GM PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-10-2025 PDF all 17 filings
Turnover
≈ €840,000
Estimated: probably between €700,000 and €1.5m
Total assets
€1.0m▲ 16.6%
2023 · €880,080
Net result
€269,957▲ 12×
2023 · €21,762
Working capital
€200,537▲ 116%
2023 · €92,766
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
€429,235
2025
20192025
Net result
€269,957
2025
highest quarter of the sector
20192025
Equity
€643,450
2025
highest quarter of the sector
20192025
Total assets
€1.0m
2025
highest quarter of the sector
20192025
Debt
€383,013
2025
20192025
Working capital
€200,537
2025
highest quarter of the sector
20192025
Solvency
62.7%
2025
middle half of the sector
20192025
Current ratio
1.78
2025
middle half of the sector
20192025
Return on assets (ROA)
26.3%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220232025
Operating result€0.1m-€0.1m▼ 1.1%€0.2m▲ 42.7%€0.08m▼ 50.8%€0.05m▼ 31.3%€0.4m-
Net result€0.06m-€0.08mabove the sector's middle half▲ 30.2%€0.1mabove the sector's middle half▲ 41.2%-€0.003mbelow the sector's middle half€0.02mwithin the sector's middle half€0.3mabove the sector's middle half-
Equity€0.4m-€0.4mabove the sector's middle half▲ 18.2%€0.5mabove the sector's middle half▲ 16.2%€0.5mabove the sector's middle half▼ 0.5%€0.4mabove the sector's middle half▼ 28.2%€0.6mabove the sector's middle half-
Total assets€0.7m-€0.9mabove the sector's middle half▲ 22.4%€1.0mabove the sector's middle half▲ 4.7%€1.1mabove the sector's middle half▲ 11.8%€0.9mabove the sector's middle half▼ 17.6%€1.0mabove the sector's middle half-
Debt€0.4m-€0.5m▲ 26.7%€0.4m▼ 6.5%€0.5m▲ 26.6%€0.5m▼ 7.5%€0.4m-
Working capital€0.05m-€0.2mabove the sector's middle half▲ 223%€0.2mabove the sector's middle half▲ 14.4%€0.3mabove the sector's middle half▲ 58.5%€0.09mwithin the sector's middle half▼ 66.5%€0.2mabove the sector's middle half-
Solvency51.0%-49.3%within the sector's middle half▼ 1.7pp54.7%within the sector's middle half▲ 5.4pp48.7%within the sector's middle half▼ 6.0pp42.4%within the sector's middle half▼ 6.3pp62.7%within the sector's middle half-
Current ratio1.35-2.25within the sector's middle half▲ 0.902.09within the sector's middle half▼ 0.172.55within the sector's middle half▲ 0.461.51within the sector's middle half▼ 1.031.78within the sector's middle half-
Return on assets (ROA)8.7%-9.2%within the sector's middle half▲ 0.6pp12.5%within the sector's middle half▲ 3.2pp-0.2%below the sector's middle half▼ 12.7pp2.5%within the sector's middle half▲ 2.7pp26.3%within the sector's middle half-
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 €429,235, against €53,323 in 2023. Comparable figures for the intervening years are unavailable.
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, 2023 as the grey bar beneath
Assets €1.0m
Fixed assets
€569,309 ▼ 6.1%
Current assets
€457,154 ▲ 67.2%
Equity and liabilities €1.0m
Equity
€643,450 ▲ 72.3%
Debt
€383,013 ▼ 24.4%
Debt's share of the balance-sheet total falls from 57.6% to 37.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€502,372▲
2023 · €115,570
Cash flow
€343,094▲
2023 · €84,009
Debt to equity
0.60▼
2023 · 1.36
ROE
42.0%▲
2023 · 5.8%
Interest coverage
16.92▲
2023 · 11.02
Debt ≤ 1 year
€256,617▲
2023 · €180,720
Debt > 1 year
€123,662▼
2023 · €220,305
Income taxes
€164,077▲
2023 · €29,451
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 | 31-05-2025 |
|---|---|---|---|
| Tangible fixed assets | €49,368 | €63,273 | €62,977 |
| Depreciation and write-downs of the year | €57,684 | €62,247 | €73,137 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €405 awarded · €433 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €206 |
| 2023 | 1 | €336 | €158 |
| 2022 | 1 | €69 | €69 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €10,331 | €18,580 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €322 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,557 | €52,956 | €60,271 | €57,684 | €62,247 | €73,137 | - |
| Other operating charges640/8 | - | - | - | €51,076 | €2,383 | €85,312 | - |
| Non-recurring operating charges66A | - | - | - | - | €1,886 | €1,918 | - |
| Gross operating margin9900 | €146,271 | €166,008 | €220,668 | €186,646 | €119,839 | €589,602 | - |
| Operating profit (loss)9901 | €111,658 | €110,462 | €157,658 | €77,563 | €53,323 | €429,235 | - |
| Financial income75/76B | - | - | - | €18,237 | €8,375 | €34,498 | - |
| Recurring financial income75 | €7,652 | €8,606 | €12,137 | €18,237 | €8,375 | €34,498 | - |
| Financial charges65/66B | - | - | - | €24,346 | €10,485 | €29,700 | - |
| Recurring financial charges65 | €7,618 | €4,561 | €4,822 | €24,346 | €10,485 | €29,700 | - |
| Profit (loss) for the period before taxes9903 | €93,671 | €114,506 | €164,973 | €71,454 | €51,214 | €434,033 | - |
| Income taxes67/77 | €28,882 | €30,128 | €45,861 | €73,984 | €29,451 | €164,077 | - |
| Profit (loss) for the period9904 | €64,789 | €84,378 | €119,113 | -€2,530 | €21,762 | €269,957 | - |
| Profit (loss) for the period to be appropriated9905 | €64,789 | €84,378 | €119,113 | -€2,530 | €21,762 | €269,957 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.7m | €0.9m | €1.0m | €1.1m | €0.9m | €1.0m | - |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | - |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | - |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | - |
| Plant, machinery and equipment23 | - | - | - | €0.006m | €0.005m | €0.003m | - |
| Furniture and vehicles24 | - | - | - | €0.06m | €0.1m | €0.1m | - |
| Current assets29/58 | €0.2m | €0.3m | €0.3m | €0.5m | €0.3m | €0.5m | - |
| Amounts receivable after more than one year29 | - | - | - | €0.1m | - | - | - |
| Other amounts receivable291 | - | - | - | €0.1m | - | - | - |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | €0.06m | - |
| Trade receivables40 | - | - | - | €0.04m | €0.06m | €0.06m | - |
| Other amounts receivable41 | - | - | - | €0.08m | €0.06m | - | - |
| Current investments50/53 | - | - | €0.1m | €0.1m | €0.1m | €0.4m | - |
| Cash at bank and in hand54/58 | €0.05m | €0.08m | €0.03m | €0.09m | €0.03m | €0.01m | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.004m | €0.003m | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.7m | €0.9m | €1.0m | €1.1m | €0.9m | €1.0m | - |
| Equity10/15 | €0.4m | €0.4m | €0.5m | €0.5m | €0.4m | €0.6m | - |
| Contributions10/11 | €0.006m | - | - | €0.006m | €0.006m | €0.006m | - |
| Reserves13 | €0.3m | €0.4m | €0.5m | €0.5m | €0.4m | €0.6m | - |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - |
| Other1319 | - | - | - | €0.002m | €0.002m | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.4m | €0.6m | - |
| Profit (loss) carried forward14 | €0.03m | €0.03m | €0.03m | - | - | - | - |
| Amounts payable17/49 | €0.4m | €0.5m | €0.4m | €0.5m | €0.5m | €0.4m | - |
| Amounts payable after more than one year17 | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | - |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.1m | - |
| Other amounts payable178/9 | - | - | - | €0.006m | €0.006m | €0.006m | - |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.05m | €0.06m | - |
| Financial debts43 | - | - | - | - | - | €0.07m | - |
| Credit institutions430/8 | - | - | - | - | - | €0.07m | - |
| Trade debts44 | €0.02m | - | €0.004m | €0.03m | €0.04m | €0.02m | - |
| Suppliers440/4 | - | - | - | €0.03m | €0.04m | €0.02m | - |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.02m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.04m | €0.04m | - |
| Taxes450/3 | - | - | - | €0.05m | €0.04m | €0.04m | - |
| Other amounts payable47/48 | - | - | - | - | €0.04m | €0.06m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.1m | €0.003m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €64,789 | €84,378 | €119,113 | -€2,530 | €21,762 | €269,957 | - |
| + Depreciation and write-downs630 | €32,557 | €52,956 | €60,271 | €57,684 | €62,247 | €73,137 | - |
| Operating cash flow (approximation) | €97,346 | €137,334 | €179,383 | €55,154 | €84,009 | €343,094 | - |
| Investment in fixed assets (approximation) | - | -€128,056 | -€42,507 | -€49,368 | -€56,635 | - | - |
| Change in cash | - | €30,863 | -€50,552 | €62,414 | -€62,874 | - | - |
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, 17,811 companies had the same profile as GM PROJECTS has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of GM 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 17,811 companies, not a prediction for GM 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-05-2025 | micro format | 17-10-2025 | 2025-00544645 | |
| 30-06-2023 | micro format | 12-01-2024 | 2024-00001875 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00014266 | |
| 30-06-2021 | micro format | 24-02-2022 | 2022-06300061 | |
| 30-06-2020 | micro format | 26-02-2021 | 2021-06400496 | |
| 30-06-2019 | micro format | 18-02-2020 | 2020-05200565 | |
| 30-06-2018 | micro format | 20-02-2019 | 2019-05600091 | |
| 30-06-2017 | micro format | 19-02-2018 | 2018-05200256 | |
| 30-06-2016 | abbreviated format | 23-12-2016 | 2016-71500357 | |
| 30-06-2015 | abbreviated format | 30-12-2015 | 2015-70800371 |