LGB Diffusion
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 6 filings
Turnover
≈ €140,000
Estimated: probably between €87,000 and €350,000
Total assets
€566,995▲ 0.1%
2024 · €566,218
Net result
€16,188▲ 39.4%
2024 · €11,611
Working capital
€246,961▲ 11.8%
2024 · €220,979
In the rankings
#7 company by equity in Celles, Wholesale and retail trade sector#10 company by total assets in Celles, Wholesale and retail trade sector
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€20,613
▼ 43.0%
2025
20202025
Net result
€16,188
▲ 39.4%
2025
middle half of the sector
20202025
Equity
€277,829
▲ 6.2%
2025
highest quarter of the sector
20202025
Total assets
€566,995
▲ 0.1%
2025
highest quarter of the sector
20202025
Debt
€289,166
▼ 5.1%
2025
20202025
Working capital
€246,961
▲ 11.8%
2025
highest quarter of the sector
20202025
Solvency
49.0%
▲ 2.8pp
2025
middle half of the sector
20202025
Current ratio
1.85
▲ 0.13
2025
middle half of the sector
20202025
Return on assets (ROA)
2.9%
▲ 0.8pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€118,564-€44,351▼ 62.6%€80,687▲ 81.9%€90,961▲ 12.7%€36,158▼ 60.2%€20,613▼ 43.0%
Net result€79,277above the sector's middle half-€28,327within the sector's middle half▼ 64.3%€51,021above the sector's middle half▲ 80.1%€41,404above the sector's middle half▼ 18.8%€11,611within the sector's middle half▼ 72.0%€16,188within the sector's middle half▲ 39.4%
Equity€129,277within the sector's middle half-€157,604above the sector's middle half▲ 21.9%€208,625above the sector's middle half▲ 32.4%€250,029above the sector's middle half▲ 19.8%€261,640above the sector's middle half▲ 4.6%€277,829above the sector's middle half▲ 6.2%
Total assets€505,065above the sector's middle half-€529,578above the sector's middle half▲ 4.9%€633,349above the sector's middle half▲ 19.6%€663,452above the sector's middle half▲ 4.8%€566,218above the sector's middle half▼ 14.7%€566,995above the sector's middle half▲ 0.1%
Debt€375,787-€371,974▼ 1.0%€424,724▲ 14.2%€413,423▼ 2.7%€304,578▼ 26.3%€289,166▼ 5.1%
Working capital€100,529within the sector's middle half-€136,718above the sector's middle half▲ 36.0%€194,701above the sector's middle half▲ 42.4%€198,278above the sector's middle half▲ 1.8%€220,979above the sector's middle half▲ 11.4%€246,961above the sector's middle half▲ 11.8%
Solvency25.6%within the sector's middle half-29.8%within the sector's middle half▲ 4.2pp32.9%within the sector's middle half▲ 3.2pp37.7%within the sector's middle half▲ 4.7pp46.2%within the sector's middle half▲ 8.5pp49.0%within the sector's middle half▲ 2.8pp
Current ratio1.27within the sector's middle half-1.37within the sector's middle half▲ 0.101.46within the sector's middle half▲ 0.091.48within the sector's middle half▲ 0.021.73within the sector's middle half▲ 0.251.85within the sector's middle half▲ 0.13
Return on assets (ROA)15.7%above the sector's middle half-5.3%within the sector's middle half▼ 10.3pp8.1%within the sector's middle half▲ 2.7pp6.2%within the sector's middle half▼ 1.8pp2.1%within the sector's middle half▼ 4.2pp2.9%within the sector's middle half▲ 0.8pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 43% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €566,995
Fixed assets
€30,868 ▼ 24.1%
Current assets
€536,127 ▲ 2.0%
Equity and liabilities €566,995
Equity
€277,829 ▲ 6.2%
Debt
€289,166 ▼ 5.1%
Debt's share of the balance-sheet total falls from 53.8% to 51.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€31,820▼
2024 · €47,248
Cash flow
€27,396▲
2024 · €22,701
Quick ratio
1.75▲
2024 · 1.28
Debt to equity
1.04▼
2024 · 1.16
ROE
5.8%▲
2024 · 4.4%
Interest coverage
9.34▼
2024 · 9.71
Debt ≤ 1 year
€289,166▼
2024 · €304,578
Income taxes
€1,500▼
2024 · €21,437
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 | - | - | €78,318 | - | €1,413 |
| Depreciation and write-downs of the year | €7,862 | €6,962 | €3,697 | €11,090 | €11,207 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,801 | €7,862 | €6,962 | €3,697 | €11,090 | €11,207 | ▲ 1.1% |
| Gross operating margin9900 | €128,365 | €52,213 | €87,649 | €94,657 | €47,248 | €31,820 | ▼ 32.7% |
| Operating profit (loss)9901 | €118,564 | €44,351 | €80,687 | €90,961 | €36,158 | €20,613 | ▼ 43.0% |
| Financial income75/76B | - | €24 | €1,255 | €8 | €1,808 | €484 | ▼ 73.2% |
| Recurring financial income75 | €85 | €24 | €1,255 | €8 | €1,808 | €484 | ▼ 73.2% |
| Financial charges65/66B | - | €7,849 | €19,198 | €8,234 | €4,917 | €3,409 | ▼ 30.7% |
| Recurring financial charges65 | €11,693 | €7,849 | €19,198 | €8,234 | €4,867 | €3,409 | ▼ 30.0% |
| Non-recurring financial charges66B | - | - | - | - | €50 | - | - |
| Profit (loss) for the period before taxes9903 | €114,205 | €36,526 | €62,744 | €82,735 | €33,049 | €17,688 | ▼ 46.5% |
| Income taxes67/77 | €34,928 | €8,199 | €11,723 | €41,330 | €21,437 | €1,500 | ▼ 93.0% |
| Profit (loss) for the period9904 | €79,277 | €28,327 | €51,021 | €41,404 | €11,611 | €16,188 | ▲ 39.4% |
| Profit (loss) for the period to be appropriated9905 | €79,277 | €28,327 | €51,021 | €41,404 | €11,611 | €16,188 | ▲ 39.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €505,065 | €529,578 | €633,349 | €663,452 | €566,218 | €566,995 | ▲ 0.1% |
| Fixed assets21/28 | €28,749 | €20,886 | €13,924 | €51,751 | €40,662 | €30,868 | ▼ 24.1% |
| Tangible fixed assets22/27 | €28,749 | €20,886 | €13,924 | €51,751 | €40,662 | €30,868 | ▼ 24.1% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,295 | - |
| Furniture and vehicles24 | - | €20,886 | €13,924 | €51,751 | €40,662 | €29,572 | ▼ 27.3% |
| Current assets29/58 | €476,316 | €508,691 | €619,425 | €611,701 | €525,556 | €536,127 | ▲ 2.0% |
| Stocks and contracts in progress3 | €114,698 | €135,235 | €66,381 | €145,515 | €134,693 | €28,844 | ▼ 78.6% |
| Stocks30/36 | - | €135,235 | €66,381 | €145,515 | €134,693 | €28,844 | ▼ 78.6% |
| Amounts receivable within one year40/41 | €14,101 | €101,620 | €52,274 | €134,925 | €156,844 | €123,001 | ▼ 21.6% |
| Trade receivables40 | - | €68,633 | €52,274 | €130,443 | €134,672 | €119,789 | ▼ 11.1% |
| Other amounts receivable41 | - | €32,988 | - | €4,482 | €22,172 | €3,212 | ▼ 85.5% |
| Cash at bank and in hand54/58 | €347,517 | €271,836 | €500,770 | €331,262 | €234,019 | €384,282 | ▲ 64.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €505,065 | €529,578 | €633,349 | €663,452 | €566,218 | €566,995 | ▲ 0.1% |
| Equity10/15 | €129,277 | €157,604 | €208,625 | €250,029 | €261,640 | €277,829 | ▲ 6.2% |
| Contributions10/11 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €79,277 | €99,450 | €135,650 | €176,550 | €186,550 | €201,550 | ▲ 8.0% |
| Distributable reserves133 | - | €99,450 | €135,650 | €176,550 | €186,550 | €201,550 | ▲ 8.0% |
| Profit (loss) carried forward14 | - | €8,154 | €22,975 | €23,479 | €25,090 | €26,279 | ▲ 4.7% |
| Amounts payable17/49 | €375,787 | €371,974 | €424,724 | €413,423 | €304,578 | €289,166 | ▼ 5.1% |
| Amounts payable within one year42/48 | €375,787 | €371,974 | €424,724 | €413,423 | €304,578 | €289,166 | ▼ 5.1% |
| Trade debts44 | €1,057 | €17,655 | €22,096 | €56,856 | €11,634 | €13,309 | ▲ 14.4% |
| Suppliers440/4 | - | €17,655 | €22,096 | €56,856 | €11,634 | €13,309 | ▲ 14.4% |
| Taxes, remuneration and social security45 | - | €2,889 | €17,322 | €5,651 | €1,000 | €2,500 | ▲ 150% |
| Taxes450/3 | - | €2,889 | €17,322 | €5,651 | €1,000 | €2,500 | ▲ 150% |
| Other amounts payable47/48 | - | €351,429 | €385,306 | €350,916 | €291,943 | €273,356 | ▼ 6.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €79,277 | €28,327 | €51,021 | €41,404 | €11,611 | €16,188 | ▲ 39.4% |
| + Depreciation and write-downs630 | €9,801 | €7,862 | €6,962 | €3,697 | €11,090 | €11,207 | ▲ 1.1% |
| Operating cash flow (approximation) | €89,078 | €36,189 | €57,983 | €45,101 | €22,701 | €27,396 | ▲ 20.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€41,523 | €0 | -€1,413 | - |
| Change in cash | - | -€75,681 | €228,934 | -€169,509 | -€97,242 | €150,263 | - |
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, 1,639 companies had the same profile as LGB Diffusion has now. Two years later, 95.5% were still going and 0.5% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.5%
was still going
3.7%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LGB Diffusion 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 1,639 companies, not a prediction for LGB Diffusion. 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 | 23-06-2026 | 2026-00188116 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00187715 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00363919 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00364382 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20256183 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-60900593 |