LOGISTIMO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 48 days after the deadline Filed on 17 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00515203.
Annual accounts 2025 filed on 17-09-2026 at the NBB all 18 filings
Turnover
€281,432▲ 68.6%
2023 · €166,929
EBIT margin
-6.6%▼ 5.8pp
2023 · -0.8%
Net result
-€18,633▲ 1.4%
2024 · -€18,905
Working capital
-€573,384▲ 2.0%
2024 · -€585,145
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
no figure
2025
20222025
Operating result
-€18,401
▲ 1.4%
2025
20222025
Net result
-€18,633
▲ 1.4%
2025
lowest quarter of the sector
20222025
EBIT margin
no figure
2025
20222025
Equity
€7,503
▼ 83.0%
2025
middle half of the sector
20222025
Total assets
€1.0m
▲ 15.6%
2025
highest quarter of the sector
20222025
Debt
€1.0m
▲ 20.7%
2025
20222025
Working capital
-€573,384
▲ 2.0%
2025
lowest quarter of the sector
20222025
Solvency
0.7%
▼ 4.2pp
2025
lowest quarter of the sector
20222025
Current ratio
0.26
▲ 0.24
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
-1.8%
▲ 0.3pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Turnover€0.2m-€0.2m▼ 1.4%€0.3m▲ 68.6%
Operating result€0.01m--€0.001m-€0.02m▼ 1,248%-€0.02m▲ 1.4%
Net result€0.01mwithin the sector's middle half--€0.002m-€0.02mbelow the sector's middle half▼ 1,095%-€0.02mbelow the sector's middle half▲ 1.4%
EBIT margin6.6%--0.8%▼ 7.5pp-6.6%▼ 5.8pp
Equity€0.06mwithin the sector's middle half-€0.06m▼ 2.5%€0.04mwithin the sector's middle half▼ 30.0%€0.008mwithin the sector's middle half▼ 83.0%
Total assets€1.2mwithin the sector's middle half-€1.2m▼ 2.7%€0.9mwithin the sector's middle half▼ 23.2%€1.0mabove the sector's middle half▲ 15.6%
Debt€1.1m-€1.1m▼ 2.7%€0.9m▼ 22.8%€1.0m▲ 20.7%
Working capital-€0.7mbelow the sector's middle half--€0.6m▲ 8.3%-€0.6mbelow the sector's middle half▲ 6.0%-€0.6mbelow the sector's middle half▲ 2.0%
Solvency5.4%below the sector's middle half-5.4%=4.9%within the sector's middle half▼ 0.5pp0.7%below the sector's middle half▼ 4.2pp
Current ratio0.23below the sector's middle half-0.27▲ 0.040.03below the sector's middle half▼ 0.240.26below the sector's middle half▲ 0.24
Return on assets (ROA)0.9%within the sector's middle half--0.1%▼ 1.1pp-2.1%within the sector's middle half▼ 2.0pp-1.8%within the sector's middle half▲ 0.3pp
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 €18,401, smaller than the loss of €18,665 in 2024.
Large changes and their cause
- 2024 Turnover +69% on 2023. This financial year ran 18 months, the previous one 12.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€831,473 ▼ 5.5%
Current assets
€203,146 ▲ 13×
Equity and liabilities €1.0m
Equity
€7,503 ▼ 83.0%
Debt
€1.0m ▲ 20.7%
Debt's share of the balance-sheet total rises from 95.1% to 99.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€29,898▼
2024 · €37,735
Cash flow
€29,667▼
2024 · €37,495
ROE
-248.3%▼
2024 · -42.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€776,530▲
2024 · €600,261
Debt > 1 year
€250,587=
2024 · €250,587
Staff costs
€36,444▼
2024 · €37,975
A ratio outside any meaningful range has been withheld (balance sheet total €1.0m, equity €7,503).
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 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €831,353 |
| Financial fixed assets | - | - | - | €120 |
| Depreciation and write-downs of the year | €58,562 | €58,112 | €56,399 | €48,299 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Operating income70/76A | - | €169,428 | - | - | - |
| Turnover70 | €169,265 | €166,929 | €281,432 | - | - |
| Other operating income74 | - | €2,499 | - | - | - |
| Operating charges60/66A | - | €170,812 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €75,967 | - | €153,495 | - | - |
| Goods for resale, raw materials and consumables60 | - | €263 | - | - | - |
| Purchases600/8 | - | €263 | - | - | - |
| Services and other goods61 | - | €83,648 | - | - | - |
| Remuneration, social security and pensions62 | - | €6,824 | €37,975 | €36,444 | ▼ 4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58,562 | €58,112 | €56,399 | €48,299 | ▼ 14.4% |
| Other operating charges640/8 | €23,528 | €21,965 | €52,227 | €35,710 | ▼ 31.6% |
| Gross operating margin9900 | €93,298 | - | €127,937 | €102,052 | ▼ 20.2% |
| Operating profit (loss)9901 | €11,208 | -€1,384 | -€18,665 | -€18,401 | ▲ 1.4% |
| Financial charges65/66B | €198 | €198 | €240 | €231 | ▼ 3.5% |
| Recurring financial charges65 | €198 | €198 | €240 | €231 | ▼ 3.5% |
| Debt charges650 | - | €198 | - | - | - |
| Profit (loss) for the period before taxes9903 | €11,010 | -€1,583 | -€18,905 | -€18,633 | ▲ 1.4% |
| Profit (loss) for the period9904 | €11,010 | -€1,583 | -€18,905 | -€18,633 | ▲ 1.4% |
| Profit (loss) for the period to be appropriated9905 | €11,010 | -€1,583 | -€18,905 | -€18,633 | ▲ 1.4% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.2m | €1.2m | €0.9m | €1.0m | ▲ 15.6% |
| Formation expenses20 | - | €0 | - | - | - |
| Fixed assets21/28 | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 5.5% |
| Tangible fixed assets22/27 | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 5.5% |
| Land and buildings22 | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 5.5% |
| Plant, machinery and equipment23 | €0.002m | €0 | - | - | - |
| Other tangible fixed assets26 | - | €0 | - | - | - |
| Financial fixed assets28 | €120 | €120 | €120 | €120 | = |
| Other financial fixed assets284/8 | - | €120 | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | €120 | - | - | - |
| Current assets29/58 | €0.2m | €0.2m | €0.02m | €0.2m | ▲ 13× |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.008m | €0.1m | ▲ 16× |
| Trade receivables40 | €0.05m | €0.006m | €0.008m | €0.04m | ▲ 446% |
| Other amounts receivable41 | €0.1m | €0.1m | - | €0.09m | - |
| Cash at bank and in hand54/58 | €0.05m | €0.08m | €0.006m | €0.07m | ▲ 11× |
| Deferred charges and accrued income490/1 | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €0.9m | €1.0m | ▲ 15.6% |
| Equity10/15 | €0.06m | €0.06m | €0.04m | €0.008m | ▼ 83.0% |
| Contributions10/11 | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Contributions outside capital11 | €0.08m | - | - | - | - |
| Other1109/19 | €0.08m | - | - | - | - |
| Reserves13 | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Non-distributable reserves130/1 | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Reserves not available under the articles1311 | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | -€0.02m | -€0.02m | -€0.04m | -€0.07m | ▼ 102% |
| Amounts payable17/49 | €1.1m | €1.1m | €0.9m | €1.0m | ▲ 20.7% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Financial debts170/4 | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Other loans174 | - | €0.2m | - | - | - |
| Other amounts payable178/9 | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Amounts payable within one year42/48 | €0.9m | €0.9m | €0.6m | €0.8m | ▲ 29.4% |
| Trade debts44 | €0.003m | €0.003m | €0.001m | €0.003m | ▲ 537% |
| Suppliers440/4 | €0.003m | €0.003m | €0.001m | €0.003m | ▲ 537% |
| Taxes, remuneration and social security45 | €0.02m | €0.02m | €0.05m | €0.06m | ▲ 12.8% |
| Taxes450/3 | €0.002m | - | - | €0.006m | - |
| Remuneration and social security454/9 | €0.01m | €0.02m | €0.05m | €0.05m | ▲ 0.6% |
| Other amounts payable47/48 | €0.9m | €0.8m | €0.5m | €0.7m | ▲ 30.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,010 | -€1,583 | -€18,905 | -€18,633 | ▲ 1.4% |
| + Depreciation and write-downs630 | €58,562 | €58,112 | €56,399 | €48,299 | ▼ 14.4% |
| Operating cash flow (approximation) | €69,572 | €56,530 | €37,495 | €29,667 | ▼ 20.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - |
| Change in cash | - | €27,359 | -€74,076 | €64,531 | - |
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, 1,104 companies had the same profile as LOGISTIMO has now. Two years later, 94.3% were still going and 1.8% had gone bankrupt.
- Small
- 20 years or older
- solvency under 10%
- a small loss
94.3%
was still going
3.5%
stopped otherwise
1.8%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LOGISTIMO itself: 0.4% 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 1,104 companies, not a prediction for LOGISTIMO. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-09-2026 | 2026-00515203 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00530234 | |
| 30-06-2023 | unclassified schema | 28-12-2023 | 2023-00539766 | |
| 30-06-2022 | full format | 17-02-2023 | 2023-00028506 | |
| 30-06-2018 | full format | 25-02-2019 | 2019-05700319 | |
| 30-06-2017 | full format | 29-12-2017 | 2017-73500056 | |
| 30-06-2016 | full format | 25-02-2019 | 2019-05700318 | |
| 30-06-2013 | full format | 10-01-2014 | 2014-00700025 | |
| 30-06-2012 | full format | 31-12-2013 | 2013-70600010 | |
| 30-06-2011 | full format | 31-12-2013 | 2013-70600009 |