PROJETC.
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 11 filings
Turnover
≈ €270,000
Estimated: probably between €230,000 and €320,000
Total assets
€1.1m▲ 1.5%
2024 · €1.1m
Net result
€98,760▼ 9.0%
2024 · €108,541
Working capital
€661,399▼ 9.9%
2024 · €734,063
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€142,753
▼ 7.0%
2025
20182025
Net result
€98,760
▼ 9.0%
2025
highest quarter of the sector
20182025
Equity
€725,396
▼ 8.2%
2025
highest quarter of the sector
20182025
Total assets
€1.1m
▲ 1.5%
2025
highest quarter of the sector
20182025
Debt
€356,949
▲ 29.5%
2025
20182025
Working capital
€661,399
▼ 9.9%
2025
highest quarter of the sector
20182025
Solvency
67.0%
▼ 7.1pp
2025
middle half of the sector
20182025
Current ratio
4.78
▼ 6.13
2025
highest quarter of the sector
20182025
Return on assets (ROA)
9.1%
▼ 1.1pp
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€0.2m-€0.2m▲ 1.4%€0.2m▼ 31.9%€0.2m▲ 30.3%€0.2m▼ 15.0%€0.2m▼ 7.4%€0.2m▼ 2.1%€0.1m▼ 7.0%
Net result€0.2m-€0.2m=€0.1mabove the sector's middle half▼ 24.0%€0.1mabove the sector's middle half▲ 11.7%€0.1mabove the sector's middle half▼ 19.5%€0.1mabove the sector's middle half▼ 10.0%€0.1mabove the sector's middle half▲ 11.5%€0.1mabove the sector's middle half▼ 9.0%
Equity€0.5m-€0.6m▲ 34.1%€0.7mabove the sector's middle half▲ 19.2%€0.9mabove the sector's middle half▲ 18.0%€0.8mabove the sector's middle half▼ 6.6%€0.8mabove the sector's middle half▼ 3.3%€0.8mabove the sector's middle half▼ 0.8%€0.7mabove the sector's middle half▼ 8.2%
Total assets€0.5m-€0.6m▲ 33.9%€1.1mabove the sector's middle half▲ 64.5%€1.2mabove the sector's middle half▲ 13.4%€1.3mabove the sector's middle half▲ 6.8%€1.1mabove the sector's middle half▼ 15.7%€1.1mabove the sector's middle half▼ 1.8%€1.1mabove the sector's middle half▲ 1.5%
Debt€0.02m-€0.02m▲ 26.8%€0.3m▲ 16×€0.3m▲ 2.4%€0.5m▲ 43.1%€0.3m▼ 37.8%€0.3m▼ 4.4%€0.4m▲ 29.5%
Working capital€0.5m-€0.6m▲ 34.1%€0.7mabove the sector's middle half▲ 16.2%€0.8mabove the sector's middle half▲ 19.5%€0.8mabove the sector's middle half▼ 7.2%€0.7mabove the sector's middle half▼ 5.6%€0.7mabove the sector's middle half▼ 1.3%€0.7mabove the sector's middle half▼ 9.9%
Solvency96.8%-97.0%▲ 0.2pp70.3%within the sector's middle half▼ 26.7pp73.1%within the sector's middle half▲ 2.9pp64.0%within the sector's middle half▼ 9.1pp73.4%within the sector's middle half▲ 9.4pp74.1%within the sector's middle half▲ 0.7pp67.0%within the sector's middle half▼ 7.1pp
Current ratio30.87-32.60▲ 1.7418.42above the sector's middle half▼ 14.1913.74above the sector's middle half▼ 4.674.51above the sector's middle half▼ 9.2311.97above the sector's middle half▲ 7.4610.92above the sector's middle half▼ 1.054.78above the sector's middle half▼ 6.13
Return on assets (ROA)32.8%-24.5%▼ 8.3pp11.3%within the sector's middle half▼ 13.2pp11.1%within the sector's middle half▼ 0.2pp8.4%within the sector's middle half▼ 2.7pp9.0%within the sector's middle half▲ 0.6pp10.2%within the sector's middle half▲ 1.2pp9.1%within the sector's middle half▼ 1.1pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 7% lower than in 2024 and the lowest since 2021. It is the fourth fall 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 €1.1m
Fixed assets
€246,184 ▼ 4.6%
Current assets
€836,161 ▲ 3.5%
Equity and liabilities €1.1m
Equity
€725,396 ▼ 8.2%
Debt
€356,949 ▲ 29.5%
Debt's share of the balance-sheet total rises from 25.9% to 33.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€154,589▼
2024 · €170,479
Cash flow
€110,596▼
2024 · €125,485
Debt to equity
0.49▲
2024 · 0.35
ROE
13.6%▼
2024 · 13.7%
Interest coverage
3.50▼
2024 · 4.42
Debt ≤ 1 year
€174,762▲
2024 · €74,011
Debt > 1 year
€182,145▼
2024 · €201,422
Income taxes
€39,938▼
2024 · €54,931
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 | €1,667 | - | €16,437 | €1,065 | - |
| Depreciation and write-downs of the year | €23,846 | €15,804 | €15,425 | €16,945 | €11,836 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,570 | €8,007 | €14,129 | €23,846 | €15,804 | €15,425 | €16,945 | €11,836 | ▼ 30.1% |
| Other operating charges640/8 | - | - | - | €751 | €3,028 | €5,035 | €3,721 | €3,840 | ▲ 3.2% |
| Gross operating margin9900 | €228,428 | €233,639 | €168,758 | €223,719 | €188,120 | €177,263 | €174,201 | €158,429 | ▼ 9.1% |
| Operating profit (loss)9901 | €221,140 | €224,301 | €152,766 | €199,122 | €169,288 | €156,803 | €153,535 | €142,753 | ▼ 7.0% |
| Financial income75/76B | - | - | - | €25,917 | €24,100 | €42,094 | €48,505 | €40,147 | ▼ 17.2% |
| Recurring financial income75 | €17,011 | €26,089 | €25,493 | €25,917 | €24,100 | €42,094 | €48,505 | €40,147 | ▼ 17.2% |
| Financial charges65/66B | - | - | - | €26,397 | €29,678 | €49,531 | €38,568 | €44,202 | ▲ 14.6% |
| Recurring financial charges65 | €2,017 | €11,771 | €11,242 | €26,397 | €29,678 | €49,531 | €38,568 | €44,202 | ▲ 14.6% |
| Profit (loss) for the period before taxes9903 | €236,135 | €239,744 | €172,801 | €198,642 | €163,710 | €149,366 | €163,471 | €138,698 | ▼ 15.2% |
| Income taxes67/77 | €77,948 | €81,491 | €52,471 | €64,230 | €55,563 | €52,018 | €54,931 | €39,938 | ▼ 27.3% |
| Profit (loss) for the period9904 | €158,187 | €158,253 | €120,330 | €134,412 | €108,147 | €97,348 | €108,541 | €98,760 | ▼ 9.0% |
| Profit (loss) for the period to be appropriated9905 | €158,187 | €158,253 | €120,330 | €134,412 | €108,147 | €97,348 | €108,541 | €98,760 | ▼ 9.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.6m | €1.1m | €1.2m | €1.3m | €1.1m | €1.1m | €1.1m | ▲ 1.5% |
| Formation expenses20 | - | - | - | - | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €0.01m | €0.02m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 4.6% |
| Tangible fixed assets22/27 | €0.01m | €0.02m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 4.6% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 2.1% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.008m | €0.006m | €0.004m | €0.003m | ▼ 31.0% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.02m | €0.01m | €0.007m | ▼ 45.7% |
| Other tangible fixed assets26 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €0.5m | €0.6m | €0.8m | €0.9m | €1.0m | €0.8m | €0.8m | €0.8m | ▲ 3.5% |
| Amounts receivable within one year40/41 | €0.08m | €0.06m | €0.04m | €0.07m | €0.07m | €0.05m | €0.03m | €0.01m | ▼ 47.6% |
| Trade receivables40 | - | - | - | €0.04m | €0.05m | €0.05m | €0.02m | €0.005m | ▼ 78.4% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.02m | €0.007m | €0.003m | €0.009m | ▲ 241% |
| Current investments50/53 | €0.1m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.6m | €0.6m | ▲ 2.9% |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.4m | €0.5m | €0.5m | €0.3m | €0.2m | €0.2m | ▲ 12.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.001m | €0.003m | €0.002m | ▼ 53.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.6m | €1.1m | €1.2m | €1.3m | €1.1m | €1.1m | €1.1m | ▲ 1.5% |
| Equity10/15 | €0.5m | €0.6m | €0.7m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 8.2% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.4m | €0.6m | €0.7m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 8.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Distributable reserves133 | - | - | - | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 8.4% |
| Amounts payable17/49 | €0.02m | €0.02m | €0.3m | €0.3m | €0.5m | €0.3m | €0.3m | €0.4m | ▲ 29.5% |
| Amounts payable after more than one year17 | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 9.6% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 9.6% |
| Amounts payable within one year42/48 | €0.02m | €0.02m | €0.04m | €0.07m | €0.2m | €0.07m | €0.07m | €0.2m | ▲ 136% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 1.6% |
| Trade debts44 | €0.003m | €0.005m | €0.005m | €0.001m | €0.004m | €0.006m | €0.006m | €0.01m | ▲ 106% |
| Suppliers440/4 | - | - | - | €0.001m | €0.004m | €0.006m | €0.006m | €0.01m | ▲ 106% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | ▼ 17.9% |
| Taxes450/3 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 17.9% |
| Remuneration and social security454/9 | - | - | - | €0.004m | €0.005m | €0.005m | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €0.2m | €0.006m | €0.01m | €0.1m | ▲ 706% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €159 | €247 | €42 | ▼ 83.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €158,187 | €158,253 | €120,330 | €134,412 | €108,147 | €97,348 | €108,541 | €98,760 | ▼ 9.0% |
| + Depreciation and write-downs630 | €6,570 | €8,007 | €14,129 | €23,846 | €15,804 | €15,425 | €16,945 | €11,836 | ▼ 30.1% |
| Operating cash flow (approximation) | €164,757 | €166,260 | €134,459 | €158,258 | €123,951 | €112,773 | €125,485 | €110,596 | ▼ 11.9% |
| Investment in fixed assets (approximation) | - | -€12,162 | -€311,245 | -€1,667 | €0 | -€14,000 | -€1,065 | €0 | - |
| Change in cash | - | -€55,046 | €141,630 | €139,934 | €2,210 | -€187,562 | -€104,909 | €26,611 | - |
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, 17,811 companies had the same profile as PROJETC. has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of PROJETC. itself: < 0.1% 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 17,811 companies, not a prediction for PROJETC.. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00250434 | |
| 31-12-2024 | micro format | 19-12-2025 | 2025-00591611 | |
| 31-12-2023 | micro format | 09-12-2024 | 2024-00614975 | |
| 31-12-2022 | micro format | 29-09-2023 | 2023-00475661 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20405451 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62200407 | |
| 31-12-2019 | micro format | 21-08-2020 | 2020-43500525 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-61200594 | |
| 31-12-2017 | micro format | 25-10-2018 | 2018-70200447 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-58000532 |