EXSEL
ActiveSummary
EXSEL has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €175,961 and a net result of €64,454. Equity has been growing by about 63% per year since 2023. Its solvency ranks better than 73% of 39,275 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 17-08-2023 Normal situation
- Activity
- Activities of head offices NACE 70100and 3 others
- Establishment unit
- 2.350.906.351 2000 Antwerpen, since 17-08-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 11-03-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
Annual accounts 2025
- Gross margin
- €100,976
- ▲ 3.6%
- Turnover
- ≈ €170,000
- estimated
- Profit
- €64,454
- ▼ 16.1%
- Equity
- €175,961
- ▲ 57.8%
- Total assets
- €231,403
- ▲ 50.4%
Score breakdownlowers riskLiquidity: current ratio 4.16, cash €180,315Sector: Activities of head offices; management consultancy activities (NACE 70)Size: total assets €231,403Equity €175,961 (76.0% of total assets)Show the evidence
Checked score
Score 2025
98
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 84% of micro companies in head offices and management consultancy (NACE 70)
Financial strength · tick: 2024
Strong
Solvency
100+3
equity 76.0% of total assets
Liquidity
91+2
short-term debt 24.0% · cash 77.9%
Profitability
100=
return on assets 27.9%
Bankruptcy probability within 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024
02-2025: < 0.1%● unchanged vs 01-2025
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025highest value
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025lowest value
02-2026: < 0.1%● unchanged vs 01-2026lowest value
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: < 0.1%● unchanged vs 06-2026
08-2026: < 0.1%● unchanged vs 07-2026
09-2026: < 0.1%● unchanged vs 08-2026
10-2026: < 0.1%● unchanged vs 09-2026
11-2026: < 0.1%● unchanged vs 10-2026
Credit of up to €17,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 4.16 (3.6 in 2024), above the usual 1.5. Short-term debt is 24% and cash 77.9% of total assets. 24% of the assets are financed with debt and provisions.
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 70, micro). It does better than 86% of them on solvency, 85% on liquidity, 84% on profitability and 82% on growth.
The bankruptcy probability was computed on 03-11-2026 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).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-06-2026, 31 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
31 days early
2024
16 days early
2023
21 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 23 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 11 July (3 of the last 3 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
04-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 3 filings
Turnover
≈ €170,000
Estimated: probably between €140,000 and €200,000
Total assets
€231,403▲ 50.4%
2024 · €153,875
Net result
€64,454▼ 16.1%
2024 · €76,850
Working capital
€175,166▲ 58.9%
2024 · €110,214
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€81,398
▼ 16.2%
2025
20232025
Net result
€64,454
▼ 16.1%
2025
middle half of the sector
20232025
Equity
€175,961
▲ 57.8%
2025
middle half of the sector
20232025
Total assets
€231,403
▲ 50.4%
2025
middle half of the sector
20232025
Debt
€55,442
▲ 30.9%
2025
20232025
Working capital
€175,166
▲ 58.9%
2025
highest quarter of the sector
20232025
Solvency
76.0%
▲ 3.6pp
2025
middle half of the sector
20232025
Current ratio
4.16
▲ 0.56
2025
middle half of the sector
20232025
Return on assets (ROA)
27.9%
▼ 22.1pp
2025
middle half of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€37,459-€97,112▲ 159%€81,398▼ 16.2%
Net result€29,657within the sector's middle half-€76,850above the sector's middle half▲ 159%€64,454within the sector's middle half▼ 16.1%
Equity€34,657within the sector's middle half-€111,506within the sector's middle half▲ 222%€175,961within the sector's middle half▲ 57.8%
Total assets€56,524below the sector's middle half-€153,875within the sector's middle half▲ 172%€231,403within the sector's middle half▲ 50.4%
Debt€21,867-€42,369▲ 93.8%€55,442▲ 30.9%
Working capital€34,657within the sector's middle half-€110,214within the sector's middle half▲ 218%€175,166above the sector's middle half▲ 58.9%
Solvency61.3%within the sector's middle half-72.5%within the sector's middle half▲ 11.2pp76.0%within the sector's middle half▲ 3.6pp
Current ratio2.58within the sector's middle half-3.60within the sector's middle half▲ 1.024.16within the sector's middle half▲ 0.56
Return on assets (ROA)52.5%above the sector's middle half-49.9%above the sector's middle half▼ 2.5pp27.9%within the sector's middle half▼ 22.1pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 operating result for 2025 is 16% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €231,403
Fixed assets
€795 ▼ 38.5%
Current assets
€230,608 ▲ 51.1%
Equity and liabilities €231,403
Equity
€175,961 ▲ 57.8%
Debt
€55,442 ▲ 30.9%
Debt's share of the balance-sheet total falls from 27.5% to 24.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€81,896▼
2024 · €97,313
Cash flow
€64,952▼
2024 · €77,051
Debt to equity
0.32▼
2024 · 0.38
ROE
36.6%▼
2024 · 68.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€55,442▲
2024 · €42,369
Income taxes
€16,850▼
2024 · €20,167
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | - | €1,494 | - |
| Depreciation and write-downs of the year | - | €201 | €498 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €201 | €498 | ▲ 147% |
| Other operating charges640/8 | €50 | €118 | €19,080 | ▲ 162× |
| Gross operating margin9900 | €37,509 | €97,431 | €100,976 | ▲ 3.6% |
| Operating profit (loss)9901 | €37,459 | €97,112 | €81,398 | ▼ 16.2% |
| Financial income75/76B | €0 | €0 | €8 | - |
| Recurring financial income75 | €0 | €0 | €8 | - |
| Financial charges65/66B | €16 | €95 | €102 | ▲ 7.3% |
| Recurring financial charges65 | €16 | €95 | €102 | ▲ 7.3% |
| Profit (loss) for the period before taxes9903 | €37,443 | €97,017 | €81,304 | ▼ 16.2% |
| Income taxes67/77 | €7,787 | €20,167 | €16,850 | ▼ 16.4% |
| Profit (loss) for the period9904 | €29,657 | €76,850 | €64,454 | ▼ 16.1% |
| Profit (loss) for the period to be appropriated9905 | €29,657 | €76,850 | €64,454 | ▼ 16.1% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €56,524 | €153,875 | €231,403 | ▲ 50.4% |
| Fixed assets21/28 | - | €1,293 | €795 | ▼ 38.5% |
| Tangible fixed assets22/27 | - | €1,293 | €795 | ▼ 38.5% |
| Plant, machinery and equipment23 | - | €1,293 | - | - |
| Furniture and vehicles24 | - | - | €795 | - |
| Current assets29/58 | €56,524 | €152,582 | €230,608 | ▲ 51.1% |
| Amounts receivable within one year40/41 | €34,872 | €55,807 | €50,293 | ▼ 9.9% |
| Trade receivables40 | €34,872 | €55,807 | €50,293 | ▼ 9.9% |
| Cash at bank and in hand54/58 | €21,652 | €96,775 | €180,315 | ▲ 86.3% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €56,524 | €153,875 | €231,403 | ▲ 50.4% |
| Equity10/15 | €34,657 | €111,506 | €175,961 | ▲ 57.8% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | - | - | €170,000 | - |
| Distributable reserves133 | - | - | €170,000 | - |
| Profit (loss) carried forward14 | €29,657 | €106,506 | €961 | ▼ 99.1% |
| Amounts payable17/49 | €21,867 | €42,369 | €55,442 | ▲ 30.9% |
| Amounts payable within one year42/48 | €21,867 | €42,369 | €55,442 | ▲ 30.9% |
| Trade debts44 | €61 | €705 | €20,697 | ▲ 29× |
| Suppliers440/4 | €61 | €705 | €20,697 | ▲ 29× |
| Taxes, remuneration and social security45 | €21,806 | €40,986 | €29,096 | ▼ 29.0% |
| Taxes450/3 | €19,306 | €40,986 | €29,096 | ▼ 29.0% |
| Remuneration and social security454/9 | €2,500 | €0 | - | - |
| Other amounts payable47/48 | - | €677 | €5,649 | ▲ 734% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,657 | €76,850 | €64,454 | ▼ 16.1% |
| + Depreciation and write-downs630 | - | €201 | €498 | ▲ 147% |
| Operating cash flow (approximation) | €29,657 | €77,051 | €64,952 | ▼ 15.7% |
| Investment in fixed assets (approximation) | - | - | €0 | - |
| Change in cash | - | €75,123 | €83,540 | ▲ 11.2% |
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, 39,278 companies had the same profile as EXSEL has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.3%
stopped otherwise
1.8%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of EXSEL itself is lower: < 0.1% within 12 months. It rests on far more data about EXSEL than the profile alone.
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 39,278 companies, not a prediction for EXSEL. 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
Directors
1 director, 1 in day-to-day management, no change since 2023
Board 1
VERNIMMEN, Diederik Luc Guido Jacques
Current
Director (not named in the articles) · appointed in the act of 21-08-2023 · term without a fixed end · listed in the 2025 annual accounts, filed on 30-06-2026
Day-to-day management 1
VERNIMMEN, Diederik Luc Guido Jacques
Current
Day-to-day manager · appointed in the act of 21-08-2023
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 21-08-2023Owners and capital
Shareholders
At incorporation
act of 21-08-2023 ↗
- VERNIMMEN, Diederik Luc Guido Jacques 100 shares (100%) · €5,000
Capital transactions
Capital over time
- 21-08-2023 Incorporation · €5,000 · 100 shares
Mandate history
1 person, 1 in office
- Board
- Day-to-day management
| Name | Functions and periods |
|---|---|
| VERNIMMEN, Diederik Luc Guido Jacques |
|
Articles of association
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one.
- No statutory auditor
Articles of association, deed of 21-08-2023 (in Dutch)
Network & group
EXSEL shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of EXSEL. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
30-06
micro format · 31 days before the deadline
2025
31-12
Financial
Equity above €150,000equity €175,961 ▲57.8%
With a profit in every financial year since 2023, equity grows to €175,961.
15-07
micro format · 16 days before the deadline
2024
31-12
Financial
Highest result from 2023 to 2025net €76,850 ▲159%
The operating result of €97,112 and the net result of €76,850 are both a record.
31-12
Financial
Equity above €100,000equity €111,506 ▲222%
With a profit in every financial year since 2023, equity grows to €111,506.
10-07
micro format · 21 days before the deadline
2023
21-08
Gazette deed
IncorporationStarting capital €5,000 · Appointment: VERNIMMEN, Diederik Luc Guido Jacques (director) · Registered office clause · Pre-incorporation commitments8 points ▸
Gazette deed
Incorporation
Starting capital €5,000 · Appointment: VERNIMMEN, Diederik Luc Guido Jacques (director) · Registered office clause · Pre-incorporation commitments8 points ▸
- Registered office clause, “2000 Antwerpen, Rosier 18” (deed in Dutch)
- Pre-incorporation commitments, “takeover, rechten en verbintenissen uit rechtshandelingen in naam en voor rekening van vennootschap” (deed in Dutch)
- Director appointment, VERNIMMEN, Diederik Luc Guido Jacques (director (not named in the articles))
- Director appointment, VERNIMMEN, Diederik Luc Guido Jacques (day-to-day manager)
- Incorporation, 16-08-2023
- Founder, VERNIMMEN, Diederik Luc Guido Jacques
- Founding capital, €5,000
- Bank account, 5000, “vennootschap in oprichting” (deed in Dutch)
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
EXSEL in Dutch
Enterprise number
0804.851.857
Legal form
Private limited company
Status
Active, normale toestand
Founded
17-08-2023
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 21-08-2023 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest, voor zover geen wijziging taalregime”
deed of 21-08-2023 (in Dutch)Registered office and establishments
Registered office
Rosier 18, 2000 Antwerpen, Belgium
Establishment unit
EXSEL, Rosier 18, 2000 Antwerpen since 17-08-2023 · unit number 2.350.906.351
Activities
NACEBEL 202570100
Activities of head offices main activity
64210
Activities of holding companies
70200
Business and other management consultancy
82990
Other business support services
Codes under NACEBEL 2008
70100
Activities of head offices main activity
64200
Holdings
70220
Business consulting
82990
Other business support services
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 21-08-2023 (in Dutch)
“Alle activiteiten van management en consultancy in de ruimste zin van het woord; Het beheersen,organiseren,voorbereiden,plannen,uitvoeren en…”
19 activities
- Alle activiteiten van management en consultancy in de ruimste zin van het woord.
- Het beheersen,organiseren,voorbereiden,plannen,uitvoeren en afronden van alle mogelijke projecten;
- Het (dagelijks) bestuur van,het toezicht op en de controle over vennootschappen en ondernemingen,in het bijzonder (maar niet beperkt tot) haar verbonden vennootschappen en vennootschappen waarin zij rechtstreeks of onrechtstreeks een participatie of belang aanhoudt,met name door er de functies van bestuurder,zaakvoerder,gedelegeerd bestuurder,directeur of,in voorkomend geval,vereffenaar uit te oefenen
- Het in de ruimste zin van het woord verlenen van diensten,advies en bijstand aan particulieren,de bedrijfswereld en de overheid hieronder begrepen het verlenen van adviezen van financiële,technische,(bedrijfs)economische,juridische,sociale,organisatorische,commerciële of administratieve aard,evenals adviesverlening rond marketing,public relations en communicatie
- Zoeken selecteren,verwijzen en plaatsen van personeel en de formulering van taakomschrijvingen;
- Werken als projectleider,het sturen van teams en teamleiders binnen alle soorten projecten
- Het onderzoek naar de omvang van de markt voor bepaalde producten,de acceptatie en de bekendheid van de producten,alsook de koopgewoonten van de consument,met het oog op de bevordering en de ontwikkeling van nieuwe producten,met inbegrip van de statistische analyses van de resultaten van het onderzoek;
- Het verrichten van (voorbereidende) studies en adviezen van diverse aard en het drukken en uitgeven van deze studies en rapporten
- Het organiseren en geven van opleidingen in de ruimste zin van het woord
- Het inrichten en organiseren van: workshops beurzen en conferenties met inbegrip van de verhuring van conferentiematerialen van alle aard in de meest ruime zin van het woord vertoningen,concerten en tentoonstellingen sport en culturele manifestaties
- De aan- en verkoop van,de groot- en kleinhandel in allerhande reukwerk,cosmetica,toiletartikelen,lichaamsverzorgende producten,huishoud- en badlinnen,wellness producten in de meest uitgebreide zin van het woord en overige goederen.
- Handelsbemiddeling in de meest ruime zin van het woord
- Publiciteits-en marketingbedrijf
- Zowel voor eigen rekening,voor rekening van derden,als in deelneming met derden,bijdragen tot de vestiging en de ontwikkeling van ondernemingen
- De verwerving van participaties en belangen,onder welke vorm ook,met name door inbreng in geld of in natura,inschrijving,fusie,splitsing,partiële splitsing of enige andere manier,in bestaande of op te richten vennootschappen en ondernemingen met commerciële,industriële,financiële,vastgoed of andere activiteiten,wat hun voorwerp ook is.
- Het toestaan van leningen en kredietopeningen aan vennootschappen en particulieren,de borgstelling,het verlenen van aval en alle overige financiële verrichtingen behoudens deze die wettelijk voorbehouden zijn aan de banken,spaarkassen hypotheekmaatschappijen en kapitalisatieondernemingen en erkende financiële tussenpersonen
- Het aanleggen,het oordeelkundig uitbouwen en beheren van een roerend vermogen. Dit omvat alle verrichtingen met betrekking tot roerende goederen en rechten,van welke aard ook,al dan niet dynamisch,zoals de aan- en verkoop,de huur en verhuur,de ruil en,in het bijzonder,het beheer en de valorisatie van aandelen,obligaties,staatsfondsen en andere financiële instrumenten
- Het aanleggen,het oordeelkundig uitbouwen en beheren van een onroerend vermogen. Dit omvat alle verrichtingen met betrekking tot onroerende goederen en onroerende zakelijke rechten,zoals de aan- en verkoop,de bouw,de verbouwing,de binnenhuisinrichting en decoratie,de huur en verhuur,de ruil,de verkaveling en,in het algemeen,alle verrichtingen die rechtstreeks of onrechtstreeks betrekking hebben op het beheer of op het productief maken van onroerende goederen of onroerende zakelijke rechten
- Projectontwikkeling
Invoicing and payment
VAT number
BE 0804.851.857
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Wednesday of May at 20:00
deed of 21-08-2023 (in Dutch)Sites & property
Location
Buildings and parcels at the address
Ground area
237 m²
Building footprint
196 m²
Building volume
1,665 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11804D2076/00G000 | Flanders | 237 m² | 1 · 196 m² | 12.9 m · 3 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.