LBMDS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 6 filings
Turnover
≈ €400,000
Estimated: probably between €360,000 and €500,000
Total assets
€450,521▲ 13.5%
2024 · €397,072
Net result
€190,652▲ 14.2%
2024 · €166,954
Working capital
€147,934▲ 32.0%
2024 · €112,033
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€258,151
▲ 12.5%
2025
20202025
Net result
€190,652
▲ 14.2%
2025
highest quarter of the sector
20202025
Equity
€142,245
▲ 33.4%
2025
middle half of the sector
20202025
Total assets
€450,521
▲ 13.5%
2025
middle half of the sector
20202025
Debt
€308,276
▲ 6.1%
2025
20202025
Working capital
€147,934
▲ 32.0%
2025
middle half of the sector
20202025
Solvency
31.6%
▲ 4.7pp
2025
middle half of the sector
20202025
Current ratio
1.49
▲ 0.09
2025
middle half of the sector
20202025
Return on assets (ROA)
42.3%
▲ 0.3pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€130,603-€284,665▲ 118%€243,391▼ 14.5%€235,848▼ 3.1%€229,375▼ 2.7%€258,151▲ 12.5%
Net result€100,678above the sector's middle half-€216,114above the sector's middle half▲ 115%€184,800above the sector's middle half▼ 14.5%€176,586above the sector's middle half▼ 4.4%€166,954above the sector's middle half▼ 5.5%€190,652above the sector's middle half▲ 14.2%
Equity€105,678within the sector's middle half-€321,793within the sector's middle half▲ 205%€506,592above the sector's middle half▲ 57.4%€106,592within the sector's middle half▼ 79.0%€106,592within the sector's middle half=€142,245within the sector's middle half▲ 33.4%
Total assets€129,871below the sector's middle half-€383,681within the sector's middle half▲ 195%€589,121within the sector's middle half▲ 53.5%€431,209within the sector's middle half▼ 26.8%€397,072within the sector's middle half▼ 7.9%€450,521within the sector's middle half▲ 13.5%
Debt€24,193-€61,888▲ 156%€82,528▲ 33.4%€324,617▲ 293%€290,480▼ 10.5%€308,276▲ 6.1%
Working capital€105,693within the sector's middle half-€321,994above the sector's middle half▲ 205%€503,975above the sector's middle half▲ 56.5%€105,569within the sector's middle half▼ 79.1%€112,033within the sector's middle half▲ 6.1%€147,934within the sector's middle half▲ 32.0%
Solvency81.4%above the sector's middle half-83.9%above the sector's middle half▲ 2.5pp86.0%above the sector's middle half▲ 2.1pp24.7%below the sector's middle half▼ 61.3pp26.8%below the sector's middle half▲ 2.1pp31.6%within the sector's middle half▲ 4.7pp
Current ratio5.37within the sector's middle half-6.22within the sector's middle half▲ 0.857.12above the sector's middle half▲ 0.901.33below the sector's middle half▼ 5.791.40within the sector's middle half▲ 0.071.49within the sector's middle half▲ 0.09
Return on assets (ROA)77.5%above the sector's middle half-56.3%above the sector's middle half▼ 21.2pp31.4%above the sector's middle half▼ 25.0pp41.0%above the sector's middle half▲ 9.6pp42.0%above the sector's middle half▲ 1.1pp42.3%above the sector's middle half▲ 0.3pp
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 13% higher than in 2024. It is a recovery after the fall 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 €450,521
Fixed assets
€1,136 ▼ 53.5%
Current assets
€449,385 ▲ 13.9%
Equity and liabilities €450,521
Equity
€142,245 ▲ 33.4%
Debt
€308,276 ▲ 6.1%
Debt's share of the balance-sheet total falls from 73.2% to 68.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€259,456▲
2024 · €231,229
Cash flow
€191,957▲
2024 · €168,807
Debt to equity
2.17▼
2024 · 2.73
ROE
134.0%▼
2024 · 156.6%
Interest coverage
36.49▲
2024 · 24.95
Debt ≤ 1 year
€301,451▲
2024 · €282,598
Income taxes
€60,389▲
2024 · €53,153
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 | - | €3,357 | €3,133 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | - | €548 | €1,647 | €1,853 | €1,305 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 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 | - | - | €548 | €1,647 | €1,853 | €1,305 | ▼ 29.6% |
| Other operating charges640/8 | - | €120 | €122 | €132 | €912 | €544 | ▼ 40.4% |
| Gross operating margin9900 | €130,856 | €284,785 | €244,061 | €237,626 | €232,141 | €260,000 | ▲ 12.0% |
| Operating profit (loss)9901 | €130,603 | €284,665 | €243,391 | €235,848 | €229,375 | €258,151 | ▲ 12.5% |
| Financial income75/76B | - | €359 | €440 | €1,197 | €0 | - | - |
| Recurring financial income75 | - | €359 | €440 | €1,197 | €0 | - | - |
| Financial charges65/66B | - | €474 | €646 | €4,794 | €9,269 | €7,110 | ▼ 23.3% |
| Recurring financial charges65 | €169 | €474 | €646 | €4,794 | €9,269 | €7,110 | ▼ 23.3% |
| Profit (loss) for the period before taxes9903 | €130,434 | €284,549 | €243,186 | €232,250 | €220,107 | €251,041 | ▲ 14.1% |
| Income taxes67/77 | €29,756 | €68,435 | €58,386 | €55,664 | €53,153 | €60,389 | ▲ 13.6% |
| Profit (loss) for the period9904 | €100,678 | €216,114 | €184,800 | €176,586 | €166,954 | €190,652 | ▲ 14.2% |
| Profit (loss) for the period to be appropriated9905 | €100,678 | €216,114 | €184,800 | €176,586 | €166,954 | €190,652 | ▲ 14.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €129,871 | €383,681 | €589,121 | €431,209 | €397,072 | €450,521 | ▲ 13.5% |
| Fixed assets21/28 | - | - | €2,808 | €4,294 | €2,441 | €1,136 | ▼ 53.5% |
| Tangible fixed assets22/27 | - | - | €2,808 | €4,294 | €2,441 | €1,136 | ▼ 53.5% |
| Furniture and vehicles24 | - | - | €2,808 | €4,294 | €2,441 | €1,136 | ▼ 53.5% |
| Current assets29/58 | €129,871 | €383,681 | €586,312 | €426,915 | €394,631 | €449,385 | ▲ 13.9% |
| Amounts receivable within one year40/41 | €27,693 | €22,000 | €23,614 | €3,450 | €0 | - | - |
| Trade receivables40 | - | €0 | - | - | - | - | - |
| Other amounts receivable41 | - | €22,000 | €23,614 | €3,450 | €0 | - | - |
| Cash at bank and in hand54/58 | €102,179 | €232,551 | €469,640 | €331,887 | €295,400 | €323,163 | ▲ 9.4% |
| Deferred charges and accrued income490/1 | - | €129,129 | €93,058 | €91,579 | €99,231 | €126,222 | ▲ 27.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €129,871 | €383,681 | €589,121 | €431,209 | €397,072 | €450,521 | ▲ 13.5% |
| Equity10/15 | €105,678 | €321,793 | €506,592 | €106,592 | €106,592 | €142,245 | ▲ 33.4% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €100,678 | €316,793 | €501,592 | €101,592 | €101,592 | €137,245 | ▲ 35.1% |
| Distributable reserves133 | - | €316,793 | €501,592 | €101,592 | €101,592 | €137,245 | ▲ 35.1% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €24,193 | €61,888 | €82,528 | €324,617 | €290,480 | €308,276 | ▲ 6.1% |
| Amounts payable within one year42/48 | €24,179 | €61,687 | €82,337 | €321,346 | €282,598 | €301,451 | ▲ 6.7% |
| Financial debts43 | - | €8,360 | €32,577 | €19,441 | €17,951 | €0 | ▼ 100% |
| Credit institutions430/8 | - | €8,360 | €32,577 | €19,441 | €17,951 | €0 | ▼ 100% |
| Trade debts44 | - | €94 | €1,014 | €4,692 | €2,837 | €1,975 | ▼ 30.4% |
| Suppliers440/4 | - | €94 | €1,014 | €4,692 | €2,837 | €1,975 | ▼ 30.4% |
| Taxes, remuneration and social security45 | - | €48,191 | €43,435 | €0 | €153 | €3,042 | ▲ 20× |
| Taxes450/3 | - | €48,191 | €43,435 | €0 | €153 | €3,042 | ▲ 20× |
| Other amounts payable47/48 | - | €5,042 | €5,311 | €297,213 | €261,656 | €296,434 | ▲ 13.3% |
| Accrued charges and deferred income492/3 | - | €201 | €191 | €3,271 | €7,882 | €6,825 | ▼ 13.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €100,678 | €216,114 | €184,800 | €176,586 | €166,954 | €190,652 | ▲ 14.2% |
| + Depreciation and write-downs630 | - | - | €548 | €1,647 | €1,853 | €1,305 | ▼ 29.6% |
| Operating cash flow (approximation) | €100,678 | €216,114 | €185,348 | €178,233 | €168,807 | €191,957 | ▲ 13.7% |
| Investment in fixed assets (approximation) | - | - | - | -€3,133 | €0 | €0 | - |
| Change in cash | - | €130,372 | €237,089 | -€137,754 | -€36,486 | €27,763 | - |
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, 6,782 companies had the same profile as LBMDS has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of LBMDS 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 6,782 companies, not a prediction for LBMDS. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00245937 | |
| 31-12-2024 | micro format | 05-08-2025 | 2025-00367988 | |
| 31-12-2023 | micro format | 09-08-2024 | 2024-00342924 | |
| 31-12-2022 | micro format | 12-07-2023 | 2023-00238173 | |
| 31-12-2021 | micro format | 11-08-2022 | 2022-20292224 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-46000213 |