Projectsmania
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 12 filings
Turnover
≈ €170,000
Estimated: probably between €130,000 and €230,000
Total assets
€133,967▲ 1.2%
2024 · €132,354
Net result
€75,907▲ 5.7%
2024 · €71,836
Working capital
€29,534▲ 74.7%
2024 · €16,903
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€98,166
▲ 9.3%
2025
20182025
Net result
€75,907
▲ 5.7%
2025
highest quarter of the sector
20182025
Equity
€49,394
▲ 31.8%
2025
middle half of the sector
20182025
Total assets
€133,967
▲ 1.2%
2025
middle half of the sector
20182025
Debt
€84,573
▼ 10.9%
2025
20182025
Working capital
€29,534
▲ 74.7%
2025
middle half of the sector
20182025
Solvency
36.9%
▲ 8.5pp
2025
middle half of the sector
20182025
Current ratio
1.35
▲ 0.16
2025
middle half of the sector
20182025
Return on assets (ROA)
56.7%
▲ 2.4pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,899-€5,815▼ 1.4%€1,552▼ 73.3%€1,383▼ 10.9%€38,570▲ 28×€72,089▲ 86.9%€89,779▲ 24.5%€98,166▲ 9.3%
Net result€4,610-€5,055▲ 9.7%€812within the sector's middle half▼ 83.9%€865within the sector's middle half▲ 6.5%€28,614within the sector's middle half▲ 33×€56,957above the sector's middle half▲ 99.1%€71,836above the sector's middle half▲ 26.1%€75,907above the sector's middle half▲ 5.7%
Equity€27,793-€39,048▲ 40.5%€24,041within the sector's middle half▼ 38.4%€21,406within the sector's middle half▼ 11.0%€35,720within the sector's middle half▲ 66.9%€35,720within the sector's middle half=€37,487within the sector's middle half▲ 4.9%€49,394within the sector's middle half▲ 31.8%
Total assets€51,007-€56,589▲ 10.9%€40,114below the sector's middle half▼ 29.1%€36,580below the sector's middle half▼ 8.8%€117,349within the sector's middle half▲ 221%€139,396within the sector's middle half▲ 18.8%€132,354within the sector's middle half▼ 5.1%€133,967within the sector's middle half▲ 1.2%
Debt€23,214-€17,541▼ 24.4%€16,073▼ 8.4%€15,174▼ 5.6%€81,630▲ 438%€103,676▲ 27.0%€94,867▼ 8.5%€84,573▼ 10.9%
Working capital€2,048-€19,294▲ 842%€7,731within the sector's middle half▼ 59.9%€7,480within the sector's middle half▼ 3.2%€19,421within the sector's middle half▲ 160%€20,280within the sector's middle half▲ 4.4%€16,903within the sector's middle half▼ 16.7%€29,534within the sector's middle half▲ 74.7%
Solvency54.5%-69.0%▲ 14.5pp59.9%within the sector's middle half▼ 9.1pp58.5%within the sector's middle half▼ 1.4pp30.4%within the sector's middle half▼ 28.1pp25.6%within the sector's middle half▼ 4.8pp28.3%within the sector's middle half▲ 2.7pp36.9%within the sector's middle half▲ 8.5pp
Current ratio1.09-2.22▲ 1.121.50within the sector's middle half▼ 0.721.51within the sector's middle half▲ 0.011.36within the sector's middle half▼ 0.151.23within the sector's middle half▼ 0.131.19within the sector's middle half▼ 0.041.35within the sector's middle half▲ 0.16
Return on assets (ROA)9.0%-8.9%▼ 0.1pp2.0%within the sector's middle half▼ 6.9pp2.4%within the sector's middle half▲ 0.3pp24.4%above the sector's middle half▲ 22.0pp40.9%above the sector's middle half▲ 16.5pp54.3%above the sector's middle half▲ 13.4pp56.7%above the sector's middle half▲ 2.4pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 9% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro 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 €133,967
Fixed assets
€20,007 ▼ 25.5%
Current assets
€113,960 ▲ 8.0%
Equity and liabilities €133,967
Equity
€49,394 ▲ 31.8%
Debt
€84,573 ▼ 10.9%
Debt's share of the balance-sheet total falls from 71.7% to 63.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€109,430▲
2024 · €100,487
Cash flow
€87,171▲
2024 · €82,544
Quick ratio
1.10▲
2024 · 0.97
Debt to equity
1.71▼
2024 · 2.53
ROE
153.7%▼
2024 · 191.6%
Interest coverage
over 100▲
2024 · 76.66
Debt ≤ 1 year
€84,426▼
2024 · €88,589
Income taxes
€22,950▲
2024 · €18,572
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,404 | €42,311 | €2,371 | €6,252 | €4,409 |
| Financial fixed assets | - | - | €250 | - | - |
| Depreciation and write-downs of the year | €6,795 | €13,213 | €14,671 | €10,708 | €11,264 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €866 awarded · €866 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €417 | €417 |
| 2023 | 1 | €449 | €449 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,207 | €6,015 | €6,673 | €6,795 | €13,213 | €14,671 | €10,708 | €11,264 | ▲ 5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €130 | -€15 | - | - |
| Other operating charges640/8 | - | - | - | €618 | €469 | €666 | €949 | €694 | ▼ 26.9% |
| Gross operating margin9900 | €12,973 | €12,460 | €8,841 | €8,795 | €52,253 | €87,556 | €101,421 | €110,124 | ▲ 8.6% |
| Operating profit (loss)9901 | €5,899 | €5,815 | €1,552 | €1,383 | €38,570 | €72,089 | €89,779 | €98,166 | ▲ 9.3% |
| Financial income75/76B | - | - | - | €2 | €5 | €1,295 | €1,939 | €1,350 | ▼ 30.4% |
| Recurring financial income75 | €23 | €2 | €0 | €2 | €5 | €1,295 | €1,939 | €1,350 | ▼ 30.4% |
| Financial charges65/66B | - | - | - | €519 | €1,350 | €1,663 | €1,311 | €660 | ▼ 49.6% |
| Recurring financial charges65 | €852 | €761 | €740 | €519 | €1,350 | €1,663 | €1,311 | €660 | ▼ 49.6% |
| Profit (loss) for the period before taxes9903 | €5,071 | €5,055 | €812 | €865 | €37,225 | €71,721 | €90,407 | €98,856 | ▲ 9.3% |
| Income taxes67/77 | €461 | - | - | - | €8,611 | €14,765 | €18,572 | €22,950 | ▲ 23.6% |
| Profit (loss) for the period9904 | €4,610 | €5,055 | €812 | €865 | €28,614 | €56,957 | €71,836 | €75,907 | ▲ 5.7% |
| Profit (loss) for the period to be appropriated9905 | €4,610 | €5,055 | €812 | €865 | €28,614 | €56,957 | €71,836 | €75,907 | ▲ 5.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €51,007 | €56,589 | €40,114 | €36,580 | €117,349 | €139,396 | €132,354 | €133,967 | ▲ 1.2% |
| Fixed assets21/28 | €26,510 | €21,429 | €16,782 | €14,392 | €43,490 | €31,440 | €26,863 | €20,007 | ▼ 25.5% |
| Intangible fixed assets21 | €24,583 | €19,583 | €14,583 | €9,583 | €4,583 | - | - | - | - |
| Tangible fixed assets22/27 | €1,927 | €1,846 | €2,199 | €4,809 | €38,906 | €31,190 | €26,613 | €19,757 | ▼ 25.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €944 | €605 | ▼ 35.9% |
| Furniture and vehicles24 | - | - | - | €3,413 | €37,681 | €30,134 | €24,784 | €18,438 | ▼ 25.6% |
| Other tangible fixed assets26 | - | - | - | €1,396 | €1,226 | €1,055 | €885 | €714 | ▼ 19.3% |
| Financial fixed assets28 | - | - | - | - | - | €250 | €250 | €250 | = |
| Current assets29/58 | €24,497 | €35,159 | €23,331 | €22,188 | €73,860 | €107,957 | €105,492 | €113,960 | ▲ 8.0% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €31,468 | €28,000 | €14,000 | ▼ 50.0% |
| Other amounts receivable291 | - | - | - | - | - | €31,468 | €28,000 | €14,000 | ▼ 50.0% |
| Stocks and contracts in progress3 | - | - | - | €2,319 | €8,000 | €11,793 | €19,250 | €20,679 | ▲ 7.4% |
| Stocks30/36 | - | - | - | €2,319 | €8,000 | €11,793 | €19,250 | €20,679 | ▲ 7.4% |
| Amounts receivable within one year40/41 | €19,542 | €32,029 | €191 | €15,119 | €19,993 | €51,881 | €32,484 | €43,142 | ▲ 32.8% |
| Trade receivables40 | - | - | - | €15,115 | €19,989 | €46,842 | €26,285 | €37,571 | ▲ 42.9% |
| Other amounts receivable41 | - | - | - | €4 | €4 | €5,040 | €6,199 | €5,572 | ▼ 10.1% |
| Cash at bank and in hand54/58 | €4,115 | €2,692 | €22,582 | €4,700 | €44,246 | €11,455 | €22,161 | €34,394 | ▲ 55.2% |
| Deferred charges and accrued income490/1 | - | - | - | €49 | €1,621 | €1,360 | €3,596 | €1,745 | ▼ 51.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €51,007 | €56,589 | €40,114 | €36,580 | €117,349 | €139,396 | €132,354 | €133,967 | ▲ 1.2% |
| Equity10/15 | €27,793 | €39,048 | €24,041 | €21,406 | €35,720 | €35,720 | €37,487 | €49,394 | ▲ 31.8% |
| Contributions10/11 | €12,400 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €31,247 | €31,247 | €15,428 | €11,928 | €17,120 | €17,120 | €18,887 | €30,794 | ▲ 63.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €10,068 | €15,260 | €15,260 | €17,027 | €28,934 | ▲ 69.9% |
| Profit (loss) carried forward14 | -€15,854 | -€10,799 | -€9,987 | -€9,122 | - | - | - | - | - |
| Amounts payable17/49 | €23,214 | €17,541 | €16,073 | €15,174 | €81,630 | €103,676 | €94,867 | €84,573 | ▼ 10.9% |
| Amounts payable after more than one year17 | - | - | - | - | €26,705 | €16,000 | €6,278 | - | - |
| Financial debts170/4 | - | - | - | - | €26,705 | €16,000 | €6,278 | - | - |
| Amounts payable within one year42/48 | €22,449 | €15,866 | €15,600 | €14,707 | €54,439 | €87,676 | €88,589 | €84,426 | ▼ 4.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €9,609 | €10,705 | €10,422 | €6,278 | ▼ 39.8% |
| Trade debts44 | €1,250 | €873 | €1,141 | €731 | €1,655 | €776 | €3,041 | €291 | ▼ 90.4% |
| Suppliers440/4 | - | - | - | €731 | €1,655 | €776 | €3,041 | €291 | ▼ 90.4% |
| Taxes, remuneration and social security45 | - | - | - | €2,526 | €23,996 | €17,233 | €15,125 | €13,857 | ▼ 8.4% |
| Taxes450/3 | - | - | - | €2,526 | €20,496 | €17,233 | €15,125 | €13,857 | ▼ 8.4% |
| Remuneration and social security454/9 | - | - | - | - | €3,500 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €11,450 | €19,178 | €58,963 | €60,000 | €64,000 | ▲ 6.7% |
| Accrued charges and deferred income492/3 | - | - | - | €467 | €486 | - | - | €147 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,610 | €5,055 | €812 | €865 | €28,614 | €56,957 | €71,836 | €75,907 | ▲ 5.7% |
| + Depreciation and write-downs630 | €6,207 | €6,015 | €6,673 | €6,795 | €13,213 | €14,671 | €10,708 | €11,264 | ▲ 5.2% |
| Operating cash flow (approximation) | €10,817 | €11,070 | €7,485 | €7,660 | €41,827 | €71,628 | €82,544 | €87,171 | ▲ 5.6% |
| Investment in fixed assets (approximation) | - | -€934 | -€2,026 | -€4,404 | -€42,311 | -€2,621 | -€6,131 | -€4,409 | ▲ 28.1% |
| Change in cash | - | -€1,423 | €19,890 | -€17,882 | €39,546 | -€32,791 | €10,707 | €12,232 | ▲ 14.2% |
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, 34,693 companies had the same profile as Projectsmania has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Projectsmania itself: 0.2% 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 34,693 companies, not a prediction for Projectsmania. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-07-2026 | 2026-00282223 | |
| 31-12-2024 | micro format | 06-08-2025 | 2025-00362121 | |
| 31-12-2023 | micro format | 19-09-2024 | 2024-00467065 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00364473 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20148572 | |
| 31-12-2020 | micro format | 07-07-2021 | 2021-32500127 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-38900244 | |
| 31-12-2018 | micro format | 29-04-2019 | 2019-12000050 | |
| 31-12-2017 | micro format | 09-07-2018 | 2018-31600513 | |
| 31-12-2016 | micro format | 21-08-2017 | 2017-46500136 |