LNDD
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-04-2026 PDF all 5 filings
Turnover
≈ €390,000
Estimated: probably between €310,000 and €500,000
EBIT margin
Not included in this filing
Net result
€172,079▲ 45.6%
2024 · €118,161
Working capital
€28,982▼ 84.5%
2024 · €187,451
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€223,141
▲ 45.3%
2025
20212025
Net result
€172,079
▲ 45.6%
2025
middle half of the sector
20212025
Equity
€158,475
▼ 44.7%
2025
lowest quarter of the sector
20212025
Total assets
€537,391
▲ 18.1%
2025
lowest quarter of the sector
20212025
Debt
€378,915
▲ 125%
2025
20212025
Working capital
€28,982
▼ 84.5%
2025
middle half of the sector
20212025
Solvency
29.5%
▼ 33.4pp
2025
middle half of the sector
20212025
Current ratio
1.09
▼ 1.02
2025
middle half of the sector
20212025
Return on assets (ROA)
32.0%
▲ 6.1pp
2025
highest quarter of the sector
20212025
Staff (FTE)
0
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€25,417-€167,251▲ 558%€217,496▲ 30.0%€153,572▼ 29.4%€223,141▲ 45.3%
Net result€20,323within the sector's middle half-€128,114above the sector's middle half▲ 530%€164,799above the sector's middle half▲ 28.6%€118,161above the sector's middle half▼ 28.3%€172,079within the sector's middle half▲ 45.6%
Equity€25,323below the sector's middle half-€153,437within the sector's middle half▲ 506%€318,236above the sector's middle half▲ 107%€286,397above the sector's middle half▼ 10.0%€158,475below the sector's middle half▼ 44.7%
Total assets€39,133below the sector's middle half-€188,982within the sector's middle half▲ 383%€360,735within the sector's middle half▲ 90.9%€455,150within the sector's middle half▲ 26.2%€537,391below the sector's middle half▲ 18.1%
Debt€13,810-€35,545▲ 157%€42,500▲ 19.6%€168,754▲ 297%€378,915▲ 125%
Working capital€25,328within the sector's middle half-€131,657within the sector's middle half▲ 420%€271,452above the sector's middle half▲ 106%€187,451above the sector's middle half▼ 30.9%€28,982within the sector's middle half▼ 84.5%
Solvency64.7%within the sector's middle half-81.2%above the sector's middle half▲ 16.5pp88.2%above the sector's middle half▲ 7.0pp62.9%within the sector's middle half▼ 25.3pp29.5%within the sector's middle half▼ 33.4pp
Current ratio2.83within the sector's middle half-4.70above the sector's middle half▲ 1.877.39above the sector's middle half▲ 2.682.11within the sector's middle half▼ 5.281.09within the sector's middle half▼ 1.02
Return on assets (ROA)51.9%above the sector's middle half-67.8%above the sector's middle half▲ 15.9pp45.7%above the sector's middle half▼ 22.1pp26.0%within the sector's middle half▼ 19.7pp32.0%above the sector's middle half▲ 6.1pp
Staff (FTE)0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 45% higher than in 2024 and the highest since 2021. 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 €537,391
Fixed assets
€174,027 ▲ 75.9%
Current assets
€363,364 ▲ 2.0%
Equity and liabilities €537,391
Equity
€158,475 ▼ 44.7%
Debt
€378,915 ▲ 125%
Debt's share of the balance-sheet total rises from 37.1% to 70.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€241,731▲
2024 · €164,569
Cash flow
€190,669▲
2024 · €129,159
Debt to equity
2.39▲
2024 · 0.59
ROE
108.6%▲
2024 · 41.3%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€334,382▲
2024 · €168,754
Debt > 1 year
€44,534
Income taxes
€52,533▲
2024 · €38,330
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 | - | €30,100 | €1,345 | €2,339 | €109,250 |
| Financial fixed assets | - | - | €34,000 | €60,821 | - |
| Depreciation and write-downs of the year | - | €8,320 | €10,342 | €10,998 | €18,590 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €8,320 | €10,342 | €10,998 | €18,590 | ▲ 69.0% |
| Other operating charges640/8 | €348 | €1,220 | €1,150 | €1,109 | €1,250 | ▲ 12.8% |
| Gross operating margin9900 | €25,764 | €176,791 | €228,989 | €165,678 | €242,981 | ▲ 46.7% |
| Operating profit (loss)9901 | €25,417 | €167,251 | €217,496 | €153,572 | €223,141 | ▲ 45.3% |
| Financial income75/76B | - | - | - | €3,058 | €3,449 | ▲ 12.8% |
| Recurring financial income75 | - | - | - | €3,058 | €3,449 | ▲ 12.8% |
| Financial charges65/66B | €14 | €49 | €129 | €138 | €1,978 | ▲ 14× |
| Recurring financial charges65 | €14 | €49 | €129 | €138 | €1,978 | ▲ 14× |
| Profit (loss) for the period before taxes9903 | €25,403 | €167,202 | €217,367 | €156,491 | €224,612 | ▲ 43.5% |
| Income taxes67/77 | €5,081 | €39,088 | €52,568 | €38,330 | €52,533 | ▲ 37.1% |
| Profit (loss) for the period9904 | €20,323 | €128,114 | €164,799 | €118,161 | €172,079 | ▲ 45.6% |
| Profit (loss) for the period to be appropriated9905 | €20,323 | €128,114 | €164,799 | €118,161 | €172,079 | ▲ 45.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €39,133 | €188,982 | €360,735 | €455,150 | €537,391 | ▲ 18.1% |
| Fixed assets21/28 | - | €21,780 | €46,784 | €98,946 | €174,027 | ▲ 75.9% |
| Tangible fixed assets22/27 | - | €21,780 | €12,784 | €4,125 | €93,206 | ▲ 23× |
| Furniture and vehicles24 | - | €21,780 | €12,784 | €4,125 | €88,362 | ▲ 21× |
| Other tangible fixed assets26 | - | - | - | - | €4,844 | - |
| Financial fixed assets28 | - | - | €34,000 | €94,821 | €80,821 | ▼ 14.8% |
| Current assets29/58 | €39,133 | €167,202 | €313,952 | €356,205 | €363,364 | ▲ 2.0% |
| Amounts receivable within one year40/41 | - | - | - | €20,222 | €79,308 | ▲ 292% |
| Trade receivables40 | - | - | - | - | €79,308 | - |
| Other amounts receivable41 | - | - | - | €20,222 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €39,133 | €162,176 | €307,983 | €329,606 | €283,126 | ▼ 14.1% |
| Deferred charges and accrued income490/1 | - | €5,026 | €5,968 | €6,377 | €929 | ▼ 85.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €39,133 | €188,982 | €360,735 | €455,150 | €537,391 | ▲ 18.1% |
| Equity10/15 | €25,323 | €153,437 | €318,236 | €286,397 | €158,475 | ▼ 44.7% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €20,323 | €148,437 | €313,236 | €281,397 | €153,475 | ▼ 45.5% |
| Amounts payable17/49 | €13,810 | €35,545 | €42,500 | €168,754 | €378,915 | ▲ 125% |
| Amounts payable after more than one year17 | - | - | - | - | €44,534 | - |
| Financial debts170/4 | - | - | - | - | €44,534 | - |
| Amounts payable within one year42/48 | €13,805 | €35,545 | €42,500 | €168,754 | €334,382 | ▲ 98.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €19,589 | - |
| Trade debts44 | €2,324 | €2,903 | €3,687 | €3,939 | €765 | ▼ 80.6% |
| Suppliers440/4 | €2,324 | €2,903 | €3,687 | €3,939 | €765 | ▼ 80.6% |
| Taxes, remuneration and social security45 | €11,481 | €32,642 | €38,663 | €14,814 | €16,450 | ▲ 11.0% |
| Taxes450/3 | €11,481 | €32,642 | €38,663 | €14,814 | €16,450 | ▲ 11.0% |
| Other amounts payable47/48 | - | - | €150 | €150,000 | €297,577 | ▲ 98.4% |
| Accrued charges and deferred income492/3 | €6 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,323 | €128,114 | €164,799 | €118,161 | €172,079 | ▲ 45.6% |
| + Depreciation and write-downs630 | - | €8,320 | €10,342 | €10,998 | €18,590 | ▲ 69.0% |
| Operating cash flow (approximation) | €20,323 | €136,434 | €175,141 | €129,159 | €190,669 | ▲ 47.6% |
| Investment in fixed assets (approximation) | - | - | -€35,345 | -€63,160 | -€93,671 | ▼ 48.3% |
| Change in cash | - | €123,043 | €145,807 | €21,622 | -€46,479 | - |
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, 1,602 companies had the same profile as LNDD has now. Two years later, 96.6% were still going and 2.3% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.6%
was still going
0.9%
stopped otherwise
2.3%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LNDD itself is lower: < 0.1% within 12 months. It rests on far more data about LNDD than the profile alone.
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 1,602 companies, not a prediction for LNDD. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-04-2026 | 2026-00087390 | |
| 31-12-2024 | micro format | 31-03-2025 | 2025-00058987 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00213327 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00175375 | |
| 31-12-2021 | micro format | 19-07-2022 | 2022-20199969 |