L & A
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-04-2026 PDF all 29 filings
Turnover
≈ €35,000
Estimated: probably between €17,000 and €70,000
Total assets
€20,238▲ 195%
2024 · €6,849
Net result
€3,824▼ 32.5%
2024 · €5,662
Working capital
-€104,000▲ 2.3%
2024 · -€106,436
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€3,857
▼ 32.3%
2025
20192025
Net result
€3,824
▼ 32.5%
2025
middle half of the sector
20192025
Equity
-€100,279
▲ 3.7%
2025
lowest quarter of the sector
20192025
Total assets
€20,238
▲ 195%
2025
lowest quarter of the sector
20192025
Debt
€120,516
▲ 8.6%
2025
20192025
Working capital
-€104,000
▲ 2.3%
2025
lowest quarter of the sector
20192025
Solvency
-495.5%
2025
lowest quarter of the sector
20192025
Current ratio
0.14
▲ 0.10
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
18.9%
▼ 63.8pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€134-€2,826€36,069▲ 13×€20,061▼ 44.4%€7,055▼ 64.8%€5,701▼ 19.2%€3,857▼ 32.3%
Net result-€190-€2,839within the sector's middle half€36,047within the sector's middle half▲ 13×€20,009within the sector's middle half▼ 44.5%€7,020within the sector's middle half▼ 64.9%€5,662within the sector's middle half▼ 19.3%€3,824within the sector's middle half▼ 32.5%
Equity-€175,680--€172,841below the sector's middle half▲ 1.6%-€136,794below the sector's middle half▲ 20.9%-€116,785below the sector's middle half▲ 14.6%-€109,765below the sector's middle half▲ 6.0%-€104,103below the sector's middle half▲ 5.2%-€100,279below the sector's middle half▲ 3.7%
Total assets€2,630below the sector's middle half€5,802below the sector's middle half▲ 121%€33,637below the sector's middle half▲ 480%€43,788below the sector's middle half▲ 30.2%€6,849below the sector's middle half▼ 84.4%€20,238below the sector's middle half▲ 195%
Debt€175,680-€175,471▼ 0.1%€142,596▼ 18.7%€150,422▲ 5.5%€153,553▲ 2.1%€110,952▼ 27.7%€120,516▲ 8.6%
Working capital-€172,841below the sector's middle half-€136,794below the sector's middle half▲ 20.9%-€116,730below the sector's middle half▲ 14.7%-€113,973below the sector's middle half▲ 2.4%-€106,436below the sector's middle half▲ 6.6%-€104,000below the sector's middle half▲ 2.3%
Solvency-347.2%below the sector's middle half-250.7%below the sector's middle half▲ 96.5pp-495.5%below the sector's middle half
Current ratio0.04below the sector's middle half0.22below the sector's middle half▲ 0.180.26below the sector's middle half▲ 0.030.04below the sector's middle half▼ 0.220.14below the sector's middle half▲ 0.10
Return on assets (ROA)621.3%above the sector's middle half59.5%above the sector's middle half▼ 561.8pp16.0%within the sector's middle half▼ 43.5pp82.7%above the sector's middle half▲ 66.6pp18.9%within the sector's middle half▼ 63.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 32% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
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 €20,238
Fixed assets
€3,722 ▲ 59.5%
Current assets
€16,516 ▲ 266%
Equity and liabilities
Equity-€100,279
Debt€120,516
Equity is negative. Debt (€120,516) exceeds the balance-sheet total (€20,238).
Key figures and ratios
EBITDA
€6,377▼
2024 · €7,701
Cash flow
€6,344▼
2024 · €7,662
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€120,516▲
2024 · €110,952
Income taxes
€19
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €6,000 | - | €3,908 |
| Depreciation and write-downs of the year | - | - | €1,667 | €2,000 | €2,520 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €1,667 | €2,000 | €2,520 | ▲ 26.0% |
| Other operating charges640/8 | - | - | - | €514 | €457 | €1,811 | €1,074 | ▼ 40.7% |
| Gross operating margin9900 | - | €2,826 | €36,069 | €20,575 | €9,178 | €9,512 | €7,450 | ▼ 21.7% |
| Operating profit (loss)9901 | -€134 | €2,826 | €36,069 | €20,061 | €7,055 | €5,701 | €3,857 | ▼ 32.3% |
| Financial income75/76B | - | - | - | - | - | - | €25 | - |
| Recurring financial income75 | - | €13 | - | - | - | - | €25 | - |
| Financial charges65/66B | - | - | €22 | €52 | €34 | €39 | €39 | ▲ 0.1% |
| Recurring financial charges65 | €55 | - | €22 | €52 | €34 | €39 | €39 | ▲ 0.1% |
| Profit (loss) for the period before taxes9903 | -€190 | €2,839 | €36,047 | €20,009 | €7,020 | €5,662 | €3,843 | ▼ 32.1% |
| Income taxes67/77 | - | - | - | - | - | - | €19 | - |
| Profit (loss) for the period9904 | -€190 | €2,839 | €36,047 | €20,009 | €7,020 | €5,662 | €3,824 | ▼ 32.5% |
| Profit (loss) for the period to be appropriated9905 | -€190 | €2,839 | €36,047 | €20,009 | €7,020 | €5,662 | €3,824 | ▼ 32.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | - | €2,630 | €5,802 | €33,637 | €43,788 | €6,849 | €20,238 | ▲ 195% |
| Fixed assets21/28 | - | - | - | - | €4,333 | €2,333 | €3,722 | ▲ 59.5% |
| Tangible fixed assets22/27 | - | - | - | - | €4,333 | €2,333 | €3,722 | ▲ 59.5% |
| Furniture and vehicles24 | - | - | - | - | €4,333 | €2,333 | €3,722 | ▲ 59.5% |
| Current assets29/58 | - | €2,630 | €5,802 | €33,637 | €39,455 | €4,516 | €16,516 | ▲ 266% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €4,525 | - |
| Other amounts receivable291 | - | - | - | - | - | - | €4,525 | - |
| Amounts receivable within one year40/41 | - | €2,630 | €5,673 | €32,934 | €39,440 | €4,243 | €10,862 | ▲ 156% |
| Trade receivables40 | - | - | €4,840 | €9,000 | €3,300 | €3,993 | €10,612 | ▲ 166% |
| Other amounts receivable41 | - | - | €833 | €23,934 | €36,140 | €250 | €250 | = |
| Cash at bank and in hand54/58 | - | - | €129 | €703 | €15 | €273 | €300 | ▲ 9.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €829 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0 | €2,630 | €5,802 | €33,637 | €43,788 | €6,849 | €20,238 | ▲ 195% |
| Equity10/15 | -€175,680 | -€172,841 | -€136,794 | -€116,785 | -€109,765 | -€104,103 | -€100,279 | ▲ 3.7% |
| Contributions10/11 | €75,608 | €75,608 | €75,608 | €75,608 | €75,608 | €75,608 | €75,608 | = |
| Capital10 | - | - | €75,608 | €75,608 | €75,608 | €75,608 | €75,608 | = |
| Issued capital100 | - | - | €75,608 | €75,608 | €75,608 | €75,608 | €75,608 | = |
| Profit (loss) carried forward14 | -€251,287 | -€248,449 | -€212,402 | -€192,392 | -€185,372 | -€179,710 | -€175,886 | ▲ 2.1% |
| Amounts payable17/49 | €175,680 | €175,471 | €142,596 | €150,422 | €153,553 | €110,952 | €120,516 | ▲ 8.6% |
| Amounts payable within one year42/48 | €175,680 | €175,471 | €142,596 | €150,367 | €153,428 | €110,952 | €120,516 | ▲ 8.6% |
| Trade debts44 | - | €175 | €229 | €0 | €345 | €0 | €1,804 | - |
| Suppliers440/4 | - | - | €229 | €0 | €345 | €0 | €1,804 | - |
| Taxes, remuneration and social security45 | - | - | - | - | €566 | €2,645 | €585 | ▼ 77.9% |
| Taxes450/3 | - | - | - | - | €566 | €2,645 | €585 | ▼ 77.9% |
| Other amounts payable47/48 | - | - | €142,367 | €150,367 | €152,517 | €108,307 | €118,128 | ▲ 9.1% |
| Accrued charges and deferred income492/3 | - | - | - | €55 | €125 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€190 | €2,839 | €36,047 | €20,009 | €7,020 | €5,662 | €3,824 | ▼ 32.5% |
| + Depreciation and write-downs630 | - | - | - | - | €1,667 | €2,000 | €2,520 | ▲ 26.0% |
| Operating cash flow (approximation) | -€190 | €2,839 | €36,047 | €20,009 | €8,687 | €7,662 | €6,344 | ▼ 17.2% |
| Investment in fixed assets (approximation) | - | - | - | - | - | €0 | -€3,908 | - |
| Change in cash | - | - | - | €574 | -€688 | €258 | €27 | ▼ 89.6% |
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, 3,794 companies had the same profile as L & A has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of L & A itself is lower: 0.2% within 12 months. It rests on far more data about L & A than the profile alone.
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 3,794 companies, not a prediction for L & A. 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.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 07-04-2026 | 2026-00074888 | |
| 30-09-2024 | micro format | 07-04-2025 | 2025-00065568 | |
| 30-09-2023 | micro format | 01-04-2024 | 2024-00053607 | |
| 30-09-2022 | micro format | 16-03-2023 | 2023-00040949 | |
| 30-09-2021 | micro format | 10-07-2022 | 2022-20167071 | |
| 30-09-2020 | micro format | 13-05-2021 | 2021-14800255 | |
| 30-09-2019 | micro format | 01-06-2020 | 2020-14200534 | |
| 30-09-2018 | abbreviated format | 28-03-2019 | 2019-08100399 | |
| 30-09-2017 | abbreviated format | 26-04-2018 | 2018-10600462 | |
| 30-09-2014 | abbreviated format | 22-04-2015 | 2015-10000389 |