M2M PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 19 filings
Turnover
≈ €110,000
Estimated: probably between €49,000 and €260,000
Total assets
€16,669▼ 40.0%
2024 · €27,780
Net result
-€2,920▲ 54.4%
2024 · -€6,409
Working capital
-€14,856▼ 40.8%
2023 · -€10,549
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2,810
▲ 55.4%
2025
20182025
Net result
-€2,920
▲ 54.4%
2025
20182025
Equity
-€183,608
▼ 1.6%
2025
20182025
Total assets
€16,669
▼ 40.0%
2025
20182025
Debt
€200,277
▼ 3.9%
2025
20182025
Working capital
-€14,856
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,341--€3,142-€42,588▼ 1,255%-€11,332▲ 73.4%€6,078-€5,661-€6,302▼ 11.3%-€2,810▲ 55.4%
Net result€1,258--€8,400-€47,247▼ 462%-€15,583▲ 67.0%€1,957-€5,760-€6,409▼ 11.3%-€2,920▲ 54.4%
Equity-€99,247--€107,647▼ 8.5%-€154,894▼ 43.9%-€170,476▼ 10.1%-€168,519▲ 1.1%-€174,279▼ 3.4%-€180,688▼ 3.7%-€183,608▼ 1.6%
Total assets€177,055-€140,185▼ 20.8%€97,391▼ 30.5%€72,622▼ 25.4%€56,096▼ 22.8%€41,940▼ 25.2%€27,780▼ 33.8%€16,669▼ 40.0%
Debt€276,303-€247,832▼ 10.3%€252,285▲ 1.8%€243,099▼ 3.6%€224,615▼ 7.6%€216,219▼ 3.7%€208,468▼ 3.6%€200,277▼ 3.9%
Working capital-€101,109--€101,671▼ 0.6%-€31,612▲ 68.9%-€47,302▼ 49.6%-€8,679▲ 81.7%-€10,549▼ 21.6%-€14,856
The operating result for 2025 is a loss of €2,810, smaller than the loss of €6,302 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
Assets €16,669
Fixed assets
€16,648
Current assets
€21
Equity and liabilities
Equity-€183,608
Debt€200,277
Equity is negative. Debt (€200,277) exceeds the balance-sheet total (€16,669).
Key figures and ratios
EBITDA
€11,769▲
2024 · €7,588
Cash flow
€11,660▲
2024 · €7,481
Current ratio
0.00
ROA
-17.5%▲
2024 · -23.1%
Interest coverage
over 100▲
2024 · 71.19
Debt ≤ 1 year
€14,877▼
2024 · €15,068
Debt > 1 year
€185,400▼
2024 · €193,400
A ratio outside any meaningful range has been withheld (balance sheet total €16,669, equity -€183,608).
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 | - | - | - | - | €3,447 |
| Depreciation and write-downs of the year | €20,447 | €13,890 | €13,890 | €13,890 | €14,579 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,980 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,307 | €20,951 | €20,852 | €20,447 | €13,890 | €13,890 | €13,890 | €14,579 | ▲ 5.0% |
| Other operating charges640/8 | - | - | - | €526 | €1,476 | €2,412 | €2,133 | €2,264 | ▲ 6.1% |
| Gross operating margin9900 | €32,951 | €19,959 | -€1,138 | €9,641 | €21,445 | €10,641 | €9,721 | €14,033 | ▲ 44.4% |
| Operating profit (loss)9901 | €7,341 | -€3,142 | -€42,588 | -€11,332 | €6,078 | -€5,661 | -€6,302 | -€2,810 | ▲ 55.4% |
| Recurring financial income75 | €76 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €4,250 | €4,121 | €99 | €107 | €109 | ▲ 2.7% |
| Recurring financial charges65 | €5,775 | €5,070 | €4,542 | €4,250 | €4,121 | €99 | €107 | €109 | ▲ 2.7% |
| Profit (loss) for the period before taxes9903 | €1,642 | -€8,212 | -€47,130 | -€15,583 | €1,957 | -€5,760 | -€6,409 | -€2,920 | ▲ 54.4% |
| Income taxes67/77 | €383 | €188 | €117 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €1,258 | -€8,400 | -€47,247 | -€15,583 | €1,957 | -€5,760 | -€6,409 | -€2,920 | ▲ 54.4% |
| Profit (loss) for the period to be appropriated9905 | €1,258 | -€8,400 | -€47,247 | -€15,583 | €1,957 | -€5,760 | -€6,409 | -€2,920 | ▲ 54.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €177,055 | €140,185 | €97,391 | €72,622 | €56,096 | €41,940 | €27,780 | €16,669 | ▼ 40.0% |
| Fixed assets21/28 | €139,432 | €113,769 | €92,917 | €72,470 | €55,560 | €41,670 | €27,780 | €16,648 | ▼ 40.1% |
| Tangible fixed assets22/27 | €139,432 | €113,769 | €92,917 | €72,470 | €55,560 | €41,670 | €27,780 | €16,648 | ▼ 40.1% |
| Land and buildings22 | - | - | - | €69,450 | €55,560 | €41,670 | €27,780 | €13,890 | ▼ 50.0% |
| Plant, machinery and equipment23 | - | - | - | €1,036 | - | - | - | €2,758 | - |
| Furniture and vehicles24 | - | - | - | €1,983 | - | - | - | - | - |
| Current assets29/58 | €37,623 | €26,415 | €4,474 | €153 | €536 | €270 | - | €21 | - |
| Amounts receivable within one year40/41 | €11,290 | €3,093 | €1,617 | €153 | €153 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €153 | €153 | - | - | - | - |
| Cash at bank and in hand54/58 | €5,904 | €1,952 | €2,857 | - | €383 | €270 | - | €21 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €177,055 | €140,185 | €97,391 | €72,622 | €56,096 | €41,940 | €27,780 | €16,669 | ▼ 40.0% |
| Equity10/15 | -€99,247 | -€107,647 | -€154,894 | -€170,476 | -€168,519 | -€174,279 | -€180,688 | -€183,608 | ▼ 1.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€105,447 | -€113,847 | -€161,094 | -€176,676 | -€174,719 | -€180,479 | -€186,888 | -€189,808 | ▼ 1.6% |
| Amounts payable17/49 | €276,303 | €247,832 | €252,285 | €243,099 | €224,615 | €216,219 | €208,468 | €200,277 | ▼ 3.9% |
| Amounts payable after more than one year17 | €137,571 | €119,745 | €214,899 | €194,345 | €215,400 | €205,400 | €193,400 | €185,400 | ▼ 4.1% |
| Financial debts170/4 | - | - | - | €82,345 | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €112,000 | €215,400 | €205,400 | €193,400 | €185,400 | ▼ 4.1% |
| Amounts payable within one year42/48 | €138,732 | €128,086 | €36,086 | €47,454 | €9,215 | €10,819 | €15,068 | €14,877 | ▼ 1.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,998 | - | - | - | - | - |
| Financial debts43 | - | - | - | €494 | - | - | €169 | - | - |
| Credit institutions430/8 | - | - | - | €494 | - | - | €169 | - | - |
| Trade debts44 | €7,398 | €5,160 | €4,359 | - | - | - | €476 | €327 | ▼ 31.4% |
| Suppliers440/4 | - | - | - | - | - | - | €476 | €327 | ▼ 31.4% |
| Other amounts payable47/48 | - | - | - | €27,962 | €9,215 | €10,819 | €14,423 | €14,550 | ▲ 0.9% |
| Accrued charges and deferred income492/3 | - | - | - | €1,300 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,258 | -€8,400 | -€47,247 | -€15,583 | €1,957 | -€5,760 | -€6,409 | -€2,920 | ▲ 54.4% |
| + Depreciation and write-downs630 | €23,307 | €20,951 | €20,852 | €20,447 | €13,890 | €13,890 | €13,890 | €14,579 | ▲ 5.0% |
| Operating cash flow (approximation) | €24,565 | €12,551 | -€26,395 | €4,864 | €15,847 | €8,130 | €7,481 | €11,660 | ▲ 55.9% |
| Investment in fixed assets (approximation) | - | €4,712 | €0 | €0 | €3,020 | €0 | €0 | -€3,447 | - |
| Change in cash | - | -€3,951 | €905 | - | - | -€113 | - | - | - |
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, 6,619 companies had the same profile as M2M PROJECTS has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of M2M PROJECTS itself: 2.0% 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 6,619 companies, not a prediction for M2M 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00177941 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00227924 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00309504 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00202678 | |
| 31-12-2021 | micro format | 08-08-2022 | 2022-20291594 | |
| 31-12-2020 | micro format | 09-08-2021 | 2021-47200451 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-20800359 | |
| 31-12-2018 | micro format | 25-06-2019 | 2019-22700287 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-24100244 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-24400100 |