La Source
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 15 filings
Turnover
€212,569▼ 12.4%
2024 · €242,616
EBIT margin
-29.9%▲ 8.5pp
2024 · -38.4%
Net result
-€83,726▲ 23.4%
2024 · -€109,311
Working capital
-€141,644▼ 56.0%
2024 · -€90,821
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€212,569
▼ 12.4%
2025
20182025
Operating result
-€63,552
▲ 31.8%
2025
20182025
Net result
-€83,726
▲ 23.4%
2025
lowest quarter of the sector
20182025
EBIT margin
-29.9%
▲ 8.5pp
2025
20182025
Equity
€130,153
▼ 39.1%
2025
lowest quarter of the sector
20182025
Total assets
€726,456
▼ 28.2%
2025
lowest quarter of the sector
20182025
Debt
€596,303
▼ 25.3%
2025
20182025
Working capital
-€141,644
▼ 56.0%
2025
lowest quarter of the sector
20182025
Solvency
17.9%
▼ 3.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.64
▼ 0.21
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-11.5%
▼ 0.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
15.9
▼ 5.4%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.3m-€0.3m▼ 1.5%€0.2m▼ 15.2%€0.2m▼ 18.4%€0.2m▲ 12.2%€0.2m▲ 0.9%€0.2m▲ 19.6%€0.2m▼ 12.4%
Operating result€0.1m-€0.006m▼ 94.0%€0.02m▲ 172%-€0.05m-€0.2m▼ 222%-€0.1m▲ 9.4%-€0.09m▲ 36.7%-€0.06m▲ 31.8%
Net result€0.09m--€0.003m€0.008mwithin the sector's middle half€0.009mwithin the sector's middle half▲ 16.7%-€0.2mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 10.2%-€0.1mbelow the sector's middle half▲ 29.7%-€0.08mbelow the sector's middle half▲ 23.4%
EBIT margin39.0%-2.4%▼ 36.6pp7.6%▲ 5.2pp-28.2%▼ 35.8pp-80.9%▼ 52.7pp-72.6%▲ 8.3pp-38.4%▲ 34.2pp-29.9%▲ 8.5pp
Equity€0.6m-€0.6m▼ 0.5%€0.6mwithin the sector's middle half▲ 1.3%€0.7mwithin the sector's middle half▲ 1.5%€0.5mwithin the sector's middle half▼ 26.6%€0.3mwithin the sector's middle half▼ 32.5%€0.2mwithin the sector's middle half▼ 33.8%€0.1mbelow the sector's middle half▼ 39.1%
Total assets€1.1m-€1.1m▼ 1.5%€1.1mwithin the sector's middle half▲ 1.9%€1.1mwithin the sector's middle half▲ 0.3%€0.9mwithin the sector's middle half▼ 18.3%€0.9mbelow the sector's middle half▼ 1.2%€1.0mwithin the sector's middle half▲ 11.1%€0.7mbelow the sector's middle half▼ 28.2%
Debt€0.5m-€0.5m▼ 2.8%€0.5m▲ 2.8%€0.5m▼ 1.3%€0.4m▼ 6.9%€0.6m▲ 32.5%€0.8m▲ 35.9%€0.6m▼ 25.3%
Working capital€0.08m-€0.1m▲ 42.8%€0.2mwithin the sector's middle half▲ 52.2%€0.2mwithin the sector's middle half▲ 29.7%€0.09mwithin the sector's middle half▼ 58.0%-€0.02mwithin the sector's middle half-€0.09mwithin the sector's middle half▼ 320%-€0.1mbelow the sector's middle half▼ 56.0%
Solvency56.9%-57.5%▲ 0.6pp57.1%within the sector's middle half▼ 0.4pp57.8%within the sector's middle half▲ 0.7pp51.9%within the sector's middle half▼ 5.9pp35.5%within the sector's middle half▼ 16.4pp21.1%within the sector's middle half▼ 14.4pp17.9%below the sector's middle half▼ 3.2pp
Current ratio1.52-1.73▲ 0.201.92within the sector's middle half▲ 0.192.12within the sector's middle half▲ 0.201.51within the sector's middle half▼ 0.610.94within the sector's middle half▼ 0.570.84within the sector's middle half▼ 0.100.64below the sector's middle half▼ 0.21
Return on assets (ROA)8.3%--0.3%▼ 8.6pp0.7%within the sector's middle half▲ 1.0pp0.8%within the sector's middle half▲ 0.1pp-18.8%below the sector's middle half▼ 19.6pp-17.1%below the sector's middle half▲ 1.7pp-10.8%below the sector's middle half▲ 6.3pp-11.5%below the sector's middle half▼ 0.7pp
Staff (FTE)12.2-11.7▼ 4.1%14below the sector's middle half▲ 19.7%15.4below the sector's middle half▲ 10.0%14.7below the sector's middle half▼ 4.5%16.5below the sector's middle half▲ 12.2%16.8below the sector's middle half▲ 1.8%15.9below the sector's middle half▼ 5.4%
above
within
below
The sector band is the middle half of the companies in Residential care activities (NACE 87). 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 a loss of €63,552, smaller than the loss of €93,210 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €726,456
Fixed assets
€479,448 ▼ 9.9%
Current assets
€247,008 ▼ 48.5%
Equity and liabilities €726,456
Equity
€130,153 ▼ 39.1%
Debt
€596,303 ▼ 25.3%
Debt's share of the balance-sheet total rises from 78.9% to 82.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€5,333▲
2024 · -€31,596
Cash flow
-€25,508▲
2024 · -€47,696
Debt to equity
4.58▲
2024 · 3.73
ROE
-64.3%▼
2024 · -51.1%
Interest coverage
-0.26▲
2024 · -1.95
Debt ≤ 1 year
€388,652▼
2024 · €570,087
Debt > 1 year
€207,651▼
2024 · €227,645
Customer credit
131 days▼
2024 · 249 days
Supplier credit
365 days▼
2024 · 899 days
Staff costs
€1.0m▲
2024 · €962,344
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 17 | 18 | 18 | 19 | 17 |
| full-time | 12 | 12 | 13 | 9 | 9 |
| part-time | 5 | 6 | 5 | 10 | 8 |
| in full-time equivalents | 15.4 | 15.6 | 16.1 | 15.6 | 14.6 |
| Average over the year, in full-time equivalents | 15.4 | 14.7 | 16.5 | 16.8 | 15.9 |
| On a permanent contract | 13 | 14 | 16 | 14 | 15 |
| Joined | 2 | 5 | 5 | 11 | 5 |
| Left | 3 | 4 | 5 | 12 | 8 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,940 | €2,673 | €4,545 | - | €5,313 |
| Financial fixed assets | - | - | - | €212 | - |
| Depreciation and write-downs of the year | €71,350 | €69,722 | €67,054 | €61,615 | €58,219 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 12.4% |
| Membership fees, donations, legacies and grants73 | - | - | - | €0.7m | €0.8m | €0.8m | €0.8m | €1.0m | ▲ 13.7% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.2% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.9m | €0.9m | €1.0m | €1.0m | ▲ 5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.08m | €0.07m | €0.07m | €0.07m | €0.07m | €0.06m | €0.06m | ▼ 5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€308 | €0.004m | -€137 | €0 | €0.02m | ▲ 54,287× |
| Other operating charges640/8 | - | - | - | €0.002m | €0.001m | €0.002m | €0.001m | €0.001m | ▲ 18.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.002m | - |
| Gross operating margin9900 | €0.7m | €0.6m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €1.0m | ▲ 10.0% |
| Operating profit (loss)9901 | €0.1m | €0.006m | €0.02m | -€0.05m | -€0.2m | -€0.1m | -€0.09m | -€0.06m | ▲ 31.8% |
| Financial income75/76B | - | - | - | €0.07m | - | €233 | €113 | €376 | ▲ 233% |
| Recurring financial income75 | €87 | €48 | €131 | €24 | - | €233 | €113 | €376 | ▲ 233% |
| Non-recurring financial income76B | - | - | - | €0.07m | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.008m | €0.01m | €0.008m | €0.02m | €0.02m | ▲ 26.7% |
| Recurring financial charges65 | €0.01m | €0.009m | €0.009m | €0.008m | €0.01m | €0.008m | €0.02m | €0.02m | ▲ 26.7% |
| Profit (loss) for the period before taxes9903 | €0.09m | -€0.003m | €0.008m | €0.009m | -€0.2m | -€0.2m | -€0.1m | -€0.08m | ▲ 23.4% |
| Profit (loss) for the period9904 | €0.09m | -€0.003m | €0.008m | €0.009m | -€0.2m | -€0.2m | -€0.1m | -€0.08m | ▲ 23.4% |
| Profit (loss) for the period to be appropriated9905 | €0.09m | -€0.003m | €0.008m | €0.009m | -€0.2m | -€0.2m | -€0.1m | -€0.08m | ▲ 23.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.1m | €1.1m | €1.1m | €0.9m | €0.9m | €1.0m | €0.7m | ▼ 28.2% |
| Fixed assets21/28 | €0.9m | €0.8m | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | €0.5m | ▼ 9.9% |
| Tangible fixed assets22/27 | €0.9m | €0.8m | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | €0.5m | ▼ 9.9% |
| Land and buildings22 | - | - | - | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 10.4% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.008m | €0.009m | €0.005m | €0.007m | ▲ 43.3% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.003m | €334 | - | - |
| Financial fixed assets28 | - | - | - | - | - | - | €212 | €212 | = |
| Current assets29/58 | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | €0.5m | €0.2m | ▼ 48.5% |
| Amounts receivable within one year40/41 | €0.08m | €0.09m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 50.2% |
| Trade receivables40 | - | - | - | €0.03m | €0.1m | €0.1m | €0.2m | €0.08m | ▼ 54.1% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | ▼ 45.8% |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.2m | €0.2m | €0.02m | €0.06m | €0.2m | €0.09m | ▼ 45.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €446 | €446 | €446 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.1m | €1.1m | €1.1m | €0.9m | €0.9m | €1.0m | €0.7m | ▼ 28.2% |
| Equity10/15 | €0.6m | €0.6m | €0.6m | €0.7m | €0.5m | €0.3m | €0.2m | €0.1m | ▼ 39.1% |
| Profit (loss) carried forward14 | €0.6m | €0.6m | €0.6m | €0.7m | €0.5m | €0.3m | €0.2m | €0.1m | ▼ 39.1% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.6m | €0.8m | €0.6m | ▼ 25.3% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 8.8% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 8.8% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.6m | €0.4m | ▼ 31.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 2.6% |
| Trade debts44 | €0.04m | €0.05m | €0.07m | €0.06m | €0.08m | €0.1m | €0.4m | €0.2m | ▼ 59.3% |
| Suppliers440/4 | - | - | - | €0.06m | €0.08m | €0.1m | €0.4m | €0.2m | ▼ 59.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.08m | €0.1m | €0.1m | €0.1m | ▲ 41.5% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.08m | €0.1m | €0.1m | €0.1m | ▲ 41.5% |
| Accrued charges and deferred income492/3 | - | - | - | €47 | €0.001m | €0.002m | €8 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €92,864 | -€3,008 | €8,020 | €9,360 | -€173,177 | -€155,440 | -€109,311 | -€83,726 | ▲ 23.4% |
| + Depreciation and write-downs630 | €82,721 | €77,769 | €74,726 | €71,350 | €69,722 | €67,054 | €61,615 | €58,219 | ▼ 5.5% |
| Operating cash flow (approximation) | €175,585 | €74,761 | €82,746 | €80,710 | -€103,454 | -€88,386 | -€47,696 | -€25,508 | ▲ 46.5% |
| Investment in fixed assets (approximation) | - | -€25,312 | -€8,881 | -€13,940 | -€2,673 | -€4,545 | -€212 | -€5,313 | ▼ 2,408% |
| Change in cash | - | €27,009 | €20,711 | €59,695 | -€223,814 | €34,967 | €106,092 | -€74,153 | - |
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, 307 companies had the same profile as La Source has now. Two years later, 88.9% were still going and 4.9% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
88.9%
was still going
5.2%
stopped otherwise
4.9%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of La Source itself is lower: < 0.1% within 12 months. It rests on far more data about La Source 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 307 companies, not a prediction for La Source. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-06-2026 | 2026-00210036 | |
| 31-12-2024 | full format | 10-07-2025 | 2025-00252316 | |
| 31-12-2023 | full format | 28-09-2024 | 2024-00476915 | |
| 31-12-2022 | full format | 19-07-2023 | 2023-00249181 | |
| 31-12-2021 | full format | 27-07-2022 | 2022-20229072 | |
| 31-12-2020 | full format | 15-07-2021 | 2021-36700079 | |
| 31-12-2019 | full format | 24-09-2020 | 2020-55500498 | |
| 31-12-2018 | full format | 12-07-2019 | 2019-32400572 | |
| 31-12-2017 | full format | 02-07-2018 | 2018-27800292 | |
| 31-12-2016 | full format | 25-08-2017 | 2017-48500084 |