Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 16 % of short-term debt in 2025; threshold 65 %.
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Figures corrected NBB
Corrected annual account filed for 2024.
Financials
Financial year 2025
Xplore The North from Londerzeel, company number BE0628622356, closed financial year 2025 with a result of € 81,183 after tax. For that financial year Xplore The North recorded revenue of € 6.9 million and equity of € 6.8 million. Compared with financial year 2024, the result moved from € -1.6 million to € 81,183. Profitable, and profit is growing. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on March 24, 2026.
€ 6.8 million
▲ 159% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 81,183
▲ still € 1.6 million loss in 2024
Profit after tax over the fiscal year.
€ 379,489
▼ 48% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -310,975.
People and assets in 2025
4.2
▼ 0.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 283,869
▼ 34% vs 2024
€ 67,600 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
Debts at end 2025
€ 23.3 million
▼ 20% vs 2024
€ 3.4 million is repaid this year. At this pace the long-term loan is gone in ≈ 7 years.
€ 880,963
▲ 23% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 54 days on average.
€ 98,494
▲ 29% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 531,894 | € 5,053,153 | € 8,676,253 | € 6,949,926 | ▼ 20% |
| Profit after taxes | € -860,390 | € 310,357 | € -1,560,187 | € 81,183 | ▲ € 1.6 million |
| Equity | € 3,855,637 | € 4,165,995 | € 2,605,808 | € 6,755,800 | ▲ 159% |
| Total debts | € 24,190,630 | € 23,537,289 | € 42,567,136 | € 38,921,255 | ▼ 9% |
| Cash | € 322,612 | € 251,755 | € 731,361 | € 379,489 | ▼ 48% |
| Retained profit | € 857,671 | € 1,168,028 | € -392,159 | € -310,975 | ▲ € 81,184 |
| Bank debt | € 21,831,726 | € 21,665,459 | € 29,299,628 | € 23,322,410 | ▼ 20% |
| Balance sheet total | € 28,046,267 | € 27,703,283 | € 45,172,944 | € 45,702,950 | ▲ 1% |
| Employees (FTE) | 5.6 | 4.5 | 4.7 | 4.2 | ▼ 0.5 |
Key figures of Xplore The North, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 April 2027.
What happened to Xplore The North?
What happened at Xplore The North in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- COOLPLACES BV stepped down as director. NBB
- D2E PARTNERS NV stepped down as director. NBB
- CONSULTSERVICES COMM. VA stepped down as director. NBB
- Manefin BV stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 81,183. Source: NBB ↗
- Manefin BV became a director. NBB
- Matthias NEIRYNCK stepped down as director. NBB
- D2E PARTNERS NV became a director. NBB
In short
From € 860,390 loss in 2022 to € 81,183 profit in 2025.
Paid € 1,370 in corporate taxes since 2022.
Best year ever: 2023, with € 310,357 profit.
Pays suppliers within 54 days on average.
A new publication or filing at Xplore The North? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of Down2Earth Capital II, CoolPlaces comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Xplore The NorthThe shares are held by Down2Earth Capital II (54.8%) and CoolPlaces (40.8%). It owns 100% of Beyond Borders BV, 100% of Nordic Info BV and 75% of GoNorth Ehf itself.
Directors
According to the 2025 annual accounts
Managing director · represented by Maarten RAES
Also active at: Beyond Borders, NORDIC INFO
since 2019 · until 2032
since 2019 · until 2025
Director · represented by Matthias Neirynck
Also active at: CYCLOBILITY, B-15, SummitCo, Nestor Europe
since 2026 · until 2032
Director · represented by Peter KLOECK
Also active at: Down2Earth Capital, Down2Earth Privak, Down2Earth Investment Fund, Down2Earth Capital II, Rentaltec, Down2Earth Opportunities Fund privak, TM Holding, MOVE INTERMODAL +3 more
since 2020 · until 2032
since 2019 · until 2032
Shareholders
54.8%
40.8%
Participations
Establishments
Establishment units
Physical locations of this company
Steenhuffeldorp 14
1840 Londerzeel
Moutstraat 58 box 202
9000 Gent
Active since 15 April 2015
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0628.622.356
- VAT number
- BE 0628.622.356
- Registered office
- Steenhuffeldorp 14, 1840 Londerzeel
- Names & denominations
- Xplore The North · XTN
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 April 2015
- Peppol
- Active · Active since 27 Mar 2026
- Activities · NACE
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