LA SERRA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 30 days after the deadline Filed on 30 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00492365.
Annual accounts 2025 filed on 30-08-2026 at the NBB all 18 filings
Turnover
≈ €260,000
Estimated: probably between €200,000 and €410,000
Total assets
€72,215▼ 31.1%
2024 · €104,774
Net result
€9,457▼ 43.0%
2024 · €16,605
Working capital
€57,876▼ 11.5%
2024 · €65,388
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,989
▼ 34.5%
2025
20182025
Net result
€9,457
▼ 43.0%
2025
middle half of the sector
20182025
Equity
€59,609
▼ 17.3%
2025
middle half of the sector
20182025
Total assets
€72,215
▼ 31.1%
2025
lowest quarter of the sector
20182025
Debt
€12,606
▼ 61.5%
2025
20182025
Working capital
€57,876
▼ 11.5%
2025
middle half of the sector
20182025
Solvency
82.5%
▲ 13.8pp
2025
highest quarter of the sector
20182025
Current ratio
5.59
▼ 0.94
2025
highest quarter of the sector
20182025
Return on assets (ROA)
13.1%
▼ 2.8pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€13,393--€4,932▲ 63.2%€9,747€16,451▲ 68.8%€2,678▼ 83.7%€20,625▲ 670%€29,006▲ 40.6%€18,989▼ 34.5%
Net result-€15,484--€790▲ 94.9%€8,064within the sector's middle half€13,849within the sector's middle half▲ 71.7%€1,121below the sector's middle half▼ 91.9%€14,397within the sector's middle half▲ 13×€16,605within the sector's middle half▲ 15.3%€9,457within the sector's middle half▼ 43.0%
Equity€18,820-€18,030▼ 4.2%€26,094below the sector's middle half▲ 44.7%€39,943below the sector's middle half▲ 53.1%€41,064below the sector's middle half▲ 2.8%€55,461below the sector's middle half▲ 35.1%€72,066within the sector's middle half▲ 29.9%€59,609within the sector's middle half▼ 17.3%
Total assets€69,023-€35,623▼ 48.4%€50,396below the sector's middle half▲ 41.5%€50,004below the sector's middle half▼ 0.8%€55,444below the sector's middle half▲ 10.9%€110,092below the sector's middle half▲ 98.6%€104,774within the sector's middle half▼ 4.8%€72,215below the sector's middle half▼ 31.1%
Debt€50,202-€17,592▼ 65.0%€24,302▲ 38.1%€10,061▼ 58.6%€14,380▲ 42.9%€54,632▲ 280%€32,709▼ 40.1%€12,606▼ 61.5%
Working capital€22,316-€17,779▼ 20.3%€24,546within the sector's middle half▲ 38.1%€32,148within the sector's middle half▲ 31.0%€34,803within the sector's middle half▲ 8.3%€44,255within the sector's middle half▲ 27.2%€65,388within the sector's middle half▲ 47.8%€57,876within the sector's middle half▼ 11.5%
Solvency27.3%-50.6%▲ 23.3pp51.8%within the sector's middle half▲ 1.2pp79.9%above the sector's middle half▲ 28.1pp74.1%above the sector's middle half▼ 5.8pp50.4%within the sector's middle half▼ 23.7pp68.8%above the sector's middle half▲ 18.4pp82.5%above the sector's middle half▲ 13.8pp
Current ratio1.52-2.19▲ 0.672.01within the sector's middle half▼ 0.185.36above the sector's middle half▲ 3.353.42above the sector's middle half▼ 1.942.52within the sector's middle half▼ 0.906.53above the sector's middle half▲ 4.015.59above the sector's middle half▼ 0.94
Return on assets (ROA)-22.4%--2.2%▲ 20.2pp16.0%above the sector's middle half▲ 18.2pp27.7%above the sector's middle half▲ 11.7pp2.0%within the sector's middle half▼ 25.7pp13.1%above the sector's middle half▲ 11.1pp15.8%above the sector's middle half▲ 2.8pp13.1%above the sector's middle half▼ 2.8pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 35% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €72,215
Fixed assets
€1,734 ▼ 93.7%
Current assets
€70,481 ▼ 8.7%
Equity and liabilities €72,215
Equity
€59,609 ▼ 17.3%
Debt
€12,606 ▼ 61.5%
Debt's share of the balance-sheet total falls from 31.2% to 17.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€44,747▲
2024 · €38,203
Cash flow
€35,215▲
2024 · €25,802
Debt to equity
0.21▼
2024 · 0.45
ROE
15.9%▼
2024 · 23.0%
Interest coverage
10.00▼
2024 · 15.91
Debt ≤ 1 year
€12,606▲
2024 · €11,815
Income taxes
€5,072▼
2024 · €10,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,483 | - | €45,240 | - | €1,345 |
| Depreciation and write-downs of the year | €2,542 | €4,228 | €8,972 | €9,197 | €25,759 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €38,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,054 | €1,302 | €1,302 | €2,542 | €4,228 | €8,972 | €9,197 | €25,759 | ▲ 180% |
| Other operating charges640/8 | - | - | - | €1,649 | €1,247 | €1,364 | €1,071 | €1,083 | ▲ 1.1% |
| Gross operating margin9900 | -€9,347 | -€2,698 | €12,510 | €20,642 | €8,152 | €30,960 | €39,274 | €45,830 | ▲ 16.7% |
| Operating profit (loss)9901 | -€13,393 | -€4,932 | €9,747 | €16,451 | €2,678 | €20,625 | €29,006 | €18,989 | ▼ 34.5% |
| Financial income75/76B | - | - | - | - | €54 | - | - | €17 | - |
| Recurring financial income75 | - | €4,941 | €160 | - | €54 | - | - | €17 | - |
| Financial charges65/66B | - | - | - | €1,178 | €1,128 | €1,656 | €2,401 | €4,476 | ▲ 86.4% |
| Recurring financial charges65 | €2,090 | €800 | €1,037 | €1,178 | €1,128 | €1,656 | €2,401 | €4,476 | ▲ 86.4% |
| Profit (loss) for the period before taxes9903 | -€15,484 | -€790 | €8,870 | €15,273 | €1,604 | €18,969 | €26,605 | €14,529 | ▼ 45.4% |
| Income taxes67/77 | - | - | €806 | €1,424 | €484 | €4,572 | €10,000 | €5,072 | ▼ 49.3% |
| Profit (loss) for the period9904 | -€15,484 | -€790 | €8,064 | €13,849 | €1,121 | €14,397 | €16,605 | €9,457 | ▼ 43.0% |
| Profit (loss) for the period to be appropriated9905 | -€15,484 | -€790 | €8,064 | €13,849 | €1,121 | €14,397 | €16,605 | €9,457 | ▼ 43.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €69,023 | €35,623 | €50,396 | €50,004 | €55,444 | €110,092 | €104,774 | €72,215 | ▼ 31.1% |
| Fixed assets21/28 | €3,409 | €2,850 | €1,548 | €10,489 | €6,261 | €36,769 | €27,572 | €1,734 | ▼ 93.7% |
| Tangible fixed assets22/27 | €2,909 | €2,350 | €1,048 | €9,989 | €5,761 | €36,269 | €27,072 | €1,234 | ▼ 95.4% |
| Plant, machinery and equipment23 | - | - | - | €400 | - | €969 | €597 | €1,234 | ▲ 107% |
| Furniture and vehicles24 | - | - | - | €9,589 | €5,761 | - | - | - | - |
| Leasing and similar rights25 | - | - | - | - | - | €35,300 | €26,475 | - | - |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €65,614 | €32,773 | €48,848 | €39,515 | €49,182 | €73,324 | €77,203 | €70,481 | ▼ 8.7% |
| Stocks and contracts in progress3 | €1,000 | €1,000 | €1,000 | €12,567 | €18,728 | €11,950 | €1,000 | - | - |
| Stocks30/36 | - | - | - | €1,000 | €1,000 | €1,000 | €1,000 | - | - |
| Contracts in progress37 | - | - | - | €11,567 | €17,728 | €10,950 | - | - | - |
| Amounts receivable within one year40/41 | €32,695 | €21,788 | €23,112 | €25,205 | €27,010 | €25,066 | €14,007 | - | - |
| Trade receivables40 | - | - | - | €1,143 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €24,062 | €27,010 | €25,066 | €14,007 | - | - |
| Cash at bank and in hand54/58 | €2,919 | €2,985 | €11,736 | €991 | €2,651 | €36,308 | €62,196 | €62,626 | ▲ 0.7% |
| Deferred charges and accrued income490/1 | - | - | - | €752 | €793 | - | - | €7,856 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €69,023 | €35,623 | €50,396 | €50,004 | €55,444 | €110,092 | €104,774 | €72,215 | ▼ 31.1% |
| Equity10/15 | €18,820 | €18,030 | €26,094 | €39,943 | €41,064 | €55,461 | €72,066 | €59,609 | ▼ 17.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | - | - | - | €6,200 | €6,200 | = |
| Other1109/19 | - | - | - | - | - | - | €6,200 | €6,200 | = |
| Reserves13 | €12,620 | €11,830 | €19,894 | €33,743 | €34,864 | €49,261 | €59,261 | €46,348 | ▼ 21.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €31,883 | €33,004 | €49,261 | €59,261 | €46,348 | ▼ 21.8% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €6,605 | €7,062 | ▲ 6.9% |
| Amounts payable17/49 | €50,202 | €17,592 | €24,302 | €10,061 | €14,380 | €54,632 | €32,709 | €12,606 | ▼ 61.5% |
| Amounts payable after more than one year17 | €6,904 | €2,598 | - | €2,694 | - | €25,563 | €20,894 | - | - |
| Financial debts170/4 | - | - | - | €2,694 | - | €25,563 | €20,894 | - | - |
| Amounts payable within one year42/48 | €43,299 | €14,994 | €24,302 | €7,367 | €14,380 | €29,069 | €11,815 | €12,606 | ▲ 6.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,183 | €2,694 | €4,409 | €4,668 | - | - |
| Financial debts43 | - | - | - | - | - | - | - | €8,746 | - |
| Other loans439 | - | - | - | - | - | - | - | €8,746 | - |
| Trade debts44 | €22,574 | €4,841 | €9,172 | €2,040 | €4,219 | €5,000 | €603 | €1,838 | ▲ 205% |
| Suppliers440/4 | - | - | - | €2,040 | €4,219 | €5,000 | €603 | €1,838 | ▲ 205% |
| Advances received on contracts in progress46 | - | - | - | - | €5,521 | €11,937 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,144 | €1,946 | €7,722 | €6,543 | €1,776 | ▼ 72.9% |
| Taxes450/3 | - | - | - | €2,144 | €1,946 | €7,722 | €6,543 | €1,776 | ▼ 72.9% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €246 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,484 | -€790 | €8,064 | €13,849 | €1,121 | €14,397 | €16,605 | €9,457 | ▼ 43.0% |
| + Depreciation and write-downs630 | €1,054 | €1,302 | €1,302 | €2,542 | €4,228 | €8,972 | €9,197 | €25,759 | ▲ 180% |
| Operating cash flow (approximation) | -€14,430 | €512 | €9,366 | €16,391 | €5,348 | €23,368 | €25,802 | €35,215 | ▲ 36.5% |
| Investment in fixed assets (approximation) | - | -€744 | €0 | -€11,483 | €0 | -€39,479 | €0 | €80 | - |
| Change in cash | - | €66 | €8,751 | -€10,745 | €1,660 | €33,656 | €25,888 | €430 | ▼ 98.3% |
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, 34,693 companies had the same profile as LA SERRA has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of LA SERRA itself: < 0.1% 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 34,693 companies, not a prediction for LA SERRA. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-08-2026 | 2026-00492365 | |
| 31-12-2024 | micro format | 30-08-2025 | 2025-00475444 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00156432 | |
| 31-12-2022 | abbreviated format | 07-07-2023 | 2023-00214224 | |
| 31-12-2021 | abbreviated format | 11-08-2022 | 2022-20283198 | |
| 31-12-2020 | abbreviated format | 23-08-2021 | 2021-51600504 | |
| 31-12-2019 | abbreviated format | 19-08-2020 | 2020-42300086 | |
| 31-12-2018 | abbreviated format | 19-08-2019 | 2019-47300088 | |
| 31-12-2017 | abbreviated format | 29-08-2018 | 2018-53900361 | |
| 31-12-2016 | abbreviated format | 31-07-2017 | 2017-39300263 |