JW PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-02-2026 PDF all 7 filings
Turnover
≈ €50,000
Estimated: probably between €26,000 and €98,000
Total assets
€24,969▼ 32.1%
2024 · €36,763
Net result
-€3,304▲ 74.0%
2024 · -€12,689
Working capital
-€7,640▲ 57.7%
2024 · -€18,080
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€3,540
▲ 67.9%
2025
20192025
Net result
-€3,304
▲ 74.0%
2025
lowest quarter of the sector
20192025
Equity
-€8,590
▼ 129%
2025
lowest quarter of the sector
20192025
Total assets
€24,969
▼ 32.1%
2025
lowest quarter of the sector
20192025
Debt
€33,560
▼ 17.2%
2025
20192025
Working capital
-€7,640
▲ 57.7%
2025
lowest quarter of the sector
20192025
Solvency
-34.4%
▼ 24.2pp
2025
lowest quarter of the sector
20192025
Current ratio
0.73
▲ 0.51
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-13.2%
▲ 21.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,445-€513▼ 93.1%€7,426▲ 14×€261▼ 96.5%-€437-€11,025▼ 2,422%-€3,540▲ 67.9%
Net result€6,703--€45below the sector's middle half€4,583within the sector's middle half-€2,312below the sector's middle half-€2,485below the sector's middle half▼ 7.5%-€12,689below the sector's middle half▼ 411%-€3,304below the sector's middle half▲ 74.0%
Equity€9,203-€9,158below the sector's middle half▼ 0.5%€13,741below the sector's middle half▲ 50.0%€11,430below the sector's middle half▼ 16.8%€8,945below the sector's middle half▼ 21.7%-€3,744below the sector's middle half-€8,590below the sector's middle half▼ 129%
Total assets€50,559-€44,040below the sector's middle half▼ 12.9%€43,808below the sector's middle half▼ 0.5%€83,054within the sector's middle half▲ 89.6%€67,422within the sector's middle half▼ 18.8%€36,763below the sector's middle half▼ 45.5%€24,969below the sector's middle half▼ 32.1%
Debt€41,356-€34,881▼ 15.7%€30,067▼ 13.8%€71,625▲ 138%€58,477▼ 18.4%€40,507▼ 30.7%€33,560▼ 17.2%
Working capital€5,542--€216below the sector's middle half€2,918below the sector's middle half-€3,590below the sector's middle half-€8,573below the sector's middle half▼ 139%-€18,080below the sector's middle half▼ 111%-€7,640below the sector's middle half▲ 57.7%
Solvency18.2%-20.8%within the sector's middle half▲ 2.6pp31.4%within the sector's middle half▲ 10.6pp13.8%below the sector's middle half▼ 17.6pp13.3%below the sector's middle half▼ 0.5pp-10.2%below the sector's middle half▼ 23.5pp-34.4%below the sector's middle half▼ 24.2pp
Current ratio1.43-0.98below the sector's middle half▼ 0.451.18within the sector's middle half▲ 0.200.86below the sector's middle half▼ 0.320.71below the sector's middle half▼ 0.150.23below the sector's middle half▼ 0.480.73below the sector's middle half▲ 0.51
Return on assets (ROA)13.3%--0.1%below the sector's middle half▼ 13.4pp10.5%within the sector's middle half▲ 10.6pp-2.8%below the sector's middle half▼ 13.2pp-3.7%below the sector's middle half▼ 0.9pp-34.5%below the sector's middle half▼ 30.8pp-13.2%below the sector's middle half▲ 21.3pp
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 a loss of €3,540, smaller than the loss of €11,025 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 €24,969
Fixed assets
€4,152 ▼ 86.8%
Current assets
€20,817 ▲ 293%
Equity and liabilities
Equity-€8,590
Debt€33,560
Equity is negative. Debt (€33,560) exceeds the balance-sheet total (€24,969).
Key figures and ratios
EBITDA
-€1,991▼
2024 · €3,889
Cash flow
-€1,755▼
2024 · €2,225
Interest coverage
-1.72▼
2024 · 2.74
Debt ≤ 1 year
€28,457▲
2024 · €23,374
Debt > 1 year
€5,103▼
2024 · €17,133
Income taxes
-€1,379▼
2024 · €244
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €5,382 | €65,593 | - | - | €4,632 |
| Depreciation and write-downs of the year | €11,347 | €13,426 | €15,271 | €14,914 | €1,549 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €16,376 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,059 | €9,250 | €11,347 | €13,426 | €15,271 | €14,914 | €1,549 | ▼ 89.6% |
| Other operating charges640/8 | - | - | €1,578 | €2,555 | €108 | €969 | €1,305 | ▲ 34.7% |
| Non-recurring operating charges66A | - | - | - | €3,048 | €0 | - | €4,400 | - |
| Gross operating margin9900 | €15,543 | €10,639 | €20,351 | €19,291 | €14,942 | €4,858 | €3,713 | ▼ 23.6% |
| Operating profit (loss)9901 | €7,445 | €513 | €7,426 | €261 | -€437 | -€11,025 | -€3,540 | ▲ 67.9% |
| Financial income75/76B | - | - | €23 | €3 | €0 | €2 | €12 | ▲ 543% |
| Recurring financial income75 | €17 | €7 | €23 | €3 | €0 | €2 | €12 | ▲ 543% |
| Financial charges65/66B | - | - | €587 | €1,573 | €1,639 | €1,421 | €1,155 | ▼ 18.7% |
| Recurring financial charges65 | €89 | €565 | €587 | €1,573 | €1,639 | €1,421 | €1,155 | ▼ 18.7% |
| Profit (loss) for the period before taxes9903 | €7,373 | -€45 | €6,862 | -€1,309 | -€2,076 | -€12,444 | -€4,684 | ▲ 62.4% |
| Income taxes67/77 | €670 | €0 | €2,279 | €1,003 | €409 | €244 | -€1,379 | - |
| Profit (loss) for the period9904 | €6,703 | -€45 | €4,583 | -€2,312 | -€2,485 | -€12,689 | -€3,304 | ▲ 74.0% |
| Profit (loss) for the period to be appropriated9905 | €6,703 | -€45 | €4,583 | -€2,312 | -€2,485 | -€12,689 | -€3,304 | ▲ 74.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €50,559 | €44,040 | €43,808 | €83,054 | €67,422 | €36,763 | €24,969 | ▼ 32.1% |
| Fixed assets21/28 | €32,234 | €30,626 | €24,660 | €61,655 | €46,383 | €31,469 | €4,152 | ▼ 86.8% |
| Tangible fixed assets22/27 | €32,234 | €30,626 | €24,660 | €61,655 | €46,383 | €31,469 | €4,152 | ▼ 86.8% |
| Plant, machinery and equipment23 | - | - | €2,004 | €1,306 | €609 | €247 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | €22,657 | €60,348 | €45,774 | €31,222 | €4,152 | ▼ 86.7% |
| Current assets29/58 | €18,325 | €13,414 | €19,148 | €21,400 | €21,039 | €5,294 | €20,817 | ▲ 293% |
| Amounts receivable within one year40/41 | €16,167 | €5,684 | €1,202 | €8,313 | €8,947 | €4,133 | €2,290 | ▼ 44.6% |
| Trade receivables40 | - | - | €0 | €7,088 | €7,031 | €2,160 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | €1,202 | €1,225 | €1,916 | €1,973 | €2,290 | ▲ 16.1% |
| Cash at bank and in hand54/58 | €393 | €4,666 | €17,212 | €12,004 | €9,974 | €0 | €17,421 | - |
| Deferred charges and accrued income490/1 | - | - | €733 | €1,083 | €2,118 | €1,161 | €1,106 | ▼ 4.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €50,559 | €44,040 | €43,808 | €83,054 | €67,422 | €36,763 | €24,969 | ▼ 32.1% |
| Equity10/15 | €9,203 | €9,158 | €13,741 | €11,430 | €8,945 | -€3,744 | -€8,590 | ▼ 129% |
| Contributions10/11 | €2,500 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €6,700 | €6,700 | €11,200 | €11,200 | €11,200 | €11,200 | €11,200 | = |
| Distributable reserves133 | - | - | €11,200 | €11,200 | €11,200 | €11,200 | €11,200 | = |
| Profit (loss) carried forward14 | €3 | -€42 | €41 | -€2,270 | -€4,755 | -€17,444 | -€22,290 | ▼ 27.8% |
| Amounts payable17/49 | €41,356 | €34,881 | €30,067 | €71,625 | €58,477 | €40,507 | €33,560 | ▼ 17.2% |
| Amounts payable after more than one year17 | €28,573 | €21,252 | €13,837 | €46,635 | €28,865 | €17,133 | €5,103 | ▼ 70.2% |
| Financial debts170/4 | - | - | €13,837 | €46,635 | €28,865 | €17,133 | €5,103 | ▼ 70.2% |
| Amounts payable within one year42/48 | €12,783 | €13,630 | €16,229 | €24,990 | €29,612 | €23,374 | €28,457 | ▲ 21.7% |
| Current portion of amounts payable after more than one year42 | - | - | €7,414 | €18,665 | €17,770 | €11,732 | €12,030 | ▲ 2.5% |
| Financial debts43 | - | - | - | - | - | €2,812 | €0 | ▼ 100% |
| Other loans439 | - | - | - | - | - | €2,812 | €0 | ▼ 100% |
| Trade debts44 | €2,101 | €904 | €1,260 | €1,377 | €3,259 | €694 | €510 | ▼ 26.4% |
| Suppliers440/4 | - | - | €1,260 | €1,377 | €3,259 | €694 | €510 | ▼ 26.4% |
| Taxes, remuneration and social security45 | - | - | €3,750 | €4,350 | €8,579 | €7,024 | €15,331 | ▲ 118% |
| Taxes450/3 | - | - | €3,750 | €4,350 | €6,579 | €3,024 | €6,331 | ▲ 109% |
| Remuneration and social security454/9 | - | - | €0 | - | €2,000 | €4,000 | €9,000 | ▲ 125% |
| Other amounts payable47/48 | - | - | €3,805 | €597 | €4 | €1,113 | €585 | ▼ 47.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,703 | -€45 | €4,583 | -€2,312 | -€2,485 | -€12,689 | -€3,304 | ▲ 74.0% |
| + Depreciation and write-downs630 | €8,059 | €9,250 | €11,347 | €13,426 | €15,271 | €14,914 | €1,549 | ▼ 89.6% |
| Operating cash flow (approximation) | €14,762 | €9,206 | €15,930 | €11,114 | €12,787 | €2,225 | -€1,755 | - |
| Investment in fixed assets (approximation) | - | -€7,642 | -€5,382 | -€50,420 | €0 | €0 | €25,768 | - |
| Change in cash | - | €4,274 | €12,546 | -€5,209 | -€2,030 | -€9,974 | €17,421 | - |
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, 6,008 companies had the same profile as JW PROJECTS has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of JW PROJECTS itself: 2.1% 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 6,008 companies, not a prediction for JW 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-02-2026 | 2026-00039573 | |
| 31-12-2024 | micro format | 19-03-2025 | 2025-00050124 | |
| 31-12-2023 | micro format | 27-02-2024 | 2024-00034805 | |
| 31-12-2022 | micro format | 27-02-2023 | 2023-00031522 | |
| 31-12-2021 | micro format | 03-05-2022 | 2022-20017555 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-27400556 | |
| 31-12-2019 | micro format | 10-08-2020 | 2020-40100441 |