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SCHEEN PROJECT

Active
Private limited companyfounded 2016active for 10 yearsWinbomont 1, 4960 Malmedy, BelgiumKBO/BCE: BE 0662.748.540

Financials · financial year 2025, full format

Annual accounts 2025 filed on 30-01-2026 PDF all 8 filings

Turnover
≈ €820,000
Estimated: probably between €490,000 and €1.4m
EBIT margin
Not included in this filing
Net result
€4.4m▲ 64×
2024 · €68,333
Working capital
€1.5m▼ 5.9%
2024 · €1.5m
Multi-year overview
2019 to 2025, 7 financial years
Operating result
€345,482
▲ 310% 2025
20192025
Net result
€4.4m
▲ 64× 2025
20192025
Equity
€1.5m
▼ 4.4% 2025
20192025
Total assets
€5.9m
▲ 170% 2025
20192025
Debt
€4.4m
▲ 586% 2025
20192025
Working capital
€1.5m
▼ 5.9% 2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line2019202020212022202320242025
Operating result€0.3m-€0.2m▼ 20.0%€0.3m▲ 68.1%€0.3m▼ 8.0%€1.1m▲ 239%€0.08m▼ 92.2%€0.3m▲ 310%
Net result€0.2m-€0.1m▼ 23.3%€0.2m▲ 78.8%€0.2m▼ 7.5%€0.7m▲ 240%€0.07m▼ 90.7%€4.4m▲ 64×
Equity€0.2m-€0.3m▲ 76.9%€0.5m▲ 77.7%€0.7m▲ 40.4%€1.5m▲ 97.9%€1.6m▲ 4.6%€1.5m▼ 4.4%
Total assets€1.1m-€1.6m▲ 41.9%€1.5m▼ 6.0%€1.5m▼ 0.7%€2.2m▲ 49.6%€2.2m▼ 1.5%€5.9m▲ 170%
Debt€1.0m-€1.3m▲ 35.7%€1.0m▼ 25.3%€0.7m▼ 23.3%€0.8m▲ 1.0%€0.6m▼ 13.6%€4.4m▲ 586%
Working capital€1.0m-€1.5m▲ 43.3%€1.3m▼ 10.3%€1.3m▼ 2.7%€1.5m▲ 16.4%€1.5m▲ 3.0%€1.5m▼ 5.9%

The operating result for 2025 is 4.1 times that of 2024. It is a recovery after the fall in 2024.

Large changes and their cause
  • 2021 Net result +79% on 2020. The accounts now follow the full format, last year the micro format.

The turnover shown is an estimate from the gross margin.

Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.9m
Fixed assets €29,000 ▼ 62.1%
Current assets €5.9m ▲ 178%
Equity and liabilities €5.9m
Equity €1.5m ▼ 4.4%
Debt €4.4m ▲ 586%
Debt's share of the balance-sheet total rises from 29.5% to 75.0%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
Current ratio
1.33▼
2024 · 3.67
Quick ratio
1.31▼
2024 · 3.37
Debt to equity
3.00▲
2024 · 0.42
ROE
295.4%▲
2024 · 4.4%
ROA
73.8%▲
2024 · 3.1%
Debt ≤ 1 year
€4.4m▲
2024 · €578,430
Income taxes
€90,481▲
2024 · €23,985
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item30-06-202230-06-202330-06-202430-06-2025
Financial fixed assets-€26,944--

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 41 lines
Balance sheet Code20242025
Assets
Total assets20/58€2.2m€5.9m▲
Fixed assets21/28€0.08m€0.03m▼
Financial fixed assets28€0.08m€0.03m▼
Current assets29/58€2.1m€5.9m▲
Stocks and contracts in progress3€0.2m€0.08m▼
Stocks30/36€0.2m€0.08m▼
Amounts receivable within one year40/41€1.6m€5.8m▲
Other amounts receivable41€1.6m€5.8m▲
Current investments50/53€0.3m-
Cash at bank and in hand54/58€0.06m€0.004m▼
Equity and liabilities
Total equity and liabilities10/49€2.2m€5.9m▲
Equity10/15€1.6m€1.5m▼
Contributions10/11€0.02m€0.02m=
Reserves13€1.5m€1.5m▼
Distributable reserves133€1.5m€1.5m▼
Amounts payable17/49€0.6m€4.4m▲
Amounts payable within one year42/48€0.6m€4.4m▲
Trade debts44€0.002m-
Suppliers440/4€0.002m-
Taxes, remuneration and social security45€0.006m-
Taxes450/3€0.006m-
Other amounts payable47/48€0.6m€4.4m▲
Accrued charges and deferred income492/3€0.07m-
Income statement Code20242025
Other operating charges640/8€0.002m€0.002m▲
Gross operating margin9900€0.09m€0.3m▲
Operating profit (loss)9901€0.08m€0.3m▲
Financial income75/76B€0.01m€4.1m▲
Recurring financial income75€0.01m€0.02m▲
Non-recurring financial income76B-€4.1m
Financial charges65/66B€0.002m€390▼
Recurring financial charges65€0.002m€390▼
Profit (loss) for the period before taxes9903€0.09m€4.5m▲
Income taxes67/77€0.02m€0.09m▲
Profit (loss) for the period9904€0.07m€4.4m▲
Profit (loss) for the period to be appropriated9905€0.07m€4.4m▲
Appropriation of the result
Profit (loss) to be appropriated9906€0.07m€4.4m▲
Transfer from equity791/2-€0.07m
Transfer to equity691/2€0.07m-
To other reserves6921€0.07m-
Profit to be distributed694/7-€4.4m
Return on contributions (dividend)694-€4.4m

The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 30-01-2026.

Line2019202020212022202320242025Change
Other operating charges640/8---€0.002m€0.001m€0.002m€0.002m▲ 21.1%
Gross operating margin9900€0.3m€0.2m€0.3m€0.3m€1.1m€0.09m€0.3m▲ 304%
Operating profit (loss)9901€0.3m€0.2m€0.3m€0.3m€1.1m€0.08m€0.3m▲ 310%
Financial income75/76B----€0.001m€0.01m€4.1m▲ 413×
Recurring financial income75----€0.001m€0.01m€0.02m▲ 62.5%
Non-recurring financial income76B------€4.1m-
Financial charges65/66B---€0.003m€0.002m€0.002m€390▼ 78.7%
Recurring financial charges65€0.003m€0.004m-€0.001m€0.003m€0.002m€0.002m€390▼ 78.7%
Profit (loss) for the period before taxes9903€0.3m€0.2m€0.3m€0.3m€1.1m€0.09m€4.5m▲ 48×
Income taxes67/77€0.08m€0.07m€0.1m€0.1m€0.3m€0.02m€0.09m▲ 277%
Profit (loss) for the period9904€0.2m€0.1m€0.2m€0.2m€0.7m€0.07m€4.4m▲ 64×
Profit (loss) for the period to be appropriated9905€0.2m€0.1m€0.2m€0.2m€0.7m€0.07m€4.4m▲ 64×
Line2019202020212022202320242025Change
Assets
Total assets20/58€1.1m€1.6m€1.5m€1.5m€2.2m€2.2m€5.9m▲ 170%
Fixed assets21/28€0.002m€0.05m€0.05m€0.05m€0.08m€0.08m€0.03m▼ 62.1%
Financial fixed assets28€0.002m€0.05m€0.05m€0.05m€0.08m€0.08m€0.03m▼ 62.1%
Current assets29/58€1.1m€1.5m€1.5m€1.4m€2.2m€2.1m€5.9m▲ 178%
Amounts receivable after more than one year29----€0.002m---
Trade receivables290----€0.002m---
Stocks and contracts in progress3€0.8m€1.2m€0.8m€0.8m€0.2m€0.2m€0.08m▼ 51.3%
Stocks30/36---€0.8m€0.2m€0.2m€0.08m▼ 51.3%
Amounts receivable within one year40/41€0.2m€0.3m€0.6m€0.6m€1.2m€1.6m€5.8m▲ 256%
Other amounts receivable41---€0.6m€1.2m€1.6m€5.8m▲ 256%
Current investments50/53----€0.7m€0.3m--
Cash at bank and in hand54/58€0.1m€0.06m€0.06m€0.01m€0.07m€0.06m€0.004m▼ 92.0%
Equity and liabilities
Total equity and liabilities10/49€1.1m€1.6m€1.5m€1.5m€2.2m€2.2m€5.9m▲ 170%
Equity10/15€0.2m€0.3m€0.5m€0.7m€1.5m€1.6m€1.5m▼ 4.4%
Contributions10/11€0.02m€0.02m-€0.02m€0.02m€0.02m€0.02m=
Reserves13€0.2m€0.3m€0.5m€0.7m€1.5m€1.5m€1.5m▼ 4.5%
Distributable reserves133---€0.7m€1.5m€1.5m€1.5m▼ 4.5%
Amounts payable17/49€1.0m€1.3m€1.0m€0.7m€0.8m€0.6m€4.4m▲ 586%
Amounts payable after more than one year17€0.7m€1.1m€0.7m€0.5m----
Financial debts170/4---€0.5m----
Amounts payable within one year42/48€0.09m€0.07m€0.1m€0.2m€0.7m€0.6m€4.4m▲ 669%
Trade debts44€0.01m---€0.002m€0.002m--
Suppliers440/4----€0.002m€0.002m--
Taxes, remuneration and social security45----€0.09m€0.006m--
Taxes450/3----€0.09m€0.006m--
Other amounts payable47/48---€0.2m€0.6m€0.6m€4.4m▲ 680%
Accrued charges and deferred income492/3---€0.09m€0.09m€0.07m--
Line2019202020212022202320242025Change
Profit (loss) for the period9904€0.2m€0.1m€0.2m€0.2m€0.7m€0.07m€4.4m▲ 64×
Operating cash flow (approximation)€0.2m€0.1m€0.2m€0.2m€0.7m€0.07m€4.4m▲ 64×
Investment in fixed assets (approximation)--€0.05m€0€0-€0.03m€0€0.05m-
Change in cash--€0.08m€116-€0.05m€0.05m-€0.01m-€0.05m▼ 420%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 2,609 companies had the same profile as SCHEEN PROJECT has now. Two years later, 96.8% were still going and 1.0% had gone bankrupt.

  • Small
  • 10 to 20 years old
  • solvency 10 to 30%
  • a profit of 5% of the balance sheet or more
96.8% was still going
2.1% stopped otherwise
1.0% went bankrupt

That fits the bankruptcy probability of SCHEEN PROJECT itself: 0.3% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 2,609 companies, not a prediction for SCHEEN PROJECT. 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.

Filings with the National Bank (8)
Financial year Type Filed Reference Document
30-06-2025 full format 30-01-2026 2026-00032825 PDF
30-06-2024 full format 28-02-2025 2025-00044003 PDF
30-06-2023 full format 30-01-2024 2024-00019387 PDF
30-06-2022 full format 20-01-2023 2023-00002901 PDF
30-06-2021 full format 04-02-2022 2022-04900222 PDF
30-06-2020 micro format 01-02-2021 2021-03800461 PDF
30-06-2019 micro format 31-01-2020 2020-04000031 PDF
30-06-2018 micro format 31-01-2019 2019-03400502 PDF

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