Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The micro format states no turnover.
Of this, €2.0m falls due within a year.
Green is investment, beige is depreciation.
The 2018 accounts came latest: 299 days after the end of the period.
Negative equity caps the score at 59.
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, small). It does better than 8% of them on solvency, 19% on liquidity, 56% on profitability and 85% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 522 companies had the same profile as XL Project has now. Each dot stands for 2 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of XL Project itself is lower: 0.7% within 12 months. It rests on far more data about XL Project than the profile alone.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 522 companies, not a prediction for XL Project. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is insufficient, with a current ratio of 0.04 (0.04 in 2024), below 1. Short-term debt is 45.1% and cash 1.4% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 95 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
XL Project files the micro format. That format states no turnover. The gross margin rose from -€22,260 in 2016 to €218,995 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover 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.
| 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.
2025 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 |
| 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.
| 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)
| 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)
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).
XL Project has no parent and no holdings in its annual accounts. XL Project shares no director with another company.
| MOET HENNESSY BELUX
registered office since 05-08-1994 · founded in 1994 |
25 FTE (2025) 0453.126.590 |
| Guy Pariente Holding
establishment since 03-11-2000 · founded in 2000 |
turnover €5.2m (2025) 0472.709.308 |
| HG Investment Group
registered office since 01-10-2026 · founded in 2022 |
total assets €9.3m (2025) 0794.502.353 |
| GILLION ASSET MANAGEMENT
registered office since 10-05-2002 · founded in 2002 |
2 FTE (2025) 0477.535.948 |
| GILLION CROWET ESTATE ALLIANCE
registered office since 03-10-2024 · founded in 2024 |
2.2 FTE (2025) 1014.593.373 |
| GGRE
registered office since 18-12-2023 · founded in 2023 |
total assets €4.8m (2025) 1003.515.181 |
| PARFIP LEASE
establishment since 02-11-2000 · founded in 2000 |
2 FTE (2025) 0472.729.302 |
| Brown-Forman Belgium
registered office since 18-03-2021 · founded in 2021 |
21 FTE (2025) 0765.363.751 |
| SpaceX
registered office since 28-12-2021 · founded in 2021 |
total assets €3.2m (2025) 0779.823.778 |
| R-Investment
registered office since 30-06-2018 · founded in 1996 |
total assets €2.7m (2025) 0458.676.871 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Louizalaan 283 registered office 1050 Ixelles | ||
| Sint-Denijsstraat 132 1190 Forest 68110 Buying and selling of own real estate | 20-02-2015 | 2.240.857.673 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21382C0030/00W000 | 3,484 m² | 1 · 2,751 m² | 18.3 m · 3 |
| 21807G0172/00G000 | 3,384 m² | 1 · 2,779 m² | 31.7 m · 8 |
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