KP PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 18 filings
Equity
€36,754▼ 19.7%
2024 · €45,763
Total assets
€38,548▼ 20.3%
2024 · €48,384
Net result
-€9,009
2024 · €1,222
Working capital
€33,505▼ 14.5%
2024 · €39,200
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,433
2025
20182025
Net result
-€9,009
2025
lowest quarter of the sector
20182025
Equity
€36,754
▼ 19.7%
2025
middle half of the sector
20182025
Total assets
€38,548
▼ 20.3%
2025
lowest quarter of the sector
20182025
Debt
€1,794
▼ 31.6%
2025
20182025
Working capital
€33,505
▼ 14.5%
2025
middle half of the sector
20182025
Solvency
95.3%
▲ 0.8pp
2025
highest quarter of the sector
20182025
Current ratio
19.68
▲ 3.72
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-23.4%
▼ 25.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€130-€289▲ 122%€168▼ 41.8%€3,007▲ 18×€13,167▲ 338%€162▼ 98.8%€1,716▲ 959%-€9,433
Net result€163-€950▲ 481%€1,840within the sector's middle half▲ 93.6%€3,264within the sector's middle half▲ 77.3%€10,494within the sector's middle half▲ 222%€381within the sector's middle half▼ 96.4%€1,222within the sector's middle half▲ 221%-€9,009below the sector's middle half
Equity€27,612-€28,562▲ 3.4%€30,403within the sector's middle half▲ 6.4%€33,666within the sector's middle half▲ 10.7%€44,160within the sector's middle half▲ 31.2%€44,541within the sector's middle half▲ 0.9%€45,763within the sector's middle half▲ 2.7%€36,754within the sector's middle half▼ 19.7%
Total assets€29,483-€29,858▲ 1.3%€32,081below the sector's middle half▲ 7.4%€37,365below the sector's middle half▲ 16.5%€49,686below the sector's middle half▲ 33.0%€46,855below the sector's middle half▼ 5.7%€48,384below the sector's middle half▲ 3.3%€38,548below the sector's middle half▼ 20.3%
Debt€1,871-€1,295▼ 30.8%€1,678▲ 29.5%€3,698▲ 120%€5,526▲ 49.4%€2,314▼ 58.1%€2,620▲ 13.2%€1,794▼ 31.6%
Working capital€26,997-€24,569▼ 9.0%€27,822within the sector's middle half▲ 13.2%€20,805within the sector's middle half▼ 25.2%€30,057within the sector's middle half▲ 44.5%€34,663within the sector's middle half▲ 15.3%€39,200within the sector's middle half▲ 13.1%€33,505within the sector's middle half▼ 14.5%
Solvency93.7%-95.7%▲ 2.0pp94.8%above the sector's middle half▼ 0.9pp90.1%above the sector's middle half▼ 4.7pp88.9%above the sector's middle half▼ 1.2pp95.1%above the sector's middle half▲ 6.2pp94.6%above the sector's middle half▼ 0.5pp95.3%above the sector's middle half▲ 0.8pp
Current ratio15.43-19.97▲ 4.5421.19above the sector's middle half▲ 1.226.63above the sector's middle half▼ 14.566.44above the sector's middle half▼ 0.1915.98above the sector's middle half▲ 9.5415.96above the sector's middle half▼ 0.0219.68above the sector's middle half▲ 3.72
Return on assets (ROA)0.6%-3.2%▲ 2.6pp5.7%within the sector's middle half▲ 2.6pp8.7%within the sector's middle half▲ 3.0pp21.1%within the sector's middle half▲ 12.4pp0.8%within the sector's middle half▼ 20.3pp2.5%within the sector's middle half▲ 1.7pp-23.4%below the sector's middle half▼ 25.9pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 €9,433, after a profit of €1,716 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €38,548
Fixed assets
€3,249 ▼ 50.5%
Current assets
€35,298 ▼ 15.6%
Equity and liabilities €38,548
Equity
€36,754 ▼ 19.7%
Debt
€1,794 ▼ 31.6%
Debt's share of the balance-sheet total falls from 5.4% to 4.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€6,119▼
2024 · €5,030
Cash flow
-€5,695▼
2024 · €4,536
Debt to equity
0.05▼
2024 · 0.06
ROE
-24.5%▼
2024 · 2.7%
Interest coverage
-145.28▼
2024 · over 100
Debt ≤ 1 year
€1,794▼
2024 · €2,620
Income taxes
-€176▼
2024 · €1,057
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 | - | €3,900 | - | - | - |
| Intangible fixed assets | €11,226 | €1,446 | - | - | - |
| Depreciation and write-downs of the year | €1,245 | €4,103 | €4,226 | €3,314 | €3,314 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €24 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €267 | €1,178 | €1,112 | €1,245 | €4,103 | €4,226 | €3,314 | €3,314 | = |
| Other operating charges640/8 | - | - | - | €479 | €533 | €629 | €246 | €424 | ▲ 72.5% |
| Gross operating margin9900 | €681 | €1,943 | €1,758 | €4,731 | €17,827 | €5,017 | €5,276 | -€5,695 | - |
| Operating profit (loss)9901 | €130 | €289 | €168 | €3,007 | €13,167 | €162 | €1,716 | -€9,433 | - |
| Financial income75/76B | - | - | - | €300 | €416 | €422 | €604 | €291 | ▼ 51.9% |
| Recurring financial income75 | €2,369 | €1,724 | €1,825 | €300 | €416 | €422 | €604 | €291 | ▼ 51.9% |
| Financial charges65/66B | - | - | - | €43 | €39 | €41 | €40 | €42 | ▲ 4.5% |
| Recurring financial charges65 | €80 | €51 | €153 | €43 | €39 | €41 | €40 | €42 | ▲ 4.5% |
| Profit (loss) for the period before taxes9903 | €2,419 | €1,962 | €1,840 | €3,264 | €13,543 | €542 | €2,279 | -€9,185 | - |
| Income taxes67/77 | €2,256 | €1,012 | - | - | €3,049 | €161 | €1,057 | -€176 | - |
| Profit (loss) for the period9904 | €163 | €950 | €1,840 | €3,264 | €10,494 | €381 | €1,222 | -€9,009 | - |
| Profit (loss) for the period to be appropriated9905 | €163 | €950 | €1,840 | €3,264 | €10,494 | €381 | €1,222 | -€9,009 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €29,483 | €29,858 | €32,081 | €37,365 | €49,686 | €46,855 | €48,384 | €38,548 | ▼ 20.3% |
| Fixed assets21/28 | €615 | €3,993 | €2,881 | €12,862 | €14,103 | €9,878 | €6,564 | €3,249 | ▼ 50.5% |
| Intangible fixed assets21 | - | €3,645 | €2,734 | €12,862 | €10,862 | €7,416 | €4,882 | €2,347 | ▼ 51.9% |
| Tangible fixed assets22/27 | €615 | €348 | €147 | - | €3,242 | €2,462 | €1,682 | €902 | ▼ 46.4% |
| Plant, machinery and equipment23 | - | - | - | - | €2,124 | €1,593 | €1,062 | €531 | ▼ 50.0% |
| Furniture and vehicles24 | - | - | - | - | €1,118 | €869 | €620 | €371 | ▼ 40.1% |
| Current assets29/58 | €28,868 | €25,865 | €29,200 | €24,503 | €35,583 | €36,977 | €41,820 | €35,298 | ▼ 15.6% |
| Amounts receivable after more than one year29 | - | - | - | €20,000 | €27,500 | €27,500 | €27,500 | €27,500 | = |
| Other amounts receivable291 | - | - | - | €20,000 | €27,500 | €27,500 | €27,500 | €27,500 | = |
| Amounts receivable within one year40/41 | €23,985 | €20,114 | €21,727 | €2,828 | €1,758 | €2,054 | €7,610 | €5,734 | ▼ 24.7% |
| Trade receivables40 | - | - | - | €1,570 | €1,756 | €1,839 | €1,924 | €487 | ▼ 74.7% |
| Other amounts receivable41 | - | - | - | €1,258 | €1 | €215 | €5,686 | €5,247 | ▼ 7.7% |
| Cash at bank and in hand54/58 | €2,514 | €2,560 | €5,615 | €1,215 | €5,791 | €6,759 | €6,032 | €1,696 | ▼ 71.9% |
| Deferred charges and accrued income490/1 | - | - | - | €460 | €535 | €665 | €677 | €369 | ▼ 45.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €29,483 | €29,858 | €32,081 | €37,365 | €49,686 | €46,855 | €48,384 | €38,548 | ▼ 20.3% |
| Equity10/15 | €27,612 | €28,562 | €30,403 | €33,666 | €44,160 | €44,541 | €45,763 | €36,754 | ▼ 19.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €21,412 | €22,362 | €24,203 | €27,466 | €37,960 | €38,341 | €39,563 | €30,554 | ▼ 22.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €25,606 | €36,100 | €38,341 | €39,563 | €30,554 | ▼ 22.8% |
| Amounts payable17/49 | €1,871 | €1,295 | €1,678 | €3,698 | €5,526 | €2,314 | €2,620 | €1,794 | ▼ 31.6% |
| Amounts payable within one year42/48 | €1,871 | €1,295 | €1,378 | €3,698 | €5,526 | €2,314 | €2,620 | €1,794 | ▼ 31.6% |
| Trade debts44 | €395 | €337 | €419 | €674 | €463 | €731 | €308 | €524 | ▲ 69.9% |
| Suppliers440/4 | - | - | - | €674 | €463 | €731 | €308 | €524 | ▲ 69.9% |
| Taxes, remuneration and social security45 | - | - | - | - | €3,539 | €1,392 | €2,312 | €1,270 | ▼ 45.1% |
| Taxes450/3 | - | - | - | - | €3,539 | €1,392 | €2,312 | €1,270 | ▼ 45.1% |
| Other amounts payable47/48 | - | - | - | €3,024 | €1,524 | €191 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €163 | €950 | €1,840 | €3,264 | €10,494 | €381 | €1,222 | -€9,009 | - |
| + Depreciation and write-downs630 | €267 | €1,178 | €1,112 | €1,245 | €4,103 | €4,226 | €3,314 | €3,314 | = |
| Operating cash flow (approximation) | €431 | €2,129 | €2,953 | €4,509 | €14,597 | €4,607 | €4,536 | -€5,695 | - |
| Investment in fixed assets (approximation) | - | -€4,556 | €0 | -€11,226 | -€5,345 | €0 | €0 | €0 | - |
| Change in cash | - | €46 | €3,055 | -€4,400 | €4,575 | €968 | -€727 | -€4,337 | ▼ 497% |
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, 4,805 companies had the same profile as KP PROJECTS has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of KP PROJECTS itself is lower: 0.3% within 12 months. It rests on far more data about KP PROJECTS than the profile alone.
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 4,805 companies, not a prediction for KP 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00299111 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00181345 | |
| 31-12-2023 | micro format | 10-06-2024 | 2024-00118357 | |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00130116 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20093868 | |
| 31-12-2020 | micro format | 03-06-2021 | 2021-16700550 | |
| 31-12-2019 | micro format | 11-06-2020 | 2020-15900159 | |
| 31-12-2018 | micro format | 17-06-2019 | 2019-18600221 | |
| 31-12-2017 | abbreviated format | 21-06-2018 | 2018-20500118 | |
| 31-12-2016 | abbreviated format | 24-07-2017 | 2017-33900330 |