LABRO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-05-2026 PDF all 42 filings
Turnover
€260,438▼ 9.5%
2019 · €287,704
EBIT margin
26.1%▲ 6.2pp
2019 · 19.9%
Net result
€21,267▼ 70.1%
2024 · €71,031
Working capital
€147,347▲ 29.8%
2024 · €113,541
In the rankings
#2 oldest company in Maaseik, Agriculture, forestry and fishing sector#9 company by equity in Maaseik, Agriculture, forestry and fishing sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€47,967
▼ 61.7%
2025
20182025
Net result
€21,267
▼ 70.1%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€492,040
▲ 4.5%
2025
highest quarter of the sector
20182025
Total assets
€806,683
▲ 4.6%
2025
highest quarter of the sector
20182025
Debt
€314,643
▲ 4.8%
2025
20182025
Working capital
€147,347
▲ 29.8%
2025
highest quarter of the sector
20182025
Solvency
61.0%
▼ 0.1pp
2025
middle half of the sector
20182025
Current ratio
1.53
▲ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
2.6%
▼ 6.6pp
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
Turnover€343,840-€287,704▼ 16.3%€260,438▼ 9.5%
Operating result€15,123-€57,161▲ 278%€67,945▲ 18.9%€54,001▼ 20.5%€111,880▲ 107%€84,909▼ 24.1%€125,238▲ 47.5%€47,967▼ 61.7%
Net result€8,291-€50,363▲ 507%€63,717above the sector's middle half▲ 26.5%€35,450above the sector's middle half▼ 44.4%€72,309above the sector's middle half▲ 104%€45,881above the sector's middle half▼ 36.5%€71,031above the sector's middle half▲ 54.8%€21,267within the sector's middle half▼ 70.1%
EBIT margin4.4%-19.9%▲ 15.5pp26.1%▲ 6.2pp
Equity€342,424-€390,186▲ 13.9%€451,303above the sector's middle half▲ 15.7%€484,153above the sector's middle half▲ 7.3%€353,862above the sector's middle half▼ 26.9%€399,743above the sector's middle half▲ 13.0%€470,773above the sector's middle half▲ 17.8%€492,040above the sector's middle half▲ 4.5%
Total assets€607,775-€622,894▲ 2.5%€634,673within the sector's middle half▲ 1.9%€655,773within the sector's middle half▲ 3.3%€713,143within the sector's middle half▲ 8.7%€780,090above the sector's middle half▲ 9.4%€771,133above the sector's middle half▼ 1.1%€806,683above the sector's middle half▲ 4.6%
Debt€264,804-€232,297▼ 12.3%€183,096▼ 21.2%€171,482▼ 6.3%€359,281▲ 110%€380,347▲ 5.9%€300,359▼ 21.0%€314,643▲ 4.8%
Working capital€58,946-€105,567▲ 79.1%€187,430above the sector's middle half▲ 77.5%€184,430above the sector's middle half▼ 1.6%€48,465within the sector's middle half▼ 73.7%€52,070within the sector's middle half▲ 7.4%€113,541above the sector's middle half▲ 118%€147,347above the sector's middle half▲ 29.8%
Solvency56.3%-62.6%▲ 6.3pp71.1%above the sector's middle half▲ 8.5pp73.8%above the sector's middle half▲ 2.7pp49.6%within the sector's middle half▼ 24.2pp51.2%within the sector's middle half▲ 1.6pp61.0%within the sector's middle half▲ 9.8pp61.0%within the sector's middle half▼ 0.1pp
Current ratio1.47-1.81▲ 0.342.90above the sector's middle half▲ 1.102.81above the sector's middle half▼ 0.101.16within the sector's middle half▼ 1.651.17within the sector's middle half▲ 0.011.43within the sector's middle half▲ 0.271.53within the sector's middle half▲ 0.10
Return on assets (ROA)1.4%-8.1%▲ 6.7pp10.0%above the sector's middle half▲ 2.0pp5.4%within the sector's middle half▼ 4.6pp10.1%above the sector's middle half▲ 4.7pp5.9%within the sector's middle half▼ 4.3pp9.2%above the sector's middle half▲ 3.3pp2.6%within the sector's middle half▼ 6.6pp
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 62% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €806,683
Fixed assets
€381,511 ▼ 3.8%
Current assets
€425,173 ▲ 13.5%
Equity and liabilities €806,683
Equity
€492,040 ▲ 4.5%
Debt
€314,643 ▲ 4.8%
Debt's share of the balance-sheet total rises from 39.0% to 39.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€104,564▼
2024 · €179,563
Cash flow
€77,864▼
2024 · €125,356
Quick ratio
1.53▲
2024 · 1.43
Debt to equity
0.64▲
2024 · 0.64
ROE
4.3%▼
2024 · 15.1%
Interest coverage
5.88▼
2024 · 8.53
Debt ≤ 1 year
€277,826▲
2024 · €261,201
Debt > 1 year
€24,789=
2024 · €24,789
Income taxes
€10,646▼
2024 · €33,671
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 | €59,575 | €25,310 | €99,588 | €32,253 | €41,718 |
| Depreciation and write-downs of the year | €39,009 | €32,204 | €43,593 | €54,326 | €56,597 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €1,500 awarded · €1,500 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €0 | €1,500 |
| 2024 | 1 | €1,500 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €343,840 | €287,704 | €260,438 | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €5,500 | €0 | - | €4,500 | €1,748 | ▼ 61.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46,905 | €44,325 | €38,904 | €39,009 | €32,204 | €43,593 | €54,326 | €56,597 | ▲ 4.2% |
| Other operating charges640/8 | - | - | - | €7,199 | €6,874 | €7,049 | €6,365 | €5,941 | ▼ 6.7% |
| Gross operating margin9900 | €69,642 | €107,575 | €113,416 | €100,209 | €150,958 | €135,551 | €185,929 | €110,505 | ▼ 40.6% |
| Operating profit (loss)9901 | €15,123 | €57,161 | €67,945 | €54,001 | €111,880 | €84,909 | €125,238 | €47,967 | ▼ 61.7% |
| Financial income75/76B | - | - | - | €2,990 | €2,994 | €362 | €521 | €1,729 | ▲ 232% |
| Recurring financial income75 | €2,969 | €2,955 | €3,067 | €2,990 | €2,994 | €362 | €521 | €1,729 | ▲ 232% |
| Financial charges65/66B | - | - | - | €6,377 | €9,833 | €17,220 | €21,057 | €17,783 | ▼ 15.5% |
| Recurring financial charges65 | €9,421 | €9,379 | €6,935 | €6,377 | €9,833 | €17,220 | €21,057 | €17,783 | ▼ 15.5% |
| Profit (loss) for the period before taxes9903 | €8,670 | €50,737 | €64,076 | €50,614 | €105,041 | €68,050 | €104,702 | €31,913 | ▼ 69.5% |
| Transfer from deferred taxes780 | - | - | - | €137 | €137 | €0 | - | - | - |
| Income taxes67/77 | €516 | €511 | €497 | €15,301 | €32,869 | €22,169 | €33,671 | €10,646 | ▼ 68.4% |
| Profit (loss) for the period9904 | €8,291 | €50,363 | €63,717 | €35,450 | €72,309 | €45,881 | €71,031 | €21,267 | ▼ 70.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €18,750 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €8,291 | €50,363 | €63,717 | €54,200 | €72,309 | €45,881 | €71,031 | €21,267 | ▼ 70.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €607,775 | €622,894 | €634,673 | €655,773 | €713,143 | €780,090 | €771,133 | €806,683 | ▲ 4.6% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €423,126 | €386,200 | €348,797 | €369,362 | €362,469 | €418,463 | €396,390 | €381,511 | ▼ 3.8% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €423,126 | €386,200 | €348,797 | €369,362 | €362,469 | €418,463 | €396,390 | €381,511 | ▼ 3.8% |
| Land and buildings22 | - | - | - | €259,693 | €245,971 | €237,905 | €229,838 | €261,331 | ▲ 13.7% |
| Plant, machinery and equipment23 | - | - | - | €2,153 | €21,217 | €20,058 | €24,103 | €18,497 | ▼ 23.3% |
| Furniture and vehicles24 | - | - | - | €107,516 | €95,281 | €160,500 | €142,449 | €101,682 | ▼ 28.6% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €184,649 | €236,694 | €285,876 | €286,410 | €350,675 | €361,627 | €374,742 | €425,173 | ▲ 13.5% |
| Stocks and contracts in progress3 | €10,745 | €10,837 | €11,016 | €11,274 | €7,455 | €2,498 | €548 | €346 | ▼ 37.0% |
| Stocks30/36 | - | - | - | €11,274 | €7,455 | €2,498 | €548 | €346 | ▼ 37.0% |
| Amounts receivable within one year40/41 | €60,835 | €67,789 | €82,517 | €47,826 | €40,916 | €94,510 | €27,569 | €135,715 | ▲ 392% |
| Trade receivables40 | - | - | - | €47,826 | €37,093 | €94,510 | €26,694 | €123,925 | ▲ 364% |
| Other amounts receivable41 | - | - | - | €0 | €3,824 | €0 | €875 | €11,790 | ▲ 13× |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €111,536 | €149,606 | €183,861 | €223,616 | €295,289 | €257,141 | €339,492 | €282,170 | ▼ 16.9% |
| Deferred charges and accrued income490/1 | - | - | - | €3,694 | €7,015 | €7,479 | €7,133 | €6,941 | ▼ 2.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €607,775 | €622,894 | €634,673 | €655,773 | €713,143 | €780,090 | €771,133 | €806,683 | ▲ 4.6% |
| Equity10/15 | €342,424 | €390,186 | €451,303 | €484,153 | €353,862 | €399,743 | €470,773 | €492,040 | ▲ 4.5% |
| Contributions10/11 | €366,000 | €366,000 | - | €366,000 | €166,000 | €166,000 | €166,000 | €166,000 | = |
| Reserves13 | €80,307 | €80,307 | €80,307 | €115,553 | €187,862 | €233,743 | €304,773 | €326,040 | ▲ 7.0% |
| Non-distributable reserves130/1 | - | - | - | €17,314 | €583 | €583 | €583 | €583 | = |
| Reserves not available under the articles1311 | - | - | - | €16,732 | €583 | €583 | €583 | €583 | = |
| Other1319 | - | - | - | €583 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €98,239 | €187,280 | €233,160 | €304,191 | €325,457 | ▲ 7.0% |
| Profit (loss) carried forward14 | -€114,283 | -€63,920 | -€204 | €0 | - | - | - | - | - |
| Investment grants15 | - | - | - | €2,600 | €0 | - | - | - | - |
| Provisions and deferred taxes16 | €547 | €411 | €274 | €137 | €0 | - | - | - | - |
| Deferred taxes168 | - | - | - | €137 | €0 | - | - | - | - |
| Amounts payable17/49 | €264,804 | €232,297 | €183,096 | €171,482 | €359,281 | €380,347 | €300,359 | €314,643 | ▲ 4.8% |
| Amounts payable after more than one year17 | €134,039 | €96,039 | €81,039 | €66,039 | €51,039 | €36,039 | €24,789 | €24,789 | = |
| Financial debts170/4 | - | - | - | €66,039 | €51,039 | €36,039 | €24,789 | €24,789 | = |
| Amounts payable within one year42/48 | €125,703 | €131,126 | €98,446 | €101,980 | €302,210 | €309,558 | €261,201 | €277,826 | ▲ 6.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,000 | €15,000 | €15,000 | €11,250 | €0 | ▼ 100% |
| Trade debts44 | €3,213 | €13,251 | €6,765 | €6,803 | €16,302 | €37,483 | €20,416 | €63,772 | ▲ 212% |
| Suppliers440/4 | - | - | - | €6,803 | €16,302 | €37,483 | €20,416 | €63,772 | ▲ 212% |
| Taxes, remuneration and social security45 | - | - | - | €15,759 | €15,422 | €15,557 | €11,706 | €5,155 | ▼ 56.0% |
| Taxes450/3 | - | - | - | €15,759 | €15,422 | €15,557 | €11,706 | €5,155 | ▼ 56.0% |
| Other amounts payable47/48 | - | - | - | €64,419 | €255,486 | €241,517 | €217,830 | €208,899 | ▼ 4.1% |
| Accrued charges and deferred income492/3 | - | - | - | €3,463 | €6,032 | €34,750 | €14,369 | €12,028 | ▼ 16.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,291 | €50,363 | €63,717 | €35,450 | €72,309 | €45,881 | €71,031 | €21,267 | ▼ 70.1% |
| + Depreciation and write-downs630 | €46,905 | €44,325 | €38,904 | €39,009 | €32,204 | €43,593 | €54,326 | €56,597 | ▲ 4.2% |
| Operating cash flow (approximation) | €55,196 | €94,688 | €102,620 | €74,460 | €104,512 | €89,474 | €125,356 | €77,864 | ▼ 37.9% |
| Investment in fixed assets (approximation) | - | -€7,400 | -€1,500 | -€59,575 | -€25,310 | -€99,588 | -€32,253 | -€41,718 | ▼ 29.3% |
| Change in cash | - | €38,069 | €34,255 | €39,755 | €71,673 | -€38,148 | €82,351 | -€57,321 | - |
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, 14,766 companies had the same profile as LABRO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LABRO 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 14,766 companies, not a prediction for LABRO. 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 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-05-2026 | 2026-00125077 | |
| 31-12-2024 | micro format | 24-06-2025 | 2025-00171764 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00151733 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00261583 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20083887 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64100203 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-47900445 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56700434 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58400358 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-58400521 |