ML³ PROJECT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 5 filings
Turnover
€573,375
EBIT margin
19.1%
Net result
-€4,769▼ 56.5%
2024 · -€3,048
Working capital
€74,409▼ 6.0%
2024 · €79,179
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
-€4,572
▼ 61.5%
2025
20212025
Net result
-€4,769
▼ 56.5%
2025
middle half of the sector
20212025
EBIT margin
no figure
2025
20212025
Equity
€74,409
▼ 6.0%
2025
middle half of the sector
20212025
Total assets
€169,607
▼ 13.5%
2025
middle half of the sector
20212025
Debt
€95,198
▼ 18.6%
2025
20212025
Working capital
€74,409
▼ 6.0%
2025
middle half of the sector
20212025
Solvency
43.9%
▲ 3.5pp
2025
middle half of the sector
20212025
Current ratio
1.78
▲ 0.10
2025
middle half of the sector
20212025
Return on assets (ROA)
-2.8%
▼ 1.3pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€573,375
Operating result-€6,317--€5,364▲ 15.1%€109,480-€2,830-€4,572▼ 61.5%
Net result-€7,224within the sector's middle half--€13,024below the sector's middle half▼ 80.3%€82,476above the sector's middle half-€3,048within the sector's middle half-€4,769within the sector's middle half▼ 56.5%
EBIT margin19.1%
Equity€12,776below the sector's middle half--€249below the sector's middle half€82,227within the sector's middle half€79,179within the sector's middle half▼ 3.7%€74,409within the sector's middle half▼ 6.0%
Total assets€231,430within the sector's middle half-€382,759within the sector's middle half▲ 65.4%€103,297below the sector's middle half▼ 73.0%€196,148within the sector's middle half▲ 89.9%€169,607within the sector's middle half▼ 13.5%
Debt€218,654-€383,007▲ 75.2%€21,070▼ 94.5%€116,969▲ 455%€95,198▼ 18.6%
Working capital€12,776within the sector's middle half--€249within the sector's middle half€82,227within the sector's middle half€79,179within the sector's middle half▼ 3.7%€74,409within the sector's middle half▼ 6.0%
Solvency5.5%below the sector's middle half--0.1%below the sector's middle half▼ 5.6pp79.6%above the sector's middle half▲ 79.7pp40.4%within the sector's middle half▼ 39.2pp43.9%within the sector's middle half▲ 3.5pp
Current ratio1.06within the sector's middle half-1.00within the sector's middle half▼ 0.064.90above the sector's middle half▲ 3.901.68within the sector's middle half▼ 3.231.78within the sector's middle half▲ 0.10
Return on assets (ROA)-3.1%below the sector's middle half--3.4%below the sector's middle half▼ 0.3pp79.8%above the sector's middle half▲ 83.2pp-1.6%within the sector's middle half▼ 81.4pp-2.8%below the sector's middle half▼ 1.3pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €4,572, larger than the loss of €2,830 in 2024. It is the lowest result since 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €169,607
Equity
€74,409 ▼ 6.0%
Debt
€95,198 ▼ 18.6%
Debt's share of the balance-sheet total falls from 59.6% to 56.1%. Equity and debt are lower.
Key figures and ratios
Quick ratio
0.04▼
2024 · 0.26
Debt to equity
1.28▼
2024 · 1.48
ROE
-6.4%▼
2024 · -3.8%
Debt ≤ 1 year
€95,198▼
2024 · €116,969
Supplier credit
6 days▼
2024 · 3275 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €573,375 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €5,944 | €5,017 | €464,448 | €2,443 | €4,173 | ▲ 70.8% |
| Other operating charges640/8 | €373 | €348 | €429 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | -€5,944 | -€5,017 | €109,910 | -€2,443 | -€4,173 | ▼ 70.8% |
| Operating profit (loss)9901 | -€6,317 | -€5,364 | €109,480 | -€2,830 | -€4,572 | ▼ 61.5% |
| Financial charges65/66B | €907 | €7,660 | €6,005 | €265 | €197 | ▼ 25.6% |
| Recurring financial charges65 | €907 | €7,660 | €6,005 | €265 | €197 | ▼ 25.6% |
| Profit (loss) for the period before taxes9903 | -€7,224 | -€13,024 | €103,476 | -€3,096 | -€4,769 | ▼ 54.1% |
| Income taxes67/77 | - | - | €21,000 | -€48 | - | - |
| Profit (loss) for the period9904 | -€7,224 | -€13,024 | €82,476 | -€3,048 | -€4,769 | ▼ 56.5% |
| Profit (loss) for the period to be appropriated9905 | -€7,224 | -€13,024 | €82,476 | -€3,048 | -€4,769 | ▼ 56.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €231,430 | €382,759 | €103,297 | €196,148 | €169,607 | ▼ 13.5% |
| Current assets29/58 | €231,430 | €382,759 | €103,297 | €196,148 | €169,607 | ▼ 13.5% |
| Stocks and contracts in progress3 | €230,207 | €361,066 | €0 | €166,035 | €166,035 | = |
| Stocks30/36 | €230,207 | €361,066 | €0 | €166,035 | €166,035 | = |
| Amounts receivable within one year40/41 | €681 | €6,886 | €6,298 | €6,298 | €577 | ▼ 90.8% |
| Trade receivables40 | €0 | €1,750 | €0 | €0 | - | - |
| Other amounts receivable41 | €681 | €5,136 | €6,298 | €6,298 | €577 | ▼ 90.8% |
| Cash at bank and in hand54/58 | €541 | €14,807 | €96,999 | €23,815 | €2,996 | ▼ 87.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €231,430 | €382,759 | €103,297 | €196,148 | €169,607 | ▼ 13.5% |
| Equity10/15 | €12,776 | -€249 | €82,227 | €79,179 | €74,409 | ▼ 6.0% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Contributions outside capital11 | €20,000 | €20,000 | €20,000 | €20,000 | - | - |
| Share premium1100/10 | €20,000 | €20,000 | €20,000 | €20,000 | - | - |
| Profit (loss) carried forward14 | -€7,224 | -€20,249 | €62,227 | €59,179 | €54,409 | ▼ 8.1% |
| Amounts payable17/49 | €218,654 | €383,007 | €21,070 | €116,969 | €95,198 | ▼ 18.6% |
| Amounts payable after more than one year17 | €0 | €0 | - | - | - | - |
| Financial debts170/4 | €0 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €218,654 | €383,007 | €21,070 | €116,969 | €95,198 | ▼ 18.6% |
| Financial debts43 | €100,000 | €280,000 | €0 | - | - | - |
| Credit institutions430/8 | €100,000 | €280,000 | €0 | - | - | - |
| Trade debts44 | €18,604 | €4,457 | €20 | €21,919 | €73 | ▼ 99.7% |
| Suppliers440/4 | €18,604 | €4,457 | €20 | €21,919 | €73 | ▼ 99.7% |
| Taxes, remuneration and social security45 | €0 | €0 | €21,000 | €0 | - | - |
| Taxes450/3 | €0 | €0 | €21,000 | €0 | - | - |
| Other amounts payable47/48 | €100,050 | €98,550 | €50 | €95,050 | €95,125 | ▲ 0.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,224 | -€13,024 | €82,476 | -€3,048 | -€4,769 | ▼ 56.5% |
| Operating cash flow (approximation) | -€7,224 | -€13,024 | €82,476 | -€3,048 | -€4,769 | ▼ 56.5% |
| Change in cash | - | €14,266 | €82,192 | -€73,183 | -€20,820 | ▲ 71.6% |
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, 3,440 companies had the same profile as ML³ PROJECT has now. Two years later, 90.0% were still going and 2.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
90.0%
was still going
7.4%
stopped otherwise
2.3%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ML³ PROJECT itself: 0.5% 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 3,440 companies, not a prediction for ML³ PROJECT. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00261532 | |
| 31-12-2024 | micro format | 20-07-2025 | 2025-00289472 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00219611 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00196671 | |
| 31-12-2021 | micro format | 27-11-2022 | 2022-20525924 |