LJVB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-06-2026 at the NBB all 14 filings
Equity
-€5,763
2024 · €10,923
Total assets
€18,788▼ 50.5%
2024 · €37,948
Net result
-€16,685
2024 · €4,275
Working capital
-€7,958
2024 · €9,919
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€16,558
2025
20182025
Net result
-€16,685
2025
lowest quarter of the sector
20182025
Equity
-€5,763
2025
lowest quarter of the sector
20182025
Total assets
€18,788
▼ 50.5%
2025
lowest quarter of the sector
20182025
Debt
€24,551
▼ 9.2%
2025
20182025
Working capital
-€7,958
2025
lowest quarter of the sector
20182025
Solvency
-30.7%
▼ 59.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.68
▼ 0.70
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-88.8%
▼ 100.1pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€13,914--€10,516-€8,099▲ 23.0%-€2,410▲ 70.2%€28,193-€1,316€5,025-€16,558
Net result€10,096--€10,667-€8,183below the sector's middle half▲ 23.3%-€3,095below the sector's middle half▲ 62.2%€27,450above the sector's middle half-€1,232within the sector's middle half€4,275within the sector's middle half-€16,685below the sector's middle half
Equity€2,374--€8,293-€16,476below the sector's middle half▼ 98.7%-€19,571below the sector's middle half▼ 18.8%€7,879below the sector's middle half€6,648below the sector's middle half▼ 15.6%€10,923below the sector's middle half▲ 64.3%-€5,763below the sector's middle half
Total assets€49,585-€51,907▲ 4.7%€33,157below the sector's middle half▼ 36.1%€25,742below the sector's middle half▼ 22.4%€45,333below the sector's middle half▲ 76.1%€36,607below the sector's middle half▼ 19.2%€37,948below the sector's middle half▲ 3.7%€18,788below the sector's middle half▼ 50.5%
Debt€47,211-€60,200▲ 27.5%€49,633▼ 17.6%€45,313▼ 8.7%€37,454▼ 17.3%€29,959▼ 20.0%€27,026▼ 9.8%€24,551▼ 9.2%
Working capital-€18,366--€22,496▼ 22.5%-€20,421below the sector's middle half▲ 9.2%-€20,533below the sector's middle half▼ 0.5%€7,835within the sector's middle half€6,053within the sector's middle half▼ 22.7%€9,919within the sector's middle half▲ 63.9%-€7,958below the sector's middle half
Solvency4.8%--16.0%▼ 20.8pp-49.7%below the sector's middle half▼ 33.7pp-76.0%below the sector's middle half▼ 26.3pp17.4%within the sector's middle half▲ 93.4pp18.2%within the sector's middle half▲ 0.8pp28.8%within the sector's middle half▲ 10.6pp-30.7%below the sector's middle half▼ 59.5pp
Current ratio0.60-0.49▼ 0.110.43below the sector's middle half▼ 0.070.42below the sector's middle half▼ 0.011.25within the sector's middle half▲ 0.831.22within the sector's middle half▼ 0.031.37within the sector's middle half▲ 0.160.68below the sector's middle half▼ 0.70
Return on assets (ROA)20.4%--20.6%▼ 40.9pp-24.7%below the sector's middle half▼ 4.1pp-12.0%below the sector's middle half▲ 12.7pp60.6%above the sector's middle half▲ 72.6pp-3.4%within the sector's middle half▼ 63.9pp11.3%within the sector's middle half▲ 14.6pp-88.8%below the sector's middle half▼ 100.1pp
above
within
below
The sector band is the middle half of the companies in Manufacture of furniture (NACE 31). 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 loss of €16,558, after a profit of €5,025 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €18,788
Fixed assets
€2,195 ▲ 55.2%
Current assets
€16,593 ▼ 54.6%
Equity and liabilities
Equity-€5,763
Debt€24,551
Equity is negative. Debt (€24,551) exceeds the balance-sheet total (€18,788).
Key figures and ratios
EBITDA
-€14,984▼
2024 · €6,262
Cash flow
-€15,112▼
2024 · €5,512
Interest coverage
-46.44▼
2024 · 10.12
Debt ≤ 1 year
€24,551▼
2024 · €26,615
Income taxes
€198▲
2024 · €145
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | - | - | €1,698 | - | €2,354 |
| Depreciation and write-downs of the year | €6,915 | €4,916 | €5,212 | €1,237 | €1,574 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €370 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,726 | €12,665 | €11,534 | €6,915 | €4,916 | €5,212 | €1,237 | €1,574 | ▲ 27.2% |
| Other operating charges640/8 | - | - | - | €648 | €781 | €758 | €899 | €738 | ▼ 17.9% |
| Gross operating margin9900 | €23,250 | €2,664 | €4,078 | €5,523 | €33,889 | €4,654 | €7,161 | -€14,246 | - |
| Operating profit (loss)9901 | €13,914 | -€10,516 | -€8,099 | -€2,410 | €28,193 | -€1,316 | €5,025 | -€16,558 | - |
| Financial income75/76B | - | - | - | €71 | €19 | €595 | €13 | €393 | ▲ 30× |
| Recurring financial income75 | €40 | - | €795 | €71 | €19 | €595 | €13 | €393 | ▲ 30× |
| Financial charges65/66B | - | - | - | €483 | €440 | €360 | €619 | €323 | ▼ 47.9% |
| Recurring financial charges65 | €3,625 | €303 | €762 | €483 | €440 | €360 | €619 | €323 | ▼ 47.9% |
| Profit (loss) for the period before taxes9903 | €10,329 | -€10,819 | -€8,067 | -€2,822 | €27,772 | -€1,081 | €4,420 | -€16,487 | - |
| Income taxes67/77 | €233 | -€152 | €116 | €273 | €322 | €150 | €145 | €198 | ▲ 36.9% |
| Profit (loss) for the period9904 | €10,096 | -€10,667 | -€8,183 | -€3,095 | €27,450 | -€1,232 | €4,275 | -€16,685 | - |
| Profit (loss) for the period to be appropriated9905 | €10,096 | -€10,667 | -€8,183 | -€3,095 | €27,450 | -€1,232 | €4,275 | -€16,685 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €49,585 | €51,907 | €33,157 | €25,742 | €45,333 | €36,607 | €37,948 | €18,788 | ▼ 50.5% |
| Fixed assets21/28 | €22,153 | €30,065 | €17,995 | €11,080 | €6,165 | €2,651 | €1,415 | €2,195 | ▲ 55.2% |
| Intangible fixed assets21 | €5,999 | €3,999 | €1,999 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €15,674 | €26,066 | €15,996 | €11,080 | €6,165 | €2,651 | €1,415 | €2,195 | ▲ 55.2% |
| Plant, machinery and equipment23 | - | - | - | €375 | €270 | €165 | €60 | €1,581 | ▲ 26× |
| Furniture and vehicles24 | - | - | - | €10,705 | €5,895 | €2,486 | €1,355 | €614 | ▼ 54.7% |
| Financial fixed assets28 | €480 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €27,433 | €21,842 | €15,162 | €14,662 | €39,169 | €33,955 | €36,533 | €16,593 | ▼ 54.6% |
| Stocks and contracts in progress3 | - | - | - | - | - | €2,868 | €1,000 | - | - |
| Stocks30/36 | - | - | - | - | - | €2,868 | €1,000 | - | - |
| Amounts receivable within one year40/41 | €6,937 | €16,257 | €7,135 | €4,831 | €6,592 | €10,999 | €23,395 | €5,708 | ▼ 75.6% |
| Trade receivables40 | - | - | - | €1,891 | €6,585 | €6,051 | €20,617 | €4,307 | ▼ 79.1% |
| Other amounts receivable41 | - | - | - | €2,940 | €6 | €4,949 | €2,777 | €1,401 | ▼ 49.6% |
| Cash at bank and in hand54/58 | €19,571 | €2,069 | €5,979 | €5,982 | €31,187 | €19,690 | €9,204 | €9,845 | ▲ 7.0% |
| Deferred charges and accrued income490/1 | - | - | - | €3,849 | €1,390 | €398 | €2,935 | €1,039 | ▼ 64.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €49,585 | €51,907 | €33,157 | €25,742 | €45,333 | €36,607 | €37,948 | €18,788 | ▼ 50.5% |
| Equity10/15 | €2,374 | -€8,293 | -€16,476 | -€19,571 | €7,879 | €6,648 | €10,923 | -€5,763 | - |
| Contributions10/11 | €52,000 | €52,000 | - | €52,000 | €52,000 | €52,000 | €52,000 | €52,000 | = |
| Profit (loss) carried forward14 | -€49,626 | -€60,293 | -€68,476 | -€71,571 | -€44,121 | -€45,352 | -€41,077 | -€57,763 | ▼ 40.6% |
| Amounts payable17/49 | €47,211 | €60,200 | €49,633 | €45,313 | €37,454 | €29,959 | €27,026 | €24,551 | ▼ 9.2% |
| Amounts payable after more than one year17 | €1,413 | €15,862 | €14,050 | €10,118 | €6,121 | €2,057 | €411 | - | - |
| Financial debts170/4 | - | - | - | €10,118 | €6,121 | €2,057 | €411 | - | - |
| Amounts payable within one year42/48 | €45,798 | €44,338 | €35,583 | €35,195 | €31,333 | €27,902 | €26,615 | €24,551 | ▼ 7.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,932 | €3,997 | €4,064 | €1,603 | €411 | ▼ 74.4% |
| Trade debts44 | €4,540 | €2,869 | €2,907 | €3,969 | €3,842 | €3,348 | €3,697 | €7,277 | ▲ 96.8% |
| Suppliers440/4 | - | - | - | €3,969 | €3,842 | €3,348 | €3,697 | €7,277 | ▲ 96.8% |
| Taxes, remuneration and social security45 | - | - | - | €567 | €873 | €832 | €771 | €343 | ▼ 55.5% |
| Taxes450/3 | - | - | - | €107 | €413 | €356 | €295 | €343 | ▲ 16.3% |
| Remuneration and social security454/9 | - | - | - | €460 | €460 | €476 | €476 | - | - |
| Other amounts payable47/48 | - | - | - | €26,727 | €22,621 | €19,659 | €20,543 | €16,520 | ▼ 19.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,096 | -€10,667 | -€8,183 | -€3,095 | €27,450 | -€1,232 | €4,275 | -€16,685 | - |
| + Depreciation and write-downs630 | €8,726 | €12,665 | €11,534 | €6,915 | €4,916 | €5,212 | €1,237 | €1,574 | ▲ 27.2% |
| Operating cash flow (approximation) | €18,822 | €1,998 | €3,351 | €3,820 | €32,366 | €3,980 | €5,512 | -€15,112 | - |
| Investment in fixed assets (approximation) | - | -€20,577 | €536 | €0 | €0 | -€1,698 | €0 | -€2,354 | - |
| Change in cash | - | -€17,502 | €3,910 | €2 | €25,205 | -€11,497 | -€10,486 | €641 | - |
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, 6,907 companies had the same profile as LJVB has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LJVB itself: 1.8% 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 6,907 companies, not a prediction for LJVB. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-06-2026 | 2026-00160842 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00185518 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00166593 | |
| 31-12-2022 | micro format | 22-06-2023 | 2023-00175780 | |
| 31-12-2021 | micro format | 22-06-2022 | 2022-20085257 | |
| 31-12-2020 | micro format | 18-06-2021 | 2021-24000426 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27500196 | |
| 31-12-2018 | micro format | 22-06-2019 | 2019-23300312 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-23300338 | |
| 31-12-2016 | micro format | 21-09-2017 | 2017-61400364 |