MR PROJECTS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-10-2025 PDF all 10 filings
Turnover
≈ €1.1m
Estimated: probably between €820,000 and €1.4m
Total assets
€654,503▼ 7.2%
2024 · €705,276
Net result
€6,163
2024 · -€39,600
Working capital
-€13,914▲ 34.7%
2024 · -€21,322
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€27,944
2025
20192025
Net result
€6,163
2025
middle half of the sector
20192025
Equity
€151,359
▲ 4.2%
2025
middle half of the sector
20192025
Total assets
€654,503
▼ 7.2%
2025
middle half of the sector
20192025
Debt
€503,144
▼ 10.2%
2025
20192025
Working capital
-€13,914
▲ 34.7%
2025
lowest quarter of the sector
20192025
Solvency
23.1%
▲ 2.5pp
2025
lowest quarter of the sector
20192025
Current ratio
0.95
▲ 0.03
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
0.9%
▲ 6.6pp
2025
middle half of the sector
20192025
Staff (FTE)
3.6
▼ 33.3%
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€11,435-€39,602▲ 246%€76,468▲ 93.1%€78,464▲ 2.6%€20,900▼ 73.4%-€22,863€27,944
Net result€788-€21,263within the sector's middle half▲ 27×€55,338above the sector's middle half▲ 160%€50,732above the sector's middle half▼ 8.3%€4,000below the sector's middle half▼ 92.1%-€39,600below the sector's middle half€6,163within the sector's middle half
Equity€53,464-€74,726within the sector's middle half▲ 39.8%€130,065above the sector's middle half▲ 74.1%€180,796above the sector's middle half▲ 39.0%€184,796within the sector's middle half▲ 2.2%€145,196within the sector's middle half▼ 21.4%€151,359within the sector's middle half▲ 4.2%
Total assets€497,680-€476,573above the sector's middle half▼ 4.2%€608,923above the sector's middle half▲ 27.8%€753,156above the sector's middle half▲ 23.7%€814,515within the sector's middle half▲ 8.1%€705,276within the sector's middle half▼ 13.4%€654,503within the sector's middle half▼ 7.2%
Debt€444,216-€401,847▼ 9.5%€478,859▲ 19.2%€572,360▲ 19.5%€629,719▲ 10.0%€560,080▼ 11.1%€503,144▼ 10.2%
Working capital-€31,167--€291below the sector's middle half▲ 99.1%€34,151within the sector's middle half€27,006within the sector's middle half▼ 20.9%€17,099below the sector's middle half▼ 36.7%-€21,322below the sector's middle half-€13,914below the sector's middle half▲ 34.7%
Solvency10.7%-15.7%below the sector's middle half▲ 4.9pp21.4%below the sector's middle half▲ 5.7pp24.0%within the sector's middle half▲ 2.6pp22.7%below the sector's middle half▼ 1.3pp20.6%below the sector's middle half▼ 2.1pp23.1%below the sector's middle half▲ 2.5pp
Current ratio0.84-1.00below the sector's middle half▲ 0.161.36within the sector's middle half▲ 0.361.11within the sector's middle half▼ 0.241.06below the sector's middle half▼ 0.050.92below the sector's middle half▼ 0.150.95below the sector's middle half▲ 0.03
Return on assets (ROA)0.2%-4.5%within the sector's middle half▲ 4.3pp9.1%within the sector's middle half▲ 4.6pp6.7%within the sector's middle half▼ 2.4pp0.5%below the sector's middle half▼ 6.2pp-5.6%below the sector's middle half▼ 6.1pp0.9%within the sector's middle half▲ 6.6pp
Staff (FTE)1.4-2.8within the sector's middle half▲ 100%3.2▲ 14.3%4.7▲ 46.9%6.2within the sector's middle half▲ 31.9%5.4within the sector's middle half▼ 12.9%3.6within the sector's middle half▼ 33.3%
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 a profit of €27,944, after a loss of €22,863 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €654,503
Fixed assets
€390,688 ▼ 16.3%
Current assets
€263,816 ▲ 10.7%
Equity and liabilities €654,503
Equity
€151,359 ▲ 4.2%
Debt
€503,144 ▼ 10.2%
Debt's share of the balance-sheet total falls from 79.4% to 76.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€114,505▲
2024 · €60,856
Cash flow
€92,724▲
2024 · €44,120
Quick ratio
0.85▼
2024 · 0.86
Debt to equity
3.32▼
2024 · 3.86
ROE
4.1%▲
2024 · -27.3%
Interest coverage
5.15▲
2024 · 3.68
Debt ≤ 1 year
€277,730▲
2024 · €259,551
Debt > 1 year
€225,415▼
2024 · €300,528
Income taxes
€535▲
2024 · €335
Staff costs
€250,286▼
2024 · €355,508
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 6 | 4 | 3 |
| full-time | 4 | 6 | 4 | 3 |
| part-time | 1 | - | - | - |
| in full-time equivalents | 4.4 | 6 | 4 | 3 |
| Average over the year, in full-time equivalents | 4.7 | 6.2 | 5.4 | 3 |
| On a permanent contract | 5 | 6 | 4 | 3 |
| Joined | 15 | 7 | 2 | - |
| Left | 13 | 6 | 4 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €438,260 | €465,458 | €385,528 |
| Mortgages, amount registered | - | €244,229 | €244,229 | €244,229 |
| Carrying value of the mortgaged assets | - | €244,229 | €230,929 | €217,629 |
| Carrying value of the other pledged assets | - | €171,578 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €77,986 | €162,150 | €17,603 | €10,202 |
| Intangible fixed assets | - | - | €3,120 | - |
| Depreciation and write-downs of the year | €64,730 | €86,866 | €83,719 | €86,561 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €595 awarded · €476 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €172 | €52 |
| 2023 | 1 | €0 | €68 |
| 2022 | 1 | €423 | €356 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €9,822 | €19,780 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €231,299 | €360,271 | €355,508 | €250,286 | ▼ 29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,665 | €39,203 | €32,851 | €64,730 | €86,866 | €83,719 | €86,561 | ▲ 3.4% |
| Other operating charges640/8 | - | - | - | €3,394 | €10,103 | €8,281 | €7,048 | ▼ 14.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €937 | - |
| Gross operating margin9900 | €109,540 | €187,548 | €250,608 | €377,886 | €478,140 | €424,645 | €372,777 | ▼ 12.2% |
| Operating profit (loss)9901 | €11,435 | €39,602 | €76,468 | €78,464 | €20,900 | -€22,863 | €27,944 | - |
| Financial income75/76B | - | - | - | €332 | €483 | €155 | €976 | ▲ 530% |
| Recurring financial income75 | €976 | €259 | €489 | €332 | €483 | €155 | €976 | ▲ 530% |
| Financial charges65/66B | - | - | - | €10,997 | €14,575 | €16,557 | €22,223 | ▲ 34.2% |
| Recurring financial charges65 | €10,060 | €10,311 | €10,162 | €10,997 | €14,575 | €16,557 | €22,223 | ▲ 34.2% |
| Profit (loss) for the period before taxes9903 | €2,351 | €29,550 | €66,794 | €67,799 | €6,809 | -€39,265 | €6,698 | - |
| Income taxes67/77 | €1,563 | €8,288 | €11,456 | €17,068 | €2,809 | €335 | €535 | ▲ 59.8% |
| Profit (loss) for the period9904 | €788 | €21,263 | €55,338 | €50,732 | €4,000 | -€39,600 | €6,163 | - |
| Profit (loss) for the period to be appropriated9905 | €788 | €21,263 | €55,338 | €50,732 | €4,000 | -€39,600 | €6,163 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €497,680 | €476,573 | €608,923 | €753,156 | €814,515 | €705,276 | €654,503 | ▼ 7.2% |
| Fixed assets21/28 | €332,167 | €320,139 | €479,007 | €491,085 | €530,044 | €467,047 | €390,688 | ▼ 16.3% |
| Intangible fixed assets21 | €969 | €646 | €2,028 | €1,085 | €465 | €2,813 | €1,773 | ▼ 37.0% |
| Tangible fixed assets22/27 | €331,198 | €319,493 | €476,979 | €490,000 | €529,579 | €464,234 | €388,915 | ▼ 16.2% |
| Land and buildings22 | - | - | - | €257,530 | €244,229 | €230,929 | €217,629 | ▼ 5.8% |
| Plant, machinery and equipment23 | - | - | - | €61,359 | €54,088 | €60,190 | €49,571 | ▼ 17.6% |
| Furniture and vehicles24 | - | - | - | €47,833 | €59,683 | €41,568 | €29,986 | ▼ 27.9% |
| Leasing and similar rights25 | - | - | - | €123,278 | €171,578 | €131,547 | €91,729 | ▼ 30.3% |
| Current assets29/58 | €165,512 | €156,434 | €129,916 | €262,071 | €284,471 | €238,229 | €263,816 | ▲ 10.7% |
| Stocks and contracts in progress3 | €9,765 | €9,945 | €13,725 | €13,725 | €13,725 | €13,725 | €26,751 | ▲ 94.9% |
| Stocks30/36 | - | - | - | €13,725 | €13,725 | €13,725 | €26,751 | ▲ 94.9% |
| Amounts receivable within one year40/41 | €134,786 | €86,386 | €72,854 | €125,091 | €212,124 | €196,049 | €89,532 | ▼ 54.3% |
| Trade receivables40 | - | - | - | €108,327 | €179,862 | €170,238 | €56,108 | ▼ 67.0% |
| Other amounts receivable41 | - | - | - | €16,765 | €32,263 | €25,810 | €33,424 | ▲ 29.5% |
| Cash at bank and in hand54/58 | €19,149 | €45,932 | €41,614 | €120,468 | €40,998 | €13,410 | €126,526 | ▲ 844% |
| Deferred charges and accrued income490/1 | - | - | - | €2,787 | €17,624 | €15,046 | €21,006 | ▲ 39.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €497,680 | €476,573 | €608,923 | €753,156 | €814,515 | €705,276 | €654,503 | ▼ 7.2% |
| Equity10/15 | €53,464 | €74,726 | €130,065 | €180,796 | €184,796 | €145,196 | €151,359 | ▲ 4.2% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €46,476 | €67,726 | €123,056 | €173,786 | €177,776 | €177,776 | €177,776 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €171,926 | €175,916 | €177,776 | €177,776 | = |
| Profit (loss) carried forward14 | €788 | €800 | €809 | €810 | €820 | -€38,780 | -€32,617 | ▲ 15.9% |
| Amounts payable17/49 | €444,216 | €401,847 | €478,859 | €572,360 | €629,719 | €560,080 | €503,144 | ▼ 10.2% |
| Amounts payable after more than one year17 | €247,537 | €245,122 | €383,093 | €337,295 | €362,346 | €300,528 | €225,415 | ▼ 25.0% |
| Financial debts170/4 | - | - | - | €337,295 | €362,346 | €300,528 | €225,415 | ▼ 25.0% |
| Amounts payable within one year42/48 | €196,680 | €156,725 | €95,766 | €235,065 | €267,373 | €259,551 | €277,730 | ▲ 7.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €81,062 | €75,913 | €75,843 | €75,114 | ▼ 1.0% |
| Financial debts43 | - | - | - | €92,044 | €95,044 | €89,087 | €85,000 | ▼ 4.6% |
| Credit institutions430/8 | - | - | - | €92,044 | €95,044 | €89,087 | €85,000 | ▼ 4.6% |
| Trade debts44 | €29,056 | €30,097 | €27,139 | €42,083 | €66,181 | €73,815 | €107,481 | ▲ 45.6% |
| Suppliers440/4 | - | - | - | €42,083 | €66,181 | €73,815 | €107,481 | ▲ 45.6% |
| Advances received on contracts in progress46 | - | - | - | - | €5,419 | - | €225 | - |
| Taxes, remuneration and social security45 | - | - | - | €14,806 | €20,791 | €7,188 | €9,910 | ▲ 37.9% |
| Taxes450/3 | - | - | - | €5,068 | - | - | €4,787 | - |
| Remuneration and social security454/9 | - | - | - | €9,738 | €20,791 | €7,188 | €5,123 | ▼ 28.7% |
| Other amounts payable47/48 | - | - | - | €5,069 | €4,024 | €13,618 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €788 | €21,263 | €55,338 | €50,732 | €4,000 | -€39,600 | €6,163 | - |
| + Depreciation and write-downs630 | €35,665 | €39,203 | €32,851 | €64,730 | €86,866 | €83,719 | €86,561 | ▲ 3.4% |
| Operating cash flow (approximation) | €36,453 | €60,466 | €88,189 | €115,461 | €90,865 | €44,120 | €92,724 | ▲ 110% |
| Investment in fixed assets (approximation) | - | -€27,175 | -€191,718 | -€76,808 | -€125,824 | -€20,723 | -€10,202 | ▲ 50.8% |
| Change in cash | - | €26,783 | -€4,318 | €78,853 | -€79,469 | -€27,588 | €113,116 | - |
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, 4,508 companies had the same profile as MR PROJECTS has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of MR PROJECTS itself: 0.9% 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 4,508 companies, not a prediction for MR 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 |
|---|---|---|---|---|
| 31-03-2025 | abbreviated format | 31-10-2025 | 2025-00556207 | |
| 31-03-2024 | abbreviated format | 25-10-2024 | 2024-00514332 | |
| 31-03-2023 | abbreviated format | 30-10-2023 | 2023-00496881 | |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20478675 | |
| 31-03-2021 | micro format | 29-10-2021 | 2021-74900107 | |
| 31-03-2020 | micro format | 28-11-2020 | 2020-73500153 | |
| 31-03-2019 | micro format | 31-10-2019 | 2019-72300466 | |
| 31-03-2018 | micro format | 31-10-2018 | 2018-71000373 | |
| 31-03-2017 | micro format | 31-10-2017 | 2017-68500273 | |
| 31-03-2016 | abbreviated format | 10-08-2016 | 2016-41400309 |