Management Project Development
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 30 days after the deadline Filed on 30 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00127432.
Annual accounts 2025 filed on 30-05-2026 PDF all 5 filings
Turnover
≈ €380,000
Estimated: probably between €260,000 and €650,000
Total assets
€71,848▼ 11.4%
2024 · €81,136
Net result
€71,276
2024 · -€9,631
Working capital
€27,641
2024 · -€62,531
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€70,463
▲ 20×
2025
20212025
Net result
€71,276
2025
highest quarter of the sector
20212025
Equity
€31,459
2025
middle half of the sector
20212025
Total assets
€71,848
▼ 11.4%
2025
middle half of the sector
20212025
Debt
€40,388
▼ 66.6%
2025
20212025
Working capital
€27,641
2025
middle half of the sector
20212025
Solvency
43.8%
▲ 92.9pp
2025
middle half of the sector
20212025
Current ratio
1.93
▲ 1.50
2025
middle half of the sector
20212025
Return on assets (ROA)
99.2%
▲ 111.1pp
2025
highest quarter of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€34,920-€100,931▲ 189%-€161,751€3,586€70,463▲ 20×
Net result€25,466above the sector's middle half-€73,205above the sector's middle half▲ 187%-€158,857below the sector's middle half-€9,631below the sector's middle half▲ 93.9%€71,276above the sector's middle half
Equity€55,466within the sector's middle half-€128,671above the sector's middle half▲ 132%-€30,186below the sector's middle half-€39,817below the sector's middle half▼ 31.9%€31,459within the sector's middle half
Total assets€103,543within the sector's middle half-€290,835within the sector's middle half▲ 181%€226,112within the sector's middle half▼ 22.3%€81,136within the sector's middle half▼ 64.1%€71,848within the sector's middle half▼ 11.4%
Debt€48,077-€162,163▲ 237%€256,298▲ 58.0%€120,953▼ 52.8%€40,388▼ 66.6%
Working capital€13,139within the sector's middle half-€85,906above the sector's middle half▲ 554%-€68,463below the sector's middle half-€62,531below the sector's middle half▲ 8.7%€27,641within the sector's middle half
Solvency53.6%within the sector's middle half-44.2%within the sector's middle half▼ 9.3pp-13.3%below the sector's middle half▼ 57.6pp-49.1%below the sector's middle half▼ 35.7pp43.8%within the sector's middle half▲ 92.9pp
Current ratio1.27within the sector's middle half-1.53within the sector's middle half▲ 0.260.73below the sector's middle half▼ 0.800.43below the sector's middle half▼ 0.301.93within the sector's middle half▲ 1.50
Return on assets (ROA)24.6%above the sector's middle half-25.2%above the sector's middle half▲ 0.6pp-70.3%below the sector's middle half▼ 95.4pp-11.9%below the sector's middle half▲ 58.4pp99.2%above the sector's middle half▲ 111.1pp
Staff (FTE)5438▼ 29.6%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 nearly 20 times that of 2024. It is the second rise in a row, after the fall in 2023.
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 €71,848
Fixed assets
€14,494 ▼ 56.6%
Current assets
€57,354 ▲ 20.1%
Equity and liabilities €71,848
Equity
€31,459
Debt
€40,388
Debt's share of the balance-sheet total is 56.2%.
Key figures and ratios
EBITDA
€71,559▲
2024 · €8,473
Cash flow
€72,372▲
2024 · -€4,744
Debt to equity
1.28
ROE
226.6%
Interest coverage
over 100▲
2024 · 0.64
Debt ≤ 1 year
€29,713▼
2024 · €110,278
Debt > 1 year
€10,675=
2024 · €10,675
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 |
|---|---|---|
| Employees at the balance-sheet date | 56 | 38 |
| full-time | 2 | 38 |
| part-time | 54 | - |
| in full-time equivalents | 32 | 38 |
| Average over the year, in full-time equivalents | 32 | 38 |
| On a permanent contract | 56 | 38 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,619 | €3,596 | - | - | €5,000 |
| Financial fixed assets | €31,500 | - | - | - | - |
| Depreciation and write-downs of the year | €2,792 | €3,157 | €2,943 | €4,888 | €1,096 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 5 entries · €1.0m awarded · €1.0m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 2 | -€2,062 | €74 |
| 2023 | 1 | €42,517 | €42,517 |
| 2022 | 2 | €999,113 | €996,977 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €0.005m | €0.006m | - | - | - |
| Remuneration, social security and pensions62 | €0.6m | €1.2m | €0.5m | €0.01m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.003m | €0.003m | €0.003m | €0.005m | €0.001m | ▼ 77.6% |
| Other operating charges640/8 | €0.001m | €0.003m | €0.008m | €394 | €433 | ▲ 9.8% |
| Gross operating margin9900 | €0.6m | €1.3m | €0.4m | €0.02m | €0.07m | ▲ 220% |
| Operating profit (loss)9901 | €0.03m | €0.1m | -€0.2m | €0.004m | €0.07m | ▲ 20× |
| Financial income75/76B | €6 | €6 | €7 | €1 | €0.001m | ▲ 724× |
| Recurring financial income75 | €6 | €6 | €7 | €1 | €0.001m | ▲ 724× |
| Financial charges65/66B | €52 | €0.002m | €0.002m | €0.01m | €70 | ▼ 99.5% |
| Recurring financial charges65 | €52 | €0.002m | €0.002m | €0.01m | €70 | ▼ 99.5% |
| Non-recurring financial charges66B | - | €44 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.1m | -€0.2m | -€0.01m | €0.07m | - |
| Income taxes67/77 | €0.009m | €0.03m | -€0.005m | - | - | - |
| Profit (loss) for the period9904 | €0.03m | €0.07m | -€0.2m | -€0.01m | €0.07m | - |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.07m | -€0.2m | -€0.01m | €0.07m | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €103,543 | €290,835 | €226,112 | €81,136 | €71,848 | ▼ 11.4% |
| Fixed assets21/28 | €42,327 | €42,766 | €38,277 | €33,389 | €14,494 | ▼ 56.6% |
| Tangible fixed assets22/27 | €10,827 | €11,266 | €6,777 | €1,889 | €5,794 | ▲ 207% |
| Land and buildings22 | - | €3,328 | €2,609 | €1,889 | €1,170 | ▼ 38.1% |
| Plant, machinery and equipment23 | €8,448 | €6,392 | €4,168 | - | - | - |
| Furniture and vehicles24 | €2,379 | €1,546 | - | - | €4,623 | - |
| Financial fixed assets28 | €31,500 | €31,500 | €31,500 | €31,500 | €8,700 | ▼ 72.4% |
| Current assets29/58 | €61,216 | €248,069 | €187,835 | €47,747 | €57,354 | ▲ 20.1% |
| Stocks and contracts in progress3 | - | - | €163,596 | - | - | - |
| Stocks30/36 | - | - | €163,596 | - | - | - |
| Amounts receivable within one year40/41 | €814 | €4,646 | €19,959 | €1,830 | €34,026 | ▲ 19× |
| Trade receivables40 | €814 | - | - | - | €778 | - |
| Other amounts receivable41 | - | €4,646 | €19,959 | €1,830 | €33,248 | ▲ 18× |
| Cash at bank and in hand54/58 | €57,675 | €415 | €1,033 | €28 | €23,328 | ▲ 834× |
| Deferred charges and accrued income490/1 | €2,727 | €243,008 | €3,248 | €45,889 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €103,543 | €290,835 | €226,112 | €81,136 | €71,848 | ▼ 11.4% |
| Equity10/15 | €55,466 | €128,671 | -€30,186 | -€39,817 | €31,459 | - |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | €20,000 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Distributable reserves133 | €20,000 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Profit (loss) carried forward14 | €5,466 | €58,671 | -€100,186 | -€109,817 | -€38,541 | ▲ 64.9% |
| Amounts payable17/49 | €48,077 | €162,163 | €256,298 | €120,953 | €40,388 | ▼ 66.6% |
| Amounts payable after more than one year17 | - | - | - | €10,675 | €10,675 | = |
| Financial debts170/4 | - | - | - | €10,675 | €10,675 | = |
| Amounts payable within one year42/48 | €48,077 | €162,163 | €256,298 | €110,278 | €29,713 | ▼ 73.1% |
| Current portion of amounts payable after more than one year42 | - | €18,844 | €47,268 | - | - | - |
| Financial debts43 | - | €15,001 | - | - | - | - |
| Credit institutions430/8 | - | €15,001 | - | - | - | - |
| Trade debts44 | €7,396 | €51,387 | €183,879 | €9,991 | €10,981 | ▲ 9.9% |
| Suppliers440/4 | €7,396 | €51,387 | €183,879 | €9,991 | €10,981 | ▲ 9.9% |
| Taxes, remuneration and social security45 | €39,962 | €69,913 | - | €2,724 | €154 | ▼ 94.3% |
| Taxes450/3 | €9,407 | - | - | - | - | - |
| Remuneration and social security454/9 | €30,555 | €69,913 | - | €2,724 | €154 | ▼ 94.3% |
| Other amounts payable47/48 | €718 | €7,018 | €25,151 | €97,563 | €18,578 | ▼ 81.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,466 | €73,205 | -€158,857 | -€9,631 | €71,276 | - |
| + Depreciation and write-downs630 | €2,792 | €3,157 | €2,943 | €4,888 | €1,096 | ▼ 77.6% |
| Operating cash flow (approximation) | €28,258 | €76,362 | -€155,914 | -€4,744 | €72,372 | - |
| Investment in fixed assets (approximation) | - | -€3,596 | €1,546 | €0 | €17,800 | - |
| Change in cash | - | -€57,260 | €617 | -€1,005 | €23,300 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-05-2026 | 2026-00127432 | |
| 30-09-2024 | micro format | 12-04-2025 | 2025-00068506 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00078046 | |
| 30-09-2022 | micro format | 13-03-2023 | 2023-00039560 | |
| 30-09-2021 | micro format | 13-05-2022 | 2022-20026249 |