LOCKO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 76 days after the deadline Filed on 15 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00558627.
Annual accounts 2025 filed on 15-10-2026 at the NBB all 6 filings
Equity
-€86,185
2024 · €6,029
Total assets
€159,440▼ 36.5%
2024 · €250,967
Net result
-€92,214▼ 749%
2024 · -€10,867
Working capital
-€86,185
2024 · €5,972
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€87,926
▼ 1,817%
2025
20202025
Net result
-€92,214
▼ 749%
2025
lowest quarter of the sector
20202025
Equity
-€86,185
2025
lowest quarter of the sector
20202025
Total assets
€159,440
▼ 36.5%
2025
middle half of the sector
20202025
Debt
€245,625
▲ 0.3%
2025
20202025
Working capital
-€86,185
2025
lowest quarter of the sector
20202025
Solvency
-54.1%
▼ 56.5pp
2025
lowest quarter of the sector
20202025
Current ratio
0.65
▼ 0.38
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
-57.8%
▼ 53.5pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€11,282-€4,741€14,231▲ 200%€9,317▼ 34.5%-€4,587-€87,926▼ 1,817%
Net result-€12,248below the sector's middle half-€2,450within the sector's middle half€10,700within the sector's middle half▲ 337%€9,795within the sector's middle half▼ 8.5%-€10,867within the sector's middle half-€92,214below the sector's middle half▼ 749%
Equity-€6,048below the sector's middle half--€3,599below the sector's middle half▲ 40.5%€7,102within the sector's middle half€16,897within the sector's middle half▲ 138%€6,029within the sector's middle half▼ 64.3%-€86,185below the sector's middle half
Total assets€183,085within the sector's middle half-€268,581within the sector's middle half▲ 46.7%€224,290within the sector's middle half▼ 16.5%€239,017within the sector's middle half▲ 6.6%€250,967within the sector's middle half▲ 5.0%€159,440within the sector's middle half▼ 36.5%
Debt€189,133-€272,179▲ 43.9%€217,188▼ 20.2%€222,121▲ 2.3%€244,938▲ 10.3%€245,625▲ 0.3%
Working capital-€26,228below the sector's middle half--€18,748below the sector's middle half▲ 28.5%-€3,017within the sector's middle half▲ 83.9%€11,809within the sector's middle half€5,972within the sector's middle half▼ 49.4%-€86,185below the sector's middle half
Solvency-3.3%below the sector's middle half--1.3%below the sector's middle half▲ 2.0pp3.2%within the sector's middle half▲ 4.5pp7.1%within the sector's middle half▲ 3.9pp2.4%within the sector's middle half▼ 4.7pp-54.1%below the sector's middle half▼ 56.5pp
Current ratio0.86within the sector's middle half-0.93within the sector's middle half▲ 0.070.99within the sector's middle half▲ 0.051.05within the sector's middle half▲ 0.071.02within the sector's middle half▼ 0.030.65below the sector's middle half▼ 0.38
Return on assets (ROA)-6.7%below the sector's middle half-0.9%within the sector's middle half▲ 7.6pp4.8%within the sector's middle half▲ 3.9pp4.1%within the sector's middle half▼ 0.7pp-4.3%within the sector's middle half▼ 8.4pp-57.8%below the sector's middle half▼ 53.5pp
above
within
below
The sector band is the middle half of the companies in Manufacture of chemicals and chemical products (NACE 20). 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 €87,926, larger than the loss of €4,587 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
EBITDA
-€87,869▼
2024 · €444
Cash flow
-€92,157▼
2024 · -€5,837
Quick ratio
0.20▼
2024 · 0.32
Interest coverage
-20.49▼
2024 · 0.07
Debt ≤ 1 year
€245,625▲
2024 · €244,938
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.
Subsidies and aid
Flemish government
2022 to 2023 · 3 entries · €2,858 awarded · €2,858 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €1,875 | €1,875 |
| 2022 | 2 | €983 | €983 |
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,955 | €5,031 | €5,031 | €5,031 | €5,031 | €57 | ▼ 98.9% |
| Other operating charges640/8 | - | €0 | €1,223 | €840 | €271 | €793 | ▲ 192% |
| Gross operating margin9900 | -€4,523 | €9,772 | €20,485 | €15,187 | €715 | -€87,076 | - |
| Operating profit (loss)9901 | -€11,282 | €4,741 | €14,231 | €9,317 | -€4,587 | -€87,926 | ▼ 1,817% |
| Financial income75/76B | - | €947 | €1,232 | €4,421 | €0 | - | - |
| Recurring financial income75 | €1,208 | €947 | €1,232 | €4,421 | €0 | - | - |
| Financial charges65/66B | - | €3,238 | €4,763 | €3,943 | €6,281 | €4,288 | ▼ 31.7% |
| Recurring financial charges65 | €2,175 | €3,238 | €4,763 | €3,943 | €6,281 | €4,288 | ▼ 31.7% |
| Profit (loss) for the period before taxes9903 | -€12,248 | €2,450 | €10,700 | €9,795 | -€10,867 | -€92,214 | ▼ 749% |
| Profit (loss) for the period9904 | -€12,248 | €2,450 | €10,700 | €9,795 | -€10,867 | -€92,214 | ▼ 749% |
| Profit (loss) for the period to be appropriated9905 | -€12,248 | €2,450 | €10,700 | €9,795 | -€10,867 | -€92,214 | ▼ 749% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €183,085 | €268,581 | €224,290 | €239,017 | €250,967 | €159,440 | ▼ 36.5% |
| Fixed assets21/28 | €20,180 | €15,149 | €10,118 | €5,088 | €57 | €0 | ▼ 100% |
| Intangible fixed assets21 | €20,180 | €15,149 | €10,118 | €5,088 | €57 | €0 | ▼ 100% |
| Current assets29/58 | €162,905 | €253,432 | €214,171 | €233,929 | €250,910 | €159,440 | ▼ 36.5% |
| Stocks and contracts in progress3 | €82,500 | €187,500 | €189,750 | €147,500 | €172,189 | €110,273 | ▼ 36.0% |
| Stocks30/36 | - | €187,500 | €189,750 | €147,500 | €172,189 | €110,273 | ▼ 36.0% |
| Amounts receivable within one year40/41 | €73,661 | €19,958 | €13,421 | €54,616 | €73,362 | €44,010 | ▼ 40.0% |
| Trade receivables40 | - | €16,792 | €12,546 | €50,957 | €66,130 | €43,871 | ▼ 33.7% |
| Other amounts receivable41 | - | €3,166 | €875 | €3,660 | €7,231 | €139 | ▼ 98.1% |
| Cash at bank and in hand54/58 | €6,744 | €45,974 | €11,000 | €31,813 | €5,359 | €5,157 | ▼ 3.8% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €183,085 | €268,581 | €224,290 | €239,017 | €250,967 | €159,440 | ▼ 36.5% |
| Equity10/15 | -€6,048 | -€3,599 | €7,102 | €16,897 | €6,029 | -€86,185 | - |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | - | - | €902 | €902 | €902 | €902 | = |
| Distributable reserves133 | - | - | €902 | €902 | €902 | €902 | = |
| Profit (loss) carried forward14 | -€12,248 | -€9,799 | €0 | €9,795 | -€1,072 | -€93,286 | ▼ 8,599% |
| Amounts payable17/49 | €189,133 | €272,179 | €217,188 | €222,121 | €244,938 | €245,625 | ▲ 0.3% |
| Amounts payable within one year42/48 | €189,133 | €272,179 | €217,188 | €222,121 | €244,938 | €245,625 | ▲ 0.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €75,000 | €0 | ▼ 100% |
| Financial debts43 | - | €75,000 | €75,000 | €75,000 | €0 | €75,000 | - |
| Credit institutions430/8 | - | €75,000 | €75,000 | €75,000 | €0 | €75,000 | - |
| Trade debts44 | €66,624 | €61,420 | €195 | €5,404 | €20,554 | €1,987 | ▼ 90.3% |
| Suppliers440/4 | - | €61,420 | €195 | €5,404 | €20,554 | €1,987 | ▼ 90.3% |
| Taxes, remuneration and social security45 | - | €2,869 | €12,215 | €12,408 | €10,284 | €12,729 | ▲ 23.8% |
| Taxes450/3 | - | €2,869 | €12,215 | €12,408 | €10,284 | €12,729 | ▲ 23.8% |
| Other amounts payable47/48 | - | €132,891 | €129,778 | €129,309 | €139,100 | €155,910 | ▲ 12.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,248 | €2,450 | €10,700 | €9,795 | -€10,867 | -€92,214 | ▼ 749% |
| + Depreciation and write-downs630 | €5,955 | €5,031 | €5,031 | €5,031 | €5,031 | €57 | ▼ 98.9% |
| Operating cash flow (approximation) | -€6,294 | €7,480 | €15,731 | €14,825 | -€5,837 | -€92,157 | ▼ 1,479% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €39,230 | -€34,974 | €20,813 | -€26,453 | -€202 | ▲ 99.2% |
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 LOCKO 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 LOCKO itself: 5.1% 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 LOCKO. 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 | 15-10-2026 | 2026-00558627 | |
| 31-12-2024 | micro format | 10-09-2025 | 2025-00490671 | |
| 31-12-2023 | micro format | 29-09-2024 | 2024-00481839 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00408006 | |
| 31-12-2021 | micro format | 09-09-2022 | 2022-20426526 | |
| 31-12-2020 | micro format | 23-11-2021 | 2021-78000214 |