼

2024 · 1.66

ROE

23.1%▼

2024 · 96.3%

ROA

9.0%▼

2024 · 36.3%

Interest coverage

15.38▼

2024 · 140.21

Debt

€166k▲

2024 · €134k

Debt ≤ 1 year

€154k▲

2024 · €134k

Debt > 1 year

€12k

Income taxes

€9k▼

2024 · €21k

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€214k€271k▲

Fixed assets21/28€19k€47k▲

Tangible fixed assets22/27€19k€47k▲

Plant, machinery and equipment23-€10k

Furniture and vehicles24€19k€37k▲

Current assets29/58€196k€224k▲

Amounts receivable within one year40/41€135k€192k▲

Trade receivables40€100k€157k▲

Other amounts receivable41€35k€35k▼

Cash at bank and in hand54/58€61k€32k▼

Equity and liabilities

Total equity and liabilities10/49€214k€271k▲

Equity10/15€81k€105k▲

Contributions10/11€3k€3k=

Reserves13€78k€102k▲

Distributable reserves133€78k€102k▲

Amounts payable17/49€134k€166k▲

Amounts payable after more than one year17-€12k

Financial debts170/4-€12k

Amounts payable within one year42/48€134k€154k▲

Current portion of amounts payable after more than one year42-€16k

Trade debts44€111k€106k▼

Suppliers440/4€111k€106k▼

Taxes, remuneration and social security45€23k€32k▲

Taxes450/3€21k€30k▲

Remuneration and social security454/9€2k€2k=

Income statement Code20242025

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1k€19k▲

Other operating charges640/8€3k€8k▲

Gross operating margin9900€103k€62k▼

Operating profit (loss)9901€98k€35k▼

Financial income75/76B€771€1k▲

Recurring financial income75€771€1k▲

Financial charges65/66B€711€3k▲

Recurring financial charges65€711€3k▲

Profit (loss) for the period before taxes9903€99k€33k▼

Income taxes67/77€21k€9k▼

Profit (loss) for the period9904€78k€24k▼

Profit (loss) for the period to be appropriated9905€78k€24k▼

Appropriation of the result

Profit (loss) to be appropriated9906€78k€24k▼

Transfer to equity691/2€78k€24k▼

To other reserves6921€78k€24k▼

The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 3Financial 1Filings 2

Next filing, fiscal year 2026, expected by 31-07-2027

2026

27-07

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

31-12

Financial Equity above €100kEq €105k ▲30%

2 profitable years in a row build equity to €105k.

28-07

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

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.

Location & real-estate footprint

Registered office, Brugge · 1 establishment unit since 2023

establishment The establishment unit on the map

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.

Westhinderstraat 238380 Brugge

Ground area

353 m²

Building footprint

85 m²

Volume, LiDAR

427 m³