PROJECTMAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-04-2026 PDF all 14 filings
Equity
€65,804▼ 24.5%
2024 · €87,150
Total assets
€87,706▼ 16.9%
2024 · €105,500
Net result
-€21,346▲ 36.2%
2024 · -€33,460
Working capital
-€20,721▼ 401%
2024 · -€4,133
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€21,157
▲ 37.3%
2025
20192025
Net result
-€21,346
▲ 36.2%
2025
lowest quarter of the sector
20192025
Equity
€65,804
▼ 24.5%
2025
middle half of the sector
20192025
Total assets
€87,706
▼ 16.9%
2025
middle half of the sector
20192025
Debt
€21,903
▲ 19.4%
2025
20192025
Working capital
-€20,721
▼ 401%
2025
lowest quarter of the sector
20192025
Solvency
75.0%
▼ 7.6pp
2025
middle half of the sector
20192025
Current ratio
0.05
▼ 0.71
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-24.3%
▲ 7.4pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€45,079--€97,930€10,420€53,871▲ 417%-€27,421-€33,745▼ 23.1%-€21,157▲ 37.3%
Net result€28,734--€100,350below the sector's middle half€7,777within the sector's middle half€48,143above the sector's middle half▲ 519%-€27,707below the sector's middle half-€33,460below the sector's middle half▼ 20.8%-€21,346below the sector's middle half▲ 36.2%
Equity€307,746-€207,396above the sector's middle half▼ 32.6%€215,174above the sector's middle half▲ 3.7%€263,316above the sector's middle half▲ 22.4%€235,610above the sector's middle half▼ 10.5%€87,150within the sector's middle half▼ 63.0%€65,804within the sector's middle half▼ 24.5%
Total assets€374,761-€264,922within the sector's middle half▼ 29.3%€280,698within the sector's middle half▲ 6.0%€322,648above the sector's middle half▲ 14.9%€260,978within the sector's middle half▼ 19.1%€105,500within the sector's middle half▼ 59.6%€87,706within the sector's middle half▼ 16.9%
Debt€67,015-€57,526▼ 14.2%€65,525▲ 13.9%€59,331▼ 9.5%€25,368▼ 57.2%€18,351▼ 27.7%€21,903▲ 19.4%
Working capital€226,090-€117,726above the sector's middle half▼ 47.9%€105,818within the sector's middle half▼ 10.1%€114,313above the sector's middle half▲ 8.0%€149,399above the sector's middle half▲ 30.7%-€4,133below the sector's middle half-€20,721below the sector's middle half▼ 401%
Solvency82.1%-78.3%above the sector's middle half▼ 3.8pp76.7%above the sector's middle half▼ 1.6pp81.6%above the sector's middle half▲ 5.0pp90.3%above the sector's middle half▲ 8.7pp82.6%above the sector's middle half▼ 7.7pp75.0%within the sector's middle half▼ 7.6pp
Current ratio7.45-4.34above the sector's middle half▼ 3.114.14above the sector's middle half▼ 0.203.65within the sector's middle half▼ 0.499.05above the sector's middle half▲ 5.400.77below the sector's middle half▼ 8.280.05below the sector's middle half▼ 0.71
Return on assets (ROA)7.7%--37.9%below the sector's middle half▼ 45.5pp2.8%within the sector's middle half▲ 40.6pp14.9%within the sector's middle half▲ 12.2pp-10.6%below the sector's middle half▼ 25.5pp-31.7%below the sector's middle half▼ 21.1pp-24.3%below the sector's middle half▲ 7.4pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €21,157, smaller than the loss of €33,745 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €87,706
Fixed assets
€86,525 ▼ 5.8%
Current assets
€1,181 ▼ 91.4%
Equity and liabilities €87,706
Equity
€65,804 ▼ 24.5%
Debt
€21,903 ▲ 19.4%
Debt's share of the balance-sheet total rises from 17.4% to 25.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€15,869▲
2024 · -€28,179
Cash flow
-€16,058▲
2024 · -€27,894
Debt to equity
0.33▲
2024 · 0.21
ROE
-32.4%▲
2024 · -38.4%
Interest coverage
-65.28▲
2024 · -71.51
Debt ≤ 1 year
€21,903▲
2024 · €17,820
Debt > 1 year
€0▼
2024 · €531
Income taxes
€23▼
2024 · €84
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €34,668 | €30,855 | €1,465 | €4,353 | - |
| Depreciation and write-downs of the year | €5,427 | €6,837 | €6,013 | €5,566 | €5,288 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €150 awarded · €150 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,690 | €5,936 | €5,427 | €6,837 | €6,013 | €5,566 | €5,288 | ▼ 5.0% |
| Other operating charges640/8 | - | - | €3,868 | €656 | €976 | €1,267 | €388 | ▼ 69.4% |
| Non-recurring operating charges66A | - | - | - | - | €32,677 | €0 | - | - |
| Gross operating margin9900 | €49,912 | -€91,894 | €19,715 | €61,364 | €12,245 | -€26,912 | -€15,481 | ▲ 42.5% |
| Operating profit (loss)9901 | €45,079 | -€97,930 | €10,420 | €53,871 | -€27,421 | -€33,745 | -€21,157 | ▲ 37.3% |
| Financial income75/76B | - | - | €10 | €692 | €977 | €764 | €78 | ▼ 89.8% |
| Recurring financial income75 | €1,134 | €3 | €10 | €692 | €977 | €764 | €78 | ▼ 89.8% |
| Financial charges65/66B | - | - | €1,875 | €1,487 | €1,263 | €394 | €243 | ▼ 38.3% |
| Recurring financial charges65 | €3,266 | €2,423 | €1,875 | €1,487 | €1,263 | €394 | €243 | ▼ 38.3% |
| Profit (loss) for the period before taxes9903 | €42,947 | -€100,349 | €8,555 | €53,077 | -€27,707 | -€33,376 | -€21,322 | ▲ 36.1% |
| Income taxes67/77 | €14,212 | €1 | €778 | €4,934 | €0 | €84 | €23 | ▼ 72.3% |
| Profit (loss) for the period9904 | €28,734 | -€100,350 | €7,777 | €48,143 | -€27,707 | -€33,460 | -€21,346 | ▲ 36.2% |
| Profit (loss) for the period to be appropriated9905 | €28,734 | -€100,350 | €7,777 | €48,143 | -€27,707 | -€33,460 | -€21,346 | ▲ 36.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €374,761 | €264,922 | €280,698 | €322,648 | €260,978 | €105,500 | €87,706 | ▼ 16.9% |
| Fixed assets21/28 | €113,615 | €111,992 | €141,234 | €165,251 | €93,026 | €91,813 | €86,525 | ▼ 5.8% |
| Tangible fixed assets22/27 | €113,615 | €111,992 | €141,234 | €165,251 | €93,026 | €91,813 | €86,525 | ▼ 5.8% |
| Land and buildings22 | - | - | €135,550 | €132,777 | €65,100 | €65,100 | €65,100 | = |
| Plant, machinery and equipment23 | - | - | €2,483 | €30,244 | €26,664 | €23,730 | €19,330 | ▼ 18.5% |
| Furniture and vehicles24 | - | - | €3,200 | €2,231 | €1,261 | €2,983 | €2,095 | ▼ 29.8% |
| Current assets29/58 | €261,146 | €152,929 | €139,465 | €157,396 | €167,952 | €13,687 | €1,181 | ▼ 91.4% |
| Amounts receivable after more than one year29 | - | - | €66,937 | €54,129 | €35,384 | €0 | - | - |
| Other amounts receivable291 | - | - | €66,937 | €54,129 | €35,384 | €0 | - | - |
| Amounts receivable within one year40/41 | €226,980 | €122,181 | €23,575 | €7,605 | €85,490 | €774 | €181 | ▼ 76.6% |
| Trade receivables40 | - | - | €22,393 | €7,605 | €15,094 | €0 | - | - |
| Other amounts receivable41 | - | - | €1,182 | €0 | €70,396 | €774 | €181 | ▼ 76.6% |
| Cash at bank and in hand54/58 | €30,716 | €30,000 | €48,208 | €93,898 | €44,864 | €12,913 | €1,000 | ▼ 92.3% |
| Deferred charges and accrued income490/1 | - | - | €744 | €1,764 | €2,214 | €0 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €374,761 | €264,922 | €280,698 | €322,648 | €260,978 | €105,500 | €87,706 | ▼ 16.9% |
| Equity10/15 | €307,746 | €207,396 | €215,174 | €263,316 | €235,610 | €87,150 | €65,804 | ▼ 24.5% |
| Contributions10/11 | €12,500 | - | €12,500 | €12,500 | €12,500 | €12,500 | €12,500 | = |
| Reserves13 | €295,246 | €194,896 | €202,674 | €250,816 | €223,110 | €108,110 | €108,110 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | €200,814 | €248,956 | €221,250 | €108,110 | €108,110 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | -€33,460 | -€54,806 | ▼ 63.8% |
| Amounts payable17/49 | €67,015 | €57,526 | €65,525 | €59,331 | €25,368 | €18,351 | €21,903 | ▲ 19.4% |
| Amounts payable after more than one year17 | €31,127 | €22,216 | €31,878 | €16,248 | €6,815 | €531 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | €31,878 | €16,248 | €6,815 | €531 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €35,056 | €35,204 | €33,647 | €43,083 | €18,553 | €17,820 | €21,903 | ▲ 22.9% |
| Current portion of amounts payable after more than one year42 | - | - | €15,866 | €16,416 | €6,132 | €6,284 | €531 | ▼ 91.6% |
| Financial debts43 | - | - | €529 | €338 | €0 | - | €1,749 | - |
| Credit institutions430/8 | - | - | €529 | €338 | €0 | - | €1,749 | - |
| Trade debts44 | €12,324 | €5,892 | €4,049 | €7,664 | €12,338 | €1,793 | €237 | ▼ 86.8% |
| Suppliers440/4 | - | - | €4,049 | €7,664 | €12,338 | €1,793 | €237 | ▼ 86.8% |
| Taxes, remuneration and social security45 | - | - | €2,746 | €600 | €82 | €0 | - | - |
| Taxes450/3 | - | - | €2,746 | €600 | €82 | €0 | - | - |
| Other amounts payable47/48 | - | - | €10,458 | €18,065 | €0 | €9,743 | €19,385 | ▲ 99.0% |
| Accrued charges and deferred income492/3 | - | - | €0 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,734 | -€100,350 | €7,777 | €48,143 | -€27,707 | -€33,460 | -€21,346 | ▲ 36.2% |
| + Depreciation and write-downs630 | €4,690 | €5,936 | €5,427 | €6,837 | €6,013 | €5,566 | €5,288 | ▼ 5.0% |
| Operating cash flow (approximation) | €33,424 | -€94,414 | €13,204 | €54,980 | -€21,693 | -€27,894 | -€16,058 | ▲ 42.4% |
| Investment in fixed assets (approximation) | - | -€4,313 | -€34,668 | -€30,855 | €66,212 | -€4,353 | €0 | - |
| Change in cash | - | -€716 | €18,208 | €45,690 | -€49,034 | -€31,950 | -€11,913 | ▲ 62.7% |
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, 4,805 companies had the same profile as PROJECTMAN has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PROJECTMAN itself: 0.4% 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 4,805 companies, not a prediction for PROJECTMAN. 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.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-04-2026 | 2026-00088707 | |
| 30-09-2024 | micro format | 09-04-2025 | 2025-00066467 | |
| 30-09-2023 | micro format | 02-04-2024 | 2024-00054057 | |
| 30-09-2022 | micro format | 10-05-2023 | 2023-00084115 | |
| 30-09-2021 | micro format | 28-04-2022 | 2022-20011067 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-13300342 | |
| 30-09-2019 | micro format | 27-04-2020 | 2020-09700289 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-11600343 | |
| 30-09-2017 | micro format | 27-04-2018 | 2018-10800336 | |
| 30-09-2016 | abbreviated format | 31-03-2017 | 2017-07700330 |