XGM
ActiveSummary
XGM has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €72,080 and a net result of €14,597. Equity is growing by ~54.8% per year across the filed fiscal years. Its solvency ranks better than 45% of 11502 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78▼-22
Solvency60▼-20
Growth78=
Track record94
Bankruptcy probability, 12 months
1.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,000 at 30 days acceptable
Liquidity ample (current ratio 1.59 against 2.13 in 2024; short-term debt: 58.3% and cash: 9.9% of total assets), but 64.7% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
35.3%
Return on assets
7.1%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 18-08-2026, 18 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 3 filingsDeviation from the deadline
2025
18 d late
2024
50 d early
2023
42 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 25 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 20 June (3 of the last 3 filed years within 59 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€72,080▲ 25.4%
2024 · €57,484
Total assets
€204,236▲ 96.8%
2024 · €103,765
Net result
€14,597▼ 69.9%
2024 · €48,456
Working capital
€70,303▲ 33.9%
2024 · €52,484
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line202320242025
Operating result€10,105-€60,975▲ 503%€18,558▼ 69.6%
Net result€8,028within the sector's middle half-€48,456above the sector's middle half▲ 504%€14,597within the sector's middle half▼ 69.9%
Equity€9,028within the sector's middle half-€57,484within the sector's middle half▲ 537%€72,080within the sector's middle half▲ 25.4%
Total assets€37,414below the sector's middle half-€103,765within the sector's middle half▲ 177%€204,236within the sector's middle half▲ 96.8%
Debt€28,386-€46,282▲ 63.0%€132,156▲ 186%
Working capital€7,171within the sector's middle half-€52,484within the sector's middle half▲ 632%€70,303within the sector's middle half▲ 33.9%
Solvency24.1%within the sector's middle half-55.4%within the sector's middle half▲ 31.3pp35.3%within the sector's middle half▼ 20.1pp
Current ratio1.25within the sector's middle half-2.13within the sector's middle half▲ 0.881.59within the sector's middle half▼ 0.54
Return on assets (ROA)21.5%above the sector's middle half-46.7%above the sector's middle half▲ 25.2pp7.1%within the sector's middle half▼ 39.6pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 70% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €204,236
Fixed assets
€14,828 ▲ 197%
Current assets
€189,408 ▲ 91.8%
Equity and liabilities €204,236
Equity
€72,080 ▲ 25.4%
Debt
€132,156 ▲ 186%
Debt's share of the balance-sheet total rises from 44.6% to 64.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€22,040▼
2024 · €61,753
Cash flow
€18,078▼
2024 · €49,233
Quick ratio
1.50▼
2024 · 2.13
Debt to equity
1.83▲
2024 · 0.81
ROE
20.3%▼
2024 · 84.3%
Interest coverage
69.99▼
2024 · 201.55
Debt ≤ 1 year
€119,106▲
2024 · €46,282
Income taxes
€3,820▼
2024 · €12,214
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 39,276 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 96% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 39,276 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €143 | €778 | €3,482 | ▲ 348% |
| Other operating charges640/8 | €225 | €393 | €1,050 | ▲ 167% |
| Gross operating margin9900 | €10,473 | €62,146 | €23,090 | ▼ 62.8% |
| Operating profit (loss)9901 | €10,105 | €60,975 | €18,558 | ▼ 69.6% |
| Financial income75/76B | €3 | €0 | €173 | ▲ 44,223% |
| Recurring financial income75 | €3 | €0 | €173 | ▲ 44,223% |
| Financial charges65/66B | €90 | €306 | €315 | ▲ 2.8% |
| Recurring financial charges65 | €90 | €306 | €315 | ▲ 2.8% |
| Profit (loss) for the period before taxes9903 | €10,018 | €60,669 | €18,416 | ▼ 69.6% |
| Income taxes67/77 | €1,990 | €12,214 | €3,820 | ▼ 68.7% |
| Profit (loss) for the period9904 | €8,028 | €48,456 | €14,597 | ▼ 69.9% |
| Profit (loss) for the period to be appropriated9905 | €8,028 | €48,456 | €14,597 | ▼ 69.9% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €37,414 | €103,765 | €204,236 | ▲ 96.8% |
| Fixed assets21/28 | €1,857 | €4,999 | €14,828 | ▲ 197% |
| Intangible fixed assets21 | €1,857 | €4,579 | €12,134 | ▲ 165% |
| Tangible fixed assets22/27 | - | - | €2,273 | - |
| Furniture and vehicles24 | - | - | €2,273 | - |
| Financial fixed assets28 | - | €420 | €420 | = |
| Current assets29/58 | €35,557 | €98,766 | €189,408 | ▲ 91.8% |
| Stocks and contracts in progress3 | €3,225 | - | €11,260 | - |
| Stocks30/36 | €3,225 | - | €11,260 | - |
| Amounts receivable within one year40/41 | €26,046 | €77,727 | €152,777 | ▲ 96.6% |
| Trade receivables40 | €24,572 | €33,266 | €87,971 | ▲ 164% |
| Other amounts receivable41 | €1,475 | €44,461 | €64,806 | ▲ 45.8% |
| Cash at bank and in hand54/58 | €6,002 | €19,305 | €20,215 | ▲ 4.7% |
| Deferred charges and accrued income490/1 | €283 | €1,735 | €5,156 | ▲ 197% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €37,414 | €103,765 | €204,236 | ▲ 96.8% |
| Equity10/15 | €9,028 | €57,484 | €72,080 | ▲ 25.4% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | = |
| Profit (loss) carried forward14 | €8,028 | €56,484 | €71,080 | ▲ 25.8% |
| Amounts payable17/49 | €28,386 | €46,282 | €132,156 | ▲ 186% |
| Amounts payable within one year42/48 | €28,386 | €46,282 | €119,106 | ▲ 157% |
| Trade debts44 | €19,675 | €30,829 | €108,092 | ▲ 251% |
| Suppliers440/4 | €19,675 | €30,829 | €108,092 | ▲ 251% |
| Taxes, remuneration and social security45 | €4,886 | €13,504 | €11,014 | ▼ 18.4% |
| Taxes450/3 | €2,886 | €13,504 | €9,414 | ▼ 30.3% |
| Remuneration and social security454/9 | €2,000 | - | €1,600 | - |
| Other amounts payable47/48 | €3,825 | €1,949 | - | - |
| Accrued charges and deferred income492/3 | - | - | €13,050 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,028 | €48,456 | €14,597 | ▼ 69.9% |
| + Depreciation and write-downs630 | €143 | €778 | €3,482 | ▲ 348% |
| Operating cash flow (approximation) | €8,171 | €49,233 | €18,078 | ▼ 63.3% |
| Investment in fixed assets (approximation) | - | -€3,920 | -€13,310 | ▼ 240% |
| Change in cash | - | €13,302 | €910 | ▼ 93.2% |
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
Next filing, fiscal year 2026, expected by
2026
18-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 18 days late
2025
11-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2023net €48,456 ▲504%
Operating result €60,975, net result €48,456, both a record.
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Hasselt · 1 establishment unit since 2022
Ground area
6,122 m²
Parcel 71323C0155/00H002, Flanders. Linked by address, not a title deed.
1 establishment unit
Glas expert Belgium
since 20222.333.911.258
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71323C0155/00H002 | Flanders | 6,122 m² | - | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 6,146 companies in sector 46190 we hold annual accounts for 2,577. 1,969 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded16-06-2022
Fiscal year end31-12
Activities, NACEBEL 2025
46190Agents in non-specialised wholesale trade
70200Business and other management consultancy
Contact
E-mail
alex@xglas.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0787344248
Registered
02-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.