La Source

Active

Non-profit associationfounded 198540 yrs activeTouquetstraat(Biz) 94, 7783 Comines-Warneton, BelgiumKBO/BCE: BE 0431.745.911

La Source has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €214k and a net result of €-109k. Equity is shrinking by ~12.3% per year across the filed fiscal years. Its solvency ranks better than 34% of 691 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is < 0.1% (very low).

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Checked score

Score 2024

53 / 100

Fair

The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability3▲+3

Solvency46▼-15

Growth31▲+4

Track record100

Bankruptcy probability, 12 months

< 0.1% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €11k at 30 days acceptable

Liquidity short (current ratio 0.84 against 0.94 in 2023; short-term debt: 56.4% and cash: 16.2% of total assets), and 78.9% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 87

Relative position

BE, all sectors

reference

Sector 87

lower

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Annual accounts: weaker financial profile

The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.

NBB · annual accounts 2024

Solvency, return and age of the figures

Solvency

21.1%

Return on assets

-10.8%

Age of the figures

21 mo

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Persistent losses

Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2024

Net result per financial year

18192021222324

2018 to 2024 · latest year €-109k

Latest accounts filed on time

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 10-07-2025, 21 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

21 d early

2023

59 d late

2022

12 d early

2021

4 d early

2020

16 d early

2019

55 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, full schema

Turnover

€243k▲ 19.6%

2023 · €203k

2018: €263k 2019: €259k 2020: €219k 2021: €179k 2022: €201k 2023: €203k

2018 → 2024

EBIT margin

-38.4%▲ 34.2pp

2023 · -72.6%

2018: 39.0% 2019: 2.4% 2020: 7.6% 2021: -28.2% 2022: -80.9% 2023: -72.6%

2018 → 2024

Net result

€-109k▲ 29.7%

2023 · €-155k

2018: €93k 2019: €-3k 2020: €8k 2021: €9k 2022: €-173k 2023: €-155k

2018 → 2024

Working capital

€-91k▼ 320%

2023 · €-22k

2018: €76k 2019: €108k 2020: €164k 2021: €213k 2022: €90k 2023: €-22k

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Turnover€219k-€179k▼ 18.4%€201k▲ 12.2%€203k▲ 0.9%€243k▲ 19.6%

Equity€642k-€652k▲ 1.5%€479k▼ 26.6%€323k▼ 32.5%€214k▼ 33.8%

Operating result€17k-€-50k€-163k▼ 222%€-147k▲ 9.4%€-93k▲ 36.7%

Net result€8k-€9k▲ 16.7%€-173k€-155k▲ 10.2%€-109k▲ 29.7%

Result per fiscal year

Operating resultNet result

The operating result stays negative: a loss of €93k in 2024 against €147k in 2023; the loss shrinks.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €1.01M

52.6%

47.4%

Fixed assets €532k▼ 10.3%

Current assets €479k▲ 51.4%

Equity and liabilities €1.01M

21.1%

78.9%

Equity €214k▼ 33.8%

Debt €798k▲ 35.9%

The debt ratio rises from 64.5% to 78.9%. Equity is lower and debt is higher.

Key figures and ratios

2024 value · change against 2023

EBITDA

€-32k▲

2023 · €-80k

Cash flow

€-48k▲

2023 · €-88k

Solvency

21.1%▼

2023 · 35.5%

Current ratio

0.84▼

2023 · 0.94

Quick ratio

0.84▼

2023 · 0.94

Debt / equity

3.73▲

2023 · 1.82

ROE

-51.1%▼

2023 · -48.1%

ROA

-10.8%▲

2023 · -17.1%

Interest coverage

-1.95▲

2023 · -9.52

Debt

€798k▲

2023 · €587k

Debt ≤ 1 year

€570k▲

2023 · €338k

Debt > 1 year

€228k▼

2023 · €247k

Staff costs

€962k▲

2023 · €903k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€910k€1.01M▲

Fixed assets21/28€594k€532k▼

Tangible fixed assets22/27€594k€532k▼

Land and buildings22€582k€527k▼

Plant, machinery and equipment23€9k€5k▼

Furniture and vehicles24€3k€334▼

Financial fixed assets28-€212

Current assets29/58€316k€479k▲

Amounts receivable within one year40/41€258k€315k▲

Trade receivables40€136k€166k▲

Other amounts receivable41€122k€149k▲

Cash at bank and in hand54/58€58k€164k▲

Deferred charges and accrued income490/1€446€446=

Equity and liabilities

Total equity and liabilities10/49€910k€1.01M▲

Equity10/15€323k€214k▼

Profit (loss) carried forward14€323k€214k▼

Amounts payable17/49€587k€798k▲

Amounts payable after more than one year17€247k€228k▼

Financial debts170/4€247k€228k▼

Amounts payable within one year42/48€338k€570k▲

Current portion of amounts payable after more than one year42€19k€19k▲

Trade debts44€143k€378k▲

Suppliers440/4€143k€378k▲

Taxes, remuneration and social security45€106k€102k▼

Remuneration and social security454/9€106k€102k▼

Accrued charges and deferred income492/3€2k€8▼

Income statement Code20232024

Turnover70€203k€243k▲

Goods, raw materials, services and sundry goods60/61€171k€154k▼

Remuneration, social security and pensions62€903k€962k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€67k€62k▼

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-137€0▲

Other operating charges640/8€2k€728▼

Gross operating margin9900€825k€931k▲

Operating profit (loss)9901€-147k€-93k▲

Financial income75/76B€233€113▼

Recurring financial income75€233€113▼

Financial charges65/66B€8k€16k▲

Recurring financial charges65€8k€16k▲

Profit (loss) for the period before taxes9903€-155k€-109k▲

Profit (loss) for the period9904€-155k€-109k▲

Profit (loss) for the period to be appropriated9905€-155k€-109k▲

Appropriation of the result

Profit (loss) to be appropriated9906€323k€214k▼

Profit (loss) brought forward from the previous period14P€479k€323k▼

Social balance

Average headcount (FTE)908716.516.8▲

The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 12Financial 2Filings 10

2025

10-07

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

28-09

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 59 days late

2023

19-07

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

31-12

Financial Weakest financial yearnet €-173k ▼1950%

Net result drops to €-173k, the lowest in the series; recovery starts the following year.

27-07

NBB filing Annual accounts filed

fiscal year 2021 · full schema

2021

15-07

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

31-12

Financial Back to profitnet €8k

Net result €8k after one loss-making year.

24-09

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 55 days late

2019

12-07

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

02-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

25-08

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 25 days late

2016

08-07

NBB filing Annual accounts filed

fiscal year 2015 · full schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

no sitting director, no change since 2022

We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.

21-10-2022 Chantal Bertouille: Resigned as Director

21-10-2022 Marie-Paule Dauchy: Resigned as Director

18-06-2018 Francine Bartier: Resigned as Director

Location & real-estate footprint

Registered office, Comines-Warneton · 1 establishment unit since 2008

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Touquetstraat(Biz) 947783 Comines-Warneton

Ground area

810 m²

Building footprint