Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 2 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 52 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 57.6 to 44.2.
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Late annual account NBB
Fiscal year 2025 was filed 190 days after the legal deadline.
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Board fully replaced NBB
No director from three years ago is still active according to annual account 2025.
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Busy address KBO
26 other companies have their registered office at the same address; threshold 10.
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Legal situation KBO
Vrijwillige ontbinding – vereffening according to the CBE.
Financials
Financial year 2025
Exel Composites from Kortrijk, company number BE0862803617, closed financial year 2025 with a result of € -14,394 after tax. For that financial year Exel Composites recorded revenue of € 5.1 million and equity of € -3.2 million. Compared with financial year 2024, the result moved from € -6.3 million to € -14,394. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on May 9, 2026.
€ -3.2 million
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -14,394
▲ 100 % less loss than in 2024
Profit after tax over the fiscal year.
€ 509,194
▼ 52% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -7.5 million.
People and assets in 2025
44.2
▼ 10.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 500,195
▼ 93% vs 2024
€ 11,300 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.
€ 42,099
▼ 14% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 1.1 million
▲ 1% vs 2024
Loans from banks and other lenders, long and short.
€ 1.1 million
▼ 61% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 108 days on average.
€ 3.2 million
▼ 18% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 15,519,934 | € 15,305,672 | € 14,253,298 | € 5,103,055 | ▼ 64% |
| Profit after taxes | € -910,993 | € 207,763 | € -6,319,895 | € -14,394 | ▲ € 6.3 million |
| Equity | € 2,956,257 | € 3,164,019 | € -3,155,875 | € -3,170,269 | |
| Total debts | € 3,900,495 | € 3,478,918 | € 8,723,392 | € 5,903,007 | ▼ 32% |
| Cash | € 1,131,933 | € 885,203 | € 1,055,374 | € 509,194 | ▼ 52% |
| Land & buildings | € 10,838 | € 26,386 | - | - | |
| Retained profit | € -1,343,743 | € -1,135,981 | € -7,455,875 | € -7,470,269 | |
| Bank debt | € 228,245 | € 516,608 | € 1,110,315 | € 1,123,209 | ▲ 1% |
| Balance sheet total | € 7,185,844 | € 6,642,937 | € 5,567,517 | € 3,182,738 | ▼ 43% |
| Employees (FTE) | 62.3 | 57.6 | 54.7 | 44.2 | ▼ 10.5 |
Key figures of Exel Composites, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 October 2026.
What happened to Exel Composites?
What happened at Exel Composites in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
Exel Composites is active according to the CBE. Legal situation: Vrijwillige ontbinding – vereffening.
- New annual accounts for financial year 2025: loss of € 14,394. filed late Source: NBB ↗
- Maude Mertens became a director. NBB
- Trees Vuylsteke became a director. NBB
- Juha Honkanen stepped down as director. NBB
- Mikko Rummukainen stepped down as director. NBB
- Paul Sohlberg stepped down as director. NBB
- Paul Sohlberg became a director. NBB
- Juha Honkanen became a director. NBB
In short
From € 910,993 loss in 2022 to € 14,394 loss in 2025.
Paid € 5,148 in corporate taxes since 2022.
Best year ever: 2023, with € 207,763 profit.
Pays suppliers within 108 days on average.
A new publication or filing at Exel Composites? 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
Behind Exel Composites are Maude Mertens and Trees Vuylsteke. The shares are held by Oyj Exel Composites (100%) and GmbH Exel.
Directors
According to the 2025 annual accounts
Maude Mertens
Liquidator
since 2025
Trees Vuylsteke
Liquidator
since 2025
Juha Honkanen
Persoon belast met dagelijks bestuur
since 2023 · until 2025
Mikko Rummukainen
Director
since 2022 · until 2025
Paul Sohlberg
Director
since 2024 · until 2025
Shareholders
Oyj Exel Composites
100%
GmbH Exel
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Spinnerijstraat(Kor) 99 box 22
8500 Kortrijk
Industriepark "De Bruwaan" 2
9700 Oudenaarde
Active since 14 January 2004
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 26 companies are registered at this address.
All companies at this address →CHARLES BEAUMONT
€ -13,801 gross margin · 2025
Tyber - Anciens Etablissements Gustave Tyberghein
Algemene Modellenverzameling voor de Rechtspraktijk
TARDEL
€ 499,441 gross margin · 2024
UNIC DESIGN
€ -205,250 gross margin · 2024
+21 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0862.803.617
- VAT number
- BE 0862.803.617
- Registered office
- Spinnerijstraat(Kor) 99 bus 22, 8500 Kortrijk
- Names & denominations
- Exel Composites
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Vrijwillige ontbinding – vereffening
- Start date
- 20 January 2004
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
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