PROJECT+
ActiveSummary
PROJECT+ has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €405,270 and a net result of -€68,787. Equity is shrinking by ~11.1% per year across the filed fiscal years. Its solvency ranks better than 30% of 9294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability16▼-21
Solvency36=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17,000 at 30 days only on tighter terms
Liquidity tight (current ratio 1.11 against 1.12 in 2024; short-term debt: 87.4% and cash: 3.5% of total assets), and 89.1% 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○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
neutral · Filed after the deadline
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 29-05-2026, 29 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
29 d late
2024
20 d late
2023
on the day
2022
on the day
2021
25 d late
2020
on the day
2019
on the day
← 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 11 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€405,270▼ 14.5%
2024 · €474,057
Total assets
€3.7m▼ 15.1%
2024 · €4.4m
Net result
-€68,787
2024 · €2,323
Working capital
€351,718▼ 20.5%
2024 · €442,328
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€19,396€5,598▼ 71.1%€37,250▲ 565%-€8,294-€94,106▼ 1,035%
Net result€18,900within the sector's middle half€5,524within the sector's middle half▼ 70.8%€23,107within the sector's middle half▲ 318%€2,323within the sector's middle half▼ 89.9%-€68,787below the sector's middle half
Equity€443,103within the sector's middle half▲ 4.5%€448,627within the sector's middle half▲ 1.2%€471,734within the sector's middle half▲ 5.2%€474,057within the sector's middle half▲ 0.5%€405,270within the sector's middle half▼ 14.5%
Total assets€1.9mwithin the sector's middle half▲ 93.6%€1.1mwithin the sector's middle half▼ 40.8%€2.4mwithin the sector's middle half▲ 109%€4.4mwithin the sector's middle half▲ 82.0%€3.7mwithin the sector's middle half▼ 15.1%
Debt€1.5m▲ 159%€697,297▼ 53.3%€1.9m▲ 176%€3.9m▲ 102%€3.3m▼ 15.2%
Working capital€422,128▲ 4.6%€408,349▼ 3.3%€441,579▲ 8.1%€442,328▲ 0.2%€351,718▼ 20.5%
Solvency22.9%within the sector's middle half▼ 19.5pp39.1%within the sector's middle half▲ 16.3pp19.7%within the sector's middle half▼ 19.5pp10.9%within the sector's middle half▼ 8.8pp10.9%within the sector's middle half▲ 0.1pp
Staff (FTE)0.8below the sector's middle half=0.8within the sector's middle half=0.8within the sector's middle half=0.8within the sector's middle half=0.8within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €94,106 in 2025 against €8,294 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.7m
Fixed assets
€113,879 ▲ 4.9%
Current assets
€3.6m ▼ 15.7%
Equity and liabilities €3.7m
Equity
€405,270 ▼ 14.5%
Debt
€3.3m ▼ 15.2%
Debt's share of the balance-sheet total falls from 89.1% to 89.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€65,591▼
2024 · €22,593
Cash flow
-€40,272▼
2024 · €33,210
Current ratio
1.11▼
2024 · 1.12
Quick ratio
0.38▲
2024 · 0.26
Debt to equity
8.14▼
2024 · 8.21
ROE
-17.0%▼
2024 · 0.5%
ROA
-1.9%▼
2024 · 0.1%
Interest coverage
-11.63▼
2024 · 2.22
Debt ≤ 1 year
€3.2m▼
2024 · €3.8m
Debt > 1 year
€47,084▼
2024 · €63,581
Income taxes
€573▼
2024 · €3,642
Staff costs
€70,890▲
2024 · €68,902
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,448 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
5.0%
stopped otherwise
93%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 2,448 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €58,277 | €62,998 | €66,908 | €68,902 | €70,890 | ▲ 2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,554 | €13,431 | €31,346 | €30,887 | €28,515 | ▼ 7.7% |
| Other operating charges640/8 | €1,715 | €718 | €2,452 | €3,870 | €2,087 | ▼ 46.1% |
| Gross operating margin9900 | €92,942 | €82,745 | €137,955 | €95,364 | €7,385 | ▼ 92.3% |
| Operating profit (loss)9901 | €19,396 | €5,598 | €37,250 | -€8,294 | -€94,106 | ▼ 1,035% |
| Financial income75/76B | €9,333 | €5,994 | €11,878 | €24,433 | €31,533 | ▲ 29.1% |
| Recurring financial income75 | €9,333 | €5,994 | €11,878 | €20,296 | €5,141 | ▼ 74.7% |
| Non-recurring financial income76B | - | - | - | €4,137 | €26,393 | ▲ 538% |
| Financial charges65/66B | €9,131 | €5,388 | €20,236 | €10,174 | €5,641 | ▼ 44.6% |
| Recurring financial charges65 | €9,131 | €5,388 | €20,236 | €10,174 | €5,641 | ▼ 44.6% |
| Profit (loss) for the period before taxes9903 | €19,598 | €6,203 | €28,891 | €5,965 | -€68,214 | ▼ 1,244% |
| Income taxes67/77 | €698 | €679 | €5,784 | €3,642 | €573 | ▼ 84.3% |
| Profit (loss) for the period9904 | €18,900 | €5,524 | €23,107 | €2,323 | -€68,787 | ▼ 3,061% |
| Profit (loss) for the period to be appropriated9905 | €18,900 | €5,524 | €23,107 | €2,323 | -€68,787 | ▼ 3,061% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.9m | €1.1m | €2.4m | €4.4m | €3.7m | ▼ 15.1% |
| Fixed assets21/28 | €45,621 | €151,703 | €142,394 | €108,553 | €113,879 | ▲ 4.9% |
| Tangible fixed assets22/27 | €37,496 | €141,128 | €130,569 | €103,228 | €106,754 | ▲ 3.4% |
| Plant, machinery and equipment23 | €4,866 | €3,126 | €1,400 | €1,200 | €22,267 | ▲ 1,756% |
| Furniture and vehicles24 | €32,630 | €23,000 | €12,721 | €1,506 | €4,066 | ▲ 170% |
| Other tangible fixed assets26 | - | €115,002 | €116,448 | €100,522 | €80,421 | ▼ 20.0% |
| Financial fixed assets28 | €8,125 | €10,575 | €11,825 | €5,325 | €7,125 | ▲ 33.8% |
| Current assets29/58 | €1.9m | €994,221 | €2.3m | €4.3m | €3.6m | ▼ 15.7% |
| Stocks and contracts in progress3 | €1.1m | €433,506 | €1.5m | €3.3m | €2.4m | ▼ 27.2% |
| Stocks30/36 | €21,638 | €13,029 | €23,200 | €23,200 | €89,585 | ▲ 286% |
| Contracts in progress37 | €1.1m | €420,477 | €1.5m | €3.2m | €2.3m | ▼ 29.5% |
| Amounts receivable within one year40/41 | €387,538 | €489,029 | €594,652 | €686,230 | €1.1m | ▲ 58.4% |
| Trade receivables40 | €337,511 | €432,337 | €536,266 | €636,230 | €1.0m | ▲ 63.0% |
| Other amounts receivable41 | €50,026 | €56,691 | €58,387 | €50,000 | €50,000 | = |
| Cash at bank and in hand54/58 | €402,468 | €63,703 | €178,882 | €311,808 | €129,722 | ▼ 58.4% |
| Deferred charges and accrued income490/1 | €8,304 | €7,983 | €5,245 | €5,898 | €6,857 | ▲ 16.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.9m | €1.1m | €2.4m | €4.4m | €3.7m | ▼ 15.1% |
| Equity10/15 | €443,103 | €448,627 | €471,734 | €474,057 | €405,270 | ▼ 14.5% |
| Contributions10/11 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Capital10 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Issued capital100 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Reserves13 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Non-distributable reserves130/1 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Legal reserve130 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Profit (loss) carried forward14 | €113,103 | €118,627 | €141,734 | €144,057 | €75,270 | ▼ 47.7% |
| Amounts payable17/49 | €1.5m | €697,297 | €1.9m | €3.9m | €3.3m | ▼ 15.2% |
| Amounts payable after more than one year17 | €24,646 | €111,425 | €102,445 | €63,581 | €47,084 | ▼ 25.9% |
| Financial debts170/4 | €24,646 | €111,425 | €102,445 | €63,581 | €47,084 | ▼ 25.9% |
| Amounts payable within one year42/48 | €1.5m | €585,872 | €1.8m | €3.8m | €3.2m | ▼ 15.1% |
| Current portion of amounts payable after more than one year42 | €8,690 | €24,382 | €9,319 | €23,007 | €17,857 | ▼ 22.4% |
| Financial debts43 | - | - | - | €1.2m | €322,000 | ▼ 72.2% |
| Credit institutions430/8 | - | - | - | €1.2m | €322,000 | ▼ 72.2% |
| Trade debts44 | €321,691 | €454,430 | €432,176 | €647,648 | €681,911 | ▲ 5.3% |
| Suppliers440/4 | €321,691 | €454,430 | €432,176 | €647,648 | €681,911 | ▲ 5.3% |
| Advances received on contracts in progress46 | €1.1m | €96,735 | €620,578 | €1.5m | €1.3m | ▼ 10.1% |
| Taxes, remuneration and social security45 | €11,133 | €10,325 | €7,907 | €12,030 | €43,442 | ▲ 261% |
| Taxes450/3 | €3,904 | €3,096 | €678 | €2,274 | €33,609 | ▲ 1,378% |
| Remuneration and social security454/9 | €7,229 | €7,229 | €7,229 | €9,756 | €9,833 | ▲ 0.8% |
| Other amounts payable47/48 | - | - | €745,000 | €514,580 | €860,282 | ▲ 67.2% |
| Accrued charges and deferred income492/3 | - | - | €9,793 | €13,243 | €13,243 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,900 | €5,524 | €23,107 | €2,323 | -€68,787 | ▼ 3,061% |
| + Depreciation and write-downs630 | €13,554 | €13,431 | €31,346 | €30,887 | €28,515 | ▼ 7.7% |
| Operating cash flow (approximation) | €32,454 | €18,955 | €54,453 | €33,210 | -€40,272 | ▼ 221% |
| Investment in fixed assets (approximation) | - | -€119,513 | -€22,036 | €2,954 | -€33,841 | ▼ 1,246% |
| Change in cash | - | -€338,765 | €115,179 | €132,926 | -€182,087 | ▼ 237% |
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
29-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 29 days late
2025
20-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 20 days late
2024
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
25-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 25 days late
2021
30-09
Financial
Back to profitnet €18,900
Net result €18,900 after 2 loss-making years.
30-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-09
Financial
Weakest financial yearnet -€793,741
Net result drops to -€793,741, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
11-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 11 days late
2017
26-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Oudenaarde · 1 establishment unit since 2004
Ground area
8,006 m²
Building footprint
2,238 m²
Parcel 45023A1469/00F000, Flanders. Linked by address, not a title deed.
44
companies at this address
See who is registered here
1 establishment unit
PROJECT+
since 20042.134.950.994
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45023A1469/00F000 | Flanders | 8,006 m² | 1 · 2,238 m² | - |
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
2 ownersChain of control
- FERME LES ANGRIES
- PROJECT+
Highest known parent: FERME LES ANGRIES. The sources do not say who stands above it.
Owners 2
-
62.5%
- Sourceaccounts BRAGIL 202430%
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.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 7 entries · 39,845 EUR awarded · 32,245 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | -8,454 EUR | 0 EUR |
| 2023 | 3 | 406 EUR | 31,013 EUR |
| 2022 | 3 | 47,893 EUR | 1,232 EUR |
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VANDENDRIESSCHE INVEST
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Of 9,699 companies in sector 68121 we hold annual accounts for 7,385. 4,921 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded23-12-2003
Fiscal year end30-09
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0862357120
Also
9925:BE0862357120
Registered
01-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.