Pro Projects
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 11 filings
Turnover
≈ €930,000
Estimated: probably between €580,000 and €1.2m
Total assets
€902,954▲ 2.5%
2024 · €880,576
Net result
€6,527▲ 12×
2024 · €527
Working capital
€209,566▲ 57.4%
2024 · €133,150
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€28,153
▲ 66.1%
2025
20182025
Net result
€6,527
▲ 12×
2025
middle half of the sector
20182025
Equity
€292,262
▼ 13.2%
2025
middle half of the sector
20182025
Total assets
€902,954
▲ 2.5%
2025
middle half of the sector
20182025
Debt
€610,692
▲ 12.3%
2025
20182025
Working capital
€209,566
▲ 57.4%
2025
middle half of the sector
20182025
Solvency
32.4%
▼ 5.9pp
2025
middle half of the sector
20182025
Current ratio
1.83
▲ 0.31
2025
middle half of the sector
20182025
Return on assets (ROA)
0.7%
▲ 0.7pp
2025
middle half of the sector
20182025
Staff (FTE)
3.2
▼ 5.9%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€25,369-€23,071▼ 9.1%€88,020▲ 282%€32,221▼ 63.4%€76,395▲ 137%€27,082▼ 64.6%€16,953▼ 37.4%€28,153▲ 66.1%
Net result€13,003-€12,439▼ 4.3%€15,657within the sector's middle half▲ 25.9%€16,142within the sector's middle half▲ 3.1%€48,613above the sector's middle half▲ 201%€14,972within the sector's middle half▼ 69.2%€527below the sector's middle half▼ 96.5%€6,527within the sector's middle half▲ 12×
Equity€228,527-€240,966▲ 5.4%€256,623above the sector's middle half▲ 6.5%€272,764above the sector's middle half▲ 6.3%€321,377above the sector's middle half▲ 17.8%€336,350above the sector's middle half▲ 4.7%€336,877within the sector's middle half▲ 0.2%€292,262within the sector's middle half▼ 13.2%
Total assets€635,717-€783,796▲ 23.3%€857,586above the sector's middle half▲ 9.4%€895,737above the sector's middle half▲ 4.4%€879,592above the sector's middle half▼ 1.8%€840,551above the sector's middle half▼ 4.4%€880,576within the sector's middle half▲ 4.8%€902,954within the sector's middle half▲ 2.5%
Debt€407,191-€542,830▲ 33.3%€600,963▲ 10.7%€622,972▲ 3.7%€558,215▼ 10.4%€504,202▼ 9.7%€543,700▲ 7.8%€610,692▲ 12.3%
Working capital€80,105-€157,810▲ 97.0%€103,369above the sector's middle half▼ 34.5%€139,563above the sector's middle half▲ 35.0%€149,297above the sector's middle half▲ 7.0%€156,834above the sector's middle half▲ 5.0%€133,150within the sector's middle half▼ 15.1%€209,566within the sector's middle half▲ 57.4%
Solvency35.9%-30.7%▼ 5.2pp29.9%within the sector's middle half▼ 0.8pp30.5%within the sector's middle half▲ 0.5pp36.5%within the sector's middle half▲ 6.1pp40.0%within the sector's middle half▲ 3.5pp38.3%within the sector's middle half▼ 1.8pp32.4%within the sector's middle half▼ 5.9pp
Current ratio2.12-2.55▲ 0.431.51within the sector's middle half▼ 1.051.56within the sector's middle half▲ 0.061.75within the sector's middle half▲ 0.191.87within the sector's middle half▲ 0.121.52within the sector's middle half▼ 0.351.83within the sector's middle half▲ 0.31
Return on assets (ROA)2.0%-1.6%▼ 0.5pp1.8%within the sector's middle half▲ 0.2pp1.8%within the sector's middle half=5.5%within the sector's middle half▲ 3.7pp1.8%within the sector's middle half▼ 3.7pp0.1%below the sector's middle half▼ 1.7pp0.7%within the sector's middle half▲ 0.7pp
Staff (FTE)0.8-2▲ 150%2within the sector's middle half=2.1▲ 5.0%2.3▲ 9.5%1.3▼ 43.5%3.4within the sector's middle half▲ 162%3.2within the sector's middle half▼ 5.9%
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 66% higher than in 2024. It is a recovery after the fall 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 €902,954
Fixed assets
€439,914 ▼ 10.3%
Current assets
€463,040 ▲ 18.8%
Equity and liabilities €902,954
Equity
€292,262 ▼ 13.2%
Debt
€610,692 ▲ 12.3%
Debt's share of the balance-sheet total rises from 61.7% to 67.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€97,573▲
2024 · €83,677
Cash flow
€75,947▲
2024 · €67,251
Quick ratio
1.54▲
2024 · 1.30
Debt to equity
2.09▲
2024 · 1.61
ROE
2.2%▲
2024 · 0.2%
Interest coverage
5.12▲
2024 · 4.21
Debt ≤ 1 year
€253,474▼
2024 · €256,741
Debt > 1 year
€316,020▲
2024 · €286,935
Income taxes
€4,682▲
2024 · €1,129
Staff costs
€204,085▼
2024 · €204,419
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 | 4 | 3 |
| full-time | 3 | 2 | 2 | 4 | 3 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 3 | 2 | 2 | 4 | 3 |
| Average over the year, in full-time equivalents | 2.1 | 2.3 | 1.3 | 3.4 | 3.2 |
| On a permanent contract | 3 | 2 | 2 | 4 | 3 |
| Joined | 1 | 0 | 1 | 2 | 0 |
| Left | 0 | 1 | 1 | 0 | 1 |
| Training hours | - | 20 | - | - | 88 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €401,215 | €401,215 | €401,215 | €401,215 | €401,215 |
| Mortgage mandates | - | - | - | €250,000 | €250,000 |
| Carrying value of the mortgaged assets | €464,658 | €451,712 | €438,714 | €401,107 | €364,446 |
| Pledge on the business | €250,000 | €250,000 | €250,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €18,315 | €79,399 | €28,609 | €5,107 | €18,649 |
| Intangible fixed assets | - | - | - | €50,680 | - |
| Financial fixed assets | - | - | €2,850 | - | €0 |
| Depreciation and write-downs of the year | €53,960 | €56,267 | €60,172 | €66,724 | €69,420 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €27,357 awarded · €27,357 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €7,377 | €7,377 |
| 2024 | 1 | €7,500 | €7,500 |
| 2023 | 1 | €4,980 | €4,980 |
| 2022 | 1 | €7,500 | €7,500 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €1,151 | €200 | ▼ 82.6% |
| Remuneration, social security and pensions62 | - | - | - | €104,808 | €140,793 | €91,033 | €204,419 | €204,085 | ▼ 0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €44,209 | €49,287 | €55,190 | €53,960 | €56,267 | €60,172 | €66,724 | €69,420 | ▲ 4.0% |
| Other operating charges640/8 | - | - | - | €3,517 | €3,574 | €5,323 | €4,985 | €2,763 | ▼ 44.6% |
| Non-recurring operating charges66A | - | - | - | €2,632 | €0 | - | €51,332 | €503 | ▼ 99.0% |
| Gross operating margin9900 | €98,109 | €164,036 | €223,100 | €197,137 | €277,029 | €183,609 | €344,413 | €304,924 | ▼ 11.5% |
| Operating profit (loss)9901 | €25,369 | €23,071 | €88,020 | €32,221 | €76,395 | €27,082 | €16,953 | €28,153 | ▲ 66.1% |
| Financial income75/76B | - | - | - | €3,142 | €2,193 | €6,004 | €4,581 | €2,110 | ▼ 53.9% |
| Recurring financial income75 | €23 | €1,543 | €980 | €3,142 | €2,193 | €6,004 | €4,581 | €2,110 | ▼ 53.9% |
| Financial charges65/66B | - | - | - | €14,401 | €14,954 | €13,286 | €19,878 | €19,053 | ▼ 4.2% |
| Recurring financial charges65 | €11,406 | €12,174 | €73,344 | €14,401 | €14,954 | €13,286 | €19,878 | €19,053 | ▼ 4.2% |
| Profit (loss) for the period before taxes9903 | €13,987 | €12,439 | €15,657 | €20,962 | €63,634 | €19,799 | €1,656 | €11,210 | ▲ 577% |
| Income taxes67/77 | €984 | - | - | €4,820 | €15,021 | €4,827 | €1,129 | €4,682 | ▲ 315% |
| Profit (loss) for the period9904 | €13,003 | €12,439 | €15,657 | €16,142 | €48,613 | €14,972 | €527 | €6,527 | ▲ 12× |
| Profit (loss) for the period to be appropriated9905 | €13,003 | €12,439 | €15,657 | €16,142 | €48,613 | €14,972 | €527 | €6,527 | ▲ 12× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €635,717 | €783,796 | €857,586 | €895,737 | €879,592 | €840,551 | €880,576 | €902,954 | ▲ 2.5% |
| Fixed assets21/28 | €484,013 | €524,397 | €549,952 | €509,052 | €532,184 | €503,470 | €490,685 | €439,914 | ▼ 10.3% |
| Intangible fixed assets21 | - | - | - | - | - | - | €44,770 | €34,383 | ▼ 23.2% |
| Tangible fixed assets22/27 | €483,650 | €524,034 | €549,589 | €508,689 | €531,821 | €500,257 | €442,702 | €402,318 | ▼ 9.1% |
| Land and buildings22 | - | - | - | €464,658 | €451,712 | €438,714 | €401,107 | €364,446 | ▼ 9.1% |
| Plant, machinery and equipment23 | - | - | - | €15,084 | €26,479 | €18,589 | €14,896 | €21,317 | ▲ 43.1% |
| Furniture and vehicles24 | - | - | - | €25,481 | €53,631 | €42,955 | €26,699 | €16,554 | ▼ 38.0% |
| Leasing and similar rights25 | - | - | - | €3,466 | €0 | - | - | - | - |
| Financial fixed assets28 | €363 | €363 | €363 | €363 | €363 | €3,213 | €3,213 | €3,213 | = |
| Current assets29/58 | €151,705 | €259,399 | €307,634 | €386,685 | €347,408 | €337,081 | €389,891 | €463,040 | ▲ 18.8% |
| Stocks and contracts in progress3 | €8,474 | €8,270 | €15,180 | €28,020 | €32,780 | €51,484 | €55,286 | €72,501 | ▲ 31.1% |
| Stocks30/36 | - | - | - | €16,020 | €20,280 | €23,684 | €55,286 | €72,501 | ▲ 31.1% |
| Contracts in progress37 | - | - | - | €12,000 | €12,500 | €27,800 | €0 | - | - |
| Amounts receivable within one year40/41 | €142,156 | €206,199 | €91,222 | €242,252 | €195,747 | €228,872 | €184,633 | €160,402 | ▼ 13.1% |
| Trade receivables40 | - | - | - | €152,070 | €162,592 | €152,984 | €138,666 | €145,184 | ▲ 4.7% |
| Other amounts receivable41 | - | - | - | €90,183 | €33,155 | €75,888 | €45,968 | €15,218 | ▼ 66.9% |
| Current investments50/53 | - | - | - | - | €50,000 | €5,033 | €538 | €41,731 | ▲ 78× |
| Cash at bank and in hand54/58 | - | €7,762 | €166,499 | €115,412 | €65,497 | €48,138 | €146,143 | €178,808 | ▲ 22.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,001 | €3,384 | €3,554 | €3,291 | €9,599 | ▲ 192% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €635,717 | €783,796 | €857,586 | €895,737 | €879,592 | €840,551 | €880,576 | €902,954 | ▲ 2.5% |
| Equity10/15 | €228,527 | €240,966 | €256,623 | €272,764 | €321,377 | €336,350 | €336,877 | €292,262 | ▼ 13.2% |
| Contributions10/11 | €175,600 | €175,600 | - | €175,600 | €175,600 | €175,600 | €175,600 | €153,015 | ▼ 12.9% |
| Reserves13 | €52,927 | €65,366 | €81,023 | €97,164 | €145,777 | €160,750 | €161,277 | €139,248 | ▼ 13.7% |
| Non-distributable reserves130/1 | - | - | - | €18,800 | €18,800 | €18,800 | €18,800 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €18,800 | €18,800 | €18,800 | €18,800 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €78,364 | €126,977 | €141,950 | €142,477 | €139,248 | ▼ 2.3% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €407,191 | €542,830 | €600,963 | €622,972 | €558,215 | €504,202 | €543,700 | €610,692 | ▲ 12.3% |
| Amounts payable after more than one year17 | €335,465 | €441,117 | €396,511 | €375,850 | €360,081 | €323,955 | €286,935 | €316,020 | ▲ 10.1% |
| Financial debts170/4 | - | - | - | €375,850 | €360,081 | €323,955 | €286,935 | €316,020 | ▲ 10.1% |
| Amounts payable within one year42/48 | €71,600 | €101,588 | €204,264 | €247,122 | €198,111 | €180,247 | €256,741 | €253,474 | ▼ 1.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €36,596 | €37,096 | €36,126 | €37,020 | €57,028 | ▲ 54.0% |
| Financial debts43 | - | - | - | €0 | €3,136 | €76,318 | €147,837 | €4,830 | ▼ 96.7% |
| Credit institutions430/8 | - | - | - | €0 | €3,136 | €76,318 | €147,837 | €4,830 | ▼ 96.7% |
| Trade debts44 | €16,020 | €50,639 | €52,873 | €105,812 | €62,208 | €58,525 | €66,743 | €71,741 | ▲ 7.5% |
| Suppliers440/4 | - | - | - | €105,812 | €62,208 | €58,525 | €66,743 | €71,741 | ▲ 7.5% |
| Advances received on contracts in progress46 | - | - | - | €81,290 | €83,115 | €0 | - | €94,288 | - |
| Taxes, remuneration and social security45 | - | - | - | €23,425 | €12,556 | €9,278 | €5,142 | €19,992 | ▲ 289% |
| Taxes450/3 | - | - | - | €15,064 | €7,556 | €2,718 | €2,758 | €12,552 | ▲ 355% |
| Remuneration and social security454/9 | - | - | - | €8,361 | €5,000 | €6,560 | €2,384 | €7,441 | ▲ 212% |
| Other amounts payable47/48 | - | - | - | €0 | - | - | - | €5,595 | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €23 | €0 | €23 | €41,198 | ▲ 1,798× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,003 | €12,439 | €15,657 | €16,142 | €48,613 | €14,972 | €527 | €6,527 | ▲ 12× |
| + Depreciation and write-downs630 | €44,209 | €49,287 | €55,190 | €53,960 | €56,267 | €60,172 | €66,724 | €69,420 | ▲ 4.0% |
| Operating cash flow (approximation) | €57,212 | €61,727 | €70,846 | €70,101 | €104,880 | €75,145 | €67,251 | €75,947 | ▲ 12.9% |
| Investment in fixed assets (approximation) | - | -€89,672 | -€80,744 | -€13,059 | -€79,399 | -€31,459 | -€53,938 | -€18,649 | ▲ 65.4% |
| Change in cash | - | - | €158,737 | -€51,086 | -€49,915 | -€17,359 | €98,005 | €32,664 | ▼ 66.7% |
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, 10,904 companies had the same profile as Pro Projects has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Pro 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 10,904 companies, not a prediction for Pro 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00238541 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00247820 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00218507 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00219194 | |
| 31-12-2021 | micro format | 11-07-2022 | 2022-20174206 | |
| 31-12-2020 | micro format | 19-07-2021 | 2021-37300250 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22100237 | |
| 31-12-2018 | micro format | 03-07-2019 | 2019-28900200 | |
| 31-12-2017 | micro format | 03-07-2018 | 2018-30400563 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-25900433 |