LOREBOIS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 30 filings
Equity
€138,872▼ 51.8%
2024 · €287,890
Total assets
€140,527▼ 51.7%
2024 · €290,887
Net result
-€8,071▼ 42.2%
2024 · -€5,677
Working capital
€138,906▼ 51.4%
2024 · €285,805
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,258
▲ 15.8%
2025
20182025
Net result
-€8,071
▼ 42.2%
2025
middle half of the sector
20182025
Equity
€138,872
▼ 51.8%
2025
middle half of the sector
20182025
Total assets
€140,527
▼ 51.7%
2025
lowest quarter of the sector
20182025
Debt
€1,655
▼ 44.8%
2025
20182025
Working capital
€138,906
▼ 51.4%
2025
middle half of the sector
20182025
Solvency
98.8%
▼ 0.1pp
2025
highest quarter of the sector
20182025
Current ratio
86.71
▼ 10.77
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-5.7%
▼ 3.8pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€35,026-€7,924▼ 77.4%€17,998▲ 127%-€23,459€1,047€4,986▲ 376%-€7,432-€6,258▲ 15.8%
Net result€19,659-€1,536▼ 92.2%€10,398within the sector's middle half▲ 577%-€25,079below the sector's middle half€401within the sector's middle half€5,502within the sector's middle half▲ 14×-€5,677within the sector's middle half-€8,071within the sector's middle half▼ 42.2%
Equity€300,809-€302,346▲ 0.5%€312,744within the sector's middle half▲ 3.4%€287,665within the sector's middle half▼ 8.0%€288,066within the sector's middle half▲ 0.1%€293,567within the sector's middle half▲ 1.9%€287,890within the sector's middle half▼ 1.9%€138,872within the sector's middle half▼ 51.8%
Total assets€388,181-€345,142▼ 11.1%€344,267within the sector's middle half▼ 0.3%€293,117within the sector's middle half▼ 14.9%€302,567within the sector's middle half▲ 3.2%€306,206within the sector's middle half▲ 1.2%€290,887within the sector's middle half▼ 5.0%€140,527below the sector's middle half▼ 51.7%
Debt€87,372-€42,796▼ 51.0%€31,523▼ 26.3%€5,451▼ 82.7%€14,501▲ 166%€12,639▼ 12.8%€2,997▼ 76.3%€1,655▼ 44.8%
Working capital€190,239-€211,718▲ 11.3%€244,284above the sector's middle half▲ 15.4%€242,177above the sector's middle half▼ 0.9%€264,356above the sector's middle half▲ 9.2%€282,154above the sector's middle half▲ 6.7%€285,805above the sector's middle half▲ 1.3%€138,906within the sector's middle half▼ 51.4%
Solvency77.5%-87.6%▲ 10.1pp90.8%above the sector's middle half▲ 3.2pp98.1%above the sector's middle half▲ 7.3pp95.2%above the sector's middle half▼ 2.9pp95.9%above the sector's middle half▲ 0.7pp99.0%above the sector's middle half▲ 3.1pp98.8%above the sector's middle half▼ 0.1pp
Current ratio3.41-5.95▲ 2.548.76above the sector's middle half▲ 2.8145.71above the sector's middle half▲ 36.9521.39above the sector's middle half▼ 24.3224.80above the sector's middle half▲ 3.4197.48above the sector's middle half▲ 72.6786.71above the sector's middle half▼ 10.77
Return on assets (ROA)5.1%-0.4%▼ 4.6pp3.0%within the sector's middle half▲ 2.6pp-8.6%below the sector's middle half▼ 11.6pp0.1%within the sector's middle half▲ 8.7pp1.8%within the sector's middle half▲ 1.7pp-2.0%within the sector's middle half▼ 3.7pp-5.7%below the sector's middle half▼ 3.8pp
above
within
below
The sector band is the middle half of the companies in Forestry and logging (NACE 02). 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 €6,258, smaller than the loss of €7,432 in 2024.
Large changes and their cause
- 2025 Equity -52%, Total assets -52% on 2024. Capital reduction of €124,500 (Official Gazette 24-06-2025).
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €140,527
Equity
€138,872 ▼ 51.8%
Debt
€1,655 ▼ 44.8%
Debt's share of the balance-sheet total rises from 1.0% to 1.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€4,307▼
2024 · €2,647
Cash flow
-€6,119▼
2024 · €4,401
Quick ratio
81.31▼
2024 · 90.44
Debt to equity
0.01▲
2024 · 0.01
ROE
-5.8%▼
2024 · -2.0%
Interest coverage
-2.38▼
2024 · 67.77
Debt ≤ 1 year
€1,621▼
2024 · €2,962
Debt > 1 year
€34=
2024 · €34
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-12-2021 | 30-12-2022 | 30-12-2023 | 30-12-2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €0 | - | - | - | - |
| Depreciation and write-downs of the year | €22,973 | €20,278 | €10,958 | €10,078 | €1,952 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €5,000 | €0 | €23,220 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,655 | €43,907 | €23,316 | €22,973 | €20,278 | €10,958 | €10,078 | €1,952 | ▼ 80.6% |
| Other operating charges640/8 | - | - | - | €1,513 | €1,186 | €1,648 | €1,630 | €1,028 | ▼ 36.9% |
| Non-recurring operating charges66A | - | - | - | - | - | €2,088 | €0 | - | - |
| Gross operating margin9900 | €86,213 | €55,073 | €42,343 | €1,027 | €22,511 | €19,680 | €4,276 | -€3,279 | - |
| Operating profit (loss)9901 | €35,026 | €7,924 | €17,998 | -€23,459 | €1,047 | €4,986 | -€7,432 | -€6,258 | ▲ 15.8% |
| Financial income75/76B | - | - | - | €0 | €0 | €1,135 | €1,794 | €0 | ▼ 100% |
| Recurring financial income75 | €3,405 | €700 | €1,437 | €0 | €0 | €1,135 | €1,794 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €1,582 | €646 | €69 | €39 | €1,812 | ▲ 46× |
| Recurring financial charges65 | €6,246 | €6,240 | €2,833 | €1,582 | €646 | €69 | €39 | €1,812 | ▲ 46× |
| Profit (loss) for the period before taxes9903 | €32,185 | €2,384 | €16,602 | -€25,040 | €401 | €6,052 | -€5,677 | -€8,071 | ▼ 42.2% |
| Income taxes67/77 | €12,526 | €848 | €6,204 | €39 | €0 | €550 | €0 | - | - |
| Profit (loss) for the period9904 | €19,659 | €1,536 | €10,398 | -€25,079 | €401 | €5,502 | -€5,677 | -€8,071 | ▼ 42.2% |
| Profit (loss) for the period to be appropriated9905 | €19,659 | €1,536 | €10,398 | -€25,079 | €401 | €5,502 | -€5,677 | -€8,071 | ▼ 42.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €388,181 | €345,142 | €344,267 | €293,117 | €302,567 | €306,206 | €290,887 | €140,527 | ▼ 51.7% |
| Fixed assets21/28 | €118,999 | €90,662 | €68,495 | €45,522 | €25,244 | €12,198 | €2,120 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €118,999 | €90,662 | €68,495 | €45,522 | €25,244 | €12,198 | €2,120 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €5,700 | €2,088 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €6,565 | €628 | €398 | €168 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | €33,257 | €22,528 | €11,800 | €1,952 | €0 | ▼ 100% |
| Current assets29/58 | €269,182 | €254,480 | €275,772 | €247,594 | €277,322 | €294,008 | €288,767 | €140,527 | ▼ 51.3% |
| Stocks and contracts in progress3 | €113,223 | €114,450 | €79,775 | €41,325 | €28,995 | €22,995 | €20,850 | €8,750 | ▼ 58.0% |
| Stocks30/36 | - | - | - | €41,325 | €28,995 | €22,995 | €20,850 | €8,750 | ▼ 58.0% |
| Amounts receivable within one year40/41 | €122,102 | €113,541 | €148,985 | €71,499 | €70,337 | €193,024 | €149,402 | €41,375 | ▼ 72.3% |
| Trade receivables40 | - | - | - | €61,470 | €67,625 | €113,332 | €71,551 | €39,154 | ▼ 45.3% |
| Other amounts receivable41 | - | - | - | €10,029 | €2,712 | €79,692 | €77,852 | €2,220 | ▼ 97.1% |
| Cash at bank and in hand54/58 | €29,088 | €26,489 | €47,012 | €134,771 | €177,991 | €77,989 | €117,194 | €89,186 | ▼ 23.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €1,321 | €1,216 | ▼ 8.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €388,181 | €345,142 | €344,267 | €293,117 | €302,567 | €306,206 | €290,887 | €140,527 | ▼ 51.7% |
| Equity10/15 | €300,809 | €302,346 | €312,744 | €287,665 | €288,066 | €293,567 | €287,890 | €138,872 | ▼ 51.8% |
| Contributions10/11 | €186,000 | €186,000 | €186,000 | €186,000 | €186,000 | €186,000 | €186,000 | €61,500 | ▼ 66.9% |
| Capital10 | - | - | - | €186,000 | €186,000 | €186,000 | €186,000 | €61,500 | ▼ 66.9% |
| Issued capital100 | - | - | - | €186,000 | €186,000 | €186,000 | €186,000 | €61,500 | ▼ 66.9% |
| Reserves13 | €97,881 | €97,881 | €107,881 | €82,803 | €82,803 | €107,567 | €101,890 | €77,372 | ▼ 24.1% |
| Non-distributable reserves130/1 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Legal reserve130 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Distributable reserves133 | - | - | - | €64,203 | €64,203 | €88,967 | €83,290 | €58,772 | ▼ 29.4% |
| Profit (loss) carried forward14 | €16,928 | €18,465 | €18,863 | €18,863 | €19,263 | €0 | - | €0 | - |
| Amounts payable17/49 | €87,372 | €42,796 | €31,523 | €5,451 | €14,501 | €12,639 | €2,997 | €1,655 | ▼ 44.8% |
| Amounts payable after more than one year17 | €8,428 | €34 | €34 | €34 | €34 | €34 | €34 | €34 | = |
| Other amounts payable178/9 | - | - | - | €34 | €34 | €34 | €34 | €34 | = |
| Amounts payable within one year42/48 | €78,943 | €42,762 | €31,489 | €5,417 | €12,967 | €11,854 | €2,962 | €1,621 | ▼ 45.3% |
| Trade debts44 | €3,488 | €27,110 | €18,516 | €5,417 | €12,967 | €11,304 | €2,962 | €1,621 | ▼ 45.3% |
| Suppliers440/4 | - | - | - | €5,417 | €12,967 | €11,304 | €2,962 | €1,621 | ▼ 45.3% |
| Taxes, remuneration and social security45 | - | - | - | €0 | - | €550 | €0 | - | - |
| Taxes450/3 | - | - | - | €0 | - | €550 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,500 | €750 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,659 | €1,536 | €10,398 | -€25,079 | €401 | €5,502 | -€5,677 | -€8,071 | ▼ 42.2% |
| + Depreciation and write-downs630 | €49,655 | €43,907 | €23,316 | €22,973 | €20,278 | €10,958 | €10,078 | €1,952 | ▼ 80.6% |
| Operating cash flow (approximation) | €69,314 | €45,443 | €33,714 | -€2,106 | €20,678 | €16,460 | €4,401 | -€6,119 | - |
| Investment in fixed assets (approximation) | - | -€15,570 | -€1,149 | €0 | €0 | €2,088 | €0 | €168 | - |
| Change in cash | - | -€2,599 | €20,523 | €87,758 | €43,220 | -€100,001 | €39,205 | -€28,007 | - |
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, 12,322 companies had the same profile as LOREBOIS has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LOREBOIS 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 12,322 companies, not a prediction for LOREBOIS. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00298585 | |
| 30-12-2024 | micro format | 03-07-2025 | 2025-00221132 | |
| 30-12-2023 | micro format | 15-07-2024 | 2024-00244505 | |
| 30-12-2022 | micro format | 29-06-2023 | 2023-00171967 | |
| 30-12-2021 | micro format | 14-06-2022 | 2022-20061857 | |
| 30-12-2020 | micro format | 05-07-2021 | 2021-30800018 | |
| 30-12-2019 | micro format | 01-07-2020 | 2020-24300099 | |
| 30-12-2018 | micro format | 19-07-2019 | 2019-35500560 | |
| 30-12-2017 | micro format | 16-07-2018 | 2018-33700247 | |
| 30-12-2016 | abbreviated format | 28-06-2017 | 2017-23200265 |