EXXEED
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 12 days after the deadline Filed on 12 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00394267.
Annual accounts 2025 filed on 12-08-2026 at the NBB all 26 filings
Equity
€78,923▼ 20.7%
2024 · €99,503
Total assets
€83,480▼ 23.3%
2024 · €108,795
Net result
-€20,579
2024 · €4,471
Working capital
€78,552▼ 19.8%
2024 · €97,982
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€20,002
2025
20182025
Net result
-€20,579
2025
lowest quarter of the sector
20182025
Equity
€78,923
▼ 20.7%
2025
middle half of the sector
20182025
Total assets
€83,480
▼ 23.3%
2025
middle half of the sector
20182025
Debt
€4,557
▼ 51.0%
2025
20182025
Working capital
€78,552
▼ 19.8%
2025
middle half of the sector
20182025
Solvency
94.5%
▲ 3.1pp
2025
highest quarter of the sector
20182025
Current ratio
18.24
▲ 6.69
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-24.7%
▼ 28.8pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€9,752-€11,819▲ 21.2%€3,220▼ 72.8%€30,648▲ 852%€2,945▼ 90.4%€4,439▲ 50.7%€7,861▲ 77.1%-€20,002
Net result€8,936-€8,443▼ 5.5%€1,718within the sector's middle half▼ 79.6%€19,902within the sector's middle half▲ 12×€1,501within the sector's middle half▼ 92.5%€1,853within the sector's middle half▲ 23.4%€4,471within the sector's middle half▲ 141%-€20,579below the sector's middle half
Equity€61,613-€70,057▲ 13.7%€71,775within the sector's middle half▲ 2.5%€91,677within the sector's middle half▲ 27.7%€93,178within the sector's middle half▲ 1.6%€95,032within the sector's middle half▲ 2.0%€99,503within the sector's middle half▲ 4.7%€78,923within the sector's middle half▼ 20.7%
Total assets€72,974-€77,349▲ 6.0%€80,726within the sector's middle half▲ 4.4%€102,803within the sector's middle half▲ 27.3%€107,570within the sector's middle half▲ 4.6%€100,766within the sector's middle half▼ 6.3%€108,795within the sector's middle half▲ 8.0%€83,480within the sector's middle half▼ 23.3%
Debt€11,361-€7,292▼ 35.8%€8,951▲ 22.8%€11,126▲ 24.3%€14,392▲ 29.4%€5,735▼ 60.2%€9,293▲ 62.0%€4,557▼ 51.0%
Working capital€56,419-€61,269▲ 8.6%€66,894within the sector's middle half▲ 9.2%€90,314within the sector's middle half▲ 35.0%€87,819within the sector's middle half▼ 2.8%€91,256within the sector's middle half▲ 3.9%€97,982within the sector's middle half▲ 7.4%€78,552within the sector's middle half▼ 19.8%
Solvency84.4%-90.6%▲ 6.1pp88.9%above the sector's middle half▼ 1.7pp89.2%above the sector's middle half▲ 0.3pp86.6%above the sector's middle half▼ 2.6pp94.3%above the sector's middle half▲ 7.7pp91.5%above the sector's middle half▼ 2.9pp94.5%above the sector's middle half▲ 3.1pp
Current ratio5.97-9.40▲ 3.448.47above the sector's middle half▼ 0.939.12above the sector's middle half▲ 0.647.10above the sector's middle half▼ 2.0216.91above the sector's middle half▲ 9.8111.54above the sector's middle half▼ 5.3718.24above the sector's middle half▲ 6.69
Return on assets (ROA)12.2%-10.9%▼ 1.3pp2.1%within the sector's middle half▼ 8.8pp19.4%within the sector's middle half▲ 17.2pp1.4%within the sector's middle half▼ 18.0pp1.8%within the sector's middle half▲ 0.4pp4.1%within the sector's middle half▲ 2.3pp-24.7%below the sector's middle half▼ 28.8pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 a loss of €20,002, after a profit of €7,861 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €83,480
Fixed assets
€371 ▼ 75.6%
Current assets
€83,109 ▼ 22.5%
Equity and liabilities €83,480
Equity
€78,923 ▼ 20.7%
Debt
€4,557 ▼ 51.0%
Debt's share of the balance-sheet total falls from 8.5% to 5.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€18,853▼
2024 · €10,116
Cash flow
-€19,430▼
2024 · €6,726
Debt to equity
0.06▼
2024 · 0.09
ROE
-26.1%▼
2024 · 4.5%
Interest coverage
-32.65▼
2024 · 17.61
Debt ≤ 1 year
€4,557▼
2024 · €9,293
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €0 | €6,258 | €846 | - | - |
| Depreciation and write-downs of the year | €3,518 | €2,262 | €2,430 | €2,255 | €1,149 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,023 | €3,303 | €4,613 | €3,518 | €2,262 | €2,430 | €2,255 | €1,149 | ▼ 49.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €5,082 | - |
| Other operating charges640/8 | - | - | - | €348 | €533 | €702 | €507 | €564 | ▲ 11.1% |
| Gross operating margin9900 | €12,775 | €15,122 | €8,339 | €34,513 | €5,739 | €7,571 | €10,623 | -€13,207 | - |
| Operating profit (loss)9901 | €9,752 | €11,819 | €3,220 | €30,648 | €2,945 | €4,439 | €7,861 | -€20,002 | - |
| Financial income75/76B | - | - | - | - | - | - | €2 | - | - |
| Recurring financial income75 | - | - | - | - | - | - | €2 | - | - |
| Financial charges65/66B | - | - | - | €513 | €525 | €671 | €574 | €577 | ▲ 0.5% |
| Recurring financial charges65 | €816 | €588 | €589 | €513 | €525 | €671 | €574 | €577 | ▲ 0.5% |
| Profit (loss) for the period before taxes9903 | €8,936 | €11,231 | €2,631 | €30,135 | €2,420 | €3,768 | €7,288 | -€20,579 | - |
| Income taxes67/77 | - | €2,788 | €913 | €10,233 | €919 | €1,914 | €2,817 | - | - |
| Profit (loss) for the period9904 | €8,936 | €8,443 | €1,718 | €19,902 | €1,501 | €1,853 | €4,471 | -€20,579 | - |
| Profit (loss) for the period to be appropriated9905 | €8,936 | €8,443 | €1,718 | €19,902 | €1,501 | €1,853 | €4,471 | -€20,579 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €72,974 | €77,349 | €80,726 | €102,803 | €107,570 | €100,766 | €108,795 | €83,480 | ▼ 23.3% |
| Fixed assets21/28 | €5,194 | €8,787 | €4,881 | €1,364 | €5,360 | €3,775 | €1,520 | €371 | ▼ 75.6% |
| Intangible fixed assets21 | - | - | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €5,194 | €8,787 | €4,881 | €1,364 | €5,360 | €3,775 | €1,520 | €371 | ▼ 75.6% |
| Furniture and vehicles24 | - | - | - | €1,364 | €5,360 | €3,775 | €1,520 | €371 | ▼ 75.6% |
| Current assets29/58 | €67,780 | €68,561 | €75,845 | €101,439 | €102,211 | €96,991 | €107,275 | €83,109 | ▼ 22.5% |
| Amounts receivable within one year40/41 | €67,780 | €66,862 | €67,212 | €80,445 | €73,604 | €93,183 | €103,138 | €81,364 | ▼ 21.1% |
| Trade receivables40 | - | - | - | €5,904 | €1,975 | €20,510 | €20,026 | €2,269 | ▼ 88.7% |
| Other amounts receivable41 | - | - | - | €74,541 | €71,629 | €72,673 | €83,112 | €79,095 | ▼ 4.8% |
| Cash at bank and in hand54/58 | - | €1,699 | €8,633 | €20,995 | €28,607 | €3,808 | €4,028 | €1,728 | ▼ 57.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €110 | €17 | ▼ 84.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €72,974 | €77,349 | €80,726 | €102,803 | €107,570 | €100,766 | €108,795 | €83,480 | ▼ 23.3% |
| Equity10/15 | €61,613 | €70,057 | €71,775 | €91,677 | €93,178 | €95,032 | €99,503 | €78,923 | ▼ 20.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €21,759 | €21,759 | €24,759 | €28,759 | €28,759 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €19,900 | €19,900 | €22,900 | €26,900 | €26,900 | = |
| Profit (loss) carried forward14 | €53,554 | €61,997 | €63,716 | €63,718 | €65,219 | €64,072 | €64,543 | €43,964 | ▼ 31.9% |
| Amounts payable17/49 | €11,361 | €7,292 | €8,951 | €11,126 | €14,392 | €5,735 | €9,293 | €4,557 | ▼ 51.0% |
| Amounts payable within one year42/48 | €11,361 | €7,292 | €8,951 | €11,126 | €14,392 | €5,735 | €9,293 | €4,557 | ▼ 51.0% |
| Trade debts44 | €6,692 | €1,493 | €706 | €102 | €3,239 | €1,948 | €1,215 | €1,448 | ▲ 19.2% |
| Suppliers440/4 | - | - | - | €102 | €3,239 | €1,948 | €1,215 | €1,448 | ▲ 19.2% |
| Taxes, remuneration and social security45 | - | - | - | €11,023 | €11,154 | €3,786 | €8,078 | €3,108 | ▼ 61.5% |
| Taxes450/3 | - | - | - | €11,023 | €11,154 | €3,786 | €8,078 | €3,108 | ▼ 61.5% |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,936 | €8,443 | €1,718 | €19,902 | €1,501 | €1,853 | €4,471 | -€20,579 | - |
| + Depreciation and write-downs630 | €3,023 | €3,303 | €4,613 | €3,518 | €2,262 | €2,430 | €2,255 | €1,149 | ▼ 49.0% |
| Operating cash flow (approximation) | €11,959 | €11,746 | €6,331 | €23,420 | €3,763 | €4,284 | €6,726 | -€19,430 | - |
| Investment in fixed assets (approximation) | - | -€6,896 | -€707 | €0 | -€6,258 | -€846 | €0 | €0 | - |
| Change in cash | - | - | €6,934 | €12,362 | €7,612 | -€24,799 | €220 | -€2,300 | - |
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, 5,831 companies had the same profile as EXXEED has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EXXEED itself: 0.5% within 12 months.
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 5,831 companies, not a prediction for EXXEED. 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.
Latest 10 of 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-08-2026 | 2026-00394267 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00390957 | |
| 31-12-2023 | micro format | 05-08-2024 | 2024-00327250 | |
| 31-12-2022 | micro format | 17-08-2023 | 2023-00331363 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20322812 | |
| 31-12-2020 | micro format | 14-02-2022 | 2022-05400587 | |
| 31-12-2019 | micro format | 01-10-2020 | 2020-58100594 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-52500441 | |
| 31-12-2017 | micro format | 30-09-2018 | 2018-67300456 | |
| 31-12-2016 | micro format | 04-12-2017 | 2017-71100105 |