LS Immo
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 32 days after the deadline Filed on 1 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00481220.
Annual accounts 2025 filed on 01-09-2026 at the NBB all 31 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€132,788▲ 6.4%
2024 · €124,831
Working capital
€792,645▲ 1.6%
2024 · €779,857
In the rankings
#8 company by equity in La Roche-en-Ardenne
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€131,977
▲ 13.4%
2025
20182025
Net result
€132,788
▲ 6.4%
2025
middle half of the sector
20182025
Equity
€1.7m
▲ 0.8%
2025
middle half of the sector
20182025
Total assets
€2.0m
▲ 8.1%
2025
middle half of the sector
20182025
Debt
€332,286
▲ 71.9%
2025
20182025
Working capital
€792,645
▲ 1.6%
2025
middle half of the sector
20182025
Solvency
83.3%
▼ 6.0pp
2025
highest quarter of the sector
20182025
Current ratio
3.39
▼ 1.65
2025
middle half of the sector
20182025
Return on assets (ROA)
6.5%
▼ 0.1pp
2025
highest 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€0.09m-€0.1m▲ 1.8%€0.1m▲ 0.3%€0.1m▼ 0.2%€0.1m▲ 35.2%€0.1m▲ 0.3%€0.1m▼ 9.9%€0.1m▲ 13.4%
Net result€0.07m-€0.07m▲ 0.9%€0.1mwithin the sector's middle half▲ 44.5%€0.1mwithin the sector's middle half▲ 0.1%€0.1mwithin the sector's middle half▲ 0.8%€0.1mwithin the sector's middle half▲ 2.2%€0.1mwithin the sector's middle half▲ 25.3%€0.1mwithin the sector's middle half▲ 6.4%
Equity€1.4m-€1.5m▲ 4.7%€1.5mwithin the sector's middle half▲ 0.1%€1.5mwithin the sector's middle half=€1.6mwithin the sector's middle half▲ 6.6%€1.7mwithin the sector's middle half▲ 6.3%€1.7mwithin the sector's middle half=€1.7mwithin the sector's middle half▲ 0.8%
Total assets€1.5m-€1.6m▲ 4.9%€1.6mwithin the sector's middle half▲ 2.9%€1.7mwithin the sector's middle half▲ 6.7%€1.8mwithin the sector's middle half▲ 3.2%€1.8mwithin the sector's middle half▼ 2.3%€1.9mwithin the sector's middle half▲ 7.0%€2.0mwithin the sector's middle half▲ 8.1%
Debt€0.09m-€0.1m▲ 8.3%€0.1m▲ 44.2%€0.3m▲ 75.4%€0.2m▼ 16.3%€0.07m▼ 66.6%€0.2m▲ 174%€0.3m▲ 71.9%
Working capital€0.5m-€0.6m▲ 21.3%€0.6mwithin the sector's middle half▲ 6.4%€0.7mwithin the sector's middle half▲ 5.9%€0.8mwithin the sector's middle half▲ 14.8%€0.9mwithin the sector's middle half▲ 13.1%€0.8mwithin the sector's middle half▼ 9.0%€0.8mwithin the sector's middle half▲ 1.6%
Solvency93.4%-93.2%▼ 0.2pp90.7%above the sector's middle half▼ 2.5pp85.1%above the sector's middle half▼ 5.6pp87.8%above the sector's middle half▲ 2.8pp95.5%above the sector's middle half▲ 7.7pp89.3%above the sector's middle half▼ 6.2pp83.3%above the sector's middle half▼ 6.0pp
Current ratio6.24-6.88▲ 0.635.33above the sector's middle half▼ 1.543.62above the sector's middle half▼ 1.724.59above the sector's middle half▲ 0.9713.15above the sector's middle half▲ 8.565.04above the sector's middle half▼ 8.123.39within the sector's middle half▼ 1.65
Return on assets (ROA)4.4%-4.2%▼ 0.2pp5.9%above the sector's middle half▲ 1.7pp5.6%above the sector's middle half▼ 0.4pp5.4%above the sector's middle half▼ 0.1pp5.7%above the sector's middle half▲ 0.2pp6.6%above the sector's middle half▲ 1.0pp6.5%above the sector's middle half▼ 0.1pp
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 13% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€907,252 =
Current assets
€1.1m ▲ 15.6%
Equity and liabilities €2.0m
Equity
€1.7m ▲ 0.8%
Provisions
€7,769 =
Debt
€332,286 ▲ 71.9%
Debt's share of the balance-sheet total rises from 10.3% to 16.4%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.20▲
2024 · 0.12
ROE
7.8%▲
2024 · 7.4%
Debt ≤ 1 year
€332,286▲
2024 · €193,271
Income taxes
€4,655▲
2024 · -€2,704
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgage mandates | - | - | - | €1.5m | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €77,649 | - |
| Depreciation and write-downs of the year | €35,861 | €0 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Auditas Assurance Partners.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | - | - | €1,250 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | - | €198,925 | - |
| Other operating income74 | - | - | - | - | - | - | - | €198,925 | - |
| Operating charges60/66A | - | - | - | - | - | - | - | €66,948 | - |
| Services and other goods61 | - | - | - | - | - | - | - | €18,624 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,071 | €36,163 | €35,861 | €35,861 | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €44,664 | €45,259 | €47,374 | €47,506 | €48,324 | ▲ 1.7% |
| Non-recurring operating charges66A | - | - | - | - | €75 | €50 | €0 | - | - |
| Gross operating margin9900 | €174,387 | €175,608 | €175,874 | €175,821 | €174,127 | €176,611 | €163,847 | - | - |
| Operating profit (loss)9901 | €93,531 | €95,240 | €95,508 | €95,296 | €128,793 | €129,188 | €116,341 | €131,977 | ▲ 13.4% |
| Financial income75/76B | - | - | - | €2,300 | €4,500 | €4,815 | €6,259 | €6,958 | ▲ 11.2% |
| Recurring financial income75 | €1,242 | €2,529 | €2,007 | €2,300 | €4,500 | €4,815 | €6,259 | €6,958 | ▲ 11.2% |
| Income from financial fixed assets750 | - | - | - | - | - | - | - | €6,958 | - |
| Financial charges65/66B | - | - | - | €639 | €264 | €370 | €473 | €1,492 | ▲ 215% |
| Recurring financial charges65 | €491 | €357 | €262 | €639 | €264 | €370 | €473 | €1,492 | ▲ 215% |
| Other financial charges652/9 | - | - | - | - | - | - | - | €1,492 | - |
| Profit (loss) for the period before taxes9903 | €94,282 | €97,412 | €97,254 | €96,956 | €133,029 | €133,633 | €122,127 | €137,443 | ▲ 12.5% |
| Income taxes67/77 | €28,010 | €30,542 | €601 | €239 | €35,538 | €34,017 | -€2,704 | €4,655 | - |
| Taxes670/3 | - | - | - | - | - | - | - | €4,655 | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | - | €0 | - |
| Profit (loss) for the period9904 | €66,272 | €66,870 | €96,652 | €96,717 | €97,491 | €99,616 | €124,831 | €132,788 | ▲ 6.4% |
| Profit (loss) for the period to be appropriated9905 | €66,272 | €66,870 | €96,652 | €96,717 | €97,491 | €99,616 | €124,831 | €132,788 | ▲ 6.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €1.6m | €1.6m | €1.7m | €1.8m | €1.8m | €1.9m | €2.0m | ▲ 8.1% |
| Fixed assets21/28 | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | = |
| Tangible fixed assets22/27 | €0.1m | €0.1m | €0.07m | €0.03m | €0.03m | €0.03m | €0.1m | €0.1m | = |
| Land and buildings22 | - | - | - | €0.02m | €0.02m | €0.02m | €0.1m | €0.1m | = |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Financial fixed assets28 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | = |
| Affiliated companies280/1 | - | - | - | - | - | - | - | €0.8m | - |
| Participating interests280 | - | - | - | - | - | - | - | €0.8m | - |
| Current assets29/58 | €0.6m | €0.7m | €0.8m | €0.9m | €1.0m | €0.9m | €1.0m | €1.1m | ▲ 15.6% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €0.5m | €0.6m | €0.8m | €0.9m | €1.0m | €0.9m | €1.0m | €0.9m | ▼ 1.5% |
| Trade receivables40 | - | - | - | €0.4m | €0.5m | €0.4m | €0.2m | €0.2m | ▼ 13.9% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.5m | €0.5m | €0.7m | €0.8m | ▲ 1.9% |
| Cash at bank and in hand54/58 | €0.01m | €0.01m | €0.002m | €0.009m | €0.008m | €0.005m | €0.008m | €0.2m | ▲ 20× |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.008m | €0.01m | €0.01m | €0.02m | ▲ 76.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €1.6m | €1.6m | €1.7m | €1.8m | €1.8m | €1.9m | €2.0m | ▲ 8.1% |
| Equity10/15 | €1.4m | €1.5m | €1.5m | €1.5m | €1.6m | €1.7m | €1.7m | €1.7m | ▲ 0.8% |
| Contributions10/11 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Capital10 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Issued capital100 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Non-distributable reserves130/1 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Legal reserve130 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Profit (loss) carried forward14 | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €1.0m | €1.0m | €1.0m | ▲ 1.3% |
| Provisions and deferred taxes16 | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Other liabilities and charges164/5 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Amounts payable17/49 | €0.09m | €0.1m | €0.1m | €0.3m | €0.2m | €0.07m | €0.2m | €0.3m | ▲ 71.9% |
| Amounts payable within one year42/48 | €0.09m | €0.1m | €0.1m | €0.3m | €0.2m | €0.07m | €0.2m | €0.3m | ▲ 71.9% |
| Trade debts44 | €0.08m | €0.07m | €0.007m | €0.1m | €0.1m | €0.004m | €0.008m | €0.2m | ▲ 24× |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.004m | €0.008m | €0.2m | ▲ 24× |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | €0.04m | €0.04m | €0.006m | €0.01m | ▲ 82.5% |
| Taxes450/3 | - | - | - | €0.001m | €0.04m | €0.04m | €0.006m | €0.01m | ▲ 82.5% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.03m | €0.03m | €0.2m | €0.1m | ▼ 33.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €66,272 | €66,870 | €96,652 | €96,717 | €97,491 | €99,616 | €124,831 | €132,788 | ▲ 6.4% |
| + Depreciation and write-downs630 | €37,071 | €36,163 | €35,861 | €35,861 | €0 | - | - | - | - |
| Operating cash flow (approximation) | €103,343 | €103,033 | €132,513 | €132,578 | €97,491 | €99,616 | €124,831 | €132,788 | ▲ 6.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€77,649 | -€1 | ▲ 100.0% |
| Change in cash | - | €1,303 | -€10,928 | €7,725 | -€1,465 | -€3,037 | €3,418 | €157,759 | ▲ 46× |
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, 20,136 companies had the same profile as LS Immo has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of LS Immo 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 20,136 companies, not a prediction for LS Immo. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 01-09-2026 | 2026-00481220 | |
| 31-12-2024 | full format | 24-07-2025 | 2025-00310388 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00435470 | |
| 31-12-2022 | full format | 05-10-2023 | 2023-00474845 | |
| 31-12-2021 | full format | 03-08-2022 | 2022-20273180 | |
| 31-12-2020 | full format | 27-08-2021 | 2021-59000552 | |
| 31-12-2019 | full format | 31-07-2020 | 2020-38500442 | |
| 31-12-2018 | full format | 25-07-2019 | 2019-37800117 | |
| 31-12-2017 | full format | 20-09-2018 | 2018-63900466 | |
| 31-12-2016 | full format | 29-08-2017 | 2017-54000500 |