XPLAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 11 filings
Turnover
≈ €200,000
Estimated: probably between €160,000 and €280,000
Total assets
€196,519▲ 36.6%
2024 · €143,881
Net result
€32,246▲ 176%
2024 · €11,677
Working capital
€81,968▲ 57.7%
2024 · €51,975
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€46,351
▲ 132%
2025
20192025
Net result
€32,246
▲ 176%
2025
middle half of the sector
20192025
Equity
€132,011
▲ 32.3%
2025
middle half of the sector
20192025
Total assets
€196,519
▲ 36.6%
2025
middle half of the sector
20192025
Debt
€64,508
▲ 46.2%
2025
20192025
Working capital
€81,968
▲ 57.7%
2025
middle half of the sector
20192025
Solvency
67.2%
▼ 2.2pp
2025
middle half of the sector
20192025
Current ratio
3.29
▲ 1.02
2025
middle half of the sector
20192025
Return on assets (ROA)
16.4%
▲ 8.3pp
2025
middle half of the sector
20192025
Staff (FTE)
1
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€14,352-€6,184▼ 56.9%€24,594▲ 298%€32,620▲ 32.6%€8,433▼ 74.1%€20,020▲ 137%€46,351▲ 132%
Net result€9,309-€3,340within the sector's middle half▼ 64.1%€17,377within the sector's middle half▲ 420%€22,496within the sector's middle half▲ 29.5%€3,086within the sector's middle half▼ 86.3%€11,677within the sector's middle half▲ 278%€32,246within the sector's middle half▲ 176%
Equity€64,051-€67,391within the sector's middle half▲ 5.2%€84,768within the sector's middle half▲ 25.8%€85,002within the sector's middle half▲ 0.3%€88,088within the sector's middle half▲ 3.6%€99,765within the sector's middle half▲ 13.3%€132,011within the sector's middle half▲ 32.3%
Total assets€110,105-€98,750within the sector's middle half▼ 10.3%€121,424within the sector's middle half▲ 23.0%€136,211within the sector's middle half▲ 12.2%€136,461within the sector's middle half▲ 0.2%€143,881within the sector's middle half▲ 5.4%€196,519within the sector's middle half▲ 36.6%
Debt€46,054-€31,359▼ 31.9%€36,657▲ 16.9%€51,208▲ 39.7%€48,373▼ 5.5%€44,116▼ 8.8%€64,508▲ 46.2%
Working capital€34,669-€29,774within the sector's middle half▼ 14.1%€27,621within the sector's middle half▼ 7.2%€17,527within the sector's middle half▼ 36.5%€35,054within the sector's middle half▲ 100%€51,975within the sector's middle half▲ 48.3%€81,968within the sector's middle half▲ 57.7%
Solvency58.2%-68.2%within the sector's middle half▲ 10.1pp69.8%within the sector's middle half▲ 1.6pp62.4%within the sector's middle half▼ 7.4pp64.6%within the sector's middle half▲ 2.1pp69.3%within the sector's middle half▲ 4.8pp67.2%within the sector's middle half▼ 2.2pp
Current ratio2.46-2.86within the sector's middle half▲ 0.401.97within the sector's middle half▼ 0.891.46within the sector's middle half▼ 0.511.87within the sector's middle half▲ 0.412.27within the sector's middle half▲ 0.403.29within the sector's middle half▲ 1.02
Return on assets (ROA)8.5%-3.4%within the sector's middle half▼ 5.1pp14.3%within the sector's middle half▲ 10.9pp16.5%within the sector's middle half▲ 2.2pp2.3%within the sector's middle half▼ 14.3pp8.1%within the sector's middle half▲ 5.9pp16.4%within the sector's middle half▲ 8.3pp
Staff (FTE)11=1=
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 132% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €196,519
Fixed assets
€78,758 ▲ 54.5%
Current assets
€117,761 ▲ 26.7%
Equity and liabilities €196,519
Equity
€132,011 ▲ 32.3%
Debt
€64,508 ▲ 46.2%
Debt's share of the balance-sheet total rises from 30.7% to 32.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€61,752▲
2024 · €37,622
Cash flow
€47,647▲
2024 · €29,279
Debt to equity
0.49▲
2024 · 0.44
ROE
24.4%▲
2024 · 11.7%
Interest coverage
48.97▲
2024 · 39.45
Debt ≤ 1 year
€35,793▼
2024 · €40,942
Debt > 1 year
€28,715▲
2024 · €3,174
Income taxes
€12,844▲
2024 · €7,389
Staff costs
€31,619▼
2024 · €32,216
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 |
| Training hours | 20 | 20 | 20 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €37,033 | €6,170 | €7,255 | €45,122 |
| Depreciation and write-downs of the year | €21,783 | €25,584 | €17,602 | €15,401 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €493 awarded · €493 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €128 | €128 |
| 2023 | 1 | €365 | €365 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €15,883 | - |
| Remuneration, social security and pensions62 | - | - | - | €6,368 | €33,613 | €32,216 | €31,619 | ▼ 1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,014 | €17,905 | €16,601 | €21,783 | €25,584 | €17,602 | €15,401 | ▼ 12.5% |
| Other operating charges640/8 | - | - | - | €1,786 | €534 | €1,108 | €1,824 | ▲ 64.7% |
| Gross operating margin9900 | €33,665 | €26,573 | €42,900 | €62,557 | €68,164 | €70,945 | €95,195 | ▲ 34.2% |
| Operating profit (loss)9901 | €14,352 | €6,184 | €24,594 | €32,620 | €8,433 | €20,020 | €46,351 | ▲ 132% |
| Financial income75/76B | - | - | - | - | €0 | - | - | - |
| Recurring financial income75 | - | €67 | €0 | - | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €456 | €320 | €954 | €1,261 | ▲ 32.2% |
| Recurring financial charges65 | €229 | €488 | €592 | €456 | €320 | €954 | €1,261 | ▲ 32.2% |
| Profit (loss) for the period before taxes9903 | €14,123 | €5,763 | €24,001 | €32,164 | €8,113 | €19,066 | €45,090 | ▲ 136% |
| Income taxes67/77 | €4,815 | €2,423 | €6,624 | €9,669 | €5,028 | €7,389 | €12,844 | ▲ 73.8% |
| Profit (loss) for the period9904 | €9,309 | €3,340 | €17,377 | €22,496 | €3,086 | €11,677 | €32,246 | ▲ 176% |
| Profit (loss) for the period to be appropriated9905 | €9,309 | €3,340 | €17,377 | €22,496 | €3,086 | €11,677 | €32,246 | ▲ 176% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €110,105 | €98,750 | €121,424 | €136,211 | €136,461 | €143,881 | €196,519 | ▲ 36.6% |
| Fixed assets21/28 | €51,740 | €53,007 | €65,474 | €80,725 | €61,311 | €50,964 | €78,758 | ▲ 54.5% |
| Tangible fixed assets22/27 | €51,740 | €53,007 | €65,474 | €80,725 | €61,311 | €50,964 | €78,758 | ▲ 54.5% |
| Plant, machinery and equipment23 | - | - | - | €8,506 | €10,546 | €12,872 | €11,569 | ▼ 10.1% |
| Furniture and vehicles24 | - | - | - | €10,037 | €5,471 | €2,883 | €1,824 | ▼ 36.7% |
| Leasing and similar rights25 | - | - | - | €29,326 | €18,232 | €12,984 | €47,468 | ▲ 266% |
| Other tangible fixed assets26 | - | - | - | €32,856 | €27,062 | €22,225 | €17,897 | ▼ 19.5% |
| Current assets29/58 | €58,366 | €45,743 | €55,950 | €55,486 | €75,150 | €92,917 | €117,761 | ▲ 26.7% |
| Amounts receivable within one year40/41 | €481 | €10,565 | €14,624 | €30,622 | €21,101 | €27,176 | €23,705 | ▼ 12.8% |
| Trade receivables40 | - | - | - | €30,137 | €18,150 | €15,000 | €19,079 | ▲ 27.2% |
| Other amounts receivable41 | - | - | - | €484 | €2,951 | €12,176 | €4,627 | ▼ 62.0% |
| Cash at bank and in hand54/58 | €55,632 | €32,871 | €40,049 | €22,126 | €51,309 | €65,741 | €92,560 | ▲ 40.8% |
| Deferred charges and accrued income490/1 | - | - | - | €2,739 | €2,739 | - | €1,496 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €110,105 | €98,750 | €121,424 | €136,211 | €136,461 | €143,881 | €196,519 | ▲ 36.6% |
| Equity10/15 | €64,051 | €67,391 | €84,768 | €85,002 | €88,088 | €99,765 | €132,011 | ▲ 32.3% |
| Contributions10/11 | €6,200 | €0 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €57,851 | €61,191 | €78,568 | €78,802 | €81,888 | €93,565 | €125,811 | ▲ 34.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €76,942 | €80,028 | €93,565 | €125,811 | ▲ 34.5% |
| Amounts payable17/49 | €46,054 | €31,359 | €36,657 | €51,208 | €48,373 | €44,116 | €64,508 | ▲ 46.2% |
| Amounts payable after more than one year17 | €22,358 | €15,390 | €8,328 | €13,249 | €8,237 | €3,174 | €28,715 | ▲ 805% |
| Financial debts170/4 | - | - | - | €13,249 | €8,237 | €3,174 | €28,715 | ▲ 805% |
| Amounts payable within one year42/48 | €23,696 | €15,969 | €28,329 | €37,959 | €40,096 | €40,942 | €35,793 | ▼ 12.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,697 | €5,012 | €5,063 | €9,030 | ▲ 78.4% |
| Trade debts44 | €1,836 | €4,300 | €4,599 | €2,953 | €8,308 | €7,043 | €4,720 | ▼ 33.0% |
| Suppliers440/4 | - | - | - | €2,953 | €8,308 | €7,043 | €4,720 | ▼ 33.0% |
| Taxes, remuneration and social security45 | - | - | - | €18,478 | €21,900 | €21,304 | €22,044 | ▲ 3.5% |
| Taxes450/3 | - | - | - | €18,442 | €17,431 | €17,676 | €18,208 | ▲ 3.0% |
| Remuneration and social security454/9 | - | - | - | €36 | €4,469 | €3,628 | €3,835 | ▲ 5.7% |
| Other amounts payable47/48 | - | - | - | €3,831 | €4,876 | €7,532 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | €40 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,309 | €3,340 | €17,377 | €22,496 | €3,086 | €11,677 | €32,246 | ▲ 176% |
| + Depreciation and write-downs630 | €19,014 | €17,905 | €16,601 | €21,783 | €25,584 | €17,602 | €15,401 | ▼ 12.5% |
| Operating cash flow (approximation) | €28,323 | €21,245 | €33,978 | €44,278 | €28,669 | €29,279 | €47,647 | ▲ 62.7% |
| Investment in fixed assets (approximation) | - | -€19,173 | -€29,069 | -€37,033 | -€6,170 | -€7,255 | -€43,196 | ▼ 495% |
| Change in cash | - | -€22,761 | €7,177 | -€17,923 | €29,184 | €14,432 | €26,819 | ▲ 85.8% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as XPLAN has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of XPLAN itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 34,693 companies, not a prediction for XPLAN. 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.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00021457 | |
| 30-06-2024 | micro format | 04-02-2025 | 2025-00026297 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00015380 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00008579 | |
| 30-06-2021 | micro format | 01-02-2022 | 2022-04200028 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-02900561 | |
| 30-06-2019 | micro format | 27-12-2019 | 2019-77600245 | |
| 30-06-2018 | micro format | 21-12-2018 | 2018-75300487 | |
| 30-06-2017 | micro format | 25-01-2018 | 2018-02300575 | |
| 30-06-2016 | abbreviated format | 30-01-2017 | 2017-02400368 |