Active BE 0461.324.179Private limited company

XDGA

Handelskaai 48 ·1000 Brussel, Belgium· 28 yrs active

Sector: Architecture & engineering (71111)

Conclusion Checked

The computed 12-month bankruptcy probability of XDGA is 0.3% (very low). The 2025 annual accounts show equity of €1.95M and a net result of €-1.27M. Equity is shrinking by ~2.9% per year across the filed fiscal years. Its solvency ranks better than 60% of 109 sector peers (fiscal year 2025). The company has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 8 annual accounts.

Key figures

Equity	€1.95M
Net result	€-1.27M
Staff (FTE)	3
Better than sector	60%

Snowflake analysis 5 axes · computed by Checked

55 / 100

Mixed profile: strong on stability, weaker on profitability.

Health 45

Profitability 0

Solvency 89

Growth 43

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.3% Very low

0%0,5%1,5%4%10%≥25%

Lower-failure-rate sector −Higher-failure-rate region +Long track record −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 3 signals

Long-established

Founded in 1997, 28 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad.

Administratively compliant

No FOD Economie strikeouts (UBO, accounts, address, activity).

Administrative Flags 0 events

No administrative flags

Health barometer FY 2025 · computed

45 / 100 Fair

050100

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Computed by Checked from NBB filings and Belgian State Gazette signals. Indicative, not credit advice.

Financial overview10 NBB filings

Annual accounts filed on 11-06-2026 with the NBB · fiscal year 2025 · verkort

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~2.9%/year over 8 fiscal years, indicative, 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, Architecture & engineering · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	44.1%	36.7%	better than 60% of 109 sector peers
Net result	€-1.27M	€23k	better than 5% of 109 sector peers
Equity	€1.95M	€119k	better than 95% of 109 sector peers
Gross operating margin	€-842k	€86k	better than 5% of 109 sector peers
Staff costs	€222k	€207k	higher than 55% of 44 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Revenue

€5.86M

+1.1% 18-25

EBITDA

€-1.08M

- far below sector median

Net profit

€-1.27M

- far below sector median

Cash flow

€-1.22M

- far below sector median

Total assets

€4.42M

-32.3% +104% vs sector

Equity

€1.95M

-50.7% +223% vs sector

Working capital

€2.26M

-44.0% far above sector median

Employees (FTE)

3

-9.1% -27% vs sector

Staff costs

€222k

+6.3% far above sector median

Income taxes

€103k

-36.8% far above sector median

Dividends

€718k

0.0% far above sector median

Debt

€2.47M

-4.1% far above sector median

Debt ≤ 1y

€2.01M

-15.1% far above sector median

Debt > 1y

€107k

-49.2% -71% vs sector

Current ratio

2.13

-21.4% +54% vs sector

Quick ratio

2.13

-21.4% +204% vs sector

Solvency

44.1%

-27.2% +71% vs sector

Debt / equity

1.27

+94.4% +8% vs sector

ROE

-65.4%

- far below sector median

ROA

-28.8%

- far below sector median

Net margin

17.9%

+4.9% 18-25

EBITDA margin

24.5%

+5.5% 18-25

Interest coverage

-24.47

- far below sector median

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Revenue	-
EBITDA	€-1.08M
Net profit	€-1.27M
Cash flow	€-1.22M
Staff costs	€222k
Income taxes	€103k
Dividends	€718k
Total assets	€4.42M
Equity	€1.95M
Debt	€2.47M
of which ≤ 1y	€2.01M
of which > 1y	€107k
Working capital	€2.26M
Employees (FTE)	3.0

Ratios (computed)

	2025
Current ratio	2.13
Quick ratio	2.13
Working capital ratio	51.2%
Solvency	44.1%
Debt / equity	1.27
Long-term debt ratio	0.05
Interest coverage	-24.47
Gross margin	-
Net margin	-
ROA	-28.8%
ROE	-65.4%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €149k · 3.4% Current assets €4.27M · 96.6%

Equity & liabilities

Equity €1.95M · 44.1% Debt €2.47M · 55.9%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€4.42M
Fixed assets	21/28	€149k
Formation expenses	20	€0
Intangible fixed assets	21	€38k
Tangible fixed assets	22/27	€62k
Financial fixed assets	28	€49k
Current assets	29/58	€4.27M
Amounts receivable within one year	40/41	€3.83M
Cash & bank	54/58	€357k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€4.42M
Equity	10/15	€1.95M
Contributions / capital	10/11	€20k
Reserves	13	€1.10M
Accumulated profits (losses)	14	€827k
Amounts payable	17/49	€2.47M
Amounts payable after one year	17	€107k
Amounts payable within one year	42/48	€2.01M
Trade debts payable within one year	44	€502k
Income statement
Gross operating margin	9900	€-842k
Operating result	9901	€-1.13M
Financial income	75	€3k
Financial charges	65	€44k
Result before taxes	9903	€-1.17M
Income taxes	67/77	€103k
Net result for the period	9904	€-1.27M
Result to be appropriated	9905	€-1.27M

You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →

Ratios computed by Checked.

Legal Structure

NACE primary	Architecture & engineering(71111)
Legal form	Private limited company(610)
Incorporation	21-08-1997
Status	Active
Postal code	1000

Establishment units 1 location

Handelskaai 48, 1000 Brussel

Activiteiten van fotografen, met uitzondering van persfotografen

since 19972.215.526.817

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21812N1454/00V011 ProtectedArchitectural ensembleVoormalige Manufacture Charlet & CieSource ↗	Brussels	1,459 m²	1 · 1,067 m²	24.6 m · 5 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).

Updates 11 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2026

11-06-2026

NBB filing Annual accounts filed

fiscal year 2025 · verkort

2025

04-07-2025

NBB filing Annual accounts filed

fiscal year 2024 · verkort

2024

04-07-2024

NBB filing Annual accounts filed

fiscal year 2023 · verkort

2023

29-06-2023

NBB filing Annual accounts filed

fiscal year 2022 · verkort

2022

23-12-2022

State Gazette act Director changes

Tim CARNEWAL

30-06-2022

NBB filing Annual accounts filed

fiscal year 2021 · verkort

2021

13-07-2021

NBB filing Annual accounts filed

fiscal year 2020 · verkort

2020

18-06-2020

NBB filing Annual accounts filed

fiscal year 2019 · verkort

2019

04-07-2019

NBB filing Annual accounts filed

fiscal year 2018 · verkort

2018

28-06-2018

NBB filing Annual accounts filed

fiscal year 2017 · verkort

2017

12-07-2017

NBB filing Annual accounts filed

fiscal year 2016 · verkort

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 3 years ago

2022

23-12-2022 8 directors appointed, 1 reappointed Director changes·Tim CARNEWAL

ALLARD Douglas Alexander, Bestuurder
BONNEVALLE Tom Lode, Bestuurder
CHAUDEMANCHE Antoine Christian Roger, Bestuurder
HUYGHE Ingrid Josée Francine, Bestuurder
VANDEPUTTE Marie-Pierre Anne, Bestuurder
COELIS Pieter Pol Catherine Albert, Bestuurder
VAN DAELE Wouter Johan Frans, Bestuurder
VAN REYBROUCK BV, Dagelijks bestuur

Notary: Tim CARNEWAL · BrusselFirm: BERQUIN NOTARISSEN

Original publication ↗

Technical details

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Company registry (CBE) Crossroads Bank

Activities

Bouwarchitecten71111Activiteiten van bouwarchitecten71111Architecten74201

Primary activity highlighted.

Names & trade names

Legal nameNL

XDGA

Registered office

Handelskaai 48

1000 Brussel, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.

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