LD3
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-06-2026 PDF all 20 filings
Turnover
≈ €1.2m
Estimated: probably between €1.1m and €1.4m
Total assets
€3.9m▼ 4.6%
2024 · €4.1m
Net result
€2,746
2024 · -€68,749
Working capital
€733,313▲ 5.2%
2024 · €697,090
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€3,527
2025
20182025
Net result
€2,746
2025
middle half of the sector
20182025
Equity
€3.7m
▼ 1.9%
2025
middle half of the sector
20182025
Total assets
€3.9m
▼ 4.6%
2025
middle half of the sector
20182025
Debt
€206,361
▼ 36.6%
2025
20182025
Working capital
€733,313
▲ 5.2%
2025
middle half of the sector
20182025
Solvency
94.8%
▲ 2.6pp
2025
highest quarter of the sector
20182025
Current ratio
4.57
▲ 1.31
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.1%
▲ 1.7pp
2025
middle half of the sector
20182025
Staff (FTE)
15.4
▲ 10.0%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.07m-€0.04m▼ 35.5%€0.01m▼ 77.3%€0.04m▲ 313%-€0.05m€0.1m-€0.08m€0.004m
Net result€0.07m-€0.04m▼ 34.2%€0.009mwithin the sector's middle half▼ 78.1%€0.04mwithin the sector's middle half▲ 318%-€0.05mbelow the sector's middle half€0.1mwithin the sector's middle half-€0.07mbelow the sector's middle half€0.003mwithin the sector's middle half
Equity€3.8m-€4.1m▲ 5.6%€4.1mabove the sector's middle half▲ 2.2%€4.2mabove the sector's middle half▲ 0.8%€4.0mabove the sector's middle half▼ 4.0%€4.0mabove the sector's middle half▼ 0.4%€3.8mwithin the sector's middle half▼ 4.7%€3.7mwithin the sector's middle half▼ 1.9%
Total assets€4.0m-€4.3m▲ 7.6%€4.3mwithin the sector's middle half▲ 1.8%€4.6mwithin the sector's middle half▲ 5.9%€4.3mwithin the sector's middle half▼ 7.3%€4.2mwithin the sector's middle half▼ 0.7%€4.1mwithin the sector's middle half▼ 2.3%€3.9mwithin the sector's middle half▼ 4.6%
Debt€0.1m-€0.2m▲ 72.5%€0.2m▼ 6.4%€0.4m▲ 115%€0.2m▼ 40.3%€0.2m▼ 5.7%€0.3m▲ 39.2%€0.2m▼ 36.6%
Working capital€2.2m-€1.4m▼ 35.3%€0.3mwithin the sector's middle half▼ 76.5%€0.9mwithin the sector's middle half▲ 176%€0.7mwithin the sector's middle half▼ 28.5%€0.8mwithin the sector's middle half▲ 18.7%€0.7mwithin the sector's middle half▼ 10.1%€0.7mwithin the sector's middle half▲ 5.2%
Solvency97.0%-95.2%▼ 1.8pp95.6%above the sector's middle half▲ 0.4pp91.0%above the sector's middle half▼ 4.6pp94.2%above the sector's middle half▲ 3.2pp94.5%above the sector's middle half▲ 0.3pp92.1%above the sector's middle half▼ 2.3pp94.8%above the sector's middle half▲ 2.6pp
Current ratio26.71-12.31▼ 14.403.52within the sector's middle half▼ 8.786.30above the sector's middle half▲ 2.783.79above the sector's middle half▼ 2.524.61above the sector's middle half▲ 0.823.27within the sector's middle half▼ 1.344.57above the sector's middle half▲ 1.31
Return on assets (ROA)1.6%-1.0%▼ 0.6pp0.2%within the sector's middle half▼ 0.8pp0.9%within the sector's middle half▲ 0.6pp-1.1%within the sector's middle half▼ 1.9pp2.5%within the sector's middle half▲ 3.6pp-1.7%below the sector's middle half▼ 4.2pp0.1%within the sector's middle half▲ 1.7pp
Staff (FTE)9.2-10.3▲ 12.0%14.7below the sector's middle half▲ 42.7%18.4within the sector's middle half▲ 25.2%16.9within the sector's middle half▼ 8.2%16.6within the sector's middle half▼ 1.8%14below the sector's middle half▼ 15.7%15.4below the sector's middle half▲ 10.0%
above
within
below
The sector band is the middle half of the companies in Social work activities without accommodation (NACE 88). 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 €3,527, after a loss of €77,186 in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €3.9m
Fixed assets
€3.0m ▼ 4.0%
Current assets
€938,596 ▼ 6.6%
Equity and liabilities €3.9m
Equity
€3.7m ▼ 1.9%
Debt
€206,361 ▼ 36.6%
Debt's share of the balance-sheet total falls from 7.9% to 5.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€135,045▲
2024 · €54,829
Cash flow
€134,263▲
2024 · €63,266
Quick ratio
4.55▲
2024 · 3.25
Debt to equity
0.06▼
2024 · 0.09
ROE
0.1%▲
2024 · -1.8%
Interest coverage
79.24▲
2024 · 46.11
Debt ≤ 1 year
€205,283▼
2024 · €307,478
Staff costs
€947,669▲
2024 · €818,404
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 26 | 21 | 24 | 27 | 23 |
| full-time | 12 | 10 | 11 | 7 | 7 |
| part-time | 14 | 11 | 13 | 20 | 16 |
| in full-time equivalents | 18.5 | 14.8 | 16.3 | 15.9 | 15 |
| Average over the year, in full-time equivalents | 18.4 | 16.9 | 16.6 | 14 | 15.4 |
| On a permanent contract | 19 | 19 | 24 | 27 | 23 |
| Joined | 11 | 6 | 11 | 14 | 4 |
| Left | 6 | 11 | 8 | 9 | 8 |
| Training hours | - | 30 | - | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €22,666 | €1,238 | €7,469 | €21,016 | €6,387 |
| Depreciation and write-downs of the year | €137,725 | €137,510 | €135,134 | €132,015 | €131,518 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 11 entries · €607,967 awarded · €599,967 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €156,110 | €156,110 |
| 2024 | 2 | €160,677 | €158,045 |
| 2023 | 3 | €144,754 | €152,806 |
| 2022 | 4 | €146,426 | €133,006 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €0.02m | €0.005m | €0.03m | ▲ 396% |
| Remuneration, social security and pensions62 | - | - | - | €0.9m | €0.9m | €0.9m | €0.8m | €0.9m | ▲ 15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €163 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.008m | €0.009m | €0.03m | €0.03m | €0.03m | ▲ 12.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.01m | €0.03m | €0.002m | ▼ 95.1% |
| Gross operating margin9900 | €0.5m | €0.6m | €0.9m | €1.0m | €1.0m | €1.1m | €0.9m | €1.1m | ▲ 19.5% |
| Operating profit (loss)9901 | €0.07m | €0.04m | €0.01m | €0.04m | -€0.05m | €0.1m | -€0.08m | €0.004m | - |
| Financial income75/76B | - | - | - | €39 | €0.002m | €0.003m | €0.01m | €0.001m | ▼ 90.4% |
| Recurring financial income75 | €285 | €3 | €8 | €39 | €422 | €0.001m | €0.01m | €0.001m | ▼ 90.4% |
| Non-recurring financial income76B | - | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.001m | €0.001m | - | €0.001m | €0.002m | ▲ 43.3% |
| Recurring financial charges65 | €0.001m | €400 | €359 | €0.001m | €0.001m | - | €0.001m | €0.002m | ▲ 43.3% |
| Non-recurring financial charges66B | - | - | - | €11 | €121 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.07m | €0.04m | €0.009m | €0.04m | -€0.05m | €0.1m | -€0.07m | €0.003m | - |
| Income taxes67/77 | - | - | - | - | - | - | €0 | - | - |
| Profit (loss) for the period9904 | €0.07m | €0.04m | €0.009m | €0.04m | -€0.05m | €0.1m | -€0.07m | €0.003m | - |
| Profit (loss) for the period to be appropriated9905 | €0.07m | €0.04m | €0.009m | €0.04m | -€0.05m | €0.1m | -€0.07m | €0.003m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.0m | €4.3m | €4.3m | €4.6m | €4.3m | €4.2m | €4.1m | €3.9m | ▼ 4.6% |
| Fixed assets21/28 | €1.7m | €2.7m | €3.9m | €3.5m | €3.4m | €3.2m | €3.1m | €3.0m | ▼ 4.0% |
| Tangible fixed assets22/27 | €1.7m | €2.7m | €3.9m | €3.5m | €3.4m | €3.2m | €3.1m | €3.0m | ▼ 4.0% |
| Land and buildings22 | - | - | - | €3.4m | €3.3m | €3.2m | €3.1m | €3.0m | ▼ 3.8% |
| Plant, machinery and equipment23 | - | - | - | €0.06m | €0.05m | €0.04m | €0.04m | €0.03m | ▼ 21.9% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.03m | €0.02m | €0.01m | €0.01m | ▼ 6.3% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | - | €0.002m | - |
| Financial fixed assets28 | €0.003m | €0.002m | - | - | - | - | - | - | - |
| Current assets29/58 | €2.3m | €1.5m | €0.5m | €1.1m | €0.9m | €1.0m | €1.0m | €0.9m | ▼ 6.6% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.005m | €0.004m | €0.005m | ▲ 17.0% |
| Stocks30/36 | - | - | - | - | - | €0.005m | €0.004m | €0.005m | ▲ 17.0% |
| Amounts receivable within one year40/41 | €1.3m | €0.9m | €0.2m | €0.6m | €0.1m | €0.3m | €0.4m | €0.3m | ▼ 27.8% |
| Trade receivables40 | - | - | - | €0.04m | €0.03m | €0.02m | €0.1m | €0.08m | ▼ 37.6% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.1m | €0.3m | €0.3m | €0.2m | ▼ 23.0% |
| Current investments50/53 | €0.02m | €0.02m | €0.02m | €0.1m | €0.6m | €0.6m | €0.5m | €0.4m | ▼ 26.5% |
| Cash at bank and in hand54/58 | €1.0m | €0.6m | €0.3m | €0.4m | €0.2m | €0.1m | €0.07m | €0.3m | ▲ 244% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.008m | €0.006m | €0.006m | ▲ 14.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.0m | €4.3m | €4.3m | €4.6m | €4.3m | €4.2m | €4.1m | €3.9m | ▼ 4.6% |
| Equity10/15 | €3.8m | €4.1m | €4.1m | €4.2m | €4.0m | €4.0m | €3.8m | €3.7m | ▼ 1.9% |
| Contributions10/11 | - | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | - | - | - | €0.8m | €0.8m | €0.9m | €0.8m | €0.8m | = |
| Profit (loss) carried forward14 | - | €0.02m | €0.02m | €0.05m | €0.001m | €0.003m | -€0.01m | -€0.008m | ▲ 26.7% |
| Investment grants15 | - | - | - | €3.4m | €3.2m | €3.1m | €3.0m | €2.9m | ▼ 2.5% |
| Amounts payable17/49 | €0.1m | €0.2m | €0.2m | €0.4m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 36.6% |
| Amounts payable within one year42/48 | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 33.2% |
| Trade debts44 | €0.03m | €0.06m | €0.05m | €0.07m | €0.08m | €0.07m | €0.2m | €0.08m | ▼ 49.9% |
| Suppliers440/4 | - | - | - | €0.07m | €0.08m | €0.07m | €0.2m | €0.08m | ▼ 49.9% |
| Advances received on contracts in progress46 | - | - | - | - | €300 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.08m | €0.1m | €0.1m | €0.1m | ▼ 3.7% |
| Taxes450/3 | - | - | - | €93 | - | €169 | €0.02m | €242 | ▼ 98.8% |
| Remuneration and social security454/9 | - | - | - | €0.09m | €0.08m | €0.1m | €0.09m | €0.1m | ▲ 18.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.01m | €0.02m | €0.02m | €0.001m | ▼ 94.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | €0.04m | €0.009m | €0.04m | -€0.05m | €0.1m | -€0.07m | €0.003m | - |
| + Depreciation and write-downs630 | €0.03m | €0.03m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 0.4% |
| Operating cash flow (approximation) | €0.1m | €0.08m | €0.2m | €0.2m | €0.09m | €0.2m | €0.06m | €0.1m | ▲ 112% |
| Investment in fixed assets (approximation) | - | -€1.1m | -€1.3m | €0.2m | -€0.001m | -€0.004m | -€0.02m | -€0.006m | ▲ 69.6% |
| Change in cash | - | -€0.4m | -€0.3m | €0.08m | -€0.2m | -€0.09m | -€0.02m | €0.2m | - |
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, 14,766 companies had the same profile as LD3 has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LD3 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 14,766 companies, not a prediction for LD3. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-06-2026 | 2026-00131867 | |
| 31-12-2024 | abbreviated format | 13-06-2025 | 2025-00140691 | |
| 31-12-2023 | abbreviated format | 03-06-2024 | 2024-00111066 | |
| 31-12-2022 | abbreviated format | 15-06-2023 | 2023-00128011 | |
| 31-12-2021 | abbreviated format | 08-06-2022 | 2022-20049258 | |
| 31-12-2020 | abbreviated format | 17-05-2021 | 2021-14500239 | |
| 31-12-2019 | abbreviated format | 29-06-2020 | 2020-22200411 | |
| 31-12-2018 | abbreviated format | 27-06-2019 | 2019-23700065 | |
| 31-12-2017 | abbreviated format | 02-07-2018 | 2018-27800518 | |
| 31-12-2016 | abbreviated format | 23-06-2017 | 2017-21400118 |