Live Systems
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00466975.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 22 filings
Turnover
≈ €130,000
Estimated: probably between €75,000 and €210,000
Total assets
€404,954▲ 7.7%
2024 · €375,837
Net result
€19,851
2024 · -€5,173
Working capital
-€33,746
2024 · €411
In the rankings
#9 company by equity in Puurs-Sint-Amands, Arts, sports and recreation sector#9 oldest company in Puurs-Sint-Amands, Arts, sports and recreation sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,865
2025
20182025
Net result
€19,851
2025
middle half of the sector
20182025
Equity
€203,863
▲ 10.8%
2025
highest quarter of the sector
20182025
Total assets
€404,954
▲ 7.7%
2025
highest quarter of the sector
20182025
Debt
€133,084
▲ 9.6%
2025
20182025
Working capital
-€33,746
2025
lowest quarter of the sector
20182025
Solvency
50.3%
▲ 1.4pp
2025
middle half of the sector
20182025
Current ratio
0.45
▼ 0.56
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.9%
▲ 6.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€97,441-€192,524▲ 97.6%-€49,141-€8,989▲ 81.7%-€11,524▼ 28.2%€18,735-€5,960€18,865
Net result€60,174-€109,184▲ 81.4%-€51,198below the sector's middle half-€10,425below the sector's middle half▲ 79.6%-€11,602below the sector's middle half▼ 11.3%€17,913within the sector's middle half-€5,173below the sector's middle half€19,851within the sector's middle half
Equity€135,313-€244,497▲ 80.7%€193,299above the sector's middle half▼ 20.9%€182,874above the sector's middle half▼ 5.4%€171,272above the sector's middle half▼ 6.3%€189,184above the sector's middle half▲ 10.5%€184,012above the sector's middle half▼ 2.7%€203,863above the sector's middle half▲ 10.8%
Total assets€343,411-€450,679▲ 31.2%€333,110above the sector's middle half▼ 26.1%€469,334above the sector's middle half▲ 40.9%€399,519above the sector's middle half▼ 14.9%€390,633above the sector's middle half▼ 2.2%€375,837above the sector's middle half▼ 3.8%€404,954above the sector's middle half▲ 7.7%
Debt€208,098-€128,012▼ 38.5%€61,642▼ 51.8%€209,072▲ 239%€153,204▼ 26.7%€128,751▼ 16.0%€121,472▼ 5.7%€133,084▲ 9.6%
Working capital-€54,837-€170,810€128,446above the sector's middle half▼ 24.8%€16,884within the sector's middle half▼ 86.9%-€7,491below the sector's middle half€8,547within the sector's middle half€411within the sector's middle half▼ 95.2%-€33,746below the sector's middle half
Solvency39.4%-54.3%▲ 14.8pp58.0%within the sector's middle half▲ 3.8pp39.0%within the sector's middle half▼ 19.1pp42.9%within the sector's middle half▲ 3.9pp48.4%within the sector's middle half▲ 5.6pp49.0%within the sector's middle half▲ 0.5pp50.3%within the sector's middle half▲ 1.4pp
Current ratio0.70-3.36▲ 2.655.78above the sector's middle half▲ 2.431.29within the sector's middle half▼ 4.490.76below the sector's middle half▼ 0.531.31within the sector's middle half▲ 0.551.01within the sector's middle half▼ 0.300.45below the sector's middle half▼ 0.56
Return on assets (ROA)17.5%-24.2%▲ 6.7pp-15.4%below the sector's middle half▼ 39.6pp-2.2%within the sector's middle half▲ 13.1pp-2.9%below the sector's middle half▼ 0.7pp4.6%within the sector's middle half▲ 7.5pp-1.4%within the sector's middle half▼ 6.0pp4.9%within the sector's middle half▲ 6.3pp
above
within
below
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). 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 profit of €18,865, after a loss of €5,960 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The 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 €404,954
Fixed assets
€376,975 ▲ 10.8%
Current assets
€27,979 ▼ 21.3%
Equity and liabilities €404,954
Equity
€203,863 ▲ 10.8%
Provisions
€68,008 ▼ 3.3%
Debt
€133,084 ▲ 9.6%
Debt's share of the balance-sheet total rises from 32.3% to 32.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€34,022▲
2024 · €7,889
Cash flow
€35,008▲
2024 · €8,676
Debt to equity
0.65▼
2024 · 0.66
ROE
9.7%▲
2024 · -2.8%
Interest coverage
25.03▲
2024 · 4.98
Debt ≤ 1 year
€61,725▲
2024 · €35,143
Debt > 1 year
€71,359▼
2024 · €86,330
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 | €263,387 | €2,590 | €1,185 | - | €62,509 |
| Depreciation and write-downs of the year | €24,526 | €21,681 | €13,797 | €13,849 | €15,157 |
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 | - | - | - | - | - | - | - | €17,500 | - |
| Remuneration, social security and pensions62 | - | - | - | €146 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €68,119 | €80,505 | €43,753 | €24,526 | €21,681 | €13,797 | €13,849 | €15,157 | ▲ 9.4% |
| Other operating charges640/8 | - | - | - | €2,511 | €2,488 | €505 | €1,154 | €576 | ▼ 50.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €10,660 | - |
| Gross operating margin9900 | €166,670 | €275,013 | -€1,619 | €18,194 | €12,645 | €33,037 | €9,043 | €45,258 | ▲ 400% |
| Operating profit (loss)9901 | €97,441 | €192,524 | -€49,141 | -€8,989 | -€11,524 | €18,735 | -€5,960 | €18,865 | - |
| Financial income75/76B | - | - | - | - | €374 | - | €25 | - | - |
| Recurring financial income75 | €606 | €0 | - | - | €374 | - | €25 | - | - |
| Financial charges65/66B | - | - | - | €1,812 | €2,490 | €3,167 | €1,583 | €1,359 | ▼ 14.2% |
| Recurring financial charges65 | €2,338 | €4,771 | €1,670 | €1,812 | €2,490 | €3,167 | €1,583 | €1,359 | ▼ 14.2% |
| Profit (loss) for the period before taxes9903 | €95,708 | €187,753 | -€50,811 | -€10,802 | -€13,640 | €15,567 | -€7,518 | €17,506 | - |
| Transfer from deferred taxes780 | - | - | - | €782 | €2,345 | €2,345 | €2,345 | €2,345 | = |
| Income taxes67/77 | €35,534 | €399 | €387 | €405 | €307 | - | - | - | - |
| Profit (loss) for the period9904 | €60,174 | €109,184 | -€51,198 | -€10,425 | -€11,602 | €17,913 | -€5,173 | €19,851 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €1,861 | €5,583 | €5,583 | €5,583 | €5,583 | = |
| Profit (loss) for the period to be appropriated9905 | €60,174 | -€76,911 | -€51,198 | -€8,564 | -€6,019 | €23,495 | €410 | €25,434 | ▲ 62× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €343,411 | €450,679 | €333,110 | €469,334 | €399,519 | €390,633 | €375,837 | €404,954 | ▲ 7.7% |
| Fixed assets21/28 | €213,294 | €207,393 | €177,810 | €394,654 | €375,563 | €354,427 | €340,283 | €376,975 | ▲ 10.8% |
| Tangible fixed assets22/27 | €212,999 | €207,098 | €177,515 | €394,359 | €375,268 | €354,132 | €340,283 | €376,975 | ▲ 10.8% |
| Land and buildings22 | - | - | - | €356,768 | €345,957 | €335,146 | €324,335 | €313,523 | ▼ 3.3% |
| Plant, machinery and equipment23 | - | - | - | €21,480 | €15,016 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €16,111 | €14,294 | €6,509 | €5,289 | €63,452 | ▲ 12× |
| Other tangible fixed assets26 | - | - | - | - | - | €12,477 | €10,660 | - | - |
| Financial fixed assets28 | €295 | €295 | €295 | €295 | €295 | €295 | - | - | - |
| Current assets29/58 | €130,117 | €243,286 | €155,300 | €74,680 | €23,956 | €36,206 | €35,553 | €27,979 | ▼ 21.3% |
| Amounts receivable within one year40/41 | €126,306 | €187,153 | €136,333 | €67,563 | €20,467 | €33,754 | €33,765 | €23,808 | ▼ 29.5% |
| Trade receivables40 | - | - | - | €33,201 | €7,262 | - | - | €18,059 | - |
| Other amounts receivable41 | - | - | - | €34,362 | €13,205 | €33,754 | €33,765 | €5,748 | ▼ 83.0% |
| Current investments50/53 | - | - | - | - | €94 | €94 | €1,390 | €1,390 | = |
| Cash at bank and in hand54/58 | €3,811 | €56,133 | €18,967 | €7,025 | €2,796 | €2,358 | €398 | €2,781 | ▲ 598% |
| Deferred charges and accrued income490/1 | - | - | - | €92 | €600 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €343,411 | €450,679 | €333,110 | €469,334 | €399,519 | €390,633 | €375,837 | €404,954 | ▲ 7.7% |
| Equity10/15 | €135,313 | €244,497 | €193,299 | €182,874 | €171,272 | €189,184 | €184,012 | €203,863 | ▲ 10.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €116,713 | €302,808 | €302,808 | €300,947 | €295,364 | €289,781 | €284,199 | €278,616 | ▼ 2.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €206,580 | €200,997 | €195,414 | €189,831 | €184,248 | ▼ 2.9% |
| Distributable reserves133 | - | - | - | €92,508 | €94,368 | €94,368 | €94,368 | €94,368 | = |
| Profit (loss) carried forward14 | - | -€76,911 | -€128,110 | -€136,673 | -€142,692 | -€119,197 | -€118,787 | -€93,353 | ▲ 21.4% |
| Provisions and deferred taxes16 | - | €78,170 | €78,170 | €77,388 | €75,043 | €72,698 | €70,353 | €68,008 | ▼ 3.3% |
| Deferred taxes168 | - | - | - | €77,388 | €75,043 | €72,698 | €70,353 | €68,008 | ▼ 3.3% |
| Amounts payable17/49 | €208,098 | €128,012 | €61,642 | €209,072 | €153,204 | €128,751 | €121,472 | €133,084 | ▲ 9.6% |
| Amounts payable after more than one year17 | €23,145 | €55,537 | €34,788 | €151,159 | €121,756 | €101,092 | €86,330 | €71,359 | ▼ 17.3% |
| Financial debts170/4 | - | - | - | €151,159 | €121,756 | €101,092 | €86,330 | €71,359 | ▼ 17.3% |
| Amounts payable within one year42/48 | €184,953 | €72,475 | €26,854 | €57,795 | €31,448 | €27,659 | €35,143 | €61,725 | ▲ 75.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €27,789 | €28,214 | €23,289 | €14,762 | €14,970 | ▲ 1.4% |
| Trade debts44 | €121,516 | €16,894 | €5,038 | €26,223 | €2,251 | €31 | €387 | - | - |
| Suppliers440/4 | - | - | - | €26,223 | €2,251 | €31 | €387 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €3,784 | €984 | €307 | - | - | - |
| Taxes450/3 | - | - | - | €3,784 | €984 | €307 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €4,032 | €19,993 | €46,754 | ▲ 134% |
| Accrued charges and deferred income492/3 | - | - | - | €118 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €60,174 | €109,184 | -€51,198 | -€10,425 | -€11,602 | €17,913 | -€5,173 | €19,851 | - |
| + Depreciation and write-downs630 | €68,119 | €80,505 | €43,753 | €24,526 | €21,681 | €13,797 | €13,849 | €15,157 | ▲ 9.4% |
| Operating cash flow (approximation) | €128,293 | €189,690 | -€7,445 | €14,101 | €10,079 | €31,709 | €8,676 | €35,008 | ▲ 304% |
| Investment in fixed assets (approximation) | - | -€74,604 | -€14,170 | -€241,370 | -€2,590 | €7,338 | €295 | -€51,849 | - |
| Change in cash | - | €52,322 | -€37,165 | -€11,943 | -€4,229 | -€438 | -€1,960 | €2,383 | - |
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, 17,041 companies had the same profile as Live Systems has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Live Systems itself: 0.3% 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 17,041 companies, not a prediction for Live Systems. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00466975 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00437817 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00367800 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00253809 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20358403 | |
| 31-12-2020 | micro format | 02-03-2022 | 2022-06800296 | |
| 31-12-2019 | micro format | 07-08-2020 | 2020-40000276 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-54400299 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-61500396 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-57900014 |