LN-SQUARED
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-01-2026 PDF all 11 filings
Turnover
≈ €180,000
Estimated: probably between €89,000 and €390,000
EBIT margin
Not included in this filing
Net result
-€32,056▼ 84.7%
2024 · -€17,352
Working capital
-€27,314▼ 999%
2024 · -€2,486
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€5,079
▲ 516%
2025
20192025
Net result
-€32,056
▼ 84.7%
2025
lowest quarter of the sector
20192025
Equity
-€15,741
2025
lowest quarter of the sector
20192025
Total assets
€34,465
▼ 19.5%
2025
lowest quarter of the sector
20192025
Debt
€50,205
▲ 89.5%
2025
20192025
Working capital
-€27,314
▼ 999%
2025
lowest quarter of the sector
20192025
Solvency
-45.7%
▼ 83.8pp
2025
lowest quarter of the sector
20192025
Current ratio
0.35
▼ 0.47
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-93.0%
▼ 52.5pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€2-€10,395▲ 5,198×€16,299▲ 56.8%€38,307▲ 135%€37,001▼ 3.4%€825▼ 97.8%€5,079▲ 516%
Net result-€52-€10,339within the sector's middle half€13,299within the sector's middle half▲ 28.6%€14,493within the sector's middle half▲ 9.0%€5,500within the sector's middle half▼ 62.1%-€17,352below the sector's middle half-€32,056below the sector's middle half▼ 84.7%
Equity-€4,963-€5,376below the sector's middle half€18,675below the sector's middle half▲ 247%€33,168below the sector's middle half▲ 77.6%€33,668below the sector's middle half▲ 1.5%€16,316below the sector's middle half▼ 51.5%-€15,741below the sector's middle half
Total assets€868-€25,217below the sector's middle half▲ 29×€25,040below the sector's middle half▼ 0.7%€68,613below the sector's middle half▲ 174%€58,743below the sector's middle half▼ 14.4%€42,803below the sector's middle half▼ 27.1%€34,465below the sector's middle half▼ 19.5%
Debt€5,831-€19,841▲ 240%€6,365▼ 67.9%€35,445▲ 457%€25,075▼ 29.3%€26,487▲ 5.6%€50,205▲ 89.5%
Working capital-€4,963-€5,376within the sector's middle half€18,675within the sector's middle half▲ 247%€23,503within the sector's middle half▲ 25.9%€17,913within the sector's middle half▼ 23.8%-€2,486within the sector's middle half-€27,314below the sector's middle half▼ 999%
Solvency21.3%within the sector's middle half74.6%above the sector's middle half▲ 53.3pp48.3%within the sector's middle half▼ 26.2pp57.3%above the sector's middle half▲ 9.0pp38.1%within the sector's middle half▼ 19.2pp-45.7%below the sector's middle half▼ 83.8pp
Current ratio1.27within the sector's middle half3.93above the sector's middle half▲ 2.662.06within the sector's middle half▼ 1.871.94within the sector's middle half▼ 0.120.83below the sector's middle half▼ 1.120.35below the sector's middle half▼ 0.47
Return on assets (ROA)41.0%above the sector's middle half53.1%above the sector's middle half▲ 12.1pp21.1%above the sector's middle half▼ 32.0pp9.4%within the sector's middle half▼ 11.8pp-40.5%below the sector's middle half▼ 49.9pp-93.0%below the sector's middle half▼ 52.5pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 nearly 6.2 times that of 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €34,465
Fixed assets
€19,651 ▼ 36.6%
Current assets
€14,814 ▲ 25.4%
Equity and liabilities
Equity-€15,741
Debt€50,205
Equity is negative. Debt (€50,205) exceeds the balance-sheet total (€34,465).
Key figures and ratios
EBITDA
€16,416▲
2024 · €10,692
Cash flow
-€20,719▼
2024 · -€7,485
Interest coverage
0.45▼
2024 · 0.61
Debt ≤ 1 year
€42,128▲
2024 · €14,302
Debt > 1 year
€8,077▼
2024 · €12,185
Income taxes
€469▼
2024 · €522
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 | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €24,422 | €7,349 | €19,019 | - |
| Depreciation and write-downs of the year | €1,494 | €8,442 | €9,867 | €11,337 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €1,494 | €8,442 | €9,867 | €11,337 | ▲ 14.9% |
| Other operating charges640/8 | - | - | - | €348 | €778 | €690 | €821 | ▲ 18.9% |
| Gross operating margin9900 | €400 | €10,395 | €16,787 | €40,149 | €46,221 | €11,382 | €17,237 | ▲ 51.4% |
| Operating profit (loss)9901 | €2 | €10,395 | €16,299 | €38,307 | €37,001 | €825 | €5,079 | ▲ 516% |
| Financial charges65/66B | - | - | - | €19,615 | €28,327 | €17,655 | €36,666 | ▲ 108% |
| Recurring financial charges65 | €54 | €56 | €100 | €19,615 | €28,327 | €17,655 | €36,666 | ▲ 108% |
| Profit (loss) for the period before taxes9903 | -€52 | €10,339 | €16,199 | €18,692 | €8,674 | -€16,830 | -€31,587 | ▼ 87.7% |
| Income taxes67/77 | - | - | €2,900 | €4,199 | €3,174 | €522 | €469 | ▼ 10.1% |
| Profit (loss) for the period9904 | -€52 | €10,339 | €13,299 | €14,493 | €5,500 | -€17,352 | -€32,056 | ▼ 84.7% |
| Profit (loss) for the period to be appropriated9905 | -€52 | €10,339 | €13,299 | €14,493 | €5,500 | -€17,352 | -€32,056 | ▼ 84.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €868 | €25,217 | €25,040 | €68,613 | €58,743 | €42,803 | €34,465 | ▼ 19.5% |
| Fixed assets21/28 | - | - | - | €22,928 | €21,835 | €30,987 | €19,651 | ▼ 36.6% |
| Tangible fixed assets22/27 | - | - | - | €22,928 | €21,835 | €30,987 | €19,651 | ▼ 36.6% |
| Land and buildings22 | - | - | - | - | €5,777 | €5,385 | €4,994 | ▼ 7.3% |
| Furniture and vehicles24 | - | - | - | €22,928 | €16,058 | €25,602 | €14,657 | ▼ 42.8% |
| Current assets29/58 | €868 | €25,217 | €25,040 | €45,685 | €36,908 | €11,816 | €14,814 | ▲ 25.4% |
| Amounts receivable within one year40/41 | €679 | €5,000 | €5,082 | - | €4 | €1,600 | €8,433 | ▲ 427% |
| Trade receivables40 | - | - | - | - | €4 | - | €3,933 | - |
| Other amounts receivable41 | - | - | - | - | - | €1,600 | €4,500 | ▲ 181% |
| Cash at bank and in hand54/58 | €189 | €20,217 | €19,588 | €43,553 | €35,045 | €6,547 | €2,925 | ▼ 55.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,132 | €1,859 | €3,669 | €3,457 | ▼ 5.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €868 | €25,217 | €25,040 | €68,613 | €58,743 | €42,803 | €34,465 | ▼ 19.5% |
| Equity10/15 | -€4,963 | €5,376 | €18,675 | €33,168 | €33,668 | €16,316 | -€15,741 | - |
| Contributions10/11 | €6,200 | €6,200 | - | €8,060 | €8,060 | €8,060 | €8,060 | = |
| Reserves13 | €1,860 | €1,860 | - | - | €500 | €500 | €500 | = |
| Distributable reserves133 | - | - | - | - | €500 | €500 | €500 | = |
| Profit (loss) carried forward14 | -€13,023 | -€2,684 | €10,615 | €25,108 | €25,108 | €7,756 | -€24,301 | - |
| Amounts payable17/49 | €5,831 | €19,841 | €6,365 | €35,445 | €25,075 | €26,487 | €50,205 | ▲ 89.5% |
| Amounts payable after more than one year17 | - | - | - | €13,263 | €6,080 | €12,185 | €8,077 | ▼ 33.7% |
| Financial debts170/4 | - | - | - | €13,263 | €6,080 | €12,185 | €8,077 | ▼ 33.7% |
| Amounts payable within one year42/48 | €5,831 | €19,841 | €6,365 | €22,182 | €18,995 | €14,302 | €42,128 | ▲ 195% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,061 | €7,183 | €9,991 | €4,108 | ▼ 58.9% |
| Financial debts43 | - | - | - | - | - | - | €1,694 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €1,694 | - |
| Trade debts44 | €348 | €73 | €3,173 | €3,999 | €1,285 | €1,863 | €2,145 | ▲ 15.1% |
| Suppliers440/4 | - | - | - | €3,999 | €1,285 | €1,863 | €2,145 | ▲ 15.1% |
| Taxes, remuneration and social security45 | - | - | - | €4,174 | €3,706 | €1,904 | €2,975 | ▲ 56.3% |
| Taxes450/3 | - | - | - | €4,174 | €3,706 | €1,904 | €2,975 | ▲ 56.3% |
| Other amounts payable47/48 | - | - | - | €6,948 | €6,821 | €544 | €31,205 | ▲ 57× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€52 | €10,339 | €13,299 | €14,493 | €5,500 | -€17,352 | -€32,056 | ▼ 84.7% |
| + Depreciation and write-downs630 | - | - | - | €1,494 | €8,442 | €9,867 | €11,337 | ▲ 14.9% |
| Operating cash flow (approximation) | -€52 | €10,339 | €13,299 | €15,987 | €13,942 | -€7,485 | -€20,719 | ▼ 177% |
| Investment in fixed assets (approximation) | - | - | - | - | -€7,349 | -€19,019 | -€1 | ▲ 100.0% |
| Change in cash | - | €20,028 | -€629 | €23,965 | -€8,508 | -€28,498 | -€3,622 | ▲ 87.3% |
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 LN-SQUARED 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 LN-SQUARED 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 LN-SQUARED. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 30-01-2026 | 2026-00022212 | |
| 30-06-2024 | full format | 02-01-2025 | 2025-00631047 | |
| 30-06-2023 | full format | 09-01-2024 | 2024-00000125 | |
| 30-06-2022 | full format | 20-12-2022 | 2022-20540637 | |
| 30-06-2021 | full format | 17-12-2021 | 2021-80600331 | |
| 30-06-2020 | full format | 18-12-2020 | 2020-76300082 | |
| 30-06-2019 | full format | 06-01-2020 | 2020-00200072 | |
| 30-06-2018 | full format | 15-01-2019 | 2019-01200187 | |
| 30-06-2017 | full format | 02-01-2018 | 2018-00100331 | |
| 30-06-2016 | full format | 01-02-2017 | 2017-03800580 |