IMMO@PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-02-2026 PDF all 17 filings
Turnover
≈ €250,000
Estimated: probably between €170,000 and €440,000
Total assets
€209,439▼ 4.3%
2024 · €218,738
Net result
€10,244▼ 63.2%
2024 · €27,872
Working capital
€134,660▼ 8.3%
2024 · €146,796
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€16,556
▼ 57.8%
2025
20182025
Net result
€10,244
▼ 63.2%
2025
middle half of the sector
20182025
Equity
€146,074
▼ 7.4%
2025
highest quarter of the sector
20182025
Total assets
€209,439
▼ 4.3%
2025
middle half of the sector
20182025
Debt
€63,365
▲ 3.8%
2025
20182025
Working capital
€134,660
▼ 8.3%
2025
highest quarter of the sector
20182025
Solvency
69.7%
▼ 2.3pp
2025
middle half of the sector
20182025
Current ratio
4.57
▼ 2.15
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.9%
▼ 7.9pp
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€8,382-€21,980▲ 162%€18,949▼ 13.8%€23,234▲ 22.6%€38,508▲ 65.7%€49,554▲ 28.7%€39,200▼ 20.9%€16,556▼ 57.8%
Net result€5,998-€15,853▲ 164%€13,454within the sector's middle half▼ 15.1%€16,601within the sector's middle half▲ 23.4%€27,828within the sector's middle half▲ 67.6%€40,924above the sector's middle half▲ 47.1%€27,872within the sector's middle half▼ 31.9%€10,244within the sector's middle half▼ 63.2%
Equity€51,477-€67,330▲ 30.8%€80,784within the sector's middle half▲ 20.0%€97,385within the sector's middle half▲ 20.5%€125,213within the sector's middle half▲ 28.6%€129,809within the sector's middle half▲ 3.7%€157,681above the sector's middle half▲ 21.5%€146,074above the sector's middle half▼ 7.4%
Total assets€72,929-€84,476▲ 15.8%€93,932within the sector's middle half▲ 11.2%€106,303within the sector's middle half▲ 13.2%€142,263within the sector's middle half▲ 33.8%€154,713within the sector's middle half▲ 8.8%€218,738within the sector's middle half▲ 41.4%€209,439within the sector's middle half▼ 4.3%
Debt€21,452-€17,146▼ 20.1%€13,148▼ 23.3%€8,917▼ 32.2%€17,050▲ 91.2%€24,904▲ 46.1%€61,057▲ 145%€63,365▲ 3.8%
Working capital€48,473-€65,471▲ 35.1%€73,103within the sector's middle half▲ 11.7%€89,425above the sector's middle half▲ 22.3%€121,665above the sector's middle half▲ 36.1%€129,276above the sector's middle half▲ 6.3%€146,796above the sector's middle half▲ 13.6%€134,660above the sector's middle half▼ 8.3%
Solvency70.6%-79.7%▲ 9.1pp86.0%above the sector's middle half▲ 6.3pp91.6%above the sector's middle half▲ 5.6pp88.0%above the sector's middle half▼ 3.6pp83.9%above the sector's middle half▼ 4.1pp72.1%above the sector's middle half▼ 11.8pp69.7%within the sector's middle half▼ 2.3pp
Current ratio3.26-4.82▲ 1.5610.87above the sector's middle half▲ 6.0513.39above the sector's middle half▲ 2.538.14above the sector's middle half▼ 5.266.19above the sector's middle half▼ 1.946.72above the sector's middle half▲ 0.534.57above the sector's middle half▼ 2.15
Return on assets (ROA)8.2%-18.8%▲ 10.5pp14.3%within the sector's middle half▼ 4.4pp15.6%within the sector's middle half▲ 1.3pp19.6%above the sector's middle half▲ 3.9pp26.5%above the sector's middle half▲ 6.9pp12.7%within the sector's middle half▼ 13.7pp4.9%within the sector's middle half▼ 7.9pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 58% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €209,439
Fixed assets
€37,025 ▼ 20.0%
Current assets
€172,414 =
Equity and liabilities €209,439
Equity
€146,074 ▼ 7.4%
Debt
€63,365 ▲ 3.8%
Debt's share of the balance-sheet total rises from 27.9% to 30.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€27,469▼
2024 · €46,220
Cash flow
€21,158▼
2024 · €34,892
Quick ratio
4.39▼
2024 · 6.62
Debt to equity
0.43▲
2024 · 0.39
ROE
7.0%▼
2024 · 17.7%
Interest coverage
12.20▼
2024 · 24.42
Debt ≤ 1 year
€37,754▲
2024 · €25,656
Debt > 1 year
€25,611▼
2024 · €35,402
Income taxes
€4,066▼
2024 · €9,454
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 | €2,100 | - | - | €52,774 | €1,652 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €5,858 | €6,113 | €3,016 | €7,020 | €10,913 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,383 | €1,145 | €3,724 | €5,858 | €6,113 | €3,016 | €7,020 | €10,913 | ▲ 55.5% |
| Other operating charges640/8 | - | - | - | €998 | €700 | €998 | €1,281 | €1,168 | ▼ 8.8% |
| Gross operating margin9900 | €10,489 | €23,741 | €23,687 | €30,090 | €45,321 | €53,568 | €47,501 | €28,638 | ▼ 39.7% |
| Operating profit (loss)9901 | €8,382 | €21,980 | €18,949 | €23,234 | €38,508 | €49,554 | €39,200 | €16,556 | ▼ 57.8% |
| Financial income75/76B | - | - | - | €22 | €79 | €29 | €19 | €6 | ▼ 66.8% |
| Recurring financial income75 | - | - | €10 | €22 | €79 | €29 | €19 | €6 | ▼ 66.8% |
| Financial charges65/66B | - | - | - | €276 | €218 | €238 | €1,892 | €2,252 | ▲ 19.0% |
| Recurring financial charges65 | €198 | €71 | €385 | €276 | €218 | €238 | €1,892 | €2,252 | ▲ 19.0% |
| Profit (loss) for the period before taxes9903 | €8,183 | €21,909 | €18,574 | €22,980 | €38,370 | €49,345 | €37,327 | €14,310 | ▼ 61.7% |
| Income taxes67/77 | €2,185 | €6,055 | €5,119 | €6,379 | €10,541 | €8,421 | €9,454 | €4,066 | ▼ 57.0% |
| Profit (loss) for the period9904 | €5,998 | €15,853 | €13,454 | €16,601 | €27,828 | €40,924 | €27,872 | €10,244 | ▼ 63.2% |
| Profit (loss) for the period to be appropriated9905 | €5,998 | €15,853 | €13,454 | €16,601 | €27,828 | €40,924 | €27,872 | €10,244 | ▼ 63.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €72,929 | €84,476 | €93,932 | €106,303 | €142,263 | €154,713 | €218,738 | €209,439 | ▼ 4.3% |
| Fixed assets21/28 | €3,004 | €1,859 | €13,419 | €9,661 | €3,549 | €532 | €46,287 | €37,025 | ▼ 20.0% |
| Tangible fixed assets22/27 | €3,004 | €1,859 | €13,419 | €9,661 | €3,549 | €532 | €46,287 | €37,025 | ▼ 20.0% |
| Plant, machinery and equipment23 | - | - | - | €3,844 | €1,898 | €532 | €145 | €1,439 | ▲ 891% |
| Furniture and vehicles24 | - | - | - | €5,817 | €1,651 | €0 | €46,141 | €35,586 | ▼ 22.9% |
| Current assets29/58 | €69,925 | €82,617 | €80,513 | €96,641 | €138,714 | €154,180 | €172,452 | €172,414 | = |
| Stocks and contracts in progress3 | €14,530 | €12,799 | €12,251 | €6,179 | €4,324 | €3,679 | €2,609 | €6,774 | ▲ 160% |
| Stocks30/36 | - | - | - | €6,179 | €4,324 | €3,679 | €2,609 | €6,774 | ▲ 160% |
| Contracts in progress37 | - | - | - | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €16,281 | €35,347 | €1,596 | €16 | €126 | €13,932 | €23,720 | €9,875 | ▼ 58.4% |
| Trade receivables40 | - | - | - | €16 | €0 | €13,041 | €22,295 | €3,941 | ▼ 82.3% |
| Other amounts receivable41 | - | - | - | €0 | €126 | €891 | €1,425 | €5,934 | ▲ 316% |
| Cash at bank and in hand54/58 | €25,004 | €31,998 | €63,441 | €88,095 | €131,827 | €134,509 | €142,596 | €151,936 | ▲ 6.6% |
| Deferred charges and accrued income490/1 | - | - | - | €2,351 | €2,437 | €2,060 | €3,527 | €3,829 | ▲ 8.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €72,929 | €84,476 | €93,932 | €106,303 | €142,263 | €154,713 | €218,738 | €209,439 | ▼ 4.3% |
| Equity10/15 | €51,477 | €67,330 | €80,784 | €97,385 | €125,213 | €129,809 | €157,681 | €146,074 | ▼ 7.4% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €31,477 | €47,330 | €60,784 | €77,385 | €105,213 | €109,809 | €137,681 | €126,074 | ▼ 8.4% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €75,385 | €103,213 | €109,809 | €137,681 | €126,074 | ▼ 8.4% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €21,452 | €17,146 | €13,148 | €8,917 | €17,050 | €24,904 | €61,057 | €63,365 | ▲ 3.8% |
| Amounts payable after more than one year17 | - | - | €5,738 | €1,701 | €0 | - | €35,402 | €25,611 | ▼ 27.7% |
| Financial debts170/4 | - | - | - | €1,701 | €0 | - | €35,402 | €25,611 | ▼ 27.7% |
| Amounts payable within one year42/48 | €21,452 | €17,146 | €7,410 | €7,216 | €17,050 | €24,904 | €25,656 | €37,754 | ▲ 47.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,037 | €1,701 | €0 | €9,348 | €13,155 | ▲ 40.7% |
| Trade debts44 | €2,746 | €9,790 | €1,206 | €354 | €7,371 | €1,969 | €339 | €707 | ▲ 108% |
| Suppliers440/4 | - | - | - | €354 | €7,371 | €1,969 | €339 | €707 | ▲ 108% |
| Taxes, remuneration and social security45 | - | - | - | €1,763 | €5,541 | €421 | €14,454 | €1,799 | ▼ 87.6% |
| Taxes450/3 | - | - | - | €1,763 | €5,541 | €421 | €8,789 | €1,799 | ▼ 79.5% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €5,666 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €1,063 | €2,436 | €22,514 | €1,514 | €22,093 | ▲ 15× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,998 | €15,853 | €13,454 | €16,601 | €27,828 | €40,924 | €27,872 | €10,244 | ▼ 63.2% |
| + Depreciation and write-downs630 | €1,383 | €1,145 | €3,724 | €5,858 | €6,113 | €3,016 | €7,020 | €10,913 | ▲ 55.5% |
| Operating cash flow (approximation) | €7,381 | €16,998 | €17,179 | €22,458 | €33,941 | €43,940 | €34,892 | €21,158 | ▼ 39.4% |
| Investment in fixed assets (approximation) | - | €0 | -€15,284 | -€2,100 | €0 | €0 | -€52,774 | -€1,652 | ▲ 96.9% |
| Change in cash | - | €6,994 | €31,443 | €24,653 | €43,733 | €2,682 | €8,087 | €9,340 | ▲ 15.5% |
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, 10,904 companies had the same profile as IMMO@PROJECTS has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of IMMO@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 10,904 companies, not a prediction for IMMO@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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-02-2026 | 2026-00044067 | |
| 31-12-2024 | micro format | 06-02-2025 | 2025-00029516 | |
| 31-12-2023 | micro format | 26-04-2024 | 2024-00070125 | |
| 31-12-2022 | micro format | 19-05-2023 | 2023-00092466 | |
| 31-12-2021 | micro format | 12-05-2022 | 2022-20025381 | |
| 31-12-2020 | micro format | 25-05-2021 | 2021-15000267 | |
| 31-12-2019 | micro format | 28-05-2020 | 2020-13500313 | |
| 31-12-2018 | micro format | 29-04-2019 | 2019-11100538 | |
| 31-12-2017 | micro format | 25-05-2018 | 2018-14000474 | |
| 31-12-2016 | micro format | 18-07-2017 | 2017-33400260 |