Exus Project
ActiveSummary
Exus Project has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €424k and a net result of €-24k. Equity is shrinking by ~2.6% per year across the filed fiscal years. Its solvency ranks better than 44% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability36▼-4
Solvency47▼-2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity short (current ratio 0.23 against 0.27 in 2024; short-term debt: 3.7% and cash: 0.3% of total assets), and 77.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five 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
22.4%
Return on assets
-1.3%
Age of the figures
18 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
19202122232425
2019 to 2025 · latest year €-24k
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 13-07-2025, 110 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
110 d early
2024
98 d early
2023
98 d early
2022
94 d early
2021
122 d early
2020
127 d early
2019
129 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close25-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Equity
€424k▼ 5.3%
2024 · €448k
2019: €49klowest in 7 years
2020: €512k▲ +954% vs 2019highest in 7 years
2021: €472k▼ -7.9% vs 2020
2022: €476k▲ +0.9% vs 2021
2023: €458k▼ -3.8% vs 2022
2024: €448k▼ -2.2% vs 2023
2025: €424k▼ -5.3% vs 2024
2019 → 2025
Total assets
€1.89M▼ 0.1%
2024 · €1.89M
2019: €50klowest in 7 years
2020: €512k▲ +928% vs 2019
2021: €893k▲ +74.4% vs 2020
2022: €1.17M▲ +30.5% vs 2021
2023: €1.55M▲ +33.0% vs 2022
2024: €1.89M▲ +22.1% vs 2023highest in 7 years
2025: €1.89M▼ -0.1% vs 2024
2019 → 2025
Net result
€-24k▼ 137%
2024 · €-10k
2019: €16khighest in 7 years
2020: €14k▼ -13.3% vs 2019
2021: €-41k▼ -397% vs 2020lowest in 7 years
2022: €4k▲ +110% vs 2021
2023: €-18k▼ -524% vs 2022
2024: €-10k▲ +44.0% vs 2023
2025: €-24k▼ -137% vs 2024
2019 → 2025
Working capital
€-55k▼ 23.6%
2024 · €-44k
2019: €28khighest value
2021: €6k
2022: €-441▼ -108% vs 2021
2023: €-67k▼ -14988% vs 2022lowest value
2024: €-44k▲ +33.3% vs 2023
2025: €-55k▼ -23.6% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€472k-€476k▲ 0.9%€458k▼ 3.8%€448k▼ 2.2%€424k▼ 5.3%
2021: €472k
2022: €476k▲ +0.9% vs 2021highest in 5 years
2023: €458k▼ -3.8% vs 2022
2024: €448k▼ -2.2% vs 2023
2025: €424k▼ -5.3% vs 2024lowest in 5 years
Operating result€-35k-€15k€-701€8k€-5k
2021: €-35klowest in 5 years
2022: €15k▲ +144% vs 2021highest in 5 years
2023: €-701▼ -105% vs 2022
2024: €8k▲ +1206% vs 2023
2025: €-5k▼ -168% vs 2024
Net result€-41k-€4k€-18k€-10k▲ 44.0%€-24k▼ 137%
2021: €-41klowest in 5 years
2022: €4k▲ +110% vs 2021highest in 5 years
2023: €-18k▼ -524% vs 2022
2024: €-10k▲ +44.0% vs 2023
2025: €-24k▼ -137% vs 2024
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 €5k after €8k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.89M
Fixed assets
€1.88M ▼ 0.1%
Current assets
€16k ▼ 1.2%
Equity and liabilities €1.89M
Equity
€424k ▼ 5.3%
Debt
€1.47M ▲ 1.5%
Debt's share of the balance-sheet total rises from 76.3% to 77.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€41k▼
2024 · €46k
Cash flow
€22k▼
2024 · €28k
Current ratio
0.23▼
2024 · 0.27
Debt to equity
3.46▲
2024 · 3.23
ROE
-5.6%▼
2024 · -2.2%
ROA
-1.3%▼
2024 · -0.5%
Interest coverage
2.21▼
2024 · 2.60
Debt ≤ 1 year
€71k▲
2024 · €60k
Debt > 1 year
€1.40M▲
2024 · €1.38M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 38 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.89M€1.89M▼
Fixed assets21/28€1.88M€1.88M▼
Tangible fixed assets22/27€1.88M€1.88M▼
Land and buildings22€1.88M€1.88M▼
Current assets29/58€16k€16k▼
Amounts receivable within one year40/41€10k€10k▲
Trade receivables40€10k€10k▲
Cash at bank and in hand54/58€5k€6k▲
Deferred charges and accrued income490/1€1k-
Equity and liabilities
Total equity and liabilities10/49€1.89M€1.89M▼
Equity10/15€448k€424k▼
Contributions10/11€19k€19k=
Outside capital11€19k€19k=
Other1109/19€19k€19k=
Revaluation surpluses12€450k€450k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€-23k€-46k▼
Amounts payable17/49€1.44M€1.47M▲
Amounts payable after more than one year17€1.38M€1.40M▲
Financial debts170/4€1.38M€1.40M▲
Amounts payable within one year42/48€60k€71k▲
Current portion of amounts payable after more than one year42€56k€57k▲
Trade debts44€4k€13k▲
Suppliers440/4€4k€13k▲
Other amounts payable47/48-€349
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€39k€46k▲
Other operating charges640/8€3k€4k▲
Gross operating margin9900€50k€45k▼
Operating profit (loss)9901€8k€-5k▼
Financial charges65/66B€18k€19k▲
Recurring financial charges65€18k€19k▲
Profit (loss) for the period before taxes9903€-10k€-24k▼
Profit (loss) for the period9904€-10k€-24k▼
Profit (loss) for the period to be appropriated9905€-10k€-24k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-23k€-46k▼
Profit (loss) brought forward from the previous period14P€-12k€-23k▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12k | €21k | €33k | €39k | €46k | ▲ 20.1% |
| Other operating charges640/8 | - | €3k | €3k | €3k | €4k | ▲ 26.3% |
| Gross operating margin9900 | €-20k | €39k | €35k | €50k | €45k | ▼ 8.7% |
| Operating profit (loss)9901 | €-35k | €15k | €-701 | €8k | €-5k | ▼ 168% |
| Financial charges65/66B | - | €11k | €17k | €18k | €19k | ▲ 4.3% |
| Recurring financial charges65 | €6k | €11k | €17k | €18k | €19k | ▲ 4.3% |
| Profit (loss) for the period before taxes9903 | €-41k | €4k | €-18k | €-10k | €-24k | ▼ 137% |
| Profit (loss) for the period9904 | €-41k | €4k | €-18k | €-10k | €-24k | ▼ 137% |
| Profit (loss) for the period to be appropriated9905 | €-41k | €4k | €-18k | €-10k | €-24k | ▼ 137% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €893k | €1.17M | €1.55M | €1.89M | €1.89M | ▼ 0.1% |
| Fixed assets21/28 | €870k | €1.14M | €1.54M | €1.88M | €1.88M | ▼ 0.1% |
| Tangible fixed assets22/27 | €870k | €1.14M | €1.54M | €1.88M | €1.88M | ▼ 0.1% |
| Land and buildings22 | - | €1.14M | €1.54M | €1.88M | €1.88M | ▼ 0.1% |
| Current assets29/58 | €24k | €29k | €5k | €16k | €16k | ▼ 1.2% |
| Amounts receivable within one year40/41 | - | - | - | €10k | €10k | ▲ 5.9% |
| Trade receivables40 | - | - | - | €10k | €10k | ▲ 5.9% |
| Cash at bank and in hand54/58 | €24k | €29k | €4k | €5k | €6k | ▲ 6.5% |
| Deferred charges and accrued income490/1 | - | - | €689 | €1k | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €893k | €1.17M | €1.55M | €1.89M | €1.89M | ▼ 0.1% |
| Equity10/15 | €472k | €476k | €458k | €448k | €424k | ▼ 5.3% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Outside capital11 | - | - | - | €19k | €19k | = |
| Other1109/19 | - | - | - | €19k | €19k | = |
| Revaluation surpluses12 | - | €450k | €450k | €450k | €450k | = |
| Reserves13 | €3k | €7k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | - | €5k | - | - | - | - |
| Profit (loss) carried forward14 | €16k | - | €-12k | €-23k | €-46k | ▼ 106% |
| Amounts payable17/49 | €422k | €690k | €1.09M | €1.44M | €1.47M | ▲ 1.5% |
| Amounts payable after more than one year17 | €404k | €660k | €1.02M | €1.38M | €1.40M | ▲ 0.9% |
| Financial debts170/4 | - | €660k | €1.02M | €1.38M | €1.40M | ▲ 0.9% |
| Amounts payable within one year42/48 | €18k | €30k | €72k | €60k | €71k | ▲ 17.0% |
| Current portion of amounts payable after more than one year42 | - | €18k | €55k | €56k | €57k | ▲ 1.8% |
| Trade debts44 | - | €11k | €16k | €4k | €13k | ▲ 216% |
| Suppliers440/4 | - | €11k | €16k | €4k | €13k | ▲ 216% |
| Other amounts payable47/48 | - | - | €666 | - | €349 | - |
| Accrued charges and deferred income492/3 | - | - | €2k | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-41k | €4k | €-18k | €-10k | €-24k | ▼ 137% |
| + Depreciation and write-downs630 | €12k | €21k | €33k | €39k | €46k | ▲ 20.1% |
| Operating cash flow (approximation) | €-28k | €25k | €15k | €28k | €22k | ▼ 21.1% |
| Investment in fixed assets (approximation) | - | €-288k | €-442k | €-371k | €-45k | ▲ 87.9% |
| Change in cash | - | €6k | €-25k | €884 | €348 | ▼ 60.7% |
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
13-05
State Gazette act
RestructuringMerger · Accounting effect · Name change13 facts ▸
State Gazette act
Restructuring
Merger · Accounting effect · Name change13 facts ▸
- General meeting, 30-03-2026
- Merger, 30-03-2026
- Accounting effect, 01-04-2026
- Name change, Exus Project
- Purpose change, De vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening of voor rekening van derden: I.PROJECTCOÖRDINATIE IN DE BOUWSECTO…
- Statutes amendment
- Reserve release, Statutair onbeschikbare eigenvermogensrekening opgeheven en beschikbaar gemaakt voor uitkering
- Mandate compensation, VANDEVELDE Mark
- Mandate compensation, HAMELRYCKX Veronique Jeanne Josephine
- Power of attorney, VANDEVELDE Mark
- Merger proposal, 11-02-2026, 10-02-2026
- Capital, €750
- +1 further facts in this act
18-02
State Gazette act
RestructuringMerger4 facts ▸
State Gazette act
Restructuring
Merger4 facts ▸
- Board meeting, 10-02-2026
- Merger, absorption, 01-04-2026
- General meeting, 30-03-2026
- Merger, no new shares issued
2025
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-03
Financial
Back to profitnet €4k
Net result €4k after one loss-making year.
2021
01-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-03
Financial
Weakest financial yearnet €-41k
Net result drops to €-41k, the lowest in the series; recovery starts the following year.
2020
26-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
31-03
Financial
Equity above €500kEq €512k ▲954%
2 profitable years in a row build equity to €512k.
2019
24-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2018
12-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 2 have been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 2. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Pepingen
Ground area
176 m²
Parcel 23064B0329/00F000, Flanders. Linked by address, not a title deed.
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23064B0329/00F000 | Flanders | 176 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.
Structure & network
Acquisitions and mergers
1 transactionTook over:Boekhoudkantoor Michiels & Vandevelde BV
Capital and shareholders
Capital over the years
- 13-05-2026 Capital stated in the act · 750 EUR
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CREATION
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Of 7,321 companies in sector 68110 we hold annual accounts for 5,384. 3,755 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
Founded08-12-1987
Fiscal year end31-03
Legal name NL
PAJO PLAN
Activities, NACEBEL 2025
68110Buying and selling of own real estate
68121Development of residential building projects
68122Development of non-residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.