LML
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 20 days after the deadline Filed on 20 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00409103.
Annual accounts 2025 filed on 20-08-2026 at the NBB all 6 filings
Turnover
≈ €78,000
Estimated: probably between €32,000 and €160,000
Total assets
€159,296▲ 8.7%
2024 · €146,593
Net result
-€78,442▼ 162%
2024 · -€29,990
Working capital
-€53,312
2024 · €16,561
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€77,304
▼ 164%
2025
20202025
Net result
-€78,442
▼ 162%
2025
lowest quarter of the sector
20202025
Equity
-€38,849
2025
lowest quarter of the sector
20202025
Total assets
€159,296
▲ 8.7%
2025
middle half of the sector
20202025
Debt
€198,145
▲ 85.2%
2025
20202025
Working capital
-€53,312
2025
lowest quarter of the sector
20202025
Solvency
-24.4%
▼ 51.4pp
2025
lowest quarter of the sector
20202025
Current ratio
0.73
▼ 0.43
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
-49.2%
▼ 28.8pp
2025
lowest quarter of the sector
20202025
Staff (FTE)
2
=
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€2,594-€2,262▼ 12.8%-€15,202€377-€29,298-€77,304▼ 164%
Net result€1,496within the sector's middle half-€1,426within the sector's middle half▼ 4.7%-€16,149below the sector's middle half-€1,391below the sector's middle half▲ 91.4%-€29,990below the sector's middle half▼ 2,056%-€78,442below the sector's middle half▼ 162%
Equity€86,496within the sector's middle half-€87,123within the sector's middle half▲ 0.7%€70,974within the sector's middle half▼ 18.5%€69,582within the sector's middle half▼ 2.0%€39,592within the sector's middle half▼ 43.1%-€38,849below the sector's middle half
Total assets€128,371within the sector's middle half-€129,050within the sector's middle half▲ 0.5%€103,461within the sector's middle half▼ 19.8%€126,226within the sector's middle half▲ 22.0%€146,593within the sector's middle half▲ 16.1%€159,296within the sector's middle half▲ 8.7%
Debt€41,875-€41,927▲ 0.1%€32,488▼ 22.5%€56,644▲ 74.4%€107,001▲ 88.9%€198,145▲ 85.2%
Working capital€42,380within the sector's middle half-€46,061within the sector's middle half▲ 8.7%€37,325within the sector's middle half▼ 19.0%€34,343within the sector's middle half▼ 8.0%€16,561within the sector's middle half▼ 51.8%-€53,312below the sector's middle half
Solvency67.4%above the sector's middle half-67.5%above the sector's middle half▲ 0.1pp68.6%above the sector's middle half▲ 1.1pp55.1%within the sector's middle half▼ 13.5pp27.0%within the sector's middle half▼ 28.1pp-24.4%below the sector's middle half▼ 51.4pp
Current ratio2.32within the sector's middle half-2.24within the sector's middle half▼ 0.082.15within the sector's middle half▼ 0.091.61within the sector's middle half▼ 0.541.15within the sector's middle half▼ 0.450.73below the sector's middle half▼ 0.43
Return on assets (ROA)1.2%within the sector's middle half-1.1%within the sector's middle half▼ 0.1pp-15.6%below the sector's middle half▼ 16.7pp-1.1%below the sector's middle half▲ 14.5pp-20.5%below the sector's middle half▼ 19.4pp-49.2%below the sector's middle half▼ 28.8pp
Staff (FTE)1.6within the sector's middle half-1.1▼ 31.3%0.9▼ 18.2%1.3▲ 44.4%2▲ 53.8%2=
above
within
below
The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). 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 €77,304, larger than the loss of €29,298 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 €159,296
Fixed assets
€16,661 ▼ 27.7%
Current assets
€142,635 ▲ 15.4%
Equity and liabilities
Equity-€38,849
Debt€198,145
Equity is negative. Debt (€198,145) exceeds the balance-sheet total (€159,296).
Key figures and ratios
EBITDA
-€71,009▼
2024 · -€14,572
Cash flow
-€72,146▼
2024 · -€15,264
Quick ratio
0.05▼
2024 · 0.22
Interest coverage
-38.21▼
2024 · -5.72
Debt ≤ 1 year
€195,947▲
2024 · €107,001
Income taxes
€169
Staff costs
€79,748▼
2024 · €81,108
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 | 1 | - | 2 | 2 | 2 |
| full-time | 1 | - | 2 | 2 | 2 |
| in full-time equivalents | 1 | - | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 1.1 | 0.9 | 1.3 | 2 | 2 |
| On a permanent contract | 1 | - | 2 | 2 | 2 |
| Joined | 1 | 0 | 2 | - | 2 |
| Left | 2 | 1 | 0 | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,669 | €2,403 | €11,952 | €2,339 | - |
| Financial fixed assets | - | - | €4,500 | €180 | - |
| Depreciation and write-downs of the year | €12,729 | €14,475 | €14,862 | €14,726 | €6,296 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €731 | €519 | - | - | - | - |
| Remuneration, social security and pensions62 | - | €33,324 | €36,838 | €53,117 | €81,108 | €79,748 | ▼ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,442 | €12,729 | €14,475 | €14,862 | €14,726 | €6,296 | ▼ 57.2% |
| Other operating charges640/8 | - | €788 | €348 | €1,021 | €387 | €1,321 | ▲ 241% |
| Non-recurring operating charges66A | - | - | €85 | - | - | €26 | - |
| Gross operating margin9900 | €77,356 | €49,103 | €36,543 | €69,378 | €66,923 | €10,086 | ▼ 84.9% |
| Operating profit (loss)9901 | €2,594 | €2,262 | -€15,202 | €377 | -€29,298 | -€77,304 | ▼ 164% |
| Financial income75/76B | - | €663 | €642 | €346 | €1,857 | €890 | ▼ 52.1% |
| Recurring financial income75 | €169 | €663 | €642 | €346 | €1,857 | €890 | ▼ 52.1% |
| Financial charges65/66B | - | €1,040 | €1,453 | €1,959 | €2,548 | €1,858 | ▼ 27.1% |
| Recurring financial charges65 | €1,255 | €1,040 | €1,453 | €1,959 | €2,548 | €1,858 | ▼ 27.1% |
| Profit (loss) for the period before taxes9903 | €1,507 | €1,885 | -€16,013 | -€1,235 | -€29,990 | -€78,272 | ▼ 161% |
| Income taxes67/77 | €11 | €459 | €137 | €156 | - | €169 | - |
| Profit (loss) for the period9904 | €1,496 | €1,426 | -€16,149 | -€1,391 | -€29,990 | -€78,442 | ▼ 162% |
| Profit (loss) for the period to be appropriated9905 | €1,496 | €1,426 | -€16,149 | -€1,391 | -€29,990 | -€78,442 | ▼ 162% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €128,371 | €129,050 | €103,461 | €126,226 | €146,593 | €159,296 | ▲ 8.7% |
| Fixed assets21/28 | €53,780 | €45,720 | €33,649 | €35,239 | €23,032 | €16,661 | ▼ 27.7% |
| Intangible fixed assets21 | €342 | €175 | €9 | - | - | - | - |
| Tangible fixed assets22/27 | €53,363 | €45,470 | €33,565 | €30,664 | €18,277 | €11,981 | ▼ 34.4% |
| Plant, machinery and equipment23 | - | €1,149 | €860 | €1,329 | €1,317 | €746 | ▼ 43.4% |
| Furniture and vehicles24 | - | €41,905 | €29,467 | €17,518 | €5,031 | €1,011 | ▼ 79.9% |
| Other tangible fixed assets26 | - | €2,416 | €3,238 | €11,818 | €11,928 | €10,225 | ▼ 14.3% |
| Financial fixed assets28 | €75 | €75 | €75 | €4,575 | €4,755 | €4,680 | ▼ 1.6% |
| Current assets29/58 | €74,591 | €83,330 | €69,812 | €90,987 | €123,562 | €142,635 | ▲ 15.4% |
| Stocks and contracts in progress3 | €46,842 | €55,874 | €58,416 | €56,846 | €100,049 | €132,095 | ▲ 32.0% |
| Stocks30/36 | - | €55,874 | €58,416 | €56,846 | €100,049 | €132,095 | ▲ 32.0% |
| Amounts receivable within one year40/41 | €616 | €59 | €334 | €665 | €120 | €384 | ▲ 220% |
| Trade receivables40 | - | €59 | €334 | €665 | €120 | €384 | ▲ 220% |
| Cash at bank and in hand54/58 | €24,065 | €26,080 | €8,259 | €21,522 | €12,716 | €6,969 | ▼ 45.2% |
| Deferred charges and accrued income490/1 | - | €1,317 | €2,803 | €11,953 | €10,676 | €3,187 | ▼ 70.1% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €128,371 | €129,050 | €103,461 | €126,226 | €146,593 | €159,296 | ▲ 8.7% |
| Equity10/15 | €86,496 | €87,123 | €70,974 | €69,582 | €39,592 | -€38,849 | - |
| Contributions10/11 | - | €85,000 | €85,000 | €85,000 | €85,000 | €85,000 | = |
| Reserves13 | - | €626 | €626 | €626 | €626 | €626 | = |
| Distributable reserves133 | - | €626 | €626 | €626 | €626 | €626 | = |
| Profit (loss) carried forward14 | €1,496 | €1,496 | -€14,653 | -€16,044 | -€46,034 | -€124,476 | ▼ 170% |
| Amounts payable17/49 | €41,875 | €41,927 | €32,488 | €56,644 | €107,001 | €198,145 | ▲ 85.2% |
| Amounts payable after more than one year17 | €9,664 | €4,658 | - | - | - | - | - |
| Financial debts170/4 | - | €4,658 | - | - | - | - | - |
| Amounts payable within one year42/48 | €32,211 | €37,269 | €32,488 | €56,644 | €107,001 | €195,947 | ▲ 83.1% |
| Current portion of amounts payable after more than one year42 | - | €5,006 | €4,658 | - | - | - | - |
| Trade debts44 | €1,568 | €5,640 | €4,530 | €11,120 | €10,729 | €8,762 | ▼ 18.3% |
| Suppliers440/4 | - | €5,640 | €4,530 | €11,120 | €10,729 | €8,762 | ▼ 18.3% |
| Taxes, remuneration and social security45 | - | €6,931 | €3,851 | €12,075 | €16,823 | €15,524 | ▼ 7.7% |
| Taxes450/3 | - | €2,777 | €860 | €4,290 | €5,554 | €6,498 | ▲ 17.0% |
| Remuneration and social security454/9 | - | €4,154 | €2,991 | €7,785 | €11,269 | €9,027 | ▼ 19.9% |
| Other amounts payable47/48 | - | €19,692 | €19,448 | €33,448 | €79,448 | €171,660 | ▲ 116% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €2,198 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,496 | €1,426 | -€16,149 | -€1,391 | -€29,990 | -€78,442 | ▼ 162% |
| + Depreciation and write-downs630 | €11,442 | €12,729 | €14,475 | €14,862 | €14,726 | €6,296 | ▼ 57.2% |
| Operating cash flow (approximation) | €12,939 | €14,155 | -€1,675 | €13,470 | -€15,264 | -€72,146 | ▼ 373% |
| Investment in fixed assets (approximation) | - | -€4,669 | -€2,403 | -€16,452 | -€2,519 | €75 | - |
| Change in cash | - | €2,014 | -€17,820 | €13,263 | -€8,806 | -€5,747 | ▲ 34.7% |
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, 6,008 companies had the same profile as LML has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LML itself: 3.1% 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 6,008 companies, not a prediction for LML. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-08-2026 | 2026-00409103 | |
| 31-12-2024 | micro format | 21-06-2025 | 2025-00168692 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00216581 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00180946 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20105178 | |
| 31-12-2020 | micro format | 08-06-2021 | 2021-17800119 |