STEELAND PROJECTS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 25 days after the deadline Filed on 25 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00490875.
Annual accounts 2025 filed on 25-08-2026 at the NBB all 6 filings
Equity
€727,210▲ 1.4%
2024 · €717,411
Total assets
€739,204▼ 6.7%
2024 · €791,871
Net result
€9,799
2024 · -€31,923
Working capital
€727,210▲ 1.1%
2024 · €719,293
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€4,743
▲ 90.7%
2025
20202025
Net result
€9,799
2025
middle half of the sector
20202025
Equity
€727,210
▲ 1.4%
2025
highest quarter of the sector
20202025
Total assets
€739,204
▼ 6.7%
2025
middle half of the sector
20202025
Debt
€11,995
▼ 83.5%
2025
20202025
Working capital
€727,210
▲ 1.1%
2025
highest quarter of the sector
20202025
Solvency
98.4%
▲ 7.8pp
2025
highest quarter of the sector
20202025
Current ratio
61.63
▲ 50.72
2025
highest quarter of the sector
20202025
Return on assets (ROA)
1.3%
▲ 5.4pp
2025
middle half of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€0.01m-€0.04m€0.7m▲ 17×€0.2m▼ 74.3%-€0.05m-€0.005m▲ 90.7%
Net result-€0.01mbelow the sector's middle half-€0.04mwithin the sector's middle half€0.5mabove the sector's middle half▲ 11×€0.1mabove the sector's middle half▼ 70.8%-€0.03mbelow the sector's middle half€0.01mwithin the sector's middle half
Equity€0.09mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 48.4%€0.6mwithin the sector's middle half▲ 366%€0.7mwithin the sector's middle half▲ 23.0%€0.7mwithin the sector's middle half▼ 4.3%€0.7mabove the sector's middle half▲ 1.4%
Total assets€0.8mwithin the sector's middle half-€2.0mwithin the sector's middle half▲ 142%€0.9mwithin the sector's middle half▼ 55.2%€1.0mwithin the sector's middle half▲ 16.2%€0.8mwithin the sector's middle half▼ 23.9%€0.7mwithin the sector's middle half▼ 6.7%
Debt€0.7m-€1.9m▲ 153%€0.3m▼ 84.7%€0.3m▼ 3.4%€0.07m▼ 73.7%€0.01m▼ 83.5%
Working capital€0.09mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 48.4%€0.6mabove the sector's middle half▲ 366%€0.8mabove the sector's middle half▲ 25.4%€0.7mabove the sector's middle half▼ 5.9%€0.7mabove the sector's middle half▲ 1.1%
Solvency10.7%within the sector's middle half-6.5%below the sector's middle half▼ 4.1pp68.1%above the sector's middle half▲ 61.5pp72.0%above the sector's middle half▲ 3.9pp90.6%above the sector's middle half▲ 18.6pp98.4%above the sector's middle half▲ 7.8pp
Current ratio1.12within the sector's middle half-1.07within the sector's middle half▼ 0.053.13above the sector's middle half▲ 2.063.76above the sector's middle half▲ 0.6310.91above the sector's middle half▲ 7.1561.63above the sector's middle half▲ 50.72
Return on assets (ROA)-1.4%below the sector's middle half-2.1%within the sector's middle half▲ 3.6pp53.4%above the sector's middle half▲ 51.3pp13.4%above the sector's middle half▼ 40.0pp-4.0%below the sector's middle half▼ 17.5pp1.3%within the sector's middle half▲ 5.4pp
Staff (FTE)0within the sector's middle half
above
within
below
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 operating result for 2025 is a loss of €4,743, smaller than the loss of €50,833 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €739,204
Equity
€727,210 ▲ 1.4%
Provisions
€0 ▼ 100%
Debt
€11,995 ▼ 83.5%
Debt's share of the balance-sheet total falls from 9.2% to 1.6%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.02▼
2024 · 0.10
ROE
1.3%▲
2024 · -4.4%
Debt ≤ 1 year
€11,995▼
2024 · €72,578
Income taxes
€3,246▼
2024 · €6,870
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €27,500 | €27,500 | - | - | - |
| Mortgage mandates | €2.0m | €2.0m | - | - | - |
| Carrying value of the mortgaged assets | €1.5m | €180,368 | - | - | - |
| Pledge on other assets, amount secured | €524,463 | €702,525 | - | - | - |
| Carrying value of the other pledged assets | €524,463 | €702,525 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €15,000 | -€13,118 | -€1,882 | ▲ 85.7% |
| Other operating charges640/8 | - | €459 | €980 | €1,445 | €1,594 | €1,126 | ▼ 29.3% |
| Non-recurring operating charges66A | - | - | - | - | €52,033 | €0 | ▼ 100% |
| Gross operating margin9900 | -€9,786 | €40,934 | €681,549 | €191,034 | -€10,325 | -€5,498 | ▲ 46.7% |
| Operating profit (loss)9901 | -€11,574 | €40,476 | €680,569 | €174,589 | -€50,833 | -€4,743 | ▲ 90.7% |
| Financial income75/76B | - | €13,436 | €5,895 | €27,746 | €25,907 | €17,939 | ▼ 30.8% |
| Recurring financial income75 | €11,934 | €13,436 | €5,895 | €27,746 | €25,907 | €17,939 | ▼ 30.8% |
| Financial charges65/66B | - | €8,143 | €2,026 | €119 | €127 | €150 | ▲ 18.1% |
| Recurring financial charges65 | €12,179 | €8,143 | €2,026 | €119 | €127 | €150 | ▲ 18.1% |
| Profit (loss) for the period before taxes9903 | -€11,819 | €45,769 | €684,439 | €202,217 | -€25,054 | €13,045 | - |
| Income taxes67/77 | - | €3,086 | €205,898 | €62,287 | €6,870 | €3,246 | ▼ 52.7% |
| Profit (loss) for the period9904 | -€11,819 | €42,682 | €478,541 | €139,930 | -€31,923 | €9,799 | - |
| Profit (loss) for the period to be appropriated9905 | -€11,819 | €42,682 | €478,541 | €139,930 | -€31,923 | €9,799 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.8m | €2.0m | €0.9m | €1.0m | €0.8m | €0.7m | ▼ 6.7% |
| Current assets29/58 | €0.8m | €2.0m | €0.9m | €1.0m | €0.8m | €0.7m | ▼ 6.7% |
| Stocks and contracts in progress3 | €0.8m | €1.5m | €0.2m | - | - | - | - |
| Contracts in progress37 | - | €1.5m | €0.2m | - | - | - | - |
| Amounts receivable within one year40/41 | €484 | €364 | €0.007m | €0.003m | €0.002m | €0.003m | ▲ 57.2% |
| Trade receivables40 | - | €301 | €0.007m | €0.003m | €0.001m | €0 | ▼ 100% |
| Other amounts receivable41 | - | €63 | €133 | - | €0.001m | €0.003m | ▲ 241% |
| Current investments50/53 | - | - | - | - | €0.8m | €0.7m | ▼ 6.1% |
| Cash at bank and in hand54/58 | €0.03m | €0.5m | €0.7m | €1.0m | €0.006m | €0.002m | ▼ 65.2% |
| Deferred charges and accrued income490/1 | - | €0.008m | €0.006m | €0.004m | €0.01m | €0.008m | ▼ 27.6% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.8m | €2.0m | €0.9m | €1.0m | €0.8m | €0.7m | ▼ 6.7% |
| Equity10/15 | €0.09m | €0.1m | €0.6m | €0.7m | €0.7m | €0.7m | ▲ 1.4% |
| Contributions10/11 | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | - | €0.03m | €0.5m | €0.6m | €0.6m | €0.6m | = |
| Distributable reserves133 | - | €0.03m | €0.5m | €0.6m | €0.6m | €0.6m | = |
| Profit (loss) carried forward14 | -€0.01m | - | - | - | -€0.03m | -€0.02m | ▲ 30.7% |
| Provisions and deferred taxes16 | - | - | - | €0.02m | €0.002m | €0 | ▼ 100% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.02m | €0.002m | €0 | ▼ 100% |
| Major repairs and maintenance162 | - | - | - | - | €0.002m | €0 | ▼ 100% |
| Environmental obligations163 | - | - | - | €0.02m | €0 | - | - |
| Amounts payable17/49 | €0.7m | €1.9m | €0.3m | €0.3m | €0.07m | €0.01m | ▼ 83.5% |
| Amounts payable within one year42/48 | €0.7m | €1.9m | €0.3m | €0.3m | €0.07m | €0.01m | ▼ 83.5% |
| Trade debts44 | €0.1m | €0.04m | €0.04m | €0.006m | €0.01m | €0.006m | ▼ 39.9% |
| Suppliers440/4 | - | €0.04m | €0.04m | €0.006m | €0.01m | €0.006m | ▼ 39.9% |
| Advances received on contracts in progress46 | - | €1.3m | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | €0.08m | €0.2m | €0.3m | €0.06m | €0 | ▼ 100% |
| Taxes450/3 | - | €0.08m | €0.2m | €0.3m | €0.06m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €0.4m | €0.03m | €0.007m | €0.006m | €0.006m | ▲ 2.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.01m | €0.04m | €0.5m | €0.1m | -€0.03m | €0.01m | - |
| Operating cash flow (approximation) | -€0.01m | €0.04m | €0.5m | €0.1m | -€0.03m | €0.01m | - |
| Change in cash | - | €0.5m | €0.2m | €0.3m | -€1.0m | -€0.004m | ▲ 99.6% |
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, 1,639 companies had the same profile as STEELAND PROJECTS has now. Two years later, 95.5% were still going and 0.5% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.5%
was still going
3.7%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STEELAND PROJECTS itself: 0.2% 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 1,639 companies, not a prediction for STEELAND PROJECTS. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-08-2026 | 2026-00490875 | |
| 31-12-2024 | abbreviated format | 27-08-2025 | 2025-00415209 | |
| 31-12-2023 | abbreviated format | 29-08-2024 | 2024-00442986 | |
| 31-12-2022 | abbreviated format | 26-08-2023 | 2023-00403663 | |
| 31-12-2021 | abbreviated format | 29-08-2022 | 2022-20421255 | |
| 31-12-2020 | abbreviated format | 09-09-2021 | 2021-66800371 |