Lambda Sigma
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 8 filings
Turnover
≈ €180,000
Estimated: probably between €120,000 and €310,000
Total assets
€94,069▼ 10.9%
2024 · €105,589
Net result
€28,228▼ 18.2%
2024 · €34,509
Working capital
€9,652▲ 8.5%
2024 · €8,897
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€37,961
▼ 14.8%
2025
20182025
Net result
€28,228
▼ 18.2%
2025
highest quarter of the sector
20182025
Equity
€48,228
▼ 7.3%
2025
middle half of the sector
20182025
Total assets
€94,069
▼ 10.9%
2025
middle half of the sector
20182025
Debt
€45,841
▼ 14.4%
2025
20182025
Working capital
€9,652
▲ 8.5%
2025
middle half of the sector
20182025
Solvency
51.3%
▲ 2.0pp
2025
middle half of the sector
20182025
Current ratio
1.25
=
2025
middle half of the sector
20182025
Return on assets (ROA)
30.0%
▼ 2.7pp
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€10,879-€32,010▲ 194%€40,100▲ 25.3%€37,595▼ 6.2%€43,057▲ 14.5%€43,994▲ 2.2%€44,572▲ 1.3%€37,961▼ 14.8%
Net result€8,195-€23,720▲ 189%€30,475above the sector's middle half▲ 28.5%€28,960above the sector's middle half▼ 5.0%€31,357above the sector's middle half▲ 8.3%€31,432above the sector's middle half▲ 0.2%€34,509above the sector's middle half▲ 9.8%€28,228above the sector's middle half▼ 18.2%
Equity€27,395-€49,491▲ 80.7%€78,367within the sector's middle half▲ 58.3%€20,000within the sector's middle half▼ 74.5%€51,357within the sector's middle half▲ 157%€51,432within the sector's middle half▲ 0.1%€52,009within the sector's middle half▲ 1.1%€48,228within the sector's middle half▼ 7.3%
Total assets€37,533-€63,106▲ 68.1%€91,616within the sector's middle half▲ 45.2%€121,121within the sector's middle half▲ 32.2%€76,628within the sector's middle half▼ 36.7%€76,676within the sector's middle half▲ 0.1%€105,589within the sector's middle half▲ 37.7%€94,069within the sector's middle half▼ 10.9%
Debt€10,137-€13,614▲ 34.3%€13,250▼ 2.7%€101,121▲ 663%€25,271▼ 75.0%€25,245▼ 0.1%€53,579▲ 112%€45,841▼ 14.4%
Working capital€24,497-€45,394▲ 85.3%€72,712within the sector's middle half▲ 60.2%€13,200within the sector's middle half▼ 81.8%€28,541within the sector's middle half▲ 116%€26,875within the sector's middle half▼ 5.8%€8,897within the sector's middle half▼ 66.9%€9,652within the sector's middle half▲ 8.5%
Solvency73.0%-78.4%▲ 5.4pp85.5%above the sector's middle half▲ 7.1pp16.5%below the sector's middle half▼ 69.0pp67.0%within the sector's middle half▲ 50.5pp67.1%within the sector's middle half▲ 0.1pp49.3%within the sector's middle half▼ 17.8pp51.3%within the sector's middle half▲ 2.0pp
Current ratio3.42-4.71▲ 1.306.49above the sector's middle half▲ 1.771.13within the sector's middle half▼ 5.362.66within the sector's middle half▲ 1.532.35within the sector's middle half▼ 0.311.25within the sector's middle half▼ 1.111.25within the sector's middle half=
Return on assets (ROA)21.8%-37.6%▲ 15.8pp33.3%above the sector's middle half▼ 4.3pp23.9%above the sector's middle half▼ 9.4pp40.9%above the sector's middle half▲ 17.0pp41.0%above the sector's middle half▲ 0.1pp32.7%above the sector's middle half▼ 8.3pp30.0%above the sector's middle half▼ 2.7pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 15% 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 €94,069
Fixed assets
€45,281 ▼ 25.4%
Current assets
€48,788 ▲ 8.7%
Equity and liabilities €94,069
Equity
€48,228 ▼ 7.3%
Debt
€45,841 ▼ 14.4%
Debt's share of the balance-sheet total falls from 50.7% to 48.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€59,594▼
2024 · €62,764
Cash flow
€49,861▼
2024 · €52,701
Debt to equity
0.95▼
2024 · 1.03
ROE
58.5%▼
2024 · 66.4%
Interest coverage
32.60▼
2024 · 53.28
Debt ≤ 1 year
€39,136▲
2024 · €35,999
Debt > 1 year
€5,976▼
2024 · €17,581
Income taxes
€7,915▼
2024 · €8,885
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 | €7,934 | €32,667 | €11,237 | €52,052 | €6,221 |
| Depreciation and write-downs of the year | €4,006 | €6,036 | €12,206 | €18,192 | €21,633 |
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 | - | - | - | - | - | €661 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,269 | €3,513 | €3,521 | €4,006 | €6,036 | €12,206 | €18,192 | €21,633 | ▲ 18.9% |
| Other operating charges640/8 | - | - | - | €992 | €803 | €955 | €960 | €929 | ▼ 3.3% |
| Non-recurring operating charges66A | - | - | - | €490 | €773 | €0 | - | - | - |
| Gross operating margin9900 | €12,635 | €36,814 | €44,138 | €43,084 | €50,669 | €57,156 | €63,724 | €60,523 | ▼ 5.0% |
| Operating profit (loss)9901 | €10,879 | €32,010 | €40,100 | €37,595 | €43,057 | €43,994 | €44,572 | €37,961 | ▼ 14.8% |
| Financial income75/76B | - | - | - | €7 | €3 | €0 | €0 | €10 | ▲ 72× |
| Recurring financial income75 | - | - | - | €7 | €3 | €0 | €0 | €10 | ▲ 72× |
| Financial charges65/66B | - | - | - | €1,031 | €899 | €583 | €1,178 | €1,828 | ▲ 55.2% |
| Recurring financial charges65 | €445 | €1,440 | €1,268 | €1,031 | €899 | €583 | €1,178 | €1,828 | ▲ 55.2% |
| Profit (loss) for the period before taxes9903 | €10,434 | €30,570 | €38,832 | €36,571 | €42,160 | €43,411 | €43,394 | €36,143 | ▼ 16.7% |
| Income taxes67/77 | €2,239 | €6,850 | €8,357 | €7,611 | €10,803 | €11,979 | €8,885 | €7,915 | ▼ 10.9% |
| Profit (loss) for the period9904 | €8,195 | €23,720 | €30,475 | €28,960 | €31,357 | €31,432 | €34,509 | €28,228 | ▼ 18.2% |
| Profit (loss) for the period to be appropriated9905 | €8,195 | €23,720 | €30,475 | €28,960 | €31,357 | €31,432 | €34,509 | €28,228 | ▼ 18.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €37,533 | €63,106 | €91,616 | €121,121 | €76,628 | €76,676 | €105,589 | €94,069 | ▼ 10.9% |
| Fixed assets21/28 | €2,899 | €5,486 | €5,654 | €8,266 | €30,901 | €29,932 | €60,693 | €45,281 | ▼ 25.4% |
| Intangible fixed assets21 | €775 | €417 | €60 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €2,124 | €5,069 | €5,595 | €8,266 | €30,901 | €29,932 | €60,693 | €45,281 | ▼ 25.4% |
| Plant, machinery and equipment23 | - | - | - | €2,265 | €1,802 | €2,550 | €1,536 | €523 | ▼ 66.0% |
| Furniture and vehicles24 | - | - | - | €1,822 | €26,427 | €26,218 | €58,903 | €44,758 | ▼ 24.0% |
| Leasing and similar rights25 | - | - | - | €2,502 | €1,469 | €436 | €0 | - | - |
| Other tangible fixed assets26 | - | - | - | €1,678 | €1,203 | €728 | €254 | €0 | ▼ 100% |
| Current assets29/58 | €34,634 | €57,620 | €85,962 | €112,854 | €45,727 | €46,745 | €44,896 | €48,788 | ▲ 8.7% |
| Amounts receivable within one year40/41 | €21,780 | €10,744 | €15,326 | €22,062 | €15,412 | €14,031 | €17,459 | €37,954 | ▲ 117% |
| Trade receivables40 | - | - | - | €21,978 | €15,376 | €13,873 | €15,344 | €35,370 | ▲ 131% |
| Other amounts receivable41 | - | - | - | €83 | €36 | €159 | €2,115 | €2,585 | ▲ 22.2% |
| Cash at bank and in hand54/58 | €10,941 | €45,119 | €68,872 | €88,531 | €26,380 | €29,058 | €23,373 | €6,842 | ▼ 70.7% |
| Deferred charges and accrued income490/1 | - | - | - | €2,261 | €3,936 | €3,656 | €4,063 | €3,992 | ▼ 1.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €37,533 | €63,106 | €91,616 | €121,121 | €76,628 | €76,676 | €105,589 | €94,069 | ▼ 10.9% |
| Equity10/15 | €27,395 | €49,491 | €78,367 | €20,000 | €51,357 | €51,432 | €52,009 | €48,228 | ▼ 7.3% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €7,395 | €29,491 | €58,367 | €0 | €31,357 | €31,432 | €32,009 | €28,228 | ▼ 11.8% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0 | €31,357 | €31,432 | €32,009 | €28,228 | ▼ 11.8% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €10,137 | €13,614 | €13,250 | €101,121 | €25,271 | €25,245 | €53,579 | €45,841 | ▼ 14.4% |
| Amounts payable after more than one year17 | - | €1,389 | €0 | €1,466 | €8,085 | €3,321 | €17,581 | €5,976 | ▼ 66.0% |
| Financial debts170/4 | - | - | - | €1,466 | €8,085 | €3,321 | €17,581 | €5,976 | ▼ 66.0% |
| Amounts payable within one year42/48 | €10,137 | €12,226 | €13,250 | €99,655 | €17,186 | €19,870 | €35,999 | €39,136 | ▲ 8.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €946 | €5,175 | €4,678 | €14,478 | €11,605 | ▼ 19.8% |
| Financial debts43 | - | - | - | - | - | €964 | €0 | €265 | - |
| Credit institutions430/8 | - | - | - | - | - | €964 | €0 | €265 | - |
| Trade debts44 | €1,400 | €734 | €2,858 | €1,001 | €1,990 | €2,838 | €932 | €1,022 | ▲ 9.6% |
| Suppliers440/4 | - | - | - | €1,001 | €1,990 | €2,838 | €932 | €1,022 | ▲ 9.6% |
| Taxes, remuneration and social security45 | - | - | - | €10,381 | €10,021 | €10,971 | €9,765 | €8,024 | ▼ 17.8% |
| Taxes450/3 | - | - | - | €10,381 | €10,021 | €10,971 | €9,765 | €8,024 | ▼ 17.8% |
| Other amounts payable47/48 | - | - | - | €87,326 | €0 | €419 | €10,824 | €18,221 | ▲ 68.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €2,054 | €0 | €729 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,195 | €23,720 | €30,475 | €28,960 | €31,357 | €31,432 | €34,509 | €28,228 | ▼ 18.2% |
| + Depreciation and write-downs630 | €1,269 | €3,513 | €3,521 | €4,006 | €6,036 | €12,206 | €18,192 | €21,633 | ▲ 18.9% |
| Operating cash flow (approximation) | €9,465 | €27,233 | €33,996 | €32,965 | €37,393 | €43,638 | €52,701 | €49,861 | ▼ 5.4% |
| Investment in fixed assets (approximation) | - | -€6,100 | -€3,690 | -€6,618 | -€28,670 | -€11,237 | -€48,953 | -€6,221 | ▲ 87.3% |
| Change in cash | - | €34,178 | €23,753 | €19,660 | -€62,152 | €2,678 | -€5,685 | -€16,532 | ▼ 191% |
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, 26,972 companies had the same profile as Lambda Sigma has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Lambda Sigma itself: 0.3% 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 26,972 companies, not a prediction for Lambda Sigma. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00230527 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00216563 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00218796 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00353182 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20300494 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-56600500 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22800378 | |
| 31-12-2018 | micro format | 13-07-2019 | 2019-32600555 |