LBG PROPERTIES
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 31-01-2026 PDF all 21 filings
Turnover
≈ €460,000
Estimated: probably between €280,000 and €860,000
EBIT margin
Not included in this filing
Net result
€91,198▲ 50.8%
2024 · €60,477
Working capital
-€73,850▲ 25.0%
2024 · -€98,527
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€129,968
▲ 44.4%
2025
20192025
Net result
€91,198
▲ 50.8%
2025
20192025
Equity
€622,162
▲ 17.2%
2025
20192025
Total assets
€1.3m
▲ 0.6%
2025
20192025
Debt
€638,714
▼ 11.6%
2025
20192025
Working capital
-€73,850
▲ 25.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.1m-€0.06m▼ 56.0%€0.02m▼ 69.9%€0.08m▲ 371%€0.08m▼ 1.1%€0.09m▲ 12.4%€0.1m▲ 44.4%
Net result€0.06m-€0.02m▼ 60.7%€0.006m▼ 74.8%€0.05m▲ 833%€0.05m▲ 1.5%€0.06m▲ 13.1%€0.09m▲ 50.8%
Equity€0.3m-€0.4m▲ 6.7%€0.4m▲ 1.6%€0.4m▲ 14.5%€0.5m▲ 12.8%€0.5m▲ 12.9%€0.6m▲ 17.2%
Total assets€1.7m-€1.6m▼ 9.1%€1.6m▼ 0.2%€1.5m▼ 4.0%€1.3m▼ 14.8%€1.3m▼ 1.4%€1.3m▲ 0.6%
Debt€1.4m-€1.2m▼ 13.0%€1.2m▼ 0.8%€1.1m▼ 9.7%€0.8m▼ 25.5%€0.7m▼ 9.7%€0.6m▼ 11.6%
Working capital-€0.05m--€0.04m▲ 18.8%-€0.07m▼ 62.0%-€0.08m▼ 19.7%-€0.1m▼ 12.4%-€0.1m▼ 3.2%-€0.07m▲ 25.0%
The operating result for 2025 is 44% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€1.2m ▼ 3.6%
Current assets
€104,225 ▲ 94.9%
Equity and liabilities €1.3m
Equity
€622,162 ▲ 17.2%
Debt
€638,714 ▼ 11.6%
Debt's share of the balance-sheet total falls from 57.6% to 50.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€175,065▲
2024 · €134,979
Cash flow
€136,296▲
2024 · €105,477
Current ratio
0.59▲
2024 · 0.35
Debt to equity
1.03▼
2024 · 1.36
ROE
14.7%▲
2024 · 11.4%
ROA
7.2%▲
2024 · 4.8%
Interest coverage
21.86▲
2024 · 14.34
Debt ≤ 1 year
€178,075▲
2024 · €151,992
Debt > 1 year
€458,579▼
2024 · €568,512
Income taxes
€30,886▲
2024 · €20,159
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,749 |
| Depreciation and write-downs of the year | €45,000 | €45,000 | €45,000 | €45,098 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | €45,098 | ▲ 0.2% |
| Other operating charges640/8 | - | - | - | €4,330 | €4,539 | €4,878 | €5,025 | ▲ 3.0% |
| Gross operating margin9900 | €177,089 | €105,336 | €66,437 | €130,216 | €129,558 | €139,857 | €180,091 | ▲ 28.8% |
| Operating profit (loss)9901 | €129,512 | €56,951 | €17,161 | €80,886 | €80,018 | €89,979 | €129,968 | ▲ 44.4% |
| Financial income75/76B | - | - | - | €3,015 | €2,264 | €72 | €124 | ▲ 71.7% |
| Recurring financial income75 | €4,246 | €3,014 | €3,015 | €3,015 | €2,264 | €72 | €124 | ▲ 71.7% |
| Financial charges65/66B | - | - | - | €12,002 | €10,956 | €9,415 | €8,007 | ▼ 15.0% |
| Recurring financial charges65 | €53,791 | €27,855 | €13,202 | €12,002 | €10,956 | €9,415 | €8,007 | ▼ 15.0% |
| Profit (loss) for the period before taxes9903 | €79,967 | €32,111 | €6,975 | €71,899 | €71,327 | €80,636 | €122,085 | ▲ 51.4% |
| Income taxes67/77 | €23,024 | €9,736 | €1,327 | €19,188 | €17,832 | €20,159 | €30,886 | ▲ 53.2% |
| Profit (loss) for the period9904 | €56,943 | €22,375 | €5,647 | €52,711 | €53,495 | €60,477 | €91,198 | ▲ 50.8% |
| Profit (loss) for the period to be appropriated9905 | €56,943 | €22,375 | €5,647 | €52,711 | €53,495 | €60,477 | €91,198 | ▲ 50.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.7m | €1.6m | €1.6m | €1.5m | €1.3m | €1.3m | €1.3m | ▲ 0.6% |
| Fixed assets21/28 | €1.4m | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | ▼ 3.6% |
| Tangible fixed assets22/27 | €1.4m | €1.4m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | ▼ 3.6% |
| Land and buildings22 | - | - | - | €1.3m | €1.2m | €1.2m | €1.2m | ▼ 3.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.002m | - |
| Current assets29/58 | €0.3m | €0.2m | €0.2m | €0.2m | €0.03m | €0.05m | €0.1m | ▲ 94.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.2m | - | - | - | - |
| Amounts receivable within one year40/41 | €0.004m | €0.007m | €0.01m | €0.01m | €0.01m | €0.005m | - | - |
| Other amounts receivable41 | - | - | - | €0.01m | €0.01m | €0.005m | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.02m | €0.06m | €0.04m | €0.01m | €0.05m | €0.1m | ▲ 113% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.001m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.7m | €1.6m | €1.6m | €1.5m | €1.3m | €1.3m | €1.3m | ▲ 0.6% |
| Equity10/15 | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.6m | ▲ 17.2% |
| Contributions10/11 | €0.09m | - | - | €0.09m | €0.09m | €0.1m | €0.1m | = |
| Reserves13 | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €0.009m | €0.009m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.009m | €0.009m | - | - | - |
| Profit (loss) carried forward14 | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 21.0% |
| Amounts payable17/49 | €1.4m | €1.2m | €1.2m | €1.1m | €0.8m | €0.7m | €0.6m | ▼ 11.6% |
| Amounts payable after more than one year17 | €1.0m | €1.0m | €0.9m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 19.3% |
| Other amounts payable178/9 | - | - | - | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 19.3% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.3m | €0.3m | €0.1m | €0.2m | €0.2m | ▲ 17.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 16.6% |
| Trade debts44 | €0.001m | €0.001m | €218 | €295 | €235 | - | €148 | - |
| Suppliers440/4 | - | - | - | €295 | €235 | - | €148 | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | - | - | €0.002m | - |
| Taxes450/3 | - | - | - | €0.02m | - | - | €0.002m | - |
| Other amounts payable47/48 | - | - | - | €0.2m | - | €0.04m | €0.05m | ▲ 13.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | ▲ 3.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €56,943 | €22,375 | €5,647 | €52,711 | €53,495 | €60,477 | €91,198 | ▲ 50.8% |
| + Depreciation and write-downs630 | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | €45,098 | ▲ 0.2% |
| Operating cash flow (approximation) | €101,943 | €67,375 | €50,647 | €97,711 | €98,495 | €105,477 | €136,296 | ▲ 29.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€1,749 | - |
| Change in cash | - | -€99,554 | €38,550 | -€20,731 | -€24,490 | €34,689 | €54,852 | ▲ 58.1% |
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 LBG PROPERTIES 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 LBG PROPERTIES 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 LBG PROPERTIES. 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 |
|---|---|---|---|---|
| 30-06-2025 | full format | 31-01-2026 | 2026-00032169 | |
| 30-06-2024 | full format | 24-01-2025 | 2025-00009534 | |
| 30-06-2023 | full format | 29-01-2024 | 2024-00014606 | |
| 30-06-2022 | full format | 27-01-2023 | 2023-00005821 | |
| 30-06-2021 | full format | 28-01-2022 | 2022-02300153 | |
| 30-06-2020 | full format | 25-02-2021 | 2021-06100546 | |
| 30-06-2019 | full format | 17-01-2020 | 2020-01400549 | |
| 30-06-2018 | full format | 18-01-2019 | 2019-01600479 | |
| 30-06-2017 | full format | 12-01-2018 | 2018-01000145 | |
| 30-06-2016 | full format | 13-01-2017 | 2017-01000325 |