ACTIVE

PROJEX

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Financial year 2025 · closed on 31/12/2025

Net result

168,8 k €

-59.0% YoY

Gross margin

388 k €

-10.7% YoY

Equity

3,9 M €

-1.4% YoY

What does PROJEX do?

PROJEX is a Public limited company incorporated in 2003. Its main activity is: Management consultancy activities. Its registered office is in Antwerpen.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0861.113.144

Incorporation

16/10/2003

Legal form

Public limited company

Registered office

Duboisstraat 39 box 4
2060 Antwerpen · FlandreSee on map

Contributed capital

1 800 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	388 k €	-10.7%	434,7 k €	-28.5%	607,9 k €	+16.9%	520 k €	+37.8%	377,5 k €	-24.8%	502 k €	+67.4%	299,8 k €	+419%	57,8 k €	-4.8%	60,7 k €	-4.0%	63,2 k €	+0.8%	62,7 k €	-2.1%	64,1 k €	+303%	15,9 k €	-76.8%	68,4 k €	+5.8%	64,6 k €	+35.6%	47,7 k €	-78.0%	216,5 k €	+4.0%	208,2 k €	+31.7%	158,1 k €	+2.1%	154,9 k €
EBITDA	385,9 k €	-10.7%	432,1 k €	-18.7%	531,6 k €	+2.8%	517,2 k €	+37.4%	376,5 k €	-24.8%	500,8 k €	+67.6%	298,9 k €	+426%	56,8 k €	-4.8%	59,7 k €	-3.8%	62 k €	+0.8%	61,6 k €	-2.1%	62,9 k €	+359%	13,7 k €	-79.6%	67,3 k €	+5.9%	63,5 k €	+36.4%	46,6 k €	+237%	13,8 k €	+138%	5,8 k €	+112%	-46,8 k €	-130%	153,8 k €
Operating result	384,6 k €	-10.6%	430,3 k €	-18.8%	530,1 k €	+2.8%	515,6 k €	+37.3%	375,4 k €	-21.6%	478,6 k €	+73.2%	276,4 k €	+707%	34,3 k €	-39.0%	56,2 k €	-4.4%	58,8 k €	+1.0%	58,2 k €	-1.7%	59,1 k €	+516%	9,6 k €	-84.8%	63,2 k €	+74.5%	36,2 k €	+718%	4,4 k €	+116%	-28,3 k €	+22.1%	-36,3 k €	+44.0%	-64,9 k €	-143%	151 k €
Net result	168,8 k €	-59.0%	411,8 k €	+29.6%	317,9 k €	+11.0%	286,4 k €	+63.5%	175,1 k €	-46.2%	325,7 k €	+45.4%	224 k €	+580%	33 k €	-25.7%	44,3 k €	-10.8%	49,7 k €	+2.5%	48,5 k €	-18.1%	59,2 k €	+444%	10,9 k €	-82.5%	62,2 k €	-17.4%	75,3 k €	-43.4%	133,1 k €	+110%	63,3 k €	-56.4%	145,3 k €	-9.3%	160,3 k €	-74.5%	628,4 k €
Balance sheet
Equity	3,9 M €	-1.4%	4 M €	+11.5%	3,6 M €	+9.8%	3,2 M €	+9.7%	3 M €	+6.3%	2,8 M €	+13.2%	2,5 M €	+10.0%	2,2 M €	-9.1%	2,5 M €	+1.8%	2,4 M €	+2.1%	2,4 M €	+2.1%	2,3 M €	+15.8%	2 M €	-14.0%	2,3 M €	+2.7%	2,3 M €	-22.6%	2,9 M €	-7.2%	3,2 M €	-14.5%	3,7 M €	-8.8%	4 M €	-3.8%	4,2 M €
Total assets	5,8 M €	-10.7%	6,5 M €	-12.5%	7,4 M €	+11.0%	6,7 M €	+3.8%	6,5 M €	-2.6%	6,6 M €	+4.3%	6,4 M €	+131%	2,8 M €	+6.3%	2,6 M €	-1.5%	2,6 M €	+0.2%	2,6 M €	+1.2%	2,6 M €	-1.4%	2,6 M €	-1.6%	2,7 M €	-2.2%	2,7 M €	-8.4%	3 M €	-8.9%	3,3 M €	-14.5%	3,8 M €	-7.6%	4,1 M €	-5.4%	4,4 M €
Cash	253,8 k €	-58.7%	614,7 k €	-63.5%	1,7 M €	+382%	349,4 k €	-22.5%	451,1 k €	+13.8%	396,4 k €	+157%	154,2 k €	-30.8%	222,9 k €	-17.1%	268,7 k €	+4.2%	257,9 k €	+12.2%	229,8 k €	+91.7%	119,9 k €	-21.8%	153,2 k €	+158%	59,4 k €	-26.7%	80,9 k €	-76.4%	343,1 k €	+71.7%	199,8 k €	+78.6%	111,9 k €	-13.2%	128,9 k €	-59.5%	318,4 k €
Debts	1,9 M €	-25.2%	2,5 M €	-34.5%	3,9 M €	+12.1%	3,5 M €	-1.1%	3,5 M €	-9.1%	3,8 M €	-1.2%	3,9 M €	+665%	508,5 k €	+299%	127,4 k €	-39.1%	209,1 k €	-19.0%	258,2 k €	-4.8%	271,1 k €	-56.6%	624,5 k €	+88.1%	332 k €	-28.3%	463,3 k €	+746%	54,8 k €	-44.6%	99 k €	-27.5%	136,6 k €	+42.3%	96 k €	-45.9%	177,4 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		0,1 ETP	-66.7%	0,3 ETP	+200%	0,1 ETP		–

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 14 ended

Active mandates

Conny Audenaert

Director · since 13 octobre 2003

Active

Ludwig Appels

Director · since 13 octobre 2003

Active

Ended mandates

Conny Audenaert

Director · since 10 juin 2015 · until 10 juin 2021

Ended

CONNY AUDENAERT

Mandate · since 10 juin 2015 · until 10 juin 2021

Ended

Ludwig Appels

Director · since 10 juin 2015 · until 10 juin 2021

Ended

LUDWIG APPELS

Mandate · since 10 juin 2015 · until 10 juin 2021

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	14/07/2026	23/07/2025	13/08/2024	30/06/2023	29/06/2022	27/08/2021
General meeting	10/06/2026	10/06/2025	10/06/2024	10/06/2023	04/06/2022	10/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	10/06/2026	14/07/2026	Dutch	PDF
Micro model	31/12/2024	10/06/2025	23/07/2025	Dutch	PDF
Micro model	31/12/2023	10/06/2024	13/08/2024	Dutch	PDF
Micro model	31/12/2022	10/06/2023	30/06/2023	Dutch	PDF
Micro model	31/12/2021	04/06/2022	29/06/2022	Dutch	PDF
Micro model	31/12/2020	10/06/2021	27/08/2021	Dutch	PDF
Micro model	31/12/2019	10/06/2020	30/11/2020	Dutch	PDF
Abridged model	31/12/2018	10/06/2019	11/06/2019	Dutch	PDF
Abridged model	31/12/2017	10/06/2018	13/06/2018	Dutch	PDF
Abridged model	31/12/2016	10/06/2017	12/06/2017	Dutch	PDF
Abridged model	31/12/2015	10/06/2016	13/06/2016	Dutch	PDF
Abridged model	31/12/2014	10/06/2015	02/07/2015	Dutch	PDF
Abridged model	31/12/2013	10/06/2014	23/06/2014	Dutch	PDF
Abridged model	31/12/2012	10/06/2013	26/06/2013	Dutch	PDF
Abridged model	31/12/2011	11/06/2012	26/06/2012	Dutch	PDF
Abridged model	31/12/2010	10/06/2011	27/06/2011	Dutch	PDF
Abridged model	31/12/2009	10/06/2010	12/07/2010	Dutch	PDF
Abridged model	31/12/2008	10/06/2009	23/07/2009	Dutch	PDF
Abridged model	31/12/2007	27/06/2008	08/08/2008	Dutch	PDF
Abridged model	31/12/2006	29/06/2007	17/10/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 14 ended

Active mandates

Conny Audenaert

Director · since 13 octobre 2003

Active

Ludwig Appels

Director · since 13 octobre 2003

Active

Ended mandates

Conny Audenaert

Director · since 10 juin 2015 · until 10 juin 2021

Ended

CONNY AUDENAERT

Mandate · since 10 juin 2015 · until 10 juin 2021

Ended

Ludwig Appels

Director · since 10 juin 2015 · until 10 juin 2021

Ended

LUDWIG APPELS

Mandate · since 10 juin 2015 · until 10 juin 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/03/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares06/08/2018
KAPITAAL - AANDELEN
PDF
Mandates08/07/2016
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares24/03/2014
KAPITAAL - AANDELEN
PDF
Mandates26/10/2011
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/12/2010
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/01/2007
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Registered office10/04/2006
MAATSCHAPPELIJKE ZETEL
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025168,8 k €↓
2024
Annual accounts 2024411,8 k €↑
2023
Annual accounts 2023317,9 k €↑
2022
Annual accounts 2022286,4 k €↑
2021
Annual accounts 2021175,1 k €↓
2020
Annual accounts 2020325,7 k €↑
2019
Annual accounts 2019224 k €↑
2018
Annual accounts 201833 k €↓
2017
Annual accounts 201744,3 k €↓
2016
Annual accounts 201649,7 k €↑
2015
Annual accounts 201548,5 k €↓
2014
Annual accounts 201459,2 k €↑
2013
Annual accounts 201310,9 k €↓
2012
Annual accounts 201262,2 k €↓
2011
Annual accounts 201175,3 k €↓
2010
Annual accounts 2010133,1 k €↑
2009
Annual accounts 200963,3 k €↓
2008
Annual accounts 2008145,3 k €↓
2007
Annual accounts 2007160,3 k €↓
2006
Annual accounts 2006628,4 k €
16/10/2003
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

PROJEX

Overview

What does PROJEX do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline