PROJECT ARTS
ActiveSummary
The computed 12-month bankruptcy probability of PROJECT ARTS is 1.8% (moderate). The 2024 annual accounts show negative equity (-€440,406) and a net result of €79,112. Equity is shrinking by ~25.5% per year across the filed fiscal years. Its solvency ranks better than 17% of 26043 sector peers (fiscal year 2024). The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability37▲+20
Solvency8▲+6
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.85 against 0.81 in 2023; short-term debt: 117.3% and cash: 12% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-17.3%
Return on assets
3.1%
Age of the figures
21 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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 26043 sector peers (2024).
NBB · sector comparisonPosition among 26043 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 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
not confirmed
2024
61 d late
2023
41 d late
2022
31 d late
2021
89 d late
2020
87 d late
2019
91 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 67 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 47% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
-€440,406▲ 15.2%
2023 · -€519,518
Total assets
€2.5m▲ 13.6%
2023 · €2.2m
Net result
€79,112
2023 · -€73,238
Working capital
-€455,498▲ 15.2%
2023 · -€536,905
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Line20202021202220232024
Operating result€489,335-€37,070-€21,084▲ 43.1%€20,665€177,794▲ 760%
Net result€337,056above the sector's middle half-€452,706below the sector's middle half-€120,907below the sector's middle half▲ 73.3%-€73,238below the sector's middle half▲ 39.4%€79,112above the sector's middle half
Equity€127,333above the sector's middle half-€325,373below the sector's middle half-€446,280below the sector's middle half▼ 37.2%-€519,518below the sector's middle half▼ 16.4%-€440,406below the sector's middle half▲ 15.2%
Total assets€2.3mabove the sector's middle half▲ 20.8%€2.3mabove the sector's middle half▼ 1.8%€2.2mabove the sector's middle half▼ 1.9%€2.2mabove the sector's middle half▲ 1.6%€2.5mabove the sector's middle half▲ 13.6%
Debt€2.2m▲ 5.2%€2.6m▲ 19.0%€2.7m▲ 3.1%€2.8m▲ 4.1%€3.0m▲ 8.2%
Working capital€126,453above the sector's middle half-€326,103below the sector's middle half-€446,522below the sector's middle half▼ 36.9%-€536,905below the sector's middle half▼ 20.2%-€455,498below the sector's middle half▲ 15.2%
Solvency5.6%within the sector's middle half▲ 14.0pp-14.5%below the sector's middle half▼ 20.0pp-20.2%below the sector's middle half▼ 5.8pp-23.2%below the sector's middle half▼ 3.0pp-17.3%below the sector's middle half▲ 5.9pp
Current ratio1.06within the sector's middle half▲ 0.140.87below the sector's middle half▼ 0.190.83below the sector's middle half▼ 0.040.81below the sector's middle half▼ 0.030.85within the sector's middle half▲ 0.04
Return on assets (ROA)14.7%above the sector's middle half▲ 19.1pp-20.1%below the sector's middle half▼ 34.8pp-5.5%below the sector's middle half▲ 14.6pp-3.3%within the sector's middle half▲ 2.2pp3.1%within the sector's middle half▲ 6.4pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2021 the operating result has climbed three years in a row; 2024 is 760% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.5m
Fixed assets
€15,092 ▼ 13.2%
Current assets
€2.5m ▲ 13.9%
Key figures and ratios
EBITDA
€181,640▲
2023 · €21,419
Cash flow
€82,958▲
2023 · -€72,483
Quick ratio
0.11▲
2023 · 0.02
Debt to equity
-6.79▼
2023 · -5.32
Interest coverage
1.74▲
2023 · 0.22
Debt ≤ 1 year
€3.0m▲
2023 · €2.8m
Income taxes
€84
Staff costs
€264
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 522 companies that looked in July 2024 the way this one looks now, 3.8% went bankrupt within 24 months and 94% are still going.
- Small
- 10 to 20 years old
- negative equity
- a profit under 5% of the balance sheet
3.8%
went bankrupt
1.7%
stopped otherwise
94%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.8% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 522 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €264 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €624 | €480 | €488 | €755 | €3,846 | ▲ 409% |
| Other operating charges640/8 | - | €336 | €2,496 | €1,057 | €1,257 | ▲ 18.9% |
| Gross operating margin9900 | €490,982 | -€36,254 | -€18,100 | €22,476 | €183,161 | ▲ 715% |
| Operating profit (loss)9901 | €489,335 | -€37,070 | -€21,084 | €20,665 | €177,794 | ▲ 760% |
| Financial income75/76B | - | €0 | €899 | €3,347 | €6,031 | ▲ 80.2% |
| Recurring financial income75 | €358 | €0 | €899 | €3,347 | €6,031 | ▲ 80.2% |
| Financial charges65/66B | - | €415,636 | €100,723 | €97,249 | €104,629 | ▲ 7.6% |
| Recurring financial charges65 | €96,439 | €415,636 | €100,723 | €97,249 | €104,629 | ▲ 7.6% |
| Profit (loss) for the period before taxes9903 | €393,254 | -€452,706 | -€120,907 | -€73,238 | €79,196 | ▲ 208% |
| Income taxes67/77 | €56,199 | - | - | - | €84 | - |
| Profit (loss) for the period9904 | €337,056 | -€452,706 | -€120,907 | -€73,238 | €79,112 | ▲ 208% |
| Profit (loss) for the period to be appropriated9905 | €337,056 | -€452,706 | -€120,907 | -€73,238 | €79,112 | ▲ 208% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.3m | €2.3m | €2.2m | €2.2m | €2.5m | ▲ 13.6% |
| Fixed assets21/28 | €880 | €730 | €243 | €17,388 | €15,092 | ▼ 13.2% |
| Tangible fixed assets22/27 | €880 | €730 | €243 | €17,388 | €15,092 | ▼ 13.2% |
| Plant, machinery and equipment23 | - | €228 | €118 | €8 | €1,292 | ▲ 17,031% |
| Furniture and vehicles24 | - | €503 | €125 | €17,380 | €13,800 | ▼ 20.6% |
| Current assets29/58 | €2.3m | €2.2m | €2.2m | €2.2m | €2.5m | ▲ 13.9% |
| Stocks and contracts in progress3 | €2.2m | €2.2m | €2.2m | €2.2m | €2.2m | ▲ 1.1% |
| Stocks30/36 | - | €2.2m | €2.2m | €2.2m | €2.2m | ▲ 1.1% |
| Amounts receivable within one year40/41 | €44,790 | €51,370 | €7,406 | €33,575 | €32,492 | ▼ 3.2% |
| Trade receivables40 | - | €14,493 | €3,904 | €31,506 | €11,530 | ▼ 63.4% |
| Other amounts receivable41 | - | €36,877 | €3,502 | €2,069 | €20,962 | ▲ 913% |
| Cash at bank and in hand54/58 | €61,745 | €20,045 | €48,055 | €21,369 | €306,628 | ▲ 1,335% |
| Deferred charges and accrued income490/1 | - | €2,917 | €1,906 | €1,782 | €1,899 | ▲ 6.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.3m | €2.3m | €2.2m | €2.2m | €2.5m | ▲ 13.6% |
| Equity10/15 | €127,333 | -€325,373 | -€446,280 | -€519,518 | -€440,406 | ▲ 15.2% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | €108,733 | -€343,973 | -€464,880 | -€538,118 | -€459,006 | ▲ 14.7% |
| Amounts payable17/49 | €2.2m | €2.6m | €2.7m | €2.8m | €3.0m | ▲ 8.2% |
| Amounts payable within one year42/48 | €2.2m | €2.6m | €2.7m | €2.8m | €3.0m | ▲ 8.2% |
| Trade debts44 | - | €1,565 | €1,248 | €13,663 | €41,117 | ▲ 201% |
| Suppliers440/4 | - | €1,565 | €1,248 | €13,663 | €41,117 | ▲ 201% |
| Taxes, remuneration and social security45 | - | €15,000 | - | - | €74 | - |
| Taxes450/3 | - | €15,000 | - | - | €74 | - |
| Other amounts payable47/48 | - | €2.6m | €2.7m | €2.7m | €2.9m | ▲ 7.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €337,056 | -€452,706 | -€120,907 | -€73,238 | €79,112 | ▲ 208% |
| + Depreciation and write-downs630 | €624 | €480 | €488 | €755 | €3,846 | ▲ 409% |
| Operating cash flow (approximation) | €337,680 | -€452,226 | -€120,419 | -€72,483 | €82,958 | ▲ 214% |
| Investment in fixed assets (approximation) | - | -€331 | €0 | -€17,900 | -€1,550 | ▲ 91.3% |
| Change in cash | - | -€41,700 | €28,010 | -€26,686 | €285,259 | ▲ 1,169% |
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
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
31-12
Financial
Back to profitnet €79,112
Net result €79,112 after 3 loss-making years.
10-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 41 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
28-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 89 days late
2021
31-12
Financial
Weakest financial yearnet -€452,706
Net result drops to -€452,706, the lowest in the series; recovery starts the following year.
26-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 87 days late
2020
31-12
Financial
Back to profitnet €337,056
Net result €337,056 after one loss-making year.
31-12
Financial
Equity above €100,000Eq €127,333
Equity rises from -€159,723 to €127,333.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
2019
24-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 85 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
2017
28-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 59 days late
2016
30-09
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 61 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Elsene · 1 establishment unit since 2014
Ground area
178 m²
Building footprint
80 m²
Volume, LiDAR
1,082 m³
Parcel 21447B0429/00V000, Brussels · tallest building 18.2 m, ±5 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
PROJECT ARTS
since 20142.236.669.649
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21447B0429/00V000 | Brussels | 178 m² | 1 · 80 m² | 18.2 m · 5 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.
Similar companies · same sector, comparable size
FORWART
BE 0769.531.484
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BE 0427.378.040
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ALAINKO
BE 0543.540.191
Antwerpen · Eq €128,548
GIELEN SFEER INTERIEUR
BE 0888.209.501
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MSSN
BE 0894.460.259
Brussel · Eq €123,301
Of 1,436 companies in sector 47791 we hold annual accounts for 457. 344 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
Founded13-11-2014
Fiscal year end31-12
Activities, NACEBEL 2025
47791Retail sale of antiques
46480Wholesale trade
47690Retail sale of other cultural and recreation goods
E-invoicing
Reachable via Peppol
Peppol ID
0208:0567793161
Also
9925:BE0567793161
Registered
01-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.