LASDA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 11 filings
Turnover
≈ €220,000
Estimated: probably between €120,000 and €480,000
Total assets
€333,565▲ 19.0%
2024 · €280,247
Net result
€46,700▲ 1.2%
2024 · €46,146
Working capital
€188,769▼ 23.5%
2024 · €246,613
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€68,246
▼ 0.9%
2025
20182025
Net result
€46,700
▲ 1.2%
2025
highest quarter of the sector
20182025
Equity
€298,862
▲ 18.5%
2025
highest quarter of the sector
20182025
Total assets
€333,565
▲ 19.0%
2025
middle half of the sector
20182025
Debt
€34,704
▲ 23.6%
2025
20182025
Working capital
€188,769
▼ 23.5%
2025
highest quarter of the sector
20182025
Solvency
89.6%
▼ 0.4pp
2025
highest quarter of the sector
20182025
Current ratio
6.71
▼ 3.71
2025
highest quarter of the sector
20182025
Return on assets (ROA)
14.0%
▼ 2.5pp
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€23,280-€23,998▲ 3.1%€68,104▲ 184%€68,418▲ 0.5%€12,110▼ 82.3%€65,579▲ 442%€68,882▲ 5.0%€68,246▼ 0.9%
Net result€12,784-€14,108▲ 10.4%€46,780above the sector's middle half▲ 232%€45,995above the sector's middle half▼ 1.7%€7,949within the sector's middle half▼ 82.7%€43,150above the sector's middle half▲ 443%€46,146above the sector's middle half▲ 6.9%€46,700above the sector's middle half▲ 1.2%
Equity€48,033-€62,142▲ 29.4%€108,921within the sector's middle half▲ 75.3%€154,917within the sector's middle half▲ 42.2%€162,866within the sector's middle half▲ 5.1%€206,016within the sector's middle half▲ 26.5%€252,162within the sector's middle half▲ 22.4%€298,862above the sector's middle half▲ 18.5%
Total assets€92,198-€91,706▼ 0.5%€151,982below the sector's middle half▲ 65.7%€200,623within the sector's middle half▲ 32.0%€199,321within the sector's middle half▼ 0.6%€240,998within the sector's middle half▲ 20.9%€280,247within the sector's middle half▲ 16.3%€333,565within the sector's middle half▲ 19.0%
Debt€44,164-€29,565▼ 33.1%€43,060▲ 45.6%€45,707▲ 6.1%€36,455▼ 20.2%€34,982▼ 4.0%€28,086▼ 19.7%€34,704▲ 23.6%
Working capital-€35-€23,668€49,053within the sector's middle half▲ 107%€114,367above the sector's middle half▲ 133%€145,367above the sector's middle half▲ 27.1%€194,780above the sector's middle half▲ 34.0%€246,613above the sector's middle half▲ 26.6%€188,769above the sector's middle half▼ 23.5%
Solvency52.1%-67.8%▲ 15.7pp71.7%above the sector's middle half▲ 3.9pp77.2%above the sector's middle half▲ 5.6pp81.7%above the sector's middle half▲ 4.5pp85.5%above the sector's middle half▲ 3.8pp90.0%above the sector's middle half▲ 4.5pp89.6%above the sector's middle half▼ 0.4pp
Current ratio1.00-1.82▲ 0.832.16within the sector's middle half▲ 0.343.50above the sector's middle half▲ 1.345.09above the sector's middle half▲ 1.586.93above the sector's middle half▲ 1.8410.42above the sector's middle half▲ 3.506.71above the sector's middle half▼ 3.71
Return on assets (ROA)13.9%-15.4%▲ 1.5pp30.8%above the sector's middle half▲ 15.4pp22.9%above the sector's middle half▼ 7.9pp4.0%within the sector's middle half▼ 18.9pp17.9%above the sector's middle half▲ 13.9pp16.5%above the sector's middle half▼ 1.4pp14.0%above the sector's middle half▼ 2.5pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 1% 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 €333,565
Fixed assets
€111,741 ▲ 15×
Current assets
€221,824 ▼ 18.7%
Equity and liabilities €333,565
Equity
€298,862 ▲ 18.5%
Debt
€34,704 ▲ 23.6%
Debt's share of the balance-sheet total rises from 10.0% to 10.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€85,981▲
2024 · €74,772
Cash flow
€64,434▲
2024 · €52,036
Quick ratio
6.68▼
2024 · 10.37
Debt to equity
0.12▲
2024 · 0.11
ROE
15.6%▼
2024 · 18.3%
Interest coverage
47.02▲
2024 · 36.30
Debt ≤ 1 year
€33,055▲
2024 · €26,171
Income taxes
€23,045▼
2024 · €23,126
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 | €1,535 | €2,190 | €1,419 | - | €126,578 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €21,768 | €17,218 | €6,443 | €5,890 | €17,735 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,625 | €17,047 | €17,526 | €21,768 | €17,218 | €6,443 | €5,890 | €17,735 | ▲ 201% |
| Other operating charges640/8 | - | - | - | €1,348 | €1,344 | €1,644 | €1,393 | €1,505 | ▲ 8.1% |
| Non-recurring operating charges66A | - | - | - | - | €5,905 | €0 | - | - | - |
| Gross operating margin9900 | €40,936 | €42,552 | €86,923 | €91,534 | €36,577 | €73,666 | €76,165 | €87,486 | ▲ 14.9% |
| Operating profit (loss)9901 | €23,280 | €23,998 | €68,104 | €68,418 | €12,110 | €65,579 | €68,882 | €68,246 | ▼ 0.9% |
| Financial income75/76B | - | - | - | €434 | €570 | €1,713 | €2,449 | €3,327 | ▲ 35.8% |
| Recurring financial income75 | €509 | €750 | €523 | €434 | €570 | €1,713 | €2,449 | €3,327 | ▲ 35.8% |
| Financial charges65/66B | - | - | - | €147 | €1,031 | €1,404 | €2,060 | €1,828 | ▼ 11.2% |
| Recurring financial charges65 | €1,282 | €1,034 | €1,056 | €147 | €1,031 | €1,404 | €2,060 | €1,828 | ▼ 11.2% |
| Profit (loss) for the period before taxes9903 | €22,507 | €23,714 | €67,572 | €68,704 | €11,648 | €65,889 | €69,271 | €69,745 | ▲ 0.7% |
| Income taxes67/77 | €9,724 | €9,605 | €20,792 | €22,709 | €3,699 | €22,739 | €23,126 | €23,045 | ▼ 0.3% |
| Profit (loss) for the period9904 | €12,784 | €14,108 | €46,780 | €45,995 | €7,949 | €43,150 | €46,146 | €46,700 | ▲ 1.2% |
| Profit (loss) for the period to be appropriated9905 | €12,784 | €14,108 | €46,780 | €45,995 | €7,949 | €43,150 | €46,146 | €46,700 | ▲ 1.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €92,198 | €91,706 | €151,982 | €200,623 | €199,321 | €240,998 | €280,247 | €333,565 | ▲ 19.0% |
| Fixed assets21/28 | €49,066 | €39,349 | €60,783 | €40,550 | €18,378 | €13,353 | €7,463 | €111,741 | ▲ 15× |
| Tangible fixed assets22/27 | €49,066 | €39,349 | €60,783 | €40,550 | €18,378 | €13,353 | €7,463 | €111,741 | ▲ 15× |
| Plant, machinery and equipment23 | - | - | - | - | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €40,393 | €18,378 | €12,032 | €6,283 | €110,703 | ▲ 18× |
| Other tangible fixed assets26 | - | - | - | €156 | €0 | €1,322 | €1,180 | €1,038 | ▼ 12.0% |
| Current assets29/58 | €43,131 | €52,357 | €91,199 | €160,073 | €180,944 | €227,645 | €272,784 | €221,824 | ▼ 18.7% |
| Stocks and contracts in progress3 | - | €6,007 | €1,486 | €1,584 | €1,441 | €1,441 | €1,348 | €1,124 | ▼ 16.7% |
| Stocks30/36 | - | - | - | €1,584 | €1,441 | €1,441 | €1,348 | €1,124 | ▼ 16.7% |
| Amounts receivable within one year40/41 | €10,758 | €9,276 | €12,749 | €58,222 | €10,312 | €5,545 | €8,653 | €6,995 | ▼ 19.2% |
| Trade receivables40 | - | - | - | €52,930 | €2,962 | €3,045 | €2,460 | €5,585 | ▲ 127% |
| Other amounts receivable41 | - | - | - | €5,292 | €7,350 | €2,500 | €6,192 | €1,410 | ▼ 77.2% |
| Current investments50/53 | - | - | - | - | - | €70,000 | €50,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €32,373 | €37,074 | €75,546 | €99,822 | €168,810 | €149,728 | €210,995 | €212,268 | ▲ 0.6% |
| Deferred charges and accrued income490/1 | - | - | - | €446 | €380 | €930 | €1,788 | €1,438 | ▼ 19.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €92,198 | €91,706 | €151,982 | €200,623 | €199,321 | €240,998 | €280,247 | €333,565 | ▲ 19.0% |
| Equity10/15 | €48,033 | €62,142 | €108,921 | €154,917 | €162,866 | €206,016 | €252,162 | €298,862 | ▲ 18.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €29,433 | €43,542 | €90,321 | €136,317 | €144,266 | €187,416 | €233,562 | €280,262 | ▲ 20.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €134,457 | €142,406 | €187,416 | €233,562 | €280,262 | ▲ 20.0% |
| Amounts payable17/49 | €44,164 | €29,565 | €43,060 | €45,707 | €36,455 | €34,982 | €28,086 | €34,704 | ▲ 23.6% |
| Amounts payable within one year42/48 | €43,166 | €28,689 | €42,146 | €45,707 | €35,577 | €32,864 | €26,171 | €33,055 | ▲ 26.3% |
| Trade debts44 | €4,534 | €5,721 | €4,304 | €1,048 | €573 | €2,631 | €2,621 | €7,039 | ▲ 169% |
| Suppliers440/4 | - | - | - | €1,048 | €573 | €2,631 | €2,621 | €7,039 | ▲ 169% |
| Taxes, remuneration and social security45 | - | - | - | €23,201 | €13,309 | €7,339 | €0 | €2,136 | - |
| Taxes450/3 | - | - | - | €15,401 | €7,109 | €4,139 | €0 | €2,136 | - |
| Remuneration and social security454/9 | - | - | - | €7,800 | €6,200 | €3,200 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €21,457 | €21,695 | €22,895 | €23,550 | €23,880 | ▲ 1.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | €878 | €2,118 | €1,915 | €1,648 | ▼ 13.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,784 | €14,108 | €46,780 | €45,995 | €7,949 | €43,150 | €46,146 | €46,700 | ▲ 1.2% |
| + Depreciation and write-downs630 | €15,625 | €17,047 | €17,526 | €21,768 | €17,218 | €6,443 | €5,890 | €17,735 | ▲ 201% |
| Operating cash flow (approximation) | €28,409 | €31,155 | €64,306 | €67,763 | €25,167 | €49,593 | €52,036 | €64,434 | ▲ 23.8% |
| Investment in fixed assets (approximation) | - | -€7,330 | -€38,960 | -€1,535 | €4,955 | -€1,419 | €0 | -€122,012 | - |
| Change in cash | - | €4,701 | €38,472 | €24,275 | €68,988 | -€19,082 | €61,268 | €1,273 | ▼ 97.9% |
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, 34,693 companies had the same profile as LASDA has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of LASDA 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 34,693 companies, not a prediction for LASDA. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00191464 | |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00148859 | |
| 31-12-2023 | micro format | 22-06-2024 | 2024-00150978 | |
| 31-12-2022 | micro format | 21-06-2023 | 2023-00143380 | |
| 31-12-2021 | micro format | 25-07-2022 | 2022-20216579 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-53000391 | |
| 31-12-2019 | micro format | 04-09-2020 | 2020-51300340 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-48700047 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-25800557 | |
| 31-12-2016 | micro format | 22-08-2017 | 2017-46500348 |