LICA MODA
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00433989.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 15 filings
Turnover
€774,604▼ 18.1%
2022 · €945,562
EBIT margin
9.7%▲ 5.9pp
2022 · 3.9%
Net result
€22,743▼ 38.9%
2024 · €37,251
Working capital
€498,745▲ 5.2%
2024 · €474,251
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€45,781
▼ 35.4%
2025
20192025
Net result
€22,743
▼ 38.9%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€505,264
▲ 4.7%
2025
middle half of the sector
20192025
Total assets
€551,868
▲ 6.0%
2025
lowest quarter of the sector
20192025
Debt
€46,604
▲ 21.6%
2025
20192025
Working capital
€498,745
▲ 5.2%
2025
middle half of the sector
20192025
Solvency
91.6%
▼ 1.1pp
2025
highest quarter of the sector
20192025
Current ratio
11.70
▼ 1.67
2025
highest quarter of the sector
20192025
Return on assets (ROA)
4.1%
▼ 3.0pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€535,247-€573,353▲ 7.1%€585,801▲ 2.2%€945,562▲ 61.4%€774,604▼ 18.1%
Operating result€58,063-€45,811▼ 21.1%€56,045▲ 22.3%€36,773▼ 34.4%€75,477▲ 105%€70,887▼ 6.1%€45,781▼ 35.4%
Net result€42,988-€38,841within the sector's middle half▼ 9.6%€54,684within the sector's middle half▲ 40.8%€19,360within the sector's middle half▼ 64.6%€46,906within the sector's middle half▲ 142%€37,251within the sector's middle half▼ 20.6%€22,743within the sector's middle half▼ 38.9%
EBIT margin10.8%-8.0%▼ 2.9pp9.6%▲ 1.6pp3.9%▼ 5.7pp9.7%▲ 5.9pp
Equity€285,479-€324,319within the sector's middle half▲ 13.6%€379,003within the sector's middle half▲ 16.9%€398,363within the sector's middle half▲ 5.1%€445,269within the sector's middle half▲ 11.8%€482,520within the sector's middle half▲ 8.4%€505,264within the sector's middle half▲ 4.7%
Total assets€541,883-€552,558within the sector's middle half▲ 2.0%€559,744within the sector's middle half▲ 1.3%€517,645within the sector's middle half▼ 7.5%€564,787within the sector's middle half▲ 9.1%€520,848within the sector's middle half▼ 7.8%€551,868below the sector's middle half▲ 6.0%
Debt€256,404-€228,239▼ 11.0%€180,741▼ 20.8%€119,282▼ 34.0%€119,518▲ 0.2%€38,328▼ 67.9%€46,604▲ 21.6%
Working capital€476,481-€516,059above the sector's middle half▲ 8.3%€449,745above the sector's middle half▼ 12.9%€468,913within the sector's middle half▲ 4.3%€514,896within the sector's middle half▲ 9.8%€474,251within the sector's middle half▼ 7.9%€498,745within the sector's middle half▲ 5.2%
Solvency52.7%-58.7%above the sector's middle half▲ 6.0pp67.7%above the sector's middle half▲ 9.0pp77.0%above the sector's middle half▲ 9.2pp78.8%above the sector's middle half▲ 1.9pp92.6%above the sector's middle half▲ 13.8pp91.6%above the sector's middle half▼ 1.1pp
Current ratio9.45-19.27above the sector's middle half▲ 9.835.46above the sector's middle half▼ 13.8112.94above the sector's middle half▲ 7.4714.03above the sector's middle half▲ 1.0913.37above the sector's middle half▼ 0.6611.70above the sector's middle half▼ 1.67
Return on assets (ROA)7.9%-7.0%within the sector's middle half▼ 0.9pp9.8%within the sector's middle half▲ 2.7pp3.7%within the sector's middle half▼ 6.0pp8.3%within the sector's middle half▲ 4.6pp7.2%within the sector's middle half▼ 1.2pp4.1%within the sector's middle half▼ 3.0pp
Staff (FTE)2-2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 35% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €551,868
Fixed assets
€6,519 ▼ 21.2%
Current assets
€545,349 ▲ 6.4%
Equity and liabilities €551,868
Equity
€505,264 ▲ 4.7%
Debt
€46,604 ▲ 21.6%
Debt's share of the balance-sheet total rises from 7.4% to 8.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€47,532▼
2024 · €72,990
Cash flow
€24,494▼
2024 · €39,354
Quick ratio
2.32▼
2024 · 4.05
Debt to equity
0.09▲
2024 · 0.08
ROE
4.5%▼
2024 · 7.7%
Interest coverage
6.69▼
2024 · 11.68
Debt ≤ 1 year
€46,604▲
2024 · €38,328
Income taxes
€15,928▼
2024 · €27,387
Staff costs
€97,099▲
2024 · €94,358
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 |
| full-time | 2 | 2 | 2 | 2 |
| in full-time equivalents | 2 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 2 | 2 | 2 | 2 |
| On a permanent contract | 2 | 2 | 2 | 2 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,510 | €1,057 | €9,169 | - | - |
| Depreciation and write-downs of the year | €512 | €864 | €1,247 | €2,103 | €1,751 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €535,247 | €573,353 | €585,801 | €945,562 | €774,604 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €436,743 | €751,588 | €601,087 | - | - | - |
| Remuneration, social security and pensions62 | - | - | €40,617 | €82,000 | €91,391 | €94,358 | €97,099 | ▲ 2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €738 | €512 | €864 | €1,247 | €2,103 | €1,751 | ▼ 16.7% |
| Other operating charges640/8 | - | - | €24,409 | €1,542 | €3,460 | €3,795 | €904 | ▼ 76.2% |
| Non-recurring operating charges66A | - | - | €28,808 | €73,124 | €8,593 | - | - | - |
| Gross operating margin9900 | €185,322 | €110,069 | €150,391 | €194,303 | €180,167 | €171,143 | €145,535 | ▼ 15.0% |
| Operating profit (loss)9901 | €58,063 | €45,811 | €56,045 | €36,773 | €75,477 | €70,887 | €45,781 | ▼ 35.4% |
| Financial charges65/66B | - | - | €5,774 | €8,000 | €7,531 | €6,248 | €7,110 | ▲ 13.8% |
| Recurring financial charges65 | €5,075 | €6,970 | €5,774 | €8,000 | €7,531 | €6,248 | €7,110 | ▲ 13.8% |
| Profit (loss) for the period before taxes9903 | €52,988 | €38,841 | €50,271 | €28,773 | €67,946 | €64,639 | €38,671 | ▼ 40.2% |
| Income taxes67/77 | €10,000 | - | -€4,413 | €9,413 | €21,040 | €27,387 | €15,928 | ▼ 41.8% |
| Profit (loss) for the period9904 | €42,988 | €38,841 | €54,684 | €19,360 | €46,906 | €37,251 | €22,743 | ▼ 38.9% |
| Profit (loss) for the period to be appropriated9905 | €42,988 | €38,841 | €54,684 | €19,360 | €46,906 | €37,251 | €22,743 | ▼ 38.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €541,883 | €552,558 | €559,744 | €517,645 | €564,787 | €520,848 | €551,868 | ▲ 6.0% |
| Fixed assets21/28 | €8,998 | €8,260 | €9,258 | €9,450 | €10,373 | €8,270 | €6,519 | ▼ 21.2% |
| Tangible fixed assets22/27 | €1,998 | €1,260 | €2,258 | €2,450 | €10,373 | €8,270 | €6,519 | ▼ 21.2% |
| Plant, machinery and equipment23 | - | - | €1,050 | €840 | €6,275 | €5,470 | €4,665 | ▼ 14.7% |
| Furniture and vehicles24 | - | - | €1,208 | €1,610 | €4,098 | €2,800 | €1,854 | ▼ 33.8% |
| Financial fixed assets28 | €7,000 | €7,000 | €7,000 | €7,000 | - | - | - | - |
| Current assets29/58 | €532,885 | €544,298 | €550,486 | €508,195 | €554,415 | €512,578 | €545,349 | ▲ 6.4% |
| Amounts receivable after more than one year29 | - | - | €113,815 | €113,815 | €113,815 | €34,548 | €34,548 | = |
| Trade receivables290 | - | - | €34,548 | €34,548 | €34,548 | €34,548 | €34,548 | = |
| Other amounts receivable291 | - | - | €79,267 | €79,267 | €79,267 | - | - | - |
| Stocks and contracts in progress3 | €441,304 | €364,184 | €339,471 | €276,360 | €269,490 | €357,380 | €437,380 | ▲ 22.4% |
| Stocks30/36 | - | - | €339,471 | €276,360 | €269,490 | €357,380 | €437,380 | ▲ 22.4% |
| Amounts receivable within one year40/41 | €22,991 | €25,808 | €13,923 | €13,723 | €12,816 | €13,619 | €28,529 | ▲ 109% |
| Trade receivables40 | - | - | €9,089 | €7,172 | €6,265 | €3,498 | €6,696 | ▲ 91.5% |
| Other amounts receivable41 | - | - | €4,834 | €6,551 | €6,551 | €10,121 | €21,833 | ▲ 116% |
| Cash at bank and in hand54/58 | €34,041 | €107,027 | €69,167 | €89,651 | €142,608 | €90,898 | €30,781 | ▼ 66.1% |
| Deferred charges and accrued income490/1 | - | - | €14,110 | €14,646 | €15,685 | €16,133 | €14,110 | ▼ 12.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €541,883 | €552,558 | €559,744 | €517,645 | €564,787 | €520,848 | €551,868 | ▲ 6.0% |
| Equity10/15 | €285,479 | €324,319 | €379,003 | €398,363 | €445,269 | €482,520 | €505,264 | ▲ 4.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €265,019 | €303,859 | €358,543 | €377,903 | €424,809 | €462,060 | €484,804 | ▲ 4.9% |
| Amounts payable17/49 | €256,404 | €228,239 | €180,741 | €119,282 | €119,518 | €38,328 | €46,604 | ▲ 21.6% |
| Amounts payable after more than one year17 | €200,000 | €200,000 | €80,000 | €80,000 | €80,000 | - | - | - |
| Financial debts170/4 | - | - | €80,000 | €80,000 | €80,000 | - | - | - |
| Amounts payable within one year42/48 | €56,404 | €28,239 | €100,741 | €39,282 | €39,518 | €38,328 | €46,604 | ▲ 21.6% |
| Trade debts44 | €9,629 | €11,228 | €81,135 | €1,974 | €5,239 | €6,781 | €9,317 | ▲ 37.4% |
| Suppliers440/4 | - | - | €81,135 | €1,974 | €5,239 | €6,781 | €9,317 | ▲ 37.4% |
| Taxes, remuneration and social security45 | - | - | €19,606 | €37,308 | €34,280 | €31,546 | €37,286 | ▲ 18.2% |
| Taxes450/3 | - | - | €19,606 | €28,096 | €24,655 | €20,930 | €22,326 | ▲ 6.7% |
| Remuneration and social security454/9 | - | - | - | €9,212 | €9,625 | €10,616 | €14,960 | ▲ 40.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €42,988 | €38,841 | €54,684 | €19,360 | €46,906 | €37,251 | €22,743 | ▼ 38.9% |
| + Depreciation and write-downs630 | - | €738 | €512 | €864 | €1,247 | €2,103 | €1,751 | ▼ 16.7% |
| Operating cash flow (approximation) | €42,988 | €39,578 | €55,196 | €20,225 | €48,152 | €39,354 | €24,494 | ▼ 37.8% |
| Investment in fixed assets (approximation) | - | €0 | -€1,510 | -€1,057 | -€2,169 | €0 | €0 | - |
| Change in cash | - | €72,986 | -€37,860 | €20,484 | €52,957 | -€51,710 | -€60,117 | ▼ 16.3% |
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, 6,049 companies had the same profile as LICA MODA has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of LICA MODA 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 6,049 companies, not a prediction for LICA MODA. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-08-2026 | 2026-00433989 | |
| 31-12-2024 | full format | 28-08-2025 | 2025-00418743 | |
| 31-12-2023 | full format | 26-08-2024 | 2024-00368133 | |
| 31-12-2022 | full format | 29-08-2023 | 2023-00365146 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20203923 | |
| 31-12-2020 | full format | 05-08-2021 | 2021-46200264 | |
| 31-12-2019 | full format | 28-01-2021 | 2021-02400030 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-56900585 | |
| 31-12-2016 | full format | 29-08-2017 | 2017-50200424 | |
| 31-12-2015 | full format | 30-11-2016 | 2016-68800443 |