PROJEST
ActiveSummary
The computed 12-month bankruptcy probability of PROJEST is 5.1% (elevated). The 2024 annual accounts show negative equity (-€3.8m) and a net result of -€176,416. Equity has been shrinking by about 12% per year since 2018. Its solvency ranks better than 5% of 19,158 sector peers (NACE 68, financial year 2024). The company has been active since 2004 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 27-10-2004 Normal situation
- Registered office
- 13 active companies are registered at this address Source: KBO register, as of 2 November 2026.
- Activity
- Real estate agency activities NACE 68310
- Financial year end
- 31 December
- Peppol
- Reachable since 08-01-2026
Board and ownership
- Gemili SADirector · permanent representative Antoine Barakat
Financial position
- Bankruptcy probabilitywithin 12 months
- 5.1%
- Gross margin
- -€74,150
- ▲ 71.5%
- Loss
- €176,416
- ▼ 62.2%
- Equity
- -€3.8m
- ▼ 4.9%
- Total assets
- €381,242
- ▲ 7.5%
- Staff
- ≈ 3.5 FTE
- estimated
- Negative equity on 31-12-2024
- 2025 accounts not filed, 94 days past the deadline
Score breakdownraises risk1 financial year not filed after the legal deadline; last filed accounts filed 146 days late; 3 of the last 3 accounts lateNo registered site in the KBOLoss of €176,416, the second in a row (financial year 2024)lowers riskSize: total assets €381,242Show the evidence
Checked score
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 68, micro). It does better than 5% of them on solvency, 6% on liquidity, 4% on profitability and 34% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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Signals
The company filed its last 6 accounts on average 119 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (1)
Financials
Financials · 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 2 November 2026.
Annual accounts 2024 filed on 24-12-2025 PDF all 20 filings
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
The operating result for 2024 is a loss of €303,410, smaller than the loss of €462,054 in 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
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)
Comparable companies
These companies have the same main activity as PROJEST: real estate agency activities (NACE 68310). They are comparable in size and age: total assets between €309,000 and €458,000, founded between 2003 and 2008.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| PROJEST Brussel | 2004 | €0.4m | -€3.8m | -€0.07m | -€0.2m | 2024 |
| PETERMARK Elsene | 2004 | €0.5m | €0.1m | -€0.02m | -€0.05m | 2025 |
| MASTER IMMO Elsene | 2003 | €0.3m | €0.3m | -€0.04m | -€0.05m | 2025 |
| JVBG Ukkel | 2008 | €0.3m | €0.2m | -€0.001m | -€0.01m | 2025 |
| CLOSSET IMMO Andenne | 2005 | €0.4m | €0.2m | €0.001m | -€0.001m | 2025 |
| T.A.F. MARKETING Aalter | 2004 | €0.4m | -€0.03m | -€315 | -€0.01m | 2026 |
| PALAGOU Namur | 2006 | €0.4m | €0.4m | -€0.02m | -€0.02m | 2024 |
They were chosen from the 7,155 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 6,619 companies had the same profile as PROJEST has now. Two years later, 4.5% had gone bankrupt and 84.5% were still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
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 497,445 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.
| 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.
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 |
Board & ownership
Directors
Board 1
Permanent representatives 1
Owners and capital
Capital transactions
- 06-12-2023 Capital stated in the deed · €62,000 · 62 shares
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Gemili SA |
|
| Ronald Boghossian |
|
| Raphaël Boghossian |
|
Network & group
PROJEST shares no director with another company.
Companies at the same address
12 other companies- FONDS BOGHOSSIAN SA Registered office · since 2020 0750897487
- PinkBLUE Collection Registered office · since 2008 0895183801
- GEMILI Registered office · since 2007 0893394546
- TIREVE Registered office · since 2007 0889690631
- Park avenue properties Registered office · since 2006 0885523787
- RIVAND Registered office · since 2006 0884401953
- IMMOBILIERE MULTIBOIS Registered office · since 1998 0463324953
- LOUVRANGES Registered office · since 1994 0448154153
- BOGH-ART INTERNATIONAL Registered office · since 1991 0444602567
- OFFICE AND STORAGE MANAGEMENT Registered office · since 1989 0438480679
Connections & network
1 current directorThe network starts from the directors of PROJEST. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
30-07
Gazette deed
Resignations: Ronald Boghossian, Raphaël Boghossian and Gemili SAPermanent representatives: Antoine Barakat and Edith Lieckens · Appointment: Gemili SA (sole director)7 points ▸
- General meeting, 05-06-2024
- Director resignation, Ronald Boghossian (director)
- Director resignation, Raphaël Boghossian (director)
- Director resignation, Gemili SA (sole director)
- Permanent representative, Antoine Barakat (administrateur, administrateur délégué unique)
- Director appointment, Gemili SA (sole director)
- Permanent representative, Edith Lieckens
06-12
Gazette deed
Amendment of the articlesCapital · Power of attorney6 points ▸
- General meeting, “assemblée générale extraordinaire des actionnaires, adoption des résolutions suivantes” (deed in French)
- Amendment of the articles, mentioned 2 times in the deed
- Amendment of the articles, 2
- Capital, €62,000
- Power of attorney
- Other provision, “toutes les résolutions qui précèdent, votes des résolutions” (deed in French)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21822R0419/00E000 | Brussels | 527 m² | 1 · 527 m² | 15.1 m · 2 |