NDC Projects
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 28-09-2026 at the NBB all 15 filings
Turnover
≈ €73,000
Estimated: probably between €35,000 and €150,000
Total assets
€47,995▼ 22.7%
2025 · €62,093
Net result
-€146
2025 · €10,059
Working capital
€16,165▲ 3.2%
2025 · €15,670
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€9,262
▼ 58.6%
2026
20192026
Net result
-€146
2026
20192026
Equity
€25,751
▼ 0.6%
2026
20192026
Total assets
€47,995
▼ 22.7%
2026
20192026
Debt
€22,244
▼ 38.5%
2026
20192026
Working capital
€16,165
▲ 3.2%
2026
20192026
Solvency
53.7%
▲ 11.9pp
2026
20192026
Current ratio
1.78
▲ 0.31
2026
20192026
Return on assets (ROA)
-0.3%
▼ 16.5pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€7,342-€27,589▲ 276%€29,621▲ 7.4%€16,592▼ 44.0%€25,380▲ 53.0%€24,170▼ 4.8%€22,347▼ 7.5%€9,262▼ 58.6%
Net result€3,528-€19,143▲ 443%€23,574within the sector's middle half▲ 23.1%€10,833within the sector's middle half▼ 54.0%€17,149within the sector's middle half▲ 58.3%€14,892within the sector's middle half▼ 13.2%€10,059within the sector's middle half▼ 32.5%-€146
Equity€24,497-€14,500▼ 40.8%€38,074within the sector's middle half▲ 163%€14,557below the sector's middle half▼ 61.8%€22,446below the sector's middle half▲ 54.2%€15,838below the sector's middle half▼ 29.4%€25,897within the sector's middle half▲ 63.5%€25,751▼ 0.6%
Total assets€42,221-€77,613▲ 83.8%€53,372below the sector's middle half▼ 31.2%€60,506below the sector's middle half▲ 13.4%€42,104below the sector's middle half▼ 30.4%€66,825below the sector's middle half▲ 58.7%€62,093below the sector's middle half▼ 7.1%€47,995▼ 22.7%
Debt€17,724-€63,113▲ 256%€15,298▼ 75.8%€45,950▲ 200%€19,658▼ 57.2%€50,987▲ 159%€36,196▼ 29.0%€22,244▼ 38.5%
Working capital€25,997-€4,399▼ 83.1%€31,284within the sector's middle half▲ 611%€13,045within the sector's middle half▼ 58.3%€20,743within the sector's middle half▲ 59.0%€12,022within the sector's middle half▼ 42.0%€15,670within the sector's middle half▲ 30.3%€16,165▲ 3.2%
Solvency58.0%-18.7%▼ 39.3pp71.3%within the sector's middle half▲ 52.7pp24.1%below the sector's middle half▼ 47.3pp53.3%within the sector's middle half▲ 29.3pp23.7%below the sector's middle half▼ 29.6pp41.7%within the sector's middle half▲ 18.0pp53.7%▲ 11.9pp
Current ratio2.60-1.08▼ 1.533.27within the sector's middle half▲ 2.191.29within the sector's middle half▼ 1.972.14within the sector's middle half▲ 0.851.24within the sector's middle half▼ 0.901.46within the sector's middle half▲ 0.221.78▲ 0.31
Return on assets (ROA)8.4%-24.7%▲ 16.3pp44.2%above the sector's middle half▲ 19.5pp17.9%within the sector's middle half▼ 26.3pp40.7%above the sector's middle half▲ 22.8pp22.3%within the sector's middle half▼ 18.4pp16.2%within the sector's middle half▼ 6.1pp-0.3%▼ 16.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 59% lower than in 2025 and the lowest since 2019. It is the third fall in a row.
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 €47,995
Fixed assets
€11,086 ▼ 12.8%
Current assets
€36,909 ▼ 25.2%
Equity and liabilities €47,995
Equity
€25,751 ▼ 0.6%
Debt
€22,244 ▼ 38.5%
Debt's share of the balance-sheet total falls from 58.3% to 46.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€13,438▼
2025 · €25,933
Cash flow
€4,030▼
2025 · €13,645
Debt to equity
0.86▼
2025 · 1.40
ROE
-0.6%▼
2025 · 38.8%
Interest coverage
2.63▼
2025 · 6.06
Debt ≤ 1 year
€20,744▼
2025 · €33,706
Income taxes
€4,676▼
2025 · €8,601
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | €3,450 | €5,887 | - |
Source: notes to the 2022 to 2026 annual accounts (statement of debts)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,118 | €1,569 | €3,783 | €14,965 | €2,545 |
| Depreciation and write-downs of the year | €8,396 | €969 | €1,444 | €3,586 | €4,176 |
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 | €1,315 | €1,353 | €8,861 | €8,396 | €969 | €1,444 | €3,586 | €4,176 | ▲ 16.5% |
| Other operating charges640/8 | - | - | - | €1,941 | €2,709 | €1,684 | €2,399 | €2,137 | ▼ 10.9% |
| Gross operating margin9900 | €10,113 | €30,897 | €40,426 | €26,928 | €29,058 | €27,297 | €28,332 | €15,576 | ▼ 45.0% |
| Operating profit (loss)9901 | €7,342 | €27,589 | €29,621 | €16,592 | €25,380 | €24,170 | €22,347 | €9,262 | ▼ 58.6% |
| Financial income75/76B | - | - | - | €1,836 | €1,562 | €663 | €591 | €376 | ▼ 36.3% |
| Recurring financial income75 | €1,937 | €2,472 | €2,986 | €1,836 | €1,562 | €663 | €591 | €376 | ▼ 36.3% |
| Financial charges65/66B | - | - | - | €285 | €393 | €99 | €4,279 | €5,108 | ▲ 19.4% |
| Recurring financial charges65 | €847 | €633 | €202 | €285 | €393 | €99 | €4,279 | €5,108 | ▲ 19.4% |
| Profit (loss) for the period before taxes9903 | €8,432 | €29,428 | €32,406 | €18,143 | €26,549 | €24,734 | €18,659 | €4,531 | ▼ 75.7% |
| Income taxes67/77 | €4,904 | €10,285 | €8,832 | €7,310 | €9,400 | €9,842 | €8,601 | €4,676 | ▼ 45.6% |
| Profit (loss) for the period9904 | €3,528 | €19,143 | €23,574 | €10,833 | €17,149 | €14,892 | €10,059 | -€146 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €236 | - |
| Profit (loss) for the period to be appropriated9905 | €3,528 | €19,143 | €23,574 | €10,833 | €17,149 | €14,892 | €10,059 | €90 | ▼ 99.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €42,221 | €77,613 | €53,372 | €60,506 | €42,104 | €66,825 | €62,093 | €47,995 | ▼ 22.7% |
| Fixed assets21/28 | - | €16,316 | €8,290 | €3,012 | €3,203 | €5,316 | €12,717 | €11,086 | ▼ 12.8% |
| Tangible fixed assets22/27 | - | €16,316 | €8,290 | €3,012 | €3,203 | €5,316 | €12,717 | €11,086 | ▼ 12.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,562 | €7,120 | €5,340 | ▼ 25.0% |
| Furniture and vehicles24 | - | - | - | €910 | €512 | €1,028 | €2,828 | €3,716 | ▲ 31.4% |
| Other tangible fixed assets26 | - | - | - | €2,102 | €2,691 | €2,726 | €2,769 | €2,030 | ▼ 26.7% |
| Current assets29/58 | €42,221 | €61,297 | €45,082 | €57,494 | €38,901 | €61,509 | €49,376 | €36,909 | ▼ 25.2% |
| Amounts receivable within one year40/41 | €39,198 | €55,308 | €33,612 | €44,894 | €27,082 | €31,472 | €22,095 | €20,410 | ▼ 7.6% |
| Trade receivables40 | - | - | - | €10,150 | €17,000 | €17,408 | €15,125 | €15,125 | = |
| Other amounts receivable41 | - | - | - | €34,744 | €10,082 | €14,064 | €6,970 | €5,285 | ▼ 24.2% |
| Cash at bank and in hand54/58 | - | €3,308 | €8,700 | €10,032 | €10,504 | €23,211 | €10,882 | €1,054 | ▼ 90.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,569 | €1,314 | €6,825 | €16,399 | €15,445 | ▼ 5.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €42,221 | €77,613 | €53,372 | €60,506 | €42,104 | €66,825 | €62,093 | €47,995 | ▼ 22.7% |
| Equity10/15 | €24,497 | €14,500 | €38,074 | €14,557 | €22,446 | €15,838 | €25,897 | €25,751 | ▼ 0.6% |
| Contributions10/11 | €12,400 | - | - | €12,400 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €12,096 | €2,096 | €25,674 | €2,124 | €17,446 | €10,838 | €20,897 | €20,751 | ▼ 0.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €236 | €236 | €236 | €236 | - | - |
| Distributable reserves133 | - | - | - | €28 | €17,210 | €10,602 | €20,661 | €20,751 | ▲ 0.4% |
| Profit (loss) carried forward14 | €1 | €4 | - | €33 | - | - | - | - | - |
| Amounts payable17/49 | €17,724 | €63,113 | €15,298 | €45,950 | €19,658 | €50,987 | €36,196 | €22,244 | ▼ 38.5% |
| Amounts payable after more than one year17 | - | €4,715 | - | - | - | - | €990 | - | - |
| Financial debts170/4 | - | - | - | - | - | - | €990 | - | - |
| Amounts payable within one year42/48 | €16,224 | €56,898 | €13,798 | €44,450 | €18,158 | €49,487 | €33,706 | €20,744 | ▼ 38.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €3,838 | €990 | ▼ 74.2% |
| Financial debts43 | - | - | - | €511 | €331 | €1,126 | €345 | €2,960 | ▲ 757% |
| Credit institutions430/8 | - | - | - | €511 | €331 | €1,126 | €345 | €2,960 | ▲ 757% |
| Trade debts44 | €2,388 | €1,973 | €787 | €923 | €1,852 | €7,735 | €6,797 | €4,835 | ▼ 28.9% |
| Suppliers440/4 | - | - | - | €923 | €1,852 | €7,735 | €6,797 | €4,835 | ▼ 28.9% |
| Taxes, remuneration and social security45 | - | - | - | €8,666 | €15,975 | €19,125 | €22,725 | €11,958 | ▼ 47.4% |
| Taxes450/3 | - | - | - | €8,666 | €15,975 | €19,125 | €22,725 | €11,958 | ▼ 47.4% |
| Other amounts payable47/48 | - | - | - | €34,350 | - | €21,500 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,528 | €19,143 | €23,574 | €10,833 | €17,149 | €14,892 | €10,059 | -€146 | - |
| + Depreciation and write-downs630 | €1,315 | €1,353 | €8,861 | €8,396 | €969 | €1,444 | €3,586 | €4,176 | ▲ 16.5% |
| Operating cash flow (approximation) | €4,843 | €20,496 | €32,436 | €19,229 | €18,118 | €16,335 | €13,645 | €4,030 | ▼ 70.5% |
| Investment in fixed assets (approximation) | - | - | -€836 | -€3,118 | -€1,160 | -€3,556 | -€10,987 | -€2,545 | ▲ 76.8% |
| Change in cash | - | - | €5,392 | €1,332 | €472 | €12,707 | -€12,329 | -€9,827 | ▲ 20.3% |
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, 6,908 companies had the same profile as NDC Projects has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NDC 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 6,908 companies, not a prediction for NDC 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 28-09-2026 | 2026-00526171 | |
| 31-03-2025 | micro format | 02-10-2025 | 2025-00523398 | |
| 31-03-2024 | micro format | 30-09-2024 | 2024-00479106 | |
| 31-03-2023 | micro format | 29-09-2023 | 2023-00458691 | |
| 31-03-2022 | micro format | 28-09-2022 | 2022-20437912 | |
| 31-03-2021 | micro format | 25-10-2021 | 2021-72800497 | |
| 31-03-2020 | micro format | 30-10-2020 | 2020-65900439 | |
| 31-03-2019 | micro format | 03-10-2019 | 2019-68200301 | |
| 31-03-2018 | micro format | 25-10-2018 | 2018-70100257 | |
| 31-03-2017 | micro format | 31-10-2017 | 2017-68500268 |