Tr-Project
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-06-2026 at the NBB all 20 filings
Turnover
≈ €94,000
Estimated: probably between €53,000 and €150,000
Total assets
€15,592▲ 836%
2023 · €1,666
Net result
€6,753
2024 · -€1,840
Working capital
-€6,209▲ 75.5%
2023 · -€25,361
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€7,324
2025
20192025
Net result
€6,753
2025
middle half of the sector
20192025
Equity
-€7,489
▲ 47.4%
2025
lowest quarter of the sector
20192025
Total assets
€15,592
2025
lowest quarter of the sector
20192025
Debt
€23,080
▲ 62.1%
2025
20192025
Working capital
-€6,209
2025
lowest quarter of the sector
20192025
Solvency
-48.0%
2025
lowest quarter of the sector
20192025
Current ratio
0.72
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
43.3%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€662-€795€1,392▲ 75.1%€733▼ 47.4%-€1,491-€1,810▼ 21.4%€7,324
Net result-€662-€795within the sector's middle half€1,357within the sector's middle half▲ 70.8%€685below the sector's middle half▼ 49.6%-€1,479below the sector's middle half-€1,840below the sector's middle half▼ 24.4%€6,753within the sector's middle half
Equity-€26,159--€25,364below the sector's middle half▲ 3.0%-€24,007below the sector's middle half▲ 5.4%-€23,322below the sector's middle half▲ 2.9%-€24,802below the sector's middle half▼ 6.3%-€14,242below the sector's middle half▲ 42.6%-€7,489below the sector's middle half▲ 47.4%
Total assets€1,591-€3,867below the sector's middle half▲ 143%€3,183below the sector's middle half▼ 17.7%€7,707below the sector's middle half▲ 142%€1,666below the sector's middle half▼ 78.4%€15,592below the sector's middle half
Debt€27,750-€29,231▲ 5.3%€27,190▼ 7.0%€31,030▲ 14.1%€26,467▼ 14.7%€14,242▼ 46.2%€23,080▲ 62.1%
Working capital-€26,696--€26,666below the sector's middle half▲ 0.1%-€25,577below the sector's middle half▲ 4.1%-€24,927below the sector's middle half▲ 2.5%-€25,361below the sector's middle half▼ 1.7%-€6,209below the sector's middle half
Solvency-302.6%below the sector's middle half-48.0%below the sector's middle half
Current ratio0.20below the sector's middle half0.72below the sector's middle half
Return on assets (ROA)8.9%within the sector's middle half43.3%above the sector's middle half
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 profit of €7,324, after a loss of €1,810 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Key figures and ratios
Debt ≤ 1 year
€21,800▲
2024 · €14,242
Income taxes
€322
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,678 | - | - | - |
| Depreciation and write-downs of the year | €1,643 | €1,046 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €215 | €705 | €1,191 | €1,643 | €1,046 | - | - | - |
| Other operating charges640/8 | - | - | - | - | - | - | €559 | - |
| Non-recurring operating charges66A | - | - | - | - | - | - | €257 | - |
| Gross operating margin9900 | -€447 | €1,499 | €2,583 | €2,376 | -€445 | -€1,810 | €8,140 | - |
| Operating profit (loss)9901 | -€662 | €795 | €1,392 | €733 | -€1,491 | -€1,810 | €7,324 | - |
| Financial income75/76B | - | - | - | - | €55 | - | €11 | - |
| Recurring financial income75 | €0 | €0 | - | - | €55 | - | €11 | - |
| Financial charges65/66B | - | - | - | €48 | €44 | €30 | €261 | ▲ 769% |
| Recurring financial charges65 | €0 | €0 | €35 | €48 | €44 | €30 | €261 | ▲ 769% |
| Profit (loss) for the period before taxes9903 | -€662 | €795 | €1,357 | €685 | -€1,479 | -€1,840 | €7,075 | - |
| Income taxes67/77 | €0 | - | - | - | - | - | €322 | - |
| Profit (loss) for the period9904 | -€662 | €795 | €1,357 | €685 | -€1,479 | -€1,840 | €6,753 | - |
| Profit (loss) for the period to be appropriated9905 | -€662 | €795 | €1,357 | €685 | -€1,479 | -€1,840 | €6,753 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1,591 | €3,867 | €3,183 | €7,707 | €1,666 | - | €15,592 | - |
| Fixed assets21/28 | €537 | €1,302 | €1,570 | €1,605 | €559 | - | - | - |
| Tangible fixed assets22/27 | €537 | €1,302 | €1,570 | €1,605 | €559 | - | - | - |
| Furniture and vehicles24 | - | - | - | €1,605 | €559 | - | - | - |
| Current assets29/58 | €1,054 | €2,565 | €1,613 | €6,102 | €1,106 | - | €15,592 | - |
| Amounts receivable within one year40/41 | €583 | €946 | €1,254 | €3,314 | €481 | - | €10,160 | - |
| Trade receivables40 | - | - | - | €517 | - | - | €10,160 | - |
| Other amounts receivable41 | - | - | - | €2,798 | €481 | - | - | - |
| Cash at bank and in hand54/58 | €471 | €1,619 | €359 | €2,788 | €625 | - | €5,261 | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €171 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1,591 | €3,867 | €3,183 | €7,707 | €1,666 | €0 | €15,592 | - |
| Equity10/15 | -€26,159 | -€25,364 | -€24,007 | -€23,322 | -€24,802 | -€14,242 | -€7,489 | ▲ 47.4% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €18,600 | €18,600 | = |
| Reserves13 | €300 | €300 | €300 | €300 | €300 | €300 | €300 | = |
| Non-distributable reserves130/1 | - | - | - | €300 | €300 | €300 | €300 | = |
| Reserves not available under the articles1311 | - | - | - | €300 | €300 | €300 | €300 | = |
| Profit (loss) carried forward14 | -€32,659 | -€31,864 | -€30,507 | -€29,822 | -€31,302 | -€33,142 | -€26,389 | ▲ 20.4% |
| Amounts payable17/49 | €27,750 | €29,231 | €27,190 | €31,030 | €26,467 | €14,242 | €23,080 | ▲ 62.1% |
| Amounts payable within one year42/48 | €27,750 | €29,231 | €27,190 | €31,030 | €26,467 | €14,242 | €21,800 | ▲ 53.1% |
| Trade debts44 | €7,532 | €6,351 | €5,778 | €9,829 | €3,000 | - | €3,552 | - |
| Suppliers440/4 | - | - | - | €9,829 | €3,000 | - | €3,552 | - |
| Taxes, remuneration and social security45 | - | - | - | - | €31 | - | €3,103 | - |
| Taxes450/3 | - | - | - | - | €31 | - | €3,103 | - |
| Other amounts payable47/48 | - | - | - | €21,200 | €23,437 | €14,242 | €15,145 | ▲ 6.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,280 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€662 | €795 | €1,357 | €685 | -€1,479 | -€1,840 | €6,753 | - |
| + Depreciation and write-downs630 | €215 | €705 | €1,191 | €1,643 | €1,046 | - | - | - |
| Operating cash flow (approximation) | -€447 | €1,499 | €2,548 | €2,328 | -€434 | -€1,840 | €6,753 | - |
| Investment in fixed assets (approximation) | - | -€1,469 | -€1,460 | -€1,678 | €0 | - | - | - |
| Change in cash | - | €1,148 | -€1,260 | €2,429 | -€2,163 | - | - | - |
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, 3,794 companies had the same profile as Tr-Project has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Tr-Project itself: 1.0% 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 3,794 companies, not a prediction for Tr-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.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-06-2026 | 2026-00179668 | |
| 30-06-2024 | micro format | 28-01-2025 | 2025-00017835 | |
| 30-06-2023 | micro format | 29-12-2023 | 2023-00540264 | |
| 30-06-2022 | micro format | 24-01-2023 | 2023-00003504 | |
| 30-06-2021 | micro format | 05-01-2022 | 2022-00400048 | |
| 30-06-2020 | micro format | 29-12-2020 | 2020-77800061 | |
| 30-06-2019 | micro format | 13-12-2019 | 2019-76100386 | |
| 30-06-2018 | micro format | 02-01-2019 | 2019-00300171 | |
| 30-06-2017 | micro format | 03-01-2018 | 2018-00500218 | |
| 30-06-2016 | abbreviated format | 04-01-2017 | 2017-00400027 |