LC projects
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 19-08-2026 at the NBB all 16 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€2,680▲ 55.8%
2025 · -€6,059
Working capital
-€63,505▼ 3.6%
2025 · -€61,310
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€2,280
▲ 60.7%
2026
20192026
Net result
-€2,680
▲ 55.8%
2026
20192026
Equity
-€61,200
▼ 4.6%
2026
20192026
Total assets
€8,554
▲ 71.9%
2026
20192026
Debt
€69,754
▲ 9.9%
2026
20192026
Working capital
-€63,505
▼ 3.6%
2026
20192026
Solvency
-715.5%
2026
20192026
Current ratio
0.09
2026
20192026
Return on assets (ROA)
-31.3%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€72--€4,432-€3,466▲ 21.8%-€3,997▼ 15.3%€1,082-€8,229-€5,802▲ 29.5%-€2,280▲ 60.7%
Net result-€402--€4,788▼ 1,090%-€3,839below the sector's middle half▲ 19.8%-€4,293below the sector's middle half▼ 11.8%€562below the sector's middle half-€8,581below the sector's middle half-€6,059below the sector's middle half▲ 29.4%-€2,680▲ 55.8%
Equity-€31,521--€36,309▼ 15.2%-€40,148below the sector's middle half▼ 10.6%-€44,441below the sector's middle half▼ 10.7%-€43,879below the sector's middle half▲ 1.3%-€52,461below the sector's middle half▼ 19.6%-€58,520below the sector's middle half▼ 11.5%-€61,200▼ 4.6%
Total assets€22,812-€17,955▼ 21.3%€12,456below the sector's middle half▼ 30.6%€6,998below the sector's middle half▼ 43.8%€5,580below the sector's middle half▼ 20.3%€9,062below the sector's middle half▲ 62.4%€4,976below the sector's middle half▼ 45.1%€8,554▲ 71.9%
Debt€54,333-€54,264▼ 0.1%€52,604▼ 3.1%€51,439▼ 2.2%€49,459▼ 3.8%€61,523▲ 24.4%€63,496▲ 3.2%€69,754▲ 9.9%
Working capital-€48,880--€48,418▲ 0.9%-€48,397below the sector's middle half=-€48,107below the sector's middle half▲ 0.6%-€48,273below the sector's middle half▼ 0.3%-€55,781below the sector's middle half▼ 15.6%-€61,310below the sector's middle half▼ 9.9%-€63,505▼ 3.6%
Solvency-138.2%--202.2%▼ 64.1pp-322.3%below the sector's middle half▼ 120.1pp-635.1%below the sector's middle half▼ 312.8pp-786.3%below the sector's middle half▼ 151.2pp-578.9%below the sector's middle half▲ 207.4pp-715.5%
Current ratio0.10-0.10=0.08below the sector's middle half▼ 0.020.06below the sector's middle half▼ 0.020.02below the sector's middle half▼ 0.040.09below the sector's middle half▲ 0.070.09
Return on assets (ROA)-1.8%--26.7%▼ 24.9pp-30.8%below the sector's middle half▼ 4.2pp-61.4%below the sector's middle half▼ 30.5pp10.1%within the sector's middle half▲ 71.4pp-94.7%below the sector's middle half▼ 104.8pp-31.3%
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). 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 2026 is a loss of €2,280, smaller than the loss of €5,802 in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €8,554
Fixed assets
€2,305 ▼ 17.4%
Current assets
€6,249 ▲ 186%
Equity and liabilities
Equity-€61,200
Debt€69,754
Equity is negative. Debt (€69,754) exceeds the balance-sheet total (€8,554).
Key figures and ratios
EBITDA
-€1,795▲
2025 · -€5,272
Cash flow
-€2,195▲
2025 · -€5,529
Quick ratio
0.08
Interest coverage
-37.40▲
2025 · -122.60
Debt ≤ 1 year
€69,754▲
2025 · €63,496
Income taxes
€352▲
2025 · €349
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €490 | €1,566 | - | - | - |
| Depreciation and write-downs of the year | €5,073 | €838 | €1,075 | €530 | €485 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,177 | €5,039 | €4,910 | €5,073 | €838 | €1,075 | €530 | €485 | ▼ 8.5% |
| Other operating charges640/8 | - | - | - | €120 | €122 | €516 | €528 | €544 | ▲ 3.0% |
| Gross operating margin9900 | €5,379 | €1,140 | €1,564 | €1,196 | €2,041 | -€6,638 | -€4,744 | -€1,251 | ▲ 73.6% |
| Operating profit (loss)9901 | €72 | -€4,432 | -€3,466 | -€3,997 | €1,082 | -€8,229 | -€5,802 | -€2,280 | ▲ 60.7% |
| Financial income75/76B | - | - | - | €40 | €0 | - | €135 | - | - |
| Recurring financial income75 | €0 | €55 | €14 | €40 | €0 | - | €135 | - | - |
| Financial charges65/66B | - | - | - | €39 | €203 | €24 | €43 | €48 | ▲ 11.6% |
| Recurring financial charges65 | €94 | €46 | €38 | €39 | €203 | €24 | €43 | €48 | ▲ 11.6% |
| Profit (loss) for the period before taxes9903 | -€22 | -€4,423 | -€3,490 | -€3,996 | €879 | -€8,253 | -€5,710 | -€2,328 | ▲ 59.2% |
| Income taxes67/77 | €380 | €365 | €349 | €298 | €317 | €328 | €349 | €352 | ▲ 0.9% |
| Profit (loss) for the period9904 | -€402 | -€4,788 | -€3,839 | -€4,293 | €562 | -€8,581 | -€6,059 | -€2,680 | ▲ 55.8% |
| Profit (loss) for the period to be appropriated9905 | -€402 | -€4,788 | -€3,839 | -€4,293 | €562 | -€8,581 | -€6,059 | -€2,680 | ▲ 55.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22,812 | €17,955 | €12,456 | €6,998 | €5,580 | €9,062 | €4,976 | €8,554 | ▲ 71.9% |
| Fixed assets21/28 | €17,359 | €12,320 | €8,248 | €3,666 | €4,394 | €3,320 | €2,790 | €2,305 | ▼ 17.4% |
| Tangible fixed assets22/27 | €15,859 | €10,820 | €6,748 | €2,166 | €2,894 | €1,820 | €1,290 | €805 | ▼ 37.6% |
| Land and buildings22 | - | - | - | €450 | €1,520 | €1,243 | €966 | €688 | ▼ 28.8% |
| Plant, machinery and equipment23 | - | - | - | €1,089 | €545 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €626 | €830 | €577 | €324 | €117 | ▼ 63.9% |
| Financial fixed assets28 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Current assets29/58 | €5,453 | €5,635 | €4,208 | €3,332 | €1,186 | €5,742 | €2,186 | €6,249 | ▲ 186% |
| Stocks and contracts in progress3 | - | - | €916 | €535 | €254 | €801 | €587 | €691 | ▲ 17.7% |
| Stocks30/36 | - | - | - | €535 | €254 | €801 | €587 | €691 | ▲ 17.7% |
| Amounts receivable within one year40/41 | €3,391 | €4,677 | €2,142 | €1,668 | €344 | €2,572 | €998 | €2,253 | ▲ 126% |
| Trade receivables40 | - | - | - | €1,668 | €344 | €2,572 | €952 | €2,253 | ▲ 137% |
| Other amounts receivable41 | - | - | - | - | - | - | €46 | - | - |
| Cash at bank and in hand54/58 | €1,619 | €503 | €309 | €215 | €220 | €2,144 | €452 | €3,210 | ▲ 610% |
| Deferred charges and accrued income490/1 | - | - | - | €915 | €368 | €225 | €149 | €95 | ▼ 36.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22,812 | €17,955 | €12,456 | €6,998 | €5,580 | €9,062 | €4,976 | €8,554 | ▲ 71.9% |
| Equity10/15 | -€31,521 | -€36,309 | -€40,148 | -€44,441 | -€43,879 | -€52,461 | -€58,520 | -€61,200 | ▼ 4.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €412 | €412 | €412 | €412 | €412 | €411 | €411 | €411 | = |
| Non-distributable reserves130/1 | - | - | - | €412 | €412 | €411 | €411 | €411 | = |
| Legal reserve130 | - | - | - | - | - | €411 | €411 | €411 | = |
| Reserves not available under the articles1311 | - | - | - | €412 | €412 | - | - | - | - |
| Profit (loss) carried forward14 | -€50,533 | -€55,321 | -€59,160 | -€63,453 | -€62,891 | -€71,472 | -€77,531 | -€80,211 | ▼ 3.5% |
| Amounts payable17/49 | €54,333 | €54,264 | €52,604 | €51,439 | €49,459 | €61,523 | €63,496 | €69,754 | ▲ 9.9% |
| Amounts payable within one year42/48 | €54,333 | €54,053 | €52,604 | €51,439 | €49,459 | €61,523 | €63,496 | €69,754 | ▲ 9.9% |
| Trade debts44 | €669 | €536 | €719 | €1,106 | €883 | €493 | €349 | €811 | ▲ 132% |
| Suppliers440/4 | - | - | - | €1,106 | €883 | €493 | €349 | €811 | ▲ 132% |
| Taxes, remuneration and social security45 | - | - | - | €457 | €1,347 | €1,680 | €1,906 | €2,045 | ▲ 7.3% |
| Taxes450/3 | - | - | - | €457 | €1,347 | €1,680 | €1,906 | €2,045 | ▲ 7.3% |
| Other amounts payable47/48 | - | - | - | €49,877 | €47,229 | €59,350 | €61,241 | €66,898 | ▲ 9.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€402 | -€4,788 | -€3,839 | -€4,293 | €562 | -€8,581 | -€6,059 | -€2,680 | ▲ 55.8% |
| + Depreciation and write-downs630 | €5,177 | €5,039 | €4,910 | €5,073 | €838 | €1,075 | €530 | €485 | ▼ 8.5% |
| Operating cash flow (approximation) | €4,774 | €251 | €1,071 | €779 | €1,400 | -€7,506 | -€5,529 | -€2,195 | ▲ 60.3% |
| Investment in fixed assets (approximation) | - | €0 | -€839 | -€490 | -€1,566 | -€1 | €0 | €0 | - |
| Change in cash | - | -€1,116 | -€194 | -€94 | €5 | €1,924 | -€1,692 | €2,758 | - |
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, 6,619 companies had the same profile as LC projects has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LC projects itself is lower: 0.8% within 12 months. It rests on far more data about LC 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 6,619 companies, not a prediction for LC 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.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 19-08-2026 | 2026-00406211 | |
| 31-03-2025 | abbreviated format | 11-09-2025 | 2025-00490380 | |
| 31-03-2024 | abbreviated format | 16-09-2024 | 2024-00462727 | |
| 31-03-2023 | micro format | 06-09-2023 | 2023-00438744 | |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20480727 | |
| 31-03-2021 | micro format | 10-11-2021 | 2021-77300330 | |
| 31-03-2020 | micro format | 18-11-2020 | 2020-71000591 | |
| 31-03-2019 | micro format | 26-09-2019 | 2019-66600600 | |
| 31-03-2018 | micro format | 25-09-2018 | 2018-66200308 | |
| 31-03-2017 | micro format | 27-09-2017 | 2017-64000336 |