Equity
-€36,144
Debts exceed assets in financial year 2025.
PROJECT DEVELOPERS
Lifetime
5 annual accounts with figures on one time axispeak €838,442 (2025)
€838,442▲ 602%
lowest -€369,829 (2024)
-€161,954▲ €207,875
peak €195,639 (2023)
-€36,144▲ €138,046
€10.8m▼ 22.5%
peak 4.7 FTE (2024)
2.8 FTE▼ 40.4%
Board3 names since 2019
1 directorThe Coconut Company
Owners2 names in the annual accounts
90%Pieter Vangeel and 1 other
Documentsfilings and deeds
29-07-20262 days before the deadline
2025abbreviated format
Gross margin from €119,518 to €838,442Loss of €161,954Staff from 4.7 FTE to 2.8 FTEEquity from -€174,190 to -€36,144Debts from €13.9m to €10.8mCash from €691,613 to €324,694
Key points
from the 2025 annual accountsLosses
-€531,784 in two years
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Debts
€10.8m 100% of the balance sheet
Financial debts 0%Suppliers 26%Taxes and wages 0%Other 73%
Of this, €10.8m falls due within a year.
Staff
1 employees on 31-12-2025
In 2025, 2 people joined and 6 left.
Board
1 left
A director left. Latest change 08-05-2026 · 1 in office.
Position in the sector
-€161,954
Lower net result than 92% of companies in real estate. Sector median €9,988 · 11,288 companies.
Net result +56%: 21-month year
Checked score
53
Fair
Financially stronger than 16% of micro companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
1.2% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,627 companies (NACE 68, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.8%lowest value
01-2025: 0.8%● unchanged vs 12-2024
02-2025: 0.8%● unchanged vs 01-2025
03-2025: 0.8%● unchanged vs 02-2025
04-2025: 0.8%● unchanged vs 03-2025
05-2025: 0.8%● unchanged vs 04-2025
06-2025: 0.8%● unchanged vs 05-2025
07-2025: 0.8%● unchanged vs 06-2025
08-2025: 0.9%▲ +0.1 percentage points vs 07-2025
09-2025: 1.2%▲ +0.3 percentage points vs 08-2025
10-2025: 1.3%▲ +0.1 percentage points vs 09-2025
11-2025: 1.8%▲ +0.5 percentage points vs 10-2025
12-2025: 2.1%▲ +0.3 percentage points vs 11-2025
01-2026: 2.9%▲ +0.8 percentage points vs 12-2025
02-2026: 3.0%▲ +0.1 percentage points vs 01-2026
03-2026: 3.1%▲ +0.1 percentage points vs 02-2026
04-2026: 3.7%▲ +0.6 percentage points vs 03-2026
05-2026: 3.8%▲ +0.1 percentage points vs 04-2026
06-2026: 5.8%▲ +2.0 percentage points vs 05-2026highest value
07-2026: 5.2%▼ -0.6 percentage points vs 06-2026
08-2026: 1.2%▼ -4.0 percentage points vs 07-2026
09-2026: 1.2%● unchanged vs 08-2026
10-2026: 1.2%● unchanged vs 09-2026
11-2026: 1.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€36,144
Liquidity: current ratio 0.99, cash €324,694, halved
lowers risk
Sector: Real estate activities (NACE 68)
Size: 2.8 FTE, total assets €10.8m
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 19% of them on solvency, 7% on liquidity and 22% on profitability.
The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,564 companies had the same profile as PROJECT DEVELOPERS has now. Each dot stands for 4 companies, two years later.
88.9%
were still trading
5.4%
stopped another way
5.1%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PROJECT DEVELOPERS itself: 1.2% within 12 months.
Test of the method
The method was tested on the 497,447 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 1,564 companies, not a prediction for PROJECT DEVELOPERS. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.99 (0.98 in 2024), below 1. Short-term debt is 100.3% and cash 3% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
2122232425
2021 to 2025 · latest year -€36,144
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-07-2026, 2 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
2 days early
2024
31 days early
2023
32 days early
2022
54 days early
2021
47 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 33 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (1)
Board and ownership
- Pieter Vangeel 90%annual accounts 2025
- PEETERMANS STEVEN MANAGEMENT 10%score 92equity €135,498 (2025) · annual accounts 2025
Recent changes
Environmental permit granted
Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen · Laakdal
Environmental permit granted
Bouwen of herbouwen · Kortenaken
Registered office moved within Leuven
New registered office: Grauwmeer 1/46 bus 31, 3001 Leuven · Previous registered office: Prins de Lignestraat 4, 3001 Leuven · Resignation: Pieter Vangeel (director) · General meeting of 12-03-2026 · Gazette deed
Environmental permit granted
Bouwen of herbouwen, Nieuwbouw van bijgebouwen en niet overdekte lage constructie, Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen and 1 more · Laakdal
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| PROJECT DEVELOPERS Leuven | €10.8m | €0.8m | -0.3% | 2.8 |
| Bauhaus Projects Veurne | €11.9m | €1.7m | 7.4% | 3.4 |
| DETHIER ONTWIKKELING Alken | €13.4m | €1.2m | 25.0% | 3.9 |
| HJO Real Estate Brussels | €17.0m | €0.4m | -3.9% | 3 |
| BlueChem Antwerp | €7.8m | €0.5m | 3.3% | 2.4 |
| Under The Roof Herent | €8.7m | €0.4m | 0.8% | 2 |
| SMARTHOME Vilvoorde | €12.1m | €1.0m | 13.4% | 3 |
These companies have the same main activity as PROJECT DEVELOPERS: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €7.8m and €17m, founded between 2013 and 2021.
Official details
Source: KBO- Status
- Active since 24-06-2019Normal situation
- Registered office
- 101 active companies are registered at this address2 started in the 12 months before. Source: KBO register, as of 10 November 2026.
- Activity
- Development of residential building projectsNACE 68121
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 31-03-2023
- Establishment unit
- 2.338.418.3923001 Leuven, since 08-11-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 29-01-2026
Annual accounts 2025
- ≈ €1.5mestimated
- €10.8m
- Employeeson 31-12-2025
- 1
- Filing
- Filed on 29-07-2026, 2 days before the end of the filing period
Insights on PROJECT DEVELOPERS
PROJECT DEVELOPERS files the abbreviated format. That format states no turnover. The gross margin rose from -€7,458 in 2021 to €838,442 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about PROJECT DEVELOPERS
- What is the company number of PROJECT DEVELOPERS?
- The company number of PROJECT DEVELOPERS is 0728.792.078. The VAT number is the same number with BE in front: BE 0728.792.078.
- Where is PROJECT DEVELOPERS based?
- The registered office is at Grauwmeer 1/46, 3001 Leuven.Company details
- What does PROJECT DEVELOPERS do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of PROJECT DEVELOPERS?
- PROJECT DEVELOPERS is a private limited company (BV).
- When was PROJECT DEVELOPERS founded?
- PROJECT DEVELOPERS was founded on 24-06-2019.
- Is PROJECT DEVELOPERS still active?
- Yes, PROJECT DEVELOPERS is an active enterprise in the KBO register.
- How many employees does PROJECT DEVELOPERS have?
- PROJECT DEVELOPERS had an average of 2.8 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does PROJECT DEVELOPERS fall under?
- In its 31-03-2023 annual accounts, PROJECT DEVELOPERS states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of PROJECT DEVELOPERS?
- The turnover in financial year 2025 is ≈ €1.5m. This figure is estimated from the gross margin of €838,442 and 40 comparable companies (NACE 681). It probably lies between €1.1m and €2.4m.
- Is PROJECT DEVELOPERS profitable?
- In financial year 2025, PROJECT DEVELOPERS made a loss of €161,954.
- Where can I find the annual accounts of PROJECT DEVELOPERS?
- PROJECT DEVELOPERS filed 5 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
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