PROJECT M
ActivePROJECT M has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.99M and a net result of €-61k. Equity is growing by ~17.8% per year across the filed fiscal years. Its solvency ranks better than 81% of 1286 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
78
/ 100
Excellent▲ +63 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency96▲+41
Growth52=
Stability100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €160k at 30 days acceptable
Liquidity ample (current ratio 1.84 against 0.18 in 2024), and 36% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
64%
Return on assets
-2%
Age of the figures
8 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 55
Relative position
BE, all sectors
reference
Sector 55
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity fell accordingly. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€61k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 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 · 7 filingsDeviation from the deadline
2025
28 d late
2024
28 d late
2023
30 d late
2022
47 d late
2021
24 d late
2020
79 d late
2019
87 d late
← before the deadline
after the deadline →
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
14-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€1.99M▼ 3.0%
2024 · €2.06M
2019: €283k
2020: €198k
2021: €168k
2022: €2.95M
2023: €2.83M
2024: €2.06M
2019 → 2025
Total assets
€3.11M▼ 33.1%
2024 · €4.65M
2019: €981k
2020: €1.48M
2021: €1.39M
2022: €4.07M
2023: €3.88M
2024: €4.65M
2019 → 2025
Net result
€-61k▲ 92.1%
2024 · €-777k
2019: €-17k
2020: €-85k
2021: €-30k
2022: €601k
2023: €-122k
2024: €-777k
2019 → 2025
Working capital
€226k
2024 · €-1.50M
2019: €1k
2020: €-107k
2021: €-83k
2022: €312k
2023: €224k
2024: €-1.50M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€168k-€2.95M▲ 1,660%€2.83M▼ 4.1%€2.06M▼ 27.4%€1.99M▼ 3.0%
Operating result€-9k-€-85k▼ 825%€-105k▼ 23.8%€-148k▼ 41.7%€-77k▲ 47.8%
Net result€-30k-€601k€-122k€-777k▼ 538%€-61k▲ 92.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €77k in 2025 against €148k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.11M
Fixed assets
€2.62M▼ 39.5%
Current assets
€496k▲ 52.9%
Equity and liabilities €3.11M
Equity
€1.99M▼ 3.0%
Debt
€1.12M▼ 56.9%
The debt ratio falls from 55.8% to 36.0%: debt falls faster than equity shrinks.
Key figures and ratios
EBITDA
€55k▲
2024 · €-3k
Cash flow
€71k▲
2024 · €-632k
Solvency
64.0%▲
2024 · 44.2%
Current ratio
1.84▲
2024 · 0.18
Quick ratio
1.84▲
2024 · 0.18
Debt / equity
0.56▼
2024 · 1.26
ROE
-3.1%▲
2024 · -37.8%
ROA
-2.0%▲
2024 · -16.7%
Interest coverage
3.48▲
2024 · -0.07
Debt
€1.12M▼
2024 · €2.60M
Debt ≤ 1 year
€270k▼
2024 · €1.83M
Debt > 1 year
€845k▲
2024 · €764k
Income taxes
€3k▲
2024 · €709
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€4.65M€3.11M▼
Fixed assets21/28€4.33M€2.62M▼
Tangible fixed assets22/27€1.12M€1.01M▼
Land and buildings22€1.06M€996k▼
Plant, machinery and equipment23€15k€11k▼
Furniture and vehicles24€45k€3k▼
Financial fixed assets28€3.21M€1.61M▼
Current assets29/58€324k€496k▲
Amounts receivable within one year40/41€306k€330k▲
Trade receivables40€17k€43k▲
Other amounts receivable41€289k€287k▼
Cash at bank and in hand54/58€18k€158k▲
Deferred charges and accrued income490/1-€8k
Equity and liabilities
Total equity and liabilities10/49€4.65M€3.11M▼
Equity10/15€2.06M€1.99M▼
Contributions10/11€2.49M€2.49M=
Profit (loss) carried forward14€-430k€-491k▼
Amounts payable17/49€2.60M€1.12M▼
Amounts payable after more than one year17€764k€845k▲
Financial debts170/4€764k€845k▲
Amounts payable within one year42/48€1.83M€270k▼
Current portion of amounts payable after more than one year42€61k€68k▲
Trade debts44€8k€2k▼
Suppliers440/4€8k€2k▼
Taxes, remuneration and social security45€3k€19k▲
Taxes450/3€3k€19k▲
Other amounts payable47/48€1.75M€181k▼
Accrued charges and deferred income492/3€7k€5k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€146k€132k▼
Other operating charges640/8€5k€53k▲
Gross operating margin9900€3k€108k▲
Operating profit (loss)9901€-148k€-77k▲
Financial income75/76B€144€35k▲
Recurring financial income75€144€35k▲
Non-recurring financial income76B€144-
Financial charges65/66B€628k€16k▼
Recurring financial charges65€41k€16k▼
Non-recurring financial charges66B€588k-
Profit (loss) for the period before taxes9903€-777k€-58k▲
Income taxes67/77€709€3k▲
Profit (loss) for the period9904€-777k€-61k▲
Profit (loss) for the period to be appropriated9905€-777k€-61k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-430k€-491k▼
Profit (loss) brought forward from the previous period14P€347k€-430k▼
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
2025
31-12
Financial
Liquidity times 10current ratio 1.84
Current ratio from 0.18 to 1.84; short-term debt falls from €1.83M to €270k.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Weakest financial yearnet €-777k
Net result drops to €-777k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
16-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 47 days late
2022
31-12
Financial
Back to profitnet €601k
Net result €601k after 3 loss-making years.
31-12
Financial
Liquidity times 8current ratio 2.41
Current ratio from 0.30 to 2.41.
31-12
Financial
Equity above €2MEq €2.95M ▲1660%
Equity rises from €168k to €2.95M.
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
18-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 79 days late
2020
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 87 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Frasnes-lez-Anvaing · 1 establishment unit since 2018
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Belle Eau(FB) 437911 Frasnes-lez-AnvaingGround area
1,099 m²
Building footprint
299 m²
Volume, LiDAR
2,553 m³
Parcel 51022C0581/00K000, Wallonia · tallest building 12.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Project M
since 20182.279.312.631
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 51022C0581/00K000 | Wallonia | 1,099 m² | 1 · 299 m² | 12.0 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteFrasnes-lez-Anvaing2.279.312.631
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PATRICIA BASTIEN
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Of 2,995 companies in sector 55203 we hold annual accounts for 687. 247 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded21-08-2018
Fiscal year end31-12
Activities, NACEBEL
55203Holiday cottages, homes and apartments
56101Full-service restaurants
56111Full-service restaurants
70210Activities of head offices; management consultancy activities
73300Public relations and communication consultancy
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Data from official sources, last processed on 13-09-2026. Scores and ratios are computed by Checked and are not a credit decision.