R-projects
ActiveSummary
The computed 12-month bankruptcy probability of R-projects is 1.6% (moderate). The 2025 annual accounts show negative equity (-€4,469) and a net result of -€28,125. Equity is shrinking by ~16.2% per year across the filed fiscal years. Its solvency ranks better than 7% of 28184 sector peers (fiscal year 2025). The company has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency8▼-87
Growth32=
Track record100
Bankruptcy probability, 12 months
1.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.83 against 5.9 in 2024; short-term debt: 117.3% and cash: 3.2% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-17.3%
Return on assets
-109.2%
Age of the figures
12 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€4,469
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 19-03-2026, 42 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
42 d early
2024
23 d late
2023
31 d late
2022
on the day
2021
31 d early
2020
31 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 7 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€4,469
2024 · €23,657
Total assets
€25,761▼ 23.7%
2024 · €33,762
Net result
-€28,125▲ 33.9%
2024 · -€42,555
Working capital
-€5,246
2024 · €26,751
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€12,464-€28,729▼ 130%€25,745-€40,223-€27,228▲ 32.3%
Net result-€17,822below the sector's middle half-€28,678below the sector's middle half▼ 60.9%€25,283within the sector's middle half-€42,555below the sector's middle half-€28,125below the sector's middle half▲ 33.9%
Equity€69,607within the sector's middle half▼ 20.4%€40,929within the sector's middle half▼ 41.2%€66,212within the sector's middle half▲ 61.8%€23,657within the sector's middle half▼ 64.3%-€4,469below the sector's middle half
Total assets€132,839within the sector's middle half▼ 77.9%€45,609below the sector's middle half▼ 65.7%€87,923within the sector's middle half▲ 92.8%€33,762below the sector's middle half▼ 61.6%€25,761below the sector's middle half▼ 23.7%
Debt€63,232▼ 87.7%€4,680▼ 92.6%€21,711▲ 364%€10,105▼ 53.5%€30,229▲ 199%
Working capital€70,857▼ 17.3%€41,997▼ 40.7%€67,129▲ 59.8%€26,751▼ 60.1%-€5,246
Solvency52.4%within the sector's middle half▲ 37.9pp89.7%above the sector's middle half▲ 37.3pp75.3%above the sector's middle half▼ 14.4pp70.1%above the sector's middle half▼ 5.2pp-17.3%below the sector's middle half▼ 87.4pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €27,228 in 2025 against €40,223 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25,761
Fixed assets
€777 ▼ 50.0%
Current assets
€24,983 ▼ 22.4%
Key figures and ratios
EBITDA
-€26,450▲
2024 · -€39,490
Cash flow
-€27,347▲
2024 · -€41,822
Current ratio
0.83▼
2024 · 5.90
Quick ratio
0.16▼
2024 · 1.32
Debt to equity
-6.76▼
2024 · 0.43
ROA
-109.2%▲
2024 · -126.0%
Interest coverage
-27.02▼
2024 · -16.71
Debt ≤ 1 year
€30,229▲
2024 · €5,455
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,940 companies that looked in July 2024 the way this one looks now, 5.5% went bankrupt within 24 months and 85% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
5.5%
went bankrupt
8.0%
stopped otherwise
85%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,940 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,850 | €182 | €229 | €733 | €778 | ▲ 6.2% |
| Other operating charges640/8 | - | €512 | €1,084 | €532 | €375 | ▼ 29.5% |
| Gross operating margin9900 | -€6,865 | -€28,035 | €27,057 | -€38,959 | -€26,075 | ▲ 33.1% |
| Operating profit (loss)9901 | -€12,464 | -€28,729 | €25,745 | -€40,223 | -€27,228 | ▲ 32.3% |
| Financial income75/76B | - | €631 | €314 | €32 | €81 | ▲ 157% |
| Recurring financial income75 | €719 | €631 | €314 | €32 | €81 | ▲ 157% |
| Financial charges65/66B | - | €579 | €775 | €2,364 | €979 | ▼ 58.6% |
| Recurring financial charges65 | €6,076 | €579 | €775 | €2,364 | €979 | ▼ 58.6% |
| Profit (loss) for the period before taxes9903 | -€17,822 | -€28,678 | €25,283 | -€42,555 | -€28,125 | ▲ 33.9% |
| Profit (loss) for the period9904 | -€17,822 | -€28,678 | €25,283 | -€42,555 | -€28,125 | ▲ 33.9% |
| Profit (loss) for the period to be appropriated9905 | -€17,822 | -€28,678 | €25,283 | -€42,555 | -€28,125 | ▲ 33.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €132,839 | €45,609 | €87,923 | €33,762 | €25,761 | ▼ 23.7% |
| Fixed assets21/28 | - | €182 | €1,733 | €1,556 | €777 | ▼ 50.0% |
| Tangible fixed assets22/27 | - | €182 | €1,733 | €1,556 | €777 | ▼ 50.0% |
| Furniture and vehicles24 | - | €182 | €1,733 | €1,556 | €777 | ▼ 50.0% |
| Current assets29/58 | €132,839 | €45,426 | €86,190 | €32,206 | €24,983 | ▼ 22.4% |
| Stocks and contracts in progress3 | €40,000 | €28,500 | €49,000 | €25,000 | €20,000 | ▼ 20.0% |
| Stocks30/36 | - | €28,500 | €49,000 | €25,000 | €20,000 | ▼ 20.0% |
| Amounts receivable within one year40/41 | €373 | €4,245 | €23,693 | €5,032 | €3,668 | ▼ 27.1% |
| Trade receivables40 | - | €471 | €23,693 | €3,642 | €1,886 | ▼ 48.2% |
| Other amounts receivable41 | - | €3,774 | - | €1,390 | €1,781 | ▲ 28.2% |
| Cash at bank and in hand54/58 | €92,466 | €12,409 | €13,224 | €1,901 | €836 | ▼ 56.0% |
| Deferred charges and accrued income490/1 | - | €273 | €273 | €273 | €479 | ▲ 75.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €132,839 | €45,609 | €87,923 | €33,762 | €25,761 | ▼ 23.7% |
| Equity10/15 | €69,607 | €40,929 | €66,212 | €23,657 | -€4,469 | ▼ 119% |
| Contributions10/11 | - | €20,460 | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €49,147 | €20,469 | €45,752 | €3,197 | - | - |
| Distributable reserves133 | - | €20,469 | €45,752 | €3,197 | - | - |
| Profit (loss) carried forward14 | - | - | - | - | -€24,929 | - |
| Amounts payable17/49 | €63,232 | €4,680 | €21,711 | €10,105 | €30,229 | ▲ 199% |
| Amounts payable within one year42/48 | €61,982 | €3,430 | €19,061 | €5,455 | €30,229 | ▲ 454% |
| Financial debts43 | - | €12 | - | - | €117 | - |
| Credit institutions430/8 | - | €12 | - | - | €117 | - |
| Trade debts44 | - | €2,617 | €13,373 | €349 | €4,267 | ▲ 1,122% |
| Suppliers440/4 | - | €2,617 | €13,373 | €349 | €4,267 | ▲ 1,122% |
| Taxes, remuneration and social security45 | - | €750 | €2,752 | €750 | - | - |
| Taxes450/3 | - | €750 | €2,752 | €750 | - | - |
| Other amounts payable47/48 | - | €50 | €2,936 | €4,356 | €25,846 | ▲ 493% |
| Accrued charges and deferred income492/3 | - | €1,250 | €2,650 | €4,650 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,822 | -€28,678 | €25,283 | -€42,555 | -€28,125 | ▲ 33.9% |
| + Depreciation and write-downs630 | €4,850 | €182 | €229 | €733 | €778 | ▲ 6.2% |
| Operating cash flow (approximation) | -€12,972 | -€28,496 | €25,512 | -€41,822 | -€27,347 | ▲ 34.6% |
| Investment in fixed assets (approximation) | - | - | -€1,779 | -€556 | €0 | ▲ 100% |
| Change in cash | - | -€80,057 | €815 | -€11,322 | -€1,065 | ▲ 90.6% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
19-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
23-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 23 days late
2024
30-09
Financial
Weakest financial yearnet -€42,555
Net result drops to -€42,555, the lowest in the series; recovery starts the following year.
31-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 31 days late
2023
30-09
Financial
Back to profitnet €25,283
Net result €25,283 after 2 loss-making years.
30-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Liquidity times 6current ratio 13.25
Current ratio from 2.14 to 13.25; short-term debt falls from €61,982 to €3,430.
30-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
27-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Lokeren · 1 establishment unit since 2011
Ground area
687 m²
Building footprint
149 m²
Volume, LiDAR
912 m³
Parcel 46007B0217/00H000, Flanders · tallest building 8.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Lanchalsstraat 18, 9160 Lokeren
since 20112.212.424.795
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46007B0217/00H000 | Flanders | 687 m² | 1 · 149 m² | 8.7 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 20,025 companies in sector 43320 we hold annual accounts for 9,138. 6,422 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded01-06-2011
Fiscal year end30-09
Activities, NACEBEL 2025
43320Joinery installation
68121Development of residential building projects
43211General electrical installation work
43910Bricklaying and masonry work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0836729918
Registered
18-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.