PRO JECTION
ActiveSummary
The computed 12-month bankruptcy probability of PRO JECTION is 2.9% (moderate). The 2025 annual accounts show equity of €10k and a net result of €272. Equity is growing by ~22% per year across the filed fiscal years. Its solvency ranks better than 16% of 27965 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-5
Solvency38▲+3
Growth78=
Track record94
Bankruptcy probability, 12 months
2.9%
Moderate
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Liquidity short (current ratio 0.85 against 0.73 in 2024; short-term debt: 86.7% and cash: 3.6% of total assets), and 86.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 27965 sector peers (2025).
NBB · sector comparisonPosition among 27965 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 3 filingsDeviation from the deadline
2025
31 d late
2024
26 d late
2023
29 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€10k▲ 2.9%
2024 · €9k
2023: €6klowest in 3 years
2024: €9k▲ +69.9% vs 2023
2025: €10k▲ +2.9% vs 2024highest in 3 years
2023 → 2025
Total assets
€73k▼ 25.5%
2024 · €98k
2023: €62klowest in 3 years
2024: €98k▲ +57.9% vs 2023highest in 3 years
2025: €73k▼ -25.5% vs 2024
2023 → 2025
Net result
€272▼ 93.0%
2024 · €4k
2023: €-2klowest in 3 years
2024: €4k▲ +335% vs 2023highest in 3 years
2025: €272▼ -93.0% vs 2024
2023 → 2025
Working capital
€-10k▲ 59.2%
2024 · €-24k
2023: €-30klowest in 3 years
2024: €-24k▲ +19.9% vs 2023
2025: €-10k▲ +59.2% vs 2024highest in 3 years
2023 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202320242025Trend
Equity€6k-€9k▲ 69.9%€10k▲ 2.9%
2023: €6klowest in 3 years
2024: €9k▲ +69.9% vs 2023
2025: €10k▲ +2.9% vs 2024highest in 3 years
Operating result€-2k-€6k€2k▼ 72.5%
2023: €-2klowest in 3 years
2024: €6k▲ +511% vs 2023highest in 3 years
2025: €2k▼ -72.5% vs 2024
Net result€-2k-€4k€272▼ 93.0%
2023: €-2klowest in 3 years
2024: €4k▲ +335% vs 2023highest in 3 years
2025: €272▼ -93.0% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 72% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €73k
Fixed assets
€20k ▼ 41.4%
Current assets
€54k ▼ 17.3%
Equity and liabilities €73k
Equity
€10k ▲ 2.9%
Debt
€64k ▼ 28.5%
Debt's share of the balance-sheet total falls from 90.4% to 86.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€11k▼
2024 · €16k
Cash flow
€9k▼
2024 · €13k
Current ratio
0.85▲
2024 · 0.73
Quick ratio
0.69▼
2024 · 0.73
Debt to equity
6.56▼
2024 · 9.44
ROE
2.8%▼
2024 · 41.2%
ROA
0.4%▼
2024 · 3.9%
Interest coverage
7.07▼
2024 · 8.61
Debt ≤ 1 year
€64k▼
2024 · €89k
Income taxes
€160▼
2024 · €607
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 43 lines
Balance sheet
Code20242025
Assets
Total assets20/58€98k€73k▼
Fixed assets21/28€33k€20k▼
Tangible fixed assets22/27€33k€20k▼
Plant, machinery and equipment23€27k€19k▼
Furniture and vehicles24€7k€815▼
Current assets29/58€65k€54k▼
Stocks and contracts in progress3-€10k
Stocks30/36-€10k
Amounts receivable within one year40/41€52k€39k▼
Trade receivables40€52k€37k▼
Other amounts receivable41€746€2k▲
Cash at bank and in hand54/58€11k€3k▼
Deferred charges and accrued income490/1€2k€3k▲
Equity and liabilities
Total equity and liabilities10/49€98k€73k▼
Equity10/15€9k€10k▲
Contributions10/11€7k€7k=
Profit (loss) carried forward14€2k€3k▲
Amounts payable17/49€89k€64k▼
Amounts payable within one year42/48€89k€64k▼
Current portion of amounts payable after more than one year42€3k€0▼
Financial debts43€34k€21k▼
Other loans439€34k€21k▼
Trade debts44€45k€37k▼
Suppliers440/4€45k€37k▼
Taxes, remuneration and social security45€5k€2k▼
Taxes450/3€2k€2k▲
Remuneration and social security454/9€3k€0▼
Other amounts payable47/48€2k€3k▲
Accrued charges and deferred income492/3-€87
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€9k€9k▼
Other operating charges640/8€462€4k▲
Gross operating margin9900€16k€14k▼
Operating profit (loss)9901€6k€2k▼
Financial income75/76B€6€195▲
Recurring financial income75€6€195▲
Financial charges65/66B€2k€1k▼
Recurring financial charges65€2k€1k▼
Profit (loss) for the period before taxes9903€4k€432▼
Income taxes67/77€607€160▼
Profit (loss) for the period9904€4k€272▼
Profit (loss) for the period to be appropriated9905€4k€272▼
Appropriation of the result
Profit (loss) to be appropriated9906€2k€3k▲
Profit (loss) brought forward from the previous period14P€-2k€2k▲
The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5k | €9k | €9k | ▼ 6.1% |
| Other operating charges640/8 | €2k | €462 | €4k | ▲ 726% |
| Gross operating margin9900 | €5k | €16k | €14k | ▼ 11.1% |
| Operating profit (loss)9901 | €-2k | €6k | €2k | ▼ 72.5% |
| Financial income75/76B | - | €6 | €195 | ▲ 3,204% |
| Recurring financial income75 | - | €6 | €195 | ▲ 3,204% |
| Financial charges65/66B | €113 | €2k | €1k | ▼ 18.0% |
| Recurring financial charges65 | €113 | €2k | €1k | ▼ 18.0% |
| Profit (loss) for the period before taxes9903 | €-2k | €4k | €432 | ▼ 90.4% |
| Income taxes67/77 | - | €607 | €160 | ▼ 73.6% |
| Profit (loss) for the period9904 | €-2k | €4k | €272 | ▼ 93.0% |
| Profit (loss) for the period to be appropriated9905 | €-2k | €4k | €272 | ▼ 93.0% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €62k | €98k | €73k | ▼ 25.5% |
| Fixed assets21/28 | €35k | €33k | €20k | ▼ 41.4% |
| Tangible fixed assets22/27 | €35k | €33k | €20k | ▼ 41.4% |
| Plant, machinery and equipment23 | €33k | €27k | €19k | ▼ 29.5% |
| Furniture and vehicles24 | €3k | €7k | €815 | ▼ 88.0% |
| Current assets29/58 | €27k | €65k | €54k | ▼ 17.3% |
| Stocks and contracts in progress3 | - | - | €10k | - |
| Stocks30/36 | - | - | €10k | - |
| Amounts receivable within one year40/41 | €12k | €52k | €39k | ▼ 26.3% |
| Trade receivables40 | €12k | €52k | €37k | ▼ 28.9% |
| Other amounts receivable41 | - | €746 | €2k | ▲ 153% |
| Cash at bank and in hand54/58 | €15k | €11k | €3k | ▼ 74.8% |
| Deferred charges and accrued income490/1 | - | €2k | €3k | ▲ 29.6% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €62k | €98k | €73k | ▼ 25.5% |
| Equity10/15 | €6k | €9k | €10k | ▲ 2.9% |
| Contributions10/11 | €7k | €7k | €7k | = |
| Profit (loss) carried forward14 | €-2k | €2k | €3k | ▲ 12.2% |
| Amounts payable17/49 | €57k | €89k | €64k | ▼ 28.5% |
| Amounts payable within one year42/48 | €57k | €89k | €64k | ▼ 28.6% |
| Current portion of amounts payable after more than one year42 | - | €3k | €0 | ▼ 100% |
| Financial debts43 | - | €34k | €21k | ▼ 37.2% |
| Other loans439 | - | €34k | €21k | ▼ 37.2% |
| Trade debts44 | €7k | €45k | €37k | ▼ 17.0% |
| Suppliers440/4 | €7k | €45k | €37k | ▼ 17.0% |
| Taxes, remuneration and social security45 | €121 | €5k | €2k | ▼ 62.9% |
| Taxes450/3 | €121 | €2k | €2k | ▲ 2.8% |
| Remuneration and social security454/9 | - | €3k | €0 | ▼ 100% |
| Other amounts payable47/48 | €50k | €2k | €3k | ▲ 43.0% |
| Accrued charges and deferred income492/3 | - | - | €87 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €-2k | €4k | €272 | ▼ 93.0% |
| + Depreciation and write-downs630 | €5k | €9k | €9k | ▼ 6.1% |
| Operating cash flow (approximation) | €3k | €13k | €9k | ▼ 31.5% |
| Investment in fixed assets (approximation) | - | €-7k | €5k | ▲ 168% |
| Change in cash | - | €-4k | €-8k | ▼ 87.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 26 days late
2024
31-12
Financial
Back to profitnet €4k
Net result €4k after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Pepinster · 1 establishment unit since 2023
Ground area
1,303 m²
Building footprint
174 m²
Volume, LiDAR
1,362 m³
2 parcels, Wallonia · tallest building 10.8 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
PRO JECTION
since 20232.347.239.454
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63576A0171/00H006 | Wallonia | 922 m² | 1 · 101 m² | 8.5 m · 2 fl. |
| 63452D0404/00Z005 | Wallonia | 381 m² | 1 · 73 m² | 10.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
PVD TECHNICS
BE 0475.267.831
Ittre · Eq €9,730
NB Toiture
BE 1023.029.504
Tienen · Eq €9,650
J-V-A CONCEPT
BE 0747.925.626
Halle · Eq €9,590
L2 CONSTRUCT
BE 0794.640.925
Herstal · Eq €9,916
MAXIPUR
BE 0544.966.685
Herentals · Eq €9,497
Of 4,271 companies in sector 43230 we hold annual accounts for 1,240. 696 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded09-06-2023
Fiscal year end31-12
Activities, NACEBEL 2025
43230Insulation installation
41001General construction of residential buildings
41003General construction of other non-residential buildings
43120Site preparation
43350Other building finishing work
43990Other specialised construction activities
Contact
E-mail
christian.kairis@skynet.be
Phone
+32475466287
Scores and ratios are computed by Checked and are not a credit decision.