ACTIVE

X2C

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Financial year 2025 · closed on 31/12/2025

Net result

-22,1 k €

-185.3% YoY

Gross margin

-13,8 k €

-42.4% YoY

Equity

209,9 k €

-9.5% YoY

What does X2C do?

X2C is a Private limited company incorporated in 2007. Its main activity is: Management consultancy activities. Its registered office is in Waterloo.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0888.916.809

Incorporation

19/04/2007

Legal form

Private limited company

Registered office

Avenue Lord Uxbridge 53
1410 Waterloo · WallonieSee on map

Contributed capital

6 200,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities 71112Architectural activities 71112Architectural activities 73110Advertising agencies+5

Signals

Solid equityLow riskGood liquidity

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	-13,8 k €	-42.4%	-9,7 k €	-141%	23,8 k €	-67.3%	72,9 k €	+12.4%	64,8 k €	+945%	-7,7 k €	-3.0%	-7,4 k €	-122%	33,9 k €	+2925%	-1,2 k €	-104%	28,1 k €	-32.5%	41,6 k €	+74.9%	23,8 k €	+5.1%	22,6 k €	-10.4%	25,2 k €	-28.8%	35,4 k €	-5.4%	37,5 k €	+15.7%	32,4 k €	+4.3%	31 k €	+99.1%	15,6 k €
EBITDA	-14,2 k €	-33.0%	-10,7 k €	-150%	21,3 k €	-70.5%	72,2 k €	+13.2%	63,8 k €	+748%	-9,8 k €	+39.7%	-16,3 k €	-150%	32,8 k €	+1729%	-2 k €	-108%	26,6 k €	-35.3%	41,1 k €	+76.4%	23,3 k €	+5.6%	22,1 k €	-5.2%	23,3 k €	-30.4%	33,4 k €	-6.4%	35,7 k €	+16.9%	30,5 k €	+2.6%	29,8 k €	+113%	13,9 k €
Operating result	-21,7 k €	-38.8%	-15,7 k €	-194%	16,6 k €	-75.4%	67,5 k €	+9.5%	61,7 k €	+657%	-11,1 k €	+43.9%	-19,7 k €	-170%	28,1 k €	+370%	-10,4 k €	-152%	19,9 k €	-43.1%	34,9 k €	+103%	17,2 k €	+3.6%	16,6 k €	-10.2%	18,4 k €	-36.9%	29,2 k €	-10.3%	32,6 k €	+16.4%	28 k €	-3.0%	28,8 k €	+138%	12,1 k €
Net result	-22,1 k €	-185%	-7,8 k €	-334%	3,3 k €	-93.6%	52 k €	+10.3%	47,1 k €	+583%	-9,7 k €	+48.3%	-18,9 k €	-199%	19,1 k €	+276%	-10,9 k €	-189%	12,2 k €	-42.9%	21,3 k €	+73.3%	12,3 k €	+10.4%	11,1 k €	-6.4%	11,9 k €	-42.6%	20,7 k €	-3.7%	21,5 k €	+18.1%	18,2 k €	+28.3%	14,2 k €	+76.5%	8 k €
Balance sheet
Equity	209,9 k €	-9.5%	232 k €	-3.2%	239,8 k €	+1.4%	236,4 k €	+28.2%	184,5 k €	+34.3%	137,3 k €	-6.6%	147,1 k €	-11.4%	165,9 k €	+13.0%	146,8 k €	-6.9%	157,7 k €	+8.4%	145,5 k €	+17.2%	124,2 k €	+11.0%	111,9 k €	+11.0%	100,8 k €	+13.4%	88,9 k €	+30.4%	68,2 k €	+46.1%	46,7 k €	+64.0%	28,4 k €	+99.7%	14,2 k €
Total assets	215,4 k €	-7.6%	233,1 k €	-5.4%	246,4 k €	-1.6%	250,4 k €	+30.9%	191,3 k €	+34.8%	141,9 k €	-6.0%	150,9 k €	-15.1%	177,7 k €	+17.4%	151,3 k €	-9.9%	167,9 k €	+12.4%	149,4 k €	+11.3%	134,2 k €	+15.1%	116,6 k €	+11.6%	104,5 k €	+10.3%	94,7 k €	+25.2%	75,6 k €	+45.6%	51,9 k €	+63.0%	31,8 k €	+40.2%	22,7 k €
Cash	90,3 k €	-14.9%	106,1 k €	-21.6%	135,3 k €	+10.2%	122,7 k €	+92.6%	63,7 k €	+90.0%	33,5 k €	-45.2%	61,2 k €	-13.4%	70,6 k €	+40.3%	50,3 k €	-18.2%	61,5 k €	-15.8%	73,1 k €	+50.2%	48,7 k €	+41.0%	34,5 k €	-22.0%	44,3 k €	+26.9%	34,9 k €	-21.5%	44,5 k €	+55.1%	28,7 k €	+10.6%	25,9 k €	+69.6%	15,3 k €
Debts	5,6 k €	+417%	1,1 k €	-83.8%	6,7 k €	-52.1%	13,9 k €	+104%	6,8 k €	+50.0%	4,5 k €	+18.3%	3,8 k €	-67.3%	11,7 k €	+162%	4,5 k €	-48.9%	8,8 k €	+123%	3,9 k €	-60.8%	10 k €	+112%	4,7 k €	+27.1%	3,7 k €	-36.0%	5,8 k €	-21.9%	7,4 k €	+41.5%	5,3 k €	+54.6%	3,4 k €	-59.8%	8,5 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 · 1 active · 2 ended

Active mandates

Xavier Caytan

Director

Active

Ended mandates

Xavier Caytan

Manager · since 20 avril 2007

Ended

Xavier Caytan

Manager

Ended

At this address

Other companies at this address

Company	CBE no.
HVK VINCENT LYCKE● Active	0888.380.933

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	02/08/2026	30/08/2025	03/09/2024	30/08/2023	31/08/2022	10/08/2021
General meeting	16/06/2026	17/06/2025	18/06/2024	20/06/2023	21/06/2022	15/06/2021
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	16/06/2026	02/08/2026	French	PDF
Micro model	31/12/2024	17/06/2025	30/08/2025	French	PDF
Micro model	31/12/2023	18/06/2024	03/09/2024	French	PDF
Micro model	31/12/2022	20/06/2023	30/08/2023	French	PDF
Micro model	31/12/2021	21/06/2022	31/08/2022	French	PDF
Micro model	31/12/2020	15/06/2021	10/08/2021	French	PDF
Micro model	31/12/2019	16/06/2020	15/10/2020	French	PDF
Micro model	31/12/2018	18/06/2019	11/09/2019	French	PDF
Micro model	31/12/2017	19/06/2018	10/09/2018	French	PDF
Abridged model	31/12/2016	20/06/2017	07/09/2017	French	PDF
Abridged model	31/12/2015	21/06/2016	28/09/2016	French	PDF
Abridged model	31/12/2014	16/06/2015	25/09/2015	French	PDF
Abridged model	31/12/2013	17/06/2014	16/09/2014	French	PDF
Abridged model	31/12/2012	18/06/2013	23/09/2013	French	PDF
Abridged model	31/12/2011	19/06/2012	28/09/2012	French	PDF
Abridged model	31/12/2010	21/06/2011	30/09/2011	French	PDF
Abridged model	31/12/2009	15/06/2010	20/09/2010	French	PDF
Abridged model	31/12/2008	16/06/2009	25/08/2009	French	PDF
Abridged model	31/12/2007	17/06/2008	02/09/2008	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 · 1 active · 2 ended

Active mandates

Xavier Caytan

Director

Active

Ended mandates

Xavier Caytan

Manager · since 20 avril 2007

Ended

Xavier Caytan

Manager

Ended

Shareholders

Ownership and network

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Competition

Similar companies

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

See the Business plan

2025
Annual accounts 2025-22,1 k €↓
2024
Annual accounts 2024-7,8 k €↓
2023
Annual accounts 20233,3 k €↓
2022
Annual accounts 202252 k €↑
2021
Annual accounts 202147,1 k €↑
2020
Annual accounts 2020-9,7 k €↑
2019
Annual accounts 2019-18,9 k €↓
2018
Annual accounts 201819,1 k €↑
2017
Annual accounts 2017-10,9 k €↓
2016
Annual accounts 201612,2 k €↓
2015
Annual accounts 201521,3 k €↑
2014
Annual accounts 201412,3 k €↑
2013
Annual accounts 201311,1 k €↓
2012
Annual accounts 201211,9 k €↓
2011
Annual accounts 201120,7 k €↓
2010
Annual accounts 201021,5 k €↑
2009
Annual accounts 200918,2 k €↑
2008
Annual accounts 200814,2 k €↑
2007
Annual accounts 20078 k €
19/04/2007
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

X2C

Overview

What does X2C do?

Trend over 19 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

Similar companies

Similar companies

Timeline