LGTech
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 8 filings
Turnover
€1.3m▲ 63.0%
2019 · €772,219
EBIT margin
-8.8%▲ 15.7pp
2019 · -24.5%
Net result
-€57,634▼ 4,540%
2024 · -€1,242
Working capital
-€725,380▼ 14.4%
2024 · -€633,804
In the rankings
#4 company by staff growth in the province of Liège, Computer programming and consultancy sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€37,439
2025
20182025
Net result
-€57,634
▼ 4,540%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€523,215
▼ 12.4%
2025
lowest quarter of the sector
20182025
Total assets
€885,139
▼ 13.8%
2025
middle half of the sector
20182025
Debt
€1.4m
▼ 5.6%
2025
20182025
Working capital
-€725,380
▼ 14.4%
2025
lowest quarter of the sector
20182025
Solvency
-59.1%
▼ 13.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.48
▼ 0.09
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-6.5%
▼ 6.4pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
17.6
▲ 7.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.8m-€0.8m▼ 6.0%€1.3m
Operating result-€0.2m--€0.2m▼ 7.5%-€0.2m▼ 15.1%-€0.1m▲ 49.2%€0.07m€0.03m▼ 49.8%€0.03m▼ 2.7%-€0.04m
Net result-€0.2m--€0.2m▼ 9.7%-€0.2mbelow the sector's middle half▼ 13.9%-€0.1mbelow the sector's middle half▲ 47.6%€0.03mwithin the sector's middle half€0.01mwithin the sector's middle half▼ 58.7%-€0.001mbelow the sector's middle half-€0.06mbelow the sector's middle half▼ 4,540%
EBIT margin-21.4%--24.5%▼ 3.1pp-8.8%
Equity€0.02m--€0.2m-€0.4mbelow the sector's middle half▼ 130%-€0.5mbelow the sector's middle half▼ 29.6%-€0.5mbelow the sector's middle half▲ 5.7%-€0.5mbelow the sector's middle half▲ 2.5%-€0.5mbelow the sector's middle half▼ 0.3%-€0.5mbelow the sector's middle half▼ 12.4%
Total assets€0.5m-€0.5m▼ 9.6%€0.4mwithin the sector's middle half▼ 6.7%€0.7mwithin the sector's middle half▲ 61.6%€1.0mwithin the sector's middle half▲ 33.4%€1.0mwithin the sector's middle half▲ 5.7%€1.0mwithin the sector's middle half▲ 1.0%€0.9mwithin the sector's middle half▼ 13.8%
Debt€0.5m-€0.6m▲ 28.3%€0.8m▲ 29.1%€1.2m▲ 46.7%€1.4m▲ 17.3%€1.5m▲ 3.0%€1.5m▲ 0.8%€1.4m▼ 5.6%
Working capital-€0.04m--€0.3m▼ 637%-€0.5mbelow the sector's middle half▼ 74.9%-€0.6mbelow the sector's middle half▼ 18.4%-€0.7mbelow the sector's middle half▼ 13.5%-€0.7mbelow the sector's middle half▼ 7.0%-€0.6mbelow the sector's middle half▲ 11.0%-€0.7mbelow the sector's middle half▼ 14.4%
Solvency4.5%--35.5%▼ 40.0pp-87.3%below the sector's middle half▼ 51.9pp-70.0%below the sector's middle half▲ 17.3pp-49.5%below the sector's middle half▲ 20.5pp-45.7%below the sector's middle half▲ 3.8pp-45.3%below the sector's middle half▲ 0.3pp-59.1%below the sector's middle half▼ 13.8pp
Current ratio0.92-0.54▼ 0.380.41below the sector's middle half▼ 0.130.52below the sector's middle half▲ 0.110.54below the sector's middle half▲ 0.010.52below the sector's middle half▼ 0.020.57below the sector's middle half▲ 0.050.48below the sector's middle half▼ 0.09
Return on assets (ROA)-33.3%--40.4%▼ 7.1pp-49.3%below the sector's middle half▼ 8.9pp-16.0%below the sector's middle half▲ 33.4pp3.0%within the sector's middle half▲ 19.0pp1.2%within the sector's middle half▼ 1.8pp-0.1%below the sector's middle half▼ 1.3pp-6.5%below the sector's middle half▼ 6.4pp
Staff (FTE)8.3-10.5▲ 26.5%12.4within the sector's middle half▲ 18.1%13.4within the sector's middle half▲ 8.1%12.8within the sector's middle half▼ 4.5%14.9within the sector's middle half▲ 16.4%16.4within the sector's middle half▲ 10.1%17.6within the sector's middle half▲ 7.3%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 loss of €37,439, after a profit of €33,668 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €885,139
Fixed assets
€223,734 ▲ 21.3%
Current assets
€661,405 ▼ 21.5%
Equity and liabilities
Equity-€523,215
Debt€1.4m
Equity is negative. Debt (€1.4m) exceeds the balance-sheet total (€885,139).
Key figures and ratios
EBITDA
€64,053▼
2024 · €123,811
Cash flow
€43,858▼
2024 · €88,901
Quick ratio
0.40▼
2024 · 0.48
Interest coverage
3.58▲
2024 · 3.57
Debt ≤ 1 year
€1.4m▼
2024 · €1.5m
Income taxes
€2,328=
2024 · €2,328
Staff costs
€1.1m▲
2024 · €969,206
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 13 | 13 | 16 | 17 | 16 |
| full-time | 12 | 12 | 15 | 16 | 15 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 12.8 | 12.8 | 15.8 | 16.8 | 15.8 |
| Average over the year, in full-time equivalents | 13.4 | 12.8 | 14.9 | 16.4 | 17 |
| On a permanent contract | 12 | 13 | 14 | 14 | 14 |
| Joined | 5 | - | 5 | 5 | 8 |
| Left | 5 | - | 2 | 4 | 9 |
| Training hours | - | - | 2,071 | 3,485 | 3,932 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €29,676 | €175,214 | €152,653 | €20,927 | €140,759 |
| Intangible fixed assets | - | €1,543 | - | - | - |
| Depreciation and write-downs of the year | €54,174 | €62,946 | €93,099 | €90,143 | €101,492 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.8m | €0.8m | - | €1.3m | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.6m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.7m | €0.9m | €1.0m | €1.1m | ▲ 16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.04m | €0.05m | €0.05m | €0.06m | €0.09m | €0.09m | €0.1m | ▲ 12.6% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.01m | €0.01m | €0.007m | €0.02m | ▲ 149% |
| Gross operating margin9900 | €0.3m | €0.3m | €0.4m | €0.6m | €0.9m | €1.0m | €1.1m | €1.2m | ▲ 10.0% |
| Operating profit (loss)9901 | -€0.2m | -€0.2m | -€0.2m | -€0.1m | €0.07m | €0.03m | €0.03m | -€0.04m | - |
| Financial income75/76B | - | - | - | €2 | €341 | - | €0.002m | €6 | ▼ 99.7% |
| Recurring financial income75 | €1 | €2 | €0.002m | €2 | €341 | - | €0.002m | €6 | ▼ 99.7% |
| Financial charges65/66B | - | - | - | €0.003m | €0.01m | €0.04m | €0.03m | €0.02m | ▼ 48.5% |
| Recurring financial charges65 | €249 | €0.002m | €0.003m | €0.003m | €0.01m | €0.04m | €0.03m | €0.02m | ▼ 48.5% |
| Profit (loss) for the period before taxes9903 | -€0.2m | -€0.2m | -€0.2m | -€0.1m | €0.06m | -€0.01m | €0.001m | -€0.06m | - |
| Income taxes67/77 | - | €0.002m | €0.002m | €0.002m | €0.03m | -€0.02m | €0.002m | €0.002m | = |
| Profit (loss) for the period9904 | -€0.2m | -€0.2m | -€0.2m | -€0.1m | €0.03m | €0.01m | -€0.001m | -€0.06m | ▼ 4,540% |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | -€0.2m | -€0.2m | -€0.1m | €0.03m | €0.01m | -€0.001m | -€0.06m | ▼ 4,540% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.5m | €0.4m | €0.7m | €1.0m | €1.0m | €1.0m | €0.9m | ▼ 13.8% |
| Fixed assets21/28 | €0.06m | €0.1m | €0.1m | €0.08m | €0.2m | €0.3m | €0.2m | €0.2m | ▲ 21.3% |
| Intangible fixed assets21 | €165 | €0.01m | €0.009m | €0.003m | €0.002m | €0.001m | €0.001m | - | - |
| Tangible fixed assets22/27 | €0.06m | €0.1m | €0.1m | €0.08m | €0.2m | €0.3m | €0.2m | €0.2m | ▲ 21.6% |
| Plant, machinery and equipment23 | - | - | - | €33 | €8 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.2m | €0.3m | €0.2m | €0.2m | ▲ 26.6% |
| Other tangible fixed assets26 | - | - | - | €0.002m | €0.001m | €0.002m | €0.02m | €0.01m | ▼ 28.2% |
| Current assets29/58 | €0.5m | €0.3m | €0.3m | €0.6m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 21.5% |
| Stocks and contracts in progress3 | €0.08m | €0.05m | €0.06m | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 20.4% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 20.4% |
| Amounts receivable within one year40/41 | €0.4m | €0.3m | €0.2m | €0.5m | €0.6m | €0.4m | €0.7m | €0.5m | ▼ 22.2% |
| Trade receivables40 | - | - | - | €0.4m | €0.5m | €0.4m | €0.5m | €0.5m | ▼ 4.8% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.03m | €0.008m | €0.2m | €0.03m | ▼ 79.4% |
| Cash at bank and in hand54/58 | €0.03m | €0.02m | €0.05m | €0.02m | €0.08m | €0.1m | €0.01m | €0.01m | ▼ 17.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.005m | €0.01m | €0.009m | €0.01m | ▲ 8.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.4m | €0.7m | €1.0m | €1.0m | €1.0m | €0.9m | ▼ 13.8% |
| Equity10/15 | €0.02m | -€0.2m | -€0.4m | -€0.5m | -€0.5m | -€0.5m | -€0.5m | -€0.5m | ▼ 12.4% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.4m | -€0.6m | -€0.7m | -€0.7m | -€0.7m | -€0.7m | -€0.7m | ▼ 8.7% |
| Amounts payable17/49 | €0.5m | €0.6m | €0.8m | €1.2m | €1.4m | €1.5m | €1.5m | €1.4m | ▼ 5.6% |
| Amounts payable within one year42/48 | €0.5m | €0.6m | €0.8m | €1.2m | €1.4m | €1.5m | €1.5m | €1.4m | ▼ 6.1% |
| Trade debts44 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 35.3% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 35.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 7.8% |
| Taxes450/3 | - | - | - | €0.03m | €0.05m | €0.03m | €0.03m | €0.04m | ▲ 26.2% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 4.8% |
| Other amounts payable47/48 | - | - | - | €0.9m | €1.0m | €1.0m | €1.0m | €0.8m | ▼ 20.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.006m | €0.006m | €0.02m | €0.02m | ▲ 32.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€176,206 | -€193,327 | -€220,195 | -€115,344 | €28,820 | €11,915 | -€1,242 | -€57,634 | ▼ 4,540% |
| + Depreciation and write-downs630 | €14,457 | €35,821 | €45,172 | €54,174 | €62,946 | €93,099 | €90,143 | €101,492 | ▲ 12.6% |
| Operating cash flow (approximation) | -€161,749 | -€157,506 | -€175,023 | -€61,170 | €91,766 | €105,014 | €88,901 | €43,858 | ▼ 50.7% |
| Investment in fixed assets (approximation) | - | -€116,367 | -€6,774 | -€29,677 | -€176,757 | -€152,192 | -€20,927 | -€140,759 | ▼ 573% |
| Change in cash | - | -€5,982 | €24,208 | -€25,587 | €63,929 | €58,256 | -€128,545 | -€2,229 | ▲ 98.3% |
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, 1,167 companies had the same profile as LGTech has now. Two years later, 94.9% were still going and 2.0% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a small loss
94.9%
was still going
2.8%
stopped otherwise
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LGTech itself: 2.0% 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 1,167 companies, not a prediction for LGTech. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 06-07-2026 | 2026-00274719 | |
| 31-12-2024 | full format | 11-07-2025 | 2025-00280882 | |
| 31-12-2023 | full format | 08-07-2024 | 2024-00232412 | |
| 31-12-2022 | full format | 26-07-2023 | 2023-00280734 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20110336 | |
| 31-12-2020 | full format | 09-07-2021 | 2021-33800397 | |
| 31-12-2019 | full format | 27-08-2020 | 2020-48600111 | |
| 31-12-2018 | full format | 27-06-2019 | 2019-28100141 |