XDnet
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 16 filings
Turnover
≈ €1.6m
Estimated: probably between €1.1m and €2.5m
Total assets
€850,654▲ 42.9%
2024 · €595,303
Net result
€270,091▲ 34.6%
2024 · €200,610
Working capital
€554,601▲ 93.1%
2024 · €287,261
In the rankings
#5 company by total assets in Diest, Telecoms and IT sector#8 company by equity in Diest, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€386,532
▲ 65.9%
2025
20182025
Net result
€270,091
▲ 34.6%
2025
highest quarter of the sector
20182025
Equity
€557,848
▲ 93.9%
2025
highest quarter of the sector
20182025
Total assets
€850,654
▲ 42.9%
2025
middle half of the sector
20182025
Debt
€292,806
▼ 4.8%
2025
20182025
Working capital
€554,601
▲ 93.1%
2025
highest quarter of the sector
20182025
Solvency
65.6%
▲ 17.2pp
2025
middle half of the sector
20182025
Current ratio
2.95
▲ 0.97
2025
middle half of the sector
20182025
Return on assets (ROA)
31.8%
▼ 1.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
3.5
=
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€21,240-€16,406▼ 22.8%€44,638▲ 172%€42,166▼ 5.5%€52,412▲ 24.3%€87,001▲ 66.0%€232,921▲ 168%€386,532▲ 65.9%
Net result€6,859-€7,251▲ 5.7%€26,494within the sector's middle half▲ 265%€18,936within the sector's middle half▼ 28.5%€34,774within the sector's middle half▲ 83.6%€63,711within the sector's middle half▲ 83.2%€200,610above the sector's middle half▲ 215%€270,091above the sector's middle half▲ 34.6%
Equity€65,982-€73,232▲ 11.0%€99,726within the sector's middle half▲ 36.2%€118,662within the sector's middle half▲ 19.0%€153,436within the sector's middle half▲ 29.3%€217,147within the sector's middle half▲ 41.5%€287,757within the sector's middle half▲ 32.5%€557,848above the sector's middle half▲ 93.9%
Total assets€500,459-€557,912▲ 11.5%€596,534within the sector's middle half▲ 6.9%€681,909within the sector's middle half▲ 14.3%€597,115within the sector's middle half▼ 12.4%€596,718within the sector's middle half▼ 0.1%€595,303within the sector's middle half▼ 0.2%€850,654within the sector's middle half▲ 42.9%
Debt€434,477-€484,680▲ 11.6%€496,808▲ 2.5%€563,247▲ 13.4%€443,679▼ 21.2%€379,571▼ 14.4%€307,546▼ 19.0%€292,806▼ 4.8%
Working capital€86,408-€84,591▼ 2.1%€104,299within the sector's middle half▲ 23.3%€135,811within the sector's middle half▲ 30.2%€168,374within the sector's middle half▲ 24.0%€226,420within the sector's middle half▲ 34.5%€287,261within the sector's middle half▲ 26.9%€554,601above the sector's middle half▲ 93.1%
Solvency13.2%-13.1%▼ 0.1pp16.7%within the sector's middle half▲ 3.6pp17.4%below the sector's middle half▲ 0.7pp25.7%within the sector's middle half▲ 8.3pp36.4%within the sector's middle half▲ 10.7pp48.3%within the sector's middle half▲ 11.9pp65.6%within the sector's middle half▲ 17.2pp
Current ratio1.22-1.18▼ 0.031.22within the sector's middle half▲ 0.031.26within the sector's middle half▲ 0.041.41within the sector's middle half▲ 0.151.63within the sector's middle half▲ 0.221.98within the sector's middle half▲ 0.352.95within the sector's middle half▲ 0.97
Return on assets (ROA)1.4%-1.3%▼ 0.1pp4.4%within the sector's middle half▲ 3.1pp2.8%within the sector's middle half▼ 1.7pp5.8%within the sector's middle half▲ 3.0pp10.7%within the sector's middle half▲ 4.9pp33.7%above the sector's middle half▲ 23.0pp31.8%above the sector's middle half▼ 1.9pp
Staff (FTE)4.1-4.3▲ 4.9%4within the sector's middle half▼ 7.0%4within the sector's middle half=3.9within the sector's middle half▼ 2.5%3.9within the sector's middle half=3.5within the sector's middle half▼ 10.3%3.5within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 66% higher than in 2024 and the highest since 2018. It is the fourth rise in a row, after the fall in 2021.
Turnover and EBIT margin are not published. The abbreviated 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 €850,654
Fixed assets
€11,456 ▼ 18.2%
Current assets
€839,198 ▲ 44.4%
Equity and liabilities €850,654
Equity
€557,848 ▲ 93.9%
Debt
€292,806 ▼ 4.8%
Debt's share of the balance-sheet total falls from 51.7% to 34.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€390,874▲
2024 · €237,310
Cash flow
€274,432▲
2024 · €205,000
Quick ratio
2.76▲
2024 · 1.88
Debt to equity
0.52▼
2024 · 1.07
ROE
48.4%▼
2024 · 69.7%
Interest coverage
17.87▼
2024 · 54.65
Debt ≤ 1 year
€284,596▼
2024 · €294,045
Debt > 1 year
€8,048▼
2024 · €13,310
Income taxes
€97,773▲
2024 · €30,036
Staff costs
€206,707▲
2024 · €201,642
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 | 4 | 4 | 4 | 4 | 4 |
| full-time | 4 | 3 | 3 | 3 | 3 |
| part-time | - | 1 | 1 | 1 | 1 |
| in full-time equivalents | 4 | 3.5 | 3.5 | 3.5 | 3.5 |
| Average over the year, in full-time equivalents | 4 | 3.9 | 3.9 | 3.5 | 3.5 |
| On a permanent contract | 4 | 4 | 4 | 4 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,895 | - | €5,588 | €11,432 | - |
| Intangible fixed assets | - | - | - | - | €4,980 |
| Depreciation and write-downs of the year | €7,661 | €8,249 | €6,955 | €4,389 | €4,342 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 4 entries · €11,587 awarded · €11,587 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €2,590 | €2,590 |
| 2022 | 3 | €8,997 | €8,997 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €197,123 | €198,811 | €196,790 | €201,642 | €206,707 | ▲ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,772 | €3,982 | €3,426 | €7,661 | €8,249 | €6,955 | €4,389 | €4,342 | ▼ 1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €36,643 | €32,771 | -€265 | €187 | - |
| Other operating charges640/8 | - | - | - | €4,510 | €4,855 | €4,846 | €5,478 | €5,471 | ▼ 0.1% |
| Gross operating margin9900 | €228,371 | €236,298 | €213,153 | €251,459 | €300,969 | €328,364 | €444,166 | €603,240 | ▲ 35.8% |
| Operating profit (loss)9901 | €21,240 | €16,406 | €44,638 | €42,166 | €52,412 | €87,001 | €232,921 | €386,532 | ▲ 65.9% |
| Financial income75/76B | - | - | - | €543 | €7,866 | €13,914 | €2,067 | €3,208 | ▲ 55.2% |
| Recurring financial income75 | - | €1,212 | €7,603 | €543 | €7,866 | €13,914 | €2,067 | €3,208 | ▲ 55.2% |
| Financial charges65/66B | - | - | - | €10,500 | €8,245 | €9,802 | €4,342 | €21,876 | ▲ 404% |
| Recurring financial charges65 | €8,769 | €5,473 | €11,020 | €10,500 | €8,245 | €9,802 | €4,342 | €21,876 | ▲ 404% |
| Profit (loss) for the period before taxes9903 | €12,472 | €12,145 | €41,221 | €32,209 | €52,033 | €91,113 | €230,646 | €367,864 | ▲ 59.5% |
| Income taxes67/77 | €5,612 | €4,894 | €14,727 | €13,273 | €17,259 | €27,402 | €30,036 | €97,773 | ▲ 226% |
| Profit (loss) for the period9904 | €6,859 | €7,251 | €26,494 | €18,936 | €34,774 | €63,711 | €200,610 | €270,091 | ▲ 34.6% |
| Profit (loss) for the period to be appropriated9905 | €6,859 | €7,251 | €26,494 | €18,936 | €34,774 | €63,711 | €200,610 | €270,091 | ▲ 34.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €500,459 | €557,912 | €596,534 | €681,909 | €597,115 | €596,718 | €595,303 | €850,654 | ▲ 42.9% |
| Fixed assets21/28 | €14,941 | €10,959 | €12,973 | €23,207 | €14,959 | €9,694 | €13,997 | €11,456 | ▼ 18.2% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €4,975 | - |
| Tangible fixed assets22/27 | €14,941 | €10,959 | €12,973 | €23,207 | €14,959 | €9,694 | €13,997 | €6,481 | ▼ 53.7% |
| Plant, machinery and equipment23 | - | - | - | €11,912 | €7,575 | €5,873 | €1,879 | €1,055 | ▼ 43.9% |
| Furniture and vehicles24 | - | - | - | €7,849 | €5,597 | €3,694 | €12,118 | €5,426 | ▼ 55.2% |
| Other tangible fixed assets26 | - | - | - | €3,446 | €1,787 | €127 | - | - | - |
| Current assets29/58 | €485,518 | €546,954 | €583,561 | €658,702 | €582,157 | €587,024 | €581,306 | €839,198 | ▲ 44.4% |
| Stocks and contracts in progress3 | €79,479 | €79,119 | €79,119 | €72,762 | €34,848 | €28,152 | €28,983 | €52,878 | ▲ 82.4% |
| Stocks30/36 | - | - | - | €72,762 | €34,848 | €28,152 | €28,983 | €52,878 | ▲ 82.4% |
| Amounts receivable within one year40/41 | €377,378 | €436,953 | €485,004 | €464,042 | €360,532 | €426,594 | €381,147 | €237,003 | ▼ 37.8% |
| Trade receivables40 | - | - | - | €461,706 | €360,399 | €411,782 | €321,878 | €236,730 | ▼ 26.5% |
| Other amounts receivable41 | - | - | - | €2,336 | €133 | €14,811 | €59,269 | €274 | ▼ 99.5% |
| Current investments50/53 | - | - | - | €35,426 | €35,426 | €35,426 | €35,426 | €35,426 | = |
| Cash at bank and in hand54/58 | €27,854 | €25,463 | €11,026 | €81,275 | €146,736 | €93,591 | €129,151 | €506,904 | ▲ 292% |
| Deferred charges and accrued income490/1 | - | - | - | €5,197 | €4,615 | €3,262 | €6,600 | €6,986 | ▲ 5.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €500,459 | €557,912 | €596,534 | €681,909 | €597,115 | €596,718 | €595,303 | €850,654 | ▲ 42.9% |
| Equity10/15 | €65,982 | €73,232 | €99,726 | €118,662 | €153,436 | €217,147 | €287,757 | €557,848 | ▲ 93.9% |
| Contributions10/11 | €78,600 | €78,600 | - | €78,600 | €78,600 | €78,600 | €78,600 | €78,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €37,286 | €37,286 | €37,286 | €37,286 | €37,286 | = |
| Non-distributable reserves130/1 | - | - | - | €37,286 | €37,286 | €35,426 | €35,426 | €35,426 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Own shares acquired1312 | - | - | - | €35,426 | €35,426 | €35,426 | €35,426 | €35,426 | = |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€14,478 | -€7,228 | €19,266 | €2,777 | €37,551 | €101,261 | €171,872 | €441,962 | ▲ 157% |
| Amounts payable17/49 | €434,477 | €484,680 | €496,808 | €563,247 | €443,679 | €379,571 | €307,546 | €292,806 | ▼ 4.8% |
| Amounts payable after more than one year17 | €35,368 | €22,105 | €16,921 | €40,204 | €29,702 | €18,967 | €13,310 | €8,048 | ▼ 39.5% |
| Financial debts170/4 | - | - | - | €40,204 | €29,702 | €18,967 | €13,310 | €8,048 | ▼ 39.5% |
| Amounts payable within one year42/48 | €399,109 | €462,363 | €479,262 | €522,891 | €413,782 | €360,604 | €294,045 | €284,596 | ▼ 3.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €32,966 | €41,487 | €47,747 | €25,572 | €34,851 | ▲ 36.3% |
| Financial debts43 | - | - | - | €200,000 | €200,000 | €75,000 | - | - | - |
| Credit institutions430/8 | - | - | - | €200,000 | €200,000 | €75,000 | - | - | - |
| Trade debts44 | €132,573 | €144,123 | €154,535 | €183,018 | €84,096 | €159,995 | €89,220 | €153,192 | ▲ 71.7% |
| Suppliers440/4 | - | - | - | €183,018 | €84,096 | €159,995 | €89,220 | €153,192 | ▲ 71.7% |
| Advances received on contracts in progress46 | - | - | - | €7,996 | €7,996 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €81,696 | €62,651 | €61,690 | €34,880 | €96,554 | ▲ 177% |
| Taxes450/3 | - | - | - | €45,000 | €25,531 | €27,070 | €674 | €61,153 | ▲ 91× |
| Remuneration and social security454/9 | - | - | - | €36,696 | €37,120 | €34,620 | €34,206 | €35,400 | ▲ 3.5% |
| Other amounts payable47/48 | - | - | - | €17,215 | €17,552 | €16,172 | €144,373 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €152 | €195 | - | €191 | €161 | ▼ 15.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,859 | €7,251 | €26,494 | €18,936 | €34,774 | €63,711 | €200,610 | €270,091 | ▲ 34.6% |
| + Depreciation and write-downs630 | €6,772 | €3,982 | €3,426 | €7,661 | €8,249 | €6,955 | €4,389 | €4,342 | ▼ 1.1% |
| Operating cash flow (approximation) | €13,632 | €11,233 | €29,920 | €26,597 | €43,023 | €70,666 | €205,000 | €274,432 | ▲ 33.9% |
| Investment in fixed assets (approximation) | - | €0 | -€5,441 | -€17,895 | €0 | -€1,691 | -€8,692 | -€1,801 | ▲ 79.3% |
| Change in cash | - | -€2,391 | -€14,437 | €70,250 | €65,461 | -€53,145 | €35,560 | €377,753 | ▲ 962% |
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, 34,693 companies had the same profile as XDnet has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of XDnet itself: < 0.1% within 12 months.
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 34,693 companies, not a prediction for XDnet. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00307759 | |
| 31-12-2024 | abbreviated format | 25-08-2025 | 2025-00413656 | |
| 31-12-2023 | abbreviated format | 26-08-2024 | 2024-00387623 | |
| 31-12-2022 | abbreviated format | 30-08-2023 | 2023-00418959 | |
| 31-12-2021 | abbreviated format | 24-08-2022 | 2022-20324660 | |
| 31-12-2020 | abbreviated format | 25-08-2021 | 2021-54800029 | |
| 31-12-2019 | abbreviated format | 20-08-2020 | 2020-43900376 | |
| 31-12-2018 | abbreviated format | 25-07-2019 | 2019-39100526 | |
| 31-12-2017 | abbreviated format | 28-08-2018 | 2018-54200516 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-54400280 |