V PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 15 filings
Turnover
≈ €280,000
Estimated: probably between €210,000 and €440,000
Total assets
€181,113▲ 64.5%
2024 · €110,130
Net result
€36,832▲ 500%
2024 · €6,143
Working capital
€46,941▲ 34.1%
2024 · €35,013
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€52,176
▲ 399%
2025
20192025
Net result
€36,832
▲ 500%
2025
highest quarter of the sector
20192025
Equity
€92,381
▲ 20.3%
2025
middle half of the sector
20192025
Total assets
€181,113
▲ 64.5%
2025
middle half of the sector
20192025
Debt
€88,732
▲ 166%
2025
20192025
Working capital
€46,941
▲ 34.1%
2025
middle half of the sector
20192025
Solvency
51.0%
▼ 18.7pp
2025
middle half of the sector
20192025
Current ratio
1.81
▼ 1.00
2025
middle half of the sector
20192025
Return on assets (ROA)
20.3%
▲ 14.8pp
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-€8,396--€4,862▲ 42.1%€16,309€16,274▼ 0.2%€18,132▲ 11.4%€10,461▼ 42.3%€52,176▲ 399%
Net result-€10,215--€6,216below the sector's middle half▲ 39.1%€14,733within the sector's middle half€11,541within the sector's middle half▼ 21.7%€11,990within the sector's middle half▲ 3.9%€6,143within the sector's middle half▼ 48.8%€36,832above the sector's middle half▲ 500%
Equity€64,134-€57,918within the sector's middle half▼ 9.7%€71,050within the sector's middle half▲ 22.7%€61,879within the sector's middle half▼ 12.9%€72,269within the sector's middle half▲ 16.8%€76,811within the sector's middle half▲ 6.3%€92,381within the sector's middle half▲ 20.3%
Total assets€108,118-€110,146within the sector's middle half▲ 1.9%€113,092within the sector's middle half▲ 2.7%€89,233within the sector's middle half▼ 21.1%€125,600within the sector's middle half▲ 40.8%€110,130within the sector's middle half▼ 12.3%€181,113within the sector's middle half▲ 64.5%
Debt€43,984-€52,229▲ 18.7%€42,042▼ 19.5%€27,355▼ 34.9%€53,331▲ 95.0%€33,318▼ 37.5%€88,732▲ 166%
Working capital€13,866-€15,452within the sector's middle half▲ 11.4%€36,332within the sector's middle half▲ 135%€29,250within the sector's middle half▼ 19.5%€16,604within the sector's middle half▼ 43.2%€35,013within the sector's middle half▲ 111%€46,941within the sector's middle half▲ 34.1%
Solvency59.3%-52.6%within the sector's middle half▼ 6.7pp62.8%within the sector's middle half▲ 10.2pp69.3%above the sector's middle half▲ 6.5pp57.5%within the sector's middle half▼ 11.8pp69.7%above the sector's middle half▲ 12.2pp51.0%within the sector's middle half▼ 18.7pp
Current ratio1.92-1.79within the sector's middle half▼ 0.132.43within the sector's middle half▲ 0.642.38within the sector's middle half▼ 0.051.50within the sector's middle half▼ 0.872.82within the sector's middle half▲ 1.311.81within the sector's middle half▼ 1.00
Return on assets (ROA)-9.4%--5.6%below the sector's middle half▲ 3.8pp13.0%within the sector's middle half▲ 18.7pp12.9%within the sector's middle half▼ 0.1pp9.5%within the sector's middle half▼ 3.4pp5.6%within the sector's middle half▼ 4.0pp20.3%above the sector's middle half▲ 14.8pp
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 5 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €181,113
Fixed assets
€76,368 ▲ 36.8%
Current assets
€104,745 ▲ 92.9%
Equity and liabilities €181,113
Equity
€92,381 ▲ 20.3%
Debt
€88,732 ▲ 166%
Debt's share of the balance-sheet total rises from 30.3% to 49.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€69,855▲
2024 · €30,718
Cash flow
€54,512▲
2024 · €26,400
Quick ratio
1.72▼
2024 · 2.49
Debt to equity
0.96▲
2024 · 0.43
ROE
39.9%▲
2024 · 8.0%
Interest coverage
44.20▲
2024 · 19.07
Debt ≤ 1 year
€57,804▲
2024 · €19,285
Debt > 1 year
€30,928▲
2024 · €14,034
Income taxes
€14,063▲
2024 · €2,780
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 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €5,130 | €53,281 | - | €38,210 |
| Financial fixed assets | - | - | - | €5 |
| Depreciation and write-downs of the year | €17,742 | €15,949 | €20,257 | €17,680 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €420 awarded · €420 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,592 | €32,540 | €25,260 | €17,742 | €15,949 | €20,257 | €17,680 | ▼ 12.7% |
| Other operating charges640/8 | - | - | - | €208 | €1,231 | €357 | €280 | ▼ 21.6% |
| Gross operating margin9900 | €21,443 | €28,061 | €41,776 | €34,224 | €35,312 | €31,075 | €70,135 | ▲ 126% |
| Operating profit (loss)9901 | -€8,396 | -€4,862 | €16,309 | €16,274 | €18,132 | €10,461 | €52,176 | ▲ 399% |
| Financial income75/76B | - | - | - | €91 | €82 | €73 | €300 | ▲ 310% |
| Recurring financial income75 | €160 | €561 | €1,152 | €91 | €82 | €73 | €300 | ▲ 310% |
| Financial charges65/66B | - | - | - | €1,072 | €962 | €1,611 | €1,580 | ▼ 1.9% |
| Recurring financial charges65 | €1,979 | €1,915 | €1,541 | €1,072 | €962 | €1,611 | €1,580 | ▼ 1.9% |
| Profit (loss) for the period before taxes9903 | -€10,215 | -€6,216 | €15,921 | €15,293 | €17,252 | €8,923 | €50,895 | ▲ 470% |
| Income taxes67/77 | - | - | €1,188 | €3,753 | €5,262 | €2,780 | €14,063 | ▲ 406% |
| Profit (loss) for the period9904 | -€10,215 | -€6,216 | €14,733 | €11,541 | €11,990 | €6,143 | €36,832 | ▲ 500% |
| Profit (loss) for the period to be appropriated9905 | -€10,215 | -€6,216 | €14,733 | €11,541 | €11,990 | €6,143 | €36,832 | ▲ 500% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €108,118 | €110,146 | €113,092 | €89,233 | €125,600 | €110,130 | €181,113 | ▲ 64.5% |
| Fixed assets21/28 | €79,124 | €75,082 | €51,370 | €38,758 | €76,090 | €55,833 | €76,368 | ▲ 36.8% |
| Intangible fixed assets21 | €5,520 | €4,140 | €2,760 | €1,380 | - | - | - | - |
| Tangible fixed assets22/27 | €73,604 | €70,942 | €48,610 | €37,378 | €76,090 | €55,833 | €76,363 | ▲ 36.8% |
| Plant, machinery and equipment23 | - | - | - | €5,298 | €8,574 | €5,579 | €37,295 | ▲ 569% |
| Furniture and vehicles24 | - | - | - | €12,433 | €49,682 | €34,232 | €24,859 | ▼ 27.4% |
| Other tangible fixed assets26 | - | - | - | €19,647 | €17,835 | €16,022 | €14,210 | ▼ 11.3% |
| Financial fixed assets28 | - | - | - | - | - | - | €5 | - |
| Current assets29/58 | €28,993 | €35,064 | €61,722 | €50,476 | €49,510 | €54,297 | €104,745 | ▲ 92.9% |
| Stocks and contracts in progress3 | €4,486 | €4,099 | €6,739 | €6,929 | €6,479 | €6,259 | €5,490 | ▼ 12.3% |
| Stocks30/36 | - | - | - | €6,929 | €6,479 | €6,259 | €5,490 | ▼ 12.3% |
| Amounts receivable within one year40/41 | €8,673 | €10,835 | €40,821 | €16,755 | €11,197 | €22,923 | €61,769 | ▲ 169% |
| Trade receivables40 | - | - | - | €14,057 | €8,457 | €17,899 | €53,264 | ▲ 198% |
| Other amounts receivable41 | - | - | - | €2,698 | €2,740 | €5,024 | €8,506 | ▲ 69.3% |
| Cash at bank and in hand54/58 | €15,178 | €19,386 | €13,218 | €25,581 | €30,787 | €24,189 | €34,457 | ▲ 42.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,212 | €1,047 | €926 | €3,028 | ▲ 227% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €108,118 | €110,146 | €113,092 | €89,233 | €125,600 | €110,130 | €181,113 | ▲ 64.5% |
| Equity10/15 | €64,134 | €57,918 | €71,050 | €61,879 | €72,269 | €76,811 | €92,381 | ▲ 20.3% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €40,568 | €40,568 | €52,450 | €43,279 | €53,669 | €58,211 | €73,781 | ▲ 26.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €41,419 | €51,809 | €58,211 | €73,781 | ▲ 26.7% |
| Profit (loss) carried forward14 | €4,965 | -€1,251 | - | - | - | - | - | - |
| Amounts payable17/49 | €43,984 | €52,229 | €42,042 | €27,355 | €53,331 | €33,318 | €88,732 | ▲ 166% |
| Amounts payable after more than one year17 | €28,857 | €32,616 | €16,651 | €6,129 | €20,425 | €14,034 | €30,928 | ▲ 120% |
| Financial debts170/4 | - | - | - | €6,129 | €20,425 | €14,034 | €30,928 | ▲ 120% |
| Amounts payable within one year42/48 | €15,127 | €19,612 | €25,391 | €21,226 | €32,905 | €19,285 | €57,804 | ▲ 200% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,522 | €9,202 | €7,017 | €16,950 | ▲ 142% |
| Trade debts44 | €1,627 | €4,154 | €4,578 | €2,777 | €5,188 | €5,539 | €13,030 | ▲ 135% |
| Suppliers440/4 | - | - | - | €2,777 | €5,188 | €5,539 | €13,030 | ▲ 135% |
| Taxes, remuneration and social security45 | - | - | - | €3,753 | €5,262 | - | €6,562 | - |
| Taxes450/3 | - | - | - | €3,753 | €5,262 | - | €6,562 | - |
| Other amounts payable47/48 | - | - | - | €4,174 | €13,254 | €6,729 | €21,262 | ▲ 216% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,215 | -€6,216 | €14,733 | €11,541 | €11,990 | €6,143 | €36,832 | ▲ 500% |
| + Depreciation and write-downs630 | €29,592 | €32,540 | €25,260 | €17,742 | €15,949 | €20,257 | €17,680 | ▼ 12.7% |
| Operating cash flow (approximation) | €19,376 | €26,323 | €39,992 | €29,282 | €27,939 | €26,400 | €54,512 | ▲ 106% |
| Investment in fixed assets (approximation) | - | -€28,497 | -€1,548 | -€5,130 | -€53,281 | €0 | -€38,215 | - |
| Change in cash | - | €4,208 | -€6,168 | €12,363 | €5,206 | -€6,597 | €10,268 | - |
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, 34,693 companies had the same profile as V PROJECTS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of V 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 34,693 companies, not a prediction for V 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00022626 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00020367 | |
| 30-06-2023 | micro format | 23-12-2023 | 2023-00536481 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00010489 | |
| 30-06-2021 | micro format | 24-01-2022 | 2022-01700071 | |
| 30-06-2020 | micro format | 19-10-2020 | 2020-62000383 | |
| 30-06-2019 | micro format | 04-10-2019 | 2019-68500286 | |
| 30-06-2018 | micro format | 25-10-2018 | 2018-70200556 | |
| 30-06-2017 | micro format | 05-10-2017 | 2017-66300431 | |
| 30-06-2016 | abbreviated format | 30-11-2016 | 2016-68800569 |