LORAS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 26 filings
Turnover
€64,773▲ 44.7%
2021 · €44,777
EBIT margin
1.2%▼ 10.7pp
2021 · 11.9%
Net result
€6,803▼ 64.4%
2024 · €19,107
Working capital
€37,380▲ 25.1%
2024 · €29,869
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€9,179
▼ 53.2%
2025
20182025
Net result
€6,803
▼ 64.4%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€46,001
▲ 4.1%
2025
middle half of the sector
20182025
Total assets
€56,015
▲ 10.7%
2025
lowest quarter of the sector
20182025
Debt
€10,014
▲ 56.5%
2025
20182025
Working capital
€37,380
▲ 25.1%
2025
middle half of the sector
20182025
Solvency
82.1%
▼ 5.2pp
2025
highest quarter of the sector
20182025
Current ratio
4.73
▼ 0.98
2025
highest quarter of the sector
20182025
Return on assets (ROA)
12.1%
▼ 25.6pp
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
Turnover€44,777€64,773▲ 44.7%
Operating result€20,690-€9,734▼ 53.0%€9,132▼ 6.2%€5,314▼ 41.8%€784▼ 85.2%€5,751▲ 634%€19,613▲ 241%€9,179▼ 53.2%
Net result€20,458-€9,535▼ 53.4%€9,039within the sector's middle half▼ 5.2%€5,230within the sector's middle half▼ 42.1%€657within the sector's middle half▼ 87.4%€5,757within the sector's middle half▲ 776%€19,107within the sector's middle half▲ 232%€6,803within the sector's middle half▼ 64.4%
EBIT margin11.9%1.2%▼ 10.7pp
Equity-€5,127-€4,408€13,447within the sector's middle half▲ 205%€18,677within the sector's middle half▲ 38.9%€19,334within the sector's middle half▲ 3.5%€25,091within the sector's middle half▲ 29.8%€44,198within the sector's middle half▲ 76.2%€46,001within the sector's middle half▲ 4.1%
Total assets€85,823-€81,023▼ 5.6%€54,719below the sector's middle half▼ 32.5%€49,887below the sector's middle half▼ 8.8%€42,046below the sector's middle half▼ 15.7%€32,679below the sector's middle half▼ 22.3%€50,597below the sector's middle half▲ 54.8%€56,015below the sector's middle half▲ 10.7%
Debt€90,951-€76,615▼ 15.8%€41,273▼ 46.1%€31,210▼ 24.4%€22,712▼ 27.2%€7,588▼ 66.6%€6,399▼ 15.7%€10,014▲ 56.5%
Working capital-€36,115--€39,778▼ 10.1%-€25,948below the sector's middle half▲ 34.8%-€12,213below the sector's middle half▲ 52.9%€522within the sector's middle half€15,691within the sector's middle half▲ 30×€29,869within the sector's middle half▲ 90.4%€37,380within the sector's middle half▲ 25.1%
Solvency-6.0%-5.4%▲ 11.4pp24.6%within the sector's middle half▲ 19.1pp37.4%within the sector's middle half▲ 12.9pp46.0%within the sector's middle half▲ 8.5pp76.8%above the sector's middle half▲ 30.8pp87.4%above the sector's middle half▲ 10.6pp82.1%above the sector's middle half▼ 5.2pp
Current ratio0.60-0.48▼ 0.120.37below the sector's middle half▼ 0.110.61below the sector's middle half▲ 0.241.02within the sector's middle half▲ 0.423.08within the sector's middle half▲ 2.065.71above the sector's middle half▲ 2.634.73above the sector's middle half▼ 0.98
Return on assets (ROA)23.8%-11.8%▼ 12.1pp16.5%above the sector's middle half▲ 4.7pp10.5%within the sector's middle half▼ 6.0pp1.6%within the sector's middle half▼ 8.9pp17.6%above the sector's middle half▲ 16.1pp37.8%above the sector's middle half▲ 20.1pp12.1%within the sector's middle half▼ 25.6pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 53% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €56,015
Fixed assets
€8,621 ▼ 40.1%
Current assets
€47,394 ▲ 30.9%
Equity and liabilities €56,015
Equity
€46,001 ▲ 4.1%
Debt
€10,014 ▲ 56.5%
Debt's share of the balance-sheet total rises from 12.6% to 17.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€14,942▼
2024 · €24,085
Cash flow
€12,566▼
2024 · €23,579
Quick ratio
4.40▼
2024 · 5.71
Debt to equity
0.22▲
2024 · 0.14
ROE
14.8%▼
2024 · 43.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€10,014▲
2024 · €6,344
Income taxes
€2,284▲
2024 · €525
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 | €6,309 | €1,547 | €3,694 | €9,401 | - |
| Depreciation and write-downs of the year | €14,759 | €13,625 | €13,106 | €4,472 | €5,763 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €1,794 awarded · €1,746 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €150 | €102 |
| 2024 | 1 | €645 | €645 |
| 2023 | 1 | €485 | €485 |
| 2022 | 1 | €514 | €514 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €44,777 | €64,773 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €29,530 | €62,392 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,519 | €17,385 | €11,809 | €14,759 | €13,625 | €13,106 | €4,472 | €5,763 | ▲ 28.9% |
| Other operating charges640/8 | - | - | - | €666 | €1,343 | €798 | €841 | €994 | ▲ 18.2% |
| Gross operating margin9900 | €39,450 | €30,284 | €27,426 | €20,739 | €15,752 | €19,655 | €24,926 | €15,936 | ▼ 36.1% |
| Operating profit (loss)9901 | €20,690 | €9,734 | €9,132 | €5,314 | €784 | €5,751 | €19,613 | €9,179 | ▼ 53.2% |
| Financial income75/76B | - | - | - | - | - | €84 | €102 | €38 | ▼ 62.7% |
| Recurring financial income75 | €6 | €0 | - | - | - | €84 | €102 | €38 | ▼ 62.7% |
| Financial charges65/66B | - | - | - | €7 | €127 | €78 | €83 | €130 | ▲ 56.6% |
| Recurring financial charges65 | €96 | €77 | €93 | €7 | €127 | €78 | €83 | €130 | ▲ 56.6% |
| Profit (loss) for the period before taxes9903 | €20,600 | €9,658 | €9,039 | €5,307 | €657 | €5,757 | €19,632 | €9,087 | ▼ 53.7% |
| Income taxes67/77 | €142 | €122 | - | €77 | - | - | €525 | €2,284 | ▲ 335% |
| Profit (loss) for the period9904 | €20,458 | €9,535 | €9,039 | €5,230 | €657 | €5,757 | €19,107 | €6,803 | ▼ 64.4% |
| Profit (loss) for the period to be appropriated9905 | €20,458 | €9,535 | €9,039 | €5,230 | €657 | €5,757 | €19,107 | €6,803 | ▼ 64.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €85,823 | €81,023 | €54,719 | €49,887 | €42,046 | €32,679 | €50,597 | €56,015 | ▲ 10.7% |
| Fixed assets21/28 | €30,988 | €44,186 | €39,395 | €30,945 | €18,867 | €9,455 | €14,384 | €8,621 | ▼ 40.1% |
| Tangible fixed assets22/27 | €30,938 | €44,136 | €39,345 | €30,895 | €18,817 | €9,405 | €14,334 | €8,571 | ▼ 40.2% |
| Plant, machinery and equipment23 | - | - | - | €6,649 | €5,987 | €6,224 | €5,005 | €3,786 | ▼ 24.4% |
| Furniture and vehicles24 | - | - | - | €24,246 | €12,830 | €3,181 | €9,329 | €4,785 | ▼ 48.7% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €54,835 | €36,837 | €15,324 | €18,942 | €23,179 | €23,224 | €36,213 | €47,394 | ▲ 30.9% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €3,344 | - |
| Stocks30/36 | - | - | - | - | - | - | - | €3,344 | - |
| Amounts receivable within one year40/41 | €46,224 | €31,938 | €8,535 | €16,419 | €19,715 | €21,416 | €10,501 | €5,816 | ▼ 44.6% |
| Trade receivables40 | - | - | - | €15,665 | €17,397 | €15,151 | €8,457 | €4,985 | ▼ 41.1% |
| Other amounts receivable41 | - | - | - | €754 | €2,318 | €6,265 | €2,044 | €831 | ▼ 59.3% |
| Cash at bank and in hand54/58 | €8,611 | €4,899 | €5,788 | €1,033 | €1,863 | €665 | €23,845 | €36,264 | ▲ 52.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,490 | €1,601 | €1,143 | €1,867 | €1,970 | ▲ 5.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €85,823 | €81,023 | €54,719 | €49,887 | €42,046 | €32,679 | €50,597 | €56,015 | ▲ 10.7% |
| Equity10/15 | -€5,127 | €4,408 | €13,447 | €18,677 | €19,334 | €25,091 | €44,198 | €46,001 | ▲ 4.1% |
| Contributions10/11 | €29,500 | €29,500 | €29,500 | €29,500 | €29,500 | €29,500 | €29,500 | €29,500 | = |
| Profit (loss) carried forward14 | -€34,627 | -€25,092 | -€16,053 | -€10,823 | -€10,166 | -€4,409 | €14,698 | €16,501 | ▲ 12.3% |
| Amounts payable17/49 | €90,951 | €76,615 | €41,273 | €31,210 | €22,712 | €7,588 | €6,399 | €10,014 | ▲ 56.5% |
| Amounts payable within one year42/48 | €90,951 | €76,615 | €41,273 | €31,155 | €22,657 | €7,533 | €6,344 | €10,014 | ▲ 57.8% |
| Trade debts44 | €8,792 | €16,743 | €724 | €2,999 | €3,173 | €4,373 | €5,792 | €2,730 | ▼ 52.9% |
| Suppliers440/4 | - | - | - | €2,999 | €3,173 | €4,373 | €5,792 | €2,730 | ▼ 52.9% |
| Taxes, remuneration and social security45 | - | - | - | €1,078 | €86 | - | €552 | €2,284 | ▲ 314% |
| Taxes450/3 | - | - | - | €78 | €86 | - | €552 | €2,284 | ▲ 314% |
| Remuneration and social security454/9 | - | - | - | €1,000 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €27,078 | €19,398 | €3,160 | - | €5,000 | - |
| Accrued charges and deferred income492/3 | - | - | - | €55 | €55 | €55 | €55 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,458 | €9,535 | €9,039 | €5,230 | €657 | €5,757 | €19,107 | €6,803 | ▼ 64.4% |
| + Depreciation and write-downs630 | €15,519 | €17,385 | €11,809 | €14,759 | €13,625 | €13,106 | €4,472 | €5,763 | ▲ 28.9% |
| Operating cash flow (approximation) | €35,977 | €26,920 | €20,848 | €19,989 | €14,282 | €18,863 | €23,579 | €12,566 | ▼ 46.7% |
| Investment in fixed assets (approximation) | - | -€30,583 | -€7,018 | -€6,309 | -€1,547 | -€3,694 | -€9,401 | €0 | - |
| Change in cash | - | -€3,712 | €889 | -€4,755 | €830 | -€1,198 | €23,180 | €12,419 | ▼ 46.4% |
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, 31,368 companies had the same profile as LORAS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LORAS itself: < 0.1% 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 31,368 companies, not a prediction for LORAS. 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 | micro format | 24-06-2026 | 2026-00192250 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00161845 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00143668 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00171865 | |
| 31-12-2021 | micro format | 18-08-2022 | 2022-20294026 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53100229 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-58000395 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-42800229 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-41500341 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59400004 |