XL
ActiveSummary
The computed 12-month bankruptcy probability of XL is 1.7% (moderate). The 2025 annual accounts show negative equity (€-286k) and a net result of €-136k. Equity is shrinking by ~17.2% per year across the filed fiscal years. The company has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability12▲+2
Solvency11▼-8
Growth32=
Track record100
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.2 against 0.35 in 2024; short-term debt: 113.8% and cash: 3.1% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-13.8%
Return on assets
-6.6%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €-286k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-05-2026, 85 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
85 d early
2024
59 d early
2023
40 d early
2022
52 d early
2021
24 d late
2020
24 d late
2019
95 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€-286k▼ 91.3%
2024 · €-150k
2018: €2.28M
2019: €2.21M▼ -2.9% vs 2018
2020: €3.25M▲ +46.9% vs 2019highest in 8 years
2021: €3.18M▼ -2.1% vs 2020
2022: €3.11M▼ -2.0% vs 2021
2023: €60k▼ -98.1% vs 2022
2024: €-150k▼ -350% vs 2023
2025: €-286k▼ -91.3% vs 2024lowest in 8 years
2018 → 2025
Total assets
€2.07M▼ 22.5%
2024 · €2.67M
2018: €2.34M
2019: €2.28M▼ -2.6% vs 2018
2020: €3.29M▲ +44.5% vs 2019highest in 8 years
2021: €3.19M▼ -3.1% vs 2020
2022: €3.12M▼ -2.3% vs 2021
2023: €3.28M▲ +5.1% vs 2022
2024: €2.67M▼ -18.4% vs 2023
2025: €2.07M▼ -22.5% vs 2024lowest in 8 years
2018 → 2025
Net result
€-136k▲ 34.8%
2024 · €-209k
2018: €-90k
2019: €-66k▲ +26.3% vs 2018
2020: €1.04M▲ +1670% vs 2019highest in 8 years
2021: €-67k▼ -106% vs 2020
2022: €-64k▲ +4.0% vs 2021
2023: €-55k▲ +15.4% vs 2022
2024: €-209k▼ -284% vs 2023lowest in 8 years
2025: €-136k▲ +34.8% vs 2024
2018 → 2025
Working capital
€-1.89M▼ 2.5%
2024 · €-1.84M
2018: €38k
2019: €19k▼ -50.2% vs 2018
2020: €1.23M▲ +6483% vs 2019
2021: €1.24M▲ +1.0% vs 2020
2022: €1.24M● +0.0% vs 2021highest in 8 years
2023: €-1.72M▼ -239% vs 2022
2024: €-1.84M▼ -6.9% vs 2023
2025: €-1.89M▼ -2.5% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€3.18M-€3.11M▼ 2.0%€60k▼ 98.1%€-150k€-286k▼ 91.3%
2021: €3.18Mhighest in 5 years
2022: €3.11M▼ -2.0% vs 2021
2023: €60k▼ -98.1% vs 2022
2024: €-150k▼ -350% vs 2023
2025: €-286k▼ -91.3% vs 2024lowest in 5 years
Operating result€-83k-€-81k▲ 3.2%€-71k▲ 11.7%€-74k▼ 3.5%€-73k▲ 1.5%
2021: €-83klowest in 5 years
2022: €-81k▲ +3.2% vs 2021
2023: €-71k▲ +11.7% vs 2022highest in 5 years
2024: €-74k▼ -3.5% vs 2023
2025: €-73k▲ +1.5% vs 2024
Net result€-67k-€-64k▲ 4.0%€-55k▲ 15.4%€-209k▼ 284%€-136k▲ 34.8%
2021: €-67k
2022: €-64k▲ +4.0% vs 2021
2023: €-55k▲ +15.4% vs 2022highest in 5 years
2024: €-209k▼ -284% vs 2023lowest in 5 years
2025: €-136k▲ +34.8% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €73k in 2025 against €74k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.07M
Fixed assets
€1.60M ▼ 5.4%
Current assets
€470k ▼ 52.2%
Key figures and ratios
EBITDA
€18k▲
2024 · €17k
Cash flow
€-46k▲
2024 · €-119k
Solvency
-13.8%▼
2024 · -5.6%
Current ratio
0.20▼
2024 · 0.35
Debt to equity
-8.24▲
2024 · -18.88
ROA
-6.6%▲
2024 · -7.8%
Interest coverage
0.23▲
2024 · 0.11
Debt
€2.36M▼
2024 · €2.82M
Debt ≤ 1 year
€2.36M▼
2024 · €2.82M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 33 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.67M€2.07M▼
Fixed assets21/28€1.69M€1.60M▼
Tangible fixed assets22/27€1.69M€1.60M▼
Land and buildings22€1.69M€1.60M▼
Financial fixed assets28€2k€2k=
Current assets29/58€982k€470k▼
Amounts receivable within one year40/41€893k€405k▼
Other amounts receivable41€893k€405k▼
Cash at bank and in hand54/58€89k€65k▼
Equity and liabilities
Total equity and liabilities10/49€2.67M€2.07M▼
Equity10/15€-150k€-286k▼
Contributions10/11€360k€360k=
Reserves13€12k€12k=
Distributable reserves133€12k€12k=
Profit (loss) carried forward14€-522k€-658k▼
Amounts payable17/49€2.82M€2.36M▼
Amounts payable within one year42/48€2.82M€2.36M▼
Trade debts44€788€681▼
Suppliers440/4€788€681▼
Other amounts payable47/48€2.82M€2.36M▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€91k€91k=
Other operating charges640/8€8k€8k▼
Gross operating margin9900€25k€26k▲
Operating profit (loss)9901€-74k€-73k▲
Financial income75/76B€13k€12k▼
Recurring financial income75€13k€12k▼
Financial charges65/66B€149k€76k▼
Recurring financial charges65€149k€76k▼
Profit (loss) for the period before taxes9903€-209k€-136k▲
Profit (loss) for the period9904€-209k€-136k▲
Profit (loss) for the period to be appropriated9905€-209k€-136k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-522k€-658k▼
Profit (loss) brought forward from the previous period14P€-313k€-522k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €89k | €92k | €91k | €91k | €91k | = |
| Other operating charges640/8 | €7k | €8k | €8k | €8k | €8k | ▼ 0.1% |
| Gross operating margin9900 | €13k | €18k | €27k | €25k | €26k | ▲ 4.4% |
| Operating profit (loss)9901 | €-83k | €-81k | €-71k | €-74k | €-73k | ▲ 1.5% |
| Financial income75/76B | €17k | €17k | €17k | €13k | €12k | ▼ 9.7% |
| Recurring financial income75 | €17k | €17k | €17k | €13k | €12k | ▼ 9.7% |
| Financial charges65/66B | €125 | €328 | €170 | €149k | €76k | ▼ 49.1% |
| Recurring financial charges65 | €125 | €328 | €170 | €149k | €76k | ▼ 49.1% |
| Profit (loss) for the period before taxes9903 | €-67k | €-64k | €-55k | €-209k | €-136k | ▲ 34.8% |
| Profit (loss) for the period9904 | €-67k | €-64k | €-55k | €-209k | €-136k | ▲ 34.8% |
| Profit (loss) for the period to be appropriated9905 | €-67k | €-64k | €-55k | €-209k | €-136k | ▲ 34.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.19M | €3.12M | €3.28M | €2.67M | €2.07M | ▼ 22.5% |
| Fixed assets21/28 | €1.94M | €1.87M | €1.78M | €1.69M | €1.60M | ▼ 5.4% |
| Tangible fixed assets22/27 | €1.94M | €1.87M | €1.78M | €1.69M | €1.60M | ▼ 5.4% |
| Land and buildings22 | €1.94M | €1.87M | €1.78M | €1.69M | €1.60M | ▼ 5.4% |
| Financial fixed assets28 | €2k | €2k | €2k | €2k | €2k | = |
| Current assets29/58 | €1.25M | €1.24M | €1.49M | €982k | €470k | ▼ 52.2% |
| Amounts receivable within one year40/41 | €1.12M | €1.17M | €880k | €893k | €405k | ▼ 54.7% |
| Trade receivables40 | €2k | - | - | - | - | - |
| Other amounts receivable41 | €1.12M | €1.17M | €880k | €893k | €405k | ▼ 54.7% |
| Cash at bank and in hand54/58 | €134k | €74k | €615k | €89k | €65k | ▼ 27.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.19M | €3.12M | €3.28M | €2.67M | €2.07M | ▼ 22.5% |
| Equity10/15 | €3.18M | €3.11M | €60k | €-150k | €-286k | ▼ 91.3% |
| Contributions10/11 | €3.36M | €3.36M | €360k | €360k | €360k | = |
| Reserves13 | €12k | €12k | €12k | €12k | €12k | = |
| Non-distributable reserves130/1 | €12k | - | - | - | - | - |
| Reserves not available under the articles1311 | €12k | - | - | - | - | - |
| Distributable reserves133 | - | €12k | €12k | €12k | €12k | = |
| Profit (loss) carried forward14 | €-194k | €-258k | €-313k | €-522k | €-658k | ▼ 26.1% |
| Amounts payable17/49 | €12k | €2k | €3.22M | €2.82M | €2.36M | ▼ 16.5% |
| Amounts payable within one year42/48 | €12k | €2k | €3.22M | €2.82M | €2.36M | ▼ 16.5% |
| Trade debts44 | €3k | €2k | €973 | €788 | €681 | ▼ 13.5% |
| Suppliers440/4 | €3k | €2k | €973 | €788 | €681 | ▼ 13.5% |
| Taxes, remuneration and social security45 | €3k | - | - | - | - | - |
| Taxes450/3 | €3k | - | - | - | - | - |
| Other amounts payable47/48 | €6k | - | €3.22M | €2.82M | €2.36M | ▼ 16.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-67k | €-64k | €-55k | €-209k | €-136k | ▲ 34.8% |
| + Depreciation and write-downs630 | €89k | €92k | €91k | €91k | €91k | = |
| Operating cash flow (approximation) | €22k | €27k | €36k | €-119k | €-46k | ▲ 61.3% |
| Investment in fixed assets (approximation) | - | €-27k | €0 | €0 | €0 | - |
| Change in cash | - | €-60k | €542k | €-526k | €-24k | ▲ 95.4% |
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
15-09
State Gazette act
Resignation: Thierry David (director)Appointment: Igor Iweins d'Eeckhoutte (director) · Director discharge4 facts ▸
State Gazette act
Resignation: Thierry David (director)
Appointment: Igor Iweins d'Eeckhoutte (director) · Director discharge4 facts ▸
- General meeting, 15-07-2026
- Director resignation, Thierry David (director)
- Director discharge, Thierry David
- Director appointment, Igor Iweins d'Eeckhoutte (director)
07-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
02-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €-209k
Net result drops to €-209k, the lowest in the series; recovery starts the following year.
21-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
09-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity times 5current ratio 530.60
Current ratio from 100.38 to 530.60; short-term debt falls from €12k to €2k.
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
31-12
Financial
Liquidity triplescurrent ratio 100.38
Current ratio from 33.71 to 100.38; short-term debt falls from €38k to €12k.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 24 days late
2020
31-12
Financial
Back to profitnet €1.04M
Net result €1.04M after 2 loss-making years.
31-12
Financial
Liquidity times 22current ratio 33.71
Current ratio from 1.54 to 33.71.
Show earlier events
03-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 95 days late
2019
19-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 19 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 28 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Igor IWEINS D'EECKHOUTTE
CurrentDirector · since 15-07-2026
15-07-2026
Igor IWEINS D'EECKHOUTTE: Appointed as Director
15-07-2026
Thierry David: Resigned as Director
Not every act has been read: a resignation may be missing here
5 of this company's 6 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 1990
Ground area
2,208 m²
Building footprint
3,622 m²
Volume, LiDAR
77,667 m³
Parcel 21804D1152/00R000, Brussels · tallest building 32.7 m, ±7 floors. Linked by address, not a title deed.
15
companies at this address
See who is registered here
1 establishment unit
XL
since 19902.050.429.847
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21804D1152/00R000 | Brussels | 2,208 m² | 1 · 3,622 m² | 32.7 m · 7 fl. |
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.
Structure & network
Connections & network
1 connected companyLinked via shared directors
via Igor IWEINS D'EECKHOUTTE · Director
→
Identification & contact
Identification
Legal formPrivate limited company
Founded10-04-1990
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.