LAY
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 21 filings
Turnover
≈ €550,000
Estimated: probably between €390,000 and €800,000
Total assets
€765,083▲ 2.1%
2024 · €749,596
Net result
€116,287▲ 41.2%
2024 · €82,353
Working capital
€434,019▲ 16.7%
2024 · €371,914
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€203,145
▲ 88.7%
2025
20182025
Net result
€116,287
▲ 41.2%
2025
20182025
Equity
€583,467
▲ 13.1%
2025
20182025
Total assets
€765,083
▲ 2.1%
2025
20182025
Debt
€181,616
▼ 22.3%
2025
20182025
Working capital
€434,019
▲ 16.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€54,356-€60,539▲ 11.4%€84,514▲ 39.6%€129,512▲ 53.2%€68,109▼ 47.4%€62,047▼ 8.9%€107,630▲ 73.5%€203,145▲ 88.7%
Net result€33,128-€27,191▼ 17.9%€62,915▲ 131%€82,275▲ 30.8%€43,246▼ 47.4%€39,703▼ 8.2%€82,353▲ 107%€116,287▲ 41.2%
Equity€170,958-€219,604▲ 28.5%€282,519▲ 28.6%€350,576▲ 24.1%€393,821▲ 12.3%€433,525▲ 10.1%€515,877▲ 19.0%€583,467▲ 13.1%
Total assets€736,774-€714,940▼ 3.0%€708,680▼ 0.9%€743,456▲ 4.9%€725,201▼ 2.5%€701,642▼ 3.2%€749,596▲ 6.8%€765,083▲ 2.1%
Debt€505,816-€435,336▼ 13.9%€366,161▼ 15.9%€392,880▲ 7.3%€331,380▼ 15.7%€268,117▼ 19.1%€233,719▼ 12.8%€181,616▼ 22.3%
Working capital-€6,118-€30,033€61,732▲ 106%€135,657▲ 120%€213,064▲ 57.1%€264,408▲ 24.1%€371,914▲ 40.7%€434,019▲ 16.7%
The operating result for 2025 is 89% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €765,083
Fixed assets
€234,866 ▼ 12.9%
Current assets
€530,218 ▲ 10.5%
Equity and liabilities €765,083
Equity
€583,467 ▲ 13.1%
Debt
€181,616 ▼ 22.3%
Debt's share of the balance-sheet total falls from 31.2% to 23.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€269,915▲
2024 · €174,011
Cash flow
€183,057▲
2024 · €148,733
Current ratio
5.51▲
2024 · 4.44
Debt to equity
0.31▼
2024 · 0.45
ROE
19.9%▲
2024 · 16.0%
ROA
15.2%▲
2024 · 11.0%
Interest coverage
96.02▲
2024 · 32.97
Debt ≤ 1 year
€96,199▼
2024 · €108,046
Debt > 1 year
€85,418▼
2024 · €125,672
Income taxes
€84,047▲
2024 · €20,000
Staff costs
€1,254▼
2024 · €13,899
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 | €11,848 | €3,499 | €13,538 | €1,578 | €12,000 |
| Financial fixed assets | - | - | - | - | €20,000 |
| Depreciation and write-downs of the year | €80,468 | €76,223 | €64,279 | €66,381 | €66,770 |
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 | - | - | - | €57,097 | €59,172 | €50,105 | €13,899 | €1,254 | ▼ 91.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €73,920 | €75,026 | €73,753 | €80,468 | €76,223 | €64,279 | €66,381 | €66,770 | ▲ 0.6% |
| Other operating charges640/8 | - | - | - | €4,175 | €6,284 | €10,722 | €5,027 | €5,756 | ▲ 14.5% |
| Gross operating margin9900 | €143,883 | €139,611 | €162,372 | €271,253 | €209,787 | €187,153 | €192,937 | €276,925 | ▲ 43.5% |
| Operating profit (loss)9901 | €54,356 | €60,539 | €84,514 | €129,512 | €68,109 | €62,047 | €107,630 | €203,145 | ▲ 88.7% |
| Recurring financial income75 | - | - | €1 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €6,536 | €4,616 | €5,391 | €5,278 | €2,811 | ▼ 46.7% |
| Recurring financial charges65 | €11,227 | €9,721 | €7,912 | €6,536 | €4,616 | €5,391 | €5,278 | €2,811 | ▼ 46.7% |
| Profit (loss) for the period before taxes9903 | €43,128 | €50,818 | €76,603 | €122,976 | €63,493 | €56,656 | €102,353 | €200,334 | ▲ 95.7% |
| Income taxes67/77 | €10,000 | €23,627 | €13,688 | €40,701 | €20,247 | €16,953 | €20,000 | €84,047 | ▲ 320% |
| Profit (loss) for the period9904 | €33,128 | €27,191 | €62,915 | €82,275 | €43,246 | €39,703 | €82,353 | €116,287 | ▲ 41.2% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €39,703 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €33,128 | €27,191 | €62,915 | €82,275 | €43,246 | - | €82,353 | €116,287 | ▲ 41.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €736,774 | €714,940 | €708,680 | €743,456 | €725,201 | €701,642 | €749,596 | €765,083 | ▲ 2.1% |
| Fixed assets21/28 | €624,904 | €566,146 | €526,525 | €457,904 | €385,180 | €334,439 | €269,636 | €234,866 | ▼ 12.9% |
| Tangible fixed assets22/27 | €618,837 | €560,079 | €520,458 | €451,837 | €379,113 | €328,372 | €263,569 | €208,799 | ▼ 20.8% |
| Land and buildings22 | - | - | - | €393,734 | €339,883 | €286,031 | €232,180 | €178,328 | ▼ 23.2% |
| Plant, machinery and equipment23 | - | - | - | €42,319 | €37,041 | €39,280 | €27,599 | €27,918 | ▲ 1.2% |
| Furniture and vehicles24 | - | - | - | €15,784 | €2,189 | €3,061 | €3,791 | €2,553 | ▼ 32.7% |
| Financial fixed assets28 | €6,067 | €6,067 | €6,067 | €6,067 | €6,067 | €6,067 | €6,067 | €26,067 | ▲ 330% |
| Current assets29/58 | €111,870 | €148,794 | €182,156 | €285,552 | €340,022 | €367,203 | €479,960 | €530,218 | ▲ 10.5% |
| Amounts receivable within one year40/41 | €28,000 | €31,029 | €2,000 | €11,541 | €21,891 | €24,101 | €165,227 | €219,800 | ▲ 33.0% |
| Other amounts receivable41 | - | - | - | €11,541 | €21,891 | €24,101 | €165,227 | €219,800 | ▲ 33.0% |
| Cash at bank and in hand54/58 | €83,870 | €117,765 | €174,437 | €272,736 | €312,755 | €341,015 | €313,784 | €310,418 | ▼ 1.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,275 | €5,376 | €2,087 | €949 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €736,774 | €714,940 | €708,680 | €743,456 | €725,201 | €701,642 | €749,596 | €765,083 | ▲ 2.1% |
| Equity10/15 | €170,958 | €219,604 | €282,519 | €350,576 | €393,821 | €433,525 | €515,877 | €583,467 | ▲ 13.1% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €26,343 | €26,343 | €26,343 | €157,315 | €157,315 | €197,018 | €197,018 | €264,608 | ▲ 34.3% |
| Tax-exempt reserves132 | - | - | - | €26,343 | €26,343 | €26,343 | €26,343 | €26,343 | = |
| Distributable reserves133 | - | - | - | €130,971 | €130,971 | €170,675 | €170,675 | €238,265 | ▲ 39.6% |
| Profit (loss) carried forward14 | €126,023 | €174,669 | €237,584 | €174,669 | €217,915 | €217,915 | €300,267 | €300,267 | = |
| Provisions and deferred taxes16 | €60,000 | €60,000 | €60,000 | - | - | - | - | - | - |
| Amounts payable17/49 | €505,816 | €435,336 | €366,161 | €392,880 | €331,380 | €268,117 | €233,719 | €181,616 | ▼ 22.3% |
| Amounts payable after more than one year17 | €387,828 | €316,575 | €245,737 | €242,985 | €204,422 | €165,321 | €125,672 | €85,418 | ▼ 32.0% |
| Financial debts170/4 | - | - | - | €242,985 | €204,422 | €165,321 | €125,672 | €85,418 | ▼ 32.0% |
| Amounts payable within one year42/48 | €117,988 | €118,761 | €120,424 | €149,895 | €126,958 | €102,796 | €108,046 | €96,199 | ▼ 11.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €72,173 | €47,654 | €49,661 | €52,040 | €52,622 | ▲ 1.1% |
| Trade debts44 | €24,094 | €11,084 | €380 | €4,989 | - | €910 | €2,796 | €2,948 | ▲ 5.4% |
| Suppliers440/4 | - | - | - | €4,989 | - | €910 | €2,796 | €2,948 | ▲ 5.4% |
| Taxes, remuneration and social security45 | - | - | - | €72,733 | €79,304 | €52,225 | €53,210 | €40,628 | ▼ 23.6% |
| Taxes450/3 | - | - | - | €30,701 | €30,701 | €5,500 | €5,500 | €40,628 | ▲ 639% |
| Remuneration and social security454/9 | - | - | - | €42,032 | €48,603 | €46,725 | €47,710 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,128 | €27,191 | €62,915 | €82,275 | €43,246 | €39,703 | €82,353 | €116,287 | ▲ 41.2% |
| + Depreciation and write-downs630 | €73,920 | €75,026 | €73,753 | €80,468 | €76,223 | €64,279 | €66,381 | €66,770 | ▲ 0.6% |
| Operating cash flow (approximation) | €107,048 | €102,217 | €136,668 | €162,743 | €119,469 | €103,982 | €148,733 | €183,057 | ▲ 23.1% |
| Investment in fixed assets (approximation) | - | -€16,268 | -€34,132 | -€11,848 | -€3,499 | -€13,538 | -€1,578 | -€32,000 | ▼ 1,928% |
| Change in cash | - | €33,895 | €56,672 | €98,299 | €40,019 | €28,260 | -€27,231 | -€3,366 | ▲ 87.6% |
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, 20,136 companies had the same profile as LAY has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of LAY 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 20,136 companies, not a prediction for LAY. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00328195 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00349509 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00397741 | |
| 31-12-2022 | micro format | 09-08-2023 | 2023-00324272 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20324381 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-53000253 | |
| 31-12-2019 | micro format | 18-10-2020 | 2020-63000571 | |
| 31-12-2018 | micro format | 17-08-2019 | 2019-47700099 | |
| 31-12-2017 | micro format | 16-08-2018 | 2018-46400573 | |
| 31-12-2016 | full format | 10-08-2017 | 2017-43300265 |