N-Projects
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 21-10-2026 at the NBB all 8 filings
Turnover
≈ €350,000
Estimated: probably between €250,000 and €500,000
Total assets
€470,244▲ 0.6%
2025 · €467,571
Net result
€23,727▲ 90.3%
2025 · €12,465
Working capital
€81,142▲ 86.1%
2025 · €43,593
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€47,005
▲ 78.4%
2026
20192026
Net result
€23,727
▲ 90.3%
2026
20192026
Equity
€90,522
▲ 32.2%
2026
20192026
Total assets
€470,244
▲ 0.6%
2026
20192026
Debt
€379,723
▼ 4.9%
2026
20192026
Working capital
€81,142
▲ 86.1%
2026
20192026
Solvency
19.2%
▲ 4.6pp
2026
20192026
Current ratio
1.74
▲ 0.35
2026
20192026
Return on assets (ROA)
5.0%
▲ 2.4pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€16,299-€30,339▲ 86.1%€25,754▼ 15.1%€20,961▼ 18.6%€18,225▼ 13.1%€23,887▲ 31.1%€26,347▲ 10.3%€47,005▲ 78.4%
Net result€1,647-€14,101▲ 756%€10,552within the sector's middle half▼ 25.2%€7,031within the sector's middle half▼ 33.4%€5,527within the sector's middle half▼ 21.4%€10,295within the sector's middle half▲ 86.3%€12,465within the sector's middle half▲ 21.1%€23,727▲ 90.3%
Equity€7,847-€24,524▲ 213%€39,676within the sector's middle half▲ 61.8%€45,107within the sector's middle half▲ 13.7%€49,033within the sector's middle half▲ 8.7%€57,662within the sector's middle half▲ 17.6%€68,461within the sector's middle half▲ 18.7%€90,522▲ 32.2%
Total assets€482,153-€484,485▲ 0.5%€487,421above the sector's middle half▲ 0.6%€503,668above the sector's middle half▲ 3.3%€496,231above the sector's middle half▼ 1.5%€476,516above the sector's middle half▼ 4.0%€467,571above the sector's middle half▼ 1.9%€470,244▲ 0.6%
Debt€474,305-€459,961▼ 3.0%€447,745▼ 2.7%€458,561▲ 2.4%€447,197▼ 2.5%€418,854▼ 6.3%€399,110▼ 4.7%€379,723▼ 4.9%
Working capital-€53,232--€27,867▲ 47.6%-€1,785below the sector's middle half▲ 93.6%€3,893below the sector's middle half€12,871within the sector's middle half▲ 231%€22,665within the sector's middle half▲ 76.1%€43,593within the sector's middle half▲ 92.3%€81,142▲ 86.1%
Solvency1.6%-5.1%▲ 3.4pp8.1%below the sector's middle half▲ 3.1pp9.0%below the sector's middle half▲ 0.8pp9.9%below the sector's middle half▲ 0.9pp12.1%below the sector's middle half▲ 2.2pp14.6%below the sector's middle half▲ 2.5pp19.2%▲ 4.6pp
Current ratio0.31-0.65▲ 0.340.98below the sector's middle half▲ 0.331.04below the sector's middle half▲ 0.061.12within the sector's middle half▲ 0.081.22within the sector's middle half▲ 0.101.39within the sector's middle half▲ 0.181.74▲ 0.35
Return on assets (ROA)0.3%-2.9%▲ 2.6pp2.2%within the sector's middle half▼ 0.7pp1.4%within the sector's middle half▼ 0.8pp1.1%within the sector's middle half▼ 0.3pp2.2%within the sector's middle half▲ 1.0pp2.7%within the sector's middle half▲ 0.5pp5.0%▲ 2.4pp
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 2026 is 78% higher than in 2025 and the highest since 2022. It is the third 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
2026 in colour, 2025 as the grey bar beneath
Assets €470,244
Fixed assets
€279,239 ▼ 10.7%
Current assets
€191,006 ▲ 23.4%
Equity and liabilities €470,244
Equity
€90,522 ▲ 32.2%
Debt
€379,723 ▼ 4.9%
Debt's share of the balance-sheet total falls from 85.4% to 80.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€83,541▲
2025 · €62,881
Cash flow
€60,262▲
2025 · €49,000
Debt to equity
4.19▼
2025 · 5.83
ROE
26.2%▲
2025 · 18.2%
Interest coverage
6.31▼
2025 · 6.63
Debt ≤ 1 year
€109,864▼
2025 · €111,216
Debt > 1 year
€265,287▼
2025 · €287,894
Income taxes
€11,655▲
2025 · €4,704
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €400,000 | €400,000 | €400,000 | €400,000 | €400,000 |
| Carrying value of the mortgaged assets | €334,233 | €312,733 | €315,094 | €295,053 | €273,051 |
Source: notes to the 2022 to 2026 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 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €34,389 | €4,970 | €8,627 | - | €3,013 |
| Depreciation and write-downs of the year | €32,302 | €35,047 | €35,498 | €36,535 | €36,535 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,965 | €28,382 | €28,328 | €32,302 | €35,047 | €35,498 | €36,535 | €36,535 | = |
| Other operating charges640/8 | - | - | - | €3,281 | €3,326 | €3,714 | €1,550 | €3,395 | ▲ 119% |
| Gross operating margin9900 | €54,978 | €61,701 | €57,186 | €56,544 | €56,598 | €63,099 | €64,432 | €86,936 | ▲ 34.9% |
| Operating profit (loss)9901 | €16,299 | €30,339 | €25,754 | €20,961 | €18,225 | €23,887 | €26,347 | €47,005 | ▲ 78.4% |
| Financial income75/76B | - | - | - | €126 | €213 | €643 | €302 | €1,617 | ▲ 436% |
| Recurring financial income75 | €315 | €130 | €72 | €126 | €213 | €643 | €302 | €1,617 | ▲ 436% |
| Financial charges65/66B | - | - | - | €11,124 | €10,958 | €10,520 | €9,479 | €13,240 | ▲ 39.7% |
| Recurring financial charges65 | €13,011 | €11,553 | €11,030 | €11,124 | €10,958 | €10,520 | €9,479 | €13,240 | ▲ 39.7% |
| Profit (loss) for the period before taxes9903 | €3,604 | €18,916 | €14,796 | €9,962 | €7,480 | €14,010 | €17,169 | €35,382 | ▲ 106% |
| Income taxes67/77 | €1,956 | €4,816 | €4,244 | €2,932 | €1,953 | €3,715 | €4,704 | €11,655 | ▲ 148% |
| Profit (loss) for the period9904 | €1,647 | €14,101 | €10,552 | €7,031 | €5,527 | €10,295 | €12,465 | €23,727 | ▲ 90.3% |
| Profit (loss) for the period to be appropriated9905 | €1,647 | €14,101 | €10,552 | €7,031 | €5,527 | €10,295 | €12,465 | €23,727 | ▲ 90.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €482,153 | €484,485 | €487,421 | €503,668 | €496,231 | €476,516 | €467,571 | €470,244 | ▲ 0.6% |
| Fixed assets21/28 | €457,912 | €431,944 | €404,156 | €406,244 | €376,167 | €349,296 | €312,761 | €279,239 | ▼ 10.7% |
| Tangible fixed assets22/27 | €457,912 | €431,944 | €404,156 | €406,244 | €376,167 | €349,296 | €312,761 | €279,239 | ▼ 10.7% |
| Land and buildings22 | - | - | - | €368,151 | €341,623 | €315,094 | €288,566 | €262,037 | ▼ 9.2% |
| Plant, machinery and equipment23 | - | - | - | €3,168 | €2,062 | €7,316 | €5,462 | €3,609 | ▼ 33.9% |
| Furniture and vehicles24 | - | - | - | €2,218 | €3,607 | €4,826 | €3,488 | €2,151 | ▼ 38.3% |
| Leasing and similar rights25 | - | - | - | €27,710 | €21,392 | €15,075 | €8,758 | €2,440 | ▼ 72.1% |
| Other tangible fixed assets26 | - | - | - | €4,996 | €7,483 | €6,985 | €6,487 | €9,001 | ▲ 38.8% |
| Current assets29/58 | €24,240 | €52,540 | €83,265 | €97,424 | €120,063 | €127,220 | €154,810 | €191,006 | ▲ 23.4% |
| Amounts receivable within one year40/41 | €5,248 | €5,390 | €14,503 | €22,078 | €29,445 | €33,967 | €58,759 | €48,229 | ▼ 17.9% |
| Trade receivables40 | - | - | - | €22,078 | €28,371 | €29,112 | €57,444 | €48,229 | ▼ 16.0% |
| Other amounts receivable41 | - | - | - | - | €1,074 | €4,855 | €1,315 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €18,993 | €47,122 | €68,762 | €75,270 | €90,491 | €93,121 | €96,051 | €142,777 | ▲ 48.6% |
| Deferred charges and accrued income490/1 | - | - | - | €77 | €127 | €132 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €482,153 | €484,485 | €487,421 | €503,668 | €496,231 | €476,516 | €467,571 | €470,244 | ▲ 0.6% |
| Equity10/15 | €7,847 | €24,524 | €39,676 | €45,107 | €49,033 | €57,662 | €68,461 | €90,522 | ▲ 32.2% |
| Contributions10/11 | €6,200 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,647 | €12,124 | €21,076 | €26,507 | €30,433 | €39,062 | €49,861 | €71,922 | ▲ 44.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €24,647 | €28,573 | €39,062 | €49,861 | €71,922 | ▲ 44.2% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €474,305 | €459,961 | €447,745 | €458,561 | €447,197 | €418,854 | €399,110 | €379,723 | ▼ 4.9% |
| Amounts payable after more than one year17 | €396,833 | €379,553 | €361,792 | €365,030 | €340,005 | €314,299 | €287,894 | €265,287 | ▼ 7.9% |
| Financial debts170/4 | - | - | - | €365,030 | €340,005 | €314,299 | €287,894 | €265,287 | ▼ 7.9% |
| Amounts payable within one year42/48 | €77,473 | €80,408 | €85,050 | €93,531 | €107,193 | €104,555 | €111,216 | €109,864 | ▼ 1.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €24,362 | €27,525 | €25,706 | €26,405 | €22,606 | ▼ 14.4% |
| Trade debts44 | €51,284 | €661 | €2,536 | €4,303 | €5,277 | €4,573 | €10,473 | €9,356 | ▼ 10.7% |
| Suppliers440/4 | - | - | - | €4,303 | €5,277 | €4,573 | €10,473 | €9,356 | ▼ 10.7% |
| Advances received on contracts in progress46 | - | - | - | - | - | €2,694 | €2,668 | €1,740 | ▼ 34.8% |
| Taxes, remuneration and social security45 | - | - | - | €3,239 | €3,873 | €763 | €1,730 | €9,218 | ▲ 433% |
| Taxes450/3 | - | - | - | €3,239 | €3,873 | €763 | €480 | €7,968 | ▲ 17× |
| Remuneration and social security454/9 | - | - | - | - | - | - | €1,250 | €1,250 | = |
| Other amounts payable47/48 | - | - | - | €61,627 | €70,518 | €70,820 | €69,940 | €66,944 | ▼ 4.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | €4,571 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,647 | €14,101 | €10,552 | €7,031 | €5,527 | €10,295 | €12,465 | €23,727 | ▲ 90.3% |
| + Depreciation and write-downs630 | €35,965 | €28,382 | €28,328 | €32,302 | €35,047 | €35,498 | €36,535 | €36,535 | = |
| Operating cash flow (approximation) | €37,613 | €42,482 | €38,881 | €39,332 | €40,573 | €45,792 | €49,000 | €60,262 | ▲ 23.0% |
| Investment in fixed assets (approximation) | - | -€2,413 | -€540 | -€34,389 | -€4,970 | -€8,627 | €0 | -€3,013 | - |
| Change in cash | - | €28,129 | €21,640 | €6,508 | €15,221 | €2,629 | €2,930 | €46,726 | ▲ 16× |
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, 2,684 companies had the same profile as N-Projects has now. Two years later, 97.3% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
1.2%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of N-Projects itself: 0.2% 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 2,684 companies, not a prediction for N-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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 21-10-2026 | 2026-00565143 | |
| 31-03-2025 | micro format | 30-10-2025 | 2025-00553235 | |
| 31-03-2024 | micro format | 28-10-2024 | 2024-00515812 | |
| 31-03-2023 | micro format | 30-10-2023 | 2023-00496471 | |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20478532 | |
| 31-03-2021 | micro format | 22-10-2021 | 2021-72500254 | |
| 31-03-2020 | micro format | 29-10-2020 | 2020-64200073 | |
| 31-03-2019 | micro format | 31-10-2019 | 2019-72100259 |