PROJECT 0
ActiveSummary
PROJECT 0 has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.9m and a net result of €86,178. Equity is growing by ~47.9% per year across the filed fiscal years. Its solvency ranks better than 67% of 4926 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability55▲+40
Solvency86▼-2
Growth35=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €330,000 at 30 days acceptable
Liquidity ample (current ratio 2.62 against 2.77 in 2024; short-term debt: 36.6% and cash: 5.7% of total assets), and 39% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
61%
Return on assets
1.1%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
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 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-08-2026, 10 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 · 10 filingsDeviation from the deadline
2025
10 d late
2024
22 d early
2023
12 d early
2023
160 d early
2022
125 d early
2021
73 d early
2020
40 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 60 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€20.1m▲ 21.4%
2024 · €16.6m
EBIT margin
0.9%▲ 2.0pp
2024 · -1.1%
Net result
€86,178
2024 · -€274,369
Working capital
€4.8m▲ 5.0%
2024 · €4.6m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202320242025
Turnover€25.5m-€16.6m▼ 34.8%€20.1m▲ 21.4%
Operating result€1.1m▲ 71.7%€4.2m▲ 293%€846,272--€180,909€187,853
Net result€847,922▲ 96.8%€3.0m▲ 258%€530,640--€274,369€86,178
EBIT margin3.3%--1.1%▼ 4.4pp0.9%▲ 2.0pp
Equity€1.8m▲ 47.9%€4.6m▲ 153%€5.1m-€4.8m▼ 5.4%€4.9m▲ 1.8%
Total assets€4.8m▲ 88.6%€11.6m▲ 141%€10.6m-€7.7m▼ 27.6%€8.1m▲ 5.1%
Debt€3.0m▲ 126%€7.0m▲ 134%€5.5m-€2.8m▼ 48.3%€3.2m▲ 10.8%
Working capital€1.8m▲ 58.8%€4.7m▲ 161%€5.0m-€4.6m▼ 8.1%€4.8m▲ 5.0%
Staff (FTE)6.3▼ 4.5%7.7▲ 22.2%9.4-7.6▼ 19.1%7.5▼ 1.3%
Result per fiscal year
Operating resultNet result
Multiple fiscal year ends fall in the same calendar year; an annual trend is not displayed.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.1m
Fixed assets
€344,510 ▼ 37.6%
Current assets
€7.7m ▲ 8.4%
Equity and liabilities €8.1m
Equity
€4.9m ▲ 1.8%
Debt
€3.2m ▲ 10.8%
Debt's share of the balance-sheet total rises from 37.0% to 39.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€277,917▲
2024 · -€97,864
Cash flow
€176,241▲
2024 · -€191,324
Current ratio
2.62▼
2024 · 2.77
Quick ratio
0.95▼
2024 · 0.99
Debt to equity
0.64▲
2024 · 0.59
ROE
1.8%▲
2024 · -5.7%
ROA
1.1%▲
2024 · -3.6%
Interest coverage
11.58▲
2024 · -0.99
Debt ≤ 1 year
€3.0m▲
2024 · €2.6m
Debt > 1 year
€17,384▼
2024 · €258,838
Income taxes
€914▲
2024 · €786
Staff costs
€591,272▲
2024 · €568,349
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,891 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.6%
went bankrupt
4.0%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 10,891 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €25.5m | €16.7m | €20.5m | ▲ 23.0% |
| Turnover70 | - | - | €25.5m | €16.6m | €20.1m | ▲ 21.4% |
| Other operating income74 | - | - | €9,579 | €15,770 | €43,846 | ▲ 178% |
| Non-recurring operating income76A | - | - | - | €88,241 | €349,579 | ▲ 296% |
| Operating charges60/66A | - | - | €24.6m | €16.9m | €20.3m | ▲ 20.5% |
| Goods for resale, raw materials and consumables60 | - | - | €23.1m | €14.8m | €17.8m | ▲ 20.0% |
| Purchases600/8 | - | - | €22.2m | €12.8m | €18.4m | ▲ 43.8% |
| Change in stocks: decrease (increase)609 | - | - | €938,224 | €2.1m | -€547,443 | ▼ 126% |
| Services and other goods61 | - | - | €888,603 | €1.2m | €1.7m | ▲ 35.3% |
| Remuneration, social security and pensions62 | €359,867 | €505,778 | €512,447 | €568,349 | €591,272 | ▲ 4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,734 | €52,659 | €62,391 | €83,045 | €90,063 | ▲ 8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €20,807 | €77,853 | €48,240 | €134,094 | €159,869 | ▲ 19.2% |
| Other operating charges640/8 | €122,950 | €667,593 | €17,386 | €19,802 | €21,834 | ▲ 10.3% |
| Non-recurring operating charges66A | - | - | - | - | €1,000 | - |
| Gross operating margin9900 | €1.6m | €5.5m | - | - | - | - |
| Operating profit (loss)9901 | €1.1m | €4.2m | €846,272 | -€180,909 | €187,853 | ▲ 204% |
| Financial income75/76B | €89,092 | €12,622 | €26,758 | €28,417 | €3,032 | ▼ 89.3% |
| Recurring financial income75 | €89,092 | €12,622 | €26,758 | €28,417 | €3,032 | ▼ 89.3% |
| Other financial income752/9 | - | - | €26,758 | €28,417 | €3,032 | ▼ 89.3% |
| Financial charges65/66B | €35,170 | €129,464 | €156,730 | €121,091 | €103,793 | ▼ 14.3% |
| Recurring financial charges65 | €35,170 | €129,464 | €156,730 | €121,091 | €103,793 | ▼ 14.3% |
| Debt charges650 | - | - | €128,267 | €98,450 | €24,002 | ▼ 75.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | €0 | €0 | - | - |
| Other financial charges652/9 | - | - | €28,462 | €22,641 | €79,791 | ▲ 252% |
| Profit (loss) for the period before taxes9903 | €1.1m | €4.1m | €716,299 | -€273,583 | €87,092 | ▲ 132% |
| Income taxes67/77 | €269,550 | €1.0m | €185,659 | €786 | €914 | ▲ 16.2% |
| Taxes670/3 | - | - | €187,447 | €5,219 | €914 | ▼ 82.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | €1,787 | €4,432 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €847,922 | €3.0m | €530,640 | -€274,369 | €86,178 | ▲ 131% |
| Profit (loss) for the period to be appropriated9905 | €847,922 | €3.0m | €530,640 | -€274,369 | €86,178 | ▲ 131% |
| Line | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.8m | €11.6m | €10.6m | €7.7m | €8.1m | ▲ 5.1% |
| Fixed assets21/28 | €784,572 | €781,319 | €829,504 | €552,424 | €344,510 | ▼ 37.6% |
| Intangible fixed assets21 | €10,697 | €15,259 | €41,192 | €42,587 | €31,661 | ▼ 25.7% |
| Tangible fixed assets22/27 | €773,875 | €765,985 | €788,237 | €509,762 | €266,598 | ▼ 47.7% |
| Land and buildings22 | €608,267 | €581,562 | €561,558 | €232,487 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | €154,640 | €155,870 | €141,943 | €157,009 | €164,103 | ▲ 4.5% |
| Furniture and vehicles24 | €10,968 | €28,553 | €21,482 | €55,967 | €37,354 | ▼ 33.3% |
| Leasing and similar rights25 | - | - | €63,253 | €47,438 | €31,623 | ▼ 33.3% |
| Other tangible fixed assets26 | - | - | - | €16,860 | €33,519 | ▲ 98.8% |
| Financial fixed assets28 | - | €75 | €75 | €75 | €46,250 | ▲ 61,567% |
| Other financial fixed assets284/8 | - | - | €75 | €75 | €46,250 | ▲ 61,567% |
| Amounts receivable and cash guarantees285/8 | - | - | €75 | €75 | €46,250 | ▲ 61,567% |
| Current assets29/58 | €4.0m | €10.8m | €9.8m | €7.1m | €7.7m | ▲ 8.4% |
| Stocks and contracts in progress3 | €2.1m | €7.4m | €7.0m | €4.6m | €4.9m | ▲ 7.7% |
| Stocks30/36 | €2.1m | €7.4m | €7.0m | €4.6m | €4.9m | ▲ 7.7% |
| Goods purchased for resale34 | - | - | €6.4m | €4.3m | €4.7m | ▲ 9.2% |
| Advance payments36 | - | - | €578,342 | €225,096 | €176,415 | ▼ 21.6% |
| Amounts receivable within one year40/41 | €1.7m | €3.2m | €2.5m | €1.5m | €2.3m | ▲ 53.4% |
| Trade receivables40 | €1.7m | €3.2m | €2.2m | €1.2m | €2.3m | ▲ 89.2% |
| Other amounts receivable41 | €30,460 | €16,577 | €312,553 | €312,154 | €45,071 | ▼ 85.6% |
| Cash at bank and in hand54/58 | €226,129 | €151,842 | €247,147 | €957,677 | €457,180 | ▼ 52.3% |
| Deferred charges and accrued income490/1 | €2,027 | €19,133 | €26,047 | €76,825 | €8,692 | ▼ 88.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.8m | €11.6m | €10.6m | €7.7m | €8.1m | ▲ 5.1% |
| Equity10/15 | €1.8m | €4.6m | €5.1m | €4.8m | €4.9m | ▲ 1.8% |
| Contributions10/11 | €63,600 | €63,600 | €63,600 | €63,600 | €63,600 | = |
| Reserves13 | €1.8m | €4.5m | €5.0m | €4.8m | €4.9m | ▲ 1.8% |
| Distributable reserves133 | €1.8m | €4.5m | €5.0m | €4.8m | €4.9m | ▲ 1.8% |
| Profit (loss) carried forward14 | €0 | €0 | - | - | - | - |
| Amounts payable17/49 | €3.0m | €7.0m | €5.5m | €2.8m | €3.2m | ▲ 10.8% |
| Amounts payable after more than one year17 | €784,840 | €927,767 | €665,432 | €258,838 | €17,384 | ▼ 93.3% |
| Financial debts170/4 | €784,840 | €927,767 | €665,432 | €258,838 | €17,384 | ▼ 93.3% |
| Leasing and similar obligations172 | - | - | €49,438 | €33,794 | €17,384 | ▼ 48.6% |
| Credit institutions173 | - | - | €615,994 | €225,044 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €2.2m | €6.1m | €4.8m | €2.6m | €3.0m | ▲ 14.5% |
| Current portion of amounts payable after more than one year42 | €109,177 | €510,580 | €455,118 | €155,162 | €16,410 | ▼ 89.4% |
| Financial debts43 | €258,450 | €1.2m | €1.9m | €1.0m | €200,000 | ▼ 80.0% |
| Credit institutions430/8 | €258,450 | €1.2m | €1.9m | €1.0m | €200,000 | ▼ 80.0% |
| Trade debts44 | €1.3m | €1.8m | €2.1m | €1.2m | €1.9m | ▲ 51.9% |
| Suppliers440/4 | €1.3m | €1.8m | €2.1m | €1.2m | €1.9m | ▲ 51.9% |
| Advances received on contracts in progress46 | €55,756 | €1.5m | €45,007 | €11,166 | €128,282 | ▲ 1,049% |
| Taxes, remuneration and social security45 | €489,428 | €1.1m | €315,671 | €186,043 | €245,804 | ▲ 32.1% |
| Taxes450/3 | €420,721 | €1.0m | €234,625 | €121,766 | €168,253 | ▲ 38.2% |
| Remuneration and social security454/9 | €68,706 | €83,812 | €81,046 | €64,278 | €77,551 | ▲ 20.7% |
| Other amounts payable47/48 | €9,463 | €9,546 | €8,473 | €0 | €500,000 | - |
| Accrued charges and deferred income492/3 | €0 | - | €4,083 | €8,275 | €181,607 | ▲ 2,095% |
| Line | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €847,922 | €3.0m | €530,640 | -€274,369 | €86,178 | ▲ 131% |
| + Depreciation and write-downs630 | €51,734 | €52,659 | €62,391 | €83,045 | €90,063 | ▲ 8.5% |
| Operating cash flow (approximation) | €899,656 | €3.1m | €593,030 | -€191,324 | €176,241 | ▲ 192% |
| Investment in fixed assets (approximation) | - | -€49,406 | - | €194,035 | €117,851 | ▼ 39.3% |
| Change in cash | - | -€74,288 | - | €710,530 | -€500,497 | ▼ 170% |
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
10-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 10 days late
2025
31-12
Financial
Back to profitnet €86,178
Net result €86,178 after one loss-making year.
09-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
19-05
State Gazette act
Board meeting · Merger
Accounting effect · Net-asset statement
2024
31-12
Financial
Weakest financial yearnet -€274,369
Net result drops to -€274,369, the lowest in the series; recovery starts the following year.
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Equity above €5mEq €5.1m ▲11.4%
6 profitable years in a row build equity to €5.1m.
24-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-03
Financial
Highest result since 2019net €3.0m ▲258%
Operating result €4.2m, net result €3.0m, both a record.
31-03
Financial
Equity above €2mEq €4.6m ▲153%
5 profitable years in a row build equity to €4.6m.
2022
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
19-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
Show earlier events
31-03
Financial
Equity above €1mEq €1.2m ▲54.1%
3 profitable years in a row build equity to €1.2m.
2020
21-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
21-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
05-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 247 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 13 acts read
About the unread acts
We know of 13 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
13 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, Waregem · 1 establishment unit since 2009
Ground area
9,079 m²
Building footprint
5,548 m²
Volume, LiDAR
29,108 m³
Parcel 34453E0342/00A000, Flanders · tallest building 13.9 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
PROJECT 0
since 20092.181.267.803
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34453E0342/00A000 | Flanders | 9,079 m² | 1 · 5,548 m² | 13.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- ECOSTAL GROUP
- ECOSTAL
- PROJECT 0
Highest known parent: ECOSTAL GROUP. The sources do not say who stands above it.
Owners 1
- ECOSTALparentSourceaccounts ECOSTAL 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionTaken over by:ECOSTAL SA
Public money · subsidies and aid
Flemish government
2022 to 2024 · 4 entries · 1,080 EUR awarded · 1,080 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | -6,133 EUR | 0 EUR |
| 2023 | 1 | 0 EUR | 1,080 EUR |
| 2022 | 2 | 7,213 EUR | 0 EUR |
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Of 1,244 companies in sector 46643 we hold annual accounts for 953. 476 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
Founded14-07-2009
Fiscal year end31-12
Activities, NACEBEL 2025
46643Wholesale of electrical equipment, including installation materials
35110Production of electricity from non-renewable sources
43211General electrical installation work
96999Other personal services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0817284287
Registered
31-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.