LOWE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 24 filings
Turnover
≈ €240,000
Estimated: probably between €150,000 and €330,000
Total assets
€430,796▲ 113%
2024 · €202,364
Net result
€28,771▼ 6.3%
2024 · €30,716
Working capital
-€226,130
2024 · €7,030
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€36,107
▼ 4.3%
2025
20182025
Net result
€28,771
▼ 6.3%
2025
middle half of the sector
20182025
Equity
€117,234
▲ 32.5%
2025
middle half of the sector
20182025
Total assets
€430,796
▲ 113%
2025
middle half of the sector
20182025
Debt
€313,562
▲ 175%
2025
20182025
Working capital
-€226,130
2025
lowest quarter of the sector
20182025
Solvency
27.2%
▼ 16.5pp
2025
middle half of the sector
20182025
Current ratio
0.28
▼ 0.78
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
6.7%
▼ 8.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,320-€2,593▲ 11.8%€2,017▼ 22.2%-€20,160€10,162€19,666▲ 93.5%€37,736▲ 91.9%€36,107▼ 4.3%
Net result€2,318-€2,556▲ 10.3%€1,981within the sector's middle half▼ 22.5%-€20,196below the sector's middle half€10,124within the sector's middle half€19,520within the sector's middle half▲ 92.8%€30,716above the sector's middle half▲ 57.4%€28,771within the sector's middle half▼ 6.3%
Equity€43,762-€46,318▲ 5.8%€48,299within the sector's middle half▲ 4.3%€28,103within the sector's middle half▼ 41.8%€38,227within the sector's middle half▲ 36.0%€57,747within the sector's middle half▲ 51.1%€88,463within the sector's middle half▲ 53.2%€117,234within the sector's middle half▲ 32.5%
Total assets€177,886-€151,285▼ 15.0%€161,396within the sector's middle half▲ 6.7%€141,659within the sector's middle half▼ 12.2%€140,471within the sector's middle half▼ 0.8%€145,891within the sector's middle half▲ 3.9%€202,364within the sector's middle half▲ 38.7%€430,796within the sector's middle half▲ 113%
Debt€134,125-€104,967▼ 21.7%€113,098▲ 7.7%€113,556▲ 0.4%€102,244▼ 10.0%€88,144▼ 13.8%€113,901▲ 29.2%€313,562▲ 175%
Working capital-€29,096--€60,111▼ 107%-€58,191within the sector's middle half▲ 3.2%-€46,983within the sector's middle half▲ 19.3%-€19,310within the sector's middle half▲ 58.9%€26,752within the sector's middle half€7,030within the sector's middle half▼ 73.7%-€226,130below the sector's middle half
Solvency24.6%-30.6%▲ 6.0pp29.9%within the sector's middle half▼ 0.7pp19.8%within the sector's middle half▼ 10.1pp27.2%within the sector's middle half▲ 7.4pp39.6%within the sector's middle half▲ 12.4pp43.7%within the sector's middle half▲ 4.1pp27.2%within the sector's middle half▼ 16.5pp
Current ratio0.78-0.43▼ 0.360.49below the sector's middle half▲ 0.060.59within the sector's middle half▲ 0.100.81within the sector's middle half▲ 0.221.30within the sector's middle half▲ 0.491.06within the sector's middle half▼ 0.240.28below the sector's middle half▼ 0.78
Return on assets (ROA)1.3%-1.7%▲ 0.4pp1.2%within the sector's middle half▼ 0.5pp-14.3%below the sector's middle half▼ 15.5pp7.2%within the sector's middle half▲ 21.5pp13.4%above the sector's middle half▲ 6.2pp15.2%above the sector's middle half▲ 1.8pp6.7%within the sector's middle half▼ 8.5pp
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 4% 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 €430,796
Fixed assets
€343,364 ▲ 322%
Current assets
€87,432 ▼ 27.7%
Equity and liabilities €430,796
Equity
€117,234 ▲ 32.5%
Debt
€313,562 ▲ 175%
Debt's share of the balance-sheet total rises from 56.3% to 72.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€81,896▲
2024 · €63,398
Cash flow
€74,560▲
2024 · €56,378
Quick ratio
0.28▼
2024 · 1.05
Debt to equity
2.67▲
2024 · 1.29
ROE
24.5%▼
2024 · 34.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€313,562▲
2024 · €113,901
Income taxes
€7,237▲
2024 · €6,978
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 | €2,280 | €17,425 | €3,400 | €76,100 | €307,719 |
| Depreciation and write-downs of the year | €33,683 | €34,975 | €29,942 | €25,662 | €45,789 |
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 | - | - | - | - | €29,333 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €43,056 | €47,429 | €48,939 | €33,683 | €34,975 | €29,942 | €25,662 | €45,789 | ▲ 78.4% |
| Other operating charges640/8 | - | - | - | €628 | €776 | €697 | €1,860 | €585 | ▼ 68.5% |
| Gross operating margin9900 | €45,973 | €50,696 | €51,633 | €14,152 | €45,913 | €50,305 | €65,258 | €82,481 | ▲ 26.4% |
| Operating profit (loss)9901 | €2,320 | €2,593 | €2,017 | -€20,160 | €10,162 | €19,666 | €37,736 | €36,107 | ▼ 4.3% |
| Financial charges65/66B | - | - | - | €36 | €38 | €146 | €42 | €98 | ▲ 134% |
| Recurring financial charges65 | €2 | €37 | €36 | €36 | €38 | €146 | €42 | €98 | ▲ 134% |
| Profit (loss) for the period before taxes9903 | €2,318 | €2,556 | €1,981 | -€20,196 | €10,124 | €19,520 | €37,694 | €36,009 | ▼ 4.5% |
| Income taxes67/77 | - | - | - | - | - | - | €6,978 | €7,237 | ▲ 3.7% |
| Profit (loss) for the period9904 | €2,318 | €2,556 | €1,981 | -€20,196 | €10,124 | €19,520 | €30,716 | €28,771 | ▼ 6.3% |
| Profit (loss) for the period to be appropriated9905 | €2,318 | €2,556 | €1,981 | -€20,196 | €10,124 | €19,520 | €30,716 | €28,771 | ▼ 6.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €177,886 | €151,285 | €161,396 | €141,659 | €140,471 | €145,891 | €202,364 | €430,796 | ▲ 113% |
| Fixed assets21/28 | €72,858 | €106,428 | €106,489 | €75,086 | €57,537 | €30,995 | €81,433 | €343,364 | ▲ 322% |
| Tangible fixed assets22/27 | €72,858 | €106,428 | €106,489 | €75,086 | €57,537 | €30,995 | €81,433 | €343,364 | ▲ 322% |
| Plant, machinery and equipment23 | - | - | - | €42,686 | €41,337 | €30,995 | €37,583 | €25,722 | ▼ 31.6% |
| Furniture and vehicles24 | - | - | - | €32,400 | €16,200 | €0 | €43,850 | €317,642 | ▲ 624% |
| Current assets29/58 | €105,029 | €44,857 | €54,907 | €66,573 | €82,934 | €114,896 | €120,931 | €87,432 | ▼ 27.7% |
| Stocks and contracts in progress3 | €1,693 | €212 | €1,101 | €463 | €3,104 | €1,946 | €1,831 | €885 | ▼ 51.7% |
| Stocks30/36 | - | - | - | €463 | €3,104 | €1,946 | €1,831 | €885 | ▼ 51.7% |
| Amounts receivable within one year40/41 | €53,565 | €16,959 | €53,080 | €40,909 | €54,829 | €72,261 | €78,243 | €0 | ▼ 100% |
| Trade receivables40 | - | - | - | €34,384 | €51,596 | €68,734 | €77,919 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €6,525 | €3,232 | €3,527 | €324 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €49,771 | €27,575 | €427 | €24,855 | €24,660 | €40,374 | €40,512 | €85,998 | ▲ 112% |
| Deferred charges and accrued income490/1 | - | - | - | €346 | €340 | €315 | €345 | €550 | ▲ 59.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €177,886 | €151,285 | €161,396 | €141,659 | €140,471 | €145,891 | €202,364 | €430,796 | ▲ 113% |
| Equity10/15 | €43,762 | €46,318 | €48,299 | €28,103 | €38,227 | €57,747 | €88,463 | €117,234 | ▲ 32.5% |
| Contributions10/11 | €37,185 | €37,185 | - | €37,185 | €37,185 | €37,185 | €37,185 | €37,185 | = |
| Reserves13 | €8,117 | €9,133 | €11,114 | €11,114 | €11,114 | €20,562 | €51,278 | €80,049 | ▲ 56.1% |
| Non-distributable reserves130/1 | - | - | - | €3,719 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,719 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €7,395 | €11,114 | €20,562 | €51,278 | €80,049 | ▲ 56.1% |
| Profit (loss) carried forward14 | -€1,540 | - | - | -€20,196 | -€10,072 | €0 | - | - | - |
| Amounts payable17/49 | €134,125 | €104,967 | €113,098 | €113,556 | €102,244 | €88,144 | €113,901 | €313,562 | ▲ 175% |
| Amounts payable within one year42/48 | €134,125 | €104,967 | €113,098 | €113,556 | €102,244 | €88,144 | €113,901 | €313,562 | ▲ 175% |
| Trade debts44 | €229 | €11,142 | €4,272 | €1,972 | €22,530 | €8,430 | €29,709 | €74,468 | ▲ 151% |
| Suppliers440/4 | - | - | - | €1,972 | €22,530 | €8,430 | €29,709 | €74,468 | ▲ 151% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €4,478 | €6,323 | ▲ 41.2% |
| Taxes450/3 | - | - | - | - | - | - | €4,478 | €6,323 | ▲ 41.2% |
| Other amounts payable47/48 | - | - | - | €111,584 | €79,714 | €79,714 | €79,714 | €232,771 | ▲ 192% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,318 | €2,556 | €1,981 | -€20,196 | €10,124 | €19,520 | €30,716 | €28,771 | ▼ 6.3% |
| + Depreciation and write-downs630 | €43,056 | €47,429 | €48,939 | €33,683 | €34,975 | €29,942 | €25,662 | €45,789 | ▲ 78.4% |
| Operating cash flow (approximation) | €45,374 | €49,986 | €50,920 | €13,487 | €45,099 | €49,462 | €56,378 | €74,560 | ▲ 32.3% |
| Investment in fixed assets (approximation) | - | -€81,000 | -€49,000 | -€2,280 | -€17,425 | -€3,400 | -€76,100 | -€307,719 | ▼ 304% |
| Change in cash | - | -€22,196 | -€27,148 | €24,428 | -€194 | €15,713 | €138 | €45,486 | ▲ 330× |
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, 3,818 companies had the same profile as LOWE has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LOWE 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 3,818 companies, not a prediction for LOWE. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00259963 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00284953 | |
| 31-12-2023 | micro format | 12-07-2024 | 2024-00244179 | |
| 31-12-2022 | micro format | 07-07-2023 | 2023-00228255 | |
| 31-12-2021 | micro format | 05-08-2022 | 2022-20275420 | |
| 31-12-2020 | micro format | 09-08-2021 | 2021-47700420 | |
| 31-12-2019 | micro format | 04-08-2020 | 2020-38400418 | |
| 31-12-2018 | micro format | 17-06-2019 | 2019-19800326 | |
| 31-12-2017 | micro format | 05-07-2018 | 2018-29100046 | |
| 31-12-2016 | micro format | 27-06-2017 | 2017-21900269 |