LANDKOUTER
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 33 filings
Turnover
€31,802
EBIT margin
-51.2%
Net result
-€2,665▲ 75.0%
2024 · -€10,681
Working capital
€163,380▲ 6.3%
2024 · €153,650
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€6,074
▲ 62.7%
2025
20182025
Net result
-€2,665
▲ 75.0%
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€448,228
▼ 0.6%
2025
20182025
Total assets
€490,376
▼ 0.2%
2025
20182025
Debt
€42,148
▲ 4.2%
2025
20182025
Working capital
€163,380
▲ 6.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.03m
Operating result-€0.006m--€0.01m▼ 109%-€0.05m▼ 301%-€0.03m▲ 52.0%€0.2m-€0.02m-€0.02m▲ 17.6%-€0.006m▲ 62.7%
Net result-€0.006m--€0.01m▼ 108%-€0.05m▼ 300%-€0.03m▲ 52.0%€0.2m-€0.02m-€0.01m▲ 46.1%-€0.003m▲ 75.0%
EBIT margin-51.2%
Equity€1.1m-€1.1m▼ 1.2%€1.0m▼ 5.0%€1.0m▼ 2.5%€1.2m▲ 23.4%€0.5m▼ 62.5%€0.5m▼ 2.3%€0.4m▼ 0.6%
Total assets€1.5m-€1.5m▼ 0.6%€1.5m▼ 3.9%€1.4m▼ 1.6%€1.3m▼ 11.7%€0.5m▼ 60.7%€0.5m▼ 2.1%€0.5m▼ 0.2%
Debt€0.4m-€0.5m▲ 0.8%€0.4m▼ 1.2%€0.4m▲ 0.4%€0.04m▼ 90.1%€0.04m▼ 8.9%€0.04m=€0.04m▲ 4.2%
Working capital-€0.3m--€0.2m▲ 9.4%-€0.3m▼ 9.6%-€0.2m▲ 5.7%€0.9m€0.1m▼ 83.6%€0.2m▲ 4.2%€0.2m▲ 6.3%
The operating result for 2025 is a loss of €6,074, smaller than the loss of €16,286 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €490,376
Fixed assets
€284,848 ▼ 4.2%
Current assets
€205,528 ▲ 5.9%
Equity and liabilities €490,376
Equity
€448,228 ▼ 0.6%
Debt
€42,148 ▲ 4.2%
Debt's share of the balance-sheet total rises from 8.2% to 8.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€6,321▲
2024 · €602
Cash flow
€9,730▲
2024 · €6,208
Current ratio
4.88▲
2024 · 4.80
Debt to equity
0.09▲
2024 · 0.09
ROE
-0.6%▲
2024 · -2.4%
ROA
-0.5%▲
2024 · -2.2%
Interest coverage
over 100▲
2024 · 11.47
Debt ≤ 1 year
€42,148▲
2024 · €40,443
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 | - | €48,343 | - | - | - |
| Depreciation and write-downs of the year | €40,406 | €17,386 | €19,947 | €16,888 | €12,395 |
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 | - | - | - | - | - | - | €31,802 | - | - |
| Non-recurring operating income76A | - | - | - | - | €259,568 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,918 | €39,918 | €40,406 | €40,406 | €17,386 | €19,947 | €16,888 | €12,395 | ▼ 26.6% |
| Other operating charges640/8 | - | - | - | €4,400 | €4,163 | €5,403 | €3,902 | €3,154 | ▼ 19.2% |
| Gross operating margin9900 | €38,637 | €32,127 | -€7,646 | €19,233 | €254,731 | €5,575 | €4,505 | €9,475 | ▲ 110% |
| Operating profit (loss)9901 | -€6,360 | -€13,292 | -€53,312 | -€25,573 | €233,181 | -€19,775 | -€16,286 | -€6,074 | ▲ 62.7% |
| Financial income75/76B | - | - | - | - | - | - | €5,658 | €3,463 | ▼ 38.8% |
| Recurring financial income75 | - | - | - | - | - | - | €5,658 | €3,463 | ▼ 38.8% |
| Financial charges65/66B | - | - | - | €60 | €53 | €48 | €53 | €54 | ▲ 2.9% |
| Recurring financial charges65 | €48 | €53 | €60 | €60 | €53 | €48 | €53 | €54 | ▲ 2.9% |
| Profit (loss) for the period before taxes9903 | -€6,409 | -€13,345 | -€53,372 | -€25,633 | €233,128 | -€19,823 | -€10,681 | -€2,665 | ▲ 75.0% |
| Profit (loss) for the period9904 | -€6,409 | -€13,345 | -€53,372 | -€25,633 | €233,128 | -€19,823 | -€10,681 | -€2,665 | ▲ 75.0% |
| Profit (loss) for the period to be appropriated9905 | -€6,409 | -€13,345 | -€53,372 | -€25,633 | €233,128 | -€19,823 | -€10,681 | -€2,665 | ▲ 75.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €1.5m | €1.5m | €1.4m | €1.3m | €0.5m | €0.5m | €0.5m | ▼ 0.2% |
| Fixed assets21/28 | €1.4m | €1.3m | €1.3m | €1.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 4.2% |
| Tangible fixed assets22/27 | €1.4m | €1.3m | €1.3m | €1.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 4.2% |
| Land and buildings22 | - | - | - | €1.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 4.2% |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.9m | €0.2m | €0.2m | €0.2m | ▲ 5.9% |
| Stocks and contracts in progress3 | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | - | - | - | - |
| Stocks30/36 | - | - | - | €0.004m | €0.004m | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | - | - | - | - | €0.002m | €0.001m | ▼ 38.8% |
| Other amounts receivable41 | - | - | - | - | - | - | €0.002m | €0.001m | ▼ 38.8% |
| Current investments50/53 | - | - | - | - | - | €0.2m | €0.2m | €0.2m | = |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.9m | €0.02m | €0.02m | €0.03m | ▲ 54.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €1.5m | €1.5m | €1.4m | €1.3m | €0.5m | €0.5m | €0.5m | ▼ 0.2% |
| Equity10/15 | €1.1m | €1.1m | €1.0m | €1.0m | €1.2m | €0.5m | €0.5m | €0.4m | ▼ 0.6% |
| Contributions10/11 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €1.4m | €1.4m | - | - | - | - |
| Issued capital100 | - | - | - | €1.4m | €1.4m | - | - | - | - |
| Reserves13 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Non-distributable reserves130/1 | - | - | - | €0.001m | €0.001m | - | - | - | - |
| Legal reserve130 | - | - | - | €145 | €145 | - | - | - | - |
| Other1319 | - | - | - | €371 | €371 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | -€0.3m | -€0.3m | -€0.3m | -€0.4m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | ▼ 1.6% |
| Amounts payable17/49 | €0.4m | €0.5m | €0.4m | €0.4m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 4.2% |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.4m | €0.4m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 4.2% |
| Trade debts44 | €121 | €0.006m | €126 | €0.002m | €129 | - | - | €0.002m | - |
| Suppliers440/4 | - | - | - | €0.002m | €129 | - | - | €0.002m | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,409 | -€13,345 | -€53,372 | -€25,633 | €233,128 | -€19,823 | -€10,681 | -€2,665 | ▲ 75.0% |
| + Depreciation and write-downs630 | €39,918 | €39,918 | €40,406 | €40,406 | €17,386 | €19,947 | €16,888 | €12,395 | ▼ 26.6% |
| Operating cash flow (approximation) | €33,509 | €26,573 | -€12,966 | €14,774 | €250,515 | €124 | €6,208 | €9,730 | ▲ 56.7% |
| Investment in fixed assets (approximation) | - | €0 | -€9,767 | €0 | €892,089 | €0 | €0 | €0 | - |
| Change in cash | - | €30,167 | -€28,263 | €16,453 | €740,563 | -€920,005 | €4,510 | €12,093 | ▲ 168% |
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, 8,617 companies had the same profile as LANDKOUTER has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LANDKOUTER 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 8,617 companies, not a prediction for LANDKOUTER. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00215771 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00192340 | |
| 31-12-2023 | abbreviated format | 25-06-2024 | 2024-00161862 | |
| 31-12-2022 | abbreviated format | 26-06-2023 | 2023-00162607 | |
| 31-12-2021 | abbreviated format | 28-06-2022 | 2022-20133177 | |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-25700462 | |
| 31-12-2019 | abbreviated format | 24-06-2020 | 2020-21200294 | |
| 31-12-2018 | abbreviated format | 17-06-2019 | 2019-19200547 | |
| 31-12-2017 | abbreviated format | 11-06-2018 | 2018-18200110 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-23900339 |