Larsan
ActiveSummary
Larsan has been active since 1983 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.4m and a net result of -€237,170. Equity is shrinking by ~7.6% per year across the filed fiscal years. Its solvency ranks better than 49% of 4577 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability14▼-16
Solvency62▼-3
Growth58=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €130,000 at 30 days acceptable
Liquidity ample (current ratio 1.63 against 2.0 in 2024; short-term debt: 18.9% and cash: 0.1% of total assets), but 63.2% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
36.8%
Return on assets
-3.7%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€237,170
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
28 d late
2023
33 d late
2022
57 d late
2021
101 d late
2020
90 d late
2019
90 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 61 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€237,170▼ 1,170%
2024 · -€18,668
Working capital
€763,489▼ 22.0%
2024 · €978,880
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€261,687▼ 207%-€200,439▲ 23.4%-€243,073▼ 21.3%-€10,275▲ 95.8%-€236,364▼ 2,200%
Net result-€284,790▼ 97.1%-€250,230▲ 12.1%-€296,967▼ 18.7%-€18,668▲ 93.7%-€237,170▼ 1,170%
Equity€3.3m▼ 7.9%€3.1m▼ 7.6%€2.8m▼ 9.7%€2.6m▼ 5.3%€2.4m▼ 9.1%
Total assets€7.5m▲ 21.0%€7.2m▼ 3.4%€7.4m▲ 2.9%€6.6m▼ 11.8%€6.4m▼ 1.6%
Debt€3.5m▲ 86.4%€3.5m▲ 1.0%€4.0m▲ 15.1%€3.3m▼ 17.5%€3.5m▲ 4.8%
Working capital€1.5m▼ 28.9%€1.1m▼ 25.8%€431,071▼ 60.7%€978,880▲ 127%€763,489▼ 22.0%
Staff (FTE)0
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €236,364 in 2025 against €10,275 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.4m
Fixed assets
€4.5m ▼ 2.8%
Current assets
€2.0m ▲ 1.3%
Equity and liabilities €6.4m
Equity
€2.4m ▼ 9.1%
Provisions
€582,355 ▼ 3.9%
Debt
€3.5m ▲ 4.8%
Debt's share of the balance-sheet total rises from 50.9% to 54.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€109,126▼
2024 · €115,685
Cash flow
-€109,932▼
2024 · €107,292
Current ratio
1.63▼
2024 · 2.00
Debt to equity
1.47▲
2024 · 1.28
ROE
-10.0%▼
2024 · -0.7%
ROA
-3.7%▼
2024 · -0.3%
Interest coverage
-1.44▼
2024 · 1.36
Debt ≤ 1 year
€1.2m▲
2024 · €978,317
Debt > 1 year
€2.2m▼
2024 · €2.3m
Income taxes
€574▼
2024 · €664
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 815 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 96% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
2.8%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 815 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €320,476 | €31,049 | ▼ 90.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €164,345 | €183,812 | €141,201 | €125,960 | €127,238 | ▲ 1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €21,020 | - | - | - |
| Other operating charges640/8 | €293,022 | €105,796 | €126,266 | €126,488 | €173,253 | ▲ 37.0% |
| Non-recurring operating charges66A | - | - | €58 | €18,192 | €51,237 | ▲ 182% |
| Gross operating margin9900 | €195,681 | €89,169 | €45,472 | €260,364 | €115,364 | ▼ 55.7% |
| Operating profit (loss)9901 | -€261,687 | -€200,439 | -€243,073 | -€10,275 | -€236,364 | ▼ 2,200% |
| Financial income75/76B | €104 | €0 | €299 | €53,282 | €51,949 | ▼ 2.5% |
| Recurring financial income75 | €104 | €0 | €299 | €53,282 | €51,949 | ▼ 2.5% |
| Financial charges65/66B | €50,303 | €84,647 | €77,162 | €84,808 | €75,979 | ▼ 10.4% |
| Recurring financial charges65 | €50,303 | €84,647 | €77,162 | €84,808 | €75,979 | ▼ 10.4% |
| Profit (loss) for the period before taxes9903 | -€311,886 | -€285,086 | -€319,936 | -€41,802 | -€260,393 | ▼ 523% |
| Transfer from deferred taxes780 | €27,687 | €35,454 | €23,798 | €23,798 | €23,798 | = |
| Income taxes67/77 | €592 | €598 | €829 | €664 | €574 | ▼ 13.5% |
| Profit (loss) for the period9904 | -€284,790 | -€250,230 | -€296,967 | -€18,668 | -€237,170 | ▼ 1,170% |
| Transfer from tax-exempt reserves789 | €83,061 | €106,367 | €71,394 | €71,394 | €71,394 | = |
| Profit (loss) for the period to be appropriated9905 | -€201,729 | -€143,864 | -€225,574 | €52,726 | -€165,776 | ▼ 414% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.5m | €7.2m | €7.4m | €6.6m | €6.4m | ▼ 1.6% |
| Fixed assets21/28 | €5.2m | €5.2m | €5.4m | €4.6m | €4.5m | ▼ 2.8% |
| Tangible fixed assets22/27 | €5.2m | €5.2m | €5.0m | €4.2m | €4.1m | ▼ 3.0% |
| Land and buildings22 | €5.0m | €4.9m | €4.8m | €4.0m | €3.9m | ▼ 2.2% |
| Furniture and vehicles24 | €4,000 | €2,599 | €2,073 | €1,548 | €1,022 | ▼ 34.0% |
| Other tangible fixed assets26 | €148,454 | €286,546 | €275,186 | €254,574 | €216,775 | ▼ 14.8% |
| Financial fixed assets28 | - | - | €355,000 | €355,000 | €355,000 | = |
| Current assets29/58 | €2.3m | €2.1m | €2.0m | €2.0m | €2.0m | ▲ 1.3% |
| Amounts receivable within one year40/41 | €2.0m | €2.0m | €2.0m | €1.9m | €2.0m | ▲ 1.5% |
| Trade receivables40 | €110,568 | €79,073 | €56,448 | €24,761 | €22,265 | ▼ 10.1% |
| Other amounts receivable41 | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | ▲ 1.6% |
| Current investments50/53 | €248,717 | €54,116 | €54,116 | - | - | - |
| Cash at bank and in hand54/58 | €38,128 | €32,084 | €15,034 | €11,246 | €7,767 | ▼ 30.9% |
| Deferred charges and accrued income490/1 | €3,899 | €5,405 | €5,571 | €5,407 | €5,654 | ▲ 4.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.5m | €7.2m | €7.4m | €6.6m | €6.4m | ▼ 1.6% |
| Equity10/15 | €3.3m | €3.1m | €2.8m | €2.6m | €2.4m | ▼ 9.1% |
| Contributions10/11 | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Capital10 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Outside capital11 | €754,482 | €754,482 | €754,482 | €754,482 | €754,482 | = |
| Share premium1100/10 | €754,482 | €754,482 | €754,482 | €754,482 | €754,482 | = |
| Revaluation surpluses12 | €126,717 | €126,717 | €126,717 | - | - | - |
| Reserves13 | €2.7m | €2.6m | €2.5m | €2.5m | €2.4m | ▼ 2.9% |
| Non-distributable reserves130/1 | €23,886 | €23,886 | €23,886 | €23,886 | €23,886 | = |
| Legal reserve130 | €23,886 | €23,886 | €23,886 | €23,886 | €23,886 | = |
| Tax-exempt reserves132 | €2.1m | €2.0m | €1.9m | €1.8m | €1.7m | ▼ 3.9% |
| Distributable reserves133 | €630,138 | €630,138 | €630,138 | €630,138 | €630,138 | = |
| Profit (loss) carried forward14 | -€1.3m | -€1.5m | -€1.7m | -€1.6m | -€1.8m | ▼ 10.1% |
| Provisions and deferred taxes16 | €689,203 | €653,748 | €629,951 | €606,153 | €582,355 | ▼ 3.9% |
| Deferred taxes168 | €689,203 | €653,748 | €629,951 | €606,153 | €582,355 | ▼ 3.9% |
| Amounts payable17/49 | €3.5m | €3.5m | €4.0m | €3.3m | €3.5m | ▲ 4.8% |
| Amounts payable after more than one year17 | €2.7m | €2.5m | €2.4m | €2.3m | €2.2m | ▼ 4.2% |
| Financial debts170/4 | €2.7m | €2.5m | €2.4m | €2.3m | €2.2m | ▼ 4.2% |
| Amounts payable within one year42/48 | €813,441 | €962,839 | €1.6m | €978,317 | €1.2m | ▲ 24.6% |
| Current portion of amounts payable after more than one year42 | €692,581 | €624,882 | €427,546 | €419,712 | €434,599 | ▲ 3.5% |
| Trade debts44 | €7,037 | €126,246 | €210,226 | €184,761 | €421,415 | ▲ 128% |
| Suppliers440/4 | €7,037 | €126,246 | €210,226 | €184,761 | €421,415 | ▲ 128% |
| Taxes, remuneration and social security45 | €1,157 | €1,190 | €1,393 | €1,284 | €1,214 | ▼ 5.5% |
| Taxes450/3 | €1,157 | €1,190 | €1,393 | €1,284 | €1,214 | ▼ 5.5% |
| Other amounts payable47/48 | €112,666 | €210,520 | €959,543 | €372,560 | €361,617 | ▼ 2.9% |
| Accrued charges and deferred income492/3 | €49 | €5,940 | €21,329 | €24,433 | €39,675 | ▲ 62.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€284,790 | -€250,230 | -€296,967 | -€18,668 | -€237,170 | ▼ 1,170% |
| + Depreciation and write-downs630 | €164,345 | €183,812 | €141,201 | €125,960 | €127,238 | ▲ 1.0% |
| Operating cash flow (approximation) | -€120,445 | -€66,418 | -€155,766 | €107,292 | -€109,932 | ▼ 202% |
| Investment in fixed assets (approximation) | - | -€164,681 | -€379,009 | €678,016 | €0 | ▼ 100% |
| Change in cash | - | -€6,044 | -€17,050 | -€3,788 | -€3,479 | ▲ 8.2% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 28 days late
2024
02-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 33 days late
2023
26-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 57 days late
2022
09-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 101 days late
2021
29-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 90 days late
2020
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 90 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
29-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 60 days late
2017
28-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 59 days late
NBB filing
0 of 10 acts read
About the unread acts
We know of 10 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
10 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 1984
Ground area
6,001 m²
Building footprint
4,090 m²
Volume, LiDAR
90,773 m³
2 parcels, Brussels · tallest building 45.8 m, ±8 floors. Linked by address, not a title deed.
564
companies at this address
See who is registered here
1 establishment unit
Emile Maxlaan 182, 1030 Schaarbeek
since 19842.038.421.346
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0131/00T000 | Brussels | 5,672 m² | 1 · 3,878 m² | 45.8 m · 8 fl. |
| 21905C0095/00W004 | Brussels | 329 m² | 1 · 212 m² | 24.3 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 owner · 1 holdingChain of control
- STEPPE IN TOWN
- Larsan
Highest known parent: STEPPE IN TOWN. The sources do not say who stands above it.
Owners 1
- STEPPE IN TOWNparent100%
Holdings 1
-
100%
According to the 2025 annual accounts of Larsan and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
967600GZ8PHV9PAG5894
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Of 11,756 companies in sector 68310 we hold annual accounts for 6,907. 2,547 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-10-1983
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0425543750
Registered
11-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.