LOSC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 6 filings
Turnover
≈ €93,000
Estimated: probably between €42,000 and €220,000
Total assets
€42,701▼ 20.9%
2024 · €53,988
Net result
€4,927▼ 56.1%
2024 · €11,234
Working capital
€11,889▼ 34.2%
2024 · €18,056
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€8,149
▼ 55.0%
2025
20202025
Net result
€4,927
▼ 56.1%
2025
middle half of the sector
20202025
Equity
€16,755
▼ 33.8%
2025
lowest quarter of the sector
20202025
Total assets
€42,701
▼ 20.9%
2025
lowest quarter of the sector
20202025
Debt
€25,946
▼ 9.5%
2025
20202025
Working capital
€11,889
▼ 34.2%
2025
middle half of the sector
20202025
Solvency
39.2%
▼ 7.7pp
2025
middle half of the sector
20202025
Current ratio
1.47
▼ 0.18
2025
middle half of the sector
20202025
Return on assets (ROA)
11.5%
▼ 9.3pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€1,311-€7,803▲ 495%€12,502▲ 60.2%€2,189▼ 82.5%€18,127▲ 728%€8,149▼ 55.0%
Net result€851below the sector's middle half-€5,426within the sector's middle half▲ 538%€9,004within the sector's middle half▲ 65.9%€380below the sector's middle half▼ 95.8%€11,234within the sector's middle half▲ 30×€4,927within the sector's middle half▼ 56.1%
Equity€2,551below the sector's middle half-€7,177below the sector's middle half▲ 181%€15,380below the sector's middle half▲ 114%€14,927below the sector's middle half▼ 2.9%€25,328within the sector's middle half▲ 69.7%€16,755below the sector's middle half▼ 33.8%
Total assets€9,577below the sector's middle half-€30,497below the sector's middle half▲ 218%€44,529below the sector's middle half▲ 46.0%€40,121below the sector's middle half▼ 9.9%€53,988below the sector's middle half▲ 34.6%€42,701below the sector's middle half▼ 20.9%
Debt€7,026-€23,320▲ 232%€29,149▲ 25.0%€25,195▼ 13.6%€28,660▲ 13.8%€25,946▼ 9.5%
Working capital€2,551below the sector's middle half-€2,588below the sector's middle half▲ 1.5%€4,056within the sector's middle half▲ 56.7%€6,920within the sector's middle half▲ 70.6%€18,056within the sector's middle half▲ 161%€11,889within the sector's middle half▼ 34.2%
Solvency26.6%within the sector's middle half-23.5%within the sector's middle half▼ 3.1pp34.5%within the sector's middle half▲ 11.0pp37.2%within the sector's middle half▲ 2.7pp46.9%within the sector's middle half▲ 9.7pp39.2%within the sector's middle half▼ 7.7pp
Current ratio1.36within the sector's middle half-1.23within the sector's middle half▼ 0.131.19within the sector's middle half▼ 0.041.33within the sector's middle half▲ 0.131.64within the sector's middle half▲ 0.321.47within the sector's middle half▼ 0.18
Return on assets (ROA)8.9%within the sector's middle half-17.8%within the sector's middle half▲ 8.9pp20.2%within the sector's middle half▲ 2.4pp0.9%below the sector's middle half▼ 19.3pp20.8%within the sector's middle half▲ 19.9pp11.5%within the sector's middle half▼ 9.3pp
above
within
below
The sector band is the middle half of the companies in Repair, maintenance and installation of machinery and equipment (NACE 33). 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 55% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €42,701
Fixed assets
€5,348 ▼ 32.5%
Current assets
€37,353 ▼ 18.9%
Equity and liabilities €42,701
Equity
€16,755 ▼ 33.8%
Debt
€25,946 ▼ 9.5%
Debt's share of the balance-sheet total rises from 53.1% to 60.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€10,718▼
2024 · €25,245
Cash flow
€7,497▼
2024 · €18,352
Debt to equity
1.55▲
2024 · 1.13
ROE
29.4%▼
2024 · 44.4%
Interest coverage
10.72▼
2024 · 28.00
Debt ≤ 1 year
€25,464▼
2024 · €28,015
Income taxes
€2,295▼
2024 · €6,045
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 | €17,366 | €9,612 | - | €3,000 | - |
| Depreciation and write-downs of the year | €619 | €6,966 | €7,358 | €7,118 | €2,570 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €619 | €6,966 | €7,358 | €7,118 | €2,570 | ▼ 63.9% |
| Other operating charges640/8 | - | - | €1,118 | €1,257 | €1,538 | €1,416 | ▼ 8.0% |
| Gross operating margin9900 | €1,311 | €8,421 | €20,586 | €10,804 | €26,783 | €12,134 | ▼ 54.7% |
| Operating profit (loss)9901 | €1,311 | €7,803 | €12,502 | €2,189 | €18,127 | €8,149 | ▼ 55.0% |
| Financial income75/76B | - | €0 | €0 | €340 | €53 | €73 | ▲ 37.8% |
| Recurring financial income75 | €0 | €0 | €0 | €340 | €53 | €73 | ▲ 37.8% |
| Financial charges65/66B | - | €243 | €458 | €553 | €902 | €1,000 | ▲ 10.9% |
| Recurring financial charges65 | €18 | €243 | €458 | €553 | €902 | €1,000 | ▲ 10.9% |
| Profit (loss) for the period before taxes9903 | €1,293 | €7,560 | €12,044 | €1,977 | €17,279 | €7,222 | ▼ 58.2% |
| Income taxes67/77 | €442 | €2,135 | €3,040 | €1,597 | €6,045 | €2,295 | ▼ 62.0% |
| Profit (loss) for the period9904 | €851 | €5,426 | €9,004 | €380 | €11,234 | €4,927 | ▼ 56.1% |
| Profit (loss) for the period to be appropriated9905 | €851 | €5,426 | €9,004 | €380 | €11,234 | €4,927 | ▼ 56.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €9,577 | €30,497 | €44,529 | €40,121 | €53,988 | €42,701 | ▼ 20.9% |
| Fixed assets21/28 | - | €16,748 | €19,394 | €12,035 | €7,917 | €5,348 | ▼ 32.5% |
| Tangible fixed assets22/27 | - | €16,748 | €19,394 | €12,035 | €7,917 | €5,348 | ▼ 32.5% |
| Furniture and vehicles24 | - | €16,748 | €16,124 | €9,118 | €5,353 | €3,136 | ▼ 41.4% |
| Other tangible fixed assets26 | - | - | €3,270 | €2,917 | €2,565 | €2,212 | ▼ 13.8% |
| Current assets29/58 | €9,577 | €13,749 | €25,135 | €28,086 | €46,070 | €37,353 | ▼ 18.9% |
| Amounts receivable within one year40/41 | €7,735 | €9,679 | €21,561 | €20,581 | €42,215 | €27,996 | ▼ 33.7% |
| Trade receivables40 | - | €9,500 | €21,485 | €13,235 | €41,812 | €27,603 | ▼ 34.0% |
| Other amounts receivable41 | - | €179 | €76 | €7,346 | €402 | €393 | ▼ 2.2% |
| Cash at bank and in hand54/58 | €1,095 | €3,928 | €2,902 | €6,683 | €2,677 | €9,058 | ▲ 238% |
| Deferred charges and accrued income490/1 | - | €142 | €672 | €822 | €1,178 | €299 | ▼ 74.7% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €9,577 | €30,497 | €44,529 | €40,121 | €53,988 | €42,701 | ▼ 20.9% |
| Equity10/15 | €2,551 | €7,177 | €15,380 | €14,927 | €25,328 | €16,755 | ▼ 33.8% |
| Contributions10/11 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €51 | €4,677 | €12,880 | €12,427 | €22,828 | €14,255 | ▼ 37.6% |
| Distributable reserves133 | - | €4,677 | €12,880 | €12,427 | €22,828 | €14,255 | ▼ 37.6% |
| Profit (loss) carried forward14 | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €7,026 | €23,320 | €29,149 | €25,195 | €28,660 | €25,946 | ▼ 9.5% |
| Amounts payable after more than one year17 | - | €12,159 | €8,069 | €3,897 | €0 | - | - |
| Financial debts170/4 | - | €12,159 | €8,069 | €3,897 | €0 | - | - |
| Amounts payable within one year42/48 | €7,026 | €11,161 | €21,080 | €21,166 | €28,015 | €25,464 | ▼ 9.1% |
| Current portion of amounts payable after more than one year42 | - | €4,010 | €4,090 | €4,172 | €3,897 | €0 | ▼ 100% |
| Trade debts44 | €1,445 | €1,741 | €4,697 | €2,364 | €5,226 | €878 | ▼ 83.2% |
| Suppliers440/4 | - | €1,741 | €4,697 | €2,364 | €5,226 | €878 | ▼ 83.2% |
| Taxes, remuneration and social security45 | - | €3,227 | €7,662 | €7,511 | €11,604 | €3,242 | ▼ 72.1% |
| Taxes450/3 | - | €2,227 | €6,662 | €6,511 | €10,604 | €3,242 | ▼ 69.4% |
| Remuneration and social security454/9 | - | €1,000 | €1,000 | €1,000 | €1,000 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €2,183 | €4,630 | €7,119 | €7,287 | €21,344 | ▲ 193% |
| Accrued charges and deferred income492/3 | - | - | - | €132 | €646 | €482 | ▼ 25.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €851 | €5,426 | €9,004 | €380 | €11,234 | €4,927 | ▼ 56.1% |
| + Depreciation and write-downs630 | - | €619 | €6,966 | €7,358 | €7,118 | €2,570 | ▼ 63.9% |
| Operating cash flow (approximation) | €851 | €6,044 | €15,970 | €7,738 | €18,352 | €7,497 | ▼ 59.1% |
| Investment in fixed assets (approximation) | - | - | -€9,612 | €0 | -€3,000 | €0 | - |
| Change in cash | - | €2,833 | -€1,026 | €3,781 | -€4,006 | €6,381 | - |
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, 26,972 companies had the same profile as LOSC has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LOSC itself: 0.6% 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 26,972 companies, not a prediction for LOSC. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00246897 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00392135 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00408596 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00365973 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20330778 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-52100549 |