LOTHIAN DEVELOPMENTS IV
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-03-2026 PDF all 28 filings
Turnover
€1.6m▼ 2.0%
2024 · €1.6m
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€102,484
2024 · -€6.4m
Working capital
€1.7m▲ 13.4%
2024 · €1.5m
Multi-year overview
2018 to 2025, 5 financial yearsTurnover
€1.6m
▼ 2.0%
2025
20182025
Operating result
€2.0m
2025
20182025
Net result
€102,484
2025
middle half of the sector
20182025
Equity
-€4.3m
▲ 2.4%
2025
lowest quarter of the sector
20182025
Total assets
€37.1m
▼ 3.3%
2025
highest quarter of the sector
20182025
Debt
€41.4m
▼ 3.2%
2025
20182025
Working capital
€1.7m
▲ 13.4%
2025
highest quarter of the sector
20182025
Solvency
-11.5%
▼ 0.1pp
2025
lowest quarter of the sector
20182025
Current ratio
6.75
▲ 3.46
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.3%
▲ 16.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182020202120242025
Turnover€1.6m-€1.6m▼ 2.0%
Operating result-€4.1m-€2.0m
Net result-€6.4mbelow the sector's middle half-€0.1mwithin the sector's middle half
Equity-€4.4mbelow the sector's middle half--€4.3mbelow the sector's middle half▲ 2.4%
Total assets€18.4m-€17.7mabove the sector's middle half-€17.5mabove the sector's middle half▼ 1.0%€38.4mabove the sector's middle half-€37.1mabove the sector's middle half▼ 3.3%
Debt€42.7m-€41.4m▼ 3.2%
Working capital€1.5mabove the sector's middle half-€1.7mabove the sector's middle half▲ 13.4%
Solvency-11.4%below the sector's middle half--11.5%below the sector's middle half▼ 0.1pp
Current ratio3.29above the sector's middle half-6.75above the sector's middle half▲ 3.46
Return on assets (ROA)-16.6%below the sector's middle half-0.3%within the sector's middle half▲ 16.9pp
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 €2.0m, after a loss of €4.1m in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €37.1m
Fixed assets
€35.1m ▼ 3.0%
Current assets
€2.0m ▼ 7.3%
Equity and liabilities
Equity-€4.3m
Debt€41.4m
Equity is negative. Debt (€41.4m) exceeds the balance-sheet total (€37.1m).
Key figures and ratios
EBITDA
€3.1m▲
2024 · -€2.7m
Cash flow
€1.2m▲
2024 · -€5.0m
Interest coverage
1.61▲
2024 · -1.13
Debt ≤ 1 year
€291,720▼
2024 · €645,125
Debt > 1 year
€41.1m▼
2024 · €42.1m
Customer credit
50 days▲
2024 · 1 day
Supplier credit
589 days▲
2024 · 413 days
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.
Annual accounts
| Line | 2018 | 2020 | 2021 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €1.6m | €1.6m | ▼ 2.0% |
| Non-recurring operating income76A | - | - | - | - | €1.6m | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.5m | €0.08m | ▼ 85.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €1.4m | €1.1m | ▼ 20.1% |
| Other operating charges640/8 | - | - | - | €1.0m | €0.8m | ▼ 23.3% |
| Non-recurring operating charges66A | - | - | - | €2.9m | - | - |
| Gross operating margin9900 | - | - | - | €1.2m | €3.8m | ▲ 219% |
| Operating profit (loss)9901 | - | - | - | -€4.1m | €2.0m | - |
| Financial income75/76B | - | - | - | €0.07m | €0.03m | ▼ 53.4% |
| Recurring financial income75 | - | - | - | €0.07m | €0.03m | ▼ 53.4% |
| Financial charges65/66B | - | - | - | €2.4m | €1.9m | ▼ 20.0% |
| Recurring financial charges65 | - | - | - | €2.4m | €1.9m | ▼ 20.0% |
| Profit (loss) for the period before taxes9903 | - | - | - | -€6.4m | €0.1m | - |
| Income taxes67/77 | - | - | - | €0.01m | - | - |
| Profit (loss) for the period9904 | - | - | - | -€6.4m | €0.1m | - |
| Profit (loss) for the period to be appropriated9905 | - | - | - | -€6.4m | €0.1m | - |
| Line | 2018 | 2020 | 2021 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €18.4m | €17.7m | €17.5m | €38.4m | €37.1m | ▼ 3.3% |
| Fixed assets21/28 | - | - | - | €36.2m | €35.1m | ▼ 3.0% |
| Tangible fixed assets22/27 | - | - | - | €36.2m | €35.1m | ▼ 3.0% |
| Land and buildings22 | - | - | - | €36.2m | €35.1m | ▼ 3.0% |
| Current assets29/58 | - | - | - | €2.1m | €2.0m | ▼ 7.3% |
| Amounts receivable within one year40/41 | - | - | - | €0.03m | €0.2m | ▲ 767% |
| Trade receivables40 | - | - | - | €0.006m | €0.2m | ▲ 33× |
| Other amounts receivable41 | - | - | - | €0.02m | €0.03m | ▲ 46.6% |
| Cash at bank and in hand54/58 | - | - | - | €1.4m | €1.0m | ▼ 23.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.7m | €0.7m | ▼ 7.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €18.4m | €17.7m | €17.5m | €38.4m | €37.1m | ▼ 3.3% |
| Equity10/15 | - | - | - | -€4.4m | -€4.3m | ▲ 2.4% |
| Contributions10/11 | - | - | - | €1.6m | €1.6m | = |
| Capital10 | - | - | - | €1.6m | €1.6m | = |
| Issued capital100 | - | - | - | €1.6m | €1.6m | = |
| Revaluation surpluses12 | - | - | - | €0 | - | - |
| Reserves13 | - | - | - | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | - | - | - | -€6.1m | -€6.0m | ▲ 1.7% |
| Amounts payable17/49 | - | - | - | €42.7m | €41.4m | ▼ 3.2% |
| Amounts payable after more than one year17 | - | - | - | €42.1m | €41.1m | ▼ 2.4% |
| Financial debts170/4 | - | - | - | €42.1m | €41.1m | ▼ 2.4% |
| Amounts payable within one year42/48 | - | - | - | €0.6m | €0.3m | ▼ 54.8% |
| Trade debts44 | - | - | - | €0.6m | €0.1m | ▼ 79.6% |
| Suppliers440/4 | - | - | - | €0.6m | €0.1m | ▼ 79.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.2m | ▲ 446% |
| Taxes450/3 | - | - | - | €0.03m | €0.2m | ▲ 446% |
| Line | 2018 | 2020 | 2021 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | - | - | -€6.4m | €0.1m | - |
| + Depreciation and write-downs630 | - | - | - | €1.4m | €1.1m | ▼ 20.1% |
| Operating cash flow (approximation) | - | - | - | -€5.0m | €1.2m | - |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | - |
| Change in cash | - | - | - | - | -€0.3m | - |
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, 2,025 companies had the same profile as LOTHIAN DEVELOPMENTS IV has now. Two years later, 92.1% were still going and 2.6% had gone bankrupt.
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
- without size
92.1%
was still going
4.4%
stopped otherwise
2.6%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LOTHIAN DEVELOPMENTS IV itself is lower: 0.4% within 12 months. It rests on far more data about LOTHIAN DEVELOPMENTS IV than the profile alone.
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 2,025 companies, not a prediction for LOTHIAN DEVELOPMENTS IV. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-03-2026 | 2026-00064521 | |
| 31-12-2024 | full format | 27-03-2025 | 2025-00060798 | |
| 31-12-2023 | full format | 21-03-2024 | 2024-00048750 | |
| 31-12-2022 | full format | 28-03-2023 | 2023-00049251 | |
| 31-12-2021 | full format | 25-05-2022 | 2022-20042628 | |
| 31-12-2020 | full format | 22-04-2021 | 2021-11000200 | |
| 31-12-2019 | full format | 29-04-2020 | 2020-10900568 | |
| 31-12-2018 | full format | 16-04-2019 | 2019-10100522 | |
| 31-12-2017 | full format | 29-03-2018 | 2018-08500224 | |
| 31-12-2016 | full format | 02-06-2017 | 2017-15000186 |