EXERCISE, AFGEKORT : XRCISE
InactiveEXERCISE, AFGEKORT : XRCISE was declared bankrupt on 29-09-2022 (Ondernemingsrechtbank Leuven); the bankruptcy was closed for insufficient assets by judgment of 26-02-2026, published in the Belgian State Gazette on 09-03-2026.
No longer registered with the KBO; last annual accounts for fiscal year 2021.
Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2022, 4 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2022 close31-07-2023 deadline22-09-2026 today
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 29-07-2022, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
not filed
2021
2 d early
2020
2 d early
2019
on the day
← before the deadline
after the deadline →
Financials · fiscal year 2021, abbreviated schema
Equity
€-624k▼ 6.8%
2020 · €-584k
2018: €-440k
2019: €-566k
2020: €-584k
2018 → 2021
Total assets
€7k▼ 77.8%
2020 · €29k
2018: €84k
2019: €38k
2020: €29k
2018 → 2021
Net result
€-40k▼ 117%
2020 · €-18k
2018: €-70k
2019: €-126k
2020: €-18k
2018 → 2021
Working capital
€-53k▼ 41.3%
2020 · €-37k
2018: €-516k
2019: €-48k
2020: €-37k
2018 → 2021
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2018201920202021Trend
Equity€-440k-€-566k▼ 28.5%€-584k▼ 3.3%€-624k▼ 6.8%
Operating result€-67k-€-124k▼ 85.9%€-17k▲ 86.3%€-38k▼ 122%
Net result€-70k-€-126k▼ 78.9%€-18k▲ 85.3%€-40k▼ 117%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €38k in 2021 against €17k in 2020; the loss grows.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €7k
Fixed assets
€3k▼ 89.9%
Current assets
€4k▼ 4.0%
Key figures and ratios
EBITDA
€-36k▼
2020 · €-13k
Cash flow
€-39k▼
2020 · €-14k
Current ratio
0.07▼
2020 · 0.10
Quick ratio
0.07▼
2020 · 0.10
Debt / equity
-1.01▼
2020 · -0.97
ROA
-614.5%▼
2020 · -62.7%
Interest coverage
-16.19
Debt
€631k▲
2020 · €614k
Debt ≤ 1 year
€57k▲
2020 · €41k
Debt > 1 year
€574k▲
2020 · €567k
Staff costs
€26k
A ratio outside any meaningful range has been withheld (balance sheet total €7k, equity €-624k).
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 · 2021 against 2020
Balance sheet
Code20202021
Assets
Total assets20/58€29k€7k▼
Fixed assets21/28€25k€3k▼
Tangible fixed assets22/27€24k€3k▼
Furniture and vehicles24-€3k
Financial fixed assets28€2k-
Current assets29/58€4k€4k▼
Amounts receivable within one year40/41€2k€4k▲
Trade receivables40-€4k
Cash at bank and in hand54/58€146-
Deferred charges and accrued income490/1-€81
Equity and liabilities
Total equity and liabilities10/49€29k€7k▼
Equity10/15€-584k€-624k▼
Contributions10/11-€39k
Profit (loss) carried forward14€-623k€-663k▼
Amounts payable17/49€614k€631k▲
Amounts payable after more than one year17€567k€574k▲
Financial debts170/4-€463k
Trade debts175-€110k
Amounts payable within one year42/48€41k€57k▲
Trade debts44€30k€29k▼
Suppliers440/4-€29k
Advances received on contracts in progress46-€6k
Taxes, remuneration and social security45-€21k
Taxes450/3-€6k
Remuneration and social security454/9-€15k
Other amounts payable47/48-€80
Accrued charges and deferred income492/3-€562
Income statement
Code20202021
Remuneration, social security and pensions62-€26k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4k€1k▼
Other operating charges640/8-€26k
Gross operating margin9900€19k€16k▼
Operating profit (loss)9901€-17k€-38k▼
Recurring financial income75€7-
Financial charges65/66B-€2k
Recurring financial charges65€1k€2k▲
Profit (loss) for the period before taxes9903€-18k€-40k▼
Profit (loss) for the period9904€-18k€-40k▼
Profit (loss) for the period to be appropriated9905€-18k€-40k▼
Appropriation of the result
Profit (loss) to be appropriated9906-€-663k
Profit (loss) brought forward from the previous period14P-€-623k
Social balance
Average headcount (FTE)9087-1.0
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2026
09-03
Bankruptcy
Bankruptcy closure (insufficient assets)
Ondernemingsrechtbank Leuven · EXERCISE BV DIESTSESTEENWEG 143 0002 V1, 3202 RILLAAR · event 26-02-2026
2022
05-10
Bankruptcy
Opening
Ondernemingsrechtbank Leuven · EXERCISE BV DIESTSE- STEENWEG 143 0002 V1, 3202 RILLAAR · event 29-09-2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet €-126k
Net result drops to €-126k, the lowest in the series.
14-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
09-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
10-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
28-09
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 59 days late
25-01
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema · 178 days late
2014
06-08
NBB filing
Annual accounts filed
fiscal year 2013 · abbreviated schema · 6 days late
2013
01-07
NBB filing
Annual accounts filed
fiscal year 2012 · abbreviated schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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
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.
Insolvency mandates
2 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | JACQUES ARNAUTS-SMEETS SINT NIKLAASBERG 5,
3200 AARSCHOT |
29-09-2022 → present |
| Curator | GUNTHER PEETERS SINT
NIKLAASBERG 5, 3200 AARSCHOT |
29-09-2022 → present |