XL Project
ActiveSummary
The computed 12-month bankruptcy probability of XL Project is 2.0% (moderate). The 2025 annual accounts show negative equity (€-112k) and a net result of €32k. Equity is shrinking by ~33.2% per year across the filed fiscal years. The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability52▲+7
Solvency23▲+1
Growth58=
Track record100
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.04 against 0.04 in 2024; short-term debt: 45.1% and cash: 1.4% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
-2.5%
Return on assets
0.7%
Age of the figures
9 mo
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 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 · 10 filingsDeviation from the deadline
2025
29 d late
2024
42 d late
2023
299 d late
2022
141 d late
2021
107 d late
2020
20 d late
2019
25 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
History
Financials · fiscal year 2025, micro schema
Equity
€-112k▲ 22.3%
2024 · €-144k
Total assets
€4.48M▼ 2.4%
2024 · €4.59M
Net result
€32k▲ 1,118%
2024 · €3k
Working capital
€-1.94M▲ 0.1%
2024 · €-1.94M
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€57k€9k▼ 84.7%€35k▲ 302%€61k▲ 75.9%€86k▲ 41.4%
Net result€-10k▲ 88.2%€-55k▼ 465%€-26k▲ 53.0%€3k€32k▲ 1,118%
Equity€-65k▼ 17.7%€-120k▼ 84.8%€-146k▼ 21.6%€-144k▲ 1.8%€-112k▲ 22.3%
Total assets€5.06M▼ 1.9%€4.91M▼ 2.9%€4.75M▼ 3.3%€4.59M▼ 3.4%€4.48M▼ 2.4%
Debt€5.12M▼ 1.7%€5.03M▼ 1.7%€4.90M▼ 2.7%€4.74M▼ 3.3%€4.59M▼ 3.0%
Working capital€-4.62M▲ 2.6%€-1.86M▲ 59.7%€-1.93M▼ 3.4%€-1.94M▼ 0.8%€-1.94M▲ 0.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 41% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.48M
Fixed assets
€4.40M ▼ 2.7%
Current assets
€80k ▲ 12.7%
Key figures and ratios
EBITDA
€209k▲
2024 · €183k
Cash flow
€154k▲
2024 · €125k
Solvency
-2.5%▲
2024 · -3.1%
Current ratio
0.04▲
2024 · 0.04
Debt to equity
-41.18▼
2024 · -32.99
ROA
0.7%▲
2024 · 0.1%
Interest coverage
3.84▲
2024 · 3.13
Debt ≤ 1 year
€2.02M▲
2024 · €2.01M
Debt > 1 year
€2.57M▼
2024 · €2.72M
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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €121k | €121k | €121k | €122k | €122k | ▲ 0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €820 | €0 | - | - | - |
| Other operating charges640/8 | €1k | €4k | €16k | €7k | €10k | ▲ 47.5% |
| Gross operating margin9900 | €179k | €134k | €172k | €190k | €219k | ▲ 15.2% |
| Operating profit (loss)9901 | €57k | €9k | €35k | €61k | €86k | ▲ 41.4% |
| Financial income75/76B | - | - | - | - | €10 | - |
| Recurring financial income75 | - | - | - | - | €10 | - |
| Financial charges65/66B | €66k | €64k | €61k | €59k | €54k | ▼ 7.0% |
| Recurring financial charges65 | €66k | €64k | €61k | €59k | €54k | ▼ 7.0% |
| Profit (loss) for the period before taxes9903 | €-10k | €-55k | €-26k | €3k | €32k | ▲ 1,118% |
| Profit (loss) for the period9904 | €-10k | €-55k | €-26k | €3k | €32k | ▲ 1,118% |
| Profit (loss) for the period to be appropriated9905 | €-10k | €-55k | €-26k | €3k | €32k | ▲ 1,118% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.06M | €4.91M | €4.75M | €4.59M | €4.48M | ▼ 2.4% |
| Fixed assets21/28 | €4.87M | €4.75M | €4.64M | €4.52M | €4.40M | ▼ 2.7% |
| Tangible fixed assets22/27 | €4.87M | €4.75M | €4.64M | €4.52M | €4.40M | ▼ 2.7% |
| Land and buildings22 | €4.86M | €4.75M | €4.64M | €4.52M | €4.40M | ▼ 2.7% |
| Furniture and vehicles24 | €1k | €1k | €806 | €521 | €237 | ▼ 54.6% |
| Current assets29/58 | €193k | €165k | €113k | €71k | €80k | ▲ 12.7% |
| Amounts receivable within one year40/41 | €22k | €45k | €32k | €18k | €14k | ▼ 22.4% |
| Trade receivables40 | €22k | €43k | €32k | €18k | €13k | ▼ 30.4% |
| Other amounts receivable41 | - | €2k | €0 | - | €1k | - |
| Cash at bank and in hand54/58 | €170k | €110k | €74k | €47k | €61k | ▲ 29.0% |
| Deferred charges and accrued income490/1 | €1k | €10k | €7k | €6k | €5k | ▼ 10.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.06M | €4.91M | €4.75M | €4.59M | €4.48M | ▼ 2.4% |
| Equity10/15 | €-65k | €-120k | €-146k | €-144k | €-112k | ▲ 22.3% |
| Contributions10/11 | €200k | €200k | €200k | €200k | €200k | = |
| Capital10 | €200k | - | - | - | - | - |
| Issued capital100 | €200k | - | - | - | - | - |
| Profit (loss) carried forward14 | €-265k | €-320k | €-346k | €-344k | €-312k | ▲ 9.3% |
| Amounts payable17/49 | €5.12M | €5.03M | €4.90M | €4.74M | €4.59M | ▼ 3.0% |
| Amounts payable after more than one year17 | €313k | €3.00M | €2.85M | €2.72M | €2.57M | ▼ 5.5% |
| Financial debts170/4 | €290k | €2.70M | €2.55M | €2.41M | €2.26M | ▼ 6.1% |
| Other amounts payable178/9 | €23k | €308k | €299k | €313k | €310k | ▼ 1.0% |
| Amounts payable within one year42/48 | €4.81M | €2.03M | €2.04M | €2.01M | €2.02M | ▲ 0.3% |
| Current portion of amounts payable after more than one year42 | €2.97M | €139k | €142k | €145k | €148k | ▲ 2.2% |
| Financial debts43 | - | - | €0 | - | - | - |
| Credit institutions430/8 | - | - | €0 | - | - | - |
| Trade debts44 | €29k | €77k | €85k | €56k | €60k | ▲ 6.3% |
| Suppliers440/4 | €29k | €77k | €85k | €56k | €60k | ▲ 6.3% |
| Other amounts payable47/48 | €1.81M | €1.81M | €1.81M | €1.81M | €1.81M | = |
| Accrued charges and deferred income492/3 | - | €3k | €5k | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-10k | €-55k | €-26k | €3k | €32k | ▲ 1,118% |
| + Depreciation and write-downs630 | €121k | €121k | €121k | €122k | €122k | ▲ 0.2% |
| Operating cash flow (approximation) | €111k | €66k | €96k | €125k | €154k | ▲ 23.8% |
| Investment in fixed assets (approximation) | - | €-4k | €-11k | €-5k | €-1k | ▲ 72.1% |
| Change in cash | - | €-60k | €-36k | €-27k | €14k | ▲ 151% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
More with these figures Sector benchmark What changed Value indication
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 29 days late
2025
31-12
Financial
Highest result since 2018net €32k ▲1,118%
Operating result €86k, net result €32k, both a record.
11-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 42 days late
26-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 299 days late
2024
31-12
Financial
Back to profitnet €3k
Net result €3k after 6 loss-making years.
2023
19-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 141 days late
2022
15-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 107 days late
2021
20-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 20 days late
2020
31-12
Financial
Weakest financial yearnet €-83k
Net result drops to €-83k, the lowest in the series; recovery starts the following year.
25-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 25 days late
25-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 299 days late
2019
15-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 288 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 28 days late
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, Elsene · 1 establishment unit since 2015
Ground area
6,868 m²
Building footprint
5,530 m²
Volume, LiDAR
77,950 m³
2 parcels, Brussels · tallest building 31.7 m, ±8 floors. Linked by address, not a title deed.
71
companies at this address
See who is registered here
1 establishment unit
XL Project
since 20152.240.857.673
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21382C0030/00W000 | Brussels | 3,484 m² | 1 · 2,751 m² | 18.3 m · 3 fl. |
| 21807G0172/00G000 | Brussels | 3,384 m² | 1 · 2,779 m² | 31.7 m · 8 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded20-02-2015
Fiscal year end31-12
Scores and ratios are computed by Checked and are not a credit decision.