LORO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 6 days after the deadline Filed on 6 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00397072.
Annual accounts 2025 filed on 06-08-2026 at the NBB all 35 filings
Equity
-€15,235
2024 · €39,056
Total assets
€69,781▼ 50.6%
2024 · €141,200
Net result
-€54,291▼ 355%
2024 · -€11,929
Working capital
-€4,910
2024 · €100,833
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€52,057
▼ 463%
2025
20182025
Net result
-€54,291
▼ 355%
2025
lowest quarter of the sector
20182025
Equity
-€15,235
2025
lowest quarter of the sector
20182025
Total assets
€69,781
▼ 50.6%
2025
middle half of the sector
20182025
Debt
€85,016
▼ 16.8%
2025
20182025
Working capital
-€4,910
2025
middle half of the sector
20182025
Solvency
-21.8%
▼ 49.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.93
▼ 3.75
2025
middle half of the sector
20182025
Return on assets (ROA)
-77.8%
▼ 69.4pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,269-€2,749▲ 21.2%-€3,418€44,087€9,984▼ 77.4%-€245-€9,243▼ 3,679%-€52,057▼ 463%
Net result€54-€80▲ 48.2%-€5,369within the sector's middle half€41,886above the sector's middle half€5,020within the sector's middle half▼ 88.0%-€2,964within the sector's middle half-€11,929below the sector's middle half▼ 303%-€54,291below the sector's middle half▼ 355%
Equity€12,336-€12,416▲ 0.6%€7,047within the sector's middle half▼ 43.2%€48,932within the sector's middle half▲ 594%€53,953within the sector's middle half▲ 10.3%€50,989within the sector's middle half▼ 5.5%€39,056within the sector's middle half▼ 23.4%-€15,235below the sector's middle half
Total assets€59,965-€61,523▲ 2.6%€65,322within the sector's middle half▲ 6.2%€155,662within the sector's middle half▲ 138%€120,654within the sector's middle half▼ 22.5%€155,150within the sector's middle half▲ 28.6%€141,200within the sector's middle half▼ 9.0%€69,781within the sector's middle half▼ 50.6%
Debt€47,629-€49,108▲ 3.1%€58,275▲ 18.7%€106,729▲ 83.1%€66,701▼ 37.5%€104,161▲ 56.2%€102,145▼ 1.9%€85,016▼ 16.8%
Working capital€3,232-€3,492▲ 8.0%-€6,479within the sector's middle half€87,158above the sector's middle half€61,548above the sector's middle half▼ 29.4%€95,894above the sector's middle half▲ 55.8%€100,833above the sector's middle half▲ 5.2%-€4,910within the sector's middle half
Solvency20.6%-20.2%▼ 0.4pp10.8%within the sector's middle half▼ 9.4pp31.4%within the sector's middle half▲ 20.6pp44.7%within the sector's middle half▲ 13.3pp32.9%within the sector's middle half▼ 11.9pp27.7%within the sector's middle half▼ 5.2pp-21.8%below the sector's middle half▼ 49.5pp
Current ratio1.07-1.07=0.89within the sector's middle half▼ 0.182.91above the sector's middle half▲ 2.023.73above the sector's middle half▲ 0.823.86above the sector's middle half▲ 0.134.68above the sector's middle half▲ 0.830.93within the sector's middle half▼ 3.75
Return on assets (ROA)0.1%-0.1%=-8.2%within the sector's middle half▼ 8.3pp26.9%above the sector's middle half▲ 35.1pp4.2%within the sector's middle half▼ 22.7pp-1.9%within the sector's middle half▼ 6.1pp-8.4%below the sector's middle half▼ 6.5pp-77.8%below the sector's middle half▼ 69.4pp
Staff (FTE)2-1▼ 50.0%1
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €52,057, larger than the loss of €9,243 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €69,781
Fixed assets
€4,786 ▼ 63.2%
Current assets
€64,995 ▼ 49.3%
Equity and liabilities
Equity-€15,235
Debt€85,016
Equity is negative. Debt (€85,016) exceeds the balance-sheet total (€69,781).
Key figures and ratios
EBITDA
-€43,843▼
2024 · €3,467
Cash flow
-€46,076▼
2024 · €780
Quick ratio
0.53▼
2024 · 3.02
Interest coverage
-25.95▼
2024 · 1.58
Debt ≤ 1 year
€69,905▲
2024 · €27,367
Debt > 1 year
€2,165▼
2024 · €6,431
Income taxes
€178▼
2024 · €500
Staff costs
€12,037▼
2024 · €41,846
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,496 | €23,009 | €2,012 | - | - |
| Depreciation and write-downs of the year | €4,584 | €9,245 | €12,840 | €12,709 | €8,215 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €8,297 | €7,276 | €27,802 | €41,846 | €12,037 | ▼ 71.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,858 | €7,486 | €3,994 | €4,584 | €9,245 | €12,840 | €12,709 | €8,215 | ▼ 35.4% |
| Other operating charges640/8 | - | - | - | €193 | €648 | €1,291 | €2,821 | €892 | ▼ 68.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €250 | €1,086 | €295 | ▼ 72.9% |
| Gross operating margin9900 | €77,995 | €44,145 | €14,380 | €57,161 | €27,153 | €41,939 | €49,219 | -€30,619 | - |
| Operating profit (loss)9901 | €2,269 | €2,749 | -€3,418 | €44,087 | €9,984 | -€245 | -€9,243 | -€52,057 | ▼ 463% |
| Financial income75/76B | - | - | - | €3 | €25 | €1 | €4 | €0 | ▼ 89.3% |
| Recurring financial income75 | €9 | €5 | €22 | €3 | €25 | €1 | €4 | €0 | ▼ 89.3% |
| Financial charges65/66B | - | - | - | €1,387 | €2,449 | €2,273 | €2,192 | €2,056 | ▼ 6.2% |
| Recurring financial charges65 | €1,623 | €1,527 | €1,972 | €1,387 | €1,925 | €2,273 | €2,192 | €1,690 | ▼ 22.9% |
| Non-recurring financial charges66B | - | - | - | - | €524 | - | - | €367 | - |
| Profit (loss) for the period before taxes9903 | €654 | €1,227 | -€5,368 | €42,703 | €7,560 | -€2,516 | -€11,430 | -€54,113 | ▼ 373% |
| Income taxes67/77 | €600 | €1,147 | €0 | €817 | €2,540 | €447 | €500 | €178 | ▼ 64.5% |
| Profit (loss) for the period9904 | €54 | €80 | -€5,369 | €41,886 | €5,020 | -€2,964 | -€11,929 | -€54,291 | ▼ 355% |
| Transfer to tax-exempt reserves689 | - | - | - | €10,500 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €54 | €80 | -€30,369 | €31,386 | €5,020 | -€2,964 | -€11,929 | -€54,291 | ▼ 355% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €59,965 | €61,523 | €65,322 | €155,662 | €120,654 | €155,150 | €141,200 | €69,781 | ▼ 50.6% |
| Fixed assets21/28 | €9,104 | €8,924 | €13,526 | €22,774 | €36,538 | €25,709 | €13,000 | €4,786 | ▼ 63.2% |
| Tangible fixed assets22/27 | €8,904 | €8,724 | €13,326 | €22,574 | €36,338 | €25,509 | €12,800 | €4,586 | ▼ 64.2% |
| Plant, machinery and equipment23 | - | - | - | €16,038 | €13,664 | €9,454 | €5,376 | €1,731 | ▼ 67.8% |
| Furniture and vehicles24 | - | - | - | €1,081 | €18,156 | €10,750 | €3,345 | - | - |
| Other tangible fixed assets26 | - | - | - | €5,456 | €4,518 | €5,305 | €4,080 | €2,855 | ▼ 30.0% |
| Financial fixed assets28 | €200 | €200 | €200 | €200 | €200 | €200 | €200 | €200 | = |
| Current assets29/58 | €50,862 | €52,600 | €51,796 | €132,888 | €84,116 | €129,441 | €128,200 | €64,995 | ▼ 49.3% |
| Stocks and contracts in progress3 | €38,391 | €43,664 | €42,418 | €43,747 | €43,747 | €45,592 | €45,592 | €27,694 | ▼ 39.3% |
| Stocks30/36 | - | - | - | €43,747 | €43,747 | €45,592 | €45,592 | €27,694 | ▼ 39.3% |
| Amounts receivable within one year40/41 | €3,216 | €147 | €5,666 | €84,519 | €32,156 | €76,716 | €79,288 | €34,843 | ▼ 56.1% |
| Trade receivables40 | - | - | - | €72,458 | €30,500 | €57,332 | €62,500 | €22,852 | ▼ 63.4% |
| Other amounts receivable41 | - | - | - | €12,061 | €1,656 | €19,384 | €16,788 | €11,991 | ▼ 28.6% |
| Cash at bank and in hand54/58 | €8,433 | €8,403 | €3,074 | €2,735 | €7,532 | €6,275 | €2,421 | €1,513 | ▼ 37.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,886 | €680 | €857 | €900 | €945 | ▲ 5.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €59,965 | €61,523 | €65,322 | €155,662 | €120,654 | €155,150 | €141,200 | €69,781 | ▼ 50.6% |
| Equity10/15 | €12,336 | €12,416 | €7,047 | €48,932 | €53,953 | €50,989 | €39,056 | -€15,235 | - |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | €18,592 | - | - | - |
| Issued capital100 | - | - | - | €18,592 | €18,592 | €18,592 | - | - | - |
| Reserves13 | €5,202 | €5,202 | €30,202 | €40,702 | €40,702 | €40,702 | €40,702 | €40,702 | = |
| Tax-exempt reserves132 | - | - | - | €37,740 | €37,740 | €37,740 | €37,740 | €37,740 | = |
| Distributable reserves133 | - | - | - | €2,962 | €2,962 | €2,962 | €2,962 | €2,962 | = |
| Profit (loss) carried forward14 | -€11,458 | -€11,379 | -€41,747 | -€10,362 | -€5,342 | -€8,305 | -€20,238 | -€74,529 | ▼ 268% |
| Amounts payable17/49 | €47,629 | €49,108 | €58,275 | €106,729 | €66,701 | €104,161 | €102,145 | €85,016 | ▼ 16.8% |
| Amounts payable after more than one year17 | - | - | - | - | €14,716 | €10,614 | €6,431 | €2,165 | ▼ 66.3% |
| Financial debts170/4 | - | - | - | - | €14,716 | €10,614 | €6,431 | €2,165 | ▼ 66.3% |
| Amounts payable within one year42/48 | €47,629 | €49,108 | €58,275 | €45,729 | €22,567 | €33,547 | €27,367 | €69,905 | ▲ 155% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €3,296 | €3,347 | €3,428 | €3,511 | ▲ 2.4% |
| Trade debts44 | €24,548 | €16,921 | €9,528 | €14,017 | €14,513 | €26,088 | €18,311 | €7,191 | ▼ 60.7% |
| Suppliers440/4 | - | - | - | €14,017 | €14,513 | €26,088 | €18,311 | €7,191 | ▼ 60.7% |
| Taxes, remuneration and social security45 | - | - | - | €2,678 | €4,318 | €4,112 | €5,281 | €1,492 | ▼ 71.7% |
| Taxes450/3 | - | - | - | €884 | €2,437 | €447 | €1,366 | €178 | ▼ 87.0% |
| Remuneration and social security454/9 | - | - | - | €1,793 | €1,881 | €3,665 | €3,916 | €1,315 | ▼ 66.4% |
| Other amounts payable47/48 | - | - | - | €29,034 | €441 | - | €346 | €57,710 | ▲ 167× |
| Accrued charges and deferred income492/3 | - | - | - | €61,000 | €29,418 | €60,000 | €68,346 | €12,946 | ▼ 81.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54 | €80 | -€5,369 | €41,886 | €5,020 | -€2,964 | -€11,929 | -€54,291 | ▼ 355% |
| + Depreciation and write-downs630 | €11,858 | €7,486 | €3,994 | €4,584 | €9,245 | €12,840 | €12,709 | €8,215 | ▼ 35.4% |
| Operating cash flow (approximation) | €11,911 | €7,565 | -€1,375 | €46,469 | €14,265 | €9,877 | €780 | -€46,076 | - |
| Investment in fixed assets (approximation) | - | -€7,305 | -€8,597 | -€13,832 | -€23,009 | -€2,012 | €0 | €0 | - |
| Change in cash | - | -€30 | -€5,329 | -€339 | €4,797 | -€1,257 | -€3,855 | -€908 | ▲ 76.4% |
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, 6,619 companies had the same profile as LORO has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LORO itself: 3.6% 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 6,619 companies, not a prediction for LORO. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-08-2026 | 2026-00397072 | |
| 31-12-2024 | micro format | 06-06-2025 | 2025-00142224 | |
| 31-12-2023 | micro format | 07-07-2024 | 2024-00217488 | |
| 31-12-2022 | micro format | 06-08-2023 | 2023-00317420 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20373427 | |
| 31-12-2020 | micro format | 02-08-2021 | 2021-45700118 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-44100323 | |
| 31-12-2018 | micro format | 17-08-2019 | 2019-47300169 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-52000221 | |
| 31-12-2016 | full format | 16-10-2017 | 2017-67400504 |