SW Project M
ActiveSW Project M has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €28k and a net result of €-3k. Equity remains stable across the filed fiscal years (±1.3% per year). Its solvency ranks better than 33% of 969 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-100
Solvency67▲+28
Growth32▼-26
Stability100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days acceptable
Liquidity ample (current ratio 1.82 against 1.29 in 2024), but 69% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six 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 42
Relative position
BE, all sectors
reference
Sector 42
higher
← fewer bankruptcies
more bankruptcies →
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 · 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
31%
Return on assets
-3.8%
Age of the figures
11 mo
neutral · Filed after the deadline
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 03-06-2026, 34 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
34 d late
2024
on the day
2023
13 d late
2022
31 d late
2021
31 d late
2020
151 d early
2019
37 d early
← before the deadline
after the deadline →
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
14-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€28k▼ 10.9%
2024 · €32k
2018: €35k
2019: €27k
2020: €30k
2021: €43k
2022: €46k
2023: €20k
2024: €32k
2018 → 2025
Total assets
€91k▼ 33.9%
2024 · €137k
2018: €56k
2019: €126k
2020: €113k
2021: €121k
2022: €112k
2023: €115k
2024: €137k
2018 → 2025
Net result
€-3k
2024 · €11k
2018: €-116
2019: €-8k
2020: €3k
2021: €13k
2022: €4k
2023: €-26k
2024: €11k
2018 → 2025
Working capital
€36k▲ 105%
2024 · €17k
2018: €33k
2019: €11k
2020: €29k
2021: €22k
2022: €37k
2023: €31k
2024: €17k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€43k-€46k▲ 8.3%€20k▼ 56.3%€32k▲ 55.9%€28k▼ 10.9%
Operating result€15k-€6k▼ 57.6%€-23k€14k€-296
Net result€13k-€4k▼ 72.8%€-26k€11k€-3k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €296 after €14k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €91k
Fixed assets
€12k▼ 79.8%
Current assets
€79k▲ 1.7%
Equity and liabilities €91k
Equity
€28k▼ 10.9%
Debt
€63k▼ 40.7%
The debt ratio falls from 77.0% to 69.0%: debt falls faster than equity shrinks.
Key figures and ratios
EBITDA
€6k▼
2024 · €30k
Cash flow
€3k▼
2024 · €27k
Solvency
31.0%▲
2024 · 23.0%
Current ratio
1.82▲
2024 · 1.29
Quick ratio
1.82▲
2024 · 1.29
Debt / equity
2.23▼
2024 · 3.35
ROE
-12.2%▼
2024 · 35.9%
ROA
-3.8%▼
2024 · 8.2%
Interest coverage
1.90▼
2024 · 9.62
Debt
€63k▼
2024 · €106k
Debt ≤ 1 year
€43k▼
2024 · €60k
Debt > 1 year
€19k▼
2024 · €45k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€137k€91k▼
Fixed assets21/28€60k€12k▼
Tangible fixed assets22/27€59k€11k▼
Plant, machinery and equipment23€3k€745▼
Furniture and vehicles24€56k€10k▼
Financial fixed assets28€1k€1k=
Current assets29/58€77k€79k▲
Amounts receivable within one year40/41€52k€76k▲
Trade receivables40€49k€40k▼
Other amounts receivable41€3k€36k▲
Cash at bank and in hand54/58€14k€86▼
Deferred charges and accrued income490/1€12k€3k▼
Equity and liabilities
Total equity and liabilities10/49€137k€91k▼
Equity10/15€32k€28k▼
Contributions10/11€20k€20k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€10k€6k▼
Amounts payable17/49€106k€63k▼
Amounts payable after more than one year17€45k€19k▼
Financial debts170/4€45k€19k▼
Amounts payable within one year42/48€60k€43k▼
Current portion of amounts payable after more than one year42€26k€26k▼
Trade debts44€9k€2k▼
Suppliers440/4€9k€2k▼
Taxes, remuneration and social security45€8k€2k▼
Taxes450/3€8k€2k▼
Other amounts payable47/48€17k€14k▼
Accrued charges and deferred income492/3€637-
Income statement
Code20242025
Non-recurring operating income76A-€17k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€15k€6k▼
Other operating charges640/8€766€2k▲
Gross operating margin9900€30k€8k▼
Operating profit (loss)9901€14k€-296▼
Financial income75/76B-€57
Recurring financial income75-€57
Financial charges65/66B€3k€3k▲
Recurring financial charges65€3k€3k▲
Profit (loss) for the period before taxes9903€11k€-3k▼
Profit (loss) for the period9904€11k€-3k▼
Profit (loss) for the period to be appropriated9905€11k€-3k▼
Appropriation of the result
Profit (loss) to be appropriated9906€10k€6k▼
Profit (loss) brought forward from the previous period14P€-2k€10k▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 34 days late
2025
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Back to profitnet €11k
Net result €11k after one loss-making year.
13-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 13 days late
2023
30-09
Financial
Weakest financial yearnet €-26k ▼836%
Net result drops to €-26k, the lowest in the series; recovery starts the following year.
31-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
30-09
Financial
Highest result since 2018net €13k ▲389%
Operating result €15k, net result €13k, both a record.
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
30-09
Financial
Back to profitnet €3k
Net result €3k after 2 loss-making years.
24-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
03-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
17-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
20-03
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.
Directors · office · real estate
Directors
no sitting director, no change since 2020
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
29-12-2020
Wouter Bollansee: Resigned as Director
10-10-2019
Afspanning De Hoeve: Resigned as Manager
27-10-2016
Wouter Bollansee: Resigned as Manager
30-09-2013
GEERTS SONJA: Resigned as Manager
Location & real-estate footprint
Registered office, Malle · 1 establishment unit since 2009
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Salphensebaan 62390 MalleGround area
1,806 m²
Building footprint
295 m²
Volume, LiDAR
857 m³
Parcel 11032D0497/00D000, Flanders · tallest building 4.7 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
SW Project M
since 20092.178.319.397
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11032D0497/00D000 | Flanders | 1,806 m² | 1 · 295 m² | 4.7 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
DK-Pools
BE 0762.601.429
Brecht · Eq €28k
AQUA EXCLUSIVE
BE 0760.656.380
Destelbergen · Eq €29k
OLIVIER ANDRÉ
BE 0760.649.749
Courcelles · Eq €27k
MONO-POOLS
BE 0774.296.164
Evergem · Eq €30k
TERRATOM
BE 1011.580.336
Montigny-le-Tilleul · Eq €26k
Of 387 companies in sector 42990 we hold annual accounts for 178. 119 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded18-05-2009
Fiscal year end30-09
Activities, NACEBEL
42990Civil engineering
46496Wholesale trade
77210Renting and leasing of sports and recreation goods
85510Sports and recreation education
93110Operation of sports facilities
93199Other sports activities
Sources
Crossroads Bank for EnterprisesNational Bank · 16 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.