Checked.be
Active
BE 0597.664.213Private limited company
Studiebureau X-act
Elf Dagwand 4 ·9473 Denderleeuw, Belgium· 11 yrs active
Sector: Urban planning and landscape architecture
(71113)
Conclusion
Studiebureau X-act has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €19k and a net result of €786. Equity is shrinking by ~21.4% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 15% of 1933 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €19k |
| Net result | €786 |
| Staff (FTE) | 2.3 |
| Better than sector | 15% |
Financial profile
40
/ 100
Fragile profile, watch solvency in particular.
All 5 axes are computed from data Checked has read.
Health
38
Profitability
20
Solvency
11
Growth
32
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2015, 11 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
38
/ 100
Weak
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€500
estimate, not credit advice
Score history
86
2021
45
2022
53
2023
81
2024
38
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.71 (< 1.0)
-10
Leverage
Debt/equity 9.49 (> 3.0)
-10
Profitability
ROE 4%
+3
Interest coverage
Interest coverage 19.7× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 22-07-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
At this pace, net result would indicatively turn negative around fiscal year 2027, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 71, Architectural and engineering activities; technical testing and analysis · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 9.5% | 46.8% | |
| Net result | €786 | €30k | |
| Equity | €19k | €213k | |
| Gross operating margin | €223k | €124k | |
| Staff costs | €194k | €192k |
€28k
-70.9%
21-25
€786
-98.5%
21-25
€22k
-71.0%
21-25
€203k
-4.1%
21-25
€19k
-78.7%
21-25
€-50k
-
21-25
2
+91.7%
21-25
€194k
+88.0%
21-25
€4k
-74.8%
21-25
€73k
-
21-25
€184k
+52.2%
21-25
€171k
+64.1%
21-25
€13k
-23.3%
21-25
0.71
-39.5%
21-25
0.71
-39.5%
21-25
9.5%
-77.8%
21-25
9.49
+615.6%
21-25
4.1%
-92.8%
21-25
0.4%
-98.4%
21-25
19.74
-53.9%
21-25
Figures by fiscal year and ratios
Change versus the prior fiscal year, coloured by direction (green = favourable).
| Fiscal year | 2025 Δ | 2024 Δ | 2023 Δ | 2022 Δ | 2021 Δ |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - | - |
| EBITDA | -70.9% | +3.3% | +97.4% | -65.9% | - |
| Net profit | -98.5% | -2.1% | +170.6% | -79.3% | - |
| Cash flow | -71.0% | +2.1% | +101.2% | -66.1% | - |
| Staff costs | +88.0% | +22.8% | +18.6% | +386.6% | - |
| Income taxes | -74.8% | +6.2% | +98.6% | -68.0% | - |
| Dividends | - | -100.0% | -31.1% | +322.2% | - |
| Total assets | -4.1% | +11.5% | -2.1% | -12.8% | - |
| Equity | -78.7% | +128.4% | 0.0% | -52.6% | - |
| Debt | +52.2% | -19.6% | -2.7% | +11.3% | - |
| of which ≤ 1y | +64.1% | -19.8% | +6.9% | +39.0% | - |
| of which > 1y | -23.3% | -18.6% | -38.1% | -36.0% | - |
| Working capital | - | - | -525.2% | - | - |
| Employees (FTE) | +91.7% | +20.0% | 0.0% | +233.3% | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 0.71 | 1.17 | 0.60 | 0.93 | 1.60 |
| Quick ratio | 0.71 | 1.17 | 0.60 | 0.93 | 1.60 |
| Working capital ratio | -24.8% | 8.1% | -27.3% | -4.3% | 23.8% |
| Solvency | 9.5% | 43.0% | 21.0% | 20.5% | 37.8% |
| Debt / equity | 9.49 | 1.33 | 3.77 | 3.87 | 1.65 |
| Long-term debt ratio | 0.65 | 0.18 | 0.51 | 0.82 | 0.61 |
| Interest coverage | 19.74 | 42.85 | 46.76 | 21.32 | 51.38 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 0.4% | 24.2% | 27.5% | 10.0% | 42.0% |
| ROE | 4.1% | 56.2% | 131.2% | 48.5% | 111.2% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €203k | €212k | €190k | €194k | €223k |
| Fixed assets | 21/28 | €83k | €90k | €112k | €81k | €82k |
| Intangible fixed assets | 21 | - | €0 | €6k | €12k | €19k |
| Tangible fixed assets | 22/27 | €80k | €88k | €104k | €67k | €61k |
| Financial fixed assets | 28 | €2k | €2k | €2k | €2k | €2k |
| Current assets | 29/58 | €121k | €122k | €78k | €113k | €141k |
| Amounts receivable within one year | 40/41 | €29k | €68k | €64k | €59k | €70k |
| Cash & bank | 54/58 | €76k | €47k | €8k | €49k | €61k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €203k | €212k | €190k | €194k | €223k |
| Equity | 10/15 | €19k | €91k | €40k | €40k | €84k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | €6k |
| Reserves | 13 | €786 | €73k | €21k | €21k | €78k |
| Accumulated profits (losses) | 14 | €0 | €0 | €0 | €0 | €99 |
| Amounts payable | 17/49 | €184k | €121k | €150k | €154k | €139k |
| Amounts payable after one year | 17 | €13k | €16k | €20k | €33k | €51k |
| Amounts payable within one year | 42/48 | €171k | €104k | €130k | €122k | €88k |
| Trade debts payable within one year | 44 | €6k | €3k | €4k | €4k | €6k |
| Income statement | ||||||
| Gross operating margin | 9900 | €223k | €201k | €179k | €119k | €156k |
| Operating result | 9901 | €6k | €70k | €70k | €29k | €121k |
| Financial income | 75 | €0 | €5 | €275 | €547 | €0 |
| Financial charges | 65 | €1k | €2k | €2k | €2k | €3k |
| Result before taxes | 9903 | €5k | €68k | €68k | €27k | €118k |
| Income taxes | 67/77 | €4k | €17k | €16k | €8k | €25k |
| Net result for the period | 9904 | €786 | €51k | €52k | €19k | €94k |
| Result to be appropriated | 9905 | €786 | €51k | €52k | €19k | €94k |
Legal Structure
| NACE primary | Urban planning and landscape architecture(71113) |
| Legal form | Private limited company(610) |
| Incorporation | 04-02-2015 |
| Status | Active |
| Postal code | 9473 |
Establishment units
Studiebureau X-act
since 20152.239.669.721
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41076B0506/00F000 | Flanders | 1,354 m² | 1 · 262 m² | 7.4 m · 1 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €786 ▼98.5%
Net result drops to €786, the lowest in the series.
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 21 days late
2024
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
01-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
20-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 20 days late
2021
18-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 24 days late
2019
25-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
03-07
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.
Belgian State Gazette reading coverage
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Urban planning and landscape architecture71113Engineering and related technical consultancy, excluding land surveyors71121
Names & trade names
| Legal nameNL | Studiebureau X-act |
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