LAVA Projects
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00494898.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 7 filings
Turnover
≈ €230,000
Estimated: probably between €150,000 and €390,000
Total assets
€422,094▲ 5.7%
2024 · €399,179
Net result
€21,865▼ 40.6%
2024 · €36,838
Working capital
-€2,823
2024 · €38,130
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€42,896
▼ 17.7%
2025
20192025
Net result
€21,865
▼ 40.6%
2025
middle half of the sector
20192025
Equity
€135,473
▲ 19.2%
2025
middle half of the sector
20192025
Total assets
€422,094
▲ 5.7%
2025
highest quarter of the sector
20192025
Debt
€286,622
▲ 0.4%
2025
20192025
Working capital
-€2,823
2025
middle half of the sector
20192025
Solvency
32.1%
▲ 3.6pp
2025
middle half of the sector
20192025
Current ratio
0.92
▼ 1.41
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
5.2%
▼ 4.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€37,917-€23,053▼ 39.2%€29,413▲ 27.6%€38,786▲ 31.9%-€24,514€52,138€42,896▼ 17.7%
Net result€26,717-€16,349within the sector's middle half▼ 38.8%€20,804within the sector's middle half▲ 27.2%€27,722above the sector's middle half▲ 33.3%-€32,091below the sector's middle half€36,838above the sector's middle half€21,865within the sector's middle half▼ 40.6%
Equity€32,917-€49,266below the sector's middle half▲ 49.7%€70,070within the sector's middle half▲ 42.2%€97,792within the sector's middle half▲ 39.6%€65,701within the sector's middle half▼ 32.8%€113,608within the sector's middle half▲ 72.9%€135,473within the sector's middle half▲ 19.2%
Total assets€79,420-€92,961below the sector's middle half▲ 17.0%€103,318below the sector's middle half▲ 11.1%€118,885within the sector's middle half▲ 15.1%€365,942above the sector's middle half▲ 208%€399,179above the sector's middle half▲ 9.1%€422,094above the sector's middle half▲ 5.7%
Debt€46,503-€43,695▼ 6.0%€33,248▼ 23.9%€21,093▼ 36.6%€300,240▲ 14×€285,571▼ 4.9%€286,622▲ 0.4%
Working capital€22,012-€27,658within the sector's middle half▲ 25.6%€48,372within the sector's middle half▲ 74.9%€81,628within the sector's middle half▲ 68.8%€9,906within the sector's middle half▼ 87.9%€38,130within the sector's middle half▲ 285%-€2,823within the sector's middle half
Solvency41.4%-53.0%within the sector's middle half▲ 11.5pp67.8%within the sector's middle half▲ 14.8pp82.3%above the sector's middle half▲ 14.4pp18.0%within the sector's middle half▼ 64.3pp28.5%within the sector's middle half▲ 10.5pp32.1%within the sector's middle half▲ 3.6pp
Current ratio2.06-1.87within the sector's middle half▼ 0.192.63within the sector's middle half▲ 0.764.87above the sector's middle half▲ 2.241.39within the sector's middle half▼ 3.482.33within the sector's middle half▲ 0.950.92below the sector's middle half▼ 1.41
Return on assets (ROA)33.6%-17.6%above the sector's middle half▼ 16.1pp20.1%above the sector's middle half▲ 2.5pp23.3%above the sector's middle half▲ 3.2pp-8.8%below the sector's middle half▼ 32.1pp9.2%within the sector's middle half▲ 18.0pp5.2%within the sector's middle half▼ 4.0pp
above
within
below
The sector band is the middle half of the companies in Publishing activities (NACE 58). 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 18% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €422,094
Fixed assets
€387,982 ▲ 16.7%
Current assets
€34,112 ▼ 48.9%
Equity and liabilities €422,094
Equity
€135,473 ▲ 19.2%
Debt
€286,622 ▲ 0.4%
Debt's share of the balance-sheet total falls from 71.5% to 67.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€64,597▼
2024 · €71,638
Cash flow
€43,566▼
2024 · €56,338
Debt to equity
2.12▼
2024 · 2.51
ROE
16.1%▼
2024 · 32.4%
Interest coverage
5.52▼
2024 · 5.81
Debt ≤ 1 year
€36,935▲
2024 · €28,574
Debt > 1 year
€248,536▼
2024 · €255,165
Income taxes
€9,331▲
2024 · €2,983
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 | - | - | €0 | - | - |
| Mortgage mandates | - | - | €150,000 | €150,000 | €150,000 |
| Carrying value of the mortgaged assets | - | - | €261,378 | €274,942 | €343,507 |
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 | €1,768 | €1,859 | €338,462 | €10,499 | €77,209 |
| Depreciation and write-downs of the year | €10,062 | €9,875 | €24,220 | €19,499 | €21,701 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €10,000 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,141 | €9,554 | €10,062 | €9,875 | €24,220 | €19,499 | €21,701 | ▲ 11.3% |
| Other operating charges640/8 | - | - | €722 | €667 | €5,066 | €3,980 | €10,711 | ▲ 169% |
| Non-recurring operating charges66A | - | - | - | €1,049 | - | - | - | - |
| Gross operating margin9900 | €48,302 | €33,444 | €40,197 | €50,377 | €4,772 | €75,617 | €75,309 | ▼ 0.4% |
| Operating profit (loss)9901 | €37,917 | €23,053 | €29,413 | €38,786 | -€24,514 | €52,138 | €42,896 | ▼ 17.7% |
| Financial income75/76B | - | - | - | - | €5 | €10 | €0 | ▼ 99.7% |
| Recurring financial income75 | - | - | - | - | €5 | €10 | €0 | ▼ 99.7% |
| Financial charges65/66B | - | - | €299 | €205 | €7,453 | €12,327 | €11,700 | ▼ 5.1% |
| Recurring financial charges65 | €406 | €513 | €299 | €205 | €7,453 | €12,327 | €11,700 | ▼ 5.1% |
| Profit (loss) for the period before taxes9903 | €37,511 | €22,540 | €29,114 | €38,581 | -€31,962 | €39,821 | €31,196 | ▼ 21.7% |
| Income taxes67/77 | €10,794 | €6,191 | €8,310 | €10,858 | €130 | €2,983 | €9,331 | ▲ 213% |
| Profit (loss) for the period9904 | €26,717 | €16,349 | €20,804 | €27,722 | -€32,091 | €36,838 | €21,865 | ▼ 40.6% |
| Profit (loss) for the period to be appropriated9905 | €26,717 | €16,349 | €20,804 | €27,722 | -€32,091 | €36,838 | €21,865 | ▼ 40.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €79,420 | €92,961 | €103,318 | €118,885 | €365,942 | €399,179 | €422,094 | ▲ 5.7% |
| Fixed assets21/28 | €36,662 | €33,523 | €25,229 | €16,164 | €330,406 | €332,474 | €387,982 | ▲ 16.7% |
| Tangible fixed assets22/27 | €36,662 | €33,523 | €25,229 | €16,164 | €330,406 | €332,474 | €387,982 | ▲ 16.7% |
| Land and buildings22 | - | - | - | - | €261,378 | €274,942 | €343,507 | ▲ 24.9% |
| Plant, machinery and equipment23 | - | - | €2,617 | €2,713 | €2,456 | €3,543 | €3,111 | ▼ 12.2% |
| Furniture and vehicles24 | - | - | €16,926 | €8,162 | €60,532 | €48,237 | €36,034 | ▼ 25.3% |
| Other tangible fixed assets26 | - | - | €5,686 | €5,289 | €6,040 | €5,752 | €5,330 | ▼ 7.3% |
| Current assets29/58 | €42,758 | €59,438 | €78,089 | €102,721 | €35,535 | €66,704 | €34,112 | ▼ 48.9% |
| Amounts receivable within one year40/41 | €9,075 | €6,655 | €9,983 | €10,799 | €15,817 | €15,356 | €10,007 | ▼ 34.8% |
| Trade receivables40 | - | - | €9,983 | €10,799 | €12,947 | €11,203 | €10,000 | ▼ 10.7% |
| Other amounts receivable41 | - | - | - | - | €2,870 | €4,153 | €7 | ▼ 99.8% |
| Cash at bank and in hand54/58 | €33,683 | €52,783 | €67,419 | €87,112 | €12,992 | €44,896 | €17,096 | ▼ 61.9% |
| Deferred charges and accrued income490/1 | - | - | €687 | €4,810 | €6,726 | €6,453 | €7,009 | ▲ 8.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €79,420 | €92,961 | €103,318 | €118,885 | €365,942 | €399,179 | €422,094 | ▲ 5.7% |
| Equity10/15 | €32,917 | €49,266 | €70,070 | €97,792 | €65,701 | €113,608 | €135,473 | ▲ 19.2% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Revaluation surpluses12 | - | - | - | - | - | €11,069 | €11,069 | = |
| Reserves13 | €26,717 | €43,066 | €63,870 | €91,592 | €91,592 | €96,340 | €118,204 | ▲ 22.7% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | €62,010 | €89,732 | €91,592 | €96,340 | €118,204 | ▲ 22.7% |
| Profit (loss) carried forward14 | - | - | - | - | -€32,091 | - | - | - |
| Amounts payable17/49 | €46,503 | €43,695 | €33,248 | €21,093 | €300,240 | €285,571 | €286,622 | ▲ 0.4% |
| Amounts payable after more than one year17 | €25,174 | €11,915 | €3,531 | - | €273,459 | €255,165 | €248,536 | ▼ 2.6% |
| Financial debts170/4 | - | - | €3,531 | - | €273,459 | €255,165 | €248,536 | ▼ 2.6% |
| Amounts payable within one year42/48 | €20,746 | €31,780 | €29,717 | €21,093 | €25,629 | €28,574 | €36,935 | ▲ 29.3% |
| Current portion of amounts payable after more than one year42 | - | - | €8,384 | €3,531 | €17,498 | €18,295 | €19,128 | ▲ 4.6% |
| Trade debts44 | €437 | €1,333 | €945 | €435 | €7,271 | €3,153 | €5,766 | ▲ 82.9% |
| Suppliers440/4 | - | - | €945 | €435 | €7,271 | €3,153 | €5,766 | ▲ 82.9% |
| Taxes, remuneration and social security45 | - | - | €19,956 | €16,831 | €843 | €6,678 | €10,869 | ▲ 62.8% |
| Taxes450/3 | - | - | €19,956 | €16,831 | €843 | €6,678 | €10,869 | ▲ 62.8% |
| Other amounts payable47/48 | - | - | €432 | €296 | €16 | €449 | €1,172 | ▲ 161% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,152 | €1,832 | €1,150 | ▼ 37.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,717 | €16,349 | €20,804 | €27,722 | -€32,091 | €36,838 | €21,865 | ▼ 40.6% |
| + Depreciation and write-downs630 | €10,141 | €9,554 | €10,062 | €9,875 | €24,220 | €19,499 | €21,701 | ▲ 11.3% |
| Operating cash flow (approximation) | €36,858 | €25,903 | €30,866 | €37,598 | -€7,871 | €56,338 | €43,566 | ▼ 22.7% |
| Investment in fixed assets (approximation) | - | -€6,415 | -€1,768 | -€811 | -€338,462 | -€21,567 | -€77,209 | ▼ 258% |
| Change in cash | - | €19,100 | €14,636 | €19,693 | -€74,120 | €31,903 | -€27,799 | - |
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, 26,972 companies had the same profile as LAVA Projects has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LAVA Projects itself is lower: 0.1% within 12 months. It rests on far more data about LAVA Projects than the profile alone.
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 26,972 companies, not a prediction for LAVA Projects. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00494898 | |
| 31-12-2024 | micro format | 01-08-2025 | 2025-00357492 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00345264 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00251960 | |
| 31-12-2021 | abbreviated format | 18-08-2022 | 2022-20298203 | |
| 31-12-2020 | abbreviated format | 03-08-2021 | 2021-45400479 | |
| 31-12-2019 | abbreviated format | 28-08-2020 | 2020-46500313 |