XDB Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-06-2026 PDF all 8 filings
Turnover
≈ €150,000
Estimated: probably between €110,000 and €180,000
Total assets
€287,928▲ 0.4%
2024 · €286,741
Net result
€48,684▼ 5.6%
2024 · €51,572
Working capital
€4
2024 · -€1,662
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€68,003
▼ 5.9%
2025
20182025
Net result
€48,684
▼ 5.6%
2025
middle half of the sector
20182025
Equity
€201,743
▲ 8.2%
2025
middle half of the sector
20182025
Total assets
€287,928
▲ 0.4%
2025
middle half of the sector
20182025
Debt
€86,185
▼ 14.1%
2025
20182025
Working capital
€4
2025
lowest quarter of the sector
20182025
Solvency
70.1%
▲ 5.1pp
2025
middle half of the sector
20182025
Current ratio
1.00
▲ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
16.9%
▼ 1.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€35,838-€43,832▲ 22.3%€87,078▲ 98.7%€62,890▼ 27.8%€51,164▼ 18.6%€47,528▼ 7.1%€72,254▲ 52.0%€68,003▼ 5.9%
Net result€21,800-€26,941▲ 23.6%€51,843above the sector's middle half▲ 92.4%€43,070within the sector's middle half▼ 16.9%€34,469within the sector's middle half▼ 20.0%€32,209within the sector's middle half▼ 6.6%€51,572within the sector's middle half▲ 60.1%€48,684within the sector's middle half▼ 5.6%
Equity€22,000-€42,121▲ 91.5%€70,434within the sector's middle half▲ 67.2%€113,504within the sector's middle half▲ 61.1%€146,123within the sector's middle half▲ 28.7%€164,132within the sector's middle half▲ 12.3%€186,404within the sector's middle half▲ 13.6%€201,743within the sector's middle half▲ 8.2%
Total assets€289,575-€271,925▼ 6.1%€274,565within the sector's middle half▲ 1.0%€337,032within the sector's middle half▲ 22.8%€321,073within the sector's middle half▼ 4.7%€292,153within the sector's middle half▼ 9.0%€286,741within the sector's middle half▼ 1.9%€287,928within the sector's middle half▲ 0.4%
Debt€267,575-€229,804▼ 14.1%€204,131▼ 11.2%€223,528▲ 9.5%€174,949▼ 21.7%€128,021▼ 26.8%€100,337▼ 21.6%€86,185▼ 14.1%
Working capital-€29,833--€40,729▼ 36.5%-€53,492below the sector's middle half▼ 31.3%-€27,104below the sector's middle half▲ 49.3%-€12,695below the sector's middle half▲ 53.2%-€8,560below the sector's middle half▲ 32.6%-€1,662below the sector's middle half▲ 80.6%€4below the sector's middle half
Solvency7.6%-15.5%▲ 7.9pp25.7%within the sector's middle half▲ 10.2pp33.7%within the sector's middle half▲ 8.0pp45.5%within the sector's middle half▲ 11.8pp56.2%within the sector's middle half▲ 10.7pp65.0%within the sector's middle half▲ 8.8pp70.1%within the sector's middle half▲ 5.1pp
Current ratio0.46-0.23▼ 0.220.30below the sector's middle half▲ 0.070.49below the sector's middle half▲ 0.190.46below the sector's middle half▼ 0.030.72below the sector's middle half▲ 0.260.90below the sector's middle half▲ 0.181.00below the sector's middle half▲ 0.10
Return on assets (ROA)7.5%-9.9%▲ 2.4pp18.9%within the sector's middle half▲ 9.0pp12.8%within the sector's middle half▼ 6.1pp10.7%within the sector's middle half▼ 2.0pp11.0%within the sector's middle half▲ 0.3pp18.0%within the sector's middle half▲ 7.0pp16.9%within the sector's middle half▼ 1.1pp
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 6% 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 €287,928
Fixed assets
€270,594 ▼ 0.3%
Current assets
€17,334 ▲ 13.7%
Equity and liabilities €287,928
Equity
€201,743 ▲ 8.2%
Debt
€86,185 ▼ 14.1%
Debt's share of the balance-sheet total falls from 35.0% to 29.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€68,906▼
2024 · €72,941
Cash flow
€49,588▼
2024 · €52,259
Debt to equity
0.43▼
2024 · 0.54
ROE
24.1%▼
2024 · 27.7%
Interest coverage
32.86▲
2024 · 28.45
Debt ≤ 1 year
€17,330▲
2024 · €16,906
Debt > 1 year
€68,855▼
2024 · €83,333
Income taxes
€17,222▼
2024 · €18,118
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 | - | - | €1,099 | €1,928 | - |
| Financial fixed assets | €59,460 | - | - | - | - |
| Depreciation and write-downs of the year | €440 | €440 | €190 | €687 | €903 |
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 | €4,834 | €4,834 | €147 | €440 | €440 | €190 | €687 | €903 | ▲ 31.5% |
| Other operating charges640/8 | - | - | - | €830 | €848 | €632 | €1,126 | €1,076 | ▼ 4.4% |
| Gross operating margin9900 | €40,902 | €48,918 | €88,665 | €64,160 | €52,453 | €48,350 | €74,067 | €69,983 | ▼ 5.5% |
| Operating profit (loss)9901 | €35,838 | €43,832 | €87,078 | €62,890 | €51,164 | €47,528 | €72,254 | €68,003 | ▼ 5.9% |
| Financial charges65/66B | - | - | - | €3,090 | €3,960 | €3,510 | €2,564 | €2,097 | ▼ 18.2% |
| Recurring financial charges65 | €4,938 | €5,950 | €3,931 | €3,090 | €3,960 | €3,499 | €2,564 | €2,097 | ▼ 18.2% |
| Non-recurring financial charges66B | - | - | - | - | - | €11 | - | - | - |
| Profit (loss) for the period before taxes9903 | €30,900 | €37,882 | €73,678 | €59,800 | €47,204 | €44,017 | €69,690 | €65,906 | ▼ 5.4% |
| Income taxes67/77 | €9,100 | €10,941 | €21,835 | €16,730 | €12,735 | €11,808 | €18,118 | €17,222 | ▼ 4.9% |
| Profit (loss) for the period9904 | €21,800 | €26,941 | €51,843 | €43,070 | €34,469 | €32,209 | €51,572 | €48,684 | ▼ 5.6% |
| Profit (loss) for the period to be appropriated9905 | €21,800 | €26,941 | €51,843 | €43,070 | €34,469 | €32,209 | €51,572 | €48,684 | ▼ 5.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €289,575 | €271,925 | €274,565 | €337,032 | €321,073 | €292,153 | €286,741 | €287,928 | ▲ 0.4% |
| Fixed assets21/28 | €264,328 | €259,494 | €251,506 | €310,526 | €310,085 | €270,256 | €271,497 | €270,594 | ▼ 0.3% |
| Tangible fixed assets22/27 | €14,303 | €9,469 | €1,481 | €1,041 | €600 | €1,271 | €2,512 | €1,609 | ▼ 36.0% |
| Furniture and vehicles24 | - | - | - | €1,041 | €600 | €1,271 | €2,512 | €1,609 | ▼ 36.0% |
| Financial fixed assets28 | €250,025 | €250,025 | €250,025 | €309,485 | €309,485 | €268,985 | €268,985 | €268,985 | = |
| Current assets29/58 | €25,247 | €12,431 | €23,059 | €26,507 | €10,987 | €21,896 | €15,244 | €17,334 | ▲ 13.7% |
| Amounts receivable within one year40/41 | €8,067 | €8,000 | €5,000 | - | €8,926 | €10,000 | €985 | €10,778 | ▲ 994% |
| Trade receivables40 | - | - | - | - | €8,926 | €10,000 | €985 | €10,000 | ▲ 915% |
| Other amounts receivable41 | - | - | - | - | - | - | - | €778 | - |
| Cash at bank and in hand54/58 | €17,060 | €4,070 | €17,445 | €25,352 | €1,648 | €10,584 | €13,417 | €5,969 | ▼ 55.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,155 | €413 | €1,312 | €842 | €587 | ▼ 30.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €289,575 | €271,925 | €274,565 | €337,032 | €321,073 | €292,153 | €286,741 | €287,928 | ▲ 0.4% |
| Equity10/15 | €22,000 | €42,121 | €70,434 | €113,504 | €146,123 | €164,132 | €186,404 | €201,743 | ▲ 8.2% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Non-distributable reserves130/1 | - | - | - | €1,855 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Profit (loss) carried forward14 | €13,945 | €34,066 | €62,379 | €105,449 | €125,718 | €143,727 | €165,999 | €181,338 | ▲ 9.2% |
| Amounts payable17/49 | €267,575 | €229,804 | €204,131 | €223,528 | €174,949 | €128,021 | €100,337 | €86,185 | ▼ 14.1% |
| Amounts payable after more than one year17 | €210,770 | €175,351 | €127,580 | €169,865 | €151,221 | €97,565 | €83,333 | €68,855 | ▼ 17.4% |
| Financial debts170/4 | - | - | - | €169,865 | €151,221 | €97,565 | €83,333 | €68,855 | ▼ 17.4% |
| Amounts payable within one year42/48 | €55,079 | €53,160 | €76,551 | €53,610 | €23,682 | €30,456 | €16,906 | €17,330 | ▲ 2.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,862 | €18,177 | €13,990 | €13,696 | €13,942 | ▲ 1.8% |
| Trade debts44 | €1,119 | €5 | €174 | €865 | €721 | €174 | €600 | €711 | ▲ 18.4% |
| Suppliers440/4 | - | - | - | €865 | €721 | €174 | €600 | €711 | ▲ 18.4% |
| Taxes, remuneration and social security45 | - | - | - | €28,565 | €2,786 | €3,938 | €2,118 | €382 | ▼ 82.0% |
| Taxes450/3 | - | - | - | €28,565 | €2,786 | €3,938 | €2,118 | €382 | ▼ 82.0% |
| Other amounts payable47/48 | - | - | - | €6,318 | €1,998 | €12,353 | €492 | €2,295 | ▲ 366% |
| Accrued charges and deferred income492/3 | - | - | - | €53 | €47 | - | €98 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,800 | €26,941 | €51,843 | €43,070 | €34,469 | €32,209 | €51,572 | €48,684 | ▼ 5.6% |
| + Depreciation and write-downs630 | €4,834 | €4,834 | €147 | €440 | €440 | €190 | €687 | €903 | ▲ 31.5% |
| Operating cash flow (approximation) | €26,634 | €31,775 | €51,990 | €43,510 | €34,910 | €32,399 | €52,259 | €49,588 | ▼ 5.1% |
| Investment in fixed assets (approximation) | - | €0 | €7,841 | -€59,460 | €0 | €39,639 | -€1,928 | €0 | - |
| Change in cash | - | -€12,991 | €13,375 | €7,907 | -€23,704 | €8,936 | €2,833 | -€7,448 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-06-2026 | 2026-00148270 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00203138 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00179992 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00159429 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20159597 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37700347 | |
| 31-12-2019 | micro format | 17-06-2020 | 2020-17600353 | |
| 31-12-2018 | micro format | 11-07-2019 | 2019-31500136 |