ACTIVE

XAS

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Financial year 2025 · closed on 31/12/2025

Net result

18,1 k €

+29.4% YoY

Gross margin

54,7 k €

+4.4% YoY

Equity

-9,8 k €

+65.0% YoY

What does XAS do?

XAS is a Private limited company incorporated in 2006. Its main activity is: Public relations and communication activities. Its registered office is in La Hulpe.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0879.445.451

Incorporation

09/02/2006

Legal form

Private limited company

Registered office

Avenue Ernest Solvay 68
1310 La Hulpe · WallonieSee on map

Contributed capital

6 200,00 €

Latest accounts

31/12/2025

Activities (NACE)

70210Public relations and communication activities· main 73300Advertising and market research 74141Specialised design activities 64200Activities of holding companies 64210Activities of holding companies 70200Management consultancy activities+3

Signals

ProfitablePositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	54,7 k €	+4.4%	52,4 k €	+22.8%	42,7 k €	-8.4%	46,6 k €	-10.7%	52,1 k €	+45.5%	35,9 k €	+17.2%	30,6 k €	-15.8%	36,3 k €	+6.3%	34,2 k €	-55.5%	76,8 k €	+26.7%	60,6 k €	-23.8%	79,6 k €	-35.2%	122,8 k €	+41.3%	86,9 k €	+101%	43,1 k €	-27.5%	59,5 k €	-31.4%	86,7 k €	+2.6%	84,6 k €	+583%	12,4 k €	-74.0%	47,5 k €
EBITDA	48,2 k €	+4.6%	46,1 k €	+19.6%	38,5 k €	-2.6%	39,6 k €	-10.8%	44,3 k €	+53.1%	29 k €	+17.5%	24,6 k €	-22.2%	31,7 k €	+8.3%	29,3 k €	-59.3%	72 k €	+27.3%	56,5 k €	-11.9%	64,2 k €	-46.0%	118,9 k €	+39.5%	85,2 k €	+152%	-163,8 k €	-383%	57,9 k €	-30.1%	82,9 k €	-0.3%	83,1 k €	+831%	8,9 k €	-80.7%	46,2 k €
Operating result	28,8 k €	+9.4%	26,3 k €	+470%	4,6 k €	-47.6%	8,8 k €	-33.1%	13,2 k €	+2490%	-551,2 €	+88.7%	-4,9 k €	-352%	1,9 k €	+129%	-6,6 k €	-121%	31,8 k €	+105%	15,5 k €	-31.7%	22,7 k €	-75.2%	91,4 k €	+56.7%	58,3 k €	+131%	-189,8 k €	-653%	34,3 k €	-38.9%	56,2 k €	-1.6%	57,2 k €	+591%	-11,7 k €	+67.6%	-36 k €
Net result	18,1 k €	+29.4%	14 k €	+524%	-3,3 k €	-233%	2,5 k €	-73.9%	9,5 k €	+778%	-1,4 k €	+72.5%	-5,1 k €	-473%	1,4 k €	+118%	-7,5 k €	-125%	29,7 k €	+137%	12,5 k €	-34.0%	19 k €	-77.7%	85 k €	+594%	12,2 k €	+106%	-204 k €	-1598%	13,6 k €	-65.4%	39,4 k €	+9.5%	36 k €	+223%	-29,3 k €	+49.8%	-58,3 k €
Balance sheet
Equity	-9,8 k €	+65.0%	-27,9 k €	+33.4%	-41,9 k €	-8.6%	-38,6 k €	+6.0%	-41,1 k €	+18.8%	-50,6 k €	-2.8%	-49,2 k €	-11.6%	-44,1 k €	+3.0%	-45,4 k €	-19.8%	-37,9 k €	+43.9%	-67,7 k €	+15.6%	-80,2 k €	+19.1%	-99,2 k €	+46.1%	-184,1 k €	+6.2%	-196,4 k €	-2668%	7,6 k €	+228%	-6 k €	+86.8%	-45,4 k €	+44.2%	-81,4 k €	-56.2%	-52,1 k €
Total assets	461,7 k €	-2.2%	471,9 k €	+42.7%	330,7 k €	-8.8%	362,7 k €	-7.5%	392,2 k €	-1.7%	399,1 k €	-8.4%	435,8 k €	-6.7%	466,9 k €	-9.7%	517,1 k €	-10.7%	579,1 k €	-4.6%	606,8 k €	-8.5%	663 k €	+4.8%	632,5 k €	+15.6%	547,3 k €	+5.0%	521,4 k €	+0.3%	519,9 k €	-0.2%	520,8 k €	-2.7%	535,2 k €	+5.2%	508,9 k €	-1.0%	514,1 k €
Cash	189,9 k €	+623%	26,3 k €	-0.1%	26,3 k €	+8.5%	24,2 k €	+1.0%	24 k €	+204%	7,9 k €	-69.5%	25,8 k €	-27.8%	35,8 k €	-29.1%	50,5 k €	-5.3%	53,3 k €	+17.9%	45,2 k €	+52.9%	29,6 k €	-74.8%	117,1 k €	+55.7%	75,2 k €	+128%	33 k €	+29.2%	25,5 k €	+108%	12,3 k €	+190%	4,2 k €	-24.8%	5,6 k €	-14.8%	6,6 k €
Debts	470,1 k €	-5.5%	497,2 k €	+33.4%	372,6 k €	-7.1%	401,3 k €	-6.6%	429,8 k €	-4.2%	448,5 k €	-7.3%	483,8 k €	-5.3%	511 k €	-9.2%	562,6 k €	-8.8%	617,1 k €	-8.5%	674,4 k €	-9.3%	743,2 k €	+1.6%	731,7 k €	+0.0%	731,4 k €	+42.7%	512,5 k €	+0.0%	512,3 k €	-2.8%	526,8 k €	-9.3%	580,6 k €	-1.6%	590,3 k €	+4.5%	565,1 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 6 ended

Active mandates

Abdel Krim BOUMAZA

Director

Active

Marie-Chantal Alexandre

Mandate

Active

Ended mandates

Anne-Sophie BOUMAZA

Manager · since 25 novembre 2014

Ended

Marie-Chantal ALEXANDRE

Manager · since 29 avril 2013

Ended

Abdelkrim BOUMAZA

Manager · since 09 février 2006

Ended

Abdel Krim Boumaza

Manager

Ended

At this address

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	25/08/2026	21/08/2025	29/08/2024	30/08/2023	28/08/2022	30/08/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	30/06/2023	24/06/2022	25/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	26/06/2026	25/08/2026	French	PDF
Micro model	31/12/2024	27/06/2025	21/08/2025	French	PDF
Micro model	31/12/2023	28/06/2024	29/08/2024	French	PDF
Micro model	31/12/2022	30/06/2023	30/08/2023	French	PDF
Micro model	31/12/2021	24/06/2022	28/08/2022	French	PDF
Micro model	31/12/2020	25/06/2021	30/08/2021	French	PDF
Micro model	31/12/2019	26/06/2020	26/10/2020	French	PDF
Micro model	31/12/2018	28/06/2019	27/08/2019	French	PDF
Micro model	31/12/2017	29/06/2018	07/08/2018	French	PDF
Micro model	31/12/2016	30/06/2017	22/08/2017	French	PDF
Abridged model	31/12/2015	24/06/2016	17/08/2016	French	PDF
Abridged model	31/12/2014	26/06/2015	21/08/2015	French	PDF
Abridged model	31/12/2013	27/06/2014	26/08/2014	French	PDF
Abridged model	31/12/2012	28/06/2013	26/08/2013	French	PDF
Abridged model	31/12/2011	29/06/2012	20/08/2012	French	PDF
Abridged model	31/12/2010	24/06/2011	24/08/2011	French	PDF
Abridged model	31/12/2009	25/06/2010	19/08/2010	French	PDF
Abridged model	31/12/2008	26/06/2009	11/08/2009	French	PDF
Abridged model	31/12/2007	27/06/2008	25/08/2008	French	PDF
Abridged model	31/12/2006	29/06/2007	24/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 6 ended

Active mandates

Abdel Krim BOUMAZA

Director

Active

Marie-Chantal Alexandre

Mandate

Active

Ended mandates

Anne-Sophie BOUMAZA

Manager · since 25 novembre 2014

Ended

Marie-Chantal ALEXANDRE

Manager · since 29 avril 2013

Ended

Abdelkrim BOUMAZA

Manager · since 09 février 2006

Ended

Abdel Krim Boumaza

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Restructuring28/01/2026
CAPITAL, ACTIONS - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring06/11/2025
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates14/02/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DENOMINATION - DEMISSIONS, NOMINATIONS
PDF
Mandates05/11/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates05/12/2014
DEMISSIONS, NOMINATIONS
PDF
Mandates18/06/2013
DEMISSIONS, NOMINATIONS
PDF
Other01/03/2006
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202518,1 k €↑
2024
Annual accounts 202414 k €↑
2023
Annual accounts 2023-3,3 k €↓
2023
Name changeXAS
2022
Annual accounts 20222,5 k €↓
2021
Annual accounts 20219,5 k €↑
2021
Name changeGBK INVEST
2020
Annual accounts 2020-1,4 k €↑
2019
Annual accounts 2019-5,1 k €↓
2018
Annual accounts 20181,4 k €↑
2017
Annual accounts 2017-7,5 k €↓
2016
Annual accounts 201629,7 k €↑
2015
Annual accounts 201512,5 k €↓
2014
Annual accounts 201419 k €↓
2013
Annual accounts 201385 k €↑
2012
Annual accounts 201212,2 k €↑
2011
Annual accounts 2011-204 k €↓
2010
Annual accounts 201013,6 k €↓
2009
Annual accounts 200939,4 k €↑
2008
Annual accounts 200836 k €↑
2007
Annual accounts 2007-29,3 k €↑
2006
Annual accounts 2006-58,3 k €
09/02/2006
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

XAS

Overview

What does XAS do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline