PROJECT D&A
ActiveSummary
PROJECT D&A has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €67k and a net result of €3k. Equity is growing by ~27.5% per year across the filed fiscal years. Its solvency ranks better than 56% of 18400 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability58▼-15
Solvency66▼-11
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4k at 30 days acceptable
Liquidity ample (current ratio 1.65 against 2.01 in 2024; short-term debt: 35.8% and cash: 8.9% of total assets), but 58.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four 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 →
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
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
41.2%
Return on assets
1.9%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
40 d late
2023
29 d late
2022
28 d late
2021
23 d late
2020
30 d late
2019
31 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€67k▲ 4.7%
2024 · €64k
2018: €14k
2019: €-3k▼ -125% vs 2018lowest in 8 years
2020: €26k▲ +836% vs 2019
2021: €37k▲ +42.5% vs 2020
2022: €31k▼ -16.6% vs 2021
2023: €60k▲ +97.1% vs 2022
2024: €64k▲ +6.7% vs 2023
2025: €67k▲ +4.7% vs 2024highest in 8 years
2018 → 2025
Total assets
€163k▲ 32.0%
2024 · €124k
2018: €54klowest in 8 years
2019: €72k▲ +32.2% vs 2018
2020: €128k▲ +78.9% vs 2019
2021: €126k▼ -2.2% vs 2020
2022: €111k▼ -11.9% vs 2021
2023: €149k▲ +34.5% vs 2022
2024: €124k▼ -16.9% vs 2023
2025: €163k▲ +32.0% vs 2024highest in 8 years
2018 → 2025
Net result
€3k▼ 24.1%
2024 · €4k
2018: €2k
2019: €-17k▼ -981% vs 2018lowest in 8 years
2020: €29k▲ +270% vs 2019
2021: €11k▼ -62.6% vs 2020
2022: €-6k▼ -156% vs 2021
2023: €30k▲ +586% vs 2022highest in 8 years
2024: €4k▼ -86.4% vs 2023
2025: €3k▼ -24.1% vs 2024
2018 → 2025
Working capital
€38k▼ 17.6%
2024 · €46k
2018: €6k
2019: €-11k▼ -292% vs 2018lowest in 8 years
2020: €10k▲ +190% vs 2019
2021: €25k▲ +157% vs 2020
2022: €16k▼ -35.1% vs 2021
2023: €39k▲ +147% vs 2022
2024: €46k▲ +16.3% vs 2023highest in 8 years
2025: €38k▼ -17.6% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€37k-€31k▼ 16.6%€60k▲ 97.1%€64k▲ 6.7%€67k▲ 4.7%
2021: €37k
2022: €31k▼ -16.6% vs 2021lowest in 5 years
2023: €60k▲ +97.1% vs 2022
2024: €64k▲ +6.7% vs 2023
2025: €67k▲ +4.7% vs 2024highest in 5 years
Operating result€26k-€224▼ 99.1%€50k▲ 22,190%€12k▼ 76.8%€10k▼ 14.7%
2021: €26k
2022: €224▼ -99.1% vs 2021lowest in 5 years
2023: €50k▲ +22190% vs 2022highest in 5 years
2024: €12k▼ -76.8% vs 2023
2025: €10k▼ -14.7% vs 2024
Net result€11k-€-6k€30k€4k▼ 86.4%€3k▼ 24.1%
2021: €11k
2022: €-6k▼ -156% vs 2021lowest in 5 years
2023: €30k▲ +586% vs 2022highest in 5 years
2024: €4k▼ -86.4% vs 2023
2025: €3k▼ -24.1% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 15% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €163k
Fixed assets
€67k ▲ 106%
Current assets
€96k ▲ 5.6%
Equity and liabilities €163k
Equity
€67k ▲ 4.7%
Debt
€96k ▲ 61.3%
Debt's share of the balance-sheet total rises from 48.1% to 58.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€31k▲
2024 · €27k
Cash flow
€24k▲
2024 · €20k
Current ratio
1.65▼
2024 · 2.01
Debt to equity
1.43▲
2024 · 0.93
ROE
4.5%▼
2024 · 6.3%
ROA
1.9%▼
2024 · 3.2%
Interest coverage
4.43▼
2024 · 8.50
Debt ≤ 1 year
€59k▲
2024 · €45k
Debt > 1 year
€38k▲
2024 · €14k
Income taxes
€2k▼
2024 · €6k
Staff costs
€88k▼
2024 · €90k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 48 lines
Balance sheet
Code20242025
Assets
Total assets20/58€124k€163k▲
Fixed assets21/28€33k€67k▲
Tangible fixed assets22/27€32k€67k▲
Land and buildings22€1k€674▼
Plant, machinery and equipment23-€832
Furniture and vehicles24€31k€65k▲
Financial fixed assets28€300€300=
Current assets29/58€91k€96k▲
Amounts receivable within one year40/41€69k€81k▲
Trade receivables40€35k€42k▲
Other amounts receivable41€35k€39k▲
Cash at bank and in hand54/58€20k€15k▼
Deferred charges and accrued income490/1€2k€711▼
Equity and liabilities
Total equity and liabilities10/49€124k€163k▲
Equity10/15€64k€67k▲
Contributions10/11€25k€25k=
Reserves13€39k€42k▲
Distributable reserves133€39k€42k▲
Profit (loss) carried forward14€0€0▲
Amounts payable17/49€60k€96k▲
Amounts payable after more than one year17€14k€38k▲
Financial debts170/4€14k€38k▲
Amounts payable within one year42/48€45k€59k▲
Current portion of amounts payable after more than one year42€13k€16k▲
Financial debts43€3k€20k▲
Credit institutions430/8€3k€20k▲
Trade debts44€2k€611▼
Suppliers440/4€2k€611▼
Taxes, remuneration and social security45€26k€22k▼
Taxes450/3€14k€5k▼
Remuneration and social security454/9€12k€18k▲
Income statement
Code20242025
Remuneration, social security and pensions62€90k€88k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€16k€21k▲
Other operating charges640/8€3k€2k▼
Gross operating margin9900€121k€121k▼
Operating profit (loss)9901€12k€10k▼
Financial income75/76B€1k€2k▲
Recurring financial income75€1k€2k▲
Financial charges65/66B€3k€7k▲
Recurring financial charges65€3k€7k▲
Profit (loss) for the period before taxes9903€10k€5k▼
Income taxes67/77€6k€2k▼
Profit (loss) for the period9904€4k€3k▼
Profit (loss) for the period to be appropriated9905€4k€3k▼
Appropriation of the result
Profit (loss) to be appropriated9906€4k€3k▼
Profit (loss) brought forward from the previous period14P-€0
Transfer to equity691/2€4k€3k▼
To other reserves6921€4k€3k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €155k | €125k | €113k | €90k | €88k | ▼ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14k | €15k | €15k | €16k | €21k | ▲ 31.9% |
| Other operating charges640/8 | €7k | €9k | €3k | €3k | €2k | ▼ 44.4% |
| Gross operating margin9900 | €202k | €149k | €181k | €121k | €121k | ▼ 0.1% |
| Operating profit (loss)9901 | €26k | €224 | €50k | €12k | €10k | ▼ 14.7% |
| Financial income75/76B | €781 | €1k | €2k | €1k | €2k | ▲ 74.7% |
| Recurring financial income75 | €781 | €1k | €2k | €1k | €2k | ▲ 74.7% |
| Financial charges65/66B | €3k | €4k | €3k | €3k | €7k | ▲ 115% |
| Recurring financial charges65 | €3k | €4k | €3k | €3k | €7k | ▲ 115% |
| Profit (loss) for the period before taxes9903 | €24k | €-3k | €48k | €10k | €5k | ▼ 47.0% |
| Income taxes67/77 | €13k | €4k | €19k | €6k | €2k | ▼ 63.6% |
| Profit (loss) for the period9904 | €11k | €-6k | €30k | €4k | €3k | ▼ 24.1% |
| Profit (loss) for the period to be appropriated9905 | €11k | €-6k | €30k | €4k | €3k | ▼ 24.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €126k | €111k | €149k | €124k | €163k | ▲ 32.0% |
| Fixed assets21/28 | €25k | €36k | €48k | €33k | €67k | ▲ 106% |
| Tangible fixed assets22/27 | €25k | €36k | €48k | €32k | €67k | ▲ 107% |
| Land and buildings22 | - | €1k | €1k | €1k | €674 | ▼ 50.0% |
| Plant, machinery and equipment23 | €1k | €751 | €234 | - | €832 | - |
| Furniture and vehicles24 | €23k | €33k | €46k | €31k | €65k | ▲ 111% |
| Other tangible fixed assets26 | €876 | €438 | - | - | - | - |
| Financial fixed assets28 | - | €300 | €300 | €300 | €300 | = |
| Current assets29/58 | €100k | €74k | €101k | €91k | €96k | ▲ 5.6% |
| Amounts receivable within one year40/41 | €64k | €42k | €82k | €69k | €81k | ▲ 16.8% |
| Trade receivables40 | €45k | €25k | €45k | €35k | €42k | ▲ 20.9% |
| Other amounts receivable41 | €19k | €17k | €37k | €35k | €39k | ▲ 12.8% |
| Cash at bank and in hand54/58 | €37k | €28k | €14k | €20k | €15k | ▼ 26.0% |
| Deferred charges and accrued income490/1 | - | €4k | €5k | €2k | €711 | ▼ 67.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €126k | €111k | €149k | €124k | €163k | ▲ 32.0% |
| Equity10/15 | €37k | €31k | €60k | €64k | €67k | ▲ 4.7% |
| Contributions10/11 | €25k | €25k | €25k | €25k | €25k | = |
| Reserves13 | €11k | €11k | €35k | €39k | €42k | ▲ 7.8% |
| Distributable reserves133 | €11k | €11k | €35k | €39k | €42k | ▲ 7.8% |
| Profit (loss) carried forward14 | €690 | €-5k | - | €0 | €0 | ▲ 16.0% |
| Amounts payable17/49 | €89k | €80k | €89k | €60k | €96k | ▲ 61.3% |
| Amounts payable after more than one year17 | €13k | €22k | €28k | €14k | €38k | ▲ 164% |
| Financial debts170/4 | €13k | €22k | €28k | €14k | €38k | ▲ 164% |
| Amounts payable within one year42/48 | €76k | €58k | €61k | €45k | €59k | ▲ 29.1% |
| Current portion of amounts payable after more than one year42 | €9k | €10k | €16k | €13k | €16k | ▲ 16.6% |
| Financial debts43 | €6k | - | €3k | €3k | €20k | ▲ 504% |
| Credit institutions430/8 | €6k | - | €3k | €3k | €20k | ▲ 504% |
| Trade debts44 | €719 | €7k | €4k | €2k | €611 | ▼ 75.4% |
| Suppliers440/4 | €719 | €7k | €4k | €2k | €611 | ▼ 75.4% |
| Taxes, remuneration and social security45 | €61k | €41k | €38k | €26k | €22k | ▼ 14.7% |
| Taxes450/3 | €33k | €23k | €15k | €14k | €5k | ▼ 68.6% |
| Remuneration and social security454/9 | €28k | €19k | €22k | €12k | €18k | ▲ 50.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11k | €-6k | €30k | €4k | €3k | ▼ 24.1% |
| + Depreciation and write-downs630 | €14k | €15k | €15k | €16k | €21k | ▲ 31.9% |
| Operating cash flow (approximation) | €25k | €9k | €45k | €20k | €24k | ▲ 20.5% |
| Investment in fixed assets (approximation) | - | €-26k | €-27k | €0 | €-55k | - |
| Change in cash | - | €-9k | €-14k | €6k | €-5k | ▼ 183% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
09-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 40 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Back to profitnet €30k
Net result €30k after one loss-making year.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
23-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 23 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-12
Financial
Back to profitnet €29k
Net result €29k after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
31-12
Financial
Weakest financial yearnet €-17k
Net result drops to €-17k, the lowest in the series; recovery starts the following year.
16-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 16 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
6 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, Sint-Gillis-Waas · 1 establishment unit since 2012
Ground area
2,609 m²
Building footprint
171 m²
Volume, LiDAR
950 m³
Parcel 46020C0703/00C000, Flanders · tallest building 9.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Liedan
since 20122.213.374.110
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46020C0703/00C000 | Flanders | 2,609 m² | 1 · 171 m² | 9.9 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.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 957 EUR awarded · 957 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 335 EUR | 335 EUR |
| 2023 | 1 | 328 EUR | 328 EUR |
| 2022 | 1 | 294 EUR | 294 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 2,069 companies in sector 47750 we hold annual accounts for 517. 388 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
Founded14-06-2012
Fiscal year end31-12
Activities, NACEBEL 2025
47750Retail sale of cosmetics and toilet articles
62100Computer programming
46450Wholesale of perfume and cosmetics
Contact
E-mail
an.vermeren1@gmail.com
Phone
0468471071
Scores and ratios are computed by Checked and are not a credit decision.