Projects & Co
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 8 filings
Turnover
≈ €750,000
Estimated: probably between €520,000 and €960,000
Total assets
€580,911▼ 41.2%
2024 · €988,278
Net result
€164,830▲ 69.8%
2024 · €97,085
Working capital
€486,383▼ 45.5%
2024 · €892,613
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€236,805
▲ 84.6%
2025
20182025
Net result
€164,830
▲ 69.8%
2025
highest quarter of the sector
20182025
Equity
€505,619
▲ 48.4%
2025
middle half of the sector
20182025
Total assets
€580,911
▼ 41.2%
2025
middle half of the sector
20182025
Debt
€75,291
▼ 88.4%
2025
20182025
Working capital
€486,383
▼ 45.5%
2025
highest quarter of the sector
20182025
Solvency
87.0%
▲ 52.6pp
2025
highest quarter of the sector
20182025
Current ratio
8.42
▼ 9.57
2025
highest quarter of the sector
20182025
Return on assets (ROA)
28.4%
▲ 18.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0.5
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€31,114-€70,525▲ 127%€75,702▲ 7.3%€78,408▲ 3.6%€37,717▼ 51.9%€65,755▲ 74.3%€128,264▲ 95.1%€236,805▲ 84.6%
Net result€18,961-€53,443▲ 182%€57,133within the sector's middle half▲ 6.9%€57,388within the sector's middle half▲ 0.4%€26,754within the sector's middle half▼ 53.4%€47,969within the sector's middle half▲ 79.3%€97,085within the sector's middle half▲ 102%€164,830above the sector's middle half▲ 69.8%
Equity€36,761-€90,204▲ 145%€145,687within the sector's middle half▲ 61.5%€189,706within the sector's middle half▲ 30.2%€210,275within the sector's middle half▲ 10.8%€253,219within the sector's middle half▲ 20.4%€340,790within the sector's middle half▲ 34.6%€505,619within the sector's middle half▲ 48.4%
Total assets€57,355-€97,474▲ 70.0%€185,127below the sector's middle half▲ 89.9%€244,131below the sector's middle half▲ 31.9%€275,832below the sector's middle half▲ 13.0%€320,062below the sector's middle half▲ 16.0%€988,278within the sector's middle half▲ 209%€580,911within the sector's middle half▼ 41.2%
Debt€20,594-€7,270▼ 64.7%€39,440▲ 442%€54,425▲ 38.0%€65,557▲ 20.5%€66,843▲ 2.0%€647,488▲ 869%€75,291▼ 88.4%
Working capital€31,070-€84,085▲ 171%€141,488within the sector's middle half▲ 68.3%€171,271within the sector's middle half▲ 21.0%€173,734within the sector's middle half▲ 1.4%€227,421within the sector's middle half▲ 30.9%€892,613above the sector's middle half▲ 292%€486,383above the sector's middle half▼ 45.5%
Solvency64.1%-92.5%▲ 28.4pp78.7%above the sector's middle half▼ 13.8pp77.7%above the sector's middle half▼ 1.0pp76.2%above the sector's middle half▼ 1.5pp79.1%above the sector's middle half▲ 2.9pp34.5%within the sector's middle half▼ 44.6pp87.0%above the sector's middle half▲ 52.6pp
Current ratio2.52-13.06▲ 10.554.61above the sector's middle half▼ 8.454.18above the sector's middle half▼ 0.437.35above the sector's middle half▲ 3.176.93above the sector's middle half▼ 0.4217.99above the sector's middle half▲ 11.068.42above the sector's middle half▼ 9.57
Return on assets (ROA)33.1%-54.8%▲ 21.8pp30.9%above the sector's middle half▼ 24.0pp23.5%above the sector's middle half▼ 7.4pp9.7%above the sector's middle half▼ 13.8pp15.0%above the sector's middle half▲ 5.3pp9.8%above the sector's middle half▼ 5.2pp28.4%above the sector's middle half▲ 18.6pp
Staff (FTE)0.5below the sector's middle half0.5below the sector's middle half=0.5within the sector's middle half=0.5within the sector's middle half=0.5within the sector's middle half=0.5within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 85% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €580,911
Fixed assets
€28,998 ▼ 32.8%
Current assets
€551,913 ▼ 41.6%
Equity and liabilities €580,911
Equity
€505,619 ▲ 48.4%
Debt
€75,291 ▼ 88.4%
Debt's share of the balance-sheet total falls from 65.5% to 13.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€250,944▲
2024 · €143,396
Cash flow
€178,968▲
2024 · €112,217
Debt to equity
0.15▼
2024 · 1.90
ROE
32.6%▲
2024 · 28.5%
Interest coverage
12.16▼
2024 · 49.43
Debt ≤ 1 year
€65,530▲
2024 · €52,529
Debt > 1 year
€9,761▼
2024 · €594,254
Income taxes
€53,818▲
2024 · €30,316
Staff costs
€43,811▲
2024 · €41,458
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 0 | 0 | 0 | 0 | 0 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €46,198 | €37,465 | €603,487 | €19,254 |
| Mortgages, amount registered | - | - | - | €25,000 | - |
| Mortgage mandates | - | - | - | €550,000 | - |
| Carrying value of the mortgaged assets | - | - | - | €658,535 | - |
| Carrying value of the other pledged assets | - | €61,982 | €49,531 | €37,080 | €24,629 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €22,901 | €62,254 | - | €3,983 | - |
| Financial fixed assets | - | €2,250 | - | - | €0 |
| Depreciation and write-downs of the year | €8,405 | €8,706 | €20,444 | €15,133 | €14,139 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €33,232 | €29,864 | €41,982 | €41,458 | €43,811 | ▲ 5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,860 | €1,985 | €1,985 | €8,405 | €8,706 | €20,444 | €15,133 | €14,139 | ▼ 6.6% |
| Other operating charges640/8 | - | - | - | €3,598 | €1,389 | €1,233 | €2,355 | €11,042 | ▲ 369% |
| Gross operating margin9900 | €36,175 | €73,633 | €85,567 | €123,643 | €77,677 | €129,414 | €187,209 | €305,796 | ▲ 63.3% |
| Operating profit (loss)9901 | €31,114 | €70,525 | €75,702 | €78,408 | €37,717 | €65,755 | €128,264 | €236,805 | ▲ 84.6% |
| Financial income75/76B | - | - | - | €0 | €63 | €322 | €2,038 | €2,487 | ▲ 22.0% |
| Recurring financial income75 | €13 | €0 | - | €0 | €63 | €322 | €2,038 | €2,487 | ▲ 22.0% |
| Financial charges65/66B | - | - | - | €664 | €656 | €1,779 | €2,901 | €20,645 | ▲ 612% |
| Recurring financial charges65 | €1,530 | €1,241 | €1,129 | €664 | €656 | €1,779 | €2,901 | €20,645 | ▲ 612% |
| Profit (loss) for the period before taxes9903 | €29,597 | €69,284 | €74,573 | €77,744 | €37,124 | €64,298 | €127,401 | €218,647 | ▲ 71.6% |
| Income taxes67/77 | €10,636 | €15,841 | €17,440 | €20,356 | €10,369 | €16,330 | €30,316 | €53,818 | ▲ 77.5% |
| Profit (loss) for the period9904 | €18,961 | €53,443 | €57,133 | €57,388 | €26,754 | €47,969 | €97,085 | €164,830 | ▲ 69.8% |
| Profit (loss) for the period to be appropriated9905 | €18,961 | €53,443 | €57,133 | €57,388 | €26,754 | €47,969 | €97,085 | €164,830 | ▲ 69.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €57,355 | €97,474 | €185,127 | €244,131 | €275,832 | €320,062 | €988,278 | €580,911 | ▼ 41.2% |
| Fixed assets21/28 | €5,796 | €6,420 | €4,435 | €18,932 | €74,730 | €54,286 | €43,136 | €28,998 | ▼ 32.8% |
| Tangible fixed assets22/27 | €5,796 | €6,420 | €4,435 | €18,932 | €72,480 | €52,036 | €40,886 | €26,748 | ▼ 34.6% |
| Plant, machinery and equipment23 | - | - | - | €2,010 | €1,650 | €1,290 | €3,807 | €2,119 | ▼ 44.3% |
| Furniture and vehicles24 | - | - | - | €16,922 | €70,830 | €50,746 | €37,080 | €24,629 | ▼ 33.6% |
| Financial fixed assets28 | - | - | - | - | €2,250 | €2,250 | €2,250 | €2,250 | = |
| Current assets29/58 | €51,559 | €91,055 | €180,692 | €225,199 | €201,102 | €265,776 | €945,142 | €551,913 | ▼ 41.6% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €658,535 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | - | - | - | €658,535 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €30,156 | €44,535 | €26,535 | €33,101 | €36,083 | €223,693 | €237,570 | €414,077 | ▲ 74.3% |
| Trade receivables40 | - | - | - | €33,097 | €27,213 | €25,007 | €33,107 | €30,548 | ▼ 7.7% |
| Other amounts receivable41 | - | - | - | €4 | €8,871 | €198,686 | €204,464 | €383,528 | ▲ 87.6% |
| Cash at bank and in hand54/58 | €15,616 | €34,197 | €149,451 | €186,994 | €165,019 | €38,658 | €42,098 | €130,379 | ▲ 210% |
| Deferred charges and accrued income490/1 | - | - | - | €5,104 | €0 | €3,425 | €6,939 | €7,457 | ▲ 7.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €57,355 | €97,474 | €185,127 | €244,131 | €275,832 | €320,062 | €988,278 | €580,911 | ▼ 41.2% |
| Equity10/15 | €36,761 | €90,204 | €145,687 | €189,706 | €210,275 | €253,219 | €340,790 | €505,619 | ▲ 48.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €950 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | - | - | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €17,211 | €69,744 | €125,227 | €169,246 | €189,815 | €232,759 | €320,330 | €485,159 | ▲ 51.5% |
| Amounts payable17/49 | €20,594 | €7,270 | €39,440 | €54,425 | €65,557 | €66,843 | €647,488 | €75,291 | ▼ 88.4% |
| Amounts payable after more than one year17 | - | - | - | - | €37,465 | €28,487 | €594,254 | €9,761 | ▼ 98.4% |
| Financial debts170/4 | - | - | - | - | €37,465 | €28,487 | €594,254 | €9,761 | ▼ 98.4% |
| Amounts payable within one year42/48 | €20,489 | €6,970 | €39,204 | €53,928 | €27,368 | €38,356 | €52,529 | €65,530 | ▲ 24.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €8,734 | €8,977 | €9,233 | €9,493 | ▲ 2.8% |
| Trade debts44 | €2,613 | €1,561 | €2,811 | €8,290 | €1,973 | €15,281 | €11,071 | €25,151 | ▲ 127% |
| Suppliers440/4 | - | - | - | €8,290 | €1,973 | €15,281 | €11,071 | €25,151 | ▲ 127% |
| Taxes, remuneration and social security45 | - | - | - | €31,023 | €9,080 | €9,073 | €22,236 | €30,886 | ▲ 38.9% |
| Taxes450/3 | - | - | - | €23,801 | €4 | €729 | €17,319 | €18,197 | ▲ 5.1% |
| Remuneration and social security454/9 | - | - | - | €7,222 | €9,076 | €8,344 | €4,917 | €12,688 | ▲ 158% |
| Other amounts payable47/48 | - | - | - | €14,615 | €7,581 | €5,024 | €9,989 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €496 | €724 | €0 | €705 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,961 | €53,443 | €57,133 | €57,388 | €26,754 | €47,969 | €97,085 | €164,830 | ▲ 69.8% |
| + Depreciation and write-downs630 | €3,860 | €1,985 | €1,985 | €8,405 | €8,706 | €20,444 | €15,133 | €14,139 | ▼ 6.6% |
| Operating cash flow (approximation) | €22,821 | €55,428 | €59,117 | €65,793 | €35,461 | €68,412 | €112,217 | €178,968 | ▲ 59.5% |
| Investment in fixed assets (approximation) | - | -€2,608 | €0 | -€22,901 | -€64,504 | €0 | -€3,983 | €0 | - |
| Change in cash | - | €18,581 | €115,254 | €37,543 | -€21,975 | -€126,361 | €3,440 | €88,282 | ▲ 26× |
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, 26,972 companies had the same profile as Projects & Co has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Projects & Co itself is lower: < 0.1% within 12 months. It rests on far more data about Projects & Co than the profile alone.
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 26,972 companies, not a prediction for Projects & Co. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-07-2026 | 2026-00360853 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00341352 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00334740 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00285155 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20253046 | |
| 31-12-2020 | abbreviated format | 20-07-2021 | 2021-37100596 | |
| 31-12-2019 | abbreviated format | 27-07-2020 | 2020-33900244 | |
| 31-12-2018 | abbreviated format | 25-07-2019 | 2019-37100482 |