EXEL
ActiveSummary
EXEL has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €42,045 and a net result of -€20,533. Equity is shrinking by ~12% per year across the filed fiscal years. Its solvency ranks better than 50% of 11502 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-11
Solvency67▼-10
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days acceptable
Liquidity ample (current ratio 1.66 against 2.01 in 2024; short-term debt: 58.2% and cash: 5.9% of total assets), but 58.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
41.8%
Return on assets
-20.4%
Age of the figures
15 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 -€20,533
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 02-02-2026, 2 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 · 10 filingsDeviation from the deadline
2025
2 d late
2024
3 d late
2023
3 d early
2022
on the day
2021
1 d early
2020
26 d late
2019
18 d early
← 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 1 day after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€42,045▼ 32.8%
2024 · €62,578
Total assets
€100,539▼ 15.8%
2024 · €119,439
Net result
-€20,533▼ 188%
2024 · -€7,125
Working capital
€38,397▼ 33.0%
2024 · €57,350
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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-€10,208-€9,078▲ 11.1%-€12,799▼ 41.0%-€7,269▲ 43.2%-€20,642▼ 184%
Net result-€10,257below the sector's middle half-€9,148below the sector's middle half▲ 10.8%-€12,998below the sector's middle half▼ 42.1%-€7,125below the sector's middle half▲ 45.2%-€20,533below the sector's middle half▼ 188%
Equity€91,848within the sector's middle half▼ 10.0%€82,700within the sector's middle half▼ 10.0%€69,703within the sector's middle half▼ 15.7%€62,578within the sector's middle half▼ 10.2%€42,045within the sector's middle half▼ 32.8%
Total assets€148,374within the sector's middle half▼ 9.5%€139,882within the sector's middle half▼ 5.7%€131,022within the sector's middle half▼ 6.3%€119,439within the sector's middle half▼ 8.8%€100,539within the sector's middle half▼ 15.8%
Debt€56,526▼ 8.6%€57,182▲ 1.2%€61,319▲ 7.2%€56,861▼ 7.3%€58,494▲ 2.9%
Working capital€71,522within the sector's middle half▼ 4.7%€69,133within the sector's middle half▼ 3.3%€62,894within the sector's middle half▼ 9.0%€57,350within the sector's middle half▼ 8.8%€38,397within the sector's middle half▼ 33.0%
Solvency61.9%within the sector's middle half▼ 0.4pp59.1%within the sector's middle half▼ 2.8pp53.2%within the sector's middle half▼ 5.9pp52.4%within the sector's middle half▼ 0.8pp41.8%within the sector's middle half▼ 10.6pp
Current ratio2.27within the sector's middle half▲ 0.052.21within the sector's middle half▼ 0.062.03within the sector's middle half▼ 0.182.01within the sector's middle half▼ 0.021.66within the sector's middle half▼ 0.35
Return on assets (ROA)-6.9%below the sector's middle half▼ 7.1pp-6.5%below the sector's middle half▲ 0.4pp-9.9%below the sector's middle half▼ 3.4pp-6.0%below the sector's middle half▲ 4.0pp-20.4%below the sector's middle half▼ 14.5pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, 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 stays negative: a loss of €20,642 in 2025 against €7,269 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €100,539
Fixed assets
€3,647 ▼ 30.2%
Current assets
€96,892 ▼ 15.2%
Equity and liabilities €100,539
Equity
€42,045 ▼ 32.8%
Debt
€58,494 ▲ 2.9%
Debt's share of the balance-sheet total rises from 47.6% to 58.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€19,061▼
2024 · -€5,688
Cash flow
-€18,953▼
2024 · -€5,544
Quick ratio
1.65▼
2024 · 2.01
Debt to equity
1.39▲
2024 · 0.91
ROE
-48.8%▼
2024 · -11.4%
Interest coverage
-64.09▼
2024 · -23.91
Debt ≤ 1 year
€58,494▲
2024 · €56,861
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,836 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
13%
stopped otherwise
84%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 5,836 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 | €6,759 | €6,759 | €6,759 | €1,581 | €1,581 | = |
| Other operating charges640/8 | - | €492 | €529 | €532 | €704 | ▲ 32.3% |
| Gross operating margin9900 | -€3,060 | -€1,828 | -€5,511 | -€5,156 | -€18,357 | ▼ 256% |
| Operating profit (loss)9901 | -€10,208 | -€9,078 | -€12,799 | -€7,269 | -€20,642 | ▼ 184% |
| Financial income75/76B | - | - | - | €382 | €406 | ▲ 6.2% |
| Recurring financial income75 | €0 | - | - | €382 | €406 | ▲ 6.2% |
| Financial charges65/66B | - | €70 | €199 | €238 | €297 | ▲ 25.0% |
| Recurring financial charges65 | €49 | €70 | €199 | €238 | €297 | ▲ 25.0% |
| Profit (loss) for the period before taxes9903 | -€10,257 | -€9,148 | -€12,998 | -€7,125 | -€20,533 | ▼ 188% |
| Profit (loss) for the period9904 | -€10,257 | -€9,148 | -€12,998 | -€7,125 | -€20,533 | ▼ 188% |
| Profit (loss) for the period to be appropriated9905 | -€10,257 | -€9,148 | -€12,998 | -€7,125 | -€20,533 | ▼ 188% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €148,374 | €139,882 | €131,022 | €119,439 | €100,539 | ▼ 15.8% |
| Fixed assets21/28 | €20,326 | €13,567 | €6,809 | €5,228 | €3,647 | ▼ 30.2% |
| Tangible fixed assets22/27 | €20,276 | €13,517 | €6,759 | €5,178 | €3,597 | ▼ 30.5% |
| Furniture and vehicles24 | - | €13,517 | €6,759 | €5,178 | €3,597 | ▼ 30.5% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €128,048 | €126,314 | €124,213 | €114,211 | €96,892 | ▼ 15.2% |
| Stocks and contracts in progress3 | €160 | €160 | €160 | €160 | €160 | = |
| Stocks30/36 | - | €160 | €160 | €160 | €160 | = |
| Amounts receivable within one year40/41 | €105,472 | €111,663 | €117,478 | €105,354 | €90,785 | ▼ 13.8% |
| Trade receivables40 | - | €86,746 | €91,626 | €91,626 | €76,626 | ▼ 16.4% |
| Other amounts receivable41 | - | €24,917 | €25,853 | €13,728 | €14,159 | ▲ 3.1% |
| Cash at bank and in hand54/58 | €22,416 | €14,492 | €6,575 | €8,698 | €5,947 | ▼ 31.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €148,374 | €139,882 | €131,022 | €119,439 | €100,539 | ▼ 15.8% |
| Equity10/15 | €91,848 | €82,700 | €69,703 | €62,578 | €42,045 | ▼ 32.8% |
| Contributions10/11 | €37,184 | €37,184 | €37,184 | €37,184 | €37,184 | = |
| Capital10 | - | €37,184 | €37,184 | - | - | - |
| Issued capital100 | - | €37,184 | €37,184 | - | - | - |
| Reserves13 | €34,500 | €34,500 | €34,500 | €34,500 | €34,500 | = |
| Non-distributable reserves130/1 | - | €3,718 | €3,718 | €3,718 | €3,718 | = |
| Legal reserve130 | - | €3,718 | €3,718 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,718 | €3,718 | = |
| Distributable reserves133 | - | €30,782 | €30,782 | €30,782 | €30,782 | = |
| Profit (loss) carried forward14 | €20,164 | €11,016 | -€1,982 | -€9,106 | -€29,639 | ▼ 225% |
| Amounts payable17/49 | €56,526 | €57,182 | €61,319 | €56,861 | €58,494 | ▲ 2.9% |
| Amounts payable within one year42/48 | €56,526 | €57,182 | €61,319 | €56,861 | €58,494 | ▲ 2.9% |
| Trade debts44 | €55,420 | €56,076 | €60,213 | €55,756 | €57,388 | ▲ 2.9% |
| Suppliers440/4 | - | €56,076 | €60,213 | €55,756 | €57,388 | ▲ 2.9% |
| Advances received on contracts in progress46 | - | €419 | €419 | €419 | €419 | = |
| Taxes, remuneration and social security45 | - | €687 | €687 | €687 | €687 | = |
| Taxes450/3 | - | €687 | €687 | €687 | €687 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,257 | -€9,148 | -€12,998 | -€7,125 | -€20,533 | ▼ 188% |
| + Depreciation and write-downs630 | €6,759 | €6,759 | €6,759 | €1,581 | €1,581 | = |
| Operating cash flow (approximation) | -€3,498 | -€2,390 | -€6,239 | -€5,544 | -€18,953 | ▼ 242% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€7,924 | -€7,917 | €2,123 | -€2,751 | ▼ 230% |
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
02-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 2 days late
2025
30-06
Financial
Weakest financial yearnet -€20,533
Net result drops to -€20,533, the lowest in the series.
03-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 3 days late
2024
28-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
26-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
30-06
Financial
Back to profitnet €302
Net result €302 after one loss-making year.
13-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
11-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
10-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
11-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Mechelen · 1 establishment unit since 1991
Ground area
212 m²
Building footprint
206 m²
Volume, LiDAR
1,196 m³
Parcel 12404F0634/00A003, Flanders · tallest building 13.1 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
EXEL BVBA
since 19912.053.221.863
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12404F0634/00A003 | Flanders | 212 m² | 1 · 206 m² | 13.1 m · 1 fl. |
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.
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EXELIUM
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ELECTRO - CONCEPT
BE 0440.162.541
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STEVIN CONSULT
BE 0435.106.069
Sint-Niklaas · Eq €41,570
Of 979 companies in sector 46431 we hold annual accounts for 706. 389 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
Founded22-04-1991
Fiscal year end30-06
Activities, NACEBEL 2025
46431Wholesale of electrical household appliances and audio-video equipment
47552Retail sale of lighting equipment
E-invoicing
Reachable via Peppol
Peppol ID
0208:0443960981
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.