Equity
€1.4m from €25.8m in 2021
Equity fell by 95% in 4 years.
PROJECTIVE
Lifetime
18 annual accounts with figures on one time axis, 19 filings since 2007peak €17.9m (2025)
€17.9m▲ 27.9%
lowest -€1.1m (2019)
€684,887▲ €761,256
peak €25.8m (2021)
€1.4m▲ 32.3%
€3.9m▲ 12.0%
peak 58.3 FTE (2024)
54.9 FTE▼ 5.8%
Board22 names since 2017all names
2 directorsAline-D and 1 other
Owners6 names in the annual accounts
100%PROJECTIVE HOLDING and 1 other
Documentsfilings and deeds
10-06-202651 days before the deadline
2025financial year
Turnover from €14.0m to €17.9mBack to profit: €684,8871 statutory auditor reappointed 26-08Dividend €342,000Equity from €1.1m to €1.4mCash from €325,322 to €1.1m
Key points
from the 2025 annual accountsResult
€684,887 €684,887
Back in profit in 2025, after a loss of €76,369 in 2024.
Debts
€3.9m 73% of the balance sheet
Financial debts 15%Suppliers 43%Taxes and wages 30%Other 13%
€691,564 of the debts are secured on the company's own assets. In 2021 that was €4.6m.
Investments
€17,148 0.1 × depreciation
Green is investment, beige is depreciation.
Staff
58 employees on 31-12-2025
In 2025, 16 people joined and 11 left. On top of that, 0.4 agency workers worked there on average.
Filings
19 annual accounts since 2007
The last five annual accounts were filed 33 to 89 days before the end of the period.
Checked score
94
Excellent
Financially stronger than 54% of medium-sized companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 802 companies (NACE 70, medium-sized).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.2%▲ +0.1 percentage points vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026highest value
07-2026: < 0.1%▼ -0.2 percentage points vs 06-2026lowest value
08-2026: < 0.1%● unchanged vs 07-2026lowest value
09-2026: < 0.1%● unchanged vs 08-2026lowest value
10-2026: < 0.1%● unchanged vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
lowers risk
Liquidity: current ratio 1.34, cash €1.1m
Size: turnover €17.9m, 54.9 FTE, total assets €5.3m
Sector: Activities of head offices; management consultancy activities (NACE 70)
Profit of €684,887 (financial year 2025)
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 70, medium-sized). It does better than 23% of them on solvency, 30% on liquidity, 78% on profitability and 86% on growth.
The bankruptcy probability was computed on 08-11-2026 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 very low class on 30-06-2025, 0.1% 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, 172 companies had the same profile as PROJECTIVE has now. Each dot is one company, two years later.
96.5%
were still trading
3.5%
stopped another way
0.0%
went bankrupt
That fits the bankruptcy probability of PROJECTIVE itself: < 0.1% 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 172 companies, not a prediction for PROJECTIVE. 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
Credit of up to €130,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.34 (1.15 in 2024), below the usual 1.5. Short-term debt is 61.6% and cash 20.4% of total assets. 73.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
6 signals, none raises the risk
Six signals.
lowers riskneutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €1.4m
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 10-06-2026, 51 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
51 days early
2024
36 days early
2023
33 days early
2022
61 days early
2021
89 days early
2020
74 days early
2019
112 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 65 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 10 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
AB
AQR8 BV
Daily manager
LB
Lumis BV
Daily manager
AB
AQR8 BV
Daily manager
- PROJECTIVE HOLDING 100%equity €111.4m (2025) · annual accounts 2025
- Gimv 25.23%equity €1.35bn (2025) · 2025 annual accounts of Gimv
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0885932969
1 statutory auditor reappointed
BDO Bedrijfsrevisoren BV (statutory auditor) · Permanent representatives: Ellen Lombaerts and Stefan Dierckx · Gazette deed
Appointment: BDO Bedrijfsrevisoren BV (statutory auditor)
General meeting of 26-05-2023 · Gazette deed
1 director appointed, 2 resignations
Resignations: CoCoNekt BV (day-to-day manager) and FIN-esse BV (day-to-day manager) · Appointment: ALINE-D BV (permanent representative) · Permanent representative: Laurent Zintz · Board meeting of 21-09-2022 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| PROJECTIVE Machelen (Brab.) | €17.9m | 6.3% | 26.7% | 54.9 |
| AREMIS Belgium Auderghem | €14.9m | 4.7% | 19.7% | 61.4 |
| Care 4 Fleets Vilvoorde | €14.9m | 1.0% | 7.0% | 45.8 |
| Flexso Digital Kontich | €13.7m | 7.3% | 58.1% | 68.8 |
| ACUMEN PUBLIC AFFAIRS Brussels | €13.3m | 23.5% | 30.5% | 61.2 |
| SOLID TALENT Ghent | €16.8m | 6.7% | 54.4% | 85.7 |
| TRILATIONS Kontich | €19.4m | 3.9% | 64.0% | 60.1 |
Grey: the largest companies of the sector (head offices and management consultancy (NACE 70)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as PROJECTIVE: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €5.7m and €8.1m, founded between 2001 and 2010.
Official details
Source: KBO- Status
- Active since 26-12-2006Normal situation
- Registered office
- 163 active companies are registered at this address10 started in the 12 months before. Source: KBO register, as of 8 November 2026.
- Activity
- Business and other management consultancyNACE 70200and 1 other
- Establishment unit
- 2.159.016.7931831 Machelen (Brab.), since 26-12-2006
- Financial year end
- 31 December
- Peppol
- Reachable since 07-10-2025
Annual accounts 2025
- €5.3m▲ 16.8%
- Employeeson 31-12-2025
- 58▲ 9.4%
- Filing
- Filed on 10-06-2026, 51 days before the end of the filing period
Insights on PROJECTIVE
PROJECTIVE has existed since 2006. Turnover grew from €7.9m in 2013 to €17.9m in 2025 and staff from 17.5 to 54.9 full-time equivalents.
PROJECTIVE HOLDING holds all the shares.
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 PROJECTIVE
- What is the company number of PROJECTIVE?
- The company number of PROJECTIVE is 0885.932.969. The VAT number is the same number with BE in front: BE 0885.932.969.
- Where is PROJECTIVE based?
- The registered office is at De Kleetlaan 5A, 1831 Machelen (Brab.).Company details
- What does PROJECTIVE do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of PROJECTIVE?
- PROJECTIVE is a public limited company (NV).
- When was PROJECTIVE founded?
- PROJECTIVE was founded on 26-12-2006.
- Is PROJECTIVE still active?
- Yes, PROJECTIVE is an active enterprise in the KBO register.
- How many employees does PROJECTIVE have?
- PROJECTIVE had an average of 54.9 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of PROJECTIVE?
- The turnover of PROJECTIVE was €17.9m in financial year 2025, according to the filed annual accounts.
- Is PROJECTIVE profitable?
- In financial year 2025, PROJECTIVE made a profit of €684,887.
- Where can I find the annual accounts of PROJECTIVE?
- PROJECTIVE filed 19 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of PROJECTIVE due?
- PROJECTIVE must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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