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XL Project

Active Private limited company (pre-2019)founded 2015active for 11 yearsLouizalaan 283, 1050 IxellesKBO/BCE: BE 0598.826.629

Overview

Lifetime

10 annual accounts with figures on one time axis
peak €218,995 (2025)
€218,995▲ 15.2%
lowest -€82,843 (2020)
€32,031▲ 12×
peak €173,738 (2016)
-€111,501▲ €32,031
€4.6m▼ 3.0%
Board2 names since 2017
2 directorsde Mérode Amaury and 1 other
Documentsfilings and deeds
29-08-202629 days late
2025micro format
Gross margin from €190,168 to €218,995Result from €2,631 to €32,031Registered office moved within Brussels 18-04Equity from -€143,531 to -€111,501

Key points

from the 2025 annual accounts

Equity

-€111,501
202020212022202320242025

Debts exceed assets in financial year 2025.

Turnover

≈ €550,000 estimated

The micro format states no turnover.

Debts

€4.6m 102% of the balance sheet
Financial debts 49%Suppliers 1%Other 49%

Of this, €2.0m falls due within a year.

Investments

€1,277 0.0 × depreciation
20212022202320242025

Green is investment, beige is depreciation.

Filings

10 annual accounts 10 late
AprilJune31 JulyOctober20202025

The 2018 accounts came latest: 299 days after the end of the period.

Checked score

55
Fair
Financially stronger than 42% of small companies without a NACE code
Probability in this band: 1.5% to 4.2%

Negative equity caps the score at 59.

Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%

About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 2.2% 01-2025: 3.4%▲ +1.2 percentage points vs 12-2024 02-2025: 3.5%▲ +0.1 percentage points vs 01-2025 03-2025: 3.5%● unchanged vs 02-2025 04-2025: 3.3%▼ -0.2 percentage points vs 03-2025 05-2025: 6.5%▲ +3.2 percentage points vs 04-2025highest value 06-2025: 3.3%▼ -3.2 percentage points vs 05-2025 07-2025: 3.5%▲ +0.2 percentage points vs 06-2025 08-2025: 3.6%▲ +0.1 percentage points vs 07-2025 09-2025: 4.5%▲ +0.9 percentage points vs 08-2025 10-2025: 0.9%▼ -3.6 percentage points vs 09-2025 11-2025: 1.0%▲ +0.1 percentage points vs 10-2025 12-2025: 1.0%● unchanged vs 11-2025 01-2026: 1.0%● unchanged vs 12-2025 02-2026: 1.0%● unchanged vs 01-2026 03-2026: 0.9%▼ -0.1 percentage points vs 02-2026 04-2026: 1.0%▲ +0.1 percentage points vs 03-2026 05-2026: 1.2%▲ +0.2 percentage points vs 04-2026 06-2026: 1.5%▲ +0.3 percentage points vs 05-2026 07-2026: 1.7%▲ +0.2 percentage points vs 06-2026 08-2026: 2.0%▲ +0.3 percentage points vs 07-2026 09-2026: 0.6%▼ -1.4 percentage points vs 08-2026lowest value 10-2026: 0.7%▲ +0.1 percentage points vs 09-2026 11-2026: 0.7%● unchanged vs 10-2026

Financial strength
Weak

23+1equity -2.5% of total assets
30=short-term debt 45.1% · cash 1.4%
52+7return on assets 0.7%

Score breakdown

raises risk
Capped at 59: negative equity
1 change of registered office in 24 months
Negative equity -€111,501
lowers risk
Size: total assets €4.5m
Figures for financial year 2025 (filed on 29-08-2026)
Calculation

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).

Comparable companies, two years later

In July 2024, 522 companies had the same profile as XL Project has now. Each dot stands for 2 companies, two years later.

93.7%
were still trading
1.7%
stopped another way
3.8%
went bankrupt
  • Small
  • 10 to 20 years old
  • negative equity
  • a profit under 5% of the balance sheet

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.

Test of the method

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.

The companies in ten equal groups, from the lowest to the highest expected share
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.

Credit verdict

No credit on open account

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.

Credit check for an amount and term of your choice

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.

Signals

Five signals.
lowers riskraises risk
lowers risk · Size: total assets €4.5m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
raises risk · 1 change of registered office in 24 months
Belgian Official Gazette
lowers risk · Figures for financial year 2025 (filed on 29-08-2026)
NBB · annual accounts
raises risk · Negative equity -€111,501
NBB · annual accounts
raises risk · 2025 accounts filed 29 days late
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. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filings
Deviation from the deadline
2025
29 days late
2024
42 days late
2023
299 days late
2022
141 days late
2021
107 days late
2020
20 days late
2019
25 days late
← before the deadline after the deadline →
tick = median of all Belgian filings

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.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 15 November (4 of the last 5 accounts filed within 78 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

DM
de Mérode Amaury
Director
DM
de Mérode Aurèle
Director
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0598826629
Registered office moved within Brussels New registered office: (Ixelles, avenue Louise, 283/21, 1050 Bruxelles · Previous registered office: rue Sain-Denis 132, 1190 Bruxelles · Gazette deed
Incorporation published on 24-02-2015 · Gazette deed
First establishment Sint-Denijsstraat 132, Forest
All 17 events

Official details

Source: KBO
Status
Active since 20-02-2015Normal situation
Registered office
70 active companies are registered at this address3 started in the 12 months before. Source: KBO register, as of 9 November 2026.
Activity
No activity registered in the KBO
Establishment unit
2.240.857.6731190 Forest, since 20-02-2015
Financial year end
31 December
Peppol
Reachable since 12-01-2026
Company details

Annual accounts 2025

€218,995▲ 15.2%
€32,031▲ 12×
-€111,501▲ 22.3%
€4.5m▼ 2.4%
Filing
Filed on 29-08-2026
Financials

Insights on XL Project

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.

Financials

Annual accounts 2025

micro format, filed on 29-08-2026, 29 days late
€218,995
▲ 15.2%
€86,464
▲ 41.4%
€32,031
▲ 12×
-€1.9m
▲ €2,305
-2.5%
▲ 0.6 percentage points
0.04
▲ 0.00

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.

Balance sheet

balance sheet total €4.5m on 31-12-2025
What the company ownsHow it is paid for

in euro

in euro

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2025202420232022202120202019201820172016
Balance sheet: assets
20/58 4.5m4.6m4.8m4.9m5.1m5.2m5.2m2.8m2.1m1.8m
21/28 4.4m4.5m4.6m4.7m4.9m5.0m5.1m2.6m--
22/27 4.4m4.5m4.6m4.7m4.9m5.0m5.1m2.6m--
22 4.4m4.5m4.6m4.7m4.9m5.0m5.1m---
24 2375218061,0901,374-----
27 -------2.6m--
29/58 80,29171,252112,966164,953192,957172,652128,801165,0022.1m1.8m
3 --------1.8m1.7m
30/36 --------1.8m1.7m
40/41 14,25218,36031,91644,75521,50911,37930,2732,1356244,270
40 12,78618,36031,91642,54221,50911,37930,273---
41 1,466-02,213---2,1356244,270
54/58 61,03847,32774,285110,378170,151160,00197,015162,867312,64557,835
490/1 5,0005,5646,7659,8201,2971,2721,514---
Balance sheet: equity and liabilities
10/49 4.5m4.6m4.8m4.9m5.1m5.2m5.2m2.8m2.1m1.8m
10/15 -111,501-143,531-146,162-120,246-65,066-55,29927,54477,688126,605173,738
10/11 200,000200,000200,000200,000200,000200,000200,000200,000200,000200,000
10 ----200,000-----
100 ----200,000200,000200,000200,000200,000200,000
14 -311,501-343,531-346,162-320,246-265,066-255,299-172,456-122,312-73,395-26,262
17/49 4.6m4.7m4.9m5.0m5.1m5.2m5.2m2.7m2.0m1.6m
17 2.6m2.7m2.9m3.0m312,800297,750293,100290,000290,0001.3m
170/4 2.3m2.4m2.6m2.7m290,000290,000---966,990
176 ------290,000290,000290,000290,000
178/9 309,933313,014299,204308,23422,8007,7503,100---
42/48 2.0m2.0m2.0m2.0m4.8m4.9m4.9m2.4m1.7m327,969
42 147,809144,648141,564138,5273.0m3.1m2.8m---
43 --0----759,285--
430/8 --0----759,285--
44 60,00956,43685,38476,83729,034761298,9941,26737012,808
440/4 60,00956,43685,38476,83729,034761298,9941,26737012,808
47/48 1.8m1.8m1.8m1.8m1.8m1.8m1.8m1.7m1.7m315,162
492/3 -05,2633,113------
Income statement
76A ---0------
9900 218,995190,168172,064134,303178,794200,74758,302--5,086-22,260
630 122,452122,195121,476120,843121,131120,78730,445---
631/4 --0820------
640/8 10,0806,83215,8363,9881,0961,2716,9629903,5401,170
66A -----94,0542,135---
9901 86,46461,14134,7538,65256,567-15,36618,760-990-8,626-23,430
75/76B 10-------124
75 10-------124
65/66B 54,44358,51060,66863,83366,33370,78568,90447,92838,5072,849
65 54,44358,51060,66863,83366,33370,78568,90447,92838,5072,849
9903 32,0312,631-25,916-55,181-9,766-86,151-50,144-48,918-47,133-26,256
67/77 ------3,308---6
9904 32,0312,631-25,916-55,181-9,766-82,843-50,144-48,918-47,133-26,262
9905 32,0312,631-25,916-55,181-9,766-82,843-50,144-48,918-47,133-26,262
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 PDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

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.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

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 PDF
31-12-2024 micro format 11-09-2025 2025-00488857 PDF
31-12-2023 micro format 26-05-2025 2025-00110854 PDF
31-12-2022 micro format 19-12-2023 2023-00534476 PDF
31-12-2021 micro format 15-11-2022 2022-20519842 PDF
31-12-2020 micro format 20-08-2021 2021-51900594 PDF
31-12-2019 micro format 25-08-2020 2020-45900041 PDF
31-12-2018 micro format 25-05-2020 2020-13100195 PDF
31-12-2017 full format 15-05-2019 2019-13400149 PDF
31-12-2016 full format 28-08-2017 2017-49700010 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2025202420232022202120202019201820172016
208,916183,336156,228129,495177,697105,42149,205---
154,483124,82695,56065,662111,36537,944-19,699---
1,2774,58510,6874,4521,71802.5m2.6m--
13,711-26,957-36,093-59,77310,15062,986-65,852-149,778254,811-
-1.9m-1.9m-1.9m-1.9m-4.6m-4.7m-4.8m-2.3m416,6051.4m
-2.5%-3.1%-3.1%-2.4%-1.3%-1.1%0.5%2.8%6.1%9.9%
0.040.040.060.080.040.040.030.071.255.36
0.040.040.060.080.040.040.030.070.190.19
-------34.9215.429.12
-------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%
3.843.132.582.032.68-----

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
Item20252024202320222021
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
Item20252024202320222021
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).

Board & ownership

Board

2 directors
de Mérode Amaury
Director
listed in the 2025 annual accounts, filed on 29-08-2026
de Mérode Aurèle
Director
listed in the 2025 annual accounts, filed on 29-08-2026

Office holders in the KBO →

Mandates through the years

2 names, the dashed line is today
de Mérode Amaury
Director
de Mérode Aurèle
Director
Board
Mandates as a list
  • de Mérode Amaury
    • Director, from 31-08-2017 to date
  • de Mérode Aurèle
    • Director, from 31-08-2017 to date

See the board, name and registered office on a given date →

Control

Capital

Contribution
€200,000
Source
2025 annual accounts

Network & group

No group

XL Project has no parent and no holdings in its annual accounts. XL Project shares no director with another company.

At the same address

Louizalaan 283, 1050 Brussels · 69 other companies
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
and 59 more

Timeline

Timeline

17 events since 2015

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBmicro format · 29 days late
Registered in the Peppol Directory Reachable for e-invoices through 0208:0598826629
2025
Highest result from 2016 to 2025 net €32,031 ▲1,118% The operating result of €86,464 and the net result of €32,031 are both a record.
Annual accounts 2024 filed PDFmicro format · 42 days late
Annual accounts 2023 filed PDFmicro format · 299 days late
Registered office moved within BrusselsNew registered office: (Ixelles, avenue Louise, 283/21, 1050 Bruxelles · Previous registered office: rue Sain-Denis 132, 1190 Bruxelles1 point ▸
  • Registered-office move, (Ixelles, avenue Louise, 283/21, 1050 Bruxelles

Open the deed in the Belgian Official Gazette

2024
Back to profit net €2,631 The net result is €2,631, after 8 loss-making years.
2023
Annual accounts 2022 filed PDFmicro format · 141 days late
2022
Annual accounts 2021 filed PDFmicro format · 107 days late
2021
Annual accounts 2020 filed PDFmicro format · 20 days late
2020
Weakest financial year net -€82,843 The net result drops to -€82,843, the lowest from 2016 to 2025. It recovers the following year.
Annual accounts 2019 filed PDFmicro format · 25 days late
Annual accounts 2018 filed PDFmicro format · 299 days late
2019
Annual accounts 2017 filed PDFfull format · 288 days late
2017
Annual accounts 2016 filed PDFfull format · 28 days late
2015
Incorporation PDFpublished on 24-02-2015
First establishment Sint-Denijsstraat 132, Forest

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

XL Project was incorporated on 20 February 2015.1 The registered office was moved to Brussels in 2025.2 Total assets rose from €2.8m in 2018 to €4.5m in 2025.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 18-04-2025
  3. 3National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0598.826.629
VAT number
BE 0598.826.629
Peppol ID
0208:0598826629
Legal form
Private limited company (pre-2019)
Status
Active, normal situation
Founded
20-02-2015
Financial year
ends on 31 December
Peppol
Reachable since 12-01-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
XL Project in French
Entity type
Legal entity

Registered office and establishments

1 establishment
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
1 former office
  • 1190 Bruxelles until 31-03-2025 · deed of 18-04-2025

Buildings and parcels at the addresses

Ground area
6,868 m²
Buildings
5,530 m²
Volume, LiDAR
77,950 m³
Tallest building
31.7 m
Buildings to scale, each on its own parcel
2,779 m², 31.7 m 2,751 m², 18.3 m 2,779 m², 31.7 m 2,751 m², 18.3 m

Location

registered office establishment The establishment unit on the map
70 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
21382C0030/00W0003,484 m² 1 · 2,751 m² 18.3 m · 3
21807G0172/00G0003,384 m² 1 · 2,779 m² 31.7 m · 8