Element X
ActiveSummary
Element X has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €41,615 and a net result of €5,011. Equity has been growing by about 20% per year since 2023. Its solvency ranks better than 38% of 556 sector peers (NACE 79, financial year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 18-08-2022 Normal situation
- Activity
- Travel agency activities NACE 79110and 9 others
- Establishment unit
- 2.334.563.336 9890 Gavere, since 18-08-2022
- Financial year end
- 30 June
- Peppol
- Reachable since 18-12-2025
Board and ownership
- BONDMDirector · permanent representative BONDUELLE Miel
- Expeditie KoenDirector · permanent representative DE LEEUW Koen
- DE LEEUW KoenDirector
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.1%
- Gross margin
- €14,603
- ▼ 33.8%
- Turnover
- ≈ €110,000
- estimated
- Profit
- €5,011
- ▼ 56.1%
- Equity
- €41,615
- ▲ 13.7%
- Total assets
- €157,240
- ▲ 112%
Score breakdownraises risk1 change of registered office in 24 monthsFounded in 2022Size: total assets €157,240lowers riskLiquidity: current ratio 1.97, cash €83,033Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 79, micro). It does better than 40% of them on solvency, 75% on liquidity, 58% on profitability and 63% on growth.
The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 21 days before the deadline. In the sector (NACE 79), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 20-01-2026 PDF all 3 filings
2023 to 2025, 3 financial years
The operating result for 2025 is 49% lower than in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Travel agency, tour operator and other reservation service and related activities (NACE 79). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Tangible fixed assets | €5,845 | - | €4,400 |
| Intangible fixed assets | €19,999 | - | - |
| Depreciation and write-downs of the year | €1,845 | €4,717 | €5,597 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €25,945 awarded · €945 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €25,000 | €0 |
| 2024 | 1 | €945 | €945 |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,845 | €4,717 | €5,597 | ▲ 18.7% |
| Other operating charges640/8 | €349 | €150 | €291 | ▲ 93.7% |
| Gross operating margin9900 | €5,228 | €22,045 | €14,603 | ▼ 33.8% |
| Operating profit (loss)9901 | €3,034 | €17,177 | €8,716 | ▼ 49.3% |
| Financial income75/76B | €23 | €91 | €89 | ▼ 2.0% |
| Recurring financial income75 | €23 | €91 | €89 | ▼ 2.0% |
| Financial charges65/66B | €1,229 | €1,153 | €1,591 | ▲ 38.0% |
| Recurring financial charges65 | €1,229 | €1,153 | €1,591 | ▲ 38.0% |
| Profit (loss) for the period before taxes9903 | €1,828 | €16,115 | €7,213 | ▼ 55.2% |
| Income taxes67/77 | €155 | €4,711 | €2,202 | ▼ 53.3% |
| Profit (loss) for the period9904 | €1,673 | €11,404 | €5,011 | ▼ 56.1% |
| Profit (loss) for the period to be appropriated9905 | €1,673 | €11,404 | €5,011 | ▼ 56.1% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €45,649 | €74,164 | €157,240 | ▲ 112% |
| Formation expenses20 | €2,660 | €2,052 | €1,444 | ▼ 29.6% |
| Fixed assets21/28 | €24,380 | €20,271 | €19,682 | ▼ 2.9% |
| Intangible fixed assets21 | €19,098 | €15,824 | €12,550 | ▼ 20.7% |
| Tangible fixed assets22/27 | €5,283 | €4,448 | €7,133 | ▲ 60.4% |
| Plant, machinery and equipment23 | €5,283 | €4,448 | €7,133 | ▲ 60.4% |
| Current assets29/58 | €18,608 | €51,841 | €136,114 | ▲ 163% |
| Stocks and contracts in progress3 | €3,487 | €18,624 | €9,961 | ▼ 46.5% |
| Stocks30/36 | €3,487 | €18,624 | €9,961 | ▼ 46.5% |
| Amounts receivable within one year40/41 | €6,826 | €12,750 | €28,561 | ▲ 124% |
| Trade receivables40 | €6,826 | €11,862 | €28,561 | ▲ 141% |
| Other amounts receivable41 | - | €888 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €6,694 | €18,760 | €83,033 | ▲ 343% |
| Deferred charges and accrued income490/1 | €1,602 | €1,707 | €14,560 | ▲ 753% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €45,649 | €74,164 | €157,240 | ▲ 112% |
| Equity10/15 | €26,873 | €36,604 | €41,615 | ▲ 13.7% |
| Contributions10/11 | €25,200 | €25,200 | €25,200 | = |
| Reserves13 | - | €11,404 | €11,404 | = |
| Distributable reserves133 | - | €11,404 | €11,404 | = |
| Profit (loss) carried forward14 | €1,673 | €0 | €5,011 | - |
| Amounts payable17/49 | €18,775 | €37,560 | €115,625 | ▲ 208% |
| Amounts payable after more than one year17 | €10,000 | €10,000 | €10,000 | = |
| Other amounts payable178/9 | €10,000 | €10,000 | €10,000 | = |
| Amounts payable within one year42/48 | €8,775 | €25,060 | €69,224 | ▲ 176% |
| Financial debts43 | €12 | €0 | €95 | - |
| Credit institutions430/8 | €12 | €0 | €95 | - |
| Trade debts44 | €5,638 | €2,016 | €42,185 | ▲ 21× |
| Suppliers440/4 | €5,638 | €2,016 | €42,185 | ▲ 21× |
| Advances received on contracts in progress46 | €893 | €0 | - | - |
| Taxes, remuneration and social security45 | €2,077 | €11,424 | €16,043 | ▲ 40.4% |
| Taxes450/3 | €2,077 | €11,424 | €16,043 | ▲ 40.4% |
| Other amounts payable47/48 | €156 | €11,621 | €10,900 | ▼ 6.2% |
| Accrued charges and deferred income492/3 | - | €2,500 | €36,401 | ▲ 15× |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,673 | €11,404 | €5,011 | ▼ 56.1% |
| + Depreciation and write-downs630 | €1,845 | €4,717 | €5,597 | ▲ 18.7% |
| Operating cash flow (approximation) | €3,518 | €16,121 | €10,609 | ▼ 34.2% |
| Investment in fixed assets (approximation) | - | -€608 | -€5,008 | ▼ 723% |
| Change in cash | - | €12,066 | €64,273 | ▲ 433% |
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, 2,542 companies had the same profile as Element X has now. Two years later, 3.5% had gone bankrupt and 94.9% were still going.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Element X itself: 1.1% 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 2,542 companies, not a prediction for Element X. 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.
Board & ownership
Directors
Board 3
Permanent representatives 2
Owners and capital
Shareholders
- DE LEEUW Koen 100 shares (33.3%) · €8,400
- VERHELST Maxim Noëlla Josephus 100 shares (33.3%) · €8,400
- Knight Design (BE 0730.766.821) 100 shares (33.3%) · €8,400
Capital transactions
- 22-08-2022 Incorporation · €25,200 · 300 shares
Mandate history
- Board
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| DE LEEUW Koen |
|
| BONDM |
|
| Expeditie Koen |
|
| Maxim Verhelst |
|
| Knight Design |
|
| VERHELST Maxim Noëlla Josephus |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Éénparig akkoord van alle bestuurders, 100000.0”
Articles of association, deed of 15-05-2026 (in Dutch)
Network & group
Companies at the same address
1 other companyConnections & network
1 connected companyThe connected companies are in the list below.
Timeline
Acts, filings and financial milestones
15-05
Gazette deed
Company renamed from Get Out There to Element XRegistered office moved from Nazareth-De Pinte to Gavere · Resignation: DE LEEUW Koen (director) · Appointments: EXPEDITIE KOEN (director) and BONDM (director)15 points ▸
- General meeting, 11-05-2026
- Name change, Element X
- Registered-office move, 9890 Gavere(Vurste),Leenstraat 33/2001
- Other provision, “verlenging huidig boekjaar”, 31-12-2026 (deed in Dutch)
- Director resignation, DE LEEUW Koen (director)
- Other provision, “kwijting mandaat, volgende jaarvergadering” (deed in Dutch)
- Board rule, 2
- Director appointment, EXPEDITIE KOEN (director (not named in the articles))
- Director appointment, BONDM (director (not named in the articles))
- Permanent representative, DE LEEUW Koen
- Permanent representative, BONDUELLE Miel
- Other provision, 06-05-2026, mentioned 2 times in the deed
- The act holds 3 more points.
25-03
Gazette deed
Powers of attorney: Moore Finance & Tax BV, Tanja De Naeyer and 4 others8 points ▸
- Board meeting, 15-12-2023
- Other provision, “vereniging aandelen in één hand, alle aandelen van de vennootschap in één hand verenigd” (deed in Dutch)
- Power of attorney, Moore Finance & Tax BV
- Power of attorney, Tanja De Naeyer
- Power of attorney, Julie De Roy
- Power of attorney, Dominique Jaminet
- Power of attorney, Charlotte Billiet
- Power of attorney, Sebastiaan Pollet
13-09
Gazette deed
Resignation: Maxim Verhelst (director)Permanent representative: Iris Carsau3 points ▸
- General meeting, 29-03-2023
- Director resignation, Maxim Verhelst (director)
- Permanent representative, Iris Carsau
09-03
Gazette deed
Resignation: Knight Design BV (director)Permanent representatives: Timothy De Ridder and Iris Carsau4 points ▸
- General meeting, 27-12-2022
- Director resignation, Knight Design BV (director)
- Permanent representative, Timothy De Ridder
- Permanent representative, Iris Carsau
22-08
Gazette deed
IncorporationStarting capital €25,200 · Appointments: DE LEEUW Koen, VERHELST Maxim Noëlla Josephus and Knight Design · Permanent representative: Timothy DE RIDDER · Founder11 points ▸
- Incorporation, “Get Out There” (deed in Dutch)
- Founder, DE LEEUW Koen
- Founder, VERHELST Maxim Noëlla Josephus
- Founder, Knight Design
- Founding capital, €25,200
- Share issue, 300, “gelijk recht in winstverdeling en vereffeningssaldo” (deed in Dutch)
- Registered office clause, “Vlaams gewest, 9810 Nazareth,Oudenaardseheerweg 147” (deed in Dutch)
- Director appointment, DE LEEUW Koen (director (not named in the articles))
- Director appointment, VERHELST Maxim Noëlla Josephus (director (not named in the articles))
- Director appointment, Knight Design (director (not named in the articles))
- Permanent representative, Timothy DE RIDDER
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Element X was incorporated on 18 August 2022 as a private limited company by Knight Design and two natural persons, with a starting capital of €25,200.12 Since 2026 the company has been called Element X.3 The registered office was moved to Gavere in 2026.3 The board currently has 3 members.3 Total assets rose from €45,649 in 2023 to €157,240 in 2025.4
Company details
Register details
Identity
KBO recordRegistered office and establishments
1 former office
- 9810 Nazareth-De Pinte until 11-05-2026 · act of 15-05-2026
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0789.739.554
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44071A0729/00B000 | Flanders | 2,164 m² | 1 · 475 m² | - |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.