LPFC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 5 filings
Turnover
€191,407▼ 33.1%
2023 · €286,237
EBIT margin
40.1%▼ 5.8pp
2023 · 45.9%
Net result
€84,904▲ 29.5%
2024 · €65,545
Working capital
-€29,498▼ 991%
2024 · -€2,703
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
€109,099
▲ 42.0%
2025
20212025
Net result
€84,904
▲ 29.5%
2025
highest quarter of the sector
20212025
EBIT margin
no figure
2025
20212025
Equity
€15,905
▼ 24.3%
2025
lowest quarter of the sector
20212025
Total assets
€138,962
▲ 53.8%
2025
middle half of the sector
20212025
Debt
€123,057
▲ 77.5%
2025
20212025
Working capital
-€29,498
▼ 991%
2025
lowest quarter of the sector
20212025
Solvency
11.4%
▼ 11.8pp
2025
lowest quarter of the sector
20212025
Current ratio
0.76
▼ 0.20
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
61.1%
▼ 11.5pp
2025
highest quarter of the sector
20212025
Staff (FTE)
1
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€168,449-€280,853▲ 66.7%€286,237▲ 1.9%€191,407▼ 33.1%
Operating result€92,211-€133,779▲ 45.1%€131,463▼ 1.7%€76,809▼ 41.6%€109,099▲ 42.0%
Net result€72,596above the sector's middle half-€103,232above the sector's middle half▲ 42.2%€104,628above the sector's middle half▲ 1.4%€65,545above the sector's middle half▼ 37.4%€84,904above the sector's middle half▲ 29.5%
EBIT margin54.7%-47.6%▼ 7.1pp45.9%▼ 1.7pp40.1%▼ 5.8pp
Equity€77,596within the sector's middle half-€180,828within the sector's middle half▲ 133%€5,456below the sector's middle half▼ 97.0%€21,001below the sector's middle half▲ 285%€15,905below the sector's middle half▼ 24.3%
Total assets€130,464within the sector's middle half-€298,297within the sector's middle half▲ 129%€414,301within the sector's middle half▲ 38.9%€90,323within the sector's middle half▼ 78.2%€138,962within the sector's middle half▲ 53.8%
Debt€52,868-€117,469▲ 122%€408,845▲ 248%€69,322▼ 83.0%€123,057▲ 77.5%
Working capital€53,993within the sector's middle half-€136,280within the sector's middle half▲ 152%-€27,373below the sector's middle half-€2,703below the sector's middle half▲ 90.1%-€29,498below the sector's middle half▼ 991%
Solvency59.5%within the sector's middle half-60.6%within the sector's middle half▲ 1.1pp1.3%below the sector's middle half▼ 59.3pp23.3%below the sector's middle half▲ 21.9pp11.4%below the sector's middle half▼ 11.8pp
Current ratio2.02within the sector's middle half-2.16within the sector's middle half▲ 0.140.93below the sector's middle half▼ 1.230.96below the sector's middle half▲ 0.030.76below the sector's middle half▼ 0.20
Return on assets (ROA)55.6%above the sector's middle half-34.6%above the sector's middle half▼ 21.0pp25.3%within the sector's middle half▼ 9.4pp72.6%above the sector's middle half▲ 47.3pp61.1%above the sector's middle half▼ 11.5pp
Staff (FTE)1
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 42% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €138,962
Fixed assets
€45,853 ▲ 93.4%
Current assets
€93,109 ▲ 39.8%
Equity and liabilities €138,962
Equity
€15,905 ▼ 24.3%
Debt
€123,057 ▲ 77.5%
Debt's share of the balance-sheet total rises from 76.7% to 88.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€115,033▲
2024 · €86,512
Cash flow
€90,838▲
2024 · €75,248
Debt to equity
7.74▲
2024 · 3.30
ROE
533.8%▲
2024 · 312.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€122,607▲
2024 · €69,322
Income taxes
€23,921▲
2024 · €18,706
Staff costs
€53,378▲
2024 · €31,266
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 1 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €25,750 | €31,809 | - | €578 | €28,083 |
| Financial fixed assets | €218 | - | - | - | - |
| Depreciation and write-downs of the year | €2,364 | €10,580 | €12,003 | €9,703 | €5,934 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €168,449 | €280,853 | €286,237 | €191,407 | - | - |
| Goods, raw materials, services and sundry goods60/61 | €55,723 | €71,572 | €73,027 | €69,742 | - | - |
| Remuneration, social security and pensions62 | €15,878 | €57,834 | €69,518 | €31,266 | €53,378 | ▲ 70.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,364 | €10,580 | €12,003 | €9,703 | €5,934 | ▼ 38.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €6,487 | - | - | - | - |
| Other operating charges640/8 | €2,272 | €600 | €226 | €3,888 | €3,591 | ▼ 7.6% |
| Gross operating margin9900 | €112,726 | €209,281 | €213,210 | €121,665 | €172,002 | ▲ 41.4% |
| Operating profit (loss)9901 | €92,211 | €133,779 | €131,463 | €76,809 | €109,099 | ▲ 42.0% |
| Financial income75/76B | €0 | - | €4,872 | €8,035 | €213 | ▼ 97.3% |
| Recurring financial income75 | €0 | - | €4,872 | €8,035 | €213 | ▼ 97.3% |
| Financial charges65/66B | €95 | €927 | €1,167 | €593 | €487 | ▼ 17.9% |
| Recurring financial charges65 | €95 | €927 | €1,167 | €593 | €487 | ▼ 17.9% |
| Profit (loss) for the period before taxes9903 | €92,116 | €132,852 | €135,168 | €84,251 | €108,825 | ▲ 29.2% |
| Income taxes67/77 | €19,520 | €29,620 | €30,540 | €18,706 | €23,921 | ▲ 27.9% |
| Profit (loss) for the period9904 | €72,596 | €103,232 | €104,628 | €65,545 | €84,904 | ▲ 29.5% |
| Profit (loss) for the period to be appropriated9905 | €72,596 | €103,232 | €104,628 | €65,545 | €84,904 | ▲ 29.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €130,464 | €298,297 | €414,301 | €90,323 | €138,962 | ▲ 53.8% |
| Fixed assets21/28 | €23,603 | €44,832 | €32,829 | €23,704 | €45,853 | ▲ 93.4% |
| Tangible fixed assets22/27 | €23,386 | €44,615 | €32,611 | €23,486 | €45,635 | ▲ 94.3% |
| Plant, machinery and equipment23 | - | €24,950 | €22,299 | €19,647 | €16,996 | ▼ 13.5% |
| Furniture and vehicles24 | €23,386 | €17,165 | €7,813 | €1,339 | €26,139 | ▲ 20× |
| Other tangible fixed assets26 | - | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Financial fixed assets28 | €218 | €218 | €218 | €218 | €218 | = |
| Current assets29/58 | €106,861 | €253,465 | €381,472 | €66,619 | €93,109 | ▲ 39.8% |
| Amounts receivable within one year40/41 | €26,869 | €13,552 | €284,184 | €1,305 | €58,139 | ▲ 45× |
| Trade receivables40 | €26,869 | €13,552 | €24,184 | €755 | €19,920 | ▲ 26× |
| Other amounts receivable41 | - | - | €260,000 | €550 | €38,219 | ▲ 69× |
| Cash at bank and in hand54/58 | €79,784 | €238,583 | €95,826 | €63,801 | €33,352 | ▼ 47.7% |
| Deferred charges and accrued income490/1 | €207 | €1,330 | €1,462 | €1,513 | €1,618 | ▲ 7.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €130,464 | €298,297 | €414,301 | €90,323 | €138,962 | ▲ 53.8% |
| Equity10/15 | €77,596 | €180,828 | €5,456 | €21,001 | €15,905 | ▼ 24.3% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Capital10 | €5,000 | €5,000 | €5,000 | €5,000 | - | - |
| Issued capital100 | €5,000 | €5,000 | €5,000 | €5,000 | - | - |
| Profit (loss) carried forward14 | €72,596 | €175,828 | €456 | €16,001 | €10,905 | ▼ 31.8% |
| Amounts payable17/49 | €52,868 | €117,469 | €408,845 | €69,322 | €123,057 | ▲ 77.5% |
| Amounts payable within one year42/48 | €52,868 | €117,185 | €408,845 | €69,322 | €122,607 | ▲ 76.9% |
| Trade debts44 | €4,225 | €11,758 | €9,239 | €6,520 | €9,042 | ▲ 38.7% |
| Suppliers440/4 | €4,225 | €11,758 | €9,239 | €6,520 | €9,042 | ▲ 38.7% |
| Taxes, remuneration and social security45 | €43,320 | €72,299 | €92,547 | €11,563 | €23,559 | ▲ 104% |
| Taxes450/3 | €38,604 | €63,142 | €79,006 | €2,533 | €16,194 | ▲ 539% |
| Remuneration and social security454/9 | €4,716 | €9,157 | €13,541 | €9,031 | €7,365 | ▼ 18.4% |
| Other amounts payable47/48 | €5,322 | €33,128 | €307,059 | €51,239 | €90,007 | ▲ 75.7% |
| Accrued charges and deferred income492/3 | - | €284 | - | - | €450 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €72,596 | €103,232 | €104,628 | €65,545 | €84,904 | ▲ 29.5% |
| + Depreciation and write-downs630 | €2,364 | €10,580 | €12,003 | €9,703 | €5,934 | ▼ 38.8% |
| Operating cash flow (approximation) | €74,961 | €113,812 | €116,631 | €75,248 | €90,838 | ▲ 20.7% |
| Investment in fixed assets (approximation) | - | -€31,809 | €0 | -€578 | -€28,083 | ▼ 4,760% |
| Change in cash | - | €158,799 | -€142,756 | -€32,025 | -€30,449 | ▲ 4.9% |
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, 6,713 companies had the same profile as LPFC has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LPFC itself is lower: 0.1% within 12 months. It rests on far more data about LPFC 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 6,713 companies, not a prediction for LPFC. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00204218 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00257682 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00411466 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00339727 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20309786 |