LABOFA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 14 filings
Turnover
≈ €480,000
Estimated: probably between €400,000 and €540,000
Total assets
€1.4m▲ 19.2%
2024 · €1.2m
Net result
€206,103▼ 53.6%
2024 · €444,487
Working capital
€749,544▼ 14.1%
2024 · €872,695
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€261,712
▼ 57.7%
2025
20182025
Net result
€206,103
▼ 53.6%
2025
highest quarter of the sector
20182025
Equity
€846,371
▼ 14.1%
2025
highest quarter of the sector
20182025
Total assets
€1.4m
▲ 19.2%
2025
highest quarter of the sector
20182025
Debt
€534,252
▲ 208%
2025
20182025
Working capital
€749,544
▼ 14.1%
2025
highest quarter of the sector
20182025
Solvency
61.3%
▼ 23.7pp
2025
middle half of the sector
20182025
Current ratio
2.40
▼ 3.63
2025
middle half of the sector
20182025
Return on assets (ROA)
14.9%
▼ 23.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.08m-€0.1m▲ 23.6%€0.1m▲ 21.6%€0.2m▲ 64.9%€0.1m▼ 28.5%€0.2m▲ 37.1%€0.6m▲ 202%€0.3m▼ 57.7%
Net result€0.06m-€0.07m▲ 21.6%€0.09mabove the sector's middle half▲ 23.8%€0.1mabove the sector's middle half▲ 60.8%€0.1mabove the sector's middle half▼ 25.2%€0.2mabove the sector's middle half▲ 39.2%€0.4mabove the sector's middle half▲ 190%€0.2mabove the sector's middle half▼ 53.6%
Equity€0.1m-€0.2m▲ 51.7%€0.3mabove the sector's middle half▲ 41.8%€0.4mabove the sector's middle half▲ 36.2%€0.5mabove the sector's middle half▲ 24.3%€0.6mabove the sector's middle half▲ 17.7%€1.0mabove the sector's middle half▲ 60.7%€0.8mabove the sector's middle half▼ 14.1%
Total assets€0.2m-€0.3m▲ 59.8%€0.3mwithin the sector's middle half▲ 35.5%€0.5mabove the sector's middle half▲ 55.4%€0.7mabove the sector's middle half▲ 21.8%€0.8mabove the sector's middle half▲ 17.5%€1.2mabove the sector's middle half▲ 49.2%€1.4mabove the sector's middle half▲ 19.2%
Debt€0.02m-€0.04m▲ 123%€0.04m▲ 1.7%€0.1m▲ 198%€0.1m▲ 13.3%€0.2m▲ 16.8%€0.2m▲ 6.0%€0.5m▲ 208%
Working capital€0.1m-€0.2m▲ 53.9%€0.3mabove the sector's middle half▲ 40.5%€0.4mabove the sector's middle half▲ 37.5%€0.4mabove the sector's middle half▲ 5.7%€0.5mabove the sector's middle half▲ 13.8%€0.9mabove the sector's middle half▲ 76.0%€0.7mabove the sector's middle half▼ 14.1%
Solvency88.7%-84.2%▼ 4.5pp88.1%above the sector's middle half▲ 3.9pp77.2%above the sector's middle half▼ 10.9pp78.8%above the sector's middle half▲ 1.6pp79.0%above the sector's middle half▲ 0.1pp85.0%above the sector's middle half▲ 6.1pp61.3%within the sector's middle half▼ 23.7pp
Current ratio8.58-6.23▼ 2.348.23above the sector's middle half▲ 1.994.34within the sector's middle half▼ 3.894.11within the sector's middle half▼ 0.224.19within the sector's middle half▲ 0.076.03above the sector's middle half▲ 1.852.40within the sector's middle half▼ 3.63
Return on assets (ROA)37.7%-28.7%▼ 9.0pp26.2%above the sector's middle half▼ 2.5pp27.1%above the sector's middle half▲ 0.9pp16.7%within the sector's middle half▼ 10.5pp19.7%within the sector's middle half▲ 3.1pp38.4%above the sector's middle half▲ 18.6pp14.9%within the sector's middle half▼ 23.4pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 58% lower than 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 €1.4m
Fixed assets
€96,827 ▼ 14.0%
Current assets
€1.3m ▲ 22.7%
Equity and liabilities €1.4m
Equity
€846,371 ▼ 14.1%
Debt
€534,252 ▲ 208%
Debt's share of the balance-sheet total rises from 15.0% to 38.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€277,458▼
2024 · €634,504
Cash flow
€221,849▼
2024 · €460,462
Debt to equity
0.63▲
2024 · 0.18
ROE
24.4%▼
2024 · 45.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€534,252▲
2024 · €173,346
Income taxes
€97,949▼
2024 · €204,777
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 | €1,096 | €80,301 | €54,492 | €3,291 | - |
| Depreciation and write-downs of the year | €2,050 | €2,233 | €14,422 | €15,975 | €15,746 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,689 | €753 | €1,240 | €2,050 | €2,233 | €14,422 | €15,975 | €15,746 | ▼ 1.4% |
| Other operating charges640/8 | - | - | - | €889 | €663 | €2,546 | €2,221 | €1,529 | ▼ 31.2% |
| Gross operating margin9900 | €93,845 | €105,568 | €128,348 | €211,862 | €152,267 | €221,699 | €636,725 | €278,987 | ▼ 56.2% |
| Operating profit (loss)9901 | €84,301 | €104,176 | €126,663 | €208,923 | €149,371 | €204,731 | €618,529 | €261,712 | ▼ 57.7% |
| Financial income75/76B | - | - | - | €6,740 | €10,701 | €20,803 | €31,717 | €42,753 | ▲ 34.8% |
| Recurring financial income75 | €1,198 | €2,458 | €5,044 | €6,740 | €10,701 | €20,803 | €31,717 | €42,753 | ▲ 34.8% |
| Financial charges65/66B | - | - | - | €376 | €231 | €1,069 | €982 | €414 | ▼ 57.9% |
| Recurring financial charges65 | €200 | €170 | €381 | €376 | €231 | €1,069 | €982 | €414 | ▼ 57.9% |
| Profit (loss) for the period before taxes9903 | €85,299 | €106,464 | €131,326 | €215,288 | €159,842 | €224,466 | €649,264 | €304,052 | ▼ 53.2% |
| Income taxes67/77 | €24,469 | €32,515 | €39,772 | €68,104 | €49,785 | €71,247 | €204,777 | €97,949 | ▼ 52.2% |
| Profit (loss) for the period9904 | €60,830 | €73,949 | €91,554 | €147,184 | €110,057 | €153,219 | €444,487 | €206,103 | ▼ 53.6% |
| Profit (loss) for the period to be appropriated9905 | €60,830 | €73,949 | €91,554 | €147,184 | €110,057 | €153,219 | €444,487 | €206,103 | ▼ 53.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.3m | €0.3m | €0.5m | €0.7m | €0.8m | €1.2m | €1.4m | ▲ 19.2% |
| Fixed assets21/28 | €0.004m | €0.004m | €0.008m | €0.007m | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 14.0% |
| Tangible fixed assets22/27 | €0.004m | €0.003m | €0.008m | €0.007m | €0.08m | €0.1m | €0.1m | €0.1m | ▼ 14.0% |
| Furniture and vehicles24 | - | - | - | €0.007m | €0.005m | €0.04m | €0.03m | €0.03m | ▼ 18.6% |
| Other tangible fixed assets26 | - | - | - | - | €0.08m | €0.08m | €0.08m | €0.07m | ▼ 12.1% |
| Financial fixed assets28 | €300 | €300 | €300 | €300 | €300 | €300 | €300 | €300 | = |
| Current assets29/58 | €0.2m | €0.3m | €0.3m | €0.5m | €0.6m | €0.7m | €1.0m | €1.3m | ▲ 22.7% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €0.4m | €0.6m | €1.0m | €1.1m | ▲ 13.1% |
| Other amounts receivable291 | - | - | - | €0.3m | €0.4m | €0.6m | €1.0m | €1.1m | ▲ 13.1% |
| Amounts receivable within one year40/41 | - | €0.001m | €0.006m | €0 | €0 | €0.01m | - | - | - |
| Trade receivables40 | - | - | - | €0 | €0 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0 | €0 | €0.01m | - | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.2m | €0.3m | €0.2m | €0.02m | €0.04m | €0.1m | ▲ 286% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €441 | €0.001m | €0.001m | €0.001m | ▲ 4.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.3m | €0.3m | €0.5m | €0.7m | €0.8m | €1.2m | €1.4m | ▲ 19.2% |
| Equity10/15 | €0.1m | €0.2m | €0.3m | €0.4m | €0.5m | €0.6m | €1.0m | €0.8m | ▼ 14.1% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.1m | €0.2m | €0.3m | €0.4m | €0.5m | €0.6m | €0.9m | €0.8m | ▼ 14.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.5m | €0.6m | €0.9m | €0.8m | ▼ 14.9% |
| Profit (loss) carried forward14 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 0.3% |
| Amounts payable17/49 | €0.02m | €0.04m | €0.04m | €0.1m | €0.1m | €0.2m | €0.2m | €0.5m | ▲ 208% |
| Amounts payable after more than one year17 | - | - | - | - | - | €0.008m | - | - | - |
| Financial debts170/4 | - | - | - | - | - | €0.008m | - | - | - |
| Amounts payable within one year42/48 | €0.02m | €0.04m | €0.04m | €0.1m | €0.1m | €0.2m | €0.2m | €0.5m | ▲ 208% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €0.02m | €0.008m | - | - |
| Trade debts44 | €170 | €0.001m | €83 | €0.001m | €0.001m | €448 | €0.002m | €307 | ▼ 83.9% |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €448 | €0.002m | €307 | ▼ 83.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.1m | €0.07m | €0.08m | €0.2m | ▲ 115% |
| Taxes450/3 | - | - | - | €0.07m | €0.1m | €0.07m | €0.08m | €0.2m | ▲ 115% |
| Other amounts payable47/48 | - | - | - | €0.05m | €0.02m | €0.06m | €0.08m | €0.4m | ▲ 347% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €60,830 | €73,949 | €91,554 | €147,184 | €110,057 | €153,219 | €444,487 | €206,103 | ▼ 53.6% |
| + Depreciation and write-downs630 | €7,689 | €753 | €1,240 | €2,050 | €2,233 | €14,422 | €15,975 | €15,746 | ▼ 1.4% |
| Operating cash flow (approximation) | €68,519 | €74,702 | €92,794 | €149,234 | €112,290 | €167,641 | €460,462 | €221,849 | ▼ 51.8% |
| Investment in fixed assets (approximation) | - | €0 | -€5,615 | -€1,096 | -€80,301 | -€54,492 | -€3,291 | €0 | - |
| Change in cash | - | €42,999 | €24,387 | €98,316 | -€102,117 | -€145,658 | €15,444 | €105,703 | ▲ 584% |
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, 17,811 companies had the same profile as LABOFA has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of LABOFA 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 17,811 companies, not a prediction for LABOFA. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-07-2026 | 2026-00317107 | |
| 31-12-2024 | micro format | 13-07-2025 | 2025-00273235 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00218600 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00431814 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20340936 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-24100115 | |
| 31-12-2019 | micro format | 01-10-2020 | 2020-57800211 | |
| 31-12-2018 | micro format | 17-06-2019 | 2019-19100442 | |
| 31-12-2017 | micro format | 27-06-2018 | 2018-24300555 | |
| 31-12-2016 | micro format | 26-09-2017 | 2017-64500107 |