LCDT
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 32 days after the deadline Filed on 1 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00500475.
Annual accounts 2025 filed on 01-09-2026 at the NBB all 6 filings
Turnover
≈ €380,000
Estimated: probably between €240,000 and €610,000
EBIT margin
Not included in this filing
Net result
€42,746
2024 · -€25,232
Working capital
€97,165▲ 85.0%
2024 · €52,522
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€52,424
2025
20202025
Net result
€42,746
2025
middle half of the sector
20202025
Equity
€99,627
▲ 75.1%
2025
lowest quarter of the sector
20202025
Total assets
€146,279
▲ 59.8%
2025
lowest quarter of the sector
20202025
Debt
€46,651
▲ 34.7%
2025
20202025
Working capital
€97,165
▲ 85.0%
2025
middle half of the sector
20202025
Solvency
68.1%
▲ 6.0pp
2025
highest quarter of the sector
20202025
Current ratio
3.08
▲ 0.57
2025
highest quarter of the sector
20202025
Return on assets (ROA)
29.2%
▲ 56.8pp
2025
highest quarter of the sector
20202025
Staff (FTE)
1
▼ 66.7%
2025
lowest 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€90,491-€5,527▼ 93.9%-€8,815€15,738-€24,435€52,424
Net result€71,913above the sector's middle half-€3,045within the sector's middle half▼ 95.8%-€9,591below the sector's middle half€10,745within the sector's middle half-€25,232below the sector's middle half€42,746within the sector's middle half
Equity€77,913within the sector's middle half-€80,958within the sector's middle half▲ 3.9%€71,368within the sector's middle half▼ 11.8%€82,113within the sector's middle half▲ 15.1%€56,882below the sector's middle half▼ 30.7%€99,627below the sector's middle half▲ 75.1%
Total assets€111,573within the sector's middle half-€119,517within the sector's middle half▲ 7.1%€98,913below the sector's middle half▼ 17.2%€121,755below the sector's middle half▲ 23.1%€91,521below the sector's middle half▼ 24.8%€146,279below the sector's middle half▲ 59.8%
Debt€33,660-€38,559▲ 14.6%€27,545▼ 28.6%€39,642▲ 43.9%€34,640▼ 12.6%€46,651▲ 34.7%
Working capital€70,574above the sector's middle half-€71,845above the sector's middle half▲ 1.8%€64,634within the sector's middle half▼ 10.0%€65,548within the sector's middle half▲ 1.4%€52,522within the sector's middle half▼ 19.9%€97,165within the sector's middle half▲ 85.0%
Solvency69.8%above the sector's middle half-67.7%above the sector's middle half▼ 2.1pp72.2%above the sector's middle half▲ 4.4pp67.4%above the sector's middle half▼ 4.7pp62.2%above the sector's middle half▼ 5.3pp68.1%above the sector's middle half▲ 6.0pp
Current ratio3.10above the sector's middle half-2.86above the sector's middle half▼ 0.233.35above the sector's middle half▲ 0.482.65above the sector's middle half▼ 0.692.52above the sector's middle half▼ 0.143.08above the sector's middle half▲ 0.57
Return on assets (ROA)64.5%above the sector's middle half-2.5%within the sector's middle half▼ 61.9pp-9.7%below the sector's middle half▼ 12.2pp8.8%within the sector's middle half▲ 18.5pp-27.6%below the sector's middle half▼ 36.4pp29.2%above the sector's middle half▲ 56.8pp
Staff (FTE)12below the sector's middle half3below the sector's middle half▲ 50.0%1below the sector's middle half▼ 66.7%
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 a profit of €52,424, after a loss of €24,435 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €146,279
Fixed assets
€2,463 ▼ 43.5%
Current assets
€143,816 ▲ 65.0%
Equity and liabilities €146,279
Equity
€99,627 ▲ 75.1%
Debt
€46,651 ▲ 34.7%
Debt's share of the balance-sheet total falls from 37.8% to 31.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€56,387▲
2024 · -€21,828
Cash flow
€46,708▲
2024 · -€22,624
Quick ratio
2.80▲
2024 · 1.99
Debt to equity
0.47▼
2024 · 0.61
ROE
42.9%▲
2024 · -44.4%
Interest coverage
over 100▲
2024 · -60.65
Debt ≤ 1 year
€46,651▲
2024 · €34,640
Income taxes
€9,289▲
2024 · €437
Staff costs
€62,734▼
2024 · €101,576
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.7 |
| Average over the year, in full-time equivalents | 0.7 |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,184 | €510 | €14,202 | €1,359 | €2,066 |
| Financial fixed assets | - | - | - | €240 | - |
| Depreciation and write-downs of the year | €2,261 | €2,890 | €4,370 | €2,608 | €3,963 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €10,388 | €1,954 | - | - |
| Remuneration, social security and pensions62 | - | €4,406 | €44,272 | €99,330 | €101,576 | €62,734 | ▼ 38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,006 | €2,261 | €2,890 | €4,370 | €2,608 | €3,963 | ▲ 52.0% |
| Other operating charges640/8 | - | €764 | €702 | €1,646 | €853 | €984 | ▲ 15.4% |
| Non-recurring operating charges66A | - | - | - | - | €3,892 | €1,523 | ▼ 60.9% |
| Gross operating margin9900 | €94,491 | €12,959 | €39,050 | €121,085 | €84,493 | €121,628 | ▲ 44.0% |
| Operating profit (loss)9901 | €90,491 | €5,527 | -€8,815 | €15,738 | -€24,435 | €52,424 | - |
| Financial income75/76B | - | €963 | €1 | - | - | €1 | - |
| Recurring financial income75 | €1 | €963 | €1 | - | - | €1 | - |
| Financial charges65/66B | - | €612 | €777 | €351 | €360 | €390 | ▲ 8.5% |
| Recurring financial charges65 | €74 | €612 | €777 | €351 | €360 | €390 | ▲ 8.5% |
| Profit (loss) for the period before taxes9903 | €90,418 | €5,878 | -€9,591 | €15,387 | -€24,795 | €52,035 | - |
| Income taxes67/77 | €18,505 | €2,833 | - | €4,642 | €437 | €9,289 | ▲ 21× |
| Profit (loss) for the period9904 | €71,913 | €3,045 | -€9,591 | €10,745 | -€25,232 | €42,746 | - |
| Profit (loss) for the period to be appropriated9905 | €71,913 | €3,045 | -€9,591 | €10,745 | -€25,232 | €42,746 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €111,573 | €119,517 | €98,913 | €121,755 | €91,521 | €146,279 | ▲ 59.8% |
| Formation expenses20 | €49 | - | - | - | - | - | - |
| Fixed assets21/28 | €7,291 | €9,113 | €6,734 | €16,565 | €4,359 | €2,463 | ▼ 43.5% |
| Tangible fixed assets22/27 | €3,241 | €8,213 | €5,834 | €15,665 | €3,219 | €1,323 | ▼ 58.9% |
| Plant, machinery and equipment23 | - | €1,048 | €788 | €528 | €268 | - | - |
| Furniture and vehicles24 | - | €7,166 | €5,046 | €15,138 | €2,951 | €1,323 | ▼ 55.2% |
| Financial fixed assets28 | €4,050 | €900 | €900 | €900 | €1,140 | €1,140 | = |
| Current assets29/58 | €104,233 | €110,404 | €92,180 | €105,189 | €87,162 | €143,816 | ▲ 65.0% |
| Stocks and contracts in progress3 | €14,345 | €23,860 | €20,651 | €18,300 | €18,300 | €13,100 | ▼ 28.4% |
| Stocks30/36 | - | €23,860 | €20,651 | €18,300 | €18,300 | €13,100 | ▼ 28.4% |
| Amounts receivable within one year40/41 | €20,942 | €45,767 | €71,251 | €76,698 | €66,601 | €101,957 | ▲ 53.1% |
| Trade receivables40 | - | €19,079 | €32,253 | €36,623 | €42,557 | €79,535 | ▲ 86.9% |
| Other amounts receivable41 | - | €26,688 | €38,998 | €40,075 | €24,043 | €22,422 | ▼ 6.7% |
| Cash at bank and in hand54/58 | €67,817 | €39,913 | €216 | €10,192 | €2,262 | €28,759 | ▲ 13× |
| Deferred charges and accrued income490/1 | - | €865 | €62 | - | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €111,573 | €119,517 | €98,913 | €121,755 | €91,521 | €146,279 | ▲ 59.8% |
| Equity10/15 | €77,913 | €80,958 | €71,368 | €82,113 | €56,882 | €99,627 | ▲ 75.1% |
| Contributions10/11 | - | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Capital10 | - | - | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Issued capital100 | - | - | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Profit (loss) carried forward14 | €71,913 | €74,958 | €65,368 | €76,113 | €50,882 | €93,627 | ▲ 84.0% |
| Amounts payable17/49 | €33,660 | €38,559 | €27,545 | €39,642 | €34,640 | €46,651 | ▲ 34.7% |
| Amounts payable within one year42/48 | €33,660 | €38,559 | €27,545 | €39,642 | €34,640 | €46,651 | ▲ 34.7% |
| Financial debts43 | - | €759 | - | - | - | - | - |
| Credit institutions430/8 | - | €759 | - | - | - | - | - |
| Trade debts44 | €38 | €9,167 | €8,568 | €8,915 | €10,678 | €11,394 | ▲ 6.7% |
| Suppliers440/4 | - | €9,167 | €8,568 | €8,915 | €10,678 | €11,394 | ▲ 6.7% |
| Advances received on contracts in progress46 | - | - | - | - | €5,010 | - | - |
| Taxes, remuneration and social security45 | - | €28,633 | €18,977 | €30,727 | €18,952 | €35,258 | ▲ 86.0% |
| Taxes450/3 | - | €26,489 | €13,835 | €19,920 | €8,272 | €25,118 | ▲ 204% |
| Remuneration and social security454/9 | - | €2,144 | €5,142 | €10,807 | €10,679 | €10,140 | ▼ 5.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €71,913 | €3,045 | -€9,591 | €10,745 | -€25,232 | €42,746 | - |
| + Depreciation and write-downs630 | €1,006 | €2,261 | €2,890 | €4,370 | €2,608 | €3,963 | ▲ 52.0% |
| Operating cash flow (approximation) | €72,919 | €5,306 | -€6,700 | €15,116 | -€22,624 | €46,708 | - |
| Investment in fixed assets (approximation) | - | -€4,083 | -€510 | -€14,202 | €9,599 | -€2,066 | - |
| Change in cash | - | -€27,905 | -€39,697 | €9,976 | -€7,930 | €26,498 | - |
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 LCDT 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.
That fits the bankruptcy probability of LCDT itself: 0.9% 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 26,972 companies, not a prediction for LCDT. 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 | full format | 01-09-2026 | 2026-00500475 | |
| 31-12-2024 | full format | 01-09-2025 | 2025-00470876 | |
| 31-12-2023 | full format | 03-10-2024 | 2024-00494063 | |
| 31-12-2022 | full format | 19-10-2023 | 2023-00488769 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20333038 | |
| 31-12-2020 | micro format | 19-07-2021 | 2021-36500346 |