LFBRANDS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 11 filings
Turnover
≈ €120,000
Estimated: probably between €79,000 and €160,000
Total assets
€228,367▲ 21.6%
2024 · €187,850
Net result
€24,067
2024 · -€3,045
Working capital
€213,259▲ 24.3%
2024 · €171,629
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€40,831
▲ 215%
2025
20182025
Net result
€24,067
2025
middle half of the sector
20182025
Equity
-€401,870
▲ 5.7%
2025
lowest quarter of the sector
20182025
Total assets
€228,367
▲ 21.6%
2025
middle half of the sector
20182025
Debt
€630,237
▲ 2.7%
2025
20182025
Working capital
€213,259
▲ 24.3%
2025
highest quarter of the sector
20182025
Solvency
-176.0%
▲ 50.8pp
2025
lowest quarter of the sector
20182025
Current ratio
17.91
▲ 5.87
2025
highest quarter of the sector
20182025
Return on assets (ROA)
10.5%
▲ 12.2pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€45,667--€144,250-€35,614▲ 75.3%-€154,316▼ 333%€21,493€36,371▲ 69.2%€12,964▼ 64.4%€40,831▲ 215%
Net result€7,297--€168,958-€58,709below the sector's middle half▲ 65.3%-€174,252below the sector's middle half▼ 197%€2,274within the sector's middle half€17,585within the sector's middle half▲ 673%-€3,045below the sector's middle half€24,067within the sector's middle half
Equity-€40,833--€209,791▼ 414%-€268,500below the sector's middle half▼ 28.0%-€442,752below the sector's middle half▼ 64.9%-€440,477below the sector's middle half▲ 0.5%-€422,892below the sector's middle half▲ 4.0%-€425,937below the sector's middle half▼ 0.7%-€401,870below the sector's middle half▲ 5.7%
Total assets€498,519-€378,131▼ 24.1%€284,352within the sector's middle half▼ 24.8%€118,781below the sector's middle half▼ 58.2%€131,300within the sector's middle half▲ 10.5%€167,565within the sector's middle half▲ 27.6%€187,850within the sector's middle half▲ 12.1%€228,367within the sector's middle half▲ 21.6%
Debt€539,352-€587,921▲ 9.0%€552,852▼ 6.0%€561,533▲ 1.6%€571,778▲ 1.8%€590,457▲ 3.3%€613,787▲ 4.0%€630,237▲ 2.7%
Working capital€439,149-€281,628▼ 35.9%€238,222within the sector's middle half▼ 15.4%€89,607within the sector's middle half▼ 62.4%€113,665above the sector's middle half▲ 26.8%€153,609above the sector's middle half▲ 35.1%€171,629above the sector's middle half▲ 11.7%€213,259above the sector's middle half▲ 24.3%
Solvency-8.2%--55.5%▼ 47.3pp-94.4%below the sector's middle half▼ 38.9pp-372.7%below the sector's middle half▼ 278.3pp-335.5%below the sector's middle half▲ 37.3pp-252.4%below the sector's middle half▲ 83.1pp-226.7%below the sector's middle half▲ 25.6pp-176.0%below the sector's middle half▲ 50.8pp
Current ratio16.00-4.59▼ 11.428.03above the sector's middle half▲ 3.444.75above the sector's middle half▼ 3.289.03above the sector's middle half▲ 4.2812.97above the sector's middle half▲ 3.9412.04above the sector's middle half▼ 0.9317.91above the sector's middle half▲ 5.87
Return on assets (ROA)1.5%--44.7%▼ 46.1pp-20.6%below the sector's middle half▲ 24.0pp-146.7%below the sector's middle half▼ 126.1pp1.7%within the sector's middle half▲ 148.4pp10.5%within the sector's middle half▲ 8.8pp-1.6%below the sector's middle half▼ 12.1pp10.5%within the sector's middle half▲ 12.2pp
Staff (FTE)1-0.9▼ 10.0%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 over 3.1 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €228,367
Fixed assets
€2,498 ▲ 266%
Current assets
€225,869 ▲ 20.7%
Equity and liabilities
Equity-€401,870
Debt€630,237
Equity is negative. Debt (€630,237) exceeds the balance-sheet total (€228,367).
Key figures and ratios
EBITDA
€41,739▲
2024 · €13,408
Cash flow
€24,975▲
2024 · -€2,601
Interest coverage
1.93▲
2024 · 0.64
Debt ≤ 1 year
€12,610▼
2024 · €15,539
Debt > 1 year
€450,000=
2024 · €450,000
Income taxes
€111▲
2024 · -€18
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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,004 | - | - | - | €1,974 |
| Financial fixed assets | - | €1,595 | - | - | €750 |
| Depreciation and write-downs of the year | €8,883 | €977 | €764 | €444 | €909 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €152 awarded · €152 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,136 | €5,599 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,059 | €13,212 | €7,025 | €8,883 | €977 | €764 | €444 | €909 | ▲ 105% |
| Other operating charges640/8 | - | - | - | €47,840 | €608 | €1,004 | €449 | €462 | ▲ 2.8% |
| Gross operating margin9900 | €91,182 | -€89,786 | -€25,282 | -€97,594 | €23,079 | €38,139 | €13,857 | €42,201 | ▲ 205% |
| Operating profit (loss)9901 | €45,667 | -€144,250 | -€35,614 | -€154,316 | €21,493 | €36,371 | €12,964 | €40,831 | ▲ 215% |
| Financial income75/76B | - | - | - | €2,621 | €3,071 | €3,179 | €4,929 | €4,964 | ▲ 0.7% |
| Recurring financial income75 | €6,980 | €6,026 | €7,334 | €2,621 | €3,071 | €3,179 | €4,929 | €4,964 | ▲ 0.7% |
| Financial charges65/66B | - | - | - | €22,440 | €22,138 | €21,876 | €20,956 | €21,617 | ▲ 3.2% |
| Recurring financial charges65 | €44,922 | €30,605 | €30,313 | €22,440 | €22,138 | €21,876 | €20,956 | €21,617 | ▲ 3.2% |
| Profit (loss) for the period before taxes9903 | €7,724 | -€168,829 | -€58,593 | -€174,135 | €2,427 | €17,674 | -€3,063 | €24,178 | - |
| Income taxes67/77 | €427 | €129 | €116 | €117 | €152 | €89 | -€18 | €111 | - |
| Profit (loss) for the period9904 | €7,297 | -€168,958 | -€58,709 | -€174,252 | €2,274 | €17,585 | -€3,045 | €24,067 | - |
| Profit (loss) for the period to be appropriated9905 | €7,297 | -€168,958 | -€58,709 | -€174,252 | €2,274 | €17,585 | -€3,045 | €24,067 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €498,519 | €378,131 | €284,352 | €118,781 | €131,300 | €167,565 | €187,850 | €228,367 | ▲ 21.6% |
| Fixed assets21/28 | €30,102 | €18,017 | €12,235 | €5,268 | €3,485 | €1,126 | €683 | €2,498 | ▲ 266% |
| Intangible fixed assets21 | €1,036 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €29,066 | €18,017 | €12,235 | €5,268 | €1,890 | €1,126 | €683 | €1,748 | ▲ 156% |
| Plant, machinery and equipment23 | - | - | - | €131 | €65 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €5,137 | €1,824 | €1,126 | €683 | €1,748 | ▲ 156% |
| Financial fixed assets28 | - | - | - | - | €1,595 | - | - | €750 | - |
| Current assets29/58 | €468,417 | €360,113 | €272,117 | €113,513 | €127,816 | €166,439 | €187,168 | €225,869 | ▲ 20.7% |
| Amounts receivable after more than one year29 | - | - | - | €103,010 | €127,431 | €159,626 | €179,826 | €204,070 | ▲ 13.5% |
| Other amounts receivable291 | - | - | - | €103,010 | €127,431 | €159,626 | €179,826 | €204,070 | ▲ 13.5% |
| Stocks and contracts in progress3 | €223,282 | €160,324 | €128,126 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €56,470 | €91,224 | €49,696 | €9,400 | €91 | €6,469 | €6,364 | €17,456 | ▲ 174% |
| Trade receivables40 | - | - | - | €6,864 | - | €5,964 | €6,205 | €17,300 | ▲ 179% |
| Other amounts receivable41 | - | - | - | €2,536 | €91 | €505 | €159 | €156 | ▼ 1.9% |
| Cash at bank and in hand54/58 | €104,167 | €4,991 | €4,408 | €296 | €59 | €84 | €699 | €3,705 | ▲ 430% |
| Deferred charges and accrued income490/1 | - | - | - | €806 | €235 | €260 | €278 | €638 | ▲ 129% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €498,519 | €378,131 | €284,352 | €118,781 | €131,300 | €167,565 | €187,850 | €228,367 | ▲ 21.6% |
| Equity10/15 | -€40,833 | -€209,791 | -€268,500 | -€442,752 | -€440,477 | -€422,892 | -€425,937 | -€401,870 | ▲ 5.7% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Profit (loss) carried forward14 | -€53,233 | -€222,191 | -€280,900 | -€455,152 | -€452,877 | -€435,292 | -€438,337 | -€414,270 | ▲ 5.5% |
| Amounts payable17/49 | €539,352 | €587,921 | €552,852 | €561,533 | €571,778 | €590,457 | €613,787 | €630,237 | ▲ 2.7% |
| Amounts payable after more than one year17 | €477,207 | €454,127 | €450,000 | €450,000 | €450,000 | €450,000 | €450,000 | €450,000 | = |
| Financial debts170/4 | - | - | - | €450,000 | €450,000 | €450,000 | €450,000 | €450,000 | = |
| Amounts payable within one year42/48 | €29,268 | €78,485 | €33,896 | €23,906 | €14,151 | €12,831 | €15,539 | €12,610 | ▼ 18.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,361 | €1,381 | - | - | - | - |
| Trade debts44 | €4,681 | €49,313 | €10,778 | €5,236 | €6,447 | €3,539 | €8,919 | €5,742 | ▼ 35.6% |
| Suppliers440/4 | - | - | - | €5,236 | €6,447 | €3,539 | €8,919 | €5,742 | ▼ 35.6% |
| Taxes, remuneration and social security45 | - | - | - | €3,559 | €3,698 | €5,792 | €3,121 | €3,368 | ▲ 7.9% |
| Taxes450/3 | - | - | - | €3,559 | €3,698 | €5,792 | €3,121 | €3,368 | ▲ 7.9% |
| Other amounts payable47/48 | - | - | - | €1,750 | €2,625 | €3,500 | €3,500 | €3,500 | = |
| Accrued charges and deferred income492/3 | - | - | - | €87,627 | €107,627 | €127,627 | €148,248 | €167,627 | ▲ 13.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,297 | -€168,958 | -€58,709 | -€174,252 | €2,274 | €17,585 | -€3,045 | €24,067 | - |
| + Depreciation and write-downs630 | €13,059 | €13,212 | €7,025 | €8,883 | €977 | €764 | €444 | €909 | ▲ 105% |
| Operating cash flow (approximation) | €20,356 | -€155,746 | -€51,684 | -€165,369 | €3,252 | €18,349 | -€2,601 | €24,975 | - |
| Investment in fixed assets (approximation) | - | -€1,127 | -€1,242 | -€1,917 | €806 | €1,595 | €0 | -€2,724 | - |
| Change in cash | - | -€99,176 | -€582 | -€4,112 | -€237 | €25 | €616 | €3,005 | ▲ 388% |
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, 3,632 companies had the same profile as LFBRANDS has now. Two years later, 91.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.8%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LFBRANDS itself: 0.7% 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 3,632 companies, not a prediction for LFBRANDS. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00361200 | |
| 31-12-2024 | micro format | 27-11-2025 | 2025-00572361 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00311390 | |
| 31-12-2022 | micro format | 28-03-2023 | 2023-00046612 | |
| 31-12-2021 | abbreviated format | 05-10-2022 | 2022-20451298 | |
| 31-12-2020 | abbreviated format | 18-11-2021 | 2021-77500450 | |
| 31-12-2019 | abbreviated format | 04-11-2020 | 2020-68700315 | |
| 31-12-2018 | abbreviated format | 31-07-2019 | 2019-42500448 | |
| 31-12-2017 | abbreviated format | 31-07-2018 | 2018-42400021 | |
| 31-12-2016 | abbreviated format | 29-09-2017 | 2017-65300257 |