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Private limited companyfounded 1991active for 35 yearsHofeinde 8, 3550 Heusden-Zolder, BelgiumKBO/BCE: BE 0445.360.058

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 29-06-2026 at the NBB all 33 filings

Equity
€82,073▼ 22.1%
2024 · €105,357
Net result
-€23,284▲ 38.8%
2024 · -€38,045
Total assets
€208,604▼ 13.3%
2024 · €240,529
Solvency
39.3%▼ 4.5pp
2024 · 43.8%
Trend over the years

2021 to 2025, 5 financial years 2019 to 2025, 7 financial years

The operating result for 2025 is a loss of €7,477, smaller than the loss of €21,980 in 2024.

Operating result-€7,477 2025 Net result-€23,284 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).

Every figure with its change against the financial year before
favourable unfavourable
Line2019202020212022202320242025
Operating result€16,918-€23,943▲ 41.5%€8,080▼ 66.3%-€5,436€10,172-€21,980-€7,477▲ 66.0%
Net result-€3,386-€3,823within the sector's middle half-€12,754below the sector's middle half-€25,343below the sector's middle half▼ 98.7%-€10,916below the sector's middle half▲ 56.9%-€38,045below the sector's middle half▼ 249%-€23,284below the sector's middle half▲ 38.8%
Equity€190,243-€194,065within the sector's middle half▲ 2.0%€181,311within the sector's middle half▼ 6.6%€155,168within the sector's middle half▼ 14.4%€143,402within the sector's middle half▼ 7.6%€105,357within the sector's middle half▼ 26.5%€82,073within the sector's middle half▼ 22.1%
Total assets€381,184-€370,167within the sector's middle half▼ 2.9%€342,529within the sector's middle half▼ 7.5%€297,376within the sector's middle half▼ 13.2%€268,797within the sector's middle half▼ 9.6%€240,529within the sector's middle half▼ 10.5%€208,604within the sector's middle half▼ 13.3%
Debt€190,941-€176,102▼ 7.8%€161,218▼ 8.5%€142,207▼ 11.8%€125,395▼ 11.8%€135,171▲ 7.8%€126,531▼ 6.4%
Working capital-€36,520--€18,612within the sector's middle half▲ 49.0%-€20,913within the sector's middle half▼ 12.4%-€34,851below the sector's middle half▼ 66.6%-€42,184below the sector's middle half▼ 21.0%-€99,643below the sector's middle half▼ 136%-€105,243below the sector's middle half▼ 5.6%
Solvency49.9%-52.4%within the sector's middle half▲ 2.5pp52.9%within the sector's middle half▲ 0.5pp52.2%within the sector's middle half▼ 0.8pp53.3%within the sector's middle half▲ 1.2pp43.8%within the sector's middle half▼ 9.5pp39.3%within the sector's middle half▼ 4.5pp
Current ratio0.34-0.66within the sector's middle half▲ 0.330.63below the sector's middle half▼ 0.040.39below the sector's middle half▼ 0.230.29below the sector's middle half▼ 0.100.18below the sector's middle half▼ 0.110.17below the sector's middle half▼ 0.01
Return on assets (ROA)-0.9%-1.0%within the sector's middle half▲ 1.9pp-3.7%below the sector's middle half▼ 4.8pp-8.5%below the sector's middle half▼ 4.8pp-4.1%below the sector's middle half▲ 4.5pp-15.8%below the sector's middle half▼ 11.8pp-11.2%below the sector's middle half▲ 4.7pp
above within below The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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.
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 €208,604
Fixed assets €187,316 ▼ 14.5%
Current assets €21,288 ▼ 0.8%
Equity and liabilities €208,604
Equity €82,073 ▼ 22.1%
Debt €126,531 ▼ 6.4%
Debt's share of the balance-sheet total rises from 56.2% to 60.7%. Equity and debt are lower.
Key figures and ratios
2025 value · change against 2024
ROE
-28.4%▲
2024 · -36.1%
Debt ≤ 1 year
€126,531▲
2024 · €121,101
Income taxes
€259▼
2024 · €266
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item30-09-20212022202320242025
Tangible fixed assets€2,686-€6,372--
Depreciation and write-downs of the year€13,876€17,691€14,738€17,339€16,754

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Comparable companies

These companies have the same main activity as LODE: activities of holding companies (NACE 64210). They are comparable in size and age: total assets between €150,000 and €305,000, founded between 1989 and 1998.

CompanyFoundedTotal assetsEquityGross marginTurnoverNet resultFTEFinancial year
LODE Heusden-Zolder1991€208,604€82,073€13,890--€23,284-2025
DEN AXE Herent1991€163,130€93,436€13,113--€5,916-2025
DU'ARTE Sint-Niklaas1989€150,180€43,921€14,278-€5,93502026
FOUR HOUSES Waasmunster1989€170,750€103,287€10,862€39,000€1,096-2025
HOLDING PARTENAIRES EUROPEENS D'INVESTISSEUR Namur1992€304,995€187,647€13,968€830-€3,992-2025
VANKAT Leuven1994€284,355-€205,694€17,277-€13,657-2025
PayServices Beersel1998€214,431€119,714€12,346--€5,045-2025

They were chosen from the 20,095 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 43 lines

Source: Annual accounts 2025 at the NBB, filed on 29-06-2026.

Balance sheet Code20242025
Assets
Total assets20/58€240,529€208,604▼
Fixed assets21/28€219,071€187,316▼
Tangible fixed assets22/27€128,173€111,419▼
Land and buildings22€124,892€111,276▼
Furniture and vehicles24€3,281€142▼
Financial fixed assets28€90,898€75,898▼
Current assets29/58€21,458€21,288▼
Amounts receivable within one year40/41€19,588€19,839▲
Trade receivables40€19,036€19,698▲
Other amounts receivable41€552€141▼
Cash at bank and in hand54/58€361-
Deferred charges and accrued income490/1€1,509€1,449▼
Equity and liabilities
Total equity and liabilities10/49€240,529€208,604▼
Equity10/15€105,357€82,073▼
Contributions10/11€18,750€18,750=
Reserves13€86,607€63,323▼
Tax-exempt reserves132€28,799€28,799=
Distributable reserves133€57,809€34,524▼
Amounts payable17/49€135,171€126,531▼
Amounts payable after more than one year17€14,070-
Financial debts170/4€14,070-
Amounts payable within one year42/48€121,101€126,531▲
Current portion of amounts payable after more than one year42€16,638€14,070▼
Financial debts43-€1,082
Credit institutions430/8-€1,082
Trade debts44€488€1,811▲
Suppliers440/4€488€1,811▲
Taxes, remuneration and social security45-€1,903
Taxes450/3-€1,903
Other amounts payable47/48€103,976€107,665▲
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€17,339€16,754▼
Other operating charges640/8€4,525€4,613▲
Gross operating margin9900-€116€13,890▲
Operating profit (loss)9901-€21,980-€7,477▲
Financial charges65/66B€15,799€15,548▼
Recurring financial charges65€799€548▼
Non-recurring financial charges66B€15,000€15,000=
Profit (loss) for the period before taxes9903-€37,779-€23,025▲
Income taxes67/77€266€259▼
Profit (loss) for the period9904-€38,045-€23,284▲
Profit (loss) for the period to be appropriated9905-€38,045-€23,284▲
Appropriation of the result
Profit (loss) to be appropriated9906-€38,045-€23,284▲
Transfer from equity791/2€38,045€23,284▼

The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line2019202020212022202320242025Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€14,366€13,616€13,876€17,691€14,738€17,339€16,754▼ 3.4%
Other operating charges640/8--€2,944€5,656€3,890€4,525€4,613▲ 2.0%
Gross operating margin9900€36,362€40,336€24,901€17,912€28,800-€116€13,890-
Operating profit (loss)9901€16,918€23,943€8,080-€5,436€10,172-€21,980-€7,477▲ 66.0%
Financial income75/76B---€20----
Recurring financial income75---€20----
Financial charges65/66B--€18,252€19,616€17,914€15,799€15,548▼ 1.6%
Recurring financial charges65€5,206€4,206€3,252€4,616€2,914€799€548▼ 31.5%
Non-recurring financial charges66B--€15,000€15,000€15,000€15,000€15,000=
Profit (loss) for the period before taxes9903-€3,288€4,356-€10,172-€25,032-€7,742-€37,779-€23,025▲ 39.1%
Income taxes67/77€98€533€2,582€311€3,174€266€259▼ 2.5%
Profit (loss) for the period9904-€3,386€3,823-€12,754-€25,343-€10,916-€38,045-€23,284▲ 38.8%
Profit (loss) for the period to be appropriated9905-€3,386€3,823-€12,754-€25,343-€10,916-€38,045-€23,284▲ 38.8%
Line2019202020212022202320242025Change
Assets
Total assets20/58€381,184€370,167€342,529€297,376€268,797€240,529€208,604▼ 13.3%
Fixed assets21/28€362,655€333,658€307,467€274,776€251,410€219,071€187,316▼ 14.5%
Tangible fixed assets22/27€196,376€182,760€171,570€153,878€145,512€128,173€111,419▼ 13.1%
Land and buildings22--€169,144€152,124€138,508€124,892€111,276▼ 10.9%
Furniture and vehicles24--€2,425€1,754€7,004€3,281€142▼ 95.7%
Financial fixed assets28€166,279€150,898€135,898€120,898€105,898€90,898€75,898▼ 16.5%
Current assets29/58€18,529€36,509€35,062€22,600€17,387€21,458€21,288▼ 0.8%
Amounts receivable within one year40/41€7,000€9,500€7,418€10,452€7,208€19,588€19,839▲ 1.3%
Trade receivables40--€7,000€7,764€3,694€19,036€19,698▲ 3.5%
Other amounts receivable41--€418€2,689€3,514€552€141▼ 74.5%
Cash at bank and in hand54/58€8,453€23,855€24,533€10,834€8,753€361--
Deferred charges and accrued income490/1--€3,111€1,313€1,426€1,509€1,449▼ 4.0%
Equity and liabilities
Total equity and liabilities10/49€381,184€370,167€342,529€297,376€268,797€240,529€208,604▼ 13.3%
Equity10/15€190,243€194,065€181,311€155,168€143,402€105,357€82,073▼ 22.1%
Contributions10/11€18,750-€18,750€18,750€18,750€18,750€18,750=
Reserves13€171,493€175,315€162,561€136,418€124,652€86,607€63,323▼ 26.9%
Tax-exempt reserves132--€28,799€28,799€28,799€28,799€28,799=
Distributable reserves133--€133,762€107,619€95,854€57,809€34,524▼ 40.3%
Amounts payable17/49€190,941€176,102€161,218€142,207€125,395€135,171€126,531▼ 6.4%
Amounts payable after more than one year17€128,578€112,977€97,142€77,079€60,708€14,070--
Financial debts170/4--€67,142€47,079€30,708€14,070--
Other amounts payable178/9--€30,000€30,000€30,000---
Amounts payable within one year42/48€55,049€55,121€55,975€57,451€59,572€121,101€126,531▲ 4.5%
Current portion of amounts payable after more than one year42--€15,834€16,112€16,371€16,638€14,070▼ 15.4%
Financial debts43------€1,082-
Credit institutions430/8------€1,082-
Trade debts44€660€2,815€636€1,003€654€488€1,811▲ 271%
Suppliers440/4--€636€1,003€654€488€1,811▲ 271%
Taxes, remuneration and social security45--€2,965€2,759€513-€1,903-
Taxes450/3--€2,965€2,759€513-€1,903-
Other amounts payable47/48--€36,539€37,576€42,034€103,976€107,665▲ 3.5%
Accrued charges and deferred income492/3--€8,101€7,678€5,115---
Line2019202020212022202320242025Change
Profit (loss) for the period9904-€3,386€3,823-€12,754-€25,343-€10,916-€38,045-€23,284▲ 38.8%
+ Depreciation and write-downs630€14,366€13,616€13,876€17,691€14,738€17,339€16,754▼ 3.4%
Operating cash flow (approximation)€10,980€17,439€1,122-€7,652€3,822-€20,706-€6,530▲ 68.5%
Investment in fixed assets (approximation)-€15,381€12,314€15,000€8,628€15,000€15,000=
Change in cash-€15,402€678-€13,699-€2,081-€8,391--

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Latest 10 of 33 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 micro format 29-06-2026 2026-00212417 NBB
31-12-2024 micro format 30-06-2025 2025-00195375 PDF
31-12-2023 micro format 27-06-2024 2024-00181541 PDF
31-12-2022 micro format 27-06-2023 2023-00160014 PDF
30-09-2021 micro format 30-04-2022 2022-20014920 PDF
30-09-2020 micro format 28-04-2021 2021-11600068 PDF
30-09-2019 micro format 27-03-2020 2020-07900587 PDF
30-09-2018 micro format 30-04-2019 2019-12000144 PDF
30-09-2017 micro format 10-04-2018 2018-09700188 PDF
30-09-2016 abbreviated format 02-05-2017 2017-11000109 PDF

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