FSD
ActiveSummary
FSD has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €184,247 and a net result of €22,320. Equity is growing by ~18.4% per year across the filed fiscal years. Its solvency ranks better than 40% of 31840 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75▼-23
Solvency69▲+11
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity tight (current ratio 1.22 against 1.24 in 2024; short-term debt: 56.5% and cash: 0.7% of total assets), and 56.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
43.5%
Return on assets
5.3%
Age of the figures
17 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-04-2025 was due by 30-11-2025 and was filed on 27-11-2025, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
44 d early
2023
21 d late
2022
22 d late
2021
69 d late
2020
on the day
2019
2 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 10 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-04-2026 and is due by 30-11-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-04-2026 close26-09-2026 today30-11-2026 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€184,247▼ 6.9%
2024 · €197,926
Total assets
€423,249▼ 30.2%
2024 · €605,980
Net result
€22,320▼ 84.2%
2024 · €141,502
Working capital
€52,015▼ 46.6%
2024 · €97,376
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€89,490▼ 50.1%€180,053▲ 101%€107,549▼ 40.3%€158,564▲ 47.4%€24,840▼ 84.3%
Net result€89,298▼ 48.7%€165,283▲ 85.1%€107,336▼ 35.1%€141,502▲ 31.8%€22,320▼ 84.2%
Equity€83,805▲ 20.6%€129,088▲ 54.0%€146,424▲ 13.4%€197,926▲ 35.2%€184,247▼ 6.9%
Total assets€407,547▲ 14.4%€546,601▲ 34.1%€656,434▲ 20.1%€605,980▼ 7.7%€423,249▼ 30.2%
Debt€323,742▲ 12.9%€417,513▲ 29.0%€510,009▲ 22.2%€408,054▼ 20.0%€239,002▼ 41.4%
Working capital€14,825€86,412▲ 483%€76,763▼ 11.2%€97,376▲ 26.9%€52,015▼ 46.6%
Staff (FTE)1.2▲ 1,100%2▲ 66.7%2=2.3▲ 15.0%2.3=
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 84% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €423,249
Fixed assets
€132,231 ▲ 31.5%
Current assets
€291,017 ▼ 42.4%
Equity and liabilities €423,249
Equity
€184,247 ▼ 6.9%
Debt
€239,002 ▼ 41.4%
Debt's share of the balance-sheet total falls from 67.3% to 56.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€54,708▼
2024 · €181,571
Cash flow
€52,188▼
2024 · €164,509
Current ratio
1.22▼
2024 · 1.24
Debt to equity
1.30▼
2024 · 2.06
ROE
12.1%▼
2024 · 71.5%
ROA
5.3%▼
2024 · 23.4%
Interest coverage
10.26▼
2024 · 59.37
Debt ≤ 1 year
€239,002▼
2024 · €408,054
Income taxes
€319▼
2024 · €21,527
Staff costs
€123,614▼
2024 · €125,865
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €88,531 | €97,400 | €125,865 | €123,614 | ▼ 1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,819 | €26,304 | €21,684 | €23,007 | €29,868 | ▲ 29.8% |
| Other operating charges640/8 | - | €564 | €945 | €1,749 | €28,935 | ▲ 1,554% |
| Gross operating margin9900 | €203,876 | €295,452 | €227,578 | €309,186 | €207,257 | ▼ 33.0% |
| Operating profit (loss)9901 | €89,490 | €180,053 | €107,549 | €158,564 | €24,840 | ▼ 84.3% |
| Financial income75/76B | - | €5,231 | €9,329 | €7,523 | €3,133 | ▼ 58.4% |
| Recurring financial income75 | €7,606 | €5,231 | €9,329 | €7,523 | €2,811 | ▼ 62.6% |
| Non-recurring financial income76B | - | - | - | - | €321 | - |
| Financial charges65/66B | - | €1,501 | €1,541 | €3,058 | €5,333 | ▲ 74.4% |
| Recurring financial charges65 | €1,451 | €1,501 | €1,541 | €3,058 | €5,333 | ▲ 74.4% |
| Profit (loss) for the period before taxes9903 | €96,120 | €183,782 | €115,336 | €163,029 | €22,639 | ▼ 86.1% |
| Income taxes67/77 | €6,821 | €18,499 | €8,000 | €21,527 | €319 | ▼ 98.5% |
| Profit (loss) for the period9904 | €89,298 | €165,283 | €107,336 | €141,502 | €22,320 | ▼ 84.2% |
| Profit (loss) for the period to be appropriated9905 | €89,298 | €165,283 | €107,336 | €141,502 | €22,320 | ▼ 84.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €407,547 | €546,601 | €656,434 | €605,980 | €423,249 | ▼ 30.2% |
| Fixed assets21/28 | €68,980 | €42,676 | €69,661 | €100,550 | €132,231 | ▲ 31.5% |
| Tangible fixed assets22/27 | €60,588 | €34,284 | €61,269 | €92,158 | €125,611 | ▲ 36.3% |
| Plant, machinery and equipment23 | - | €20,978 | €39,628 | €42,176 | €41,174 | ▼ 2.4% |
| Furniture and vehicles24 | - | €13,306 | €21,641 | €49,982 | €84,437 | ▲ 68.9% |
| Financial fixed assets28 | €8,392 | €8,392 | €8,392 | €8,392 | €6,621 | ▼ 21.1% |
| Current assets29/58 | €338,567 | €503,925 | €586,772 | €505,430 | €291,017 | ▼ 42.4% |
| Amounts receivable after more than one year29 | - | €77,367 | €82,891 | €0 | - | - |
| Trade receivables290 | - | €77,367 | €82,891 | €0 | - | - |
| Amounts receivable within one year40/41 | €263,252 | €425,307 | €497,793 | €498,663 | €287,960 | ▼ 42.3% |
| Trade receivables40 | - | €143,354 | €160,095 | €214,866 | €200,253 | ▼ 6.8% |
| Other amounts receivable41 | - | €281,953 | €337,698 | €283,797 | €87,707 | ▼ 69.1% |
| Cash at bank and in hand54/58 | €1,232 | €1,251 | €6,088 | €6,767 | €3,058 | ▼ 54.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €407,547 | €546,601 | €656,434 | €605,980 | €423,249 | ▼ 30.2% |
| Equity10/15 | €83,805 | €129,088 | €146,424 | €197,926 | €184,247 | ▼ 6.9% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €6,150 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Non-distributable reserves130/1 | - | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Legal reserve130 | - | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Profit (loss) carried forward14 | €16,155 | €61,438 | €78,774 | €130,276 | €116,597 | ▼ 10.5% |
| Amounts payable17/49 | €323,742 | €417,513 | €510,009 | €408,054 | €239,002 | ▼ 41.4% |
| Amounts payable within one year42/48 | €323,742 | €417,513 | €510,009 | €408,054 | €239,002 | ▼ 41.4% |
| Current portion of amounts payable after more than one year42 | - | €4,530 | €5,173 | €5,723 | €9,930 | ▲ 73.5% |
| Trade debts44 | €148,348 | €248,901 | €342,128 | €255,602 | €176,462 | ▼ 31.0% |
| Suppliers440/4 | - | €248,901 | €342,128 | €255,602 | €176,462 | ▼ 31.0% |
| Taxes, remuneration and social security45 | - | €43,934 | €65,676 | €56,729 | €16,610 | ▼ 70.7% |
| Taxes450/3 | - | €29,464 | €51,318 | €38,097 | €7,525 | ▼ 80.2% |
| Remuneration and social security454/9 | - | €14,470 | €14,358 | €18,632 | €9,086 | ▼ 51.2% |
| Other amounts payable47/48 | - | €120,149 | €97,032 | €90,000 | €36,000 | ▼ 60.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €89,298 | €165,283 | €107,336 | €141,502 | €22,320 | ▼ 84.2% |
| + Depreciation and write-downs630 | €36,819 | €26,304 | €21,684 | €23,007 | €29,868 | ▲ 29.8% |
| Operating cash flow (approximation) | €126,118 | €191,587 | €129,020 | €164,509 | €52,188 | ▼ 68.3% |
| Investment in fixed assets (approximation) | - | €0 | -€48,669 | -€53,896 | -€61,549 | ▼ 14.2% |
| Change in cash | - | €20 | €4,837 | €679 | -€3,709 | ▼ 647% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
27-11
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
30-04
Financial
Weakest financial yearnet €22,320 ▼84.2%
Net result drops to €22,320, the lowest in the series.
2024
17-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
30-04
Financial
Equity above €150,000Eq €197,926 ▲35.2%
6 profitable years in a row build equity to €197,926.
2023
21-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 21 days late
2022
22-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 22 days late
30-04
Financial
Equity above €100,000Eq €129,088 ▲54%
4 profitable years in a row build equity to €129,088.
07-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 69 days late
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
30-04
Financial
Highest result since 2019net €174,134 ▲592%
Net result €174,134, the highest in the series.
2019
02-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 2 days late
2018
27-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
28-11
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
01-12
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 1 day late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Haacht · 1 establishment unit since 2009
Ground area
7,412 m²
Building footprint
1,819 m²
Volume, LiDAR
11,009 m³
Parcel 24033B0316/00P000, Flanders · tallest building 9.7 m, ±2 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
FSD NV
since 20092.191.280.379
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24033B0316/00P000 | Flanders | 7,412 m² | 1 · 1,819 m² | 9.7 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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LDW MANAGEMENT
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,583. 40,581 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded05-01-2010
Fiscal year end30-04
Activities, NACEBEL 2025
70200Business and other management consultancy
69209Other tax advisory services
73200Market research and public opinion polling
82100Office administrative and support services
82990Other business support services
Contact
Phone
02 2558252Haacht
Scores and ratios are computed by Checked and are not a credit decision.