XETAL
InactiveSignals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€29,341
neutral · Latest accounts filed on time
The financial year that closed on 02-12-2025 was due by 02-07-2026 and was filed on 13-01-2026, 170 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
170 d early
2024
19 d late
2023
on the day
2022
33 d early
2021
24 d early
2020
23 d early
2019
8 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 34 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
Financials · fiscal year 2025, abbreviated schema
Equity
€284▼ 99.0%
2024 · €29,625
Total assets
€1,448▼ 95.1%
2024 · €29,631
Net result
-€29,341▼ 28.2%
2024 · -€22,894
Working capital
€284▼ 94.9%
2024 · €5,564
Trend over the years
In euros
In euros
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€23,406▲ 83.0%-€43,732▼ 86.8%-€181,964▼ 316%-€22,609▲ 87.6%-€29,260▼ 29.4%
Net result€236,963-€44,051-€182,339▼ 314%-€22,894▲ 87.4%-€29,341▼ 28.2%
Equity€278,910▲ 565%€234,859▼ 15.8%€52,520▼ 77.6%€29,625▼ 43.6%€284▼ 99.0%
Total assets€279,154▲ 3.8%€235,423▼ 15.7%€52,675▼ 77.6%€29,631▼ 43.7%€1,448▼ 95.1%
Debt€244▼ 99.9%€564▲ 131%€156▼ 72.4%€6▼ 96.2%€1,164▲ 19,798%
Working capital€57,240▲ 185%€13,190▼ 77.0%€7,076▼ 46.3%€5,564▼ 21.4%€284▼ 94.9%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €29,260 in 2025 against €22,609 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €1,448
Equity
€284 ▼ 99.0%
Debt
€1,164 ▲ 19,798%
Debt's share of the balance-sheet total rises from 0.0% to 80.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,200▼
2024 · -€1,226
Cash flow
-€5,281▼
2024 · -€1,512
Interest coverage
-63.63▼
2024 · -4.30
Debt ≤ 1 year
€1,164▲
2024 · €6
Ratios withheld: a balance sheet total of €1,448 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €4,841 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €176,226 | €21,382 | €24,060 | ▲ 12.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €1 | - |
| Other operating charges640/8 | €449 | - | €493 | €505 | €358 | ▼ 29.2% |
| Gross operating margin9900 | -€22,958 | -€43,732 | -€5,244 | -€721 | -€4,841 | ▼ 571% |
| Operating profit (loss)9901 | -€23,406 | -€43,732 | -€181,964 | -€22,609 | -€29,260 | ▼ 29.4% |
| Financial income75/76B | €260,709 | - | - | - | €0 | - |
| Recurring financial income75 | €260,709 | - | - | - | €0 | - |
| Non-recurring financial income76B | €260,709 | - | - | - | - | - |
| Financial charges65/66B | €340 | €319 | €376 | €285 | €82 | ▼ 71.4% |
| Recurring financial charges65 | €340 | €319 | €376 | €285 | €82 | ▼ 71.4% |
| Profit (loss) for the period before taxes9903 | €236,963 | -€44,051 | -€182,339 | -€22,894 | -€29,341 | ▼ 28.2% |
| Income taxes67/77 | - | - | €0 | €0 | - | - |
| Profit (loss) for the period9904 | €236,963 | -€44,051 | -€182,339 | -€22,894 | -€29,341 | ▼ 28.2% |
| Profit (loss) for the period to be appropriated9905 | €236,963 | -€44,051 | -€182,339 | -€22,894 | -€29,341 | ▼ 28.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €279,154 | €235,423 | €52,675 | €29,631 | €1,448 | ▼ 95.1% |
| Fixed assets21/28 | €221,669 | €221,669 | €45,443 | €24,061 | €0 | ▼ 100% |
| Intangible fixed assets21 | €221,668 | €221,668 | €45,442 | €24,060 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | - | - | - | €0 | - |
| Financial fixed assets28 | €1 | €1 | €1 | €1 | €0 | ▼ 100% |
| Current assets29/58 | €57,484 | €13,754 | €7,232 | €5,570 | €1,448 | ▼ 74.0% |
| Stocks and contracts in progress3 | €5,175 | - | - | - | - | - |
| Stocks30/36 | €5,175 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1,206 | €994 | €2,114 | €2,285 | €1,380 | ▼ 39.6% |
| Trade receivables40 | - | €600 | €1,747 | €1,747 | - | - |
| Other amounts receivable41 | €1,206 | €394 | €367 | €538 | €1,380 | ▲ 157% |
| Current investments50/53 | €68 | €68 | €68 | €68 | €69 | ▲ 0.6% |
| Cash at bank and in hand54/58 | €50,512 | €10,917 | €5,050 | €3,217 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | €523 | €1,775 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €279,154 | €235,423 | €52,675 | €29,631 | €1,448 | ▼ 95.1% |
| Equity10/15 | €278,910 | €234,859 | €52,520 | €29,625 | €284 | ▼ 99.0% |
| Contributions10/11 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Capital10 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Issued capital100 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Profit (loss) carried forward14 | -€1.1m | -€1.2m | -€1.4m | -€1.4m | -€1.4m | ▼ 2.1% |
| Amounts payable17/49 | €244 | €564 | €156 | €6 | €1,164 | ▲ 19,798% |
| Amounts payable within one year42/48 | €244 | €564 | €156 | €6 | €1,164 | ▲ 19,798% |
| Financial debts43 | €244 | €156 | €156 | €6 | - | - |
| Credit institutions430/8 | €244 | €156 | €156 | €6 | - | - |
| Trade debts44 | - | €409 | - | - | - | - |
| Suppliers440/4 | - | €409 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €1,164 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €236,963 | -€44,051 | -€182,339 | -€22,894 | -€29,341 | ▼ 28.2% |
| + Depreciation and write-downs630 | - | - | €176,226 | €21,382 | €24,060 | ▲ 12.5% |
| Operating cash flow (approximation) | €236,963 | -€44,051 | -€6,113 | -€1,512 | -€5,281 | ▼ 249% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €1 | - |
| Change in cash | - | -€39,595 | -€5,867 | -€1,833 | -€3,217 | ▼ 75.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
13-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
19-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 19 days late
2024
31-12
Financial
Liquidity times 20current ratio 952.16
Current ratio from 46.51 to 952.16; short-term debt falls from €156 to €6.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €236,963
Net result €236,963 after 3 loss-making years.
31-12
Financial
Liquidity times 184current ratio 235.32
Current ratio from 1.28 to 235.32; short-term debt falls from €72,075 to €244.
31-12
Financial
Equity above €200,000Eq €278,910 ▲565%
Equity rises from €41,947 to €278,910.
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
23-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet -€189,586
Net result drops to -€189,586, the lowest in the series.
Show earlier events
22-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
25-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Structure & network
Owners and holdings
3 ownersChain of control
- JAMAVAN INVESTMENTS
- XETAL
Highest known parent: JAMAVAN INVESTMENTS. The sources do not say who stands above it.
Owners 3
- JAMAVAN INVESTMENTSparent51.78%
- Sourceaccounts CODEMCO 202410.87%
-
10.87%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Subsidies and aid
European research
1 project · 126,125 EUR EU contributionProgrammes
Projects
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