X E G
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 15 filings
Turnover
€43,262
EBIT margin
19.4%
Net result
-€8,026
2024 · €3,869
Working capital
€82,500▼ 8.2%
2024 · €89,854
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
-€7,945
2025
20192025
Net result
-€8,026
2025
lowest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€83,729
▼ 8.7%
2025
middle half of the sector
20192025
Total assets
€84,192
▼ 11.2%
2025
middle half of the sector
20192025
Debt
€463
▼ 84.7%
2025
20192025
Working capital
€82,500
▼ 8.2%
2025
highest quarter of the sector
20192025
Solvency
99.4%
▲ 2.7pp
2025
highest quarter of the sector
20192025
Current ratio
no figure
2025
20192025
Return on assets (ROA)
-9.5%
▼ 13.6pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€43,262
Operating result€27,828-€9,106▼ 67.3%€8,395▼ 7.8%€1,640▼ 80.5%-€2,265€5,472-€7,945
Net result€19,972-€4,256within the sector's middle half▼ 78.7%€6,037within the sector's middle half▲ 41.8%€596within the sector's middle half▼ 90.1%-€2,316below the sector's middle half€3,869within the sector's middle half-€8,026below the sector's middle half
EBIT margin19.4%
Equity€79,314-€83,570within the sector's middle half▲ 5.4%€89,607within the sector's middle half▲ 7.2%€90,202within the sector's middle half▲ 0.7%€87,887within the sector's middle half▼ 2.6%€91,755within the sector's middle half▲ 4.4%€83,729within the sector's middle half▼ 8.7%
Total assets€88,366-€85,479within the sector's middle half▼ 3.3%€90,972within the sector's middle half▲ 6.4%€91,096within the sector's middle half▲ 0.1%€87,994within the sector's middle half▼ 3.4%€94,793within the sector's middle half▲ 7.7%€84,192within the sector's middle half▼ 11.2%
Debt€9,052-€1,909▼ 78.9%€1,365▼ 28.5%€894▼ 34.6%€107▼ 88.0%€3,038▲ 28×€463▼ 84.7%
Working capital€78,279-€80,586above the sector's middle half▲ 2.9%€87,143above the sector's middle half▲ 8.1%€88,929above the sector's middle half▲ 2.0%€87,558above the sector's middle half▼ 1.5%€89,854above the sector's middle half▲ 2.6%€82,500above the sector's middle half▼ 8.2%
Solvency89.8%-97.8%above the sector's middle half▲ 8.0pp98.5%above the sector's middle half▲ 0.7pp99.0%above the sector's middle half▲ 0.5pp99.9%above the sector's middle half▲ 0.9pp96.8%above the sector's middle half▼ 3.1pp99.4%above the sector's middle half▲ 2.7pp
Current ratio9.65-43.21above the sector's middle half▲ 33.5664.82above the sector's middle half▲ 21.6130.58above the sector's middle half
Return on assets (ROA)22.6%-5.0%within the sector's middle half▼ 17.6pp6.6%within the sector's middle half▲ 1.7pp0.7%within the sector's middle half▼ 6.0pp-2.6%below the sector's middle half▼ 3.3pp4.1%within the sector's middle half▲ 6.7pp-9.5%below the sector's middle half▼ 13.6pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 €7,945, after a profit of €5,472 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €84,192
Fixed assets
€1,229 ▼ 35.3%
Current assets
€82,963 ▼ 10.7%
Equity and liabilities €84,192
Equity
€83,729 ▼ 8.7%
Debt
€463 ▼ 84.7%
Debt's share of the balance-sheet total falls from 3.2% to 0.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€7,273▼
2024 · €5,915
Cash flow
-€7,355▼
2024 · €4,311
Debt to equity
0.01▼
2024 · 0.03
ROE
-9.6%▼
2024 · 4.2%
Interest coverage
-92.92▼
2024 · over 100
Debt ≤ 1 year
€463▼
2024 · €3,038
Income taxes
€3▼
2024 · €1,560
A ratio outside any meaningful range has been withheld (balance sheet total €84,192, equity €83,729).
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 | €1,683 | - | - | €2,015 | - |
| Depreciation and write-downs of the year | €2,204 | €1,190 | €945 | €443 | €672 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €43,262 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €33,366 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,015 | €1,127 | €2,204 | €1,190 | €945 | €443 | €672 | ▲ 51.7% |
| Other operating charges640/8 | - | - | €201 | €3,327 | €152 | €118 | €120 | ▲ 1.7% |
| Gross operating margin9900 | €28,939 | €10,332 | €10,800 | €6,158 | -€1,168 | €6,033 | -€7,153 | - |
| Operating profit (loss)9901 | €27,828 | €9,106 | €8,395 | €1,640 | -€2,265 | €5,472 | -€7,945 | - |
| Financial income75/76B | - | - | - | - | €4 | - | - | - |
| Recurring financial income75 | €789 | - | - | - | €4 | - | - | - |
| Financial charges65/66B | - | - | €62 | €39 | €39 | €44 | €78 | ▲ 79.9% |
| Recurring financial charges65 | €44 | €31 | €62 | €39 | €39 | €44 | €78 | ▲ 79.9% |
| Profit (loss) for the period before taxes9903 | €28,573 | €9,075 | €8,333 | €1,601 | -€2,300 | €5,429 | -€8,023 | - |
| Income taxes67/77 | €8,600 | €4,819 | €2,296 | €1,006 | €16 | €1,560 | €3 | ▼ 99.8% |
| Profit (loss) for the period9904 | €19,972 | €4,256 | €6,037 | €596 | -€2,316 | €3,869 | -€8,026 | - |
| Profit (loss) for the period to be appropriated9905 | €19,972 | €4,256 | €6,037 | €596 | -€2,316 | €3,869 | -€8,026 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €88,366 | €85,479 | €90,972 | €91,096 | €87,994 | €94,793 | €84,192 | ▼ 11.2% |
| Fixed assets21/28 | €1,035 | €2,984 | €2,464 | €1,274 | €329 | €1,901 | €1,229 | ▼ 35.3% |
| Tangible fixed assets22/27 | €1,035 | €2,984 | €2,464 | €1,274 | €329 | €1,901 | €1,229 | ▼ 35.3% |
| Plant, machinery and equipment23 | - | - | €220 | €12 | - | - | - | - |
| Furniture and vehicles24 | - | - | €2,244 | €1,262 | €329 | €1,901 | €1,229 | ▼ 35.3% |
| Current assets29/58 | €87,330 | €82,495 | €88,508 | €89,822 | €87,665 | €92,893 | €82,963 | ▼ 10.7% |
| Amounts receivable within one year40/41 | - | €8,976 | €396 | €5,482 | €2,997 | €5,825 | €4,088 | ▼ 29.8% |
| Trade receivables40 | - | - | - | €2,914 | - | €2,969 | €3,493 | ▲ 17.6% |
| Other amounts receivable41 | - | - | €396 | €2,568 | €2,997 | €2,856 | €595 | ▼ 79.2% |
| Cash at bank and in hand54/58 | €86,880 | €73,519 | €88,112 | €84,340 | €84,668 | €87,067 | €78,875 | ▼ 9.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €88,366 | €85,479 | €90,972 | €91,096 | €87,994 | €94,793 | €84,192 | ▼ 11.2% |
| Equity10/15 | €79,314 | €83,570 | €89,607 | €90,202 | €87,887 | €91,755 | €83,729 | ▼ 8.7% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €66,509 | €70,709 | €76,709 | €76,709 | €76,709 | €80,509 | €80,509 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | €74,849 | €74,849 | €76,709 | €80,509 | €80,509 | = |
| Profit (loss) carried forward14 | €405 | €461 | €498 | €1,093 | -€1,222 | -€1,154 | -€9,180 | ▼ 696% |
| Amounts payable17/49 | €9,052 | €1,909 | €1,365 | €894 | €107 | €3,038 | €463 | ▼ 84.7% |
| Amounts payable within one year42/48 | €9,052 | €1,909 | €1,365 | €894 | €107 | €3,038 | €463 | ▼ 84.7% |
| Trade debts44 | €323 | €1,096 | €148 | €230 | €107 | €374 | - | - |
| Suppliers440/4 | - | - | €148 | €230 | €107 | €374 | - | - |
| Taxes, remuneration and social security45 | - | - | €1,217 | €664 | - | €2,664 | €463 | ▼ 82.6% |
| Taxes450/3 | - | - | €1,217 | €664 | - | €2,664 | €463 | ▼ 82.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,972 | €4,256 | €6,037 | €596 | -€2,316 | €3,869 | -€8,026 | - |
| + Depreciation and write-downs630 | €1,015 | €1,127 | €2,204 | €1,190 | €945 | €443 | €672 | ▲ 51.7% |
| Operating cash flow (approximation) | €20,988 | €5,383 | €8,240 | €1,786 | -€1,371 | €4,311 | -€7,355 | - |
| Investment in fixed assets (approximation) | - | -€3,076 | -€1,683 | €0 | €0 | -€2,015 | €0 | - |
| Change in cash | - | -€13,362 | €14,594 | -€3,772 | €328 | €2,399 | -€8,192 | - |
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, 6,908 companies had the same profile as X E G has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of X E G itself is lower: < 0.1% within 12 months. It rests on far more data about X E G 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 6,908 companies, not a prediction for X E G. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00193415 | |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00155095 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00160591 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00157092 | |
| 31-12-2021 | micro format | 18-06-2022 | 2022-20072261 | |
| 31-03-2020 | micro format | 29-09-2020 | 2020-56600337 | |
| 31-03-2019 | micro format | 23-09-2019 | 2019-65300429 | |
| 31-03-2018 | micro format | 28-09-2018 | 2018-68000566 | |
| 31-03-2017 | micro format | 11-10-2017 | 2017-67100166 | |
| 31-03-2016 | abbreviated format | 05-10-2016 | 2016-64700014 |