LOGOS SOLUTION
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 17 filings
Turnover
≈ €120,000
Estimated: probably between €57,000 and €300,000
EBIT margin
Not included in this filing
Net result
€4,006▼ 0.6%
2024 · €4,030
Working capital
€9,792▼ 31.1%
2024 · €14,216
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,258
▼ 26.6%
2025
20182025
Net result
€4,006
▼ 0.6%
2025
middle half of the sector
20182025
Equity
€44,031
▲ 10.0%
2025
middle half of the sector
20182025
Total assets
€87,564
▲ 0.5%
2025
middle half of the sector
20182025
Debt
€43,533
▼ 7.6%
2025
20182025
Working capital
€9,792
▼ 31.1%
2025
middle half of the sector
20182025
Solvency
50.3%
▲ 4.3pp
2025
middle half of the sector
20182025
Current ratio
1.33
▼ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
4.6%
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€2,654--€2,853▼ 7.5%€10,763€3,308▼ 69.3%€5,005▲ 51.3%€12,315▲ 146%€8,531▼ 30.7%€6,258▼ 26.6%
Net result-€5,957--€4,733▲ 20.5%€6,946within the sector's middle half€2,220within the sector's middle half▼ 68.0%€4,090within the sector's middle half▲ 84.2%€7,539within the sector's middle half▲ 84.3%€4,030within the sector's middle half▼ 46.5%€4,006within the sector's middle half▼ 0.6%
Equity€22,412-€16,853▼ 24.8%€22,972within the sector's middle half▲ 36.3%€24,366within the sector's middle half▲ 6.1%€28,456within the sector's middle half▲ 16.8%€35,995within the sector's middle half▲ 26.5%€40,024within the sector's middle half▲ 11.2%€44,031within the sector's middle half▲ 10.0%
Total assets€90,650-€73,203▼ 19.2%€77,081within the sector's middle half▲ 5.3%€73,021within the sector's middle half▼ 5.3%€57,387below the sector's middle half▼ 21.4%€67,097within the sector's middle half▲ 16.9%€87,126within the sector's middle half▲ 29.8%€87,564within the sector's middle half▲ 0.5%
Debt€68,238-€56,350▼ 17.4%€54,109▼ 4.0%€48,656▼ 10.1%€28,931▼ 40.5%€31,103▲ 7.5%€47,101▲ 51.4%€43,533▼ 7.6%
Working capital€24,010-€22,444▼ 6.5%€8,537within the sector's middle half▼ 62.0%€3,766within the sector's middle half▼ 55.9%€4,791within the sector's middle half▲ 27.2%€17,284within the sector's middle half▲ 261%€14,216within the sector's middle half▼ 17.7%€9,792within the sector's middle half▼ 31.1%
Solvency24.7%-23.0%▼ 1.7pp29.8%within the sector's middle half▲ 6.8pp33.4%within the sector's middle half▲ 3.6pp49.6%within the sector's middle half▲ 16.2pp53.6%within the sector's middle half▲ 4.1pp45.9%within the sector's middle half▼ 7.7pp50.3%within the sector's middle half▲ 4.3pp
Current ratio1.89-1.79▼ 0.091.36within the sector's middle half▼ 0.431.12within the sector's middle half▼ 0.251.17within the sector's middle half▲ 0.061.86within the sector's middle half▲ 0.691.46within the sector's middle half▼ 0.411.33within the sector's middle half▼ 0.13
Return on assets (ROA)-6.6%--6.5%▲ 0.1pp9.0%within the sector's middle half▲ 15.5pp3.0%within the sector's middle half▼ 6.0pp7.1%within the sector's middle half▲ 4.1pp11.2%within the sector's middle half▲ 4.1pp4.6%within the sector's middle half▼ 6.6pp4.6%within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 27% lower than in 2024. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €87,564
Fixed assets
€47,944 ▲ 14.9%
Current assets
€39,620 ▼ 12.7%
Equity and liabilities €87,564
Equity
€44,031 ▲ 10.0%
Debt
€43,533 ▼ 7.6%
Debt's share of the balance-sheet total falls from 54.1% to 49.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€15,527▼
2024 · €20,057
Cash flow
€13,276▼
2024 · €15,555
Quick ratio
0.97▼
2024 · 1.03
Debt to equity
0.99▼
2024 · 1.18
ROE
9.1%▼
2024 · 10.1%
Interest coverage
9.02▲
2024 · 4.77
Debt ≤ 1 year
€29,828▼
2024 · €31,191
Debt > 1 year
€13,706▼
2024 · €15,910
Income taxes
€2,031▲
2024 · €1,706
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 | €4,180 | €1,450 | €16,810 | €27,015 | €14,395 |
| Financial fixed assets | - | - | - | - | €1,100 |
| Depreciation and write-downs of the year | €12,454 | €11,339 | €12,125 | €11,526 | €9,269 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,280 | €17,086 | €19,624 | €12,454 | €11,339 | €12,125 | €11,526 | €9,269 | ▼ 19.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,617 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €624 | €483 | €891 | €605 | €690 | ▲ 14.0% |
| Gross operating margin9900 | €29,856 | €15,057 | €30,946 | €18,003 | €16,827 | €25,331 | €20,662 | €16,218 | ▼ 21.5% |
| Operating profit (loss)9901 | -€2,654 | -€2,853 | €10,763 | €3,308 | €5,005 | €12,315 | €8,531 | €6,258 | ▼ 26.6% |
| Financial income75/76B | - | - | - | €6 | €751 | €0 | €1,407 | €1,501 | ▲ 6.6% |
| Recurring financial income75 | €7 | €4 | €71 | €6 | €751 | €0 | €1,407 | €1,501 | ▲ 6.6% |
| Financial charges65/66B | - | - | - | €1,321 | €1,091 | €1,290 | €4,204 | €1,721 | ▼ 59.1% |
| Recurring financial charges65 | €2,288 | €1,884 | €3,061 | €1,321 | €1,091 | €1,290 | €4,204 | €1,721 | ▼ 59.1% |
| Profit (loss) for the period before taxes9903 | -€4,935 | -€4,733 | €7,773 | €1,993 | €4,665 | €11,025 | €5,735 | €6,038 | ▲ 5.3% |
| Income taxes67/77 | €1,022 | - | €827 | -€227 | €575 | €3,486 | €1,706 | €2,031 | ▲ 19.1% |
| Profit (loss) for the period9904 | -€5,957 | -€4,733 | €6,946 | €2,220 | €4,090 | €7,539 | €4,030 | €4,006 | ▼ 0.6% |
| Profit (loss) for the period to be appropriated9905 | -€5,957 | -€4,733 | €6,946 | €2,220 | €4,090 | €7,539 | €4,030 | €4,006 | ▼ 0.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €90,650 | €73,203 | €77,081 | €73,021 | €57,387 | €67,097 | €87,126 | €87,564 | ▲ 0.5% |
| Fixed assets21/28 | €39,564 | €22,478 | €45,068 | €36,795 | €25,106 | €29,790 | €41,718 | €47,944 | ▲ 14.9% |
| Tangible fixed assets22/27 | €39,564 | €22,478 | €45,068 | €36,795 | €25,106 | €29,790 | €41,718 | €46,844 | ▲ 12.3% |
| Land and buildings22 | - | - | - | - | - | - | €1,536 | €1,376 | ▼ 10.4% |
| Plant, machinery and equipment23 | - | - | - | €22,767 | €17,246 | €26,229 | €17,864 | €24,803 | ▲ 38.8% |
| Furniture and vehicles24 | - | - | - | €14,028 | €7,860 | €3,561 | €22,318 | €20,665 | ▼ 7.4% |
| Financial fixed assets28 | - | - | - | - | - | - | - | €1,100 | - |
| Current assets29/58 | €51,086 | €50,725 | €32,013 | €36,227 | €32,281 | €37,307 | €45,407 | €39,620 | ▼ 12.7% |
| Stocks and contracts in progress3 | €15,272 | €18,717 | €7,500 | €10,000 | €7,800 | €11,800 | €13,187 | €10,637 | ▼ 19.3% |
| Stocks30/36 | - | - | - | €10,000 | €7,800 | €11,800 | €13,187 | €10,637 | ▼ 19.3% |
| Amounts receivable within one year40/41 | €30,356 | €25,310 | €8,077 | €11,402 | €17,113 | €11,738 | €13,347 | €15,999 | ▲ 19.9% |
| Trade receivables40 | - | - | - | €9,188 | €16,510 | €11,086 | €13,332 | €15,047 | ▲ 12.9% |
| Other amounts receivable41 | - | - | - | €2,214 | €604 | €652 | €14 | €952 | ▲ 66× |
| Cash at bank and in hand54/58 | €5,111 | €6,698 | €15,941 | €14,825 | €6,845 | €12,142 | €17,051 | €10,589 | ▼ 37.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €523 | €1,628 | €1,822 | €2,395 | ▲ 31.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €90,650 | €73,203 | €77,081 | €73,021 | €57,387 | €67,097 | €87,126 | €87,564 | ▲ 0.5% |
| Equity10/15 | €22,412 | €16,853 | €22,972 | €24,366 | €28,456 | €35,995 | €40,024 | €44,031 | ▲ 10.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Other1109/19 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €7,860 | €7,860 | €7,860 | €14,860 | €14,860 | €18,866 | ▲ 27.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €6,000 | €6,000 | €13,000 | €13,000 | €17,006 | ▲ 30.8% |
| Profit (loss) carried forward14 | -€528 | -€5,261 | -€4,315 | -€2,094 | €1,996 | €2,535 | €6,564 | €6,564 | = |
| Amounts payable17/49 | €68,238 | €56,350 | €54,109 | €48,656 | €28,931 | €31,103 | €47,101 | €43,533 | ▼ 7.6% |
| Amounts payable after more than one year17 | €41,162 | €28,069 | €30,633 | €16,195 | €1,440 | €11,079 | €15,910 | €13,706 | ▼ 13.9% |
| Financial debts170/4 | - | - | - | €16,195 | €1,440 | €11,079 | €15,910 | €13,706 | ▼ 13.9% |
| Amounts payable within one year42/48 | €27,076 | €28,281 | €23,476 | €32,460 | €27,490 | €20,023 | €31,191 | €29,828 | ▼ 4.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,438 | €14,755 | €4,233 | €7,806 | €10,050 | ▲ 28.7% |
| Financial debts43 | - | - | - | - | €131 | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €131 | - | - | - | - |
| Trade debts44 | €7,223 | €7,762 | €3,144 | €5,886 | €3,308 | €1,695 | €8,098 | €3,401 | ▼ 58.0% |
| Suppliers440/4 | - | - | - | €5,886 | €3,308 | €1,695 | €8,098 | €3,401 | ▼ 58.0% |
| Taxes, remuneration and social security45 | - | - | - | €9,128 | €6,613 | €6,906 | €9,605 | €8,175 | ▼ 14.9% |
| Taxes450/3 | - | - | - | €9,128 | €6,613 | €6,906 | €9,605 | €8,175 | ▼ 14.9% |
| Other amounts payable47/48 | - | - | - | €3,008 | €2,684 | €7,189 | €5,682 | €8,201 | ▲ 44.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,957 | -€4,733 | €6,946 | €2,220 | €4,090 | €7,539 | €4,030 | €4,006 | ▼ 0.6% |
| + Depreciation and write-downs630 | €25,280 | €17,086 | €19,624 | €12,454 | €11,339 | €12,125 | €11,526 | €9,269 | ▼ 19.6% |
| Operating cash flow (approximation) | €19,323 | €12,353 | €26,570 | €14,674 | €15,429 | €19,664 | €15,555 | €13,276 | ▼ 14.7% |
| Investment in fixed assets (approximation) | - | -€0 | -€42,214 | -€4,180 | €350 | -€16,810 | -€23,454 | -€15,495 | ▲ 33.9% |
| Change in cash | - | €1,587 | €9,243 | -€1,116 | -€7,980 | €5,297 | €4,910 | -€6,462 | - |
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, 10,904 companies had the same profile as LOGOS SOLUTION has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of LOGOS SOLUTION itself: 0.2% 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 10,904 companies, not a prediction for LOGOS SOLUTION. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00206946 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00467808 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00333266 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00355004 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20314161 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-56300297 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-33300322 | |
| 31-12-2018 | full format | 23-08-2019 | 2019-49600486 | |
| 31-12-2017 | full format | 24-08-2018 | 2018-49400043 | |
| 31-12-2016 | full format | 25-08-2017 | 2017-48600465 |