GPprojects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-01-2026 PDF all 18 filings
Turnover
≈ €150,000
Estimated: probably between €120,000 and €210,000
Total assets
€167,160▲ 5.2%
2024 · €158,877
Net result
€38,882
2024 · -€10,089
Working capital
€125,609▲ 76.0%
2024 · €71,386
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€51,753
2025
20192025
Net result
€38,882
2025
middle half of the sector
20192025
Equity
€152,780
▲ 34.1%
2025
middle half of the sector
20192025
Total assets
€167,160
▲ 5.2%
2025
middle half of the sector
20192025
Debt
€14,381
▼ 68.0%
2025
20192025
Working capital
€125,609
▲ 76.0%
2025
highest quarter of the sector
20192025
Solvency
91.4%
▲ 19.7pp
2025
highest quarter of the sector
20192025
Current ratio
9.73
▲ 6.40
2025
highest quarter of the sector
20192025
Return on assets (ROA)
23.3%
▲ 29.6pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€20,766-€51,726▲ 149%€34,458▼ 33.4%€52,609▲ 52.7%€4,453▼ 91.5%-€10,290€51,753
Net result€11,353-€36,996above the sector's middle half▲ 226%€24,131within the sector's middle half▼ 34.8%€36,375within the sector's middle half▲ 50.7%€1,400within the sector's middle half▼ 96.2%-€10,089below the sector's middle half€38,882within the sector's middle half
Equity€100,128-€137,124within the sector's middle half▲ 36.9%€141,985within the sector's middle half▲ 3.5%€122,586within the sector's middle half▼ 13.7%€123,986within the sector's middle half▲ 1.1%€113,898within the sector's middle half▼ 8.1%€152,780within the sector's middle half▲ 34.1%
Total assets€164,165-€171,616within the sector's middle half▲ 4.5%€178,574within the sector's middle half▲ 4.1%€207,001within the sector's middle half▲ 15.9%€201,424within the sector's middle half▼ 2.7%€158,877within the sector's middle half▼ 21.1%€167,160within the sector's middle half▲ 5.2%
Debt€64,037-€34,492▼ 46.1%€36,589▲ 6.1%€84,415▲ 131%€77,438▼ 8.3%€44,980▼ 41.9%€14,381▼ 68.0%
Working capital€80,613-€111,347above the sector's middle half▲ 38.1%€120,397above the sector's middle half▲ 8.1%€94,003within the sector's middle half▼ 21.9%€96,072within the sector's middle half▲ 2.2%€71,386within the sector's middle half▼ 25.7%€125,609above the sector's middle half▲ 76.0%
Solvency61.0%-79.9%above the sector's middle half▲ 18.9pp79.5%above the sector's middle half▼ 0.4pp59.2%within the sector's middle half▼ 20.3pp61.6%within the sector's middle half▲ 2.3pp71.7%within the sector's middle half▲ 10.1pp91.4%above the sector's middle half▲ 19.7pp
Current ratio2.90-6.38above the sector's middle half▲ 3.484.93above the sector's middle half▼ 1.452.81within the sector's middle half▼ 2.122.78within the sector's middle half▼ 0.033.34within the sector's middle half▲ 0.569.73above the sector's middle half▲ 6.40
Return on assets (ROA)6.9%-21.6%above the sector's middle half▲ 14.6pp13.5%within the sector's middle half▼ 8.0pp17.6%within the sector's middle half▲ 4.1pp0.7%below the sector's middle half▼ 16.9pp-6.3%below the sector's middle half▼ 7.0pp23.3%within the sector's middle half▲ 29.6pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 a profit of €51,753, after a loss of €10,290 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 €167,160
Fixed assets
€27,171 ▼ 52.3%
Current assets
€139,989 ▲ 37.3%
Equity and liabilities €167,160
Equity
€152,780 ▲ 34.1%
Debt
€14,381 ▼ 68.0%
Debt's share of the balance-sheet total falls from 28.3% to 8.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€59,991▲
2024 · €3,974
Cash flow
€47,120▲
2024 · €4,176
Debt to equity
0.09▼
2024 · 0.39
ROE
25.4%▲
2024 · -8.9%
Interest coverage
48.62▲
2024 · 10.75
Debt ≤ 1 year
€14,381▼
2024 · €30,539
Debt > 1 year
€0▼
2024 · €14,440
Income taxes
€12,853▲
2024 · €137
Staff costs
€618
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 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €50,151 | €12,077 | €19,833 | €5,250 |
| Depreciation and write-downs of the year | €16,672 | €20,277 | €14,265 | €8,238 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €1,000 | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €618 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,833 | €14,355 | €15,838 | €16,672 | €20,277 | €14,265 | €8,238 | ▼ 42.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €265 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,445 | €1,429 | €973 | €1,104 | ▲ 13.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €8,793 | - |
| Gross operating margin9900 | €42,135 | €66,660 | €52,332 | €70,991 | €26,159 | €4,947 | €70,506 | ▲ 14× |
| Operating profit (loss)9901 | €20,766 | €51,726 | €34,458 | €52,609 | €4,453 | -€10,290 | €51,753 | - |
| Financial income75/76B | - | - | - | €27 | €304 | €708 | €1,216 | ▲ 71.8% |
| Recurring financial income75 | €1,198 | €1,497 | €640 | €27 | €304 | €708 | €1,216 | ▲ 71.8% |
| Financial charges65/66B | - | - | - | €497 | €1,010 | €370 | €1,234 | ▲ 234% |
| Recurring financial charges65 | €456 | €653 | €430 | €497 | €1,010 | €370 | €1,234 | ▲ 234% |
| Profit (loss) for the period before taxes9903 | €21,508 | €52,570 | €34,668 | €52,139 | €3,747 | -€9,952 | €51,735 | - |
| Income taxes67/77 | €10,155 | €15,573 | €10,537 | €15,763 | €2,347 | €137 | €12,853 | ▲ 94× |
| Profit (loss) for the period9904 | €11,353 | €36,996 | €24,131 | €36,375 | €1,400 | -€10,089 | €38,882 | - |
| Profit (loss) for the period to be appropriated9905 | €11,353 | €36,996 | €24,131 | €36,375 | €1,400 | -€10,089 | €38,882 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €164,165 | €171,616 | €178,574 | €207,001 | €201,424 | €158,877 | €167,160 | ▲ 5.2% |
| Fixed assets21/28 | €41,029 | €39,557 | €27,533 | €61,011 | €51,384 | €56,952 | €27,171 | ▼ 52.3% |
| Tangible fixed assets22/27 | €41,029 | €39,557 | €27,533 | €61,011 | €51,384 | €56,952 | €27,171 | ▼ 52.3% |
| Land and buildings22 | - | - | - | - | - | - | €1,855 | - |
| Plant, machinery and equipment23 | - | - | - | - | €11,876 | €9,460 | €11,593 | ▲ 22.5% |
| Furniture and vehicles24 | - | - | - | €57,598 | €37,641 | €44,487 | €13,723 | ▼ 69.2% |
| Leasing and similar rights25 | - | - | - | €3,413 | €1,866 | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | - | €3,004 | - | - |
| Current assets29/58 | €123,135 | €132,059 | €151,041 | €145,990 | €150,041 | €101,925 | €139,989 | ▲ 37.3% |
| Amounts receivable within one year40/41 | €92,494 | €28,811 | €35,645 | €83,621 | €125,433 | €99,050 | €74,607 | ▼ 24.7% |
| Trade receivables40 | - | - | - | €81,909 | €118,322 | €67,006 | €48,701 | ▼ 27.3% |
| Other amounts receivable41 | - | - | - | €1,713 | €7,111 | €32,044 | €25,906 | ▼ 19.2% |
| Cash at bank and in hand54/58 | €30,642 | €103,248 | €115,397 | €62,369 | €24,607 | €2,875 | €64,065 | ▲ 22× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €1,317 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €164,165 | €171,616 | €178,574 | €207,001 | €201,424 | €158,877 | €167,160 | ▲ 5.2% |
| Equity10/15 | €100,128 | €137,124 | €141,985 | €122,586 | €123,986 | €113,898 | €152,780 | ▲ 34.1% |
| Contributions10/11 | €12,500 | €12,500 | - | €12,500 | €12,500 | €12,500 | €12,500 | = |
| Reserves13 | €87,628 | €124,624 | €129,485 | €110,086 | €111,486 | €111,486 | €140,280 | ▲ 25.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Distributable reserves133 | - | - | - | €108,226 | €109,626 | €109,626 | €140,280 | ▲ 28.0% |
| Profit (loss) carried forward14 | - | - | - | - | - | -€10,089 | €0 | - |
| Amounts payable17/49 | €64,037 | €34,492 | €36,589 | €84,415 | €77,438 | €44,980 | €14,381 | ▼ 68.0% |
| Amounts payable after more than one year17 | €21,514 | €13,780 | €5,944 | €32,428 | €23,469 | €14,440 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €32,428 | €23,469 | €14,440 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €42,523 | €20,712 | €30,645 | €51,987 | €53,969 | €30,539 | €14,381 | ▼ 52.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,833 | €8,959 | €9,029 | €0 | ▼ 100% |
| Financial debts43 | - | - | - | - | - | - | €643 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €643 | - |
| Trade debts44 | €14,297 | €11,987 | €12,921 | €28,215 | €29,011 | €17,369 | €3,253 | ▼ 81.3% |
| Suppliers440/4 | - | - | - | €28,215 | €29,011 | €17,369 | €3,253 | ▼ 81.3% |
| Taxes, remuneration and social security45 | - | - | - | €8,939 | €15,999 | €4,142 | €10,485 | ▲ 153% |
| Taxes450/3 | - | - | - | €8,939 | €15,999 | €4,142 | €10,485 | ▲ 153% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,353 | €36,996 | €24,131 | €36,375 | €1,400 | -€10,089 | €38,882 | - |
| + Depreciation and write-downs630 | €13,833 | €14,355 | €15,838 | €16,672 | €20,277 | €14,265 | €8,238 | ▼ 42.2% |
| Operating cash flow (approximation) | €25,186 | €51,351 | €39,969 | €53,048 | €21,677 | €4,176 | €47,120 | ▲ 11× |
| Investment in fixed assets (approximation) | - | -€12,883 | -€3,814 | -€50,151 | -€10,650 | -€19,833 | €21,543 | - |
| Change in cash | - | €72,606 | €12,149 | -€53,028 | -€37,761 | -€21,732 | €61,190 | - |
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 GPprojects 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 GPprojects 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 GPprojects. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-01-2026 | 2026-00014598 | |
| 30-06-2024 | micro format | 21-01-2025 | 2025-00008957 | |
| 30-06-2023 | micro format | 21-12-2023 | 2023-00535933 | |
| 30-06-2022 | micro format | 19-12-2022 | 2022-20544466 | |
| 30-06-2021 | micro format | 14-12-2021 | 2021-80100539 | |
| 30-06-2020 | micro format | 10-12-2020 | 2020-75100560 | |
| 30-06-2019 | micro format | 18-12-2019 | 2019-76500067 | |
| 30-06-2018 | micro format | 13-12-2018 | 2018-74300340 | |
| 30-06-2017 | micro format | 27-12-2017 | 2017-73100426 | |
| 30-06-2016 | abbreviated format | 30-12-2016 | 2016-72000464 |