XL Project
Annual accounts 2025
micro format, filed on 29-08-2026, 29 days lateTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €550,000. Estimated: probably between €370,000 and €850,000.
Balance sheet
balance sheet total €4.5m on 31-12-2025in euro
in euro
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
4.5m | 4.6m | 4.8m | 4.9m | 5.1m | 5.2m | 5.2m | 2.8m | 2.1m | 1.8m | |
21/28 |
4.4m | 4.5m | 4.6m | 4.7m | 4.9m | 5.0m | 5.1m | 2.6m | - | - | |
22/27 |
4.4m | 4.5m | 4.6m | 4.7m | 4.9m | 5.0m | 5.1m | 2.6m | - | - | |
22 |
4.4m | 4.5m | 4.6m | 4.7m | 4.9m | 5.0m | 5.1m | - | - | - | |
24 |
237 | 521 | 806 | 1,090 | 1,374 | - | - | - | - | - | |
27 |
- | - | - | - | - | - | - | 2.6m | - | - | |
29/58 |
80,291 | 71,252 | 112,966 | 164,953 | 192,957 | 172,652 | 128,801 | 165,002 | 2.1m | 1.8m | |
3 |
- | - | - | - | - | - | - | - | 1.8m | 1.7m | |
30/36 |
- | - | - | - | - | - | - | - | 1.8m | 1.7m | |
40/41 |
14,252 | 18,360 | 31,916 | 44,755 | 21,509 | 11,379 | 30,273 | 2,135 | 624 | 4,270 | |
40 |
12,786 | 18,360 | 31,916 | 42,542 | 21,509 | 11,379 | 30,273 | - | - | - | |
41 |
1,466 | - | 0 | 2,213 | - | - | - | 2,135 | 624 | 4,270 | |
54/58 |
61,038 | 47,327 | 74,285 | 110,378 | 170,151 | 160,001 | 97,015 | 162,867 | 312,645 | 57,835 | |
490/1 |
5,000 | 5,564 | 6,765 | 9,820 | 1,297 | 1,272 | 1,514 | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
4.5m | 4.6m | 4.8m | 4.9m | 5.1m | 5.2m | 5.2m | 2.8m | 2.1m | 1.8m | |
10/15 |
-111,501 | -143,531 | -146,162 | -120,246 | -65,066 | -55,299 | 27,544 | 77,688 | 126,605 | 173,738 | |
10/11 |
200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | |
10 |
- | - | - | - | 200,000 | - | - | - | - | - | |
100 |
- | - | - | - | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | |
14 |
-311,501 | -343,531 | -346,162 | -320,246 | -265,066 | -255,299 | -172,456 | -122,312 | -73,395 | -26,262 | |
17/49 |
4.6m | 4.7m | 4.9m | 5.0m | 5.1m | 5.2m | 5.2m | 2.7m | 2.0m | 1.6m | |
17 |
2.6m | 2.7m | 2.9m | 3.0m | 312,800 | 297,750 | 293,100 | 290,000 | 290,000 | 1.3m | |
170/4 |
2.3m | 2.4m | 2.6m | 2.7m | 290,000 | 290,000 | - | - | - | 966,990 | |
176 |
- | - | - | - | - | - | 290,000 | 290,000 | 290,000 | 290,000 | |
178/9 |
309,933 | 313,014 | 299,204 | 308,234 | 22,800 | 7,750 | 3,100 | - | - | - | |
42/48 |
2.0m | 2.0m | 2.0m | 2.0m | 4.8m | 4.9m | 4.9m | 2.4m | 1.7m | 327,969 | |
42 |
147,809 | 144,648 | 141,564 | 138,527 | 3.0m | 3.1m | 2.8m | - | - | - | |
43 |
- | - | 0 | - | - | - | - | 759,285 | - | - | |
430/8 |
- | - | 0 | - | - | - | - | 759,285 | - | - | |
44 |
60,009 | 56,436 | 85,384 | 76,837 | 29,034 | 761 | 298,994 | 1,267 | 370 | 12,808 | |
440/4 |
60,009 | 56,436 | 85,384 | 76,837 | 29,034 | 761 | 298,994 | 1,267 | 370 | 12,808 | |
47/48 |
1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.7m | 1.7m | 315,162 | |
492/3 |
- | 0 | 5,263 | 3,113 | - | - | - | - | - | - | |
| Income statement | |||||||||||
76A |
- | - | - | 0 | - | - | - | - | - | - | |
9900 |
218,995 | 190,168 | 172,064 | 134,303 | 178,794 | 200,747 | 58,302 | - | -5,086 | -22,260 | |
630 |
122,452 | 122,195 | 121,476 | 120,843 | 121,131 | 120,787 | 30,445 | - | - | - | |
631/4 |
- | - | 0 | 820 | - | - | - | - | - | - | |
640/8 |
10,080 | 6,832 | 15,836 | 3,988 | 1,096 | 1,271 | 6,962 | 990 | 3,540 | 1,170 | |
66A |
- | - | - | - | - | 94,054 | 2,135 | - | - | - | |
9901 |
86,464 | 61,141 | 34,753 | 8,652 | 56,567 | -15,366 | 18,760 | -990 | -8,626 | -23,430 | |
75/76B |
10 | - | - | - | - | - | - | - | 1 | 24 | |
75 |
10 | - | - | - | - | - | - | - | 1 | 24 | |
65/66B |
54,443 | 58,510 | 60,668 | 63,833 | 66,333 | 70,785 | 68,904 | 47,928 | 38,507 | 2,849 | |
65 |
54,443 | 58,510 | 60,668 | 63,833 | 66,333 | 70,785 | 68,904 | 47,928 | 38,507 | 2,849 | |
9903 |
32,031 | 2,631 | -25,916 | -55,181 | -9,766 | -86,151 | -50,144 | -48,918 | -47,133 | -26,256 | |
67/77 |
- | - | - | - | - | -3,308 | - | - | - | 6 | |
9904 |
32,031 | 2,631 | -25,916 | -55,181 | -9,766 | -82,843 | -50,144 | -48,918 | -47,133 | -26,262 | |
9905 |
32,031 | 2,631 | -25,916 | -55,181 | -9,766 | -82,843 | -50,144 | -48,918 | -47,133 | -26,262 | |
| Appropriation of the result | |||||||||||
9906 |
-311,501 | -343,531 | -346,162 | -320,246 | -265,066 | -255,299 | -172,456 | -122,312 | -73,395 | -26,262 | |
14P |
-343,531 | -346,162 | -320,246 | -265,066 | -255,299 | - | - | - | - | - | |
| Document | |||||||||||
The notes to these accounts have 18 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 29-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 29 days after the deadline. Filed on 29 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00450198.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-08-2026 | 2026-00450198 | |
| 31-12-2024 | micro format | 11-09-2025 | 2025-00488857 | |
| 31-12-2023 | micro format | 26-05-2025 | 2025-00110854 | |
| 31-12-2022 | micro format | 19-12-2023 | 2023-00534476 | |
| 31-12-2021 | micro format | 15-11-2022 | 2022-20519842 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-51900594 | |
| 31-12-2019 | micro format | 25-08-2020 | 2020-45900041 | |
| 31-12-2018 | micro format | 25-05-2020 | 2020-13100195 | |
| 31-12-2017 | full format | 15-05-2019 | 2019-13400149 | |
| 31-12-2016 | full format | 28-08-2017 | 2017-49700010 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 208,916 | 183,336 | 156,228 | 129,495 | 177,697 | 105,421 | 49,205 | - | - | - | ||
| 154,483 | 124,826 | 95,560 | 65,662 | 111,365 | 37,944 | -19,699 | - | - | - | ||
| 1,277 | 4,585 | 10,687 | 4,452 | 1,718 | 0 | 2.5m | 2.6m | - | - | ||
| 13,711 | -26,957 | -36,093 | -59,773 | 10,150 | 62,986 | -65,852 | -149,778 | 254,811 | - | ||
| -1.9m | -1.9m | -1.9m | -1.9m | -4.6m | -4.7m | -4.8m | -2.3m | 416,605 | 1.4m | ||
| -2.5% | -3.1% | -3.1% | -2.4% | -1.3% | -1.1% | 0.5% | 2.8% | 6.1% | 9.9% | ||
| 0.04 | 0.04 | 0.06 | 0.08 | 0.04 | 0.04 | 0.03 | 0.07 | 1.25 | 5.36 | ||
| 0.04 | 0.04 | 0.06 | 0.08 | 0.04 | 0.04 | 0.03 | 0.07 | 0.19 | 0.19 | ||
| - | - | - | - | - | - | - | 34.92 | 15.42 | 9.12 | ||
| - | - | - | - | - | - | -182.1% | -63.0% | -37.2% | -15.1% | ||
| 0.7% | 0.1% | -0.5% | -1.1% | -0.2% | -1.6% | -1.0% | -1.8% | -2.3% | -1.5% | ||
| 3.84 | 3.13 | 2.58 | 2.03 | 2.68 | - | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 | - |
| €3.0m | €3.0m | €3.0m | €3.0m | - | |
| Carrying value of the mortgaged assets | €4.7m | €4.7m | €4.7m | €4.7m | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,277 | €4,585 | €10,687 | €4,452 | €1,718 |
| Financial fixed assets | €0 | - | - | - | - |
| €122,452 | €122,195 | €121,476 | €120,843 | €121,131 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on XL Project
The operating result for 2025 is 41% higher than in 2024 and the highest since 2016. It is the third rise in a row, after the fall in 2022.
Equity is negative. Debt (€4.6m) exceeds the balance-sheet total (€4.5m).