5L
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00439174.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 6 filings
Turnover
≈ €100,000
Estimated: probably between €62,000 and €180,000
Total assets
€1.6m▼ 2.5%
2024 · €1.7m
Net result
-€88,713▲ 10.8%
2024 · -€99,431
Working capital
-€326,651▼ 61.7%
2024 · -€202,008
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€58,882
▲ 28.9%
2025
20202025
Net result
-€88,713
▲ 10.8%
2025
lowest quarter of the sector
20202025
Equity
€574,959
▼ 13.4%
2025
highest quarter of the sector
20202025
Total assets
€1.6m
▼ 2.5%
2025
highest quarter of the sector
20202025
Debt
€1.0m
▲ 4.7%
2025
20202025
Working capital
-€326,651
▼ 61.7%
2025
lowest quarter of the sector
20202025
Solvency
35.5%
▼ 4.4pp
2025
middle half of the sector
20202025
Current ratio
0.02
=
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
-5.5%
▲ 0.5pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.3m-€0.2m▼ 24.9%€0.2m▼ 29.0%€0.4m▲ 128%-€0.08m-€0.06m▲ 28.9%
Net result€0.2mabove the sector's middle half-€0.2mabove the sector's middle half▼ 12.9%€0.1mabove the sector's middle half▼ 35.2%€0.3mabove the sector's middle half▲ 123%-€0.1mbelow the sector's middle half-€0.09mbelow the sector's middle half▲ 10.8%
Equity€0.2mwithin the sector's middle half-€0.4mwithin the sector's middle half▲ 84.6%€0.5mabove the sector's middle half▲ 29.7%€0.8mabove the sector's middle half▲ 51.0%€0.7mabove the sector's middle half▼ 13.0%€0.6mabove the sector's middle half▼ 13.4%
Total assets€0.4mwithin the sector's middle half-€0.8mabove the sector's middle half▲ 109%€1.3mabove the sector's middle half▲ 69.6%€1.5mabove the sector's middle half▲ 20.0%€1.7mabove the sector's middle half▲ 7.8%€1.6mabove the sector's middle half▼ 2.5%
Debt€0.2m-€0.4m▲ 144%€0.8m▲ 112%€0.8m▼ 0.1%€1.0m▲ 28.2%€1.0m▲ 4.7%
Working capital€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▼ 14.6%€0.1mwithin the sector's middle half▼ 30.9%-€0.02mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 804%-€0.3mbelow the sector's middle half▼ 61.7%
Solvency58.3%within the sector's middle half-51.4%within the sector's middle half▼ 6.9pp39.3%within the sector's middle half▼ 12.1pp49.5%within the sector's middle half▲ 10.2pp39.9%within the sector's middle half▼ 9.6pp35.5%within the sector's middle half▼ 4.4pp
Current ratio2.99within the sector's middle half-2.85within the sector's middle half▼ 0.151.89within the sector's middle half▼ 0.950.89below the sector's middle half▼ 1.000.03below the sector's middle half▼ 0.860.02below the sector's middle half=
Return on assets (ROA)56.6%above the sector's middle half-23.6%within the sector's middle half▼ 33.0pp9.0%within the sector's middle half▼ 14.6pp16.7%within the sector's middle half▲ 7.7pp-6.0%below the sector's middle half▼ 22.7pp-5.5%below the sector's middle half▲ 0.5pp
above
within
below
The sector band is the middle half of the companies in Scientific research and development (NACE 72). 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 a loss of €58,882, smaller than the loss of €82,765 in 2024.
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 €1.6m
Fixed assets
€1.6m ▼ 2.7%
Current assets
€7,777 ▲ 40.6%
Equity and liabilities €1.6m
Equity
€574,959 ▼ 13.4%
Debt
€1.0m ▲ 4.7%
Debt's share of the balance-sheet total rises from 60.1% to 64.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€20,062▼
2024 · €27,166
Cash flow
-€9,769▼
2024 · €10,501
Debt to equity
1.82▲
2024 · 1.50
ROE
-15.4%▼
2024 · -15.0%
Interest coverage
0.67▼
2024 · 1.64
Debt ≤ 1 year
€334,428▲
2024 · €207,540
Debt > 1 year
€711,038▼
2024 · €790,912
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €410,850 | €225,500 | €225,500 | €225,500 | €225,500 |
| Mortgage mandates | - | €205,000 | €205,000 | €505,000 | €505,000 |
| Carrying value of the mortgaged assets | €386,377 | €504,364 | €476,468 | €766,554 | €715,005 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €527,004 | €647,245 | €475,419 | €399,960 | €35,000 |
| Depreciation and write-downs of the year | €68,786 | €98,313 | €115,633 | €109,931 | €78,944 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,793 | €68,786 | €98,313 | €115,633 | €109,931 | €78,944 | ▼ 28.2% |
| Other operating charges640/8 | - | €1,647 | €3,246 | €3,080 | €5,808 | €5,449 | ▼ 6.2% |
| Non-recurring operating charges66A | - | €1,912 | - | - | - | - | - |
| Gross operating margin9900 | €299,965 | €294,127 | €258,947 | €476,817 | €32,974 | €25,511 | ▼ 22.6% |
| Operating profit (loss)9901 | €295,172 | €221,781 | €157,387 | €358,104 | -€82,765 | -€58,882 | ▲ 28.9% |
| Financial income75/76B | - | €3 | - | - | €0 | €11 | ▲ 1,091× |
| Recurring financial income75 | €406 | €3 | - | - | €0 | €11 | ▲ 1,091× |
| Financial charges65/66B | - | €1,100 | €8,013 | €12,105 | €16,521 | €29,842 | ▲ 80.6% |
| Recurring financial charges65 | €47 | €1,100 | €8,013 | €12,105 | €16,521 | €29,842 | ▲ 80.6% |
| Profit (loss) for the period before taxes9903 | €295,530 | €220,684 | €149,374 | €345,999 | -€99,287 | -€88,713 | ▲ 10.6% |
| Income taxes67/77 | €90,705 | €42,179 | €33,637 | €88,164 | €144 | - | - |
| Profit (loss) for the period9904 | €204,825 | €178,505 | €115,737 | €257,835 | -€99,431 | -€88,713 | ▲ 10.8% |
| Profit (loss) for the period to be appropriated9905 | €204,825 | €178,505 | €115,737 | €257,835 | -€99,431 | -€88,713 | ▲ 10.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.4m | €0.8m | €1.3m | €1.5m | €1.7m | €1.6m | ▼ 2.5% |
| Fixed assets21/28 | €0.03m | €0.5m | €1.0m | €1.4m | €1.7m | €1.6m | ▼ 2.7% |
| Tangible fixed assets22/27 | €0.03m | €0.5m | €1.0m | €1.4m | €1.7m | €1.6m | ▼ 2.7% |
| Land and buildings22 | - | €0.4m | €1.0m | €1.3m | €1.6m | €1.6m | ▼ 2.4% |
| Plant, machinery and equipment23 | - | - | €0.001m | €0.001m | €285 | - | - |
| Furniture and vehicles24 | - | €0.04m | €0.02m | €0.007m | €0.002m | €0.001m | ▼ 60.4% |
| Other tangible fixed assets26 | - | €0.04m | €0.03m | €0.03m | €0.02m | €0.02m | ▼ 17.3% |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.2m | €0.006m | €0.008m | ▲ 40.6% |
| Amounts receivable within one year40/41 | €0.002m | €0.09m | €0.006m | €0.002m | - | €0.002m | - |
| Trade receivables40 | - | €0.03m | - | €63 | - | €0.002m | - |
| Other amounts receivable41 | - | €0.05m | €0.006m | €0.002m | - | €125 | - |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.3m | €0.2m | €0.004m | €0.006m | ▲ 36.3% |
| Deferred charges and accrued income490/1 | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 65.6% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.4m | €0.8m | €1.3m | €1.5m | €1.7m | €1.6m | ▼ 2.5% |
| Equity10/15 | €0.2m | €0.4m | €0.5m | €0.8m | €0.7m | €0.6m | ▼ 13.4% |
| Contributions10/11 | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | €0.2m | €0.4m | €0.5m | €0.8m | €0.7m | €0.6m | ▼ 13.5% |
| Amounts payable17/49 | €0.2m | €0.4m | €0.8m | €0.8m | €1.0m | €1.0m | ▲ 4.7% |
| Amounts payable after more than one year17 | - | €0.3m | €0.6m | €0.6m | €0.8m | €0.7m | ▼ 10.1% |
| Financial debts170/4 | - | €0.3m | €0.6m | €0.6m | €0.8m | €0.7m | ▼ 10.4% |
| Other amounts payable178/9 | - | - | - | €0.002m | €0.002m | €0.004m | ▲ 110% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 61.1% |
| Current portion of amounts payable after more than one year42 | - | €0.02m | €0.05m | €0.05m | €0.08m | €0.08m | ▲ 2.5% |
| Financial debts43 | - | - | €0.001m | - | - | - | - |
| Credit institutions430/8 | - | - | €0.001m | - | - | - | - |
| Trade debts44 | - | €0.001m | €0.004m | €0.001m | €166 | €476 | ▲ 186% |
| Suppliers440/4 | - | €0.001m | €0.004m | €0.001m | €166 | €476 | ▲ 186% |
| Taxes, remuneration and social security45 | - | €0.06m | €0.09m | €0.1m | €0.09m | €0.002m | ▼ 97.5% |
| Taxes450/3 | - | €0.06m | €0.09m | €0.1m | €0.09m | €0.002m | ▼ 97.5% |
| Other amounts payable47/48 | - | €0.01m | €0.002m | €0.02m | €0.03m | €0.2m | ▲ 646% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €204,825 | €178,505 | €115,737 | €257,835 | -€99,431 | -€88,713 | ▲ 10.8% |
| + Depreciation and write-downs630 | €4,793 | €68,786 | €98,313 | €115,633 | €109,931 | €78,944 | ▼ 28.2% |
| Operating cash flow (approximation) | €209,618 | €247,291 | €214,051 | €373,468 | €10,501 | -€9,769 | - |
| Investment in fixed assets (approximation) | - | -€505,365 | -€640,050 | -€475,419 | -€399,960 | -€35,000 | ▲ 91.2% |
| Change in cash | - | -€125,831 | €65,563 | -€98,964 | -€167,633 | €1,477 | - |
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, 929 companies had the same profile as 5L has now. Two years later, 92.8% were still going and 1.7% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a small loss
92.8%
was still going
5.5%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of 5L itself: 0.4% 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 929 companies, not a prediction for 5L. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00439174 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00408928 | |
| 31-12-2023 | micro format | 02-07-2024 | 2024-00195437 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00278046 | |
| 31-12-2021 | micro format | 15-07-2022 | 2022-20188302 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-55900365 |