LOT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 37 filings
Turnover
≈ €120,000
Estimated: probably between €60,000 and €290,000
Total assets
€114,379▲ 13.6%
2024 · €100,676
Net result
-€2,130▲ 80.2%
2024 · -€10,749
Working capital
€22,114▼ 26.3%
2024 · €29,992
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,114
▲ 88.6%
2025
20182025
Net result
-€2,130
▲ 80.2%
2025
lowest quarter of the sector
20182025
Equity
€55,329
▼ 3.7%
2025
middle half of the sector
20182025
Total assets
€114,379
▲ 13.6%
2025
lowest quarter of the sector
20182025
Debt
€59,050
▲ 36.6%
2025
20182025
Working capital
€22,114
▼ 26.3%
2025
middle half of the sector
20182025
Solvency
48.4%
▼ 8.7pp
2025
middle half of the sector
20182025
Current ratio
1.50
▼ 0.32
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.9%
▲ 8.8pp
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€31,776--€13,940-€24,309▼ 74.4%-€5,106▲ 79.0%-€3,745▲ 26.7%€61,654-€9,796-€1,114▲ 88.6%
Net result€31,310--€14,917-€25,879below the sector's middle half▼ 73.5%-€6,581below the sector's middle half▲ 74.6%-€5,152below the sector's middle half▲ 21.7%€60,565above the sector's middle half-€10,749below the sector's middle half-€2,130below the sector's middle half▲ 80.2%
Equity€60,171-€45,254▼ 24.8%€19,375within the sector's middle half▼ 57.2%€12,795within the sector's middle half▼ 34.0%€7,643within the sector's middle half▼ 40.3%€68,208within the sector's middle half▲ 792%€57,459within the sector's middle half▼ 15.8%€55,329within the sector's middle half▼ 3.7%
Total assets€88,144-€92,436▲ 4.9%€71,974within the sector's middle half▼ 22.1%€61,483within the sector's middle half▼ 14.6%€72,862within the sector's middle half▲ 18.5%€133,903within the sector's middle half▲ 83.8%€100,676within the sector's middle half▼ 24.8%€114,379below the sector's middle half▲ 13.6%
Debt€27,973-€47,182▲ 68.7%€52,599▲ 11.5%€48,689▼ 7.4%€65,220▲ 34.0%€65,695▲ 0.7%€43,217▼ 34.2%€59,050▲ 36.6%
Working capital-€9,874--€20,825▼ 111%-€33,513below the sector's middle half▼ 60.9%-€27,966below the sector's middle half▲ 16.6%-€30,462below the sector's middle half▼ 8.9%€37,034within the sector's middle half€29,992within the sector's middle half▼ 19.0%€22,114within the sector's middle half▼ 26.3%
Solvency68.3%-49.0%▼ 19.3pp26.9%within the sector's middle half▼ 22.0pp20.8%within the sector's middle half▼ 6.1pp10.5%within the sector's middle half▼ 10.3pp50.9%within the sector's middle half▲ 40.4pp57.1%within the sector's middle half▲ 6.1pp48.4%within the sector's middle half▼ 8.7pp
Current ratio0.63-0.31▼ 0.320.16below the sector's middle half▼ 0.150.31below the sector's middle half▲ 0.150.36below the sector's middle half▲ 0.051.67within the sector's middle half▲ 1.311.81within the sector's middle half▲ 0.141.50within the sector's middle half▼ 0.32
Return on assets (ROA)35.5%--16.1%▼ 51.7pp-36.0%below the sector's middle half▼ 19.8pp-10.7%below the sector's middle half▲ 25.3pp-7.1%below the sector's middle half▲ 3.6pp45.2%above the sector's middle half▲ 52.3pp-10.7%below the sector's middle half▼ 55.9pp-1.9%below the sector's middle half▲ 8.8pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €1,114, smaller than the loss of €9,796 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 €114,379
Fixed assets
€47,861 ▲ 41.4%
Current assets
€66,519 ▼ 0.5%
Equity and liabilities €114,379
Equity
€55,329 ▼ 3.7%
Debt
€59,050 ▲ 36.6%
Debt's share of the balance-sheet total rises from 42.9% to 51.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€7,039▲
2024 · -€282
Cash flow
€6,023▲
2024 · -€1,235
Debt to equity
1.07▲
2024 · 0.75
ROE
-3.8%▲
2024 · -18.7%
Interest coverage
5.71▲
2024 · -0.33
Debt ≤ 1 year
€44,405▲
2024 · €36,848
Debt > 1 year
€14,645▲
2024 · €6,369
Income taxes
€240▲
2024 · €237
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 | €896 | €27,773 | €760 | €1,742 | €35,227 |
| Depreciation and write-downs of the year | €17,500 | €20,831 | €14,963 | €9,514 | €8,153 |
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 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,816 | €17,395 | €17,395 | €17,500 | €20,831 | €14,963 | €9,514 | €8,153 | ▼ 14.3% |
| Other operating charges640/8 | - | - | - | €2,607 | €3,384 | €3,850 | €4,192 | €4,180 | ▼ 0.3% |
| Gross operating margin9900 | €46,925 | €5,982 | -€4,207 | €15,000 | €20,470 | €80,467 | €3,910 | €11,219 | ▲ 187% |
| Operating profit (loss)9901 | €31,776 | -€13,940 | -€24,309 | -€5,106 | -€3,745 | €61,654 | -€9,796 | -€1,114 | ▲ 88.6% |
| Financial income75/76B | - | - | - | - | - | €0 | €132 | €456 | ▲ 245% |
| Recurring financial income75 | €1 | €0 | €1 | - | - | €0 | €132 | €456 | ▲ 245% |
| Financial charges65/66B | - | - | - | €1,241 | €1,166 | €847 | €849 | €1,232 | ▲ 45.2% |
| Recurring financial charges65 | €264 | €744 | €1,342 | €1,241 | €1,166 | €847 | €849 | €1,232 | ▲ 45.2% |
| Profit (loss) for the period before taxes9903 | €31,513 | -€14,684 | -€25,650 | -€6,347 | -€4,911 | €60,807 | -€10,512 | -€1,890 | ▲ 82.0% |
| Income taxes67/77 | €203 | €234 | €229 | €234 | €241 | €242 | €237 | €240 | ▲ 1.5% |
| Profit (loss) for the period9904 | €31,310 | -€14,917 | -€25,879 | -€6,581 | -€5,152 | €60,565 | -€10,749 | -€2,130 | ▲ 80.2% |
| Profit (loss) for the period to be appropriated9905 | €31,310 | -€14,917 | -€25,879 | -€6,581 | -€5,152 | €60,565 | -€10,749 | -€2,130 | ▲ 80.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €88,144 | €92,436 | €71,974 | €61,483 | €72,862 | €133,903 | €100,676 | €114,379 | ▲ 13.6% |
| Fixed assets21/28 | €71,268 | €82,868 | €65,473 | €48,870 | €55,811 | €41,608 | €33,837 | €47,861 | ▲ 41.4% |
| Tangible fixed assets22/27 | €71,268 | €82,868 | €65,473 | €48,870 | €55,811 | €41,608 | €33,837 | €47,861 | ▲ 41.4% |
| Land and buildings22 | - | - | - | €28,042 | €24,884 | €21,727 | €18,569 | €16,074 | ▼ 13.4% |
| Plant, machinery and equipment23 | - | - | - | €932 | €1,278 | €1,432 | €2,217 | €1,307 | ▼ 41.0% |
| Furniture and vehicles24 | - | - | - | €19,896 | €29,649 | €18,450 | €13,050 | €30,480 | ▲ 134% |
| Current assets29/58 | €16,876 | €9,568 | €6,501 | €12,614 | €17,051 | €92,294 | €66,840 | €66,519 | ▼ 0.5% |
| Amounts receivable within one year40/41 | €604 | €181 | €831 | €903 | €4,915 | €39,387 | €2,903 | €8,825 | ▲ 204% |
| Trade receivables40 | - | - | - | - | €4,613 | €39,387 | €2,903 | €8,825 | ▲ 204% |
| Other amounts receivable41 | - | - | - | €903 | €301 | - | - | - | - |
| Cash at bank and in hand54/58 | €15,132 | €7,252 | €4,487 | €10,339 | €10,236 | €51,232 | €62,329 | €56,409 | ▼ 9.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,372 | €1,901 | €1,675 | €1,608 | €1,285 | ▼ 20.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €88,144 | €92,436 | €71,974 | €61,483 | €72,862 | €133,903 | €100,676 | €114,379 | ▲ 13.6% |
| Equity10/15 | €60,171 | €45,254 | €19,375 | €12,795 | €7,643 | €68,208 | €57,459 | €55,329 | ▼ 3.7% |
| Contributions10/11 | €97,000 | €97,000 | €97,000 | €97,000 | €97,000 | €97,000 | €97,000 | €97,000 | = |
| Capital10 | - | - | - | €97,000 | €97,000 | €97,000 | €97,000 | €97,000 | = |
| Issued capital100 | - | - | - | €97,000 | €97,000 | €97,000 | €97,000 | €97,000 | = |
| Reserves13 | €13,404 | €13,404 | €13,404 | €13,404 | €13,404 | €13,404 | €13,404 | €13,404 | = |
| Non-distributable reserves130/1 | - | - | - | €9,700 | €9,700 | €9,700 | €9,700 | €9,700 | = |
| Legal reserve130 | - | - | - | €9,700 | €9,700 | €9,700 | €9,700 | €9,700 | = |
| Distributable reserves133 | - | - | - | €3,704 | €3,704 | €3,704 | €3,704 | €3,704 | = |
| Profit (loss) carried forward14 | -€50,233 | -€65,150 | -€91,029 | -€97,609 | -€102,761 | -€42,196 | -€52,945 | -€55,075 | ▼ 4.0% |
| Amounts payable17/49 | €27,973 | €47,182 | €52,599 | €48,689 | €65,220 | €65,695 | €43,217 | €59,050 | ▲ 36.6% |
| Amounts payable after more than one year17 | - | €16,788 | €12,584 | €8,109 | €17,706 | €10,435 | €6,369 | €14,645 | ▲ 130% |
| Financial debts170/4 | - | - | - | €8,109 | €17,706 | €10,435 | €6,369 | €14,645 | ▲ 130% |
| Amounts payable within one year42/48 | €26,750 | €30,393 | €40,014 | €40,580 | €47,513 | €55,260 | €36,848 | €44,405 | ▲ 20.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,475 | €8,556 | €7,272 | €4,065 | €3,626 | ▼ 10.8% |
| Trade debts44 | €2,589 | €2,582 | €3,596 | €2,540 | €13,661 | €13,540 | €160 | €10,330 | ▲ 65× |
| Suppliers440/4 | - | - | - | €2,540 | €13,661 | €13,540 | €160 | €10,330 | ▲ 65× |
| Taxes, remuneration and social security45 | - | - | - | €3,756 | €475 | €9,334 | €7,509 | €5,349 | ▼ 28.8% |
| Taxes450/3 | - | - | - | €463 | €475 | €7,741 | €7,509 | €5,349 | ▼ 28.8% |
| Remuneration and social security454/9 | - | - | - | €3,294 | - | €1,594 | - | - | - |
| Other amounts payable47/48 | - | - | - | €29,808 | €24,821 | €25,114 | €25,114 | €25,100 | ▼ 0.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,310 | -€14,917 | -€25,879 | -€6,581 | -€5,152 | €60,565 | -€10,749 | -€2,130 | ▲ 80.2% |
| + Depreciation and write-downs630 | €11,816 | €17,395 | €17,395 | €17,500 | €20,831 | €14,963 | €9,514 | €8,153 | ▼ 14.3% |
| Operating cash flow (approximation) | €43,126 | €2,478 | -€8,484 | €10,919 | €15,680 | €75,528 | -€1,235 | €6,023 | - |
| Investment in fixed assets (approximation) | - | -€28,995 | €0 | -€896 | -€27,773 | -€760 | -€1,742 | -€22,177 | ▼ 1,173% |
| Change in cash | - | -€7,880 | -€2,764 | €5,852 | -€103 | €40,996 | €11,097 | -€5,921 | - |
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 LOT 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 LOT 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 LOT. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 18-06-2026 | 2026-00171516 | |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00284588 | |
| 31-12-2023 | micro format | 11-06-2024 | 2024-00120204 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00272754 | |
| 31-12-2021 | micro format | 26-07-2022 | 2022-20231873 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43600372 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-44200246 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-35700179 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-27100391 | |
| 31-12-2016 | micro format | 21-08-2017 | 2017-45500082 |