EXDEL
ActiveSummary
EXDEL has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €227,482 and a net result of €18,840. Equity is growing by ~16.6% per year across the filed fiscal years. Its solvency ranks better than 40% of 12860 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-3
Solvency71▼-25
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €18,000 at 30 days acceptable
Liquidity short (current ratio 0.86 against 1.25 in 2024; short-term debt: 53.9% and cash: 38.7% of total assets), and 53.9% of the assets are financed with debt.
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Signals
Four 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 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
46.1%
Return on assets
3.8%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 9 filingsDeviation from the deadline
2025
26 d late
2024
40 d late
2023
26 d late
2022
18 d late
2021
31 d late
2020
54 d late
2019
108 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 43 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 27 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€227,482▼ 30.8%
2024 · €328,642
Total assets
€493,951▲ 7.2%
2024 · €460,938
Net result
€18,840▼ 41.5%
2024 · €32,194
Working capital
-€36,214
2024 · €33,279
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting 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€189,435▲ 20.5%€34,196▼ 81.9%€21,893▼ 36.0%€47,261▲ 116%€31,367▼ 33.6%
Net result€139,589above the sector's middle half▲ 21.5%€21,481within the sector's middle half▼ 84.6%€18,958within the sector's middle half▼ 11.7%€32,194within the sector's middle half▲ 69.8%€18,840within the sector's middle half▼ 41.5%
Equity€274,008above the sector's middle half▲ 104%€295,489above the sector's middle half▲ 7.8%€296,447above the sector's middle half▲ 0.3%€328,642above the sector's middle half▲ 10.9%€227,482within the sector's middle half▼ 30.8%
Total assets€391,916within the sector's middle half▲ 110%€331,209within the sector's middle half▼ 15.5%€517,362above the sector's middle half▲ 56.2%€460,938within the sector's middle half▼ 10.9%€493,951above the sector's middle half▲ 7.2%
Debt€117,908▲ 127%€35,720▼ 69.7%€220,915▲ 518%€132,296▼ 40.1%€266,469▲ 101%
Working capital€244,323above the sector's middle half▲ 82.0%€36,031within the sector's middle half▼ 85.3%€35,284within the sector's middle half▼ 2.1%€33,279within the sector's middle half▼ 5.7%-€36,214below the sector's middle half
Solvency69.9%within the sector's middle half▼ 2.2pp89.2%above the sector's middle half▲ 19.3pp57.3%within the sector's middle half▼ 31.9pp71.3%within the sector's middle half▲ 14.0pp46.1%within the sector's middle half▼ 25.2pp
Current ratio3.07within the sector's middle half▼ 0.512.01within the sector's middle half▼ 1.061.16below the sector's middle half▼ 0.851.25within the sector's middle half▲ 0.090.86below the sector's middle half▼ 0.39
Return on assets (ROA)35.6%above the sector's middle half▼ 26.0pp6.5%within the sector's middle half▼ 29.1pp3.7%below the sector's middle half▼ 2.8pp7.0%within the sector's middle half▲ 3.3pp3.8%below the sector's middle half▼ 3.2pp
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 34% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €493,951
Fixed assets
€263,751 ▼ 10.7%
Current assets
€230,200 ▲ 39.0%
Equity and liabilities €493,951
Equity
€227,482 ▼ 30.8%
Debt
€266,469 ▲ 101%
Debt's share of the balance-sheet total rises from 28.7% to 53.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€62,986▼
2024 · €73,953
Cash flow
€50,459▼
2024 · €58,886
Debt to equity
1.17▲
2024 · 0.40
ROE
8.3%▼
2024 · 9.8%
Interest coverage
54.73▼
2024 · 86.84
Debt ≤ 1 year
€266,414▲
2024 · €132,288
Income taxes
€12,422▼
2024 · €16,533
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,048 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.4%
went bankrupt
3.6%
stopped otherwise
96%
still going
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 6,048 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,472 | €14,724 | €24,370 | €26,692 | €31,619 | ▲ 18.5% |
| Other operating charges640/8 | €126 | €1,164 | €1,613 | €1,869 | €3,378 | ▲ 80.7% |
| Non-recurring operating charges66A | - | €119 | - | - | - | - |
| Gross operating margin9900 | €192,033 | €50,202 | €47,876 | €75,821 | €66,364 | ▼ 12.5% |
| Operating profit (loss)9901 | €189,435 | €34,196 | €21,893 | €47,261 | €31,367 | ▼ 33.6% |
| Financial income75/76B | €1 | €48 | €106 | €2,318 | €1,047 | ▼ 54.8% |
| Recurring financial income75 | €1 | €48 | €106 | €2,318 | €1,047 | ▼ 54.8% |
| Financial charges65/66B | €152 | €245 | €935 | €852 | €1,151 | ▲ 35.1% |
| Recurring financial charges65 | €152 | €245 | €935 | €852 | €1,151 | ▲ 35.1% |
| Profit (loss) for the period before taxes9903 | €189,285 | €33,999 | €21,065 | €48,727 | €31,263 | ▼ 35.8% |
| Income taxes67/77 | €49,696 | €12,517 | €2,107 | €16,533 | €12,422 | ▼ 24.9% |
| Profit (loss) for the period9904 | €139,589 | €21,481 | €18,958 | €32,194 | €18,840 | ▼ 41.5% |
| Profit (loss) for the period to be appropriated9905 | €139,589 | €21,481 | €18,958 | €32,194 | €18,840 | ▼ 41.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €391,916 | €331,209 | €517,362 | €460,938 | €493,951 | ▲ 7.2% |
| Fixed assets21/28 | €29,685 | €259,458 | €261,163 | €295,370 | €263,751 | ▼ 10.7% |
| Tangible fixed assets22/27 | €29,685 | €259,458 | €261,163 | €295,370 | €263,751 | ▼ 10.7% |
| Land and buildings22 | - | €223,244 | €228,246 | €271,922 | €249,772 | ▼ 8.1% |
| Furniture and vehicles24 | €29,685 | €36,214 | €32,917 | €23,448 | €13,979 | ▼ 40.4% |
| Current assets29/58 | €362,231 | €71,751 | €256,199 | €165,568 | €230,200 | ▲ 39.0% |
| Amounts receivable within one year40/41 | €42,157 | €46,948 | €111,532 | €28,877 | €38,917 | ▲ 34.8% |
| Trade receivables40 | €41,575 | €12,481 | €69,219 | €1,449 | €15,947 | ▲ 1,000% |
| Other amounts receivable41 | €582 | €34,468 | €42,313 | €27,428 | €22,971 | ▼ 16.3% |
| Cash at bank and in hand54/58 | €320,074 | €24,803 | €144,667 | €136,691 | €191,099 | ▲ 39.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €184 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €391,916 | €331,209 | €517,362 | €460,938 | €493,951 | ▲ 7.2% |
| Equity10/15 | €274,008 | €295,489 | €296,447 | €328,642 | €227,482 | ▼ 30.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €21,860 | €121,860 | €121,860 | €121,860 | €121,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €20,000 | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Profit (loss) carried forward14 | €233,548 | €155,029 | €155,987 | €188,182 | €87,022 | ▼ 53.8% |
| Amounts payable17/49 | €117,908 | €35,720 | €220,915 | €132,296 | €266,469 | ▲ 101% |
| Amounts payable within one year42/48 | €117,908 | €35,720 | €220,915 | €132,288 | €266,414 | ▲ 101% |
| Trade debts44 | €53,641 | €10,816 | €110,740 | €18,028 | €35,909 | ▲ 99.2% |
| Suppliers440/4 | €53,641 | €10,816 | €110,740 | €18,028 | €35,909 | ▲ 99.2% |
| Taxes, remuneration and social security45 | €60,307 | €944 | €8,215 | - | €11,545 | - |
| Taxes450/3 | €60,307 | €944 | €8,215 | - | €11,545 | - |
| Other amounts payable47/48 | €3,960 | €23,960 | €101,960 | €114,260 | €218,960 | ▲ 91.6% |
| Accrued charges and deferred income492/3 | - | - | - | €8 | €55 | ▲ 592% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €139,589 | €21,481 | €18,958 | €32,194 | €18,840 | ▼ 41.5% |
| + Depreciation and write-downs630 | €2,472 | €14,724 | €24,370 | €26,692 | €31,619 | ▲ 18.5% |
| Operating cash flow (approximation) | €142,061 | €36,205 | €43,328 | €58,886 | €50,459 | ▼ 14.3% |
| Investment in fixed assets (approximation) | - | -€244,497 | -€26,075 | -€60,899 | €0 | ▲ 100% |
| Change in cash | - | -€295,272 | €119,865 | -€7,977 | €54,408 | ▲ 782% |
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
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 26 days late
2025
09-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 40 days late
2024
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 26 days late
2023
18-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 18 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Highest result since 2018net €139,589 ▲21.5%
Operating result €189,435, net result €139,589, both a record.
31-12
Financial
Equity above €200,000Eq €274,008 ▲104%
3 profitable years in a row build equity to €274,008.
23-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 54 days late
2020
31-12
Financial
Equity above €100,000Eq €134,419 ▲588%
2 profitable years in a row build equity to €134,419.
16-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 108 days late
2019
31-12
Financial
Back to profitnet €15,149
Net result €15,149 after one loss-making year.
31-12
Financial
Liquidity triplescurrent ratio 2.62
Current ratio from 0.84 to 2.62.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 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, Arlon · 1 establishment unit since 2016
Ground area
1,095 m²
Building footprint
275 m²
Volume, LiDAR
2,134 m³
2 parcels, Flanders, Wallonia · tallest building 11.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
EXDEL
since 20162.253.701.463
2 parcels
Flanders
1
(50%)
Wallonia
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71026C0283/00R000 | Flanders | 727 m² | 1 · 201 m² | 11.9 m · 3 fl. |
| 81001A1084/00R002 | Wallonia | 367 m² | 1 · 75 m² | 11.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 2,772 companies in sector 69109 we hold annual accounts for 1,209. 889 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 (pre-2019)
Founded02-06-2016
Fiscal year end31-12
Activities, NACEBEL 2025
69109Other legal services
70200Business and other management consultancy
78100Employment placement agencies
85592Vocational training
E-invoicing
Reachable via Peppol
Peppol ID
0208:0655881336
Also
9925:BE0655881336
Registered
19-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.