PROJEST
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 24-12-2025 PDF all 20 filings
Equity
-€3.8m▼ 4.9%
2023 · -€3.6m
Total assets
€381,242▲ 7.5%
2023 · €354,561
Net result
-€176,416▲ 62.2%
2023 · -€466,279
Working capital
-€3.9m▼ 4.1%
2023 · -€3.7m
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
-€303,410
▲ 34.3%
2024
20182024
Net result
-€176,416
▲ 62.2%
2024
lowest quarter of the sector
20182024
Equity
-€3.8m
▼ 4.9%
2024
lowest quarter of the sector
20182024
Total assets
€381,242
▲ 7.5%
2024
middle half of the sector
20182024
Debt
€4.2m
▲ 5.1%
2024
20182024
Working capital
-€3.9m
▼ 4.1%
2024
lowest quarter of the sector
20182024
Solvency
-994.4%
2024
lowest quarter of the sector
20182024
Current ratio
0.08
▲ 0.01
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
-46.3%
▲ 85.2pp
2024
lowest quarter of the sector
20182024
Staff (FTE)
no figure
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result-€0.002m--€0.2m▼ 13,488%-€0.1m▲ 49.2%-€0.3m▼ 159%-€0.5m▼ 74.5%-€0.5m▲ 15.6%-€0.3m▲ 34.3%
Net result-€0.002m--€0.2m▼ 11,544%-€0.1mbelow the sector's middle half▲ 58.9%-€0.3mbelow the sector's middle half▼ 220%-€0.5mbelow the sector's middle half▼ 71.3%-€0.5mbelow the sector's middle half▲ 13.6%-€0.2mbelow the sector's middle half▲ 62.2%
Equity-€2.0m--€2.2m▼ 12.3%-€2.3mbelow the sector's middle half▼ 4.5%-€2.6mbelow the sector's middle half▼ 13.7%-€3.1mbelow the sector's middle half▼ 20.7%-€3.6mbelow the sector's middle half▼ 14.8%-€3.8mbelow the sector's middle half▼ 4.9%
Total assets€0.5m-€0.5m▼ 5.0%€0.8mwithin the sector's middle half▲ 67.6%€0.5mwithin the sector's middle half▼ 42.8%€0.3mwithin the sector's middle half▼ 40.6%€0.4mwithin the sector's middle half▲ 26.0%€0.4mwithin the sector's middle half▲ 7.5%
Debt€2.5m-€2.7m▲ 8.6%€3.1m▲ 16.1%€3.1m▼ 1.3%€3.4m▲ 11.3%€4.0m▲ 15.7%€4.2m▲ 5.1%
Working capital-€2.0m--€2.2m▼ 11.5%-€2.3mbelow the sector's middle half▼ 4.6%-€2.7mbelow the sector's middle half▼ 14.1%-€3.2mbelow the sector's middle half▼ 19.9%-€3.7mbelow the sector's middle half▼ 15.5%-€3.9mbelow the sector's middle half▼ 4.1%
Solvency-376.2%--444.4%▼ 68.1pp-277.0%below the sector's middle half▲ 167.4pp-550.7%below the sector's middle half▼ 273.7pp-994.4%below the sector's middle half
Current ratio0.19-0.17▼ 0.020.25below the sector's middle half▲ 0.080.13below the sector's middle half▼ 0.120.07below the sector's middle half▼ 0.070.07below the sector's middle half=0.08below the sector's middle half▲ 0.01
Return on assets (ROA)-0.4%--48.5%▼ 48.1pp-11.9%below the sector's middle half▲ 36.6pp-66.5%below the sector's middle half▼ 54.6pp-191.9%below the sector's middle half▼ 125.4pp-131.5%below the sector's middle half▲ 60.4pp-46.3%below the sector's middle half▲ 85.2pp
Staff (FTE)1.71within the sector's middle half▼ 41.2%
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 2024 is a loss of €303,410, smaller than the loss of €462,054 in 2023.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €381,242
Fixed assets
€62,518 ▼ 27.5%
Current assets
€318,724 ▲ 18.8%
Equity and liabilities
Equity-€3.8m
Debt€4.2m
Equity is negative. Debt (€4.2m) exceeds the balance-sheet total (€381,242).
Key figures and ratios
EBITDA
-€281,060▲
2023 · -€440,508
Cash flow
-€154,066▲
2023 · -€444,733
Interest coverage
-209.56▼
2023 · -144.40
Debt ≤ 1 year
€4.2m▲
2023 · €4.0m
Income taxes
€753▼
2023 · €1,174
Staff costs
€203,192▲
2023 · €173,763
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €27,370 | €6,059 | €51,985 | - |
| Depreciation and write-downs of the year | €12,056 | €14,330 | €21,546 | €22,350 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €114,509 | €146,946 | €173,763 | €203,192 | ▲ 16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,531 | €10,412 | €11,021 | €12,056 | €14,330 | €21,546 | €22,350 | ▲ 3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€11 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €4,461 | €3,818 | €6,994 | €3,718 | ▼ 46.8% |
| Non-recurring operating charges66A | - | - | - | €174 | €123 | - | - | - |
| Gross operating margin9900 | €54,223 | -€136,912 | -€50,497 | -€182,746 | -€382,559 | -€259,751 | -€74,150 | ▲ 71.5% |
| Operating profit (loss)9901 | -€1,757 | -€238,800 | -€121,327 | -€313,935 | -€547,775 | -€462,054 | -€303,410 | ▲ 34.3% |
| Financial income75/76B | - | - | - | - | €8,701 | €0 | €133,100 | ▲ 295,778× |
| Recurring financial income75 | €37 | €551 | €6,159 | - | €8,701 | €0 | €133,100 | ▲ 295,778× |
| Non-recurring financial income76B | - | - | - | - | - | - | €133,100 | - |
| Financial charges65/66B | - | - | - | €1,203 | €367 | €3,051 | €5,353 | ▲ 75.5% |
| Recurring financial charges65 | €338 | €847 | €700 | €1,203 | €367 | €3,051 | €1,341 | ▼ 56.0% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €4,012 | - |
| Profit (loss) for the period before taxes9903 | -€2,058 | -€239,448 | -€98,086 | -€315,138 | -€539,441 | -€465,105 | -€175,663 | ▲ 62.2% |
| Income taxes67/77 | - | €216 | €379 | - | €440 | €1,174 | €753 | ▼ 35.9% |
| Profit (loss) for the period9904 | -€2,058 | -€239,664 | -€98,465 | -€315,138 | -€539,880 | -€466,279 | -€176,416 | ▲ 62.2% |
| Profit (loss) for the period to be appropriated9905 | -€2,058 | -€239,664 | -€98,465 | -€315,138 | -€539,880 | -€466,279 | -€176,416 | ▲ 62.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.5m | €0.5m | €0.8m | €0.5m | €0.3m | €0.4m | €0.4m | ▲ 7.5% |
| Fixed assets21/28 | €0.05m | €0.04m | €0.05m | €0.06m | €0.06m | €0.09m | €0.06m | ▼ 27.5% |
| Tangible fixed assets22/27 | €0.05m | €0.04m | €0.05m | €0.06m | €0.06m | €0.09m | €0.06m | ▼ 27.5% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 10.5% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.03m | €0.06m | €0.04m | ▼ 33.4% |
| Current assets29/58 | €0.5m | €0.4m | €0.8m | €0.4m | €0.2m | €0.3m | €0.3m | ▲ 18.8% |
| Amounts receivable within one year40/41 | €0.5m | €0.4m | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | ▲ 15.8% |
| Trade receivables40 | - | - | - | €0.3m | €0.2m | €0.08m | €0.03m | ▼ 58.8% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.05m | €0.2m | €0.3m | ▲ 45.6% |
| Cash at bank and in hand54/58 | €0.002m | €0.01m | €0.6m | €0.1m | €0.006m | €0.001m | €0.009m | ▲ 649% |
| Deferred charges and accrued income490/1 | - | - | - | €250 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.8m | €0.5m | €0.3m | €0.4m | €0.4m | ▲ 7.5% |
| Equity10/15 | -€2.0m | -€2.2m | -€2.3m | -€2.6m | -€3.1m | -€3.6m | -€3.8m | ▼ 4.9% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | -€2.0m | -€2.3m | -€2.4m | -€2.7m | -€3.2m | -€3.7m | -€3.9m | ▼ 4.8% |
| Amounts payable17/49 | €2.5m | €2.7m | €3.1m | €3.1m | €3.4m | €4.0m | €4.2m | ▲ 5.1% |
| Amounts payable within one year42/48 | €2.5m | €2.7m | €3.1m | €3.1m | €3.4m | €4.0m | €4.2m | ▲ 5.1% |
| Trade debts44 | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | - | - |
| Suppliers440/4 | - | - | - | €0.2m | €0.1m | €0.1m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 39.5% |
| Taxes450/3 | - | - | - | €0.004m | €0.01m | €0.002m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.02m | €0.03m | €0.02m | ▼ 34.3% |
| Other amounts payable47/48 | - | - | - | €2.9m | €3.3m | €3.8m | €4.2m | ▲ 9.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,058 | -€239,664 | -€98,465 | -€315,138 | -€539,880 | -€466,279 | -€176,416 | ▲ 62.2% |
| + Depreciation and write-downs630 | €13,531 | €10,412 | €11,021 | €12,056 | €14,330 | €21,546 | €22,350 | ▲ 3.7% |
| Operating cash flow (approximation) | €11,473 | -€229,252 | -€87,444 | -€303,082 | -€525,550 | -€444,733 | -€154,066 | ▲ 65.4% |
| Investment in fixed assets (approximation) | - | -€1,383 | -€15,813 | -€27,370 | -€6,059 | -€51,985 | €1,319 | - |
| Change in cash | - | €10,247 | €613,031 | -€504,832 | -€114,235 | -€5,069 | €8,120 | - |
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, 6,619 companies had the same profile as PROJEST has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PROJEST itself: 5.1% 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 6,619 companies, not a prediction for PROJEST. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 24-12-2025 | 2025-00589592 | |
| 31-12-2023 | micro format | 02-12-2024 | 2024-00609417 | |
| 31-12-2022 | micro format | 11-10-2023 | 2023-00484597 | |
| 31-12-2021 | micro format | 30-12-2022 | 2023-20552767 | |
| 31-12-2020 | micro format | 29-10-2021 | 2021-74800465 | |
| 31-12-2019 | micro format | 07-12-2020 | 2020-74900331 | |
| 31-12-2018 | micro format | 30-01-2020 | 2020-03200564 | |
| 31-12-2017 | micro format | 21-09-2018 | 2018-63900571 | |
| 31-12-2016 | full format | 25-09-2017 | 2017-62200068 | |
| 31-12-2015 | full format | 12-09-2016 | 2016-59600483 |