ML Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-01-2026 PDF all 10 filings
Turnover
≈ €320,000
Estimated: probably between €230,000 and €460,000
Total assets
€214,430▲ 5.3%
2024 · €203,652
Net result
€34,224▼ 31.4%
2024 · €49,889
Working capital
€78,223▲ 13.3%
2024 · €69,044
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€58,291
▼ 15.2%
2025
20192025
Net result
€34,224
▼ 31.4%
2025
highest quarter of the sector
20192025
Equity
€154,346
▲ 28.5%
2025
highest quarter of the sector
20192025
Total assets
€214,430
▲ 5.3%
2025
middle half of the sector
20192025
Debt
€59,915
▼ 28.0%
2025
20192025
Working capital
€78,223
▲ 13.3%
2025
middle half of the sector
20192025
Solvency
72.0%
▲ 13.0pp
2025
highest quarter of the sector
20192025
Current ratio
2.34
▲ 0.22
2025
middle half of the sector
20192025
Return on assets (ROA)
16.0%
▼ 8.5pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,172-€6,590▼ 8.1%€15,008▲ 128%€20,798▲ 38.6%€48,916▲ 135%€68,714▲ 40.5%€58,291▼ 15.2%
Net result€2,843-€3,060within the sector's middle half▲ 7.6%€9,806within the sector's middle half▲ 221%€14,836within the sector's middle half▲ 51.3%€36,652above the sector's middle half▲ 147%€49,889above the sector's middle half▲ 36.1%€34,224above the sector's middle half▼ 31.4%
Equity€20,880-€23,940within the sector's middle half▲ 14.7%€33,746within the sector's middle half▲ 41.0%€48,581within the sector's middle half▲ 44.0%€77,733within the sector's middle half▲ 60.0%€120,122within the sector's middle half▲ 54.5%€154,346above the sector's middle half▲ 28.5%
Total assets€124,507-€118,321within the sector's middle half▼ 5.0%€133,583within the sector's middle half▲ 12.9%€154,654within the sector's middle half▲ 15.8%€194,415within the sector's middle half▲ 25.7%€203,652within the sector's middle half▲ 4.8%€214,430within the sector's middle half▲ 5.3%
Debt€103,626-€94,381▼ 8.9%€99,837▲ 5.8%€105,398▲ 5.6%€116,176▲ 10.2%€83,193▼ 28.4%€59,915▼ 28.0%
Working capital-€9,023--€8,483below the sector's middle half▲ 6.0%-€3,417below the sector's middle half▲ 59.7%€2,855below the sector's middle half€42,794within the sector's middle half▲ 15×€69,044within the sector's middle half▲ 61.3%€78,223within the sector's middle half▲ 13.3%
Solvency16.8%-20.2%below the sector's middle half▲ 3.5pp25.3%within the sector's middle half▲ 5.0pp31.4%within the sector's middle half▲ 6.2pp40.0%within the sector's middle half▲ 8.6pp59.0%within the sector's middle half▲ 19.0pp72.0%above the sector's middle half▲ 13.0pp
Current ratio0.73-0.77below the sector's middle half▲ 0.040.93below the sector's middle half▲ 0.161.05below the sector's middle half▲ 0.121.67within the sector's middle half▲ 0.612.12within the sector's middle half▲ 0.452.34within the sector's middle half▲ 0.22
Return on assets (ROA)2.3%-2.6%within the sector's middle half▲ 0.3pp7.3%within the sector's middle half▲ 4.8pp9.6%within the sector's middle half▲ 2.3pp18.9%above the sector's middle half▲ 9.3pp24.5%above the sector's middle half▲ 5.6pp16.0%within the sector's middle half▼ 8.5pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 15% lower than 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
2025 in colour, 2024 as the grey bar beneath
Assets €214,430
Fixed assets
€77,641 ▲ 6.4%
Current assets
€136,788 ▲ 4.7%
Equity and liabilities €214,430
Equity
€154,346 ▲ 28.5%
Provisions
€169 ▼ 50.0%
Debt
€59,915 ▼ 28.0%
Debt's share of the balance-sheet total falls from 40.9% to 27.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€74,332▼
2024 · €84,136
Cash flow
€50,266▼
2024 · €65,311
Quick ratio
1.57▼
2024 · 1.80
Debt to equity
0.39▼
2024 · 0.69
ROE
22.2%▼
2024 · 41.5%
Interest coverage
28.25▲
2024 · 20.70
Debt ≤ 1 year
€58,565▼
2024 · €61,660
Debt > 1 year
€1,350▼
2024 · €16,644
Income taxes
€22,214▲
2024 · €17,166
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €48,584 | €2,981 | €928 | €20,735 |
| Depreciation and write-downs of the year | €13,791 | €15,310 | €15,422 | €16,041 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €4,216 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,109 | €15,909 | €15,438 | €13,791 | €15,310 | €15,422 | €16,041 | ▲ 4.0% |
| Other operating charges640/8 | - | - | - | €2,404 | €1,183 | €1,677 | €5,894 | ▲ 252% |
| Gross operating margin9900 | €28,496 | €24,640 | €32,396 | €36,994 | €65,410 | €85,813 | €80,226 | ▼ 6.5% |
| Operating profit (loss)9901 | €7,172 | €6,590 | €15,008 | €20,798 | €48,916 | €68,714 | €58,291 | ▼ 15.2% |
| Financial income75/76B | - | - | - | €1,134 | €1,805 | €2,237 | €610 | ▼ 72.7% |
| Recurring financial income75 | €118 | €447 | €293 | €1,134 | €1,805 | €2,237 | €610 | ▼ 72.7% |
| Financial charges65/66B | - | - | - | €2,471 | €1,961 | €4,065 | €2,631 | ▼ 35.3% |
| Recurring financial charges65 | €2,573 | €2,147 | €1,523 | €2,471 | €1,961 | €4,065 | €2,631 | ▼ 35.3% |
| Profit (loss) for the period before taxes9903 | €4,717 | €4,890 | €13,777 | €19,461 | €48,761 | €66,886 | €56,270 | ▼ 15.9% |
| Transfer from deferred taxes780 | - | - | - | €169 | €169 | €169 | €169 | = |
| Transfer to deferred taxes680 | - | - | - | €843 | €0 | - | - | - |
| Income taxes67/77 | €1,874 | €1,831 | €3,971 | €3,951 | €12,278 | €17,166 | €22,214 | ▲ 29.4% |
| Profit (loss) for the period9904 | €2,843 | €3,060 | €9,806 | €14,836 | €36,652 | €49,889 | €34,224 | ▼ 31.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €675 | €675 | €675 | €675 | = |
| Transfer to tax-exempt reserves689 | - | - | - | €3,373 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €2,843 | €3,060 | €9,806 | €12,137 | €37,326 | €50,564 | €34,899 | ▼ 31.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €124,507 | €118,321 | €133,583 | €154,654 | €194,415 | €203,652 | €214,430 | ▲ 5.3% |
| Fixed assets21/28 | €99,825 | €89,397 | €87,967 | €99,772 | €87,442 | €72,948 | €77,641 | ▲ 6.4% |
| Tangible fixed assets22/27 | €99,825 | €89,397 | €87,967 | €99,772 | €87,442 | €72,948 | €77,641 | ▲ 6.4% |
| Land and buildings22 | - | - | - | €63,690 | €56,870 | €50,259 | €59,618 | ▲ 18.6% |
| Plant, machinery and equipment23 | - | - | - | €2,349 | €1,484 | €619 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €1,409 | €3,100 | €2,393 | €4,658 | ▲ 94.7% |
| Leasing and similar rights25 | - | - | - | €21,349 | €16,328 | €11,307 | €6,286 | ▼ 44.4% |
| Other tangible fixed assets26 | - | - | - | €10,975 | €9,660 | €8,369 | €7,078 | ▼ 15.4% |
| Current assets29/58 | €24,682 | €28,924 | €45,616 | €54,882 | €106,973 | €130,704 | €136,788 | ▲ 4.7% |
| Stocks and contracts in progress3 | €9,000 | €5,000 | €0 | €21,392 | €30,000 | €20,000 | €44,760 | ▲ 124% |
| Stocks30/36 | - | - | - | €5,000 | €30,000 | €20,000 | €44,760 | ▲ 124% |
| Contracts in progress37 | - | - | - | €16,392 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €13,074 | €6,952 | €30,607 | €10,688 | €37,506 | €29,297 | €29,583 | ▲ 1.0% |
| Trade receivables40 | - | - | - | €10,688 | €37,318 | €14,267 | €23,686 | ▲ 66.0% |
| Other amounts receivable41 | - | - | - | €0 | €187 | €15,030 | €5,896 | ▼ 60.8% |
| Cash at bank and in hand54/58 | €1,047 | €11,215 | €13,294 | €20,768 | €37,485 | €77,291 | €62,446 | ▼ 19.2% |
| Deferred charges and accrued income490/1 | - | - | - | €2,034 | €1,982 | €4,116 | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €124,507 | €118,321 | €133,583 | €154,654 | €194,415 | €203,652 | €214,430 | ▲ 5.3% |
| Equity10/15 | €20,880 | €23,940 | €33,746 | €48,581 | €77,733 | €120,122 | €154,346 | ▲ 28.5% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €2,280 | €5,340 | €15,146 | €29,981 | €59,133 | €101,522 | €135,746 | ▲ 33.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Tax-exempt reserves132 | - | - | - | €2,698 | €2,024 | €1,349 | €675 | ▼ 50.0% |
| Distributable reserves133 | - | - | - | €25,423 | €55,249 | €98,313 | €135,072 | ▲ 37.4% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | - | - | - | €675 | €506 | €337 | €169 | ▼ 50.0% |
| Deferred taxes168 | - | - | - | €675 | €506 | €337 | €169 | ▼ 50.0% |
| Amounts payable17/49 | €103,626 | €94,381 | €99,837 | €105,398 | €116,176 | €83,193 | €59,915 | ▼ 28.0% |
| Amounts payable after more than one year17 | €69,801 | €55,205 | €49,767 | €52,453 | €33,132 | €16,644 | €1,350 | ▼ 91.9% |
| Financial debts170/4 | - | - | - | €52,453 | €33,132 | €16,644 | €1,350 | ▼ 91.9% |
| Amounts payable within one year42/48 | €33,705 | €37,407 | €49,032 | €52,027 | €64,179 | €61,660 | €58,565 | ▼ 5.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,895 | €19,321 | €16,488 | €16,194 | ▼ 1.8% |
| Financial debts43 | - | - | - | - | €6,168 | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | €6,168 | €0 | - | - |
| Trade debts44 | €4,796 | €7,544 | €6,005 | €4,979 | €5,328 | €12,537 | €5,146 | ▼ 59.0% |
| Suppliers440/4 | - | - | - | €4,979 | €5,328 | €12,537 | €5,146 | ▼ 59.0% |
| Taxes, remuneration and social security45 | - | - | - | €9,128 | €5,963 | €2,200 | €16,026 | ▲ 629% |
| Taxes450/3 | - | - | - | €7,478 | €4,313 | €2,200 | €14,376 | ▲ 554% |
| Remuneration and social security454/9 | - | - | - | €1,650 | €1,650 | €0 | €1,650 | - |
| Other amounts payable47/48 | - | - | - | €19,024 | €27,398 | €30,436 | €21,199 | ▼ 30.3% |
| Accrued charges and deferred income492/3 | - | - | - | €918 | €18,866 | €4,889 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,843 | €3,060 | €9,806 | €14,836 | €36,652 | €49,889 | €34,224 | ▼ 31.4% |
| + Depreciation and write-downs630 | €20,109 | €15,909 | €15,438 | €13,791 | €15,310 | €15,422 | €16,041 | ▲ 4.0% |
| Operating cash flow (approximation) | €22,953 | €18,969 | €25,244 | €28,627 | €51,962 | €65,311 | €50,266 | ▼ 23.0% |
| Investment in fixed assets (approximation) | - | -€5,482 | -€14,009 | -€25,596 | -€2,981 | -€928 | -€20,735 | ▼ 2,135% |
| Change in cash | - | €10,168 | €2,080 | €7,474 | €16,717 | €39,807 | -€14,846 | - |
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, 34,693 companies had the same profile as ML Projects has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of ML Projects itself: 0.1% 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 34,693 companies, not a prediction for ML 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-01-2026 | 2026-00014799 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00024113 | |
| 30-06-2023 | micro format | 26-01-2024 | 2024-00010916 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00023588 | |
| 30-06-2021 | micro format | 28-01-2022 | 2022-02700093 | |
| 30-06-2020 | micro format | 19-01-2021 | 2021-01100491 | |
| 30-06-2019 | micro format | 27-01-2020 | 2020-02400017 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-03700287 | |
| 30-06-2017 | micro format | 30-01-2018 | 2018-03200527 | |
| 30-06-2016 | abbreviated format | 12-01-2017 | 2017-01500260 |