VAN SANDE PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 5 filings
Every figure per financial year
The operating result for 2025 is 8% lower than in 2024.
- 2025 Equity +148% on 2024. Capital increase of €155,000 (Official Gazette 31-12-2025).
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €89,676 | €10,003 | €397,000 | - | €164,649 |
| Intangible fixed assets | €0 | - | - | - | - |
| Depreciation and write-downs of the year | €14,124 | €6,490 | €14,618 | €18,605 | €19,286 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,124 | €6,490 | €14,618 | €18,605 | €19,286 | ▲ 3.7% |
| Other operating charges640/8 | €1,551 | €1,588 | €5,990 | €3,842 | €7,021 | ▲ 82.7% |
| Gross operating margin9900 | €37,082 | €21,535 | €14,963 | €35,872 | €38,683 | ▲ 7.8% |
| Operating profit (loss)9901 | €21,407 | €13,458 | -€5,645 | €13,425 | €12,376 | ▼ 7.8% |
| Financial income75/76B | - | - | €9 | €0 | - | - |
| Recurring financial income75 | - | - | €9 | €0 | - | - |
| Financial charges65/66B | €55 | €57 | €8,144 | €11,843 | €11,175 | ▼ 5.6% |
| Recurring financial charges65 | €55 | €57 | €8,144 | €11,843 | €11,175 | ▼ 5.6% |
| Profit (loss) for the period before taxes9903 | €21,352 | €13,401 | -€13,780 | €1,582 | €1,200 | ▼ 24.1% |
| Income taxes67/77 | €4,270 | €2,180 | €0 | - | - | - |
| Profit (loss) for the period9904 | €17,082 | €11,221 | -€13,780 | €1,582 | €1,200 | ▼ 24.1% |
| Profit (loss) for the period to be appropriated9905 | €17,082 | €11,221 | -€13,780 | €1,582 | €1,200 | ▼ 24.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €106,757 | €117,979 | €479,556 | €464,192 | €615,589 | ▲ 32.6% |
| Fixed assets21/28 | €79,214 | €82,727 | €465,109 | €446,504 | €591,867 | ▲ 32.6% |
| Tangible fixed assets22/27 | €79,214 | €82,727 | €465,109 | €446,504 | €591,867 | ▲ 32.6% |
| Land and buildings22 | €79,214 | €82,727 | €465,109 | €446,504 | €591,867 | ▲ 32.6% |
| Current assets29/58 | €27,544 | €35,252 | €14,448 | €17,688 | €23,722 | ▲ 34.1% |
| Amounts receivable within one year40/41 | €730 | €8,070 | €6,600 | €6,600 | €6,600 | = |
| Trade receivables40 | - | €6,000 | €6,600 | €6,600 | €6,600 | = |
| Other amounts receivable41 | €730 | €2,070 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €26,814 | €27,182 | €7,848 | €11,088 | €17,122 | ▲ 54.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €106,757 | €117,979 | €479,556 | €464,192 | €615,589 | ▲ 32.6% |
| Equity10/15 | €106,757 | €117,979 | €104,198 | €105,780 | €261,980 | ▲ 148% |
| Contributions10/11 | €3,723 | €3,723 | €3,723 | €3,723 | €158,723 | ▲ 43× |
| Reserves13 | €103,034 | €114,255 | €114,255 | €114,255 | €114,255 | = |
| Tax-exempt reserves132 | €4,400 | €4,400 | €4,400 | €4,400 | €4,400 | = |
| Distributable reserves133 | €98,634 | €109,855 | €109,855 | €109,855 | €109,855 | = |
| Profit (loss) carried forward14 | - | - | -€13,780 | -€12,199 | -€10,998 | ▲ 9.8% |
| Amounts payable17/49 | - | - | €375,358 | €358,412 | €353,609 | ▼ 1.3% |
| Amounts payable after more than one year17 | - | - | €358,067 | €341,419 | €324,106 | ▼ 5.1% |
| Financial debts170/4 | - | - | €288,067 | €271,419 | €254,106 | ▼ 6.4% |
| Other amounts payable178/9 | - | - | €70,000 | €70,000 | €70,000 | = |
| Amounts payable within one year42/48 | - | - | €17,291 | €16,993 | €29,503 | ▲ 73.6% |
| Current portion of amounts payable after more than one year42 | - | - | €15,977 | €16,648 | €17,313 | ▲ 4.0% |
| Trade debts44 | - | - | €970 | €0 | €11,845 | - |
| Suppliers440/4 | - | - | €970 | €0 | €11,845 | - |
| Other amounts payable47/48 | - | - | €345 | €345 | €345 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,082 | €11,221 | -€13,780 | €1,582 | €1,200 | ▼ 24.1% |
| + Depreciation and write-downs630 | €14,124 | €6,490 | €14,618 | €18,605 | €19,286 | ▲ 3.7% |
| Operating cash flow (approximation) | €31,205 | €17,711 | €838 | €20,187 | €20,486 | ▲ 1.5% |
| Investment in fixed assets (approximation) | - | -€10,003 | -€397,000 | €0 | -€164,649 | - |
| Change in cash | - | €367 | -€19,334 | €3,241 | €6,034 | ▲ 86.2% |
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 VAN SANDE 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
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VAN SANDE PROJECTS itself: 0.1% 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 VAN SANDE 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00344572 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00356440 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00243817 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00137881 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20075389 |