Lasva
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 69 days after the deadline Filed on 8 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00551471.
Annual accounts 2025 filed on 08-10-2026 at the NBB all 5 filings
Turnover
≈ €97,000
Estimated: probably between €41,000 and €190,000
Total assets
€216,297▼ 3.9%
2024 · €225,129
Net result
-€7,795▲ 58.6%
2024 · -€18,822
Working capital
-€44,370▼ 35.5%
2024 · -€32,751
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€5,621
▲ 65.3%
2025
20212025
Net result
-€7,795
▲ 58.6%
2025
lowest quarter of the sector
20212025
Equity
€12,544
▼ 38.3%
2025
lowest quarter of the sector
20212025
Total assets
€216,297
▼ 3.9%
2025
middle half of the sector
20212025
Debt
€203,753
▼ 0.5%
2025
20212025
Working capital
-€44,370
▼ 35.5%
2025
lowest quarter of the sector
20212025
Solvency
5.8%
▼ 3.2pp
2025
lowest quarter of the sector
20212025
Current ratio
0.53
▼ 0.08
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-3.6%
▲ 4.8pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€15,485-€27,413▲ 77.0%€16,520▼ 39.7%-€16,204-€5,621▲ 65.3%
Net result€9,801within the sector's middle half-€18,845within the sector's middle half▲ 92.3%€8,516within the sector's middle half▼ 54.8%-€18,822below the sector's middle half-€7,795below the sector's middle half▲ 58.6%
Equity€11,801below the sector's middle half-€30,646within the sector's middle half▲ 160%€39,162within the sector's middle half▲ 27.8%€20,339below the sector's middle half▼ 48.1%€12,544below the sector's middle half▼ 38.3%
Total assets€233,717within the sector's middle half-€242,577within the sector's middle half▲ 3.8%€259,341within the sector's middle half▲ 6.9%€225,129within the sector's middle half▼ 13.2%€216,297within the sector's middle half▼ 3.9%
Debt€221,916-€211,931▼ 4.5%€220,179▲ 3.9%€204,789▼ 7.0%€203,753▼ 0.5%
Working capital-€7,319below the sector's middle half-€10,409within the sector's middle half-€13,788below the sector's middle half-€32,751below the sector's middle half▼ 138%-€44,370below the sector's middle half▼ 35.5%
Solvency5.0%below the sector's middle half-12.6%below the sector's middle half▲ 7.6pp15.1%below the sector's middle half▲ 2.5pp9.0%below the sector's middle half▼ 6.1pp5.8%below the sector's middle half▼ 3.2pp
Current ratio0.89below the sector's middle half-1.15within the sector's middle half▲ 0.260.84below the sector's middle half▼ 0.310.61below the sector's middle half▼ 0.230.53below the sector's middle half▼ 0.08
Return on assets (ROA)4.2%within the sector's middle half-7.8%within the sector's middle half▲ 3.6pp3.3%within the sector's middle half▼ 4.5pp-8.4%below the sector's middle half▼ 11.6pp-3.6%below the sector's middle half▲ 4.8pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 €5,621, smaller than the loss of €16,204 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 €216,297
Fixed assets
€165,956 ▼ 4.0%
Current assets
€50,340 ▼ 3.6%
Equity and liabilities €216,297
Equity
€12,544 ▼ 38.3%
Debt
€203,753 ▼ 0.5%
Debt's share of the balance-sheet total rises from 91.0% to 94.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€11,680▲
2024 · €2,049
Cash flow
€9,506▲
2024 · -€570
Quick ratio
0.19▼
2024 · 0.24
Debt to equity
16.24▲
2024 · 10.07
ROE
-62.1%▲
2024 · -92.5%
Interest coverage
5.37▲
2024 · 0.78
Debt ≤ 1 year
€94,710▲
2024 · €84,964
Debt > 1 year
€109,043▼
2024 · €119,825
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €168,000 | €168,000 | €168,000 | €168,000 | - |
| Carrying value of the mortgaged assets | €159,746 | €148,546 | €137,346 | €126,146 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €188,137 | €4,633 | €44,959 | €4,382 | €10,342 |
| Financial fixed assets | - | - | €40 | - | - |
| Depreciation and write-downs of the year | €13,026 | €17,816 | €19,344 | €18,252 | €17,301 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,026 | €17,816 | €19,344 | €18,252 | €17,301 | ▼ 5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €314 | - | - | -€314 | - |
| Other operating charges640/8 | €18,125 | €1,732 | €1,811 | €2,560 | €2,864 | ▲ 11.9% |
| Gross operating margin9900 | €46,637 | €47,275 | €37,675 | €4,609 | €14,230 | ▲ 209% |
| Operating profit (loss)9901 | €15,485 | €27,413 | €16,520 | -€16,204 | -€5,621 | ▲ 65.3% |
| Financial income75/76B | €138 | - | €119 | €1 | - | - |
| Recurring financial income75 | €138 | - | €119 | €1 | - | - |
| Financial charges65/66B | €2,493 | €2,910 | €5,421 | €2,619 | €2,174 | ▼ 17.0% |
| Recurring financial charges65 | €2,493 | €2,910 | €5,421 | €2,619 | €2,174 | ▼ 17.0% |
| Profit (loss) for the period before taxes9903 | €13,131 | €24,504 | €11,218 | -€18,822 | -€7,795 | ▲ 58.6% |
| Income taxes67/77 | €3,330 | €5,659 | €2,702 | - | - | - |
| Profit (loss) for the period9904 | €9,801 | €18,845 | €8,516 | -€18,822 | -€7,795 | ▲ 58.6% |
| Profit (loss) for the period to be appropriated9905 | €9,801 | €18,845 | €8,516 | -€18,822 | -€7,795 | ▲ 58.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €233,717 | €242,577 | €259,341 | €225,129 | €216,297 | ▼ 3.9% |
| Fixed assets21/28 | €175,111 | €161,131 | €186,786 | €172,915 | €165,956 | ▼ 4.0% |
| Tangible fixed assets22/27 | €175,111 | €161,131 | €186,746 | €172,875 | €165,916 | ▼ 4.0% |
| Plant, machinery and equipment23 | €4,139 | €5,904 | €3,640 | €2,374 | €8,452 | ▲ 256% |
| Furniture and vehicles24 | €11,226 | €6,682 | €2,528 | €1,026 | €381 | ▼ 62.9% |
| Other tangible fixed assets26 | €159,746 | €148,546 | €180,579 | €169,475 | €157,084 | ▼ 7.3% |
| Financial fixed assets28 | - | - | €40 | €40 | €40 | = |
| Current assets29/58 | €58,606 | €81,446 | €72,555 | €52,213 | €50,340 | ▼ 3.6% |
| Stocks and contracts in progress3 | €27,379 | €31,564 | €36,690 | €32,208 | €32,208 | = |
| Stocks30/36 | €27,379 | €31,564 | €36,690 | €32,208 | €32,208 | = |
| Amounts receivable within one year40/41 | €12,340 | €22,785 | €25,530 | €10,674 | €12,278 | ▲ 15.0% |
| Trade receivables40 | €6,939 | €22,444 | €19,504 | €6,668 | €11,756 | ▲ 76.3% |
| Other amounts receivable41 | €5,400 | €341 | €6,026 | €4,006 | €522 | ▼ 87.0% |
| Cash at bank and in hand54/58 | €18,887 | €24,597 | €10,335 | €8,863 | €5,855 | ▼ 33.9% |
| Deferred charges and accrued income490/1 | - | €2,500 | - | €469 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €233,717 | €242,577 | €259,341 | €225,129 | €216,297 | ▼ 3.9% |
| Equity10/15 | €11,801 | €30,646 | €39,162 | €20,339 | €12,544 | ▼ 38.3% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €9,801 | €28,646 | €37,162 | €18,339 | €10,544 | ▼ 42.5% |
| Amounts payable17/49 | €221,916 | €211,931 | €220,179 | €204,789 | €203,753 | ▼ 0.5% |
| Amounts payable after more than one year17 | €151,191 | €140,894 | €130,444 | €119,825 | €109,043 | ▼ 9.0% |
| Financial debts170/4 | €151,191 | €140,894 | €130,444 | €119,825 | €109,043 | ▼ 9.0% |
| Amounts payable within one year42/48 | €65,925 | €71,037 | €86,342 | €84,964 | €94,710 | ▲ 11.5% |
| Current portion of amounts payable after more than one year42 | €10,140 | €10,297 | €10,450 | €10,618 | €10,783 | ▲ 1.5% |
| Trade debts44 | €1,897 | €8,061 | €24,616 | €432 | - | - |
| Suppliers440/4 | €1,897 | €8,061 | €24,616 | €432 | - | - |
| Taxes, remuneration and social security45 | €1,830 | €2,587 | €8 | - | €12 | - |
| Taxes450/3 | €1,830 | €2,587 | €8 | - | €12 | - |
| Other amounts payable47/48 | €52,058 | €50,091 | €51,269 | €73,913 | €83,916 | ▲ 13.5% |
| Accrued charges and deferred income492/3 | €4,800 | - | €3,393 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,801 | €18,845 | €8,516 | -€18,822 | -€7,795 | ▲ 58.6% |
| + Depreciation and write-downs630 | €13,026 | €17,816 | €19,344 | €18,252 | €17,301 | ▼ 5.2% |
| Operating cash flow (approximation) | €22,827 | €36,660 | €27,860 | -€570 | €9,506 | - |
| Investment in fixed assets (approximation) | - | -€3,836 | -€44,999 | -€4,382 | -€10,342 | ▼ 136% |
| Change in cash | - | €5,710 | -€14,262 | -€1,472 | -€3,008 | ▼ 104% |
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, 849 companies had the same profile as Lasva has now. Two years later, 91.9% were still going and 4.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a small loss
91.9%
was still going
3.3%
stopped otherwise
4.7%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Lasva itself: 3.7% 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 849 companies, not a prediction for Lasva. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-10-2026 | 2026-00551471 | |
| 31-12-2024 | micro format | 11-08-2025 | 2025-00369875 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00277804 | |
| 31-12-2022 | micro format | 26-09-2023 | 2023-00454301 | |
| 31-12-2021 | micro format | 24-07-2022 | 2022-20215236 |