LOSATI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-04-2026 PDF all 29 filings
Turnover
≈ €67,000
Estimated: probably between €46,000 and €110,000
Total assets
€106,866▼ 11.7%
2024 · €121,090
Net result
€846
2024 · -€4,074
Working capital
-€74,079▲ 15.1%
2024 · -€87,295
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€3,480
2025
20192025
Net result
€846
2025
middle half of the sector
20192025
Equity
€17,154
▲ 5.2%
2025
middle half of the sector
20192025
Total assets
€106,866
▼ 11.7%
2025
lowest quarter of the sector
20192025
Debt
€89,712
▼ 14.4%
2025
20192025
Working capital
-€74,079
▲ 15.1%
2025
lowest quarter of the sector
20192025
Solvency
16.1%
▲ 2.6pp
2025
middle half of the sector
20192025
Current ratio
0.17
▲ 0.11
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
0.8%
▲ 4.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€8,746--€7,087€6,990€14,741▲ 111%€1,945▼ 86.8%-€211€3,480
Net result€349--€13,401below the sector's middle half€1,398within the sector's middle half€10,094within the sector's middle half▲ 622%-€1,654within the sector's middle half-€4,074within the sector's middle half▼ 146%€846within the sector's middle half
Equity€23,945-€10,544below the sector's middle half▼ 56.0%€11,942below the sector's middle half▲ 13.3%€22,036below the sector's middle half▲ 84.5%€20,383below the sector's middle half▼ 7.5%€16,308within the sector's middle half▼ 20.0%€17,154within the sector's middle half▲ 5.2%
Total assets€214,804-€198,810below the sector's middle half▼ 7.4%€174,575below the sector's middle half▼ 12.2%€167,001below the sector's middle half▼ 4.3%€147,490below the sector's middle half▼ 11.7%€121,090below the sector's middle half▼ 17.9%€106,866below the sector's middle half▼ 11.7%
Debt€190,859-€188,266▼ 1.4%€162,632▼ 13.6%€144,965▼ 10.9%€127,107▼ 12.3%€104,782▼ 17.6%€89,712▼ 14.4%
Working capital-€58,437--€63,000within the sector's middle half▼ 7.8%-€65,852within the sector's middle half▼ 4.5%-€69,524within the sector's middle half▼ 5.6%-€73,764within the sector's middle half▼ 6.1%-€87,295below the sector's middle half▼ 18.3%-€74,079below the sector's middle half▲ 15.1%
Solvency11.1%-5.3%below the sector's middle half▼ 5.8pp6.8%below the sector's middle half▲ 1.5pp13.2%within the sector's middle half▲ 6.4pp13.8%within the sector's middle half▲ 0.6pp13.5%within the sector's middle half▼ 0.4pp16.1%within the sector's middle half▲ 2.6pp
Current ratio0.15-0.19below the sector's middle half▲ 0.040.13below the sector's middle half▼ 0.060.11below the sector's middle half▼ 0.020.15below the sector's middle half▲ 0.040.06below the sector's middle half▼ 0.090.17below the sector's middle half▲ 0.11
Return on assets (ROA)0.2%--6.7%below the sector's middle half▼ 6.9pp0.8%within the sector's middle half▲ 7.5pp6.0%above the sector's middle half▲ 5.2pp-1.1%within the sector's middle half▼ 7.2pp-3.4%below the sector's middle half▼ 2.2pp0.8%within the sector's middle half▲ 4.2pp
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 profit of €3,480, after a loss of €211 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €106,866
Fixed assets
€91,807 ▼ 20.8%
Current assets
€15,059 ▲ 192%
Equity and liabilities €106,866
Equity
€17,154 ▲ 5.2%
Debt
€89,712 ▼ 14.4%
Debt's share of the balance-sheet total falls from 86.5% to 83.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€27,611▲
2024 · €18,343
Cash flow
€24,977▲
2024 · €14,479
Debt to equity
5.23▼
2024 · 6.43
ROE
4.9%▲
2024 · -25.0%
Interest coverage
24.55▲
2024 · 7.21
Debt ≤ 1 year
€89,138▼
2024 · €92,447
Income taxes
€1,517▲
2024 · €1,355
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €110,486 | €93,958 | €68,326 | - | - |
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 | - |
| Mortgage mandates | €285,000 | €285,000 | €285,000 | €285,000 | - |
| Carrying value of the mortgaged assets | €162,313 | €148,777 | €120,844 | €108,118 | - |
| Carrying value of the other pledged assets | - | - | - | €2,229 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,848 | €17,109 | €2,045 | - | - |
| Depreciation and write-downs of the year | €21,997 | €23,591 | €25,952 | €18,553 | €24,131 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,621 | €20,223 | €21,997 | €23,591 | €25,952 | €18,553 | €24,131 | ▲ 30.1% |
| Other operating charges640/8 | - | - | €2,470 | €2,124 | €2,641 | €2,351 | €2,250 | ▼ 4.3% |
| Gross operating margin9900 | €31,377 | €15,414 | €31,457 | €40,456 | €30,538 | €20,693 | €29,861 | ▲ 44.3% |
| Operating profit (loss)9901 | €8,746 | -€7,087 | €6,990 | €14,741 | €1,945 | -€211 | €3,480 | - |
| Financial income75/76B | - | - | - | €498 | €53 | €37 | €7 | ▼ 79.6% |
| Recurring financial income75 | - | - | - | €498 | €53 | €37 | €7 | ▼ 79.6% |
| Financial charges65/66B | - | - | €5,165 | €4,236 | €3,564 | €2,545 | €1,125 | ▼ 55.8% |
| Recurring financial charges65 | €6,671 | €5,916 | €5,165 | €4,236 | €3,564 | €2,545 | €1,125 | ▼ 55.8% |
| Profit (loss) for the period before taxes9903 | €2,075 | -€13,003 | €1,825 | €11,003 | -€1,566 | -€2,719 | €2,362 | - |
| Income taxes67/77 | €1,726 | €398 | €427 | €910 | €87 | €1,355 | €1,517 | ▲ 11.9% |
| Profit (loss) for the period9904 | €349 | -€13,401 | €1,398 | €10,094 | -€1,654 | -€4,074 | €846 | - |
| Profit (loss) for the period to be appropriated9905 | €349 | -€13,401 | €1,398 | €10,094 | -€1,654 | -€4,074 | €846 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €214,804 | €198,810 | €174,575 | €167,001 | €147,490 | €121,090 | €106,866 | ▼ 11.7% |
| Fixed assets21/28 | €204,253 | €184,030 | €164,881 | €158,399 | €134,491 | €115,938 | €91,807 | ▼ 20.8% |
| Tangible fixed assets22/27 | €204,253 | €184,030 | €164,881 | €158,399 | €134,491 | €115,938 | €91,807 | ▼ 20.8% |
| Land and buildings22 | - | - | €23,046 | €15,038 | €7,031 | €7,031 | - | - |
| Plant, machinery and equipment23 | - | - | €2,568 | €1,998 | €1,428 | €1,351 | €289 | ▼ 78.6% |
| Furniture and vehicles24 | - | - | - | €7,623 | €5,932 | €4,240 | €2,549 | ▼ 39.9% |
| Leasing and similar rights25 | - | - | - | €7,199 | €6,287 | €2,229 | €609 | ▼ 72.7% |
| Other tangible fixed assets26 | - | - | €139,268 | €126,541 | €113,814 | €101,087 | €88,360 | ▼ 12.6% |
| Current assets29/58 | €10,551 | €14,780 | €9,694 | €8,603 | €12,998 | €5,153 | €15,059 | ▲ 192% |
| Amounts receivable within one year40/41 | €8,641 | €8,625 | €3,150 | €3,499 | €11,427 | €4,022 | €14,004 | ▲ 248% |
| Trade receivables40 | - | - | €3,150 | €3,499 | €11,427 | €4,022 | €14,004 | ▲ 248% |
| Cash at bank and in hand54/58 | €163 | €4,378 | €4,757 | €3,544 | €163 | €163 | €164 | ▲ 0.4% |
| Deferred charges and accrued income490/1 | - | - | €1,786 | €1,560 | €1,409 | €968 | €891 | ▼ 7.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €214,804 | €198,810 | €174,575 | €167,001 | €147,490 | €121,090 | €106,866 | ▼ 11.7% |
| Equity10/15 | €23,945 | €10,544 | €11,942 | €22,036 | €20,383 | €16,308 | €17,154 | ▲ 5.2% |
| Contributions10/11 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €5,353 | €4,290 | €4,290 | €4,290 | €4,290 | €4,290 | €4,290 | = |
| Tax-exempt reserves132 | - | - | €4,290 | €4,290 | €4,290 | €4,290 | €4,290 | = |
| Profit (loss) carried forward14 | - | -€12,338 | -€10,939 | -€846 | -€2,499 | -€6,573 | -€5,728 | ▲ 12.9% |
| Amounts payable17/49 | €190,859 | €188,266 | €162,632 | €144,965 | €127,107 | €104,782 | €89,712 | ▼ 14.4% |
| Amounts payable after more than one year17 | €121,871 | €110,486 | €87,086 | €66,389 | €39,894 | €11,885 | - | - |
| Financial debts170/4 | - | - | €87,086 | €66,389 | €39,894 | €11,885 | - | - |
| Amounts payable within one year42/48 | €68,988 | €77,781 | €75,546 | €78,126 | €86,763 | €92,447 | €89,138 | ▼ 3.6% |
| Current portion of amounts payable after more than one year42 | - | - | €23,399 | €27,569 | €28,431 | €28,009 | €11,939 | ▼ 57.4% |
| Financial debts43 | - | - | - | - | €3,020 | €2,437 | €546 | ▼ 77.6% |
| Credit institutions430/8 | - | - | - | - | €3,020 | €2,437 | €546 | ▼ 77.6% |
| Trade debts44 | €2,202 | €2,559 | €1,117 | €1,749 | €3,369 | €2,351 | €1,446 | ▼ 38.5% |
| Suppliers440/4 | - | - | €1,117 | €1,749 | €3,369 | €2,351 | €1,446 | ▼ 38.5% |
| Taxes, remuneration and social security45 | - | - | €3,721 | €3,696 | €2,626 | €3,186 | €4,466 | ▲ 40.2% |
| Taxes450/3 | - | - | €3,721 | €3,696 | €2,626 | €3,186 | €4,466 | ▲ 40.2% |
| Other amounts payable47/48 | - | - | €47,308 | €45,113 | €49,317 | €56,463 | €70,741 | ▲ 25.3% |
| Accrued charges and deferred income492/3 | - | - | - | €450 | €450 | €450 | €574 | ▲ 27.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €349 | -€13,401 | €1,398 | €10,094 | -€1,654 | -€4,074 | €846 | - |
| + Depreciation and write-downs630 | €20,621 | €20,223 | €21,997 | €23,591 | €25,952 | €18,553 | €24,131 | ▲ 30.1% |
| Operating cash flow (approximation) | €20,970 | €6,822 | €23,396 | €33,685 | €24,299 | €14,479 | €24,977 | ▲ 72.5% |
| Investment in fixed assets (approximation) | - | €0 | -€2,848 | -€17,109 | -€2,045 | €0 | €0 | - |
| Change in cash | - | €4,215 | €380 | -€1,214 | -€3,381 | €0 | €1 | - |
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, 3,984 companies had the same profile as LOSATI has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LOSATI 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 3,984 companies, not a prediction for LOSATI. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 09-04-2026 | 2026-00075198 | |
| 30-09-2024 | micro format | 14-04-2025 | 2025-00068720 | |
| 30-09-2023 | abbreviated format | 24-04-2024 | 2024-00068573 | |
| 30-09-2022 | abbreviated format | 19-04-2023 | 2023-00061126 | |
| 30-09-2021 | abbreviated format | 12-04-2022 | 2022-20002595 | |
| 30-09-2020 | abbreviated format | 14-04-2021 | 2021-10300487 | |
| 30-09-2019 | abbreviated format | 15-04-2020 | 2020-09100581 | |
| 30-09-2018 | abbreviated format | 18-03-2019 | 2019-07300073 | |
| 30-09-2017 | abbreviated format | 12-04-2018 | 2018-09700365 | |
| 30-09-2016 | abbreviated format | 23-03-2017 | 2017-07100317 |