LIBRACTIF
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 14 filings
Equity
-€668,453▼ 7.3%
2024 · -€623,028
Total assets
€388,845▼ 6.6%
2024 · €416,244
Net result
-€45,424▲ 30.8%
2024 · -€65,630
Working capital
-€872,702▼ 2.4%
2024 · -€851,956
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€35,852
▲ 33.0%
2025
20182025
Net result
-€45,424
▲ 30.8%
2025
lowest quarter of the sector
20182025
Equity
-€668,453
▼ 7.3%
2025
lowest quarter of the sector
20182025
Total assets
€388,845
▼ 6.6%
2025
middle half of the sector
20182025
Debt
€1.1m
▲ 1.7%
2025
20182025
Working capital
-€872,702
▼ 2.4%
2025
lowest quarter of the sector
20182025
Solvency
-171.9%
▼ 22.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.00
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-11.7%
▲ 4.1pp
2025
lowest quarter 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-€0.08m--€0.1m▼ 17.1%-€0.08m▲ 20.2%-€0.09m▼ 17.8%-€0.06m▲ 30.6%-€0.06m▲ 8.0%-€0.05m▲ 6.6%-€0.04m▲ 33.0%
Net result-€0.1m--€0.1m▼ 13.1%-€0.09mbelow the sector's middle half▲ 18.0%-€0.1mbelow the sector's middle half▼ 12.9%-€0.08mbelow the sector's middle half▲ 27.2%-€0.07mbelow the sector's middle half▲ 9.7%-€0.07mbelow the sector's middle half▲ 4.0%-€0.05mbelow the sector's middle half▲ 30.8%
Equity-€0.1m--€0.2m▼ 107%-€0.3mbelow the sector's middle half▼ 42.4%-€0.4mbelow the sector's middle half▼ 33.6%-€0.5mbelow the sector's middle half▼ 18.3%-€0.6mbelow the sector's middle half▼ 14.0%-€0.6mbelow the sector's middle half▼ 11.8%-€0.7mbelow the sector's middle half▼ 7.3%
Total assets€0.5m-€0.5m▼ 0.7%€0.5mwithin the sector's middle half▼ 5.1%€0.4mwithin the sector's middle half▼ 7.1%€0.4mwithin the sector's middle half▲ 2.9%€0.4mwithin the sector's middle half▲ 1.3%€0.4mwithin the sector's middle half▼ 5.9%€0.4mwithin the sector's middle half▼ 6.6%
Debt€0.6m-€0.7m▲ 18.5%€0.8m▲ 9.7%€0.8m▲ 9.4%€0.9m▲ 10.5%€1.0m▲ 8.0%€1.0m▲ 4.0%€1.1m▲ 1.7%
Working capital-€0.3m--€0.4m▼ 39.7%-€0.5mbelow the sector's middle half▼ 24.7%-€0.6mbelow the sector's middle half▼ 21.1%-€0.7mbelow the sector's middle half▼ 20.6%-€0.8mbelow the sector's middle half▼ 14.6%-€0.9mbelow the sector's middle half▼ 8.0%-€0.9mbelow the sector's middle half▼ 2.4%
Solvency-21.6%--45.2%▼ 23.5pp-67.8%below the sector's middle half▼ 22.6pp-97.4%below the sector's middle half▼ 29.7pp-112.0%below the sector's middle half▼ 14.6pp-126.0%below the sector's middle half▼ 14.0pp-149.7%below the sector's middle half▼ 23.7pp-171.9%below the sector's middle half▼ 22.2pp
Current ratio0.00-0.00=0.02below the sector's middle half▲ 0.020.01below the sector's middle half▼ 0.010.01below the sector's middle half▼ 0.010.01below the sector's middle half=0.01below the sector's middle half=0.00below the sector's middle half=
Return on assets (ROA)-20.5%--23.4%▼ 2.9pp-20.2%below the sector's middle half▲ 3.2pp-24.5%below the sector's middle half▼ 4.3pp-17.3%below the sector's middle half▲ 7.2pp-15.5%below the sector's middle half▲ 1.9pp-15.8%below the sector's middle half▼ 0.3pp-11.7%below the sector's middle half▲ 4.1pp
Staff (FTE)0.50.5within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 €35,852, smaller than the loss of €53,484 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €388,845
Fixed assets
€386,253 ▼ 6.0%
Current assets
€2,592 ▼ 51.2%
Equity and liabilities
Equity-€668,453
Debt€1.1m
Equity is negative. Debt (€1.1m) exceeds the balance-sheet total (€388,845).
Key figures and ratios
EBITDA
-€11,174▲
2024 · -€27,178
Cash flow
-€20,747▲
2024 · -€39,324
Interest coverage
-1.17▲
2024 · -2.24
Debt ≤ 1 year
€875,295▲
2024 · €857,270
Debt > 1 year
€182,003=
2024 · €182,003
Staff costs
€6▼
2024 · €96
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 | €2,304 | €33,267 | €34,785 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €33,237 | €33,715 | €34,070 | €26,305 | €24,678 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,045 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €18,849 | €2,629 | €1,277 | €96 | €6 | ▼ 94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,423 | €33,921 | €33,953 | €33,237 | €33,715 | €34,070 | €26,305 | €24,678 | ▼ 6.2% |
| Other operating charges640/8 | - | - | - | €9,694 | €635 | €5,296 | €11,293 | €149 | ▼ 98.7% |
| Gross operating margin9900 | -€20,440 | -€27,858 | -€20,698 | -€27,875 | -€25,230 | -€16,619 | -€15,789 | -€11,020 | ▲ 30.2% |
| Operating profit (loss)9901 | -€81,417 | -€95,343 | -€76,112 | -€89,656 | -€62,209 | -€57,262 | -€53,484 | -€35,852 | ▲ 33.0% |
| Recurring financial income75 | €0 | €1 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €14,339 | €13,466 | €11,091 | €12,146 | €9,572 | ▼ 21.2% |
| Recurring financial charges65 | €17,948 | €17,352 | €16,039 | €14,339 | €13,466 | €11,091 | €12,146 | €9,572 | ▼ 21.2% |
| Profit (loss) for the period before taxes9903 | -€99,365 | -€112,394 | -€92,151 | -€103,994 | -€75,675 | -€68,353 | -€65,630 | -€45,424 | ▲ 30.8% |
| Profit (loss) for the period9904 | -€99,365 | -€112,394 | -€92,151 | -€103,994 | -€75,675 | -€68,353 | -€65,630 | -€45,424 | ▲ 30.8% |
| Profit (loss) for the period to be appropriated9905 | -€99,365 | -€112,394 | -€92,151 | -€103,994 | -€75,675 | -€68,353 | -€65,630 | -€45,424 | ▲ 30.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 6.6% |
| Fixed assets21/28 | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 6.0% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 6.0% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 5.9% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.007m | €0.001m | €378 | €0 | ▼ 100% |
| Financial fixed assets28 | €390 | €390 | €390 | €390 | €390 | €390 | €390 | €390 | = |
| Current assets29/58 | €0.001m | €414 | €0.008m | €0.007m | €0.005m | €0.005m | €0.005m | €0.003m | ▼ 51.2% |
| Amounts receivable within one year40/41 | - | €300 | €300 | €300 | €300 | €0.001m | €0.001m | €0.001m | = |
| Trade receivables40 | - | - | - | €300 | €300 | €300 | €300 | €300 | = |
| Other amounts receivable41 | - | - | - | - | - | €0.001m | €0.001m | €0.001m | = |
| Cash at bank and in hand54/58 | €0.001m | €114 | €0.006m | €0.005m | €0.002m | €0.003m | €0.003m | €0.001m | ▼ 66.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.001m | €0.001m | €0.001m | ▼ 43.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 6.6% |
| Equity10/15 | -€0.1m | -€0.2m | -€0.3m | -€0.4m | -€0.5m | -€0.6m | -€0.6m | -€0.7m | ▼ 7.3% |
| Contributions10/11 | €0.05m | €0.05m | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Non-distributable reserves130/1 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Reserves not available under the articles1311 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.3m | -€0.4m | -€0.5m | -€0.5m | -€0.6m | -€0.7m | -€0.7m | ▼ 6.7% |
| Amounts payable17/49 | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | €1.0m | €1.0m | €1.1m | ▲ 1.7% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Amounts payable within one year42/48 | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.9m | €0.9m | ▲ 2.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | €0.001m | ▼ 97.9% |
| Trade debts44 | €0.007m | €0.009m | €0.002m | €0.008m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 5.8% |
| Suppliers440/4 | - | - | - | €0.008m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 5.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.004m | €0.001m | €10 | €0 | - | - |
| Taxes450/3 | - | - | - | - | - | €10 | €0 | - | - |
| Remuneration and social security454/9 | - | - | - | €0.004m | €0.001m | - | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.6m | €0.8m | €0.8m | €0.9m | ▲ 5.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€99,365 | -€112,394 | -€92,151 | -€103,994 | -€75,675 | -€68,353 | -€65,630 | -€45,424 | ▲ 30.8% |
| + Depreciation and write-downs630 | €36,423 | €33,921 | €33,953 | €33,237 | €33,715 | €34,070 | €26,305 | €24,678 | ▼ 6.2% |
| Operating cash flow (approximation) | -€62,942 | -€78,473 | -€58,197 | -€70,757 | -€41,959 | -€34,283 | -€39,324 | -€20,747 | ▲ 47.2% |
| Investment in fixed assets (approximation) | - | -€30,625 | -€2,055 | -€2,304 | -€48,107 | -€39,238 | €0 | €0 | - |
| Change in cash | - | -€594 | €6,252 | -€1,556 | -€2,375 | €984 | -€24 | -€2,240 | ▼ 9,339% |
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, 6,907 companies had the same profile as LIBRACTIF has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LIBRACTIF itself: 1.4% 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 6,907 companies, not a prediction for LIBRACTIF. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00322863 | |
| 31-12-2024 | micro format | 26-11-2025 | 2025-00571665 | |
| 31-12-2023 | micro format | 17-09-2024 | 2024-00464476 | |
| 31-12-2022 | micro format | 19-12-2023 | 2023-00533022 | |
| 31-12-2021 | micro format | 29-11-2022 | 2022-20528867 | |
| 31-12-2020 | micro format | 18-11-2021 | 2021-77600188 | |
| 31-12-2019 | micro format | 08-10-2020 | 2020-60200512 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56300462 | |
| 31-12-2017 | micro format | 29-05-2019 | 2019-15000551 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-55200212 |