LA C.
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 19 days after the deadline Filed on 19 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00406231.
Annual accounts 2025 filed on 19-08-2026 at the NBB all 5 filings
Turnover
≈ €84,000
Estimated: probably between €32,000 and €190,000
Total assets
€102,129▼ 9.7%
2024 · €113,118
Net result
€5,956▲ 40.5%
2024 · €4,240
Working capital
-€39,348▼ 50.5%
2024 · -€26,143
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€7,153
▲ 27.9%
2025
20212025
Net result
€5,956
▲ 40.5%
2025
middle half of the sector
20212025
Equity
€2,612
2025
lowest quarter of the sector
20212025
Total assets
€102,129
▼ 9.7%
2025
lowest quarter of the sector
20212025
Debt
€99,517
▼ 14.5%
2025
20212025
Working capital
-€39,348
▼ 50.5%
2025
middle half of the sector
20212025
Solvency
2.6%
▲ 5.5pp
2025
lowest quarter of the sector
20212025
Current ratio
0.34
▼ 0.21
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
5.8%
▲ 2.1pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€14,829--€7,690▲ 48.1%€19,774€5,592▼ 71.7%€7,153▲ 27.9%
Net result-€16,901below the sector's middle half--€9,314below the sector's middle half▲ 44.9%€17,631within the sector's middle half€4,240within the sector's middle half▼ 76.0%€5,956within the sector's middle half▲ 40.5%
Equity-€15,901below the sector's middle half--€25,215below the sector's middle half▼ 58.6%-€7,584below the sector's middle half▲ 69.9%-€3,344below the sector's middle half▲ 55.9%€2,612below the sector's middle half
Total assets€120,093below the sector's middle half-€104,448below the sector's middle half▼ 13.0%€106,384below the sector's middle half▲ 1.9%€113,118below the sector's middle half▲ 6.3%€102,129below the sector's middle half▼ 9.7%
Debt€135,994-€129,662▼ 4.7%€113,967▼ 12.1%€116,462▲ 2.2%€99,517▼ 14.5%
Working capital-€42,621within the sector's middle half--€59,406within the sector's middle half▼ 39.4%-€31,659within the sector's middle half▲ 46.7%-€26,143within the sector's middle half▲ 17.4%-€39,348within the sector's middle half▼ 50.5%
Solvency-13.2%below the sector's middle half--24.1%below the sector's middle half▼ 10.9pp-7.1%below the sector's middle half▲ 17.0pp-3.0%below the sector's middle half▲ 4.2pp2.6%below the sector's middle half▲ 5.5pp
Current ratio0.21below the sector's middle half-0.03below the sector's middle half▼ 0.180.38below the sector's middle half▲ 0.350.55within the sector's middle half▲ 0.170.34below the sector's middle half▼ 0.21
Return on assets (ROA)-14.1%below the sector's middle half--8.9%below the sector's middle half▲ 5.2pp16.6%above the sector's middle half▲ 25.5pp3.7%within the sector's middle half▼ 12.8pp5.8%within the sector's middle half▲ 2.1pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 28% higher than in 2024. It is a recovery after the fall 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 €101,581
Fixed assets
€81,421 ▲ 1.8%
Current assets
€20,160 ▼ 36.8%
Equity and liabilities €102,129
Equity
€2,612
Debt
€99,517
Debt's share of the balance-sheet total is 97.4%.
Key figures and ratios
EBITDA
€23,093▲
2024 · €20,763
Cash flow
€21,896▲
2024 · €19,411
Quick ratio
0.30▼
2024 · 0.51
Debt to equity
38.10
ROE
228.0%
Interest coverage
17.52▲
2024 · 13.59
Debt ≤ 1 year
€59,508▲
2024 · €58,027
Debt > 1 year
€40,009▼
2024 · €47,981
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 |
|---|---|---|---|---|---|
| Pledge on the business | €115,000 | €115,000 | €115,000 | €115,000 | €115,000 |
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 | €112,719 | €8,590 | - | €9,165 | €16,673 |
| Intangible fixed assets | €3,500 | - | - | - | - |
| Depreciation and write-downs of the year | €11,306 | €14,869 | €15,269 | €15,171 | €15,940 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,306 | €14,869 | €15,269 | €15,171 | €15,940 | ▲ 5.1% |
| Other operating charges640/8 | €773 | €622 | €556 | €830 | €1,017 | ▲ 22.5% |
| Gross operating margin9900 | -€2,750 | €7,801 | €35,600 | €21,593 | €24,110 | ▲ 11.7% |
| Operating profit (loss)9901 | -€14,829 | -€7,690 | €19,774 | €5,592 | €7,153 | ▲ 27.9% |
| Financial income75/76B | €14 | €807 | €24 | €176 | €121 | ▼ 31.6% |
| Recurring financial income75 | €14 | €807 | €24 | €176 | €121 | ▼ 31.6% |
| Financial charges65/66B | €2,086 | €2,431 | €2,167 | €1,528 | €1,318 | ▼ 13.7% |
| Recurring financial charges65 | €2,086 | €2,431 | €2,167 | €1,528 | €1,318 | ▼ 13.7% |
| Profit (loss) for the period before taxes9903 | -€16,901 | -€9,314 | €17,631 | €4,240 | €5,956 | ▲ 40.5% |
| Profit (loss) for the period9904 | -€16,901 | -€9,314 | €17,631 | €4,240 | €5,956 | ▲ 40.5% |
| Profit (loss) for the period to be appropriated9905 | -€16,901 | -€9,314 | €17,631 | €4,240 | €5,956 | ▲ 40.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €120,093 | €104,448 | €106,384 | €113,118 | €102,129 | ▼ 9.7% |
| Formation expenses20 | €3,590 | €2,815 | €2,039 | €1,264 | €547 | ▼ 56.7% |
| Fixed assets21/28 | €105,199 | €99,696 | €85,202 | €79,971 | €81,421 | ▲ 1.8% |
| Intangible fixed assets21 | €3,498 | €2,798 | €2,098 | €1,398 | €698 | ▼ 50.1% |
| Tangible fixed assets22/27 | €101,701 | €96,898 | €83,104 | €78,573 | €80,723 | ▲ 2.7% |
| Plant, machinery and equipment23 | €97,818 | €94,044 | €81,280 | €77,779 | €80,683 | ▲ 3.7% |
| Furniture and vehicles24 | €3,883 | €2,854 | €1,824 | €794 | €39 | ▼ 95.0% |
| Current assets29/58 | €11,304 | €1,937 | €19,143 | €31,883 | €20,160 | ▼ 36.8% |
| Stocks and contracts in progress3 | €383 | €311 | €905 | €2,379 | €2,601 | ▲ 9.3% |
| Stocks30/36 | €383 | €311 | €905 | €2,379 | €2,601 | ▲ 9.3% |
| Amounts receivable within one year40/41 | €10,154 | €1,564 | €2,747 | €1,046 | €10,718 | ▲ 925% |
| Trade receivables40 | €8,237 | €1,404 | €2,676 | €162 | €10,718 | ▲ 66× |
| Other amounts receivable41 | €1,917 | €160 | €71 | €884 | - | - |
| Cash at bank and in hand54/58 | - | - | €15,339 | €27,310 | €5,421 | ▼ 80.2% |
| Deferred charges and accrued income490/1 | €766 | €62 | €151 | €1,148 | €1,421 | ▲ 23.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €120,093 | €104,448 | €106,384 | €113,118 | €102,129 | ▼ 9.7% |
| Equity10/15 | -€15,901 | -€25,215 | -€7,584 | -€3,344 | €2,612 | - |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Contributions outside capital11 | €1,000 | - | - | - | - | - |
| Other1109/19 | €1,000 | - | - | - | - | - |
| Reserves13 | - | - | - | - | €1,612 | - |
| Distributable reserves133 | - | - | - | - | €1,612 | - |
| Profit (loss) carried forward14 | -€16,901 | -€26,215 | -€8,584 | -€4,344 | - | - |
| Amounts payable17/49 | €135,994 | €129,662 | €113,967 | €116,462 | €99,517 | ▼ 14.5% |
| Amounts payable after more than one year17 | €82,070 | €68,319 | €63,008 | €47,981 | €40,009 | ▼ 16.6% |
| Financial debts170/4 | €82,070 | €68,319 | €63,008 | €47,981 | €40,009 | ▼ 16.6% |
| Amounts payable within one year42/48 | €53,924 | €61,343 | €50,802 | €58,027 | €59,508 | ▲ 2.6% |
| Current portion of amounts payable after more than one year42 | €13,545 | €13,751 | €16,216 | €15,027 | €12,440 | ▼ 17.2% |
| Financial debts43 | €9,749 | €8,322 | - | - | - | - |
| Credit institutions430/8 | €9,749 | €8,322 | - | - | - | - |
| Trade debts44 | €6,224 | €7,390 | €1,227 | €10,182 | €14,134 | ▲ 38.8% |
| Suppliers440/4 | €6,224 | €7,390 | €1,227 | €10,182 | €14,134 | ▲ 38.8% |
| Advances received on contracts in progress46 | €335 | - | - | €750 | - | - |
| Taxes, remuneration and social security45 | - | - | €1,290 | - | €956 | - |
| Taxes450/3 | - | - | €1,290 | - | €956 | - |
| Other amounts payable47/48 | €24,071 | €31,881 | €32,068 | €32,068 | €31,979 | ▼ 0.3% |
| Accrued charges and deferred income492/3 | - | - | €158 | €10,454 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,901 | -€9,314 | €17,631 | €4,240 | €5,956 | ▲ 40.5% |
| + Depreciation and write-downs630 | €11,306 | €14,869 | €15,269 | €15,171 | €15,940 | ▲ 5.1% |
| Operating cash flow (approximation) | -€5,595 | €5,556 | €32,901 | €19,411 | €21,896 | ▲ 12.8% |
| Investment in fixed assets (approximation) | - | -€9,366 | -€775 | -€9,940 | -€17,390 | ▼ 74.9% |
| Change in cash | - | - | - | €11,971 | -€21,889 | - |
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, 2,153 companies had the same profile as LA C. has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of LA C. itself: 0.6% 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 2,153 companies, not a prediction for LA C.. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-08-2026 | 2026-00406231 | |
| 31-12-2024 | micro format | 09-09-2025 | 2025-00491937 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00295313 | |
| 31-12-2022 | micro format | 12-07-2023 | 2023-00227532 | |
| 31-12-2021 | micro format | 08-07-2022 | 2022-20161800 |