Ligna
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 12-06-2026 PDF all 49 filings
Every figure per financial year
The operating result for 2025 is 7% lower than in 2024.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 16 | 16 | 16 | 17 | 15 |
| full-time | 15 | 15 | 14 | 15 | 13 |
| part-time | 1 | 1 | 2 | 2 | 2 |
| in full-time equivalents | 15.8 | 15.8 | 15.6 | 16.6 | 14.6 |
| Average over the year, in full-time equivalents | 15.2 | 15.9 | 15.4 | 15.8 | 16 |
| On a permanent contract | 16 | 16 | 16 | 17 | 15 |
| Joined | 1 | 2 | 3 | 3 | 2 |
| Left | 1 | 2 | 3 | 2 | 4 |
| Agency workers, average number | 3 | 1.5 | 1.2 | 1.3 | 1.3 |
| Training hours | - | - | 50 | 21 | 21 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €2.6m | €2.0m | €1.7m | €1.1m | €1.2m |
| Mortgages, amount registered | €1.7m | €1.0m | €1.0m | €1.0m | €1.0m |
| Mortgage mandates | €1.2m | €500,000 | €500,000 | €500,000 | €500,000 |
| Carrying value of the mortgaged assets | €573,705 | €332,290 | €275,933 | €228,483 | €182,723 |
| Pledge on the business | €673,947 | €673,947 | €673,947 | €1.2m | €1.2m |
| Mandates to pledge the business | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €30,755 | €201,803 | €392,483 | €65,560 | €141,636 |
| Depreciation and write-downs of the year | €154,471 | €181,606 | €193,293 | €210,221 | €191,207 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €7,000 | €8,000 | €8,000 | €8,000 | €9,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €63,811 awarded · €63,811 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €9,726 | €9,726 |
| 2024 | 2 | €8,681 | €8,681 |
| 2023 | 1 | €23,208 | €23,208 |
| 2022 | 1 | €22,196 | €22,196 |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €11.6m | €13.0m | €11.3m | €11.3m | €11.8m | ▲ 4.6% |
| Turnover70 | €10.3m | €9.8m | €8.2m | €11.2m | €12.6m | €10.9m | €11.0m | €11.4m | ▲ 3.3% |
| Other operating income74 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 13.5% |
| Non-recurring operating income76A | - | - | - | €0.09m | €0.05m | €0.06m | €0 | €0.1m | - |
| Operating charges60/66A | - | - | - | €9.9m | €11.3m | €10.1m | €10.0m | €10.6m | ▲ 6.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | €7.4m | €8.5m | €7.1m | €6.9m | €7.3m | ▲ 5.7% |
| Purchases600/8 | - | - | - | €7.7m | €8.5m | €7.0m | €6.9m | €7.5m | ▲ 9.3% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.4m | -€0.06m | €0.2m | €0.03m | -€0.2m | - |
| Services and other goods61 | - | - | - | €1.4m | €1.5m | €1.6m | €1.6m | €1.8m | ▲ 9.7% |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.1m | €1.2m | €1.2m | €1.3m | ▲ 5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 9.0% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.03m | €0.02m | €0.03m | €0.04m | ▲ 42.3% |
| Non-recurring operating charges66A | - | - | - | - | €0.002m | - | - | - | - |
| Operating profit (loss)9901 | €0.3m | €0.1m | €0.5m | €1.8m | €1.7m | €1.1m | €1.3m | €1.2m | ▼ 6.7% |
| Financial income75/76B | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.01m | ▼ 54.9% |
| Recurring financial income75 | €445 | €0.03m | €0.03m | €0.02m | €0.02m | €0.03m | €0.03m | €0.01m | ▼ 54.9% |
| Income from current assets751 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.01m | ▼ 54.2% |
| Other financial income752/9 | - | - | - | €177 | €0.001m | €0.001m | €0.001m | €217 | ▼ 77.0% |
| Financial charges65/66B | - | - | - | €0.05m | €0.05m | €0.08m | €0.08m | €0.07m | ▼ 14.3% |
| Recurring financial charges65 | €0.09m | €0.07m | €0.1m | €0.05m | €0.05m | €0.08m | €0.08m | €0.07m | ▼ 14.3% |
| Debt charges650 | €0.07m | €0.06m | €0.1m | €0.04m | €0.05m | €0.08m | €0.07m | €0.06m | ▼ 16.3% |
| Other financial charges652/9 | - | - | - | €0.005m | €0.007m | €0.007m | €0.009m | €0.009m | ▲ 2.7% |
| Profit (loss) for the period before taxes9903 | -€0.3m | €0.04m | €0.4m | €1.7m | €1.6m | €1.1m | €1.3m | €1.2m | ▼ 7.4% |
| Transfer from deferred taxes780 | - | - | - | €0.09m | €0.05m | - | - | - | - |
| Income taxes67/77 | €0.09m | €0.05m | €0.1m | €0.6m | €0.5m | €0.3m | €0.3m | €0.3m | ▼ 6.0% |
| Taxes670/3 | - | - | - | €0.6m | €0.5m | €0.3m | €0.3m | €0.4m | ▲ 6.6% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.02m | €0.002m | €0 | €0.04m | - |
| Profit (loss) for the period9904 | -€0.3m | €0.01m | €0.3m | €1.3m | €1.2m | €0.8m | €0.9m | €0.9m | ▼ 7.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.3m | €0.1m | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€0.3m | €0.07m | €0.3m | €1.6m | €1.3m | €0.8m | €0.9m | €0.9m | ▼ 7.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.6m | €7.0m | €6.6m | €7.7m | €7.2m | €6.8m | €6.6m | €6.8m | ▲ 3.4% |
| Fixed assets21/28 | €1.5m | €1.5m | €1.4m | €0.8m | €0.7m | €0.9m | €0.7m | €0.7m | ▼ 8.3% |
| Tangible fixed assets22/27 | €1.5m | €1.5m | €1.4m | €0.8m | €0.6m | €0.8m | €0.7m | €0.6m | ▼ 8.5% |
| Land and buildings22 | - | - | - | €0.6m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 20.0% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.05m | €0.1m | €0.07m | €0.06m | ▼ 26.1% |
| Furniture and vehicles24 | - | - | - | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 21.1% |
| Other tangible fixed assets26 | - | - | - | €0.06m | €0.1m | €0.3m | €0.3m | €0.3m | ▼ 6.4% |
| Financial fixed assets28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Other financial fixed assets284/8 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Current assets29/58 | €5.1m | €5.5m | €5.2m | €6.9m | €6.5m | €6.0m | €5.8m | €6.1m | ▲ 4.9% |
| Amounts receivable after more than one year29 | - | - | - | €2.1m | €1.4m | €1.4m | €1.5m | €1.7m | ▲ 12.5% |
| Other amounts receivable291 | - | - | - | €2.1m | €1.4m | €1.4m | €1.5m | €1.7m | ▲ 12.5% |
| Stocks and contracts in progress3 | €0.9m | €1.1m | €0.9m | €1.3m | €1.4m | €1.2m | €1.2m | €1.4m | ▲ 17.5% |
| Stocks30/36 | - | - | - | €1.3m | €1.4m | €1.2m | €1.2m | €1.4m | ▲ 17.5% |
| Goods purchased for resale34 | - | - | - | €1.3m | €1.4m | €1.2m | €1.2m | €1.4m | ▲ 17.5% |
| Amounts receivable within one year40/41 | €4.0m | €2.1m | €1.6m | €2.6m | €3.1m | €2.2m | €2.5m | €2.5m | ▲ 0.1% |
| Trade receivables40 | - | - | - | €2.1m | €2.5m | €1.9m | €2.2m | €2.4m | ▲ 12.5% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.6m | €0.3m | €0.3m | €0.03m | ▼ 89.1% |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.4m | €0.8m | €0.6m | €1.1m | €0.7m | €0.6m | ▼ 15.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.01m | €0.06m | €0.04m | €0.03m | ▼ 23.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.6m | €7.0m | €6.6m | €7.7m | €7.2m | €6.8m | €6.6m | €6.8m | ▲ 3.4% |
| Equity10/15 | €1.5m | €1.6m | €1.8m | €2.1m | €2.4m | €2.9m | €3.0m | €3.0m | ▲ 2.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €1.7m | €1.7m | €1.7m | €2.0m | €2.4m | €2.8m | €2.9m | €3.0m | ▲ 2.2% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.1m | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €1.9m | €2.4m | €2.8m | €2.9m | €3.0m | ▲ 2.2% |
| Profit (loss) carried forward14 | -€0.3m | -€0.2m | - | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.1m | €0.05m | - | - | - | - | - |
| Deferred taxes168 | - | - | - | €0.05m | - | - | - | - | - |
| Amounts payable17/49 | €4.8m | €5.3m | €4.7m | €5.6m | €4.8m | €3.9m | €3.6m | €3.7m | ▲ 4.5% |
| Amounts payable after more than one year17 | €2.6m | €2.5m | €2.3m | €2.1m | €1.6m | €1.6m | €0.9m | €0.9m | ▲ 0.5% |
| Financial debts170/4 | - | - | - | €2.1m | €1.6m | €1.6m | €0.9m | €0.9m | ▲ 0.5% |
| Credit institutions173 | - | - | - | €2.1m | €1.6m | €1.6m | €0.9m | €0.9m | ▲ 0.5% |
| Amounts payable within one year42/48 | €2.2m | €2.7m | €2.4m | €3.5m | €3.1m | €2.3m | €2.7m | €2.9m | ▲ 5.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 36.2% |
| Financial debts43 | - | - | - | €0.4m | €0.3m | €0.05m | €0.1m | €0.09m | ▼ 24.0% |
| Credit institutions430/8 | - | - | - | €0.4m | €0.3m | €0.05m | €0.1m | €0.09m | ▼ 24.0% |
| Trade debts44 | €1.7m | €2.4m | €1.8m | €1.6m | €1.5m | €1.4m | €1.3m | €1.5m | ▲ 15.1% |
| Suppliers440/4 | - | - | - | €1.6m | €1.5m | €1.4m | €1.3m | €1.5m | ▲ 15.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | ▼ 5.1% |
| Taxes450/3 | - | - | - | €0.2m | €0.2m | €0.09m | €0.1m | €0.1m | ▼ 10.8% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 0.8% |
| Other amounts payable47/48 | - | - | - | €1.0m | €0.9m | €0.5m | €0.9m | €0.8m | ▼ 5.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.01m | €0.02m | €0.006m | €0.002m | ▼ 57.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.3m | €0.01m | €0.3m | €1.3m | €1.2m | €0.8m | €0.9m | €0.9m | ▼ 7.9% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 9.0% |
| Operating cash flow (approximation) | -€0.1m | €0.2m | €0.5m | €1.4m | €1.4m | €1.0m | €1.1m | €1.1m | ▼ 8.1% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.04m | €0.4m | €0.005m | -€0.4m | -€0.07m | -€0.1m | ▼ 102% |
| Change in cash | - | €0.2m | €0.04m | €0.4m | -€0.2m | €0.5m | -€0.4m | -€0.1m | ▲ 74.1% |
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, 20,136 companies had the same profile as Ligna has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of Ligna 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 20,136 companies, not a prediction for Ligna. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 12-06-2026 | 2026-00162579 | |
| 31-12-2024 | full format | 24-06-2025 | 2025-00177504 | |
| 31-12-2023 | full format | 12-06-2024 | 2024-00127742 | |
| 31-12-2022 | full format | 20-06-2023 | 2023-00139700 | |
| 31-12-2021 | full format | 20-05-2022 | 2022-20030917 | |
| 31-12-2020 | full format | 18-11-2021 | 2021-77600318 | |
| 31-12-2019 | full format | 05-08-2020 | 2020-39400539 | |
| 31-12-2018 | full format | 12-07-2019 | 2019-32900369 | |
| 31-12-2017 | full format | 05-07-2018 | 2018-29600413 | |
| 31-12-2016 | full format | 21-06-2017 | 2017-22100283 |