Maris Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 10 filings
Turnover
€553,839▼ 0.4%
2018 · €556,239
EBIT margin
-7.2%▼ 12.6pp
2018 · 5.4%
Net result
-€384
2024 · €15,134
Working capital
-€13,935
2024 · €11,815
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€6,552
▼ 75.9%
2025
20182025
Net result
-€384
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€109,527
▼ 0.3%
2025
middle half of the sector
20182025
Total assets
€406,835
▼ 13.5%
2025
highest quarter of the sector
20182025
Debt
€297,308
▼ 17.5%
2025
20182025
Working capital
-€13,935
2025
lowest quarter of the sector
20182025
Solvency
26.9%
▲ 3.5pp
2025
middle half of the sector
20182025
Current ratio
0.84
▼ 0.26
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.1%
▼ 3.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€556,239-€553,839▼ 0.4%
Operating result€29,777--€40,112-€35,312▲ 12.0%€45,194€63,540▲ 40.6%€39,615▼ 37.7%€27,139▼ 31.5%€6,552▼ 75.9%
Net result€21,681--€42,523-€39,408below the sector's middle half▲ 7.3%€39,314above the sector's middle half€50,089above the sector's middle half▲ 27.4%€23,363within the sector's middle half▼ 53.4%€15,134within the sector's middle half▼ 35.2%-€384below the sector's middle half
EBIT margin5.4%--7.2%▼ 12.6pp
Equity€63,963-€21,440▼ 66.5%-€17,968below the sector's middle half€21,345within the sector's middle half€71,434within the sector's middle half▲ 235%€94,777below the sector's middle half▲ 32.7%€109,910within the sector's middle half▲ 16.0%€109,527within the sector's middle half▼ 0.3%
Total assets€244,936-€518,144▲ 112%€493,429above the sector's middle half▼ 4.8%€553,547above the sector's middle half▲ 12.2%€585,046above the sector's middle half▲ 5.7%€496,485below the sector's middle half▼ 15.1%€470,082above the sector's middle half▼ 5.3%€406,835above the sector's middle half▼ 13.5%
Debt€180,973-€496,705▲ 174%€511,397▲ 3.0%€532,202▲ 4.1%€513,612▼ 3.5%€401,708▼ 21.8%€360,171▼ 10.3%€297,308▼ 17.5%
Working capital€59,691--€48,911-€83,362below the sector's middle half▼ 70.4%-€42,273below the sector's middle half▲ 49.3%€26,587within the sector's middle half€45,393within the sector's middle half▲ 70.7%€11,815within the sector's middle half▼ 74.0%-€13,935below the sector's middle half
Solvency26.1%-4.1%▼ 22.0pp-3.6%below the sector's middle half▼ 7.8pp3.9%below the sector's middle half▲ 7.5pp12.2%below the sector's middle half▲ 8.4pp19.1%below the sector's middle half▲ 6.9pp23.4%below the sector's middle half▲ 4.3pp26.9%within the sector's middle half▲ 3.5pp
Current ratio2.02-0.60▼ 1.410.46below the sector's middle half▼ 0.140.80below the sector's middle half▲ 0.341.12within the sector's middle half▲ 0.321.37within the sector's middle half▲ 0.251.10within the sector's middle half▼ 0.280.84below the sector's middle half▼ 0.26
Return on assets (ROA)8.9%--8.2%▼ 17.1pp-8.0%below the sector's middle half▲ 0.2pp7.1%within the sector's middle half▲ 15.1pp8.6%within the sector's middle half▲ 1.5pp4.7%within the sector's middle half▼ 3.9pp3.2%within the sector's middle half▼ 1.5pp-0.1%below the sector's middle half▼ 3.3pp
Staff (FTE)1.9-2.3▲ 21.1%2.3within the sector's middle half=3▲ 30.4%2.5▼ 16.7%2.5below the sector's middle half=1▼ 60.0%1=
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 76% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €406,835
Fixed assets
€334,281 ▼ 1.0%
Current assets
€72,554 ▼ 45.2%
Equity and liabilities €406,835
Equity
€109,527 ▼ 0.3%
Debt
€297,308 ▼ 17.5%
Debt's share of the balance-sheet total falls from 76.6% to 73.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€13,753▼
2024 · €33,930
Cash flow
€6,818▼
2024 · €21,925
Quick ratio
0.57▼
2024 · 0.90
Debt to equity
2.71▼
2024 · 3.28
ROE
-0.4%▼
2024 · 13.8%
Interest coverage
2.35▼
2024 · 5.31
Debt ≤ 1 year
€86,489▼
2024 · €120,532
Debt > 1 year
€210,819▼
2024 · €239,639
Income taxes
€1,141▼
2024 · €5,859
Staff costs
€39,598▲
2024 · €38,780
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 2 | 1 | 1 | 1 |
| full-time | 4 | 2 | 0 | 0 | 0 |
| part-time | 0 | 0 | 1 | 1 | 1 |
| in full-time equivalents | 4 | 2 | 0.6 | 0.6 | 0.6 |
| Average over the year, in full-time equivalents | 3 | 2.5 | 1 | 0.6 | 0.6 |
| On a permanent contract | 4 | 2 | 1 | 1 | 1 |
| Joined | 2 | 0 | 0 | 0 | 0 |
| Left | 0 | 2 | 1 | 0 | 0 |
| Training hours | - | - | - | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 |
| Carrying value of the mortgaged assets | €345,642 | €320,356 | €317,333 | €318,366 | €314,905 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €6,015 | €1,635 | €15,059 | €3,749 |
| Depreciation and write-downs of the year | €38,597 | €52,187 | €5,942 | €6,791 | €7,202 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €556,239 | €553,839 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €151,739 | €143,192 | €56,901 | €38,780 | €39,598 | ▲ 2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,770 | €40,220 | €37,427 | €38,597 | €52,187 | €5,942 | €6,791 | €7,202 | ▲ 6.0% |
| Other operating charges640/8 | - | - | - | €2,923 | €2,081 | €8,025 | €3,087 | €2,276 | ▼ 26.3% |
| Gross operating margin9900 | €154,125 | €122,852 | €115,402 | €238,453 | €261,000 | €110,484 | €75,798 | €55,627 | ▼ 26.6% |
| Operating profit (loss)9901 | €29,777 | -€40,112 | -€35,312 | €45,194 | €63,540 | €39,615 | €27,139 | €6,552 | ▼ 75.9% |
| Financial income75/76B | - | - | - | €875 | €8 | €174 | €240 | €49 | ▼ 79.4% |
| Recurring financial income75 | €0 | €1,012 | €1,359 | €875 | €8 | €174 | €240 | €49 | ▼ 79.4% |
| Financial charges65/66B | - | - | - | €6,756 | €6,721 | €6,511 | €6,386 | €5,844 | ▼ 8.5% |
| Recurring financial charges65 | €2,121 | €3,423 | €5,455 | €6,756 | €6,721 | €6,511 | €6,386 | €5,844 | ▼ 8.5% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €27,656 | -€42,523 | -€39,408 | €39,314 | €56,826 | €33,279 | €20,993 | €757 | ▼ 96.4% |
| Income taxes67/77 | €5,976 | - | - | - | €6,737 | €9,915 | €5,859 | €1,141 | ▼ 80.5% |
| Profit (loss) for the period9904 | €21,681 | -€42,523 | -€39,408 | €39,314 | €50,089 | €23,363 | €15,134 | -€384 | - |
| Profit (loss) for the period to be appropriated9905 | €21,681 | -€42,523 | -€39,408 | €39,314 | €50,089 | €23,363 | €15,134 | -€384 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €244,936 | €518,144 | €493,429 | €553,547 | €585,046 | €496,485 | €470,082 | €406,835 | ▼ 13.5% |
| Fixed assets21/28 | €126,445 | €443,366 | €421,392 | €382,795 | €333,774 | €329,466 | €337,734 | €334,281 | ▼ 1.0% |
| Tangible fixed assets22/27 | €126,445 | €443,366 | €418,542 | €379,945 | €333,774 | €329,466 | €337,734 | €334,281 | ▼ 1.0% |
| Land and buildings22 | - | - | - | €345,642 | €320,356 | €317,333 | €318,366 | €314,905 | ▼ 1.1% |
| Plant, machinery and equipment23 | - | - | - | €10,665 | €9,175 | €9,083 | €17,195 | €18,006 | ▲ 4.7% |
| Furniture and vehicles24 | - | - | - | €23,639 | €4,243 | €3,051 | €2,173 | €1,370 | ▼ 37.0% |
| Financial fixed assets28 | - | - | €2,850 | €2,850 | €0 | - | - | - | - |
| Current assets29/58 | €118,491 | €74,778 | €72,037 | €170,752 | €251,272 | €167,018 | €132,347 | €72,554 | ▼ 45.2% |
| Stocks and contracts in progress3 | - | - | €7,913 | €18,143 | €26,850 | €23,500 | €23,500 | €23,500 | = |
| Stocks30/36 | - | - | - | €18,143 | €26,850 | €23,500 | €23,500 | €23,500 | = |
| Amounts receivable within one year40/41 | €102,537 | €70,773 | €58,325 | €106,826 | €193,709 | €94,799 | €70,922 | €21,404 | ▼ 69.8% |
| Trade receivables40 | - | - | - | €88,567 | €186,728 | €94,252 | €52,522 | €9,431 | ▼ 82.0% |
| Other amounts receivable41 | - | - | - | €18,260 | €6,981 | €547 | €18,399 | €11,972 | ▼ 34.9% |
| Current investments50/53 | - | - | - | - | - | €8 | €8 | €22 | ▲ 173% |
| Cash at bank and in hand54/58 | €14,084 | €1,977 | - | €40,994 | €22,161 | €45,575 | €28,397 | €21,613 | ▼ 23.9% |
| Deferred charges and accrued income490/1 | - | - | - | €4,789 | €8,552 | €3,137 | €9,521 | €6,015 | ▼ 36.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €244,936 | €518,144 | €493,429 | €553,547 | €585,046 | €496,485 | €470,082 | €406,835 | ▼ 13.5% |
| Equity10/15 | €63,963 | €21,440 | -€17,968 | €21,345 | €71,434 | €94,777 | €109,910 | €109,527 | ▼ 0.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €45,360 | €1,860 | €1,860 | €1,860 | €52,834 | €76,177 | €91,310 | €90,927 | ▼ 0.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | €50,974 | €74,317 | €89,450 | €89,067 | ▼ 0.4% |
| Profit (loss) carried forward14 | €3 | €980 | -€38,428 | €885 | €0 | €0 | - | - | - |
| Amounts payable17/49 | €180,973 | €496,705 | €511,397 | €532,202 | €513,612 | €401,708 | €360,171 | €297,308 | ▼ 17.5% |
| Amounts payable after more than one year17 | €120,934 | €373,015 | €355,998 | €319,177 | €288,927 | €280,083 | €239,639 | €210,819 | ▼ 12.0% |
| Financial debts170/4 | - | - | - | €319,177 | €288,927 | €280,083 | €239,639 | €210,819 | ▼ 12.0% |
| Amounts payable within one year42/48 | €58,800 | €123,690 | €155,399 | €213,025 | €224,685 | €121,625 | €120,532 | €86,489 | ▼ 28.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €36,822 | €33,816 | €41,066 | €40,444 | €28,819 | ▼ 28.7% |
| Financial debts43 | - | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €12,956 | €47,988 | €70,060 | €121,006 | €127,716 | €46,583 | €73,801 | €49,900 | ▼ 32.4% |
| Suppliers440/4 | - | - | - | €121,006 | €127,716 | €46,583 | €73,801 | €49,900 | ▼ 32.4% |
| Taxes, remuneration and social security45 | - | - | - | €12,371 | €10,581 | €22,619 | €6,287 | €1,629 | ▼ 74.1% |
| Taxes450/3 | - | - | - | €1,917 | €6,737 | €22,597 | €4,289 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €10,454 | €3,843 | €22 | €1,998 | €1,629 | ▼ 18.5% |
| Other amounts payable47/48 | - | - | - | €42,827 | €52,572 | €11,356 | €0 | €6,141 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,681 | -€42,523 | -€39,408 | €39,314 | €50,089 | €23,363 | €15,134 | -€384 | - |
| + Depreciation and write-downs630 | €37,770 | €40,220 | €37,427 | €38,597 | €52,187 | €5,942 | €6,791 | €7,202 | ▲ 6.0% |
| Operating cash flow (approximation) | €59,450 | -€2,303 | -€1,980 | €77,911 | €102,276 | €29,306 | €21,925 | €6,818 | ▼ 68.9% |
| Investment in fixed assets (approximation) | - | -€357,141 | -€15,454 | €0 | -€3,165 | -€1,635 | -€15,059 | -€3,749 | ▲ 75.1% |
| Change in cash | - | -€12,107 | - | - | -€18,832 | €23,413 | -€17,178 | -€6,784 | ▲ 60.5% |
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, 2,166 companies had the same profile as Maris Projects has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Maris Projects itself is lower: 0.3% within 12 months. It rests on far more data about Maris 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 2,166 companies, not a prediction for Maris 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00339255 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00328580 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00406168 | |
| 31-12-2022 | micro format | 04-09-2023 | 2023-00422329 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20234123 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58300381 | |
| 31-12-2019 | micro format | 29-09-2020 | 2020-56200310 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-19800258 | |
| 31-12-2017 | micro format | 22-06-2018 | 2018-21000107 | |
| 31-12-2016 | abbreviated format | 22-06-2017 | 2017-20400599 |