LO45
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00447658.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 26 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€152,820▲ 3.7%
2021 · €147,419
EBIT margin
-65.9%▼ 4.9pp
2021 · -61.1%
Net result
-€114,749▲ 42.5%
2024 · -€199,520
Working capital
€114,570
2024 · -€957,479
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€23,885
▲ 39.1%
2025
20182025
Net result
-€114,749
▲ 42.5%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€1.2m
▼ 10.2%
2025
lowest quarter of the sector
20182025
Total assets
€1.6m
▼ 2.4%
2025
middle half of the sector
20182025
Debt
€2.8m
▲ 2.8%
2025
20182025
Working capital
€114,570
2025
middle half of the sector
20182025
Solvency
-78.4%
▼ 9.0pp
2025
lowest quarter of the sector
20182025
Current ratio
7.09
▲ 7.03
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-7.3%
▲ 5.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.2m-€0.2m▲ 1.2%€0.2m▲ 0.7%€0.1m▼ 10.2%€0.2m▲ 3.7%
Operating result-€0.1m--€0.1m▲ 22.9%-€0.08m▲ 19.0%-€0.09m▼ 14.8%-€0.1m▼ 11.9%-€0.1m▼ 33.5%-€0.04m▲ 70.8%-€0.02m▲ 39.1%
Net result-€0.2m--€0.2m▲ 16.1%-€0.1mbelow the sector's middle half▲ 12.3%-€0.1mbelow the sector's middle half▼ 4.0%-€0.2mbelow the sector's middle half▼ 8.4%-€0.2mbelow the sector's middle half▼ 32.6%-€0.2mbelow the sector's middle half▲ 1.7%-€0.1mbelow the sector's middle half▲ 42.5%
EBIT margin-78.0%--59.4%▲ 18.6pp-47.8%▲ 11.6pp-61.1%▼ 13.3pp-65.9%▼ 4.9pp
Equity-€0.1m--€0.3m▼ 113%-€0.4mbelow the sector's middle half▼ 46.6%-€0.6mbelow the sector's middle half▼ 33.0%-€0.7mbelow the sector's middle half▼ 26.9%-€0.9mbelow the sector's middle half▼ 28.1%-€1.1mbelow the sector's middle half▼ 21.6%-€1.2mbelow the sector's middle half▼ 10.2%
Total assets€2.6m-€2.5m▼ 6.4%€2.3mwithin the sector's middle half▼ 5.6%€2.0mwithin the sector's middle half▼ 14.8%€1.8mwithin the sector's middle half▼ 8.4%€1.7mwithin the sector's middle half▼ 7.3%€1.6mwithin the sector's middle half▼ 4.1%€1.6mwithin the sector's middle half▼ 2.4%
Debt€2.8m-€2.8m▼ 0.6%€2.8m▼ 0.1%€2.6m▼ 7.4%€2.5m▼ 0.5%€2.6m▲ 2.8%€2.7m▲ 5.0%€2.8m▲ 2.8%
Working capital€0.3m-€0.3m▼ 6.9%€0.3mwithin the sector's middle half▲ 0.3%€0.09mwithin the sector's middle half▼ 71.4%-€1.0mbelow the sector's middle half-€1.0mbelow the sector's middle half▼ 8.0%-€1.0mbelow the sector's middle half▲ 7.6%€0.1mwithin the sector's middle half
Solvency-5.2%--11.8%▼ 6.6pp-18.3%below the sector's middle half▼ 6.5pp-28.6%below the sector's middle half▼ 10.3pp-39.6%below the sector's middle half▼ 11.0pp-54.8%below the sector's middle half▼ 15.1pp-69.4%below the sector's middle half▼ 14.6pp-78.4%below the sector's middle half▼ 9.0pp
Current ratio16.19-49.31▲ 33.1382.23above the sector's middle half▲ 32.9214.61above the sector's middle half▼ 67.620.05below the sector's middle half▼ 14.560.04below the sector's middle half▼ 0.010.06below the sector's middle half▲ 0.027.09above the sector's middle half▲ 7.03
Return on assets (ROA)-7.0%--6.3%▲ 0.7pp-5.8%below the sector's middle half▲ 0.4pp-7.1%below the sector's middle half▼ 1.3pp-8.4%below the sector's middle half▼ 1.3pp-12.0%below the sector's middle half▼ 3.6pp-12.3%below the sector's middle half▼ 0.3pp-7.3%below the sector's middle half▲ 5.1pp
Staff (FTE)0.7-0.7=0.7below the sector's middle half=0.7below the sector's middle half=0below the sector's middle half▼ 100%0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €23,885, smaller than the loss of €39,206 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.4m ▼ 7.2%
Current assets
€133,397 ▲ 122%
Equity and liabilities
Equity-€1.2m
Debt€2.8m
Equity is negative. Debt (€2.8m) exceeds the balance-sheet total (€1.6m).
Key figures and ratios
EBITDA
€88,448▲
2024 · €79,961
Cash flow
-€2,416▲
2024 · -€80,354
Interest coverage
0.97▲
2024 · 0.50
Debt ≤ 1 year
€18,827▼
2024 · €1.0m
Debt > 1 year
€2.7m▲
2024 · €1.7m
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 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 0 |
| part-time | 1 |
| in full-time equivalents | 0.7 |
| Average over the year, in full-time equivalents | 0.7 |
| On a permanent contract | 1 |
| Agency workers, average number | 0.2 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,403 | - | - | €19,649 | - |
| Financial fixed assets | - | - | - | €15,927 | €0 |
| Depreciation and write-downs of the year | €127,931 | €124,429 | €124,258 | €119,167 | €112,333 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €147,419 | €152,956 | - | - | - | - |
| Turnover70 | €161,102 | €163,073 | €164,170 | €147,419 | €152,820 | - | - | - | - |
| Other operating income74 | - | - | - | - | €135 | - | - | - | - |
| Operating charges60/66A | - | - | - | €237,439 | €253,703 | - | - | - | - |
| Services and other goods61 | - | - | - | €92,240 | €120,043 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €9,923 | €1,725 | -€22 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €135,436 | €136,881 | €136,231 | €127,931 | €124,429 | €124,258 | €119,167 | €112,333 | ▼ 5.7% |
| Other operating charges640/8 | - | - | - | €7,346 | €7,506 | €8,899 | €9,146 | €9,534 | ▲ 4.2% |
| Gross operating margin9900 | - | - | - | - | - | -€1,332 | €89,106 | €97,982 | ▲ 10.0% |
| Operating profit (loss)9901 | -€125,621 | -€96,854 | -€78,448 | -€90,020 | -€100,747 | -€134,468 | -€39,206 | -€23,885 | ▲ 39.1% |
| Recurring financial income75 | €212 | €23 | €0 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €51,046 | €52,208 | €68,424 | €160,314 | €90,864 | ▼ 43.3% |
| Recurring financial charges65 | €58,888 | €57,792 | €57,222 | €51,046 | €52,208 | €68,424 | €160,314 | €90,864 | ▼ 43.3% |
| Debt charges650 | €58,683 | €57,547 | €57,102 | €50,654 | €50,194 | - | - | - | - |
| Other financial charges652/9 | - | - | - | €392 | €2,014 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€184,297 | -€154,623 | -€135,671 | -€141,066 | -€152,955 | -€202,891 | -€199,520 | -€114,749 | ▲ 42.5% |
| Income taxes67/77 | €0 | €0 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€184,297 | -€154,623 | -€135,671 | -€141,066 | -€152,955 | -€202,891 | -€199,520 | -€114,749 | ▲ 42.5% |
| Profit (loss) for the period to be appropriated9905 | -€184,297 | -€154,623 | -€135,671 | -€141,066 | -€152,955 | -€202,891 | -€199,520 | -€114,749 | ▲ 42.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.6m | €2.5m | €2.3m | €2.0m | €1.8m | €1.7m | €1.6m | €1.6m | ▼ 2.4% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €2.3m | €2.2m | €2.0m | €1.9m | €1.8m | €1.6m | €1.6m | €1.4m | ▼ 7.2% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2.3m | €2.2m | €2.0m | €1.9m | €1.8m | €1.6m | €1.5m | €1.4m | ▼ 7.3% |
| Land and buildings22 | - | - | - | €1.9m | €1.8m | €1.6m | €1.5m | €1.4m | ▼ 7.2% |
| Plant, machinery and equipment23 | - | - | - | €170 | €0 | - | €0.02m | €0.02m | ▼ 10.8% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €236 | €0 | - | - |
| Financial fixed assets28 | - | - | - | - | - | - | €0.02m | €0.02m | = |
| Current assets29/58 | €0.4m | €0.3m | €0.3m | €0.09m | €0.05m | €0.04m | €0.06m | €0.1m | ▲ 122% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €0.05m | €0.02m | €0.03m | €0.01m | €0.02m | €0.04m | €0.03m | €0.02m | ▼ 9.1% |
| Trade receivables40 | - | - | - | €0.01m | €0.02m | €0.04m | €0.03m | €0.02m | ▼ 9.1% |
| Cash at bank and in hand54/58 | €0.3m | €0.3m | €0.3m | €0.08m | €0.03m | €20 | €0.03m | €0.1m | ▲ 253% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.004m | €0.004m | €0.005m | €0.005m | ▼ 4.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.6m | €2.5m | €2.3m | €2.0m | €1.8m | €1.7m | €1.6m | €1.6m | ▼ 2.4% |
| Equity10/15 | -€0.1m | -€0.3m | -€0.4m | -€0.6m | -€0.7m | -€0.9m | -€1.1m | -€1.2m | ▼ 10.2% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | -€0.6m | -€0.8m | -€0.9m | -€1.0m | -€1.2m | -€1.4m | -€1.6m | -€1.7m | ▼ 7.2% |
| Amounts payable17/49 | €2.8m | €2.8m | €2.8m | €2.6m | €2.5m | €2.6m | €2.7m | €2.8m | ▲ 2.8% |
| Amounts payable after more than one year17 | €2.7m | €2.7m | €2.7m | €2.5m | €1.5m | €1.5m | €1.7m | €2.7m | ▲ 62.7% |
| Financial debts170/4 | - | - | - | €2.5m | €1.5m | €1.5m | €1.7m | €2.7m | ▲ 62.7% |
| Other loans174 | - | - | - | €2.5m | €1.5m | - | - | - | - |
| Amounts payable within one year42/48 | €0.02m | €0.006m | €0.004m | €0.007m | €1.0m | €1.1m | €1.0m | €0.02m | ▼ 98.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €1.0m | €1.0m | €1.0m | €0 | ▼ 100% |
| Trade debts44 | €0.002m | €0.004m | €0.001m | €0.005m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 2.9% |
| Suppliers440/4 | - | - | - | €0.005m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 2.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.002m | ▲ 103% |
| Taxes450/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.002m | ▲ 103% |
| Remuneration and social security454/9 | - | - | - | €466 | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €0.06m | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.04m | €0.02m | €0.02m | €0.05m | €0.07m | ▲ 47.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€184,297 | -€154,623 | -€135,671 | -€141,066 | -€152,955 | -€202,891 | -€199,520 | -€114,749 | ▲ 42.5% |
| + Depreciation and write-downs630 | €135,436 | €136,881 | €136,231 | €127,931 | €124,429 | €124,258 | €119,167 | €112,333 | ▼ 5.7% |
| Operating cash flow (approximation) | -€48,861 | -€17,742 | €560 | -€13,136 | -€28,526 | -€78,633 | -€80,354 | -€2,416 | ▲ 97.0% |
| Investment in fixed assets (approximation) | - | -€5,185 | €0 | -€2,403 | €0 | €0 | -€35,575 | €0 | - |
| Change in cash | - | -€6,754 | -€7,581 | -€208,276 | -€43,812 | -€32,653 | €29,986 | €75,934 | ▲ 153% |
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, 1,242 companies had the same profile as LO45 has now. Two years later, 92.8% were still going and 1.9% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a small loss
92.8%
was still going
4.0%
stopped otherwise
1.9%
went bankrupt
Another 1.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LO45 itself: 0.5% 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 1,242 companies, not a prediction for LO45. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-08-2026 | 2026-00447658 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00468121 | |
| 31-12-2023 | abbreviated format | 07-08-2024 | 2024-00335769 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00401108 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20214310 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-66400584 | |
| 31-12-2019 | full format | 31-08-2020 | 2020-50900060 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-63300588 | |
| 31-12-2017 | full format | 24-08-2018 | 2018-53500291 | |
| 31-12-2016 | full format | 18-07-2017 | 2017-34200254 |