O-PROJECTS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 9 days after the deadline Filed on 9 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00035496.
Annual accounts 2025 filed on 09-02-2026 PDF all 6 filings
Turnover
≈ €120,000
Estimated: probably between €94,000 and €170,000
Total assets
€493,511▼ 1.4%
2024 · €500,515
Net result
€3,784▼ 16.1%
2024 · €4,508
Working capital
€39,931▲ 623%
2024 · €5,527
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€8,668
▼ 4.4%
2025
20202025
Net result
€3,784
▼ 16.1%
2025
middle half of the sector
20202025
Equity
€177,890
▲ 2.2%
2025
highest quarter of the sector
20202025
Total assets
€493,511
▼ 1.4%
2025
highest quarter of the sector
20202025
Debt
€315,621
▼ 3.3%
2025
20202025
Working capital
€39,931
▲ 623%
2025
middle half of the sector
20202025
Solvency
36.0%
▲ 1.3pp
2025
middle half of the sector
20202025
Current ratio
2.38
▲ 1.25
2025
middle half of the sector
20202025
Return on assets (ROA)
0.8%
▼ 0.1pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€92,485-€75,754▼ 18.1%€25,976▼ 65.7%€3,026▼ 88.3%€9,065▲ 200%€8,668▼ 4.4%
Net result€71,866above the sector's middle half-€59,486above the sector's middle half▼ 17.2%€18,612within the sector's middle half▼ 68.7%-€366below the sector's middle half€4,508within the sector's middle half€3,784within the sector's middle half▼ 16.1%
Equity€84,266within the sector's middle half-€143,752within the sector's middle half▲ 70.6%€169,964above the sector's middle half▲ 18.2%€169,598above the sector's middle half▼ 0.2%€174,106above the sector's middle half▲ 2.7%€177,890above the sector's middle half▲ 2.2%
Total assets€99,966within the sector's middle half-€170,098within the sector's middle half▲ 70.2%€376,383above the sector's middle half▲ 121%€495,875above the sector's middle half▲ 31.7%€500,515above the sector's middle half▲ 0.9%€493,511above the sector's middle half▼ 1.4%
Debt€15,700-€26,346▲ 67.8%€206,418▲ 683%€326,277▲ 58.1%€326,409=€315,621▼ 3.3%
Working capital€83,695within the sector's middle half-€140,836above the sector's middle half▲ 68.3%€156,232above the sector's middle half▲ 10.9%-€108,467below the sector's middle half€5,527within the sector's middle half€39,931within the sector's middle half▲ 623%
Solvency84.3%above the sector's middle half-84.5%above the sector's middle half▲ 0.2pp45.2%within the sector's middle half▼ 39.4pp34.2%within the sector's middle half▼ 11.0pp34.8%within the sector's middle half▲ 0.6pp36.0%within the sector's middle half▲ 1.3pp
Current ratio6.33above the sector's middle half-6.35above the sector's middle half▲ 0.018.29above the sector's middle half▲ 1.950.23below the sector's middle half▼ 8.061.13below the sector's middle half▲ 0.902.38within the sector's middle half▲ 1.25
Return on assets (ROA)71.9%above the sector's middle half-35.0%above the sector's middle half▼ 36.9pp4.9%within the sector's middle half▼ 30.0pp-0.1%below the sector's middle half▼ 5.0pp0.9%below the sector's middle half▲ 1.0pp0.8%below the sector's middle half▼ 0.1pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 4% 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 €493,511
Fixed assets
€424,712 ▼ 6.4%
Current assets
€68,799 ▲ 46.6%
Equity and liabilities €493,511
Equity
€177,890 ▲ 2.2%
Debt
€315,621 ▼ 3.3%
Debt's share of the balance-sheet total falls from 65.2% to 64.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€48,123▲
2024 · €39,936
Cash flow
€43,238▲
2024 · €35,380
Quick ratio
2.17▲
2024 · 0.95
Debt to equity
1.77▼
2024 · 1.87
ROE
2.1%▼
2024 · 2.6%
Interest coverage
18.60▲
2024 · 18.10
Debt ≤ 1 year
€28,867▼
2024 · €41,409
Debt > 1 year
€285,000=
2024 · €285,000
Income taxes
€2,550▲
2024 · €2,350
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 | €218,854 | €277,095 | €21,386 | €10,587 |
| Depreciation and write-downs of the year | €23,038 | €12,762 | €30,871 | €39,454 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €6,942 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €572 | €664 | €23,038 | €12,762 | €30,871 | €39,454 | ▲ 27.8% |
| Other operating charges640/8 | - | - | €676 | €1,819 | €10,327 | €9,013 | ▼ 12.7% |
| Gross operating margin9900 | €94,965 | €76,943 | €49,690 | €17,607 | €50,263 | €57,136 | ▲ 13.7% |
| Operating profit (loss)9901 | €92,485 | €75,754 | €25,976 | €3,026 | €9,065 | €8,668 | ▼ 4.4% |
| Financial income75/76B | - | - | €267 | €1 | €0 | €252 | - |
| Recurring financial income75 | €5 | €15 | €267 | €1 | €0 | €252 | - |
| Financial charges65/66B | - | - | €1,466 | €1,876 | €2,206 | €2,587 | ▲ 17.3% |
| Recurring financial charges65 | €79 | €67 | €1,466 | €1,876 | €2,206 | €2,587 | ▲ 17.3% |
| Profit (loss) for the period before taxes9903 | €92,411 | €75,702 | €24,777 | €1,151 | €6,859 | €6,334 | ▼ 7.7% |
| Income taxes67/77 | €20,544 | €16,216 | €6,165 | €1,517 | €2,350 | €2,550 | ▲ 8.5% |
| Profit (loss) for the period9904 | €71,866 | €59,486 | €18,612 | -€366 | €4,508 | €3,784 | ▼ 16.1% |
| Profit (loss) for the period to be appropriated9905 | €71,866 | €59,486 | €18,612 | -€366 | €4,508 | €3,784 | ▼ 16.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €99,966 | €170,098 | €376,383 | €495,875 | €500,515 | €493,511 | ▼ 1.4% |
| Fixed assets21/28 | €572 | €2,916 | €198,732 | €463,065 | €453,580 | €424,712 | ▼ 6.4% |
| Tangible fixed assets22/27 | €572 | €2,916 | €198,732 | €463,065 | €453,580 | €424,712 | ▼ 6.4% |
| Land and buildings22 | - | - | €157,857 | €419,733 | €414,827 | €391,138 | ▼ 5.7% |
| Plant, machinery and equipment23 | - | - | €883 | €4,059 | €3,466 | €4,318 | ▲ 24.6% |
| Furniture and vehicles24 | - | - | €1,240 | €39,274 | €35,286 | €29,257 | ▼ 17.1% |
| Assets under construction and advance payments27 | - | - | €38,751 | €0 | - | - | - |
| Current assets29/58 | €99,395 | €167,182 | €177,650 | €32,810 | €46,936 | €68,799 | ▲ 46.6% |
| Stocks and contracts in progress3 | - | - | - | €5,712 | €7,697 | €6,296 | ▼ 18.2% |
| Stocks30/36 | - | - | - | €5,712 | €7,697 | €6,296 | ▼ 18.2% |
| Amounts receivable within one year40/41 | €14,557 | €22,974 | €5,194 | €8,650 | €6,701 | €6,210 | ▼ 7.3% |
| Trade receivables40 | - | - | €5,194 | €5,314 | €6,455 | €5,621 | ▼ 12.9% |
| Other amounts receivable41 | - | - | €0 | €3,336 | €246 | €589 | ▲ 140% |
| Current investments50/53 | - | - | - | - | - | €35,000 | - |
| Cash at bank and in hand54/58 | €84,837 | €144,209 | €172,457 | €18,215 | €31,479 | €21,026 | ▼ 33.2% |
| Deferred charges and accrued income490/1 | - | - | - | €233 | €1,059 | €266 | ▼ 74.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €99,966 | €170,098 | €376,383 | €495,875 | €500,515 | €493,511 | ▼ 1.4% |
| Equity10/15 | €84,266 | €143,752 | €169,964 | €169,598 | €174,106 | €177,890 | ▲ 2.2% |
| Contributions10/11 | - | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €71,866 | €131,352 | €149,964 | €149,598 | €154,106 | €157,890 | ▲ 2.5% |
| Non-distributable reserves130/1 | - | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0 | - | - | - | - |
| Distributable reserves133 | - | - | €149,964 | €149,598 | €154,106 | €157,890 | ▲ 2.5% |
| Amounts payable17/49 | €15,700 | €26,346 | €206,418 | €326,277 | €326,409 | €315,621 | ▼ 3.3% |
| Amounts payable after more than one year17 | - | - | €185,000 | €185,000 | €285,000 | €285,000 | = |
| Financial debts170/4 | - | - | €185,000 | €185,000 | €285,000 | €285,000 | = |
| Amounts payable within one year42/48 | €15,700 | €26,346 | €21,418 | €141,277 | €41,409 | €28,867 | ▼ 30.3% |
| Financial debts43 | - | - | €6,000 | €3,500 | €0 | - | - |
| Credit institutions430/8 | - | - | €6,000 | €3,500 | €0 | - | - |
| Trade debts44 | €620 | €708 | €831 | €690 | €824 | €6,475 | ▲ 685% |
| Suppliers440/4 | - | - | €831 | €690 | €824 | €6,475 | ▲ 685% |
| Taxes, remuneration and social security45 | - | - | €4,797 | €0 | €11,804 | €691 | ▼ 94.1% |
| Taxes450/3 | - | - | €4,797 | €0 | €11,804 | €691 | ▼ 94.1% |
| Other amounts payable47/48 | - | - | €9,791 | €137,087 | €28,781 | €21,701 | ▼ 24.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €1,754 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €71,866 | €59,486 | €18,612 | -€366 | €4,508 | €3,784 | ▼ 16.1% |
| + Depreciation and write-downs630 | €572 | €664 | €23,038 | €12,762 | €30,871 | €39,454 | ▲ 27.8% |
| Operating cash flow (approximation) | €72,438 | €60,150 | €41,650 | €12,396 | €35,380 | €43,238 | ▲ 22.2% |
| Investment in fixed assets (approximation) | - | -€3,008 | -€218,854 | -€277,095 | -€21,386 | -€10,587 | ▲ 50.5% |
| Change in cash | - | €59,371 | €28,248 | -€154,242 | €13,264 | -€10,453 | - |
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, 1,639 companies had the same profile as O-PROJECTS has now. Two years later, 95.5% were still going and 0.5% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.5%
was still going
3.7%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of O-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 1,639 companies, not a prediction for O-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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 09-02-2026 | 2026-00035496 | |
| 30-06-2024 | micro format | 29-01-2025 | 2025-00014083 | |
| 30-06-2023 | micro format | 23-02-2024 | 2024-00033552 | |
| 30-06-2022 | micro format | 08-02-2023 | 2023-00025033 | |
| 30-06-2021 | micro format | 14-02-2022 | 2022-05500018 | |
| 30-06-2020 | micro format | 18-02-2021 | 2021-05600187 |