M2 PROJECTS
Annual accounts 2025
abbreviated format, filed on 30-06-2026, 31 days before the deadlineTurnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €21,000. Estimated: probably between €9,700 and €40,000.
Balance sheet
balance sheet total €217,949 on 31-12-2025in euro
in euro
Position in the sector
-0.4%
Higher than 10% of 2,816 companies in 2025.
0.30
Lower than 95% of 2,745 companies in 2025.
0.2%
Higher than 28% of 2,781 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
217,949 | 190,223 | 185,950 | 104,459 | 1,653 | 2,877 | 6,192 | |
21/28 |
207,000 | 182,000 | 182,000 | 102,000 | - | - | - | |
28 |
207,000 | 182,000 | 182,000 | 102,000 | - | - | - | |
29/58 |
10,949 | 8,223 | 3,950 | 2,459 | 1,653 | 2,877 | 6,192 | |
40/41 |
10,533 | 7,889 | 1,618 | 2,219 | 219 | - | - | |
40 |
10,420 | 7,253 | 1,500 | 2,000 | - | - | - | |
41 |
113 | 637 | 118 | 219 | 219 | - | - | |
54/58 |
416 | 334 | 2,332 | 240 | 1,434 | 2,877 | 6,192 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
217,949 | 190,223 | 185,950 | 104,459 | 1,653 | 2,877 | 6,192 | |
10/15 |
-860 | -1,309 | -1,159 | -1,447 | -1,875 | -160 | 1,799 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | |
14 |
-7,060 | -7,509 | -7,359 | -7,647 | -8,075 | -6,360 | -4,401 | |
17/49 |
218,809 | 191,533 | 187,109 | 105,906 | 3,528 | 3,036 | 4,392 | |
17 |
182,000 | 182,000 | 182,000 | 102,000 | - | - | - | |
170/4 |
182,000 | 182,000 | 182,000 | 102,000 | - | - | - | |
42/48 |
36,809 | 9,533 | 5,109 | 3,906 | 3,528 | 3,036 | 4,392 | |
44 |
0 | 797 | 505 | 505 | 481 | - | 2,189 | |
440/4 |
0 | 797 | 505 | 505 | 481 | - | 2,189 | |
47/48 |
36,809 | 8,736 | 4,603 | 3,400 | 3,047 | 3,036 | 2,203 | |
| Income statement | ||||||||
9900 |
1,654 | 763 | 1,243 | 1,782 | -1,024 | -1,132 | -3,234 | |
640/8 |
544 | 678 | 712 | 985 | 644 | 686 | 1,126 | |
9901 |
1,110 | 85 | 530 | 797 | -1,668 | -1,818 | -4,360 | |
65/66B |
661 | 236 | 242 | 369 | 48 | 141 | 41 | |
65 |
661 | 236 | 242 | 369 | 48 | 141 | 41 | |
9903 |
449 | -151 | 288 | 428 | -1,715 | -1,959 | -4,401 | |
9904 |
449 | -151 | 288 | 428 | -1,715 | -1,959 | -4,401 | |
9905 |
449 | -151 | 288 | 428 | -1,715 | -1,959 | -4,401 | |
| Appropriation of the result | ||||||||
9906 |
-7,060 | -7,509 | -7,359 | -7,647 | -8,075 | -6,360 | -4,401 | |
14P |
-7,509 | -7,359 | -7,647 | -8,075 | -6,360 | - | - | |
| Document | ||||||||
The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 30-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00226296 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00349510 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00417891 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00223032 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20174518 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-29000178 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-24300518 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 25,000 | - | 80,000 | 102,000 | - | - | - | ||
| 82 | -1,998 | 2,092 | -1,195 | -1,442 | -3,315 | - | ||
| -25,860 | -1,309 | -1,159 | -1,447 | -1,875 | -160 | 1,799 | ||
| -0.4% | -0.7% | -0.6% | -1.4% | - | - | 29.1% | ||
| 0.30 | 0.86 | 0.77 | 0.63 | - | - | 1.41 | ||
| - | - | - | - | - | - | 2.44 | ||
| - | - | - | - | - | - | -244.6% | ||
| 0.2% | -0.1% | 0.2% | 0.4% | - | - | -71.1% |
The equity ratios are withheld because equity of -€860 is too small for a meaningful ratio.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Financial fixed assets | €25,000 | - | €80,000 | €102,000 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on M2 PROJECTS
The operating result for 2025 is 13 times that of 2024 and the highest since 2019. It is a recovery after the fall in 2024.
Equity is negative. Debt (€218,809) exceeds the balance-sheet total (€217,949).