LLVB
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00440255.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 10 filings
Turnover
≈ €460,000
Estimated: probably between €400,000 and €570,000
Total assets
€75,941▼ 7.0%
2024 · €81,646
Net result
-€29,545▼ 801%
2024 · -€3,281
Working capital
-€104,232▼ 37.3%
2024 · -€75,933
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€23,752
2025
20192025
Net result
-€29,545
▼ 801%
2025
lowest quarter of the sector
20192025
Equity
-€94,811
▼ 45.3%
2025
lowest quarter of the sector
20192025
Total assets
€75,941
▼ 7.0%
2025
middle half of the sector
20192025
Debt
€170,752
▲ 16.2%
2025
20192025
Working capital
-€104,232
▼ 37.3%
2025
lowest quarter of the sector
20192025
Solvency
-124.8%
▼ 44.9pp
2025
lowest quarter of the sector
20192025
Current ratio
0.39
▼ 0.09
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-38.9%
▼ 34.9pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
4.9
▼ 12.5%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€43,226--€11,478▲ 73.4%€34,798-€6,307-€17,939▼ 184%€9,288-€23,752
Net result-€51,924--€17,073below the sector's middle half▲ 67.1%€32,206above the sector's middle half-€9,748below the sector's middle half-€26,667below the sector's middle half▼ 174%-€3,281within the sector's middle half▲ 87.7%-€29,545below the sector's middle half▼ 801%
Equity-€40,523--€57,596below the sector's middle half▼ 42.1%-€25,570below the sector's middle half▲ 55.6%-€35,318below the sector's middle half▼ 38.1%-€61,985below the sector's middle half▼ 75.5%-€65,266below the sector's middle half▼ 5.3%-€94,811below the sector's middle half▼ 45.3%
Total assets€66,261-€58,099within the sector's middle half▼ 12.3%€83,298within the sector's middle half▲ 43.4%€93,108within the sector's middle half▲ 11.8%€94,189within the sector's middle half▲ 1.2%€81,646within the sector's middle half▼ 13.3%€75,941within the sector's middle half▼ 7.0%
Debt€106,784-€115,695▲ 8.3%€108,869▼ 5.9%€128,426▲ 18.0%€156,174▲ 21.6%€146,911▼ 5.9%€170,752▲ 16.2%
Working capital-€57,159--€68,213below the sector's middle half▼ 19.3%-€37,481below the sector's middle half▲ 45.1%-€45,656below the sector's middle half▼ 21.8%-€72,199below the sector's middle half▼ 58.1%-€75,933below the sector's middle half▼ 5.2%-€104,232below the sector's middle half▼ 37.3%
Solvency-61.2%--99.1%below the sector's middle half▼ 38.0pp-30.7%below the sector's middle half▲ 68.4pp-37.9%below the sector's middle half▼ 7.2pp-65.8%below the sector's middle half▼ 27.9pp-79.9%below the sector's middle half▼ 14.1pp-124.8%below the sector's middle half▼ 44.9pp
Current ratio0.46-0.41below the sector's middle half▼ 0.050.66within the sector's middle half▲ 0.250.64within the sector's middle half▼ 0.010.54within the sector's middle half▼ 0.110.48below the sector's middle half▼ 0.050.39below the sector's middle half▼ 0.09
Return on assets (ROA)-78.4%--29.4%below the sector's middle half▲ 49.0pp38.7%above the sector's middle half▲ 68.0pp-10.5%within the sector's middle half▼ 49.1pp-28.3%below the sector's middle half▼ 17.8pp-4.0%within the sector's middle half▲ 24.3pp-38.9%below the sector's middle half▼ 34.9pp
Staff (FTE)8.5-6.2above the sector's middle half▼ 27.1%6▼ 3.2%6.1▲ 1.7%7.7▲ 26.2%5.6▼ 27.3%4.9▼ 12.5%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €23,752, after a profit of €9,288 in 2024. It is the lowest 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 €75,941
Fixed assets
€9,421 ▼ 11.7%
Current assets
€66,520 ▼ 6.3%
Equity and liabilities
Equity-€94,811
Debt€170,752
Equity is negative. Debt (€170,752) exceeds the balance-sheet total (€75,941).
Key figures and ratios
EBITDA
-€20,931▼
2024 · €11,450
Cash flow
-€26,725▼
2024 · -€1,119
Quick ratio
0.29▼
2024 · 0.37
Interest coverage
-3.84▼
2024 · 0.96
Debt ≤ 1 year
€170,752▲
2024 · €146,911
Income taxes
€401▼
2024 · €612
Staff costs
€193,218▲
2024 · €188,861
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 5 | 4 | 3 | 3 |
| full-time | 5 | 5 | 4 | 3 | 3 |
| in full-time equivalents | 5 | 5 | 4 | 3 | 3 |
| Average over the year, in full-time equivalents | 6 | 6.1 | 7.7 | 5.6 | 4.9 |
| On a permanent contract | 4 | 4 | 4 | 3 | 3 |
| Joined | 265 | 631 | 547 | 515 | - |
| Left | 265 | 631 | 548 | 515 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,753 | €2,243 | €2,182 | €2,615 | €1,575 |
| Depreciation and write-downs of the year | €3,459 | €3,816 | €2,306 | €2,162 | €2,821 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €100,206 | €211,390 | €217,031 | €188,861 | €193,218 | ▲ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,094 | €6,019 | €3,459 | €3,816 | €2,306 | €2,162 | €2,821 | ▲ 30.5% |
| Other operating charges640/8 | - | - | €1,249 | €116 | €2,913 | €53 | €106 | ▲ 100% |
| Gross operating margin9900 | €320,015 | €98,429 | €139,712 | €209,015 | €204,311 | €200,364 | €172,393 | ▼ 14.0% |
| Operating profit (loss)9901 | -€43,226 | -€11,478 | €34,798 | -€6,307 | -€17,939 | €9,288 | -€23,752 | - |
| Financial income75/76B | - | - | - | €5 | €53 | €0 | €62 | ▲ 173× |
| Recurring financial income75 | €31 | €143 | - | €5 | €53 | €0 | €62 | ▲ 173× |
| Financial charges65/66B | - | - | €2,802 | €3,445 | €8,384 | €11,957 | €5,454 | ▼ 54.4% |
| Recurring financial charges65 | €7,614 | €4,721 | €2,802 | €3,445 | €8,384 | €11,957 | €5,454 | ▼ 54.4% |
| Profit (loss) for the period before taxes9903 | -€50,809 | -€16,056 | €31,996 | -€9,748 | -€26,271 | -€2,669 | -€29,144 | ▼ 992% |
| Income taxes67/77 | €1,115 | €1,016 | -€210 | - | €396 | €612 | €401 | ▼ 34.4% |
| Profit (loss) for the period9904 | -€51,924 | -€17,073 | €32,206 | -€9,748 | -€26,667 | -€3,281 | -€29,545 | ▼ 801% |
| Profit (loss) for the period to be appropriated9905 | -€51,924 | -€17,073 | €32,206 | -€9,748 | -€26,667 | -€3,281 | -€29,545 | ▼ 801% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €66,261 | €58,099 | €83,298 | €93,108 | €94,189 | €81,646 | €75,941 | ▼ 7.0% |
| Fixed assets21/28 | €16,636 | €10,617 | €11,910 | €10,338 | €10,214 | €10,667 | €9,421 | ▼ 11.7% |
| Tangible fixed assets22/27 | €11,312 | €5,293 | €6,586 | €5,014 | €4,890 | €5,343 | €4,097 | ▼ 23.3% |
| Plant, machinery and equipment23 | - | - | €4,952 | €3,982 | €4,462 | €5,343 | €4,097 | ▼ 23.3% |
| Furniture and vehicles24 | - | - | €1,634 | €1,031 | €429 | - | - | - |
| Financial fixed assets28 | €5,324 | €5,324 | €5,324 | €5,324 | €5,324 | €5,324 | €5,324 | = |
| Current assets29/58 | €49,625 | €47,483 | €71,388 | €82,771 | €83,975 | €70,978 | €66,520 | ▼ 6.3% |
| Stocks and contracts in progress3 | €17,843 | €8,575 | €16,849 | €15,852 | €16,662 | €16,818 | €16,244 | ▼ 3.4% |
| Stocks30/36 | - | - | €16,849 | €15,852 | €16,662 | €16,818 | €16,244 | ▼ 3.4% |
| Amounts receivable within one year40/41 | €24,553 | €32,906 | €24,226 | €38,011 | €51,115 | €30,663 | €40,958 | ▲ 33.6% |
| Trade receivables40 | - | - | €18,425 | €18,880 | €20,859 | €1,094 | - | - |
| Other amounts receivable41 | - | - | €5,802 | €19,131 | €30,256 | €29,569 | €40,958 | ▲ 38.5% |
| Cash at bank and in hand54/58 | €7,229 | €6,001 | €30,312 | €28,908 | €16,198 | €23,498 | €9,317 | ▼ 60.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €66,261 | €58,099 | €83,298 | €93,108 | €94,189 | €81,646 | €75,941 | ▼ 7.0% |
| Equity10/15 | -€40,523 | -€57,596 | -€25,570 | -€35,318 | -€61,985 | -€65,266 | -€94,811 | ▼ 45.3% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€48,583 | -€65,656 | -€33,630 | -€43,378 | -€70,045 | -€73,326 | -€102,871 | ▼ 40.3% |
| Amounts payable17/49 | €106,784 | €115,695 | €108,869 | €128,426 | €156,174 | €146,911 | €170,752 | ▲ 16.2% |
| Amounts payable within one year42/48 | €106,784 | €115,695 | €108,869 | €128,426 | €156,174 | €146,911 | €170,752 | ▲ 16.2% |
| Trade debts44 | €64,768 | €104,526 | €73,515 | €86,452 | €89,176 | €100,042 | €89,820 | ▼ 10.2% |
| Suppliers440/4 | - | - | €73,515 | €86,452 | €89,176 | €100,042 | €89,820 | ▼ 10.2% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €10,072 | - |
| Taxes, remuneration and social security45 | - | - | €32,818 | €39,438 | €64,426 | €34,938 | €58,027 | ▲ 66.1% |
| Taxes450/3 | - | - | €15,698 | €10,033 | €40,119 | €18,230 | €31,999 | ▲ 75.5% |
| Remuneration and social security454/9 | - | - | €17,120 | €29,405 | €24,306 | €16,708 | €26,028 | ▲ 55.8% |
| Other amounts payable47/48 | - | - | €2,536 | €2,536 | €2,572 | €11,931 | €12,833 | ▲ 7.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€51,924 | -€17,073 | €32,206 | -€9,748 | -€26,667 | -€3,281 | -€29,545 | ▼ 801% |
| + Depreciation and write-downs630 | €7,094 | €6,019 | €3,459 | €3,816 | €2,306 | €2,162 | €2,821 | ▲ 30.5% |
| Operating cash flow (approximation) | -€44,830 | -€11,054 | €35,665 | -€5,932 | -€24,361 | -€1,119 | -€26,725 | ▼ 2,289% |
| Investment in fixed assets (approximation) | - | €0 | -€4,753 | -€2,243 | -€2,182 | -€2,615 | -€1,575 | ▲ 39.8% |
| Change in cash | - | -€1,227 | €24,311 | -€1,405 | -€12,710 | €7,300 | -€14,180 | - |
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 LLVB has now. Two years later, 85.4% 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
85.4%
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 LLVB itself: 2.6% 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 LLVB. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00440255 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00163760 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00329891 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00160381 | |
| 31-12-2021 | micro format | 06-07-2022 | 2022-20148959 | |
| 31-12-2020 | micro format | 09-07-2021 | 2021-33800169 | |
| 31-12-2019 | micro format | 17-06-2020 | 2020-17800092 | |
| 30-06-2018 | abbreviated format | 26-01-2019 | 2019-02900051 | |
| 30-06-2017 | micro format | 14-05-2018 | 2018-12900267 | |
| 30-06-2016 | abbreviated format | 11-10-2017 | 2017-67100110 |