SELECT PROJECTS
ActiveSummary
SELECT PROJECTS has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.3m and a net result of €1.3m. Equity is growing by ~25.2% per year across the filed fiscal years. Its solvency ranks better than 38% of 220 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▼-5
Solvency50▲+2
Growth75▼-1
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €190,000 at 30 days acceptable
Liquidity tight (current ratio 1.32 against 1.3 in 2024; short-term debt: 75.2% and cash: 0.1% of total assets), and 75.4% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
24.6%
Return on assets
9.8%
Age of the figures
9 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 78
Relative position
BE, all sectors
reference
Employment activities (NACE 78)
about 17% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
32 d early
2024
29 d early
2023
28 d early
2022
24 d early
2021
25 d early
2020
19 d early
2019
24 d early
← 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 26 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 30% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Subsidy mirror Which other companies belong to the same group?SEPARCO · 15 companies
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Financials · fiscal year 2025, full schema
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
€31.3m▲ 9.9%
2024 · €28.5m
EBIT margin
6.6%▼ 1.6pp
2024 · 8.2%
Net result
€1.3m▼ 19.4%
2024 · €1.6m
Working capital
€3.2m▲ 19.7%
2024 · €2.7m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€17.8m▲ 4.0%€21.0m▲ 17.9%€25.1m▲ 19.7%€28.5m▲ 13.3%€31.3m▲ 9.9%
Operating result€1.6m▼ 6.1%€1.5m▼ 8.8%€2.3m▲ 53.6%€2.3m▲ 1.3%€2.1m▼ 11.8%
Net result€1.1m▼ 4.3%€957,276▼ 12.3%€1.6m▲ 68.2%€1.6m▲ 1.9%€1.3m▼ 19.4%
EBIT margin9.3%▼ 1.0pp7.2%▼ 2.1pp9.2%▲ 2.0pp8.2%▼ 1.0pp6.6%▼ 1.6pp
Equity€2.1m▲ 14.4%€1.7m▼ 16.5%€2.3m▲ 31.0%€2.8m▲ 23.9%€3.3m▲ 18.6%
Total assets€8.4m▲ 18.1%€9.2m▲ 10.2%€10.3m▲ 11.4%€11.9m▲ 16.3%€13.5m▲ 13.5%
Debt€6.1m▲ 16.3%€7.4m▲ 20.6%€8.0m▲ 7.9%€9.1m▲ 14.6%€10.2m▲ 11.9%
Working capital€2.2m▲ 11.3%€1.8m▼ 19.5%€2.2m▲ 25.6%€2.7m▲ 23.0%€3.2m▲ 19.7%
Staff (FTE)144.8▼ 3.5%165.9▲ 14.6%166.6▲ 0.4%170.6▲ 2.4%168.4▼ 1.3%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 12% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13.5m
Fixed assets
€117,324 ▲ 25.1%
Current assets
€13.4m ▲ 13.4%
Equity and liabilities €13.5m
Equity
€3.3m ▲ 18.6%
Debt
€10.2m ▲ 11.9%
Debt's share of the balance-sheet total falls from 76.5% to 75.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.1m▼
2024 · €2.4m
Cash flow
€1.4m▼
2024 · €1.7m
Current ratio
1.32▲
2024 · 1.30
Debt to equity
3.07▼
2024 · 3.26
ROE
39.7%▼
2024 · 58.5%
ROA
9.8%▼
2024 · 13.8%
Interest coverage
6.23▼
2024 · 6.71
Debt ≤ 1 year
€10.2m▲
2024 · €9.1m
Income taxes
€608,817▼
2024 · €720,098
Staff costs
€12.0m▲
2024 · €11.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 373 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.3%
went bankrupt
2.7%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,058 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% | 1.6% |
| 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 74% 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 373 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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | €18.5m | €21.6m | €25.9m | €29.2m | €31.9m | ▲ 9.5% |
| Turnover70 | €17.8m | €21.0m | €25.1m | €28.5m | €31.3m | ▲ 9.9% |
| Other operating income74 | €739,427 | €575,744 | €737,849 | €595,541 | €642,873 | ▲ 7.9% |
| Non-recurring operating income76A | - | €59 | €27,643 | €90,673 | - | - |
| Operating charges60/66A | €16.9m | €20.1m | €23.6m | €26.8m | €29.9m | ▲ 11.4% |
| Services and other goods61 | €7.8m | €9.9m | €12.5m | €15.4m | €17.8m | ▲ 15.7% |
| Remuneration, social security and pensions62 | €8.9m | €10.2m | €11.1m | €11.4m | €12.0m | ▲ 5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,201 | €25,888 | €34,032 | €32,492 | €35,445 | ▲ 9.1% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €159,500 | -€66,000 | -€66,000 | -€27,500 | - | - |
| Other operating charges640/8 | €4,246 | €5,446 | €2,824 | €1,937 | €3,081 | ▲ 59.1% |
| Non-recurring operating charges66A | - | - | - | - | €607 | - |
| Operating profit (loss)9901 | €1.6m | €1.5m | €2.3m | €2.3m | €2.1m | ▼ 11.8% |
| Financial income75/76B | €41,042 | €110,653 | €314,941 | €378,263 | €206,452 | ▼ 45.4% |
| Recurring financial income75 | €41,042 | €110,653 | €314,941 | €378,263 | €206,452 | ▼ 45.4% |
| Income from current assets751 | €41,042 | €110,653 | €312,912 | €375,996 | €198,741 | ▼ 47.1% |
| Other financial income752/9 | - | - | €2,028 | €2,267 | €7,711 | ▲ 240% |
| Financial charges65/66B | €79,733 | €121,531 | €272,596 | €354,039 | €337,356 | ▼ 4.7% |
| Recurring financial charges65 | €79,733 | €121,531 | €272,596 | €354,039 | €337,356 | ▼ 4.7% |
| Debt charges650 | €79,355 | €120,335 | €271,704 | €352,912 | €336,427 | ▼ 4.7% |
| Other financial charges652/9 | €379 | €1,196 | €892 | €1,126 | €929 | ▼ 17.5% |
| Profit (loss) for the period before taxes9903 | €1.6m | €1.5m | €2.3m | €2.4m | €1.9m | ▼ 18.2% |
| Income taxes67/77 | €517,053 | €533,325 | €738,807 | €720,098 | €608,817 | ▼ 15.5% |
| Taxes670/3 | €517,053 | €533,325 | €738,807 | €720,098 | €608,817 | ▼ 15.5% |
| Profit (loss) for the period9904 | €1.1m | €957,276 | €1.6m | €1.6m | €1.3m | ▼ 19.4% |
| Transfer from tax-exempt reserves789 | €325,000 | - | - | €96,830 | €189,450 | ▲ 95.7% |
| Transfer to tax-exempt reserves689 | €126,300 | €126,300 | €126,300 | €126,300 | €69,465 | ▼ 45.0% |
| Profit (loss) for the period to be appropriated9905 | €1.3m | €830,976 | €1.5m | €1.6m | €1.4m | ▼ 10.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8.4m | €9.2m | €10.3m | €11.9m | €13.5m | ▲ 13.5% |
| Fixed assets21/28 | €50,523 | €66,867 | €104,314 | €93,766 | €117,324 | ▲ 25.1% |
| Intangible fixed assets21 | €14,016 | €17,633 | €42,558 | €31,812 | €39,602 | ▲ 24.5% |
| Tangible fixed assets22/27 | €36,507 | €49,234 | €54,356 | €54,554 | €70,322 | ▲ 28.9% |
| Plant, machinery and equipment23 | €10,254 | €8,041 | €12,396 | €9,185 | €34,456 | ▲ 275% |
| Furniture and vehicles24 | €26,254 | €17,040 | €3,508 | - | - | - |
| Other tangible fixed assets26 | - | €24,153 | €38,452 | €45,369 | €35,865 | ▼ 20.9% |
| Financial fixed assets28 | - | - | €7,400 | €7,400 | €7,400 | = |
| Other financial fixed assets284/8 | - | - | €7,400 | €7,400 | €7,400 | = |
| Amounts receivable and cash guarantees285/8 | - | - | €7,400 | €7,400 | €7,400 | = |
| Current assets29/58 | €8.3m | €9.1m | €10.2m | €11.8m | €13.4m | ▲ 13.4% |
| Amounts receivable within one year40/41 | €8.0m | €8.9m | €10.0m | €11.7m | €13.3m | ▲ 13.8% |
| Trade receivables40 | €3.5m | €3.2m | €3.1m | €3.0m | €4.5m | ▲ 50.8% |
| Other amounts receivable41 | €4.5m | €5.7m | €6.9m | €8.7m | €8.9m | ▲ 1.3% |
| Cash at bank and in hand54/58 | €228,679 | €139,884 | €31,330 | €39,368 | €14,770 | ▼ 62.5% |
| Deferred charges and accrued income490/1 | €28,697 | €63,140 | €116,549 | €106,166 | €97,323 | ▼ 8.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8.4m | €9.2m | €10.3m | €11.9m | €13.5m | ▲ 13.5% |
| Equity10/15 | €2.1m | €1.7m | €2.3m | €2.8m | €3.3m | ▲ 18.6% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €541,650 | €667,950 | €469,250 | €595,550 | €415,015 | ▼ 30.3% |
| Non-distributable reserves130/1 | €6,150 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Legal reserve130 | €6,150 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Tax-exempt reserves132 | €210,500 | €336,800 | €463,100 | €492,570 | €372,585 | ▼ 24.4% |
| Distributable reserves133 | €325,000 | €325,000 | - | €96,830 | €36,280 | ▼ 62.5% |
| Profit (loss) carried forward14 | €1.5m | €998,900 | €1.7m | €2.1m | €2.9m | ▲ 32.7% |
| Provisions and deferred taxes16 | €159,500 | €93,500 | €27,500 | - | - | - |
| Provisions for liabilities and charges160/5 | €159,500 | €93,500 | €27,500 | - | - | - |
| Other liabilities and charges164/5 | €159,500 | €93,500 | €27,500 | - | - | - |
| Amounts payable17/49 | €6.1m | €7.4m | €8.0m | €9.1m | €10.2m | ▲ 11.9% |
| Amounts payable within one year42/48 | €6.1m | €7.4m | €8.0m | €9.1m | €10.2m | ▲ 11.5% |
| Financial debts43 | €325,185 | €422,822 | €351,301 | €1.1m | €1.1m | ▼ 0.3% |
| Credit institutions430/8 | €325,185 | €422,822 | €351,301 | €1.1m | €1.1m | ▼ 0.3% |
| Trade debts44 | €2.4m | €3.1m | €3.7m | €4.1m | €5.2m | ▲ 29.0% |
| Suppliers440/4 | €2.4m | €3.1m | €3.7m | €4.1m | €5.2m | ▲ 29.0% |
| Taxes, remuneration and social security45 | €2.5m | €2.6m | €2.7m | €2.6m | €2.9m | ▲ 10.1% |
| Taxes450/3 | €791,131 | €711,597 | €808,995 | €616,528 | €772,810 | ▲ 25.3% |
| Remuneration and social security454/9 | €1.7m | €1.9m | €1.9m | €2.0m | €2.1m | ▲ 5.5% |
| Other amounts payable47/48 | €873,744 | €1.3m | €1.2m | €1.3m | €890,081 | ▼ 30.7% |
| Accrued charges and deferred income492/3 | - | - | €17,339 | €589 | €35,586 | ▲ 5,939% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.1m | €957,276 | €1.6m | €1.6m | €1.3m | ▼ 19.4% |
| + Depreciation and write-downs630 | €18,201 | €25,888 | €34,032 | €32,492 | €35,445 | ▲ 9.1% |
| Operating cash flow (approximation) | €1.1m | €983,164 | €1.6m | €1.7m | €1.4m | ▼ 18.9% |
| Investment in fixed assets (approximation) | - | -€42,232 | -€71,479 | -€21,943 | -€59,003 | ▼ 169% |
| Change in cash | - | -€88,795 | -€108,554 | €8,039 | -€24,598 | ▼ 406% |
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
29-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €1.6m ▲1.9%
Operating result €2.3m, net result €1.6m, both a record.
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Equity above €2mEq €2.3m ▲31%
6 profitable years in a row build equity to €2.3m.
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €2mEq €2.1m ▲14.4%
4 profitable years in a row build equity to €2.1m.
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Equity above €1mEq €1.8m ▲175%
3 profitable years in a row build equity to €1.8m.
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
22-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
13-07
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 14 acts read
About the unread acts
We know of 14 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
14 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, Antwerpen · 2 establishment units since 2005
Ground area
1,363 m²
Parcel 11815A0430/00D000, Flanders. Linked by address, not a title deed.
22
companies at this address
See who is registered here
2 establishment units
Select Projects
since 20052.229.151.852
Select Projects
since 20222.332.417.953
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11815A0430/00D000 | Flanders | 1,363 m² | - | - |
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.
Structure & network
Part of the group
SEPARCO
15 companies
Group, risk and exposure
Owners and holdings
2 ownersChain of control
- SEPARCO
- SELECT HOLDING
- SELECT GROUP
- SELECT PROJECTS
Highest known parent: SEPARCO. The sources do not say who stands above it.
Owners 2
-
99%
-
1%
Holdings 0
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of SELECT PROJECTS and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 29,650 EUR awarded · 29,650 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 852 EUR | 852 EUR |
| 2024 | 1 | 7,008 EUR | 7,008 EUR |
| 2023 | 1 | 14,037 EUR | 14,037 EUR |
| 2022 | 1 | 7,753 EUR | 7,753 EUR |
Schemes
Recognitions · licences · registrations
Legal Entity Identifier
875500K9668PTJKNOS66
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Identification & contact
Identification
Legal formPublic limited company
Founded28-12-2005
Fiscal year end31-12
Activities, NACEBEL 2025
78200Temporary employment agencies and other provision of personnel
E-invoicing
Reachable via Peppol
Peppol ID
0208:0877938189
Also
9925:BE0877938189
Registered
13-02-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.