Project 275
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 26-10-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2026 is 58% lower than in 2025.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|
| Tangible fixed assets | €47,802 | €40,471 | €294,643 |
| Intangible fixed assets | €1,359 | - | - |
| Depreciation and write-downs of the year | €8,091 | €16,136 | €40,908 |
Source: notes to the 2024 to 2026 annual accounts (statement of fixed assets)
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,091 | €16,136 | €40,908 | ▲ 154% |
| Other operating charges640/8 | €690 | €1,147 | €1,499 | ▲ 30.8% |
| Gross operating margin9900 | €15,754 | €205,339 | €120,961 | ▼ 41.1% |
| Operating profit (loss)9901 | €6,973 | €188,056 | €78,554 | ▼ 58.2% |
| Financial income75/76B | €10 | €30 | €104 | ▲ 243% |
| Recurring financial income75 | €10 | €30 | €104 | ▲ 243% |
| Financial charges65/66B | €1,373 | €3,439 | €6,451 | ▲ 87.6% |
| Recurring financial charges65 | €1,373 | €3,439 | €6,451 | ▲ 87.6% |
| Profit (loss) for the period before taxes9903 | €5,610 | €184,647 | €72,207 | ▼ 60.9% |
| Income taxes67/77 | €1,050 | €42,057 | €15,665 | ▼ 62.8% |
| Profit (loss) for the period9904 | €4,560 | €142,590 | €56,542 | ▼ 60.3% |
| Profit (loss) for the period to be appropriated9905 | €4,560 | €142,590 | €56,542 | ▼ 60.3% |
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €120,957 | €274,572 | €599,564 | ▲ 118% |
| Fixed assets21/28 | €41,070 | €65,405 | €319,140 | ▲ 388% |
| Tangible fixed assets22/27 | €41,070 | €65,405 | €319,140 | ▲ 388% |
| Land and buildings22 | - | - | €226,284 | - |
| Plant, machinery and equipment23 | - | €27,240 | €21,314 | ▼ 21.8% |
| Furniture and vehicles24 | €41,070 | €38,165 | €71,541 | ▲ 87.5% |
| Current assets29/58 | €79,886 | €209,167 | €280,424 | ▲ 34.1% |
| Stocks and contracts in progress3 | €3,187 | €1,672 | €3,110 | ▲ 86.1% |
| Stocks30/36 | €3,187 | €1,672 | €3,110 | ▲ 86.1% |
| Amounts receivable within one year40/41 | €69,732 | €151,239 | €182,708 | ▲ 20.8% |
| Trade receivables40 | €45,557 | €141,654 | €56,669 | ▼ 60.0% |
| Other amounts receivable41 | €24,175 | €9,585 | €126,039 | ▲ 13× |
| Cash at bank and in hand54/58 | €5,541 | €53,762 | €89,842 | ▲ 67.1% |
| Deferred charges and accrued income490/1 | €1,427 | €2,494 | €4,763 | ▲ 91.0% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €120,957 | €274,572 | €599,564 | ▲ 118% |
| Equity10/15 | €6,560 | €149,150 | €205,692 | ▲ 37.9% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €4,560 | €4,560 | €4,560 | = |
| Distributable reserves133 | €4,560 | €4,560 | €4,560 | = |
| Profit (loss) carried forward14 | - | €142,590 | €199,132 | ▲ 39.7% |
| Amounts payable17/49 | €114,396 | €125,422 | €393,872 | ▲ 214% |
| Amounts payable after more than one year17 | €70,000 | €18,566 | €237,437 | ▲ 13× |
| Financial debts170/4 | €70,000 | €18,566 | €237,437 | ▲ 13× |
| Amounts payable within one year42/48 | €44,396 | €105,115 | €154,434 | ▲ 46.9% |
| Current portion of amounts payable after more than one year42 | - | €5,125 | €22,682 | ▲ 343% |
| Trade debts44 | €15,730 | €14,216 | €25,542 | ▲ 79.7% |
| Suppliers440/4 | €15,730 | €14,216 | €25,542 | ▲ 79.7% |
| Advances received on contracts in progress46 | €981 | - | €2,243 | - |
| Taxes, remuneration and social security45 | €1,677 | €43,906 | €19,733 | ▼ 55.1% |
| Taxes450/3 | €1,677 | €43,906 | €19,733 | ▼ 55.1% |
| Other amounts payable47/48 | €26,008 | €41,868 | €84,235 | ▲ 101% |
| Accrued charges and deferred income492/3 | - | €1,741 | €2,000 | ▲ 14.9% |
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,560 | €142,590 | €56,542 | ▼ 60.3% |
| + Depreciation and write-downs630 | €8,091 | €16,136 | €40,908 | ▲ 154% |
| Operating cash flow (approximation) | €12,651 | €158,726 | €97,450 | ▼ 38.6% |
| Investment in fixed assets (approximation) | - | -€40,471 | -€294,643 | ▼ 628% |
| Change in cash | - | €48,221 | €36,080 | ▼ 25.2% |
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, 3,127 companies had the same profile as Project 275 has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of Project 275 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 3,127 companies, not a prediction for Project 275. 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.