X EXPRESS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 29 filings
Turnover
≈ €1.5m
Estimated: probably between €910,000 and €2.5m
Total assets
€136,399▼ 40.4%
2024 · €228,841
Net result
€62,460▲ 762%
2024 · €7,246
Working capital
-€49,671▲ 57.5%
2024 · -€116,943
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€77,435
▲ 397%
2025
20182025
Net result
€62,460
▲ 762%
2025
highest quarter of the sector
20182025
Equity
-€31,730
▲ 66.3%
2025
lowest quarter of the sector
20182025
Total assets
€136,399
▼ 40.4%
2025
middle half of the sector
20182025
Debt
€168,130
▼ 48.0%
2025
20182025
Working capital
-€49,671
▲ 57.5%
2025
lowest quarter of the sector
20182025
Solvency
-23.3%
▲ 17.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.70
▲ 0.07
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
45.8%
▲ 42.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.8
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€13,881-€17,691▲ 27.4%€23,799▲ 34.5%-€54,460-€94,016▼ 72.6%€19,519€15,586▼ 20.2%€77,435▲ 397%
Net result€8,406-€13,070▲ 55.5%€7,357within the sector's middle half▼ 43.7%-€71,135below the sector's middle half-€107,965below the sector's middle half▼ 51.8%€3,624within the sector's middle half€7,246within the sector's middle half▲ 99.9%€62,460above the sector's middle half▲ 762%
Equity€53,614-€66,683▲ 24.4%€74,040below the sector's middle half▲ 11.0%€2,905below the sector's middle half▼ 96.1%-€105,060below the sector's middle half-€101,436below the sector's middle half▲ 3.4%-€94,190below the sector's middle half▲ 7.1%-€31,730below the sector's middle half▲ 66.3%
Total assets€227,583-€549,396▲ 141%€381,413below the sector's middle half▼ 30.6%€348,107below the sector's middle half▼ 8.7%€253,168below the sector's middle half▼ 27.3%€269,868within the sector's middle half▲ 6.6%€228,841within the sector's middle half▼ 15.2%€136,399within the sector's middle half▼ 40.4%
Debt€173,969-€482,712▲ 177%€307,373▼ 36.3%€345,201▲ 12.3%€358,228▲ 3.8%€371,304▲ 3.7%€323,031▼ 13.0%€168,130▼ 48.0%
Working capital€26,489--€34,080-€11,837below the sector's middle half▲ 65.3%-€157,414below the sector's middle half▼ 1,230%-€225,770below the sector's middle half▼ 43.4%-€107,615below the sector's middle half▲ 52.3%-€116,943below the sector's middle half▼ 8.7%-€49,671below the sector's middle half▲ 57.5%
Solvency23.6%-12.1%▼ 11.4pp19.4%within the sector's middle half▲ 7.3pp0.8%below the sector's middle half▼ 18.6pp-41.5%below the sector's middle half▼ 42.3pp-37.6%below the sector's middle half▲ 3.9pp-41.2%below the sector's middle half▼ 3.6pp-23.3%below the sector's middle half▲ 17.9pp
Current ratio1.15-0.93▼ 0.220.96below the sector's middle half▲ 0.030.54below the sector's middle half▼ 0.420.37below the sector's middle half▼ 0.170.71below the sector's middle half▲ 0.340.64below the sector's middle half▼ 0.070.70below the sector's middle half▲ 0.07
Return on assets (ROA)3.7%-2.4%▼ 1.3pp1.9%within the sector's middle half▼ 0.5pp-20.4%below the sector's middle half▼ 22.4pp-42.6%below the sector's middle half▼ 22.2pp1.3%within the sector's middle half▲ 44.0pp3.2%within the sector's middle half▲ 1.8pp45.8%above the sector's middle half▲ 42.6pp
Staff (FTE)0.6-2▲ 233%3within the sector's middle half▲ 50.0%3within the sector's middle half=3within the sector's middle half=1.9▼ 36.7%1.8▼ 5.3%1.8=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 nearly 5 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €136,399
Fixed assets
€17,941 ▼ 21.1%
Current assets
€118,458 ▼ 42.5%
Equity and liabilities
Equity-€31,730
Debt€168,130
Equity is negative. Debt (€168,130) exceeds the balance-sheet total (€136,399).
Key figures and ratios
EBITDA
€83,490▲
2024 · €16,387
Cash flow
€68,515▲
2024 · €8,047
Quick ratio
0.44▼
2024 · 0.46
Interest coverage
4.17▲
2024 · 0.88
Debt ≤ 1 year
€168,130▼
2024 · €323,031
Staff costs
€173,971▲
2024 · €166,733
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 2 | 2 | 2 |
| full-time | 3 | 3 | 1 | 1 | 1 |
| part-time | - | - | 1 | 1 | 1 |
| in full-time equivalents | 3 | 3 | 1.8 | 1.8 | 1.8 |
| Average over the year, in full-time equivalents | 3 | 3 | 1.9 | 1.8 | 1.8 |
| On a permanent contract | 3 | 3 | 2 | 2 | 2 |
| Joined | - | - | 0 | - | - |
| Left | - | - | 1 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €133,280 | - | - | €17,376 | €1,243 |
| Intangible fixed assets | €850 | - | - | - | - |
| Depreciation and write-downs of the year | €42,214 | €39,609 | €8,468 | €801 | €6,055 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,267 | €42,463 | €162 | €199 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €186,537 | €199,265 | €171,897 | €166,733 | €173,971 | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €405 | €69,346 | €31,510 | €42,214 | €39,609 | €8,468 | €801 | €6,055 | ▲ 656% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €18,812 | - |
| Other operating charges640/8 | - | - | - | €505 | €4,581 | €5,345 | €4,903 | €14,147 | ▲ 189% |
| Non-recurring operating charges66A | - | - | - | - | €2,051 | €2,773 | €15,420 | - | - |
| Gross operating margin9900 | €53,395 | €175,574 | €167,278 | €174,797 | €151,492 | €208,003 | €203,443 | €290,419 | ▲ 42.8% |
| Operating profit (loss)9901 | €13,881 | €17,691 | €23,799 | -€54,460 | -€94,016 | €19,519 | €15,586 | €77,435 | ▲ 397% |
| Financial income75/76B | - | - | - | €3,099 | €1,854 | €1,232 | €10,208 | €5,058 | ▼ 50.4% |
| Recurring financial income75 | €5,120 | €17,846 | €5,895 | €3,099 | €1,854 | €1,232 | €10,208 | €5,058 | ▼ 50.4% |
| Financial charges65/66B | - | - | - | €19,627 | €15,654 | €16,974 | €18,548 | €20,034 | ▲ 8.0% |
| Recurring financial charges65 | €4,869 | €20,159 | €18,456 | €19,627 | €15,654 | €16,974 | €18,548 | €20,034 | ▲ 8.0% |
| Profit (loss) for the period before taxes9903 | €14,132 | €15,378 | €11,239 | -€70,988 | -€107,816 | €3,777 | €7,246 | €62,460 | ▲ 762% |
| Income taxes67/77 | €5,725 | €2,308 | €3,882 | €146 | €149 | €153 | - | - | - |
| Profit (loss) for the period9904 | €8,406 | €13,070 | €7,357 | -€71,135 | -€107,965 | €3,624 | €7,246 | €62,460 | ▲ 762% |
| Profit (loss) for the period to be appropriated9905 | €8,406 | €13,070 | €7,357 | -€71,135 | -€107,965 | €3,624 | €7,246 | €62,460 | ▲ 762% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €227,583 | €549,396 | €381,413 | €348,107 | €253,168 | €269,868 | €228,841 | €136,399 | ▼ 40.4% |
| Fixed assets21/28 | €27,125 | €100,763 | €88,404 | €160,320 | €120,711 | €6,179 | €22,753 | €17,941 | ▼ 21.1% |
| Intangible fixed assets21 | - | €73,646 | €45,285 | €17,608 | €8,524 | €119 | - | - | - |
| Tangible fixed assets22/27 | €1,065 | €1,057 | €17,060 | €136,651 | €106,127 | - | €16,693 | €11,881 | ▼ 28.8% |
| Furniture and vehicles24 | - | - | - | €136,651 | €106,127 | - | €16,693 | €11,881 | ▼ 28.8% |
| Financial fixed assets28 | €26,060 | €26,060 | €26,060 | €6,060 | €6,060 | €6,060 | €6,060 | €6,060 | = |
| Current assets29/58 | €200,458 | €448,633 | €293,009 | €187,787 | €132,457 | €263,689 | €206,088 | €118,458 | ▼ 42.5% |
| Stocks and contracts in progress3 | €42,002 | €31,157 | €55,922 | €109,833 | €51,151 | €55,418 | €57,481 | €45,274 | ▼ 21.2% |
| Stocks30/36 | - | - | - | €109,833 | €51,151 | €55,418 | €57,481 | €45,274 | ▼ 21.2% |
| Amounts receivable within one year40/41 | €61,650 | €297,501 | €64,515 | €52,948 | €58,096 | €184,672 | €71,539 | €46,597 | ▼ 34.9% |
| Trade receivables40 | - | - | - | - | €8,742 | €157,144 | €21,554 | €9,577 | ▼ 55.6% |
| Other amounts receivable41 | - | - | - | €52,948 | €49,354 | €27,528 | €49,985 | €37,020 | ▼ 25.9% |
| Cash at bank and in hand54/58 | €96,806 | €119,974 | €171,462 | €20,696 | €21,676 | €13,660 | €71,468 | €22,465 | ▼ 68.6% |
| Deferred charges and accrued income490/1 | - | - | - | €4,310 | €1,534 | €9,939 | €5,599 | €4,123 | ▼ 26.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €227,583 | €549,396 | €381,413 | €348,107 | €253,168 | €269,868 | €228,841 | €136,399 | ▼ 40.4% |
| Equity10/15 | €53,614 | €66,683 | €74,040 | €2,905 | -€105,060 | -€101,436 | -€94,190 | -€31,730 | ▲ 66.3% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €50,940 | €50,940 | €50,940 | €50,940 | €50,940 | €50,940 | €50,940 | €50,940 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €49,081 | €49,081 | €50,940 | €50,940 | €50,940 | = |
| Profit (loss) carried forward14 | -€15,919 | -€2,849 | €4,508 | -€66,627 | -€174,592 | -€170,968 | -€163,722 | -€101,263 | ▲ 38.1% |
| Amounts payable17/49 | €173,969 | €482,712 | €307,373 | €345,201 | €358,228 | €371,304 | €323,031 | €168,130 | ▼ 48.0% |
| Amounts payable after more than one year17 | - | - | €2,527 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €173,969 | €482,712 | €304,846 | €345,201 | €358,228 | €371,304 | €323,031 | €168,130 | ▼ 48.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,527 | - | - | - | - | - |
| Trade debts44 | €154,205 | €241,944 | €168,773 | €105,616 | €106,490 | €90,256 | €109,342 | €118,880 | ▲ 8.7% |
| Suppliers440/4 | - | - | - | €105,616 | €106,490 | €90,256 | €109,342 | €118,880 | ▲ 8.7% |
| Advances received on contracts in progress46 | - | - | - | €9,185 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €90,700 | €49,930 | €56,209 | €50,093 | €40,853 | ▼ 18.4% |
| Taxes450/3 | - | - | - | €64,319 | €23,165 | €20,804 | €19,147 | €15,739 | ▼ 17.8% |
| Remuneration and social security454/9 | - | - | - | €26,381 | €26,765 | €35,405 | €30,946 | €25,114 | ▼ 18.8% |
| Other amounts payable47/48 | - | - | - | €137,174 | €201,808 | €224,839 | €163,597 | €8,397 | ▼ 94.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,406 | €13,070 | €7,357 | -€71,135 | -€107,965 | €3,624 | €7,246 | €62,460 | ▲ 762% |
| + Depreciation and write-downs630 | €405 | €69,346 | €31,510 | €42,214 | €39,609 | €8,468 | €801 | €6,055 | ▲ 656% |
| Operating cash flow (approximation) | €8,812 | €82,416 | €38,867 | -€28,920 | -€68,356 | €12,092 | €8,047 | €68,515 | ▲ 751% |
| Investment in fixed assets (approximation) | - | -€142,984 | -€19,151 | -€114,130 | €0 | €106,064 | -€17,376 | -€1,243 | ▲ 92.8% |
| Change in cash | - | €23,169 | €51,488 | -€150,766 | €980 | -€8,016 | €57,808 | -€49,003 | - |
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, 3,794 companies had the same profile as X EXPRESS has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of X EXPRESS itself is lower: 0.4% within 12 months. It rests on far more data about X EXPRESS 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 3,794 companies, not a prediction for X EXPRESS. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00270823 | |
| 31-12-2024 | micro format | 19-05-2025 | 2025-00099709 | |
| 31-12-2023 | micro format | 09-04-2024 | 2024-00063510 | |
| 31-12-2022 | abbreviated format | 22-08-2023 | 2023-00364184 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20408878 | |
| 31-12-2020 | abbreviated format | 25-08-2021 | 2021-61500355 | |
| 31-12-2019 | abbreviated format | 25-06-2020 | 2020-23500177 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57300232 | |
| 31-12-2017 | micro format | 04-05-2018 | 2018-12200128 | |
| 31-12-2016 | micro format | 30-07-2017 | 2017-39900076 |