WEST PROJECTS
ActiveSummary
The annual accounts of WEST PROJECTS for fiscal year 2025 show a net loss of 76% of the equity at the start of that year. The 2025 annual accounts show equity of €23,237 and a net result of -€73,258. Equity is shrinking by ~22.6% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 23% of 14254 sector peers (fiscal year 2025). The company has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability11▼-3
Solvency27▼-6
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 3.84 against 2.05 in 2024; short-term debt: 26% and cash: 9.2% of total assets), but 97.9% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← 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
2.1%
Return on assets
-6.5%
Age of the figures
12 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
18202122232425
2018 to 2025 · latest year -€73,258
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 14254 sector peers (2025).
NBB · sector comparisonPosition among 14254 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 20-04-2026, 10 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
10 d early
2024
33 d early
2023
55 d early
2022
2 d early
2021
5 d early
2020
37 d early
2018
196 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 8 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 20 April (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money How does this company compare with its sector?Sector benchmark
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€23,237▼ 75.9%
2024 · €96,494
Total assets
€1.1m▼ 6.0%
2024 · €1.2m
Net result
-€73,258▼ 58.6%
2024 · -€46,200
Working capital
€835,134▲ 35.8%
2024 · €614,825
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€19,589-€57,595▼ 194%-€28,942▲ 49.7%-€22,190▲ 23.3%-€33,064▼ 49.0%
Net result-€21,252below the sector's middle half-€57,828below the sector's middle half▼ 172%-€37,758below the sector's middle half▲ 34.7%-€46,200below the sector's middle half▼ 22.4%-€73,258below the sector's middle half▼ 58.6%
Equity€238,281within the sector's middle half▼ 8.2%€180,453within the sector's middle half▼ 24.3%€142,694within the sector's middle half▼ 20.9%€96,494within the sector's middle half▼ 32.4%€23,237within the sector's middle half▼ 75.9%
Total assets€402,694within the sector's middle half▼ 2.9%€856,587within the sector's middle half▲ 113%€1.5mabove the sector's middle half▲ 74.3%€1.2mabove the sector's middle half▼ 19.6%€1.1mabove the sector's middle half▼ 6.0%
Debt€164,414▲ 6.1%€676,134▲ 311%€1.4m▲ 99.8%€1.1m▼ 18.3%€1.1m▲ 0.2%
Working capital€227,963above the sector's middle half▼ 6.2%€749,817above the sector's middle half▲ 229%€1.4mabove the sector's middle half▲ 86.7%€614,825above the sector's middle half▼ 56.1%€835,134above the sector's middle half▲ 35.8%
Solvency59.2%within the sector's middle half▼ 3.4pp21.1%within the sector's middle half▼ 38.1pp9.6%within the sector's middle half▼ 11.5pp8.0%within the sector's middle half▼ 1.5pp2.1%below the sector's middle half▼ 6.0pp
Current ratio2.39within the sector's middle half▼ 0.188.40above the sector's middle half▲ 6.0216.13above the sector's middle half▲ 7.722.05within the sector's middle half▼ 14.083.84above the sector's middle half▲ 1.79
Return on assets (ROA)-5.3%below the sector's middle half▼ 15.6pp-6.8%below the sector's middle half▼ 1.5pp-2.5%within the sector's middle half▲ 4.2pp-3.8%below the sector's middle half▼ 1.3pp-6.5%below the sector's middle half▼ 2.6pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €33,064 in 2025 against €22,190 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €1.1m
Equity
€23,237 ▼ 75.9%
Debt
€1.1m ▲ 0.2%
Debt's share of the balance-sheet total rises from 92.0% to 97.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€33,064▼
2024 · -€21,113
Cash flow
-€73,258▼
2024 · -€45,123
Quick ratio
0.83▲
2024 · 0.22
Debt to equity
47.58▲
2024 · 11.44
ROE
-315.3%▼
2024 · -47.9%
Interest coverage
-0.71▼
2024 · -0.52
Debt ≤ 1 year
€293,684▼
2024 · €585,466
Debt > 1 year
€811,897▲
2024 · €518,331
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,104 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency under 10%
- a small loss
1.5%
went bankrupt
3.5%
stopped otherwise
94%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,104 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €967 | €112 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,175 | €4,807 | €4,434 | €1,077 | €0 | ▼ 100% |
| Other operating charges640/8 | €4,064 | €4,354 | €3,421 | €792 | €8,638 | ▲ 990% |
| Gross operating margin9900 | -€8,383 | -€48,322 | -€21,087 | -€20,320 | -€24,426 | ▼ 20.2% |
| Operating profit (loss)9901 | -€19,589 | -€57,595 | -€28,942 | -€22,190 | -€33,064 | ▼ 49.0% |
| Financial income75/76B | €2,633 | €51 | €18,257 | €16,485 | €6,269 | ▼ 62.0% |
| Recurring financial income75 | €2,633 | €51 | €18,257 | €16,485 | €6,269 | ▼ 62.0% |
| Financial charges65/66B | €411 | €284 | €27,073 | €40,496 | €46,462 | ▲ 14.7% |
| Recurring financial charges65 | €411 | €284 | €27,073 | €40,496 | €46,462 | ▲ 14.7% |
| Profit (loss) for the period before taxes9903 | -€17,366 | -€57,828 | -€37,758 | -€46,200 | -€73,258 | ▼ 58.6% |
| Income taxes67/77 | €3,886 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€21,252 | -€57,828 | -€37,758 | -€46,200 | -€73,258 | ▼ 58.6% |
| Profit (loss) for the period to be appropriated9905 | -€21,252 | -€57,828 | -€37,758 | -€46,200 | -€73,258 | ▼ 58.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €402,694 | €856,587 | €1.5m | €1.2m | €1.1m | ▼ 6.0% |
| Fixed assets21/28 | €10,318 | €5,511 | €1,077 | €0 | - | - |
| Tangible fixed assets22/27 | €10,318 | €5,511 | €1,077 | €0 | - | - |
| Furniture and vehicles24 | €10,318 | €5,511 | €1,077 | €0 | - | - |
| Current assets29/58 | €392,376 | €851,075 | €1.5m | €1.2m | €1.1m | ▼ 6.0% |
| Amounts receivable after more than one year29 | - | - | - | - | €22,404 | - |
| Other amounts receivable291 | - | - | - | - | €22,404 | - |
| Stocks and contracts in progress3 | €117,674 | €611,694 | €1.3m | €1.1m | €885,919 | ▼ 17.1% |
| Stocks30/36 | €117,674 | €611,694 | €1.3m | €1.1m | €885,919 | ▼ 17.1% |
| Amounts receivable within one year40/41 | €257,079 | €124,036 | €95,141 | €70,261 | €87,202 | ▲ 24.1% |
| Trade receivables40 | €34,612 | €123,461 | €94,311 | €51,876 | €54,812 | ▲ 5.7% |
| Other amounts receivable41 | €222,467 | €576 | €830 | €18,384 | €32,390 | ▲ 76.2% |
| Cash at bank and in hand54/58 | €17,623 | €87,419 | €33,155 | €32,949 | €104,406 | ▲ 217% |
| Deferred charges and accrued income490/1 | - | €27,926 | €28,053 | €28,310 | €28,886 | ▲ 2.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €402,694 | €856,587 | €1.5m | €1.2m | €1.1m | ▼ 6.0% |
| Equity10/15 | €238,281 | €180,453 | €142,694 | €96,494 | €23,237 | ▼ 75.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €176,281 | €118,453 | €80,694 | €42,817 | €42,817 | = |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €0 | - | - | - |
| Reserves not available under the articles1311 | €6,200 | €6,200 | €0 | - | - | - |
| Distributable reserves133 | €170,081 | €112,253 | €80,694 | €42,817 | €42,817 | = |
| Profit (loss) carried forward14 | - | - | - | -€8,322 | -€81,580 | ▼ 880% |
| Amounts payable17/49 | €164,414 | €676,134 | €1.4m | €1.1m | €1.1m | ▲ 0.2% |
| Amounts payable after more than one year17 | - | €574,875 | €1.3m | €518,331 | €811,897 | ▲ 56.6% |
| Financial debts170/4 | - | €212,721 | €813,214 | €0 | - | - |
| Other amounts payable178/9 | - | €362,154 | €444,841 | €518,331 | €811,897 | ▲ 56.6% |
| Amounts payable within one year42/48 | €164,414 | €101,259 | €92,538 | €585,466 | €293,684 | ▼ 49.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €500,000 | €0 | ▼ 100% |
| Trade debts44 | €126,777 | €42,790 | €23,543 | €14,911 | €229,059 | ▲ 1,436% |
| Suppliers440/4 | €126,777 | €42,790 | €23,543 | €14,911 | €229,059 | ▲ 1,436% |
| Advances received on contracts in progress46 | - | - | €10,458 | €9,234 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €289 | €18,358 | €18,937 | €0 | €6,237 | - |
| Taxes450/3 | €289 | €18,358 | €18,937 | €0 | €6,237 | - |
| Other amounts payable47/48 | €37,348 | €40,111 | €39,600 | €61,321 | €58,388 | ▼ 4.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,252 | -€57,828 | -€37,758 | -€46,200 | -€73,258 | ▼ 58.6% |
| + Depreciation and write-downs630 | €6,175 | €4,807 | €4,434 | €1,077 | €0 | ▼ 100% |
| Operating cash flow (approximation) | -€15,077 | -€53,021 | -€33,325 | -€45,123 | -€73,258 | ▼ 62.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - |
| Change in cash | - | €69,796 | -€54,264 | -€206 | €71,458 | ▲ 34,744% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Weakest financial yearnet -€73,258
Net result drops to -€73,258, the lowest in the series.
28-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
06-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Liquidity quadruplescurrent ratio 8.40
Current ratio from 2.39 to 8.40; short-term debt falls from €164,414 to €101,259.
25-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
24-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-09
Financial
Highest result since 2018net €42,817 ▲1,539%
Operating result €79,560, net result €42,817, both a record.
12-02
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 196 days late
2019
14-02
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 198 days late
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
19-04
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
7 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Wervik · 1 establishment unit since 1997
Ground area
766 m²
Building footprint
221 m²
Parcel 33029C0139/00Y000, Flanders. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
WEST PROJECTS
since 19972.080.529.739
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 33029C0139/00Y000 | Flanders | 766 m² | 1 · 221 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 492 EUR awarded · 460 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 0 EUR | 50 EUR |
| 2023 | 1 | 50 EUR | 0 EUR |
| 2022 | 1 | 442 EUR | 410 EUR |
Similar companies · same sector, comparable size
CONSTRIO
BE 0765.486.683
Herve · Eq €23,256
A.E. & T.
BE 0460.348.538
Buggenhout · Eq €23,263
B&F CONSTRUCT
BE 0794.874.517
Welkenraedt · Eq €23,290
ARFILA
BE 0696.741.496
Ciney · Eq €23,170
Ruisbroek Development
BE 0793.510.082
Gent · Eq €23,328
Of 9,699 companies in sector 68121 we hold annual accounts for 7,394. 4,229 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded11-12-1996
Fiscal year end30-09
Activities, NACEBEL 2025
68121Development of residential building projects
41001General construction of residential buildings
41002Construction of residential and non-residential buildings
41003General construction of other non-residential buildings
68122Development of non-residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0459422088
Also
9925:BE0459422088
Registered
24-11-2023
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.