LIEDAVID
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 9 days after the deadline Filed on 9 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00035517.
Annual accounts 2025 filed on 09-02-2026 PDF all 35 filings
Turnover
≈ €290,000
Estimated: probably between €250,000 and €350,000
Total assets
€2.0m▲ 2.6%
2024 · €2.0m
Net result
€148,582▲ 69×
2024 · €2,162
Working capital
€311,050▲ 243%
2024 · €90,645
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€6,224
▼ 65.3%
2025
20192025
Net result
€148,582
▲ 69×
2025
highest quarter of the sector
20192025
Equity
€1.2m
▲ 14.6%
2025
highest quarter of the sector
20192025
Total assets
€2.0m
▲ 2.6%
2025
highest quarter of the sector
20192025
Debt
€854,186
▼ 10.3%
2025
20192025
Working capital
€311,050
▲ 243%
2025
highest quarter of the sector
20192025
Solvency
57.8%
▲ 6.0pp
2025
middle half of the sector
20192025
Current ratio
1.95
▲ 0.70
2025
middle half of the sector
20192025
Return on assets (ROA)
7.3%
▲ 7.2pp
2025
middle half of the sector
20192025
Staff (FTE)
2.1
▼ 27.6%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.03m-€0.05m▲ 56.8%€0.02m▼ 55.7%-€0.04m€0.1m€0.02m▼ 83.4%€0.006m▼ 65.3%
Net result€0.008m--€0.001mbelow the sector's middle half€0.03mwithin the sector's middle half-€0.4mbelow the sector's middle half€0.1mwithin the sector's middle half€0.002mbelow the sector's middle half▼ 97.7%€0.1mabove the sector's middle half▲ 69×
Equity€0.7m-€0.7mabove the sector's middle half▼ 0.2%€0.7mabove the sector's middle half▲ 3.7%€0.9mabove the sector's middle half▲ 28.1%€1.0mwithin the sector's middle half▲ 10.4%€1.0mabove the sector's middle half▲ 0.2%€1.2mabove the sector's middle half▲ 14.6%
Total assets€1.7m-€1.6mabove the sector's middle half▼ 2.5%€1.8mabove the sector's middle half▲ 10.5%€1.8mabove the sector's middle half▲ 0.6%€2.1mwithin the sector's middle half▲ 14.9%€2.0mabove the sector's middle half▼ 5.0%€2.0mabove the sector's middle half▲ 2.6%
Debt€1.0m-€0.9m▼ 4.2%€1.1m▲ 15.6%€0.9m▼ 17.9%€1.1m▲ 19.5%€1.0m▼ 9.9%€0.9m▼ 10.3%
Working capital€0.2m-€0.2mabove the sector's middle half▲ 26.9%€0.1mwithin the sector's middle half▼ 43.9%€0.03mwithin the sector's middle half▼ 80.2%€0.07mwithin the sector's middle half▲ 150%€0.09mwithin the sector's middle half▲ 39.3%€0.3mabove the sector's middle half▲ 243%
Solvency41.7%-42.7%within the sector's middle half▲ 1.0pp40.1%within the sector's middle half▼ 2.6pp51.0%within the sector's middle half▲ 11.0pp49.1%within the sector's middle half▼ 2.0pp51.7%within the sector's middle half▲ 2.7pp57.8%within the sector's middle half▲ 6.0pp
Current ratio1.37-1.45within the sector's middle half▲ 0.081.18within the sector's middle half▼ 0.271.05within the sector's middle half▼ 0.141.10within the sector's middle half▲ 0.051.25within the sector's middle half▲ 0.151.95within the sector's middle half▲ 0.70
Return on assets (ROA)0.5%--0.1%below the sector's middle half▼ 0.6pp1.4%within the sector's middle half▲ 1.5pp-21.7%below the sector's middle half▼ 23.2pp4.6%within the sector's middle half▲ 26.4pp0.1%below the sector's middle half▼ 4.5pp7.3%within the sector's middle half▲ 7.2pp
Staff (FTE)2.9-2above the sector's middle half▼ 31.0%2=3▲ 50.0%3.6above the sector's middle half▲ 20.0%2.9▼ 19.4%2.1▼ 27.6%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 65% lower than in 2024. It is the second fall in a row.
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 €2.0m
Fixed assets
€1.4m ▼ 8.7%
Current assets
€638,229 ▲ 40.0%
Equity and liabilities €2.0m
Equity
€1.2m ▲ 14.6%
Debt
€854,186 ▼ 10.3%
Debt's share of the balance-sheet total falls from 48.3% to 42.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€26,297▼
2024 · €26,548
Cash flow
€168,655▲
2024 · €10,753
Debt to equity
0.73▼
2024 · 0.93
ROE
12.7%▲
2024 · 0.2%
Interest coverage
0.87▼
2024 · 1.66
Debt ≤ 1 year
€327,179▼
2024 · €365,372
Debt > 1 year
€501,414▼
2024 · €586,506
Income taxes
€4,770▲
2024 · €0
Staff costs
€131,814▼
2024 · €147,413
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 3 | 2 |
| full-time | 3 | 3 | 2 | 2 |
| part-time | 1 | 1 | 1 | 0 |
| in full-time equivalents | 3.6 | 3.6 | 2.6 | 2 |
| Average over the year, in full-time equivalents | 3 | 3.6 | 2.9 | 2.1 |
| On a permanent contract | 4 | 4 | 3 | 2 |
| Joined | 2 | - | 0 | 0 |
| Left | 0 | - | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €21,928 | €101,652 | €184,756 | €21,991 |
| Financial fixed assets | - | €58,515 | €0 | €0 |
| Depreciation and write-downs of the year | €6,755 | €23,688 | €8,591 | €20,073 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €13,000 | €1,909 | €0 | €27,165 | - |
| Remuneration, social security and pensions62 | - | - | - | €131,388 | €157,054 | €147,413 | €131,814 | ▼ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €75,510 | €51,845 | €25,643 | €6,755 | €23,688 | €8,591 | €20,073 | ▲ 134% |
| Other operating charges640/8 | - | - | - | €39,645 | €11,597 | €13,232 | €14,944 | ▲ 12.9% |
| Non-recurring operating charges66A | - | - | - | - | - | €6,111 | €0 | ▼ 100% |
| Gross operating margin9900 | €301,535 | €218,187 | €137,056 | €140,776 | €300,714 | €193,304 | €173,055 | ▼ 10.5% |
| Operating profit (loss)9901 | €34,764 | €54,517 | €24,145 | -€37,013 | €108,375 | €17,957 | €6,224 | ▼ 65.3% |
| Financial income75/76B | - | - | - | €1,464 | €76 | €197 | €177,254 | ▲ 901× |
| Recurring financial income75 | €2 | €21 | - | €1,464 | €76 | €197 | €1,110 | ▲ 464% |
| Non-recurring financial income76B | - | - | - | €0 | - | - | €176,144 | - |
| Financial charges65/66B | - | - | - | €347,827 | €12,013 | €15,992 | €30,126 | ▲ 88.4% |
| Recurring financial charges65 | €16,909 | €24,186 | €11,546 | €15,777 | €12,013 | €15,992 | €30,126 | ▲ 88.4% |
| Non-recurring financial charges66B | - | - | - | €332,050 | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €17,857 | €1,353 | €36,791 | -€383,376 | €96,438 | €2,162 | €153,352 | ▲ 71× |
| Income taxes67/77 | €10,133 | €2,763 | €10,885 | €9,311 | €420 | €0 | €4,770 | - |
| Profit (loss) for the period9904 | €7,724 | -€1,411 | €25,907 | -€392,687 | €96,018 | €2,162 | €148,582 | ▲ 69× |
| Profit (loss) for the period to be appropriated9905 | €7,724 | -€1,411 | €25,907 | -€392,687 | €96,018 | €2,162 | €148,582 | ▲ 69× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.7m | €1.6m | €1.8m | €1.8m | €2.1m | €2.0m | €2.0m | ▲ 2.6% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.9m | €1.2m | €1.3m | €1.5m | €1.4m | ▼ 8.7% |
| Tangible fixed assets22/27 | €0.6m | €0.5m | €0.6m | €1.2m | €1.3m | €1.5m | €1.4m | ▼ 4.8% |
| Land and buildings22 | - | - | - | €1.2m | €1.1m | €1.1m | €1.4m | ▲ 19.6% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.02m | €0.02m | €0.03m | ▲ 76.0% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.01m | €0.002m | €36 | ▼ 97.9% |
| Assets under construction and advance payments27 | - | - | - | €0.02m | €0.1m | €0.3m | €0 | ▼ 100% |
| Financial fixed assets28 | €0.4m | €0.3m | €0.3m | €0.004m | €0.06m | €0.06m | €0.001m | ▼ 98.3% |
| Current assets29/58 | €0.7m | €0.8m | €0.9m | €0.6m | €0.7m | €0.5m | €0.6m | ▲ 40.0% |
| Stocks and contracts in progress3 | - | - | - | €0.07m | €0 | - | - | - |
| Contracts in progress37 | - | - | - | €0.07m | €0 | - | - | - |
| Amounts receivable within one year40/41 | €0.6m | €0.7m | €0.8m | €0.5m | €0.7m | €0.4m | €0.6m | ▲ 35.5% |
| Trade receivables40 | - | - | - | €0.2m | €0.4m | €0.2m | €0.1m | ▼ 46.3% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.3m | €0.2m | €0.5m | ▲ 102% |
| Cash at bank and in hand54/58 | €0.03m | €0.02m | €0.003m | €0.01m | €0.006m | €76 | €0.03m | ▲ 339× |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.008m | €0.006m | €0.003m | ▼ 50.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.7m | €1.6m | €1.8m | €1.8m | €2.1m | €2.0m | €2.0m | ▲ 2.6% |
| Equity10/15 | €0.7m | €0.7m | €0.7m | €0.9m | €1.0m | €1.0m | €1.2m | ▲ 14.6% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Revaluation surpluses12 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Tax-exempt reserves132 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0 | - | - | - | - |
| Profit (loss) carried forward14 | - | - | - | -€0.2m | -€0.1m | -€0.1m | €0.01m | - |
| Amounts payable17/49 | €1.0m | €0.9m | €1.1m | €0.9m | €1.1m | €1.0m | €0.9m | ▼ 10.3% |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €0.4m | €0.3m | €0.4m | €0.6m | €0.5m | ▼ 14.5% |
| Financial debts170/4 | - | - | - | €0.3m | €0.4m | €0.6m | €0.5m | ▼ 14.5% |
| Other amounts payable178/9 | - | - | - | €0.001m | €0.001m | €0 | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.7m | €0.6m | €0.7m | €0.4m | €0.3m | ▼ 10.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.08m | €0.08m | €0.08m | ▼ 1.7% |
| Financial debts43 | - | - | - | - | - | €0.004m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | €0.004m | €0 | ▼ 100% |
| Trade debts44 | €0.1m | €0.1m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 11.6% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 11.6% |
| Advances received on contracts in progress46 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.03m | €0.04m | €0.03m | ▼ 21.8% |
| Taxes450/3 | - | - | - | €0.01m | €0.009m | €0.02m | €0.01m | ▼ 60.9% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.01m | €0.02m | ▲ 62.4% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.4m | €0.01m | €0.01m | ▲ 6.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.03m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,724 | -€1,411 | €25,907 | -€392,687 | €96,018 | €2,162 | €148,582 | ▲ 69× |
| + Depreciation and write-downs630 | €75,510 | €51,845 | €25,643 | €6,755 | €23,688 | €8,591 | €20,073 | ▲ 134% |
| Operating cash flow (approximation) | €83,235 | €50,435 | €51,550 | -€385,932 | €119,706 | €10,753 | €168,655 | ▲ 16× |
| Investment in fixed assets (approximation) | - | €60,625 | -€91,855 | -€285,692 | -€152,878 | -€176,289 | €111,248 | - |
| Change in cash | - | -€5,047 | -€17,704 | €7,454 | -€4,514 | -€5,902 | €25,740 | - |
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, 31,368 companies had the same profile as LIEDAVID has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LIEDAVID 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 31,368 companies, not a prediction for LIEDAVID. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 09-02-2026 | 2026-00035517 | |
| 30-06-2024 | micro format | 03-02-2025 | 2025-00023064 | |
| 30-06-2023 | abbreviated format | 08-05-2024 | 2024-00084290 | |
| 30-06-2023 | micro format | 26-02-2024 | 2024-00034254 | |
| 30-06-2022 | micro format | 09-03-2023 | 2023-00037351 | |
| 30-06-2021 | micro format | 25-02-2022 | 2022-06300406 | |
| 30-06-2020 | micro format | 25-02-2021 | 2021-06100452 | |
| 30-06-2019 | micro format | 14-02-2020 | 2020-05000016 | |
| 30-06-2018 | micro format | 22-02-2019 | 2019-05900347 | |
| 30-06-2017 | micro format | 09-01-2018 | 2018-00600080 |