LITHOS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 40 filings
Turnover
≈ €290,000
Estimated: probably between €180,000 and €540,000
Total assets
€610,010▲ 15.1%
2024 · €529,886
Net result
€97,660▲ 31×
2024 · €3,194
Working capital
€312,882▲ 95.3%
2024 · €160,211
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is nearly 27 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Operating result€103,625
2025
Net result€97,660
2025
Total assets€610,010
2025
Equity€457,424
2025
Debt€152,586
2025
Working capital€312,882
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,190-€2,593▼ 76.8%-€1,932€10,031€3,206▼ 68.0%€8,088▲ 152%€3,875▼ 52.1%€103,625▲ 27×
Net result€9,293-€2,237▼ 75.9%-€1,626€7,881€5,702▼ 27.6%€4,803▼ 15.8%€3,194▼ 33.5%€97,660▲ 31×
Equity€337,572-€339,809▲ 0.7%€338,183▼ 0.5%€346,064▲ 2.3%€351,766▲ 1.6%€356,569▲ 1.4%€359,764▲ 0.9%€457,424▲ 27.1%
Total assets€779,527-€535,306▼ 31.3%€524,459▼ 2.0%€527,227▲ 0.5%€532,218▲ 0.9%€534,112▲ 0.4%€529,886▼ 0.8%€610,010▲ 15.1%
Debt€302,706-€58,589▼ 80.6%€51,711▼ 11.7%€48,941▼ 5.4%€56,764▲ 16.0%€56,197▼ 1.0%€51,120▼ 9.0%€152,586▲ 198%
Working capital€75,498-€89,350▲ 18.3%€99,339▲ 11.2%€118,613▲ 19.4%€131,778▲ 11.1%€146,361▲ 11.1%€160,211▲ 9.5%€312,882▲ 95.3%
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 €610,010
Fixed assets
€154,855 ▼ 55.2%
Current assets
€455,155 ▲ 147%
Equity and liabilities €610,010
Equity
€457,424 ▲ 27.1%
Provisions
€0 ▼ 100%
Debt
€152,586 ▲ 198%
Debt's share of the balance-sheet total rises from 9.6% to 25.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€110,283▲
2024 · €16,873
Cash flow
€104,318▲
2024 · €16,192
Current ratio
3.20▼
2024 · 7.75
Debt to equity
0.33▲
2024 · 0.14
ROE
21.4%▲
2024 · 0.9%
ROA
16.0%▲
2024 · 0.6%
Interest coverage
over 100▲
2024 · 33.95
Debt ≤ 1 year
€142,273▲
2024 · €23,725
Income taxes
€124,483▲
2024 · €2,526
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €978 | - | €20,422 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,957 | €13,957 | €13,957 | €13,735 | €12,997 | €12,997 | €12,997 | €6,658 | ▼ 48.8% |
| Other operating charges640/8 | - | - | - | €3,514 | €3,261 | €3,397 | €3,020 | €2,695 | ▼ 10.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €1,116 | - | - | - |
| Gross operating margin9900 | €28,853 | €20,706 | €15,941 | €27,280 | €19,464 | €25,597 | €19,893 | €112,979 | ▲ 468% |
| Operating profit (loss)9901 | €11,190 | €2,593 | -€1,932 | €10,031 | €3,206 | €8,088 | €3,875 | €103,625 | ▲ 27× |
| Financial income75/76B | - | - | - | - | - | €0 | - | - | - |
| Recurring financial income75 | - | - | - | - | - | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €404 | €504 | €375 | €497 | €485 | ▼ 2.3% |
| Recurring financial charges65 | €677 | €406 | €983 | €404 | €504 | €375 | €497 | €485 | ▼ 2.3% |
| Profit (loss) for the period before taxes9903 | €10,513 | €2,187 | -€2,915 | €9,626 | €2,702 | €7,712 | €3,378 | €103,140 | ▲ 31× |
| Transfer from deferred taxes780 | - | - | - | €2,342 | €8,535 | €2,342 | €2,342 | €119,003 | ▲ 51× |
| Income taxes67/77 | €3,563 | €2,292 | €1,053 | €4,088 | €5,535 | €5,251 | €2,526 | €124,483 | ▲ 49× |
| Profit (loss) for the period9904 | €9,293 | €2,237 | -€1,626 | €7,881 | €5,702 | €4,803 | €3,194 | €97,660 | ▲ 31× |
| Transfer from tax-exempt reserves789 | - | - | - | €3,349 | €15,576 | €3,549 | €3,549 | €244,303 | ▲ 69× |
| Profit (loss) for the period to be appropriated9905 | €12,842 | €5,786 | €1,923 | €11,230 | €21,278 | €8,353 | €6,744 | €341,963 | ▲ 51× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €779,527 | €535,306 | €524,459 | €527,227 | €532,218 | €534,112 | €529,886 | €610,010 | ▲ 15.1% |
| Fixed assets21/28 | €426,593 | €412,636 | €398,679 | €384,943 | €371,946 | €358,948 | €345,951 | €154,855 | ▼ 55.2% |
| Tangible fixed assets22/27 | €426,469 | €412,512 | €398,555 | €384,819 | €371,822 | €358,824 | €345,827 | €154,731 | ▼ 55.3% |
| Land and buildings22 | - | - | - | €384,819 | €371,822 | €358,824 | €345,827 | €154,731 | ▼ 55.3% |
| Financial fixed assets28 | €124 | €124 | €124 | €124 | €124 | €124 | €124 | €124 | = |
| Current assets29/58 | €352,934 | €122,670 | €125,780 | €142,284 | €160,272 | €175,163 | €183,936 | €455,155 | ▲ 147% |
| Amounts receivable within one year40/41 | €274,380 | €42,464 | €45,114 | €62,728 | €77,787 | €87,676 | €86,749 | €84,084 | ▼ 3.1% |
| Trade receivables40 | - | - | - | - | - | €228 | €228 | - | - |
| Other amounts receivable41 | - | - | - | €62,728 | €77,787 | €87,447 | €86,521 | €84,084 | ▼ 2.8% |
| Cash at bank and in hand54/58 | €1,848 | €3,500 | €3,961 | €2,634 | €5,534 | €11,897 | €21,843 | €295,728 | ▲ 14× |
| Deferred charges and accrued income490/1 | - | - | - | €76,922 | €76,951 | €75,591 | €75,343 | €75,343 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €779,527 | €535,306 | €524,459 | €527,227 | €532,218 | €534,112 | €529,886 | €610,010 | ▲ 15.1% |
| Equity10/15 | €337,572 | €339,809 | €338,183 | €346,064 | €351,766 | €356,569 | €359,764 | €457,424 | ▲ 27.1% |
| Contributions10/11 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Capital10 | - | - | - | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Issued capital100 | - | - | - | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Reserves13 | €306,585 | €308,822 | €307,197 | €315,077 | €320,779 | €325,583 | €328,777 | €426,437 | ▲ 29.7% |
| Non-distributable reserves130/1 | - | - | - | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Legal reserve130 | - | - | - | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Tax-exempt reserves132 | - | - | - | €266,977 | €251,402 | €247,852 | €244,303 | - | - |
| Distributable reserves133 | - | - | - | €45,001 | €66,279 | €74,631 | €81,375 | €423,339 | ▲ 420% |
| Provisions and deferred taxes16 | €139,250 | €136,907 | €134,565 | €132,223 | €123,688 | €121,345 | €119,003 | - | - |
| Deferred taxes168 | - | - | - | €132,223 | €123,688 | €121,345 | €119,003 | - | - |
| Amounts payable17/49 | €302,706 | €58,589 | €51,711 | €48,941 | €56,764 | €56,197 | €51,120 | €152,586 | ▲ 198% |
| Amounts payable within one year42/48 | €277,436 | €33,319 | €26,441 | €23,671 | €28,494 | €28,802 | €23,725 | €142,273 | ▲ 500% |
| Trade debts44 | €8,683 | €10,903 | €9,891 | €7,443 | €7,443 | €8,208 | €10,971 | €5,036 | ▼ 54.1% |
| Suppliers440/4 | - | - | - | €7,443 | €7,443 | €8,208 | €10,971 | €5,036 | ▼ 54.1% |
| Taxes, remuneration and social security45 | - | - | - | €5,288 | €10,823 | €10,365 | €2,526 | €127,009 | ▲ 50× |
| Taxes450/3 | - | - | - | €5,288 | €10,823 | €10,365 | €2,526 | €127,009 | ▲ 50× |
| Other amounts payable47/48 | - | - | - | €10,940 | €10,228 | €10,228 | €10,228 | €10,228 | = |
| Accrued charges and deferred income492/3 | - | - | - | €25,270 | €28,270 | €27,395 | €27,395 | €10,313 | ▼ 62.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,293 | €2,237 | -€1,626 | €7,881 | €5,702 | €4,803 | €3,194 | €97,660 | ▲ 31× |
| + Depreciation and write-downs630 | €13,957 | €13,957 | €13,957 | €13,735 | €12,997 | €12,997 | €12,997 | €6,658 | ▼ 48.8% |
| Operating cash flow (approximation) | €23,250 | €16,194 | €12,331 | €21,616 | €18,699 | €17,801 | €16,192 | €104,318 | ▲ 544% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €184,438 | - |
| Change in cash | - | €1,652 | €461 | -€1,327 | €2,900 | €6,363 | €9,946 | €273,885 | ▲ 28× |
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 LITHOS has now. Two years later, 0.2% had gone bankrupt and 95.0% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95.0%
was still going
That fits the bankruptcy probability of LITHOS 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 LITHOS. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-07-2026 | 2026-00340707 | |
| 31-12-2024 | micro format | 24-12-2025 | 2026-00593414 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00305008 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00211929 | |
| 31-12-2021 | micro format | 08-09-2022 | 2022-20428327 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-44000589 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-26600456 | |
| 31-12-2018 | micro format | 29-05-2019 | 2019-15500212 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-27600572 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-37900238 |