ACTIVE

ES PROJECTS

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Financial year 2025 · closed on 31/12/2025

Net result

27 k €

-13.8% YoY

Gross margin

205,8 k €

+23.0% YoY

Equity

204,8 k €

+9.7% YoY

What does ES PROJECTS do?

ES PROJECTS is a Private limited company incorporated in 2007. Its main activity is: Construction of buildings. Its registered office is in Herstal.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0891.167.308

Incorporation

31/07/2007

Legal form

Private limited company

Registered office

Rue Bonne Foi 24
4040 Herstal · WallonieSee on map

Contributed capital

14 360,00 €

Latest accounts

31/12/2025

Activities (NACE)

41001Construction of buildings· main 41201Construction of residential and non-residential buildings 43211Electrical installation 43211Electrical installation 45310Wholesale trade of motor vehicle parts and accessories 43310Plastering+11

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	205,8 k €	+23.0%	167,3 k €	+24.0%	134,9 k €	+38.0%	97,8 k €	-11.9%	111 k €	-11.5%	125,4 k €	-31.7%	183,6 k €	-38.3%	297,5 k €	+11.4%	267 k €	+5.8%	252,2 k €	+2.3%	246,4 k €	+143%	101,3 k €	+66.8%	60,7 k €	-43.2%	106,9 k €	+4.5%	102,3 k €	+120%	46,6 k €	+208%	15,1 k €	+71.9%	8,8 k €
EBITDA	38,7 k €	-3.8%	40,3 k €	+832%	4,3 k €	+130%	-14,2 k €	-306%	6,9 k €	-79.9%	34,4 k €	+35.6%	25,3 k €	+74.2%	14,5 k €	+21.2%	12 k €	-60.2%	30,2 k €	-14.1%	35,2 k €	+31.0%	26,8 k €	+5.2%	25,5 k €	-38.1%	41,2 k €	-13.9%	47,8 k €	+161%	18,3 k €	+180%	6,5 k €	-12.2%	7,5 k €
Operating result	35,4 k €	-10.4%	39,5 k €	+1099%	3,3 k €	+121%	-15,8 k €	-1133%	1,5 k €	-94.8%	29,6 k €	+51.5%	19,5 k €	+110%	9,3 k €	+69.5%	5,5 k €	-68.3%	17,3 k €	-43.0%	30,4 k €	+77.1%	17,2 k €	+4.6%	16,4 k €	-53.4%	35,2 k €	-4.7%	36,9 k €	+222%	11,5 k €	+7399%	153 €	-89.4%	1,4 k €
Net result	27 k €	-13.8%	31,3 k €	+1726%	1,7 k €	+111%	-15 k €	-2192%	717,4 €	-97.1%	24,8 k €	+65.0%	15,1 k €	+131%	6,5 k €	+89.7%	3,4 k €	-70.7%	11,7 k €	-55.1%	26,2 k €	+91.5%	13,7 k €	+6.7%	12,8 k €	-56.6%	29,5 k €	-4.3%	30,9 k €	+271%	8,3 k €	+1355%	-663,4 €	-202%	653 €
Balance sheet
Equity	204,8 k €	+9.7%	186,7 k €	+18.8%	157,2 k €	+0.6%	156,2 k €	-8.8%	171,2 k €	+0.4%	170,5 k €	+13.2%	150,7 k €	+11.1%	135,6 k €	+5.1%	129,1 k €	+2.7%	125,7 k €	+10.3%	113,9 k €	+29.9%	87,7 k €	+18.5%	74,1 k €	+20.9%	61,2 k €	+46.9%	41,7 k €	+100%	20,8 k €	+66.7%	12,5 k €	-5.0%	13,2 k €
Total assets	311 k €	+13.3%	274,5 k €	+3.1%	266,3 k €	+0.4%	265,4 k €	+14.9%	230,9 k €	-11.5%	260,9 k €	+16.9%	223,1 k €	-3.4%	230,9 k €	+1.5%	227,5 k €	+2.2%	222,6 k €	+11.5%	199,6 k €	+32.6%	150,5 k €	+34.4%	112 k €	-26.7%	152,8 k €	+50.6%	101,5 k €	+139%	42,4 k €	+9.2%	38,9 k €	-17.7%	47,2 k €
Cash	294,6 k €	+38.2%	213,2 k €	+37.3%	155,3 k €	+8.6%	143 k €	-17.0%	172,3 k €	+0.3%	171,8 k €	+67.1%	102,8 k €	+79.1%	57,4 k €	+19.0%	48,3 k €	+353%	10,7 k €	-83.0%	62,7 k €	-32.8%	93,3 k €	+15.6%	80,8 k €	+3.5%	78 k €	+121%	35,3 k €	+170%	13,1 k €	-8.8%	14,3 k €	+1293%	1 k €
Debts	102,6 k €	+21.5%	84,4 k €	-21.1%	107 k €	-1.9%	109,1 k €	+91.1%	57,1 k €	-35.9%	89,1 k €	+25.7%	70,9 k €	-23.0%	92,1 k €	-6.5%	98,4 k €	+3.6%	95 k €	+12.2%	84,7 k €	+35.9%	62,4 k €	+64.3%	38 k €	-58.5%	91,4 k €	+53.0%	59,8 k €	+177%	21,5 k €	-18.3%	26,4 k €	-21.9%	33,8 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		9,4 ETP	+77.4%	5,3 ETP	+20.5%	4,4 ETP	+7.3%	4,1 ETP	+10.8%	3,7 ETP	+147%	1,5 ETP	+87.5%	0,8 ETP	+700%	0,1 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 6 ended

Active mandates

Valerio Cincinnato

Director

Active

Ended mandates

Emmanuella Bruno

Manager

Ended

Emmanuelle Bruno

Mandate

Ended

Emmanuelle Bruno

Manager

Ended

Valerio Cincinnato

Mandate

Ended

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	21/08/2026	27/08/2025	30/07/2024	21/06/2023	28/07/2022	28/06/2021
General meeting	31/07/2026	31/07/2025	06/05/2024	15/05/2023	24/06/2022	25/06/2021
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	31/07/2026	21/08/2026	French	PDF
Micro model	31/12/2024	31/07/2025	27/08/2025	French	PDF
Micro model	31/12/2023	06/05/2024	30/07/2024	French	PDF
Micro model	31/12/2022	15/05/2023	21/06/2023	French	PDF
Micro model	31/12/2021	24/06/2022	28/07/2022	French	PDF
Micro model	31/12/2020	25/06/2021	28/06/2021	French	PDF
Micro model	31/12/2019	15/05/2020	23/07/2020	French	PDF
Micro model	31/12/2018	30/06/2019	31/08/2019	French	PDF
Micro model	31/12/2017	30/06/2018	31/08/2018	French	PDF
Micro model	31/12/2016	30/06/2017	13/07/2017	French	PDF
Abridged model	31/12/2015	26/06/2016	18/07/2016	French	PDF
Abridged model	31/12/2014	26/06/2015	31/07/2015	French	PDF
Abridged model	31/12/2013	11/06/2014	12/06/2014	French	PDF
Abridged model	31/12/2012	12/06/2013	10/07/2013	French	PDF
Abridged model	31/12/2011	13/06/2012	02/07/2012	French	PDF
Abridged model	31/12/2010	15/06/2011	20/06/2011	French	PDF
Abridged model	31/12/2009	16/06/2010	25/06/2010	French	PDF
Abridged model	31/12/2008	26/06/2009	01/07/2009	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

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 · 1 active · 6 ended

Active mandates

Valerio Cincinnato

Director

Active

Ended mandates

Emmanuella Bruno

Manager

Ended

Emmanuelle Bruno

Mandate

Ended

Emmanuelle Bruno

Manager

Ended

Valerio Cincinnato

Mandate

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates29/11/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DIVERS - DEMISSIONS, NOMINATIONS
PDF
Mandates26/05/2014
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Other02/08/2007
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 202527 k €↓
2024
Annual accounts 202431,3 k €↑
2023
Annual accounts 20231,7 k €↑
2022
Annual accounts 2022-15 k €↓
2021
Annual accounts 2021717,4 €↓
2020
Annual accounts 202024,8 k €↑
2019
Annual accounts 201915,1 k €↑
2018
Annual accounts 20186,5 k €↑
2017
Annual accounts 20173,4 k €↓
2016
Annual accounts 201611,7 k €↓
2015
Annual accounts 201526,2 k €↑
2014
Annual accounts 201413,7 k €↑
2013
Annual accounts 201312,8 k €↓
2012
Annual accounts 201229,5 k €↓
2011
Annual accounts 201130,9 k €↑
2010
Annual accounts 20108,3 k €↑
2009
Annual accounts 2009-663,4 €↓
2008
Annual accounts 2008653 €
31/07/2007
IncorporationPrivate 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

ES PROJECTS

Overview

What does ES PROJECTS do?

Trend over 18 financial years

Indicative valuation

Board of directors

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