Exel Composites
Dissolution or liquidationThe KBO register records for Exel Composites the legal situation: dissolution or liquidation (code 012); this is today's state according to the register itself, which carries no start date. The 2025 annual accounts show negative equity (€-3.17M) and a net result of €-14k.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
18192122232425
2018 to 2025 · latest year €-3.17M
Financials · fiscal year 2025, full schema
Turnover
€5.10M▼ 64.2%
2024 · €14.25M
2018: €12.64M
2019: €14.72M
2021: €12.52M
2022: €15.52M
2023: €15.31M
2024: €14.25M
2018 → 2025
EBIT margin
0.7%▲ 44.7pp
2024 · -44.0%
2018: 2.0%
2019: -0.1%
2021: -2.5%
2022: -5.8%
2023: 1.6%
2024: -44.0%
2018 → 2025
Net result
€-14k▲ 99.8%
2024 · €-6.32M
2018: €223k
2019: €-15k
2021: €-319k
2022: €-911k
2023: €208k
2024: €-6.32M
2018 → 2025
Working capital
€-2.60M▲ 15.3%
2024 · €-3.07M
2018: €3.39M
2019: €3.11M
2021: €2.70M
2022: €2.34M
2023: €1.97M
2024: €-3.07M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€12.52M-€15.52M▲ 24.0%€15.31M▼ 1.4%€14.25M▼ 6.9%€5.10M▼ 64.2%
Equity€3.87M-€2.96M▼ 23.6%€3.16M▲ 7.0%€-3.16M€-3.17M▼ 0.5%
Operating result€-319k-€-906k▼ 184%€248k€-6.27M€37k
Net result€-319k-€-911k▼ 185%€208k€-6.32M€-14k▲ 99.8%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €37k after a loss of €6.27M in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.18M
Fixed assets
€326k▼ 47.2%
Current assets
€2.86M▼ 42.3%
Key figures and ratios
EBITDA
€72k▲
2024 · €-5.28M
Cash flow
€20k▲
2024 · €-5.33M
Solvency
-99.6%▼
2024 · -56.7%
Current ratio
0.52▼
2024 · 0.62
Quick ratio
0.52▲
2024 · 0.45
Debt / equity
-1.86▲
2024 · -2.76
ROA
-0.5%▲
2024 · -113.5%
Interest coverage
3.10▲
2024 · -118.27
Debt
€5.90M▼
2024 · €8.72M
Debt ≤ 1 year
€5.46M▼
2024 · €8.02M
Staff costs
€500k▼
2024 · €7.34M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€5.57M€3.18M▼
Fixed assets21/28€616k€326k▼
Tangible fixed assets22/27€616k€326k▼
Plant, machinery and equipment23€567k€284k▼
Furniture and vehicles24€49k€42k▼
Current assets29/58€4.95M€2.86M▼
Stocks and contracts in progress3€1.31M-
Stocks30/36€1.31M-
Raw materials and consumables30/31€591k-
Work in progress32€260k-
Goods purchased for resale34€461k-
Amounts receivable within one year40/41€2.56M€2.34M▼
Trade receivables40€2.32M€2.13M▼
Other amounts receivable41€238k€205k▼
Cash at bank and in hand54/58€1.06M€509k▼
Deferred charges and accrued income490/1€28k€9k▼
Equity and liabilities
Total equity and liabilities10/49€5.57M€3.18M▼
Equity10/15€-3.16M€-3.17M▼
Contributions10/11€4.30M€4.30M=
Capital10€4.30M€4.30M=
Issued capital100€4.30M€4.30M=
Reserves13€153k€153k=
Non-distributable reserves130/1€153k€153k=
Legal reserve130€153k€153k=
Profit (loss) carried forward14€-7.61M€-7.62M▼
Provisions and deferred taxes16-€450k
Provisions for liabilities and charges160/5-€450k
Other liabilities and charges164/5-€450k
Amounts payable17/49€8.72M€5.90M▼
Amounts payable within one year42/48€8.02M€5.46M▼
Financial debts43€1.11M€1.12M▲
Other loans439€1.11M€1.12M▲
Trade debts44€2.83M€1.10M▼
Suppliers440/4€2.83M€1.10M▼
Advances received on contracts in progress46€152k€3k▼
Taxes, remuneration and social security45€3.93M€3.23M▼
Taxes450/3€106k€102k▼
Remuneration and social security454/9€3.82M€3.12M▼
Other amounts payable47/48€2k€9k▲
Accrued charges and deferred income492/3€702k€446k▼
Income statement
Code20242025
Operating income70/76A€13.86M€4.73M▼
Turnover70€14.25M€5.10M▼
Change in stocks of work in progress, finished goods and contracts in progress71€-572k€-431k▲
Other operating income74€178k€61k▼
Operating charges60/66A€20.13M€4.70M▼
Goods for resale, raw materials and consumables60€6.88M€2.66M▼
Purchases600/8€6.88M€1.78M▼
Change in stocks: decrease (increase)609€6k€881k▲
Services and other goods61€4.30M€1.04M▼
Remuneration, social security and pensions62€7.34M€500k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€987k€35k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€527k€8k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8-€200k
Other operating charges640/8€87k€13k▼
Non-recurring operating charges66A-€236k
Operating profit (loss)9901€-6.27M€37k▲
Financial income75/76B€249-
Recurring financial income75€249-
Other financial income752/9€249-
Financial charges65/66B€50k€51k▲
Recurring financial charges65€50k€51k▲
Debt charges650€45k€23k▼
Other financial charges652/9€5k€28k▲
Profit (loss) for the period before taxes9903€-6.32M€-14k▲
Income taxes67/77€4k-
Taxes670/3€4k-
Profit (loss) for the period9904€-6.32M€-14k▲
Profit (loss) for the period to be appropriated9905€-6.32M€-14k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-7.61M€-7.62M▼
Profit (loss) brought forward from the previous period14P€-1.29M€-7.61M▼
Social balance
Average headcount (FTE)908754.744.2▼
The notes to these accounts (47 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2026
09-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 190 days late
2025
19-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 19 days late
2024
31-12
Financial
Weakest financial yearnet €-6.32M ▼3142%
Net result drops to €-6.32M, the lowest in the series.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
31-12
Financial
Back to profitnet €208k
Net result €208k after 3 loss-making years.
15-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
17-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
23-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
06-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2025
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
28-04-2025
Juha HONKANEN: Resigned as Director
28-04-2025
Mikko RUMMUKAINEN: Resigned as Director
28-04-2025
Paul SOHLBERG: Resigned as Director
23-08-2024
Callum Gough: Resigned as Director
23-08-2024
Kim Sjödahl: Resigned as Director
15-07-2022
Mikko Kettunen: Resigned as Director
15-07-2022
Riku Kytömäki: Resigned as Director
15-07-2022
Riku Kytömäki: Resigned as Managing director
18-05-2015
Ilkka Juhani Silvanto: Resigned as Director
Location & real-estate footprint
Registered office, Kortrijk · 1 establishment unit since 2004
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Spinnerijstraat(Kor) 998500 KortrijkGround area
3.1 ha
Building footprint
5,596 m²
Volume, LiDAR
60,623 m³
2 parcels, Flanders · tallest building 24.3 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
EXEL COMPOSITES
since 20042.135.928.419
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34353B0282/00N000 | Flanders | 2.4 ha | 1 · 3,456 m² | 24.2 m · 5 fl. |
| 45508A0119/00M000 | Flanders | 7,540 m² | 1 · 2,139 m² | 6.6 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 2,503 EUR awarded · 2,503 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 1,022 EUR | 1,022 EUR |
| 2023 | 1 | 1,193 EUR | 1,193 EUR |
| 2022 | 1 | 288 EUR | 288 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
Similar companies · same sector, comparable size
Emergo Chemical Coating
BE 0406.921.532
Antwerpen · Eq €3.17M
Plastic Constructies Robert Téblick
BE 0415.297.877
Antwerpen · Eq €3.22M
INNO - PLAST
BE 0437.768.522
Hamme (Vl.) · Eq €3.01M
CLEM
BE 0434.532.779
Kortrijk · Eq €3.01M
PIPELIFE BELGIUM
BE 0403.848.513
Kalmthout · Eq €3.35M
Of 371 companies in sector 22210 we hold annual accounts for 293. 173 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded20-01-2004
Fiscal year end31-03
Activities, NACEBEL
22210Manufacture of rubber and plastic products
Sources
Crossroads Bank for EnterprisesNational Bank · 22 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.