PROJECT C
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 83 days after the deadline Filed on 22 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00565912.
Annual accounts 2025 filed on 22-10-2026 at the NBB all 9 filings
Turnover
≈ €430,000
Estimated: probably between €280,000 and €660,000
Total assets
€2.6m▼ 0.8%
2024 · €2.6m
Net result
€69,269
2024 · -€6,632
Working capital
€651,026▲ 10.0%
2024 · €591,698
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€114,113
2025
20182025
Net result
€69,269
2025
20182025
Equity
€1.9m
▲ 3.8%
2025
20182025
Total assets
€2.6m
▼ 0.8%
2025
20182025
Debt
€568,812
▼ 12.6%
2025
20182025
Working capital
€651,026
▲ 10.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.07m-€0.09m▲ 22.0%€0.05m▼ 43.7%€0.4m▲ 671%€0.3m▼ 23.9%€0.2m▼ 26.2%-€0.01m€0.1m
Net result€0.04m-€0.07m▲ 68.0%€0.03m▼ 53.4%€0.3m▲ 735%€0.2m▼ 31.7%€0.2m▼ 17.6%-€0.007m€0.07m
Equity€1.7m-€1.7m▲ 4.5%€1.2m▼ 32.7%€1.5m▲ 24.7%€1.7m▲ 14.2%€1.8m▲ 9.8%€1.8m▼ 0.4%€1.9m▲ 3.8%
Total assets€2.2m-€2.2m=€1.9m▼ 14.1%€2.0m▲ 5.6%€2.1m▲ 4.2%€2.2m▲ 3.6%€2.6m▲ 17.4%€2.6m▼ 0.8%
Debt€0.5m-€0.5m▼ 12.7%€0.7m▲ 54.7%€0.5m▼ 34.4%€0.4m▼ 22.6%€0.3m▼ 31.7%€0.7m▲ 160%€0.6m▼ 12.6%
Working capital€0.01m-€0.08m▲ 566%-€0.5m€0.4m€0.7m▲ 100%€0.9m▲ 29.1%€0.6m▼ 36.4%€0.7m▲ 10.0%
The operating result for 2025 is a profit of €114,113, after a loss of €10,860 in 2024.
Turnover and EBIT margin are not published. The 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 €2.6m
Fixed assets
€1.8m ▼ 2.1%
Current assets
€801,402 ▲ 2.1%
Equity and liabilities €2.6m
Equity
€1.9m ▲ 3.8%
Provisions
€110,768 ▼ 6.7%
Debt
€568,812 ▼ 12.6%
Debt's share of the balance-sheet total falls from 25.2% to 22.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€157,152▲
2024 · €133,884
Cash flow
€112,307▼
2024 · €138,111
Current ratio
5.33▲
2024 · 4.06
Debt to equity
0.30▼
2024 · 0.36
ROE
3.7%▲
2024 · -0.4%
ROA
2.7%▲
2024 · -0.3%
Interest coverage
6.97▼
2024 · 7.48
Debt ≤ 1 year
€150,376▼
2024 · €193,098
Debt > 1 year
€413,911▼
2024 · €457,733
Income taxes
€46,665▲
2024 · €15,401
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €700,000 | €700,000 | €700,000 | €500,000 | €500,000 |
| Carrying value of the mortgaged assets | €447,808 | €447,804 | €447,804 | €771,526 | €754,628 |
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 | €11,790 | €14,815 | €254,173 | €925,864 | €5,730 |
| Depreciation and write-downs of the year | €59,708 | €46,476 | €45,715 | €144,743 | €43,038 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €298,519 | €225,588 | €161,130 | €12,618 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €67,018 | €67,018 | €63,376 | €59,708 | €46,476 | €45,715 | €144,743 | €43,038 | ▼ 70.3% |
| Other operating charges640/8 | - | - | - | €6,977 | €15,507 | €12,793 | €20,155 | €13,378 | ▼ 33.6% |
| Non-recurring operating charges66A | - | - | - | - | - | €73 | €0 | - | - |
| Gross operating margin9900 | €149,458 | €170,132 | €130,799 | €454,522 | €356,998 | €276,176 | €154,038 | €170,530 | ▲ 10.7% |
| Operating profit (loss)9901 | €73,244 | €89,384 | €50,316 | €387,837 | €295,015 | €217,594 | -€10,860 | €114,113 | - |
| Financial income75/76B | - | - | - | - | €3 | €7,500 | €26,597 | €16,414 | ▼ 38.3% |
| Recurring financial income75 | €1,223 | €5 | €3,209 | - | €3 | €7,500 | €26,597 | €16,414 | ▼ 38.3% |
| Financial charges65/66B | - | - | - | €6,046 | €2,387 | €1,969 | €17,911 | €22,545 | ▲ 25.9% |
| Recurring financial charges65 | €10,100 | €8,801 | €8,490 | €6,046 | €2,387 | €1,969 | €17,911 | €22,545 | ▲ 25.9% |
| Profit (loss) for the period before taxes9903 | €64,367 | €80,587 | €45,035 | €381,791 | €292,631 | €223,125 | -€2,174 | €107,982 | - |
| Transfer from deferred taxes780 | - | - | - | €6,156 | €4,625 | €9,069 | €10,942 | €7,952 | ▼ 27.3% |
| Transfer to deferred taxes680 | - | - | - | €74,630 | - | €40,283 | €0 | €0 | - |
| Income taxes67/77 | €26,529 | €12,823 | €16,771 | €25,786 | €101,005 | €30,270 | €15,401 | €46,665 | ▲ 203% |
| Profit (loss) for the period9904 | €43,993 | €73,920 | €34,421 | €287,531 | €196,250 | €161,641 | -€6,632 | €69,269 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €11,955 | €13,874 | €27,207 | €32,826 | €23,856 | ▼ 27.3% |
| Transfer to tax-exempt reserves689 | - | - | - | €223,889 | - | €120,848 | €0 | €0 | - |
| Profit (loss) for the period to be appropriated9905 | €55,948 | €85,875 | €46,375 | €75,597 | €210,124 | €68,001 | €26,193 | €93,124 | ▲ 256% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.2m | €2.2m | €1.9m | €2.0m | €2.1m | €2.2m | €2.6m | €2.6m | ▼ 0.8% |
| Fixed assets21/28 | €2.0m | €1.9m | €1.9m | €1.3m | €1.1m | €1.0m | €1.8m | €1.8m | ▼ 2.1% |
| Tangible fixed assets22/27 | €2.0m | €1.9m | €1.9m | €1.3m | €1.1m | €1.0m | €1.8m | €1.8m | ▼ 2.1% |
| Land and buildings22 | - | - | - | €1.3m | €1.1m | €1.0m | €1.8m | €1.8m | ▼ 2.4% |
| Plant, machinery and equipment23 | - | - | - | €494 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.006m | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €0.006m | - |
| Current assets29/58 | €0.3m | €0.3m | €0.08m | €0.7m | €1.0m | €1.2m | €0.8m | €0.8m | ▲ 2.1% |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.02m | €0.01m | €0.02m | €0.5m | €0.3m | €0.02m | ▼ 93.6% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.02m | €0.5m | €0.3m | €0.02m | ▼ 93.6% |
| Cash at bank and in hand54/58 | €0.05m | €0.09m | €0.05m | €0.7m | €1.0m | €0.7m | €0.5m | €0.8m | ▲ 54.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.01m | €0.003m | €0.004m | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.2m | €2.2m | €1.9m | €2.0m | €2.1m | €2.2m | €2.6m | €2.6m | ▼ 0.8% |
| Equity10/15 | €1.7m | €1.7m | €1.2m | €1.5m | €1.7m | €1.8m | €1.8m | €1.9m | ▲ 3.8% |
| Contributions10/11 | €1.2m | €1.2m | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €0.5m | €0.6m | €0.5m | €0.8m | €1.0m | €1.1m | €1.1m | €1.2m | ▲ 6.2% |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 6.7% |
| Distributable reserves133 | - | - | - | €0.5m | €0.7m | €0.7m | €0.8m | €0.9m | ▲ 12.3% |
| Provisions and deferred taxes16 | €0.06m | €0.05m | €0.04m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 6.7% |
| Deferred taxes168 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 6.7% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.7m | €0.5m | €0.4m | €0.3m | €0.7m | €0.6m | ▼ 12.6% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.1m | €0.08m | €0.04m | €0 | €0.5m | €0.4m | ▼ 9.6% |
| Financial debts170/4 | - | - | - | €0.08m | €0.04m | €0 | €0.5m | €0.4m | ▼ 9.6% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.6m | €0.4m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 22.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.05m | €0.04m | €0.04m | €0.04m | ▲ 3.7% |
| Trade debts44 | €0.02m | €0.02m | €0.001m | €0.001m | €0.01m | €0.002m | €0.004m | €0.003m | ▼ 4.4% |
| Suppliers440/4 | - | - | - | €0.001m | €0.01m | €0.002m | €0.004m | €0.003m | ▼ 4.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.04m | €0.04m | €0.02m | €0.06m | ▲ 197% |
| Taxes450/3 | - | - | - | €0.02m | €0.04m | €0.04m | €0.02m | €0.06m | ▲ 197% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.2m | €0.2m | €0.1m | €0.04m | ▼ 66.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.001m | €0 | €0.005m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,993 | €73,920 | €34,421 | €287,531 | €196,250 | €161,641 | -€6,632 | €69,269 | - |
| + Depreciation and write-downs630 | €67,018 | €67,018 | €63,376 | €59,708 | €46,476 | €45,715 | €144,743 | €43,038 | ▼ 70.3% |
| Operating cash flow (approximation) | €111,011 | €140,938 | €97,797 | €347,239 | €242,726 | €207,356 | €138,111 | €112,307 | ▼ 18.7% |
| Investment in fixed assets (approximation) | - | €0 | -€10,166 | €503,292 | €167,597 | €8,018 | -€921,733 | -€5,730 | ▲ 99.4% |
| Change in cash | - | €37,778 | -€39,380 | €686,246 | €281,443 | -€366,305 | -€143,514 | €275,845 | - |
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, 6,049 companies had the same profile as PROJECT C has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of PROJECT C 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 6,049 companies, not a prediction for PROJECT C. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-10-2026 | 2026-00565912 | |
| 31-12-2024 | micro format | 15-09-2025 | 2025-00491549 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00329504 | |
| 31-12-2022 | micro format | 09-07-2023 | 2023-00217814 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20242396 | |
| 31-12-2020 | micro format | 19-07-2021 | 2021-36500215 | |
| 31-12-2019 | micro format | 03-08-2020 | 2020-38700255 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-37700582 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60500262 |