LAP63
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 7 days after the deadline Filed on 7 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00391007.
Annual accounts 2025 filed on 07-08-2026 at the NBB all 9 filings
Equity
-€440,199▼ 5.4%
2024 · -€417,524
Total assets
€503,902▼ 7.1%
2024 · €542,636
Net result
-€22,675▼ 9.4%
2024 · -€20,726
Working capital
-€442,699▼ 5.4%
2024 · -€420,074
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,900
▲ 22.9%
2025
20182025
Net result
-€22,675
▼ 9.4%
2025
lowest quarter of the sector
20182025
Equity
-€440,199
▼ 5.4%
2025
lowest quarter of the sector
20182025
Total assets
€503,902
▼ 7.1%
2025
highest quarter of the sector
20182025
Debt
€944,101
▼ 1.7%
2025
20182025
Working capital
-€442,699
▼ 5.4%
2025
lowest quarter of the sector
20182025
Solvency
-87.4%
▼ 10.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.53
▼ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-4.5%
▼ 0.7pp
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
Operating result-€74,550--€44,106▲ 40.8%-€15,720▲ 64.4%-€15,005▲ 4.5%-€40,011▼ 167%-€25,988▲ 35.0%-€12,841▲ 50.6%-€9,900▲ 22.9%
Net result-€77,171--€44,806▲ 41.9%-€16,195below the sector's middle half▲ 63.9%-€15,557below the sector's middle half▲ 3.9%-€40,728below the sector's middle half▼ 162%-€28,955below the sector's middle half▲ 28.9%-€20,726below the sector's middle half▲ 28.4%-€22,675below the sector's middle half▼ 9.4%
Equity-€250,557--€295,363▼ 17.9%-€311,558below the sector's middle half▼ 5.5%-€327,115below the sector's middle half▼ 5.0%-€367,843below the sector's middle half▼ 12.5%-€396,799below the sector's middle half▼ 7.9%-€417,524below the sector's middle half▼ 5.2%-€440,199below the sector's middle half▼ 5.4%
Total assets€47,723-€18,317▼ 61.6%€34,187below the sector's middle half▲ 86.6%€82,677within the sector's middle half▲ 142%€111,036within the sector's middle half▲ 34.3%€95,241within the sector's middle half▼ 14.2%€542,636above the sector's middle half▲ 470%€503,902above the sector's middle half▼ 7.1%
Debt€298,280-€313,681▲ 5.2%€345,746▲ 10.2%€409,792▲ 18.5%€478,879▲ 16.9%€492,040▲ 2.7%€960,160▲ 95.1%€944,101▼ 1.7%
Working capital-€253,504--€297,863▼ 17.5%-€314,027below the sector's middle half▼ 5.4%-€330,539below the sector's middle half▼ 5.3%-€372,277below the sector's middle half▼ 12.6%-€400,299below the sector's middle half▼ 7.5%-€420,074below the sector's middle half▼ 4.9%-€442,699below the sector's middle half▼ 5.4%
Solvency-525.0%--911.3%below the sector's middle half-395.7%below the sector's middle half▲ 515.7pp-331.3%below the sector's middle half▲ 64.4pp-416.6%below the sector's middle half▼ 85.3pp-76.9%below the sector's middle half▲ 339.7pp-87.4%below the sector's middle half▼ 10.4pp
Current ratio0.15-0.05▼ 0.100.09below the sector's middle half▲ 0.040.19below the sector's middle half▲ 0.100.22below the sector's middle half▲ 0.030.19below the sector's middle half▼ 0.040.56below the sector's middle half▲ 0.380.53below the sector's middle half▼ 0.03
Return on assets (ROA)-161.7%--244.6%▼ 82.9pp-47.4%below the sector's middle half▲ 197.2pp-18.8%below the sector's middle half▲ 28.6pp-36.7%below the sector's middle half▼ 17.9pp-30.4%below the sector's middle half▲ 6.3pp-3.8%below the sector's middle half▲ 26.6pp-4.5%below the sector's middle half▼ 0.7pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €9,900, smaller than the loss of €12,841 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €503,902
Fixed assets
€2,500 ▼ 5.8%
Current assets
€501,402 ▼ 7.1%
Equity and liabilities
Equity-€440,199
Debt€944,101
Equity is negative. Debt (€944,101) exceeds the balance-sheet total (€503,902).
Key figures and ratios
EBITDA
-€9,747▲
2024 · -€11,993
Cash flow
-€22,522▼
2024 · -€19,878
Quick ratio
0.02▼
2024 · 0.06
Interest coverage
-0.76▲
2024 · -1.52
Debt ≤ 1 year
€944,101▼
2024 · €960,057
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €1,009 | €1,791 | - | - | - |
| Depreciation and write-downs of the year | €86 | €781 | €933 | €848 | €153 |
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 | €1,447 | €447 | €0 | €86 | €781 | €933 | €848 | €153 | ▼ 82.0% |
| Other operating charges640/8 | - | - | - | €776 | €348 | €384 | €416 | €420 | ▲ 1.0% |
| Gross operating margin9900 | -€71,470 | -€42,843 | -€15,372 | -€14,143 | -€38,883 | -€24,671 | -€11,577 | -€9,327 | ▲ 19.4% |
| Operating profit (loss)9901 | -€74,550 | -€44,106 | -€15,720 | -€15,005 | -€40,011 | -€25,988 | -€12,841 | -€9,900 | ▲ 22.9% |
| Recurring financial income75 | - | €1 | €0 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €552 | €717 | €2,967 | €7,885 | €12,775 | ▲ 62.0% |
| Recurring financial charges65 | €2,622 | €702 | €475 | €552 | €717 | €2,967 | €7,885 | €12,775 | ▲ 62.0% |
| Profit (loss) for the period before taxes9903 | -€77,171 | -€44,806 | -€16,195 | -€15,557 | -€40,728 | -€28,955 | -€20,726 | -€22,675 | ▼ 9.4% |
| Profit (loss) for the period9904 | -€77,171 | -€44,806 | -€16,195 | -€15,557 | -€40,728 | -€28,955 | -€20,726 | -€22,675 | ▼ 9.4% |
| Profit (loss) for the period to be appropriated9905 | -€77,171 | -€44,806 | -€16,195 | -€15,557 | -€40,728 | -€28,955 | -€20,726 | -€22,675 | ▼ 9.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €47,723 | €18,317 | €34,187 | €82,677 | €111,036 | €95,241 | €542,636 | €503,902 | ▼ 7.1% |
| Fixed assets21/28 | €2,947 | €2,500 | €2,500 | €3,423 | €4,433 | €3,500 | €2,653 | €2,500 | ▼ 5.8% |
| Tangible fixed assets22/27 | €2,947 | €2,500 | €2,500 | €3,423 | €4,433 | €3,500 | €2,653 | €2,500 | ▼ 5.8% |
| Plant, machinery and equipment23 | - | - | - | €923 | €1,933 | €1,000 | €153 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Current assets29/58 | €44,776 | €15,817 | €31,687 | €79,253 | €106,603 | €91,741 | €539,983 | €501,402 | ▼ 7.1% |
| Stocks and contracts in progress3 | €14,976 | €14,976 | €26,426 | €73,526 | €90,701 | €85,526 | €482,576 | €482,576 | = |
| Stocks30/36 | - | - | - | €73,526 | €90,701 | €85,526 | €482,576 | €482,576 | = |
| Amounts receivable within one year40/41 | €29,800 | €785 | €1,339 | €4,598 | €3,296 | €5,884 | €15,240 | €17,438 | ▲ 14.4% |
| Trade receivables40 | - | - | - | €11 | €11 | €0 | €8,089 | €8,068 | ▼ 0.3% |
| Other amounts receivable41 | - | - | - | €4,587 | €3,285 | €5,884 | €7,151 | €9,369 | ▲ 31.0% |
| Cash at bank and in hand54/58 | - | €56 | €3,922 | €1,130 | €12,606 | €331 | €41,717 | €1,388 | ▼ 96.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €450 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €47,723 | €18,317 | €34,187 | €82,677 | €111,036 | €95,241 | €542,636 | €503,902 | ▼ 7.1% |
| Equity10/15 | -€250,557 | -€295,363 | -€311,558 | -€327,115 | -€367,843 | -€396,799 | -€417,524 | -€440,199 | ▼ 5.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€269,157 | -€313,963 | -€330,158 | -€345,715 | -€386,443 | -€415,399 | -€436,124 | -€458,799 | ▼ 5.2% |
| Amounts payable17/49 | €298,280 | €313,681 | €345,746 | €409,792 | €478,879 | €492,040 | €960,160 | €944,101 | ▼ 1.7% |
| Amounts payable within one year42/48 | €298,280 | €313,681 | €345,714 | €409,792 | €478,879 | €492,040 | €960,057 | €944,101 | ▼ 1.7% |
| Financial debts43 | - | - | - | - | - | €7,352 | €12,875 | €12,770 | ▼ 0.8% |
| Credit institutions430/8 | - | - | - | - | - | €7,352 | €12,875 | €12,770 | ▼ 0.8% |
| Trade debts44 | €50,604 | €5,897 | €4,685 | €2,144 | €3,489 | €2,315 | €81,045 | €11,277 | ▼ 86.1% |
| Suppliers440/4 | - | - | - | €2,144 | €3,489 | €2,315 | €81,045 | €11,277 | ▼ 86.1% |
| Other amounts payable47/48 | - | - | - | €407,648 | €475,390 | €482,373 | €866,137 | €920,054 | ▲ 6.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | €103 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€77,171 | -€44,806 | -€16,195 | -€15,557 | -€40,728 | -€28,955 | -€20,726 | -€22,675 | ▼ 9.4% |
| + Depreciation and write-downs630 | €1,447 | €447 | €0 | €86 | €781 | €933 | €848 | €153 | ▼ 82.0% |
| Operating cash flow (approximation) | -€75,724 | -€44,360 | -€16,195 | -€15,471 | -€39,947 | -€28,022 | -€19,878 | -€22,522 | ▼ 13.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,009 | -€1,791 | €0 | €0 | €0 | - |
| Change in cash | - | - | €3,866 | -€2,792 | €11,476 | -€12,275 | €41,386 | -€40,329 | - |
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, 1,167 companies had the same profile as LAP63 has now. Two years later, 94.9% were still going and 2.0% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a small loss
94.9%
was still going
2.8%
stopped otherwise
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LAP63 itself: 2.3% 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 1,167 companies, not a prediction for LAP63. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-08-2026 | 2026-00391007 | |
| 31-12-2024 | micro format | 26-09-2025 | 2025-00506556 | |
| 31-12-2023 | micro format | 12-06-2024 | 2024-00124316 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00381577 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20163660 | |
| 31-12-2020 | micro format | 17-08-2021 | 2021-49300551 | |
| 31-12-2019 | micro format | 08-10-2020 | 2020-59900221 | |
| 31-12-2018 | micro format | 10-10-2019 | 2019-69400212 | |
| 31-12-2017 | micro format | 28-09-2018 | 2018-66100150 |