LS44 (0896.433.022): financials and annual accounts

LS44

Antwerp ·KBO/BCE: BE 0896.433.022

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Balance sheet: assets
Total assets`20/58`	13.1m	13.0m	13.1m	12.7m	13.4m	12.7m	11.2m	10.2m	8.6m	5.0m	5.4m	4.4m	3.3m	2.9m	3.9m	4.9m	3.6m	4.2m
Formation expenses`20`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Fixed assets`21/28`	3.1m	3.1m	2.9m	2.9m	3.0m	2.7m	2.8m	1.6m	1.6m	25,971	41,849	27,152	53,465	14,195	244,440	571,386	745,070	1.1m
Intangible fixed assets`21`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	240,000	480,000	720,000	1.1m
Tangible fixed assets`22/27`	3.1m	3.1m	2.9m	2.9m	3.0m	2.7m	2.8m	1.6m	1.6m	25,971	41,849	27,152	53,465	14,195	4,440	91,386	25,070	41,302
Land and buildings`22`	3.1m	3.1m	2.9m	2.9m	3.0m	2.7m	2.8m	1.6m	1.6m	-	-	-	-	-	3,427	6,855	10,282	15,423
Plant, machinery and equipment`23`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Furniture and vehicles`24`	1,573	2,433	3,293	4,153	-	-	0	374	13,721	25,971	41,849	27,152	53,465	14,195	1,013	84,532	14,788	25,879
Other tangible fixed assets`26`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Assets under construction and advance payments`27`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	0	1,239	1,239	1,239	1,239	1,239	-	0	-	-	-	-	-	-	-	-	-	-
Current assets`29/58`	10.0m	9.9m	10.3m	9.7m	10.4m	10.0m	8.5m	8.7m	7.0m	4.9m	5.3m	4.4m	3.2m	2.9m	3.7m	4.4m	2.9m	3.1m
Amounts receivable after more than one year`29`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Trade receivables`290`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Other amounts receivable`291`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Stocks and contracts in progress`3`	1.0m	1.9m	3.3m	1.7m	3.4m	3.3m	3.5m	2.7m	2.2m	1.4m	1.1m	1.1m	-	-	-	-	-	-
Stocks`30/36`	1.0m	1.9m	3.3m	1.7m	3.4m	3.3m	3.5m	2.7m	2.2m	1.4m	1.1m	1.1m	-	-	-	-	-	-
Contracts in progress`37`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	8.9m	7.9m	6.9m	7.9m	6.9m	6.4m	4.9m	4.6m	4.8m	3.3m	4.2m	3.1m	2.8m	423,422	144,626	62,899	57,002	127,119
Trade receivables`40`	0	3,998	3,998	0	698	348,050	-	0	-	46,862	116,471	220,567	2.8m	410,182	65,822	52,316	54,649	108,346
Other amounts receivable`41`	8.9m	7.9m	6.9m	7.9m	6.9m	6.0m	4.9m	4.6m	4.8m	3.3m	4.1m	2.9m	9,693	13,240	78,803	10,582	2,353	18,773
Current investments`50/53`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Cash at bank and in hand`54/58`	24,386	114,547	36,246	62,529	85,019	302,379	42,638	1.4m	21,709	166,820	40,727	99,940	463,971	2.4m	3.5m	4.3m	2.8m	2.9m
Deferred charges and accrued income`490/1`	7	9,674	7,740	6,764	8,239	21,663	4,515	0	-	-	-	18,326	-	-	-	-	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	13.1m	13.0m	13.1m	12.7m	13.4m	12.7m	11.2m	10.2m	8.6m	5.0m	5.4m	4.4m	3.3m	2.9m	3.9m	4.9m	3.6m	4.2m
Equity`10/15`	1.2m	1.4m	1.5m	1.8m	1.5m	1.3m	1.0m	1.9m	1.3m	1.6m	1.8m	1.8m	1.8m	1.1m	966,548	1.0m	910,968	728,280
Contributions`10/11`	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550
Issued capital`100`	-	-	-	-	-	-	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550	738,550
Uncalled capital`101`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Contributions outside capital`11`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Share premium`1100/10`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Revaluation surpluses`12`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Reserves`13`	521,711	625,734	802,979	1.0m	731,934	661,666	689,657	717,648	745,639	773,630	773,630	773,630	773,630	73,855	73,855	73,855	-	-
Non-distributable reserves`130/1`	73,855	73,855	73,855	73,855	73,855	73,855	-	0	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	73,855	73,855	73,855	73,855	73,855	73,855	73,855	73,855	73,855	73,855	-	-
Reserves not available under the articles`1311`	73,855	73,855	73,855	73,855	73,855	73,855	-	-	-	-	-	-	-	-	-	-	-	-
Own shares acquired`1312`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Other`1319`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	447,856	475,847	503,838	531,829	559,820	587,811	615,802	643,793	671,784	699,775	699,775	699,775	699,775	-	-	-	-	-
Distributable reserves`133`	0	76,032	225,287	425,194	98,259	-	-	0	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	-86,821	-	-	-	0	-75,461	-424,252	486,698	-193,354	90,620	299,625	257,017	311,618	267,604	154,143	228,306	172,418	-10,270
Investment grants`15`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Advance to shareholders on the distribution of net assets`19`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Provisions and deferred taxes`16`	230,611	343,598	358,011	372,424	386,837	401,251	415,664	430,077	444,490	458,903	458,903	695,860	713,484	98,574	98,574	98,574	98,574	-
Provisions for liabilities and charges`160/5`	0	98,574	98,574	98,574	98,574	98,574	98,574	98,574	98,574	98,574	98,574	335,531	353,155	98,574	98,574	98,574	98,574	-
Pensions and similar obligations`160`	0	98,574	98,574	98,574	98,574	98,574	98,574	98,574	98,574	98,574	-	-	-	-	-	-	-	-
Taxes`161`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Major repairs and maintenance`162`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Environmental obligations`163`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Other liabilities and charges`164/5`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Deferred taxes`168`	230,611	245,024	259,437	273,850	288,263	302,677	317,090	331,503	345,916	360,329	360,329	360,329	360,329	-	-	-	-	-
Amounts payable`17/49`	11.7m	11.2m	11.2m	10.5m	11.5m	11.0m	9.8m	7.9m	6.9m	2.9m	3.1m	1.9m	759,485	1.7m	2.9m	3.8m	2.6m	3.4m
Amounts payable after more than one year`17`	1.4m	1.5m	708,466	1.7m	5.0m	3.7m	3.2m	1.6m	752,358	-	-	-	46,445	154,826	258,984	359,085	455,287	-
Financial debts`170/4`	1.4m	1.5m	708,466	1.7m	5.0m	3.7m	3.2m	1.6m	752,358	-	-	-	46,445	154,826	258,984	359,085	455,287	-
Trade debts`175`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Advances received on contracts in progress`176`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Other amounts payable`178/9`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	9.8m	9.3m	10.1m	8.5m	6.3m	7.1m	6.5m	6.3m	6.2m	2.9m	3.1m	1.9m	713,040	1.5m	2.6m	3.5m	2.2m	3.4m
Current portion of amounts payable after more than one year`42`	131,337	126,911	70,694	74,456	55,769	54,080	53,233	48,400	47,642	-	-	1.3m	108,380	104,159	100,101	88,330	92,454	-
Financial debts`43`	3.4m	4.2m	5.1m	3.9m	1.5m	1.5m	2.0m	2.9m	3.0m	2.1m	1.0m	464,101	-	-	25,492	17,244	8,339	52,584
Credit institutions`430/8`	3.4m	4.2m	5.1m	3.9m	1.5m	1.5m	2.0m	2.9m	3.0m	2.1m	1.0m	464,101	-	-	25,492	17,244	8,339	52,584
Other loans`439`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Trade debts`44`	132,487	118,523	113,079	110,664	154,242	27,308	11,321	13,789	3,208	108,043	38,786	48,399	2,575	281,463	23,210	46,107	83,084	2.5m
Suppliers`440/4`	132,487	118,523	113,079	110,664	154,242	27,308	11,321	13,789	3,208	108,043	38,786	47,018	1,194	272,088	16,161	13,952	70,388	2.5m
Bills of exchange payable`441`	-	-	-	-	-	-	-	0	-	-	-	1,381	1,381	9,375	7,049	32,155	12,697	18,709
Advances received on contracts in progress`46`	-	-	-	-	-	-	-	0	-	-	-	-	-	588,067	1.9m	3.0m	1.8m	-
Taxes, remuneration and social security`45`	-	-	-	0	566	566	0	86,592	881	360	10,649	9,086	22,327	318,490	278,258	227,600	122,881	200,695
Taxes`450/3`	-	-	-	0	566	566	0	86,592	881	360	10,649	9,086	9,086	53,366	60,000	130,893	70,893	-
Remuneration and social security`454/9`	-	-	-	-	-	-	-	0	-	-	-	-	13,241	265,124	218,258	96,707	51,988	200,695
Other amounts payable`47/48`	6.2m	4.9m	4.8m	4.4m	4.6m	5.5m	4.4m	3.2m	3.1m	675,471	2.1m	99,261	579,757	256,990	255,404	57,721	51,747	674,390
Accrued charges and deferred income`492/3`	516,045	455,635	382,751	309,232	269,959	186,881	125,542	0	-	-	-	5,012	-	-	-	-	-	-
Income statement
Turnover`70`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.3m	-	-
Non-recurring operating income`76A`	98,574	-	-	-	-	-	0	1.0m	-	132,112	365,785	-	1.1m	-	-	-	-	-
Gross operating margin`9900`	240,387	217,614	218,498	230,825	338,571	572,516	-104,659	846,963	-50,624	108,202	-25,202	-17,421	521,264	694,073	748,968	751,109	1.1m	235,483
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	513,806	-	-
Remuneration, social security and pensions`62`	-	-	-	-	-	-	-	0	-	-	-	-	185,876	279,953	258,851	263,867	492,030	119,584
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	99,089	90,088	83,470	82,432	80,459	72,514	104,556	59,742	59,768	15,872	37,192	27,209	24,780	246,873	251,328	276,534	376,232	125,411
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	0	-	-	-	-17,624	254,581	-	-	-	-	-
Other operating charges`640/8`	33,555	23,891	26,392	13,024	29,465	36,529	97,229	3,800	9,426	1,287	2,154	6,499	1,727	1,967	3,179	6,918	2,282	-
Operating charges capitalised as restructuring costs`649`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	0	300,000	359,775	243,531	-	-	-	17,138	-	-	-
Operating profit (loss)`9901`	107,744	103,635	108,636	135,369	228,647	463,474	-306,444	783,421	-419,819	-268,731	-64,548	-33,505	54,300	165,280	235,610	203,790	259,839	-9,512
Financial income`75/76B`	99,332	119,260	117,295	428,249	124,538	14,779	2,965	102	141,759	92,032	79,703	13,309	3,610	13,033	18,992	8,244	51,157	3
Recurring financial income`75`	99,332	119,260	117,295	428,249	124,538	14,779	2,965	102	141,759	92,032	79,703	13,309	3,610	13,033	18,992	8,244	51,157	3
Non-recurring financial income`76B`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	412,333	414,551	468,243	178,669	221,446	171,300	178,242	60,144	47,415	31,946	94,753	34,405	9,225	12,949	15,216	22,291	52,770	761
Recurring financial charges`65`	412,333	414,551	468,243	178,669	221,446	171,300	178,242	60,144	47,415	31,946	94,753	34,405	9,225	12,949	15,216	22,291	52,770	761
Non-recurring financial charges`66B`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	-205,258	-191,656	-242,312	384,949	131,739	306,952	-481,721	723,380	-325,476	-208,645	42,657	-54,601	1.1m	165,365	222,248	189,743	258,226	-10,270
Transfer from deferred taxes`780`	14,413	14,413	14,413	14,413	14,413	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes`67/77`	0	3	0	100,418	423	566	42	85,733	903	360	48	-	4,672	51,903	68,411	60,000	75,538	-
Profit (loss) for the period`9904`	-190,845	-177,245	-227,899	298,944	145,729	320,800	-467,350	652,060	-311,965	-209,005	42,608	-54,601	743,788	113,462	153,837	129,743	182,688	-10,270
Transfer from tax-exempt reserves`789`	27,991	27,991	27,991	27,991	27,991	27,991	27,991	27,991	27,991	-	-	-	-	-	-	-	-	-
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	0	-	-	-	-	699,775	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	-162,854	-149,254	-199,908	326,935	173,720	348,791	-439,359	680,051	-283,974	-209,005	42,608	-54,601	44,013	113,462	153,837	129,743	182,688	-10,270
Appropriation of the result
Profit (loss) to be appropriated`9906`	-162,854	-149,254	-199,908	326,935	98,259	-75,461	-424,252	486,698	-193,354	90,620	299,625	257,017	311,618	267,604	382,143	302,161	172,418	-10,270
Profit (loss) brought forward from the previous period`14P`	-	-	-	0	-75,461	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	76,032	149,254	199,908	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	0	326,935	98,259	-	-	0	-	-	-	-	-	-	-	73,855	-	-
Addition to contributions`691`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	73,855	-	-
To other reserves`6921`	-	-	0	326,935	98,259	-	-	0	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	228,000	-	-	-
Return on contributions (dividend)`694`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	228,000	-	-	-
Directors or managers`695`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Employees`696`	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	0	-	-	-	-	-	-	-	-	-	-	-	4.1	5.3	5	4.7	4.5	4.5
Hours worked`1013`	-	-	-	-	-	-	-	-	-	-	-	-	4,764	7,332	7,501	7,474	10,972	4,042
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	13-07-2026	2026-00283992	PDF
31-12-2024	abbreviated format	29-08-2025	2025-00468898	PDF
31-12-2023	abbreviated format	15-07-2024	2024-00247278	PDF
31-12-2022	abbreviated format	22-06-2023	2023-00148067	PDF
31-12-2021	abbreviated format	25-07-2022	2022-20220151	PDF
31-12-2020	abbreviated format	28-07-2021	2021-41400019	PDF
31-12-2019	abbreviated format	20-07-2020	2020-32200175	PDF
31-12-2018	abbreviated format	10-07-2019	2019-31800135	PDF
31-12-2017	micro format	27-09-2018	2018-66500309	PDF
31-12-2016	abbreviated format	16-05-2017	2017-12200149	PDF
31-12-2015	abbreviated format	06-10-2016	2016-65100373	PDF
31-12-2014	abbreviated format	30-09-2015	2015-63700106	PDF
31-12-2013	abbreviated format	27-08-2014	2014-49100489	PDF
31-12-2012	abbreviated format	28-08-2013	2013-49600225	PDF
31-12-2011	abbreviated format	03-07-2012	2012-26200528	PDF
31-12-2010	abbreviated format	26-07-2011	2011-34100495	PDF
31-12-2009	abbreviated format	27-08-2010	2010-46900391	PDF
30-06-2008	abbreviated format	29-01-2009	2009-03100279	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
EBITDA	206,832	193,723	192,106	217,801	309,106	535,987	-201,887	843,163	-360,051	-252,859	-27,356	-6,296	79,079	412,153	486,937	480,324	636,071	115,899
Cash flow	-91,756	-87,157	-144,429	381,377	226,188	393,313	-362,793	711,802	-252,197	-193,133	79,801	-27,392	768,568	360,334	405,164	406,277	558,920	115,140
Investment in fixed assets (approximation)	124,778	284,887	25,970	45,082	367,494	18,115	1.3m	0	1.7m	-6	51,890	896	64,050	16,628	1,519	102,850	0	1.2m
Change in cash	-90,160	78,301	-26,283	-22,490	-217,360	259,741	-1.4m	1.4m	-145,111	126,093	-59,213	-364,030	-2.0m	-1.1m	-775,238	1.5m	-96,291	-
Working capital	179,549	570,265	100,591	1.2m	4.1m	2.9m	1.9m	2.4m	863,375	2.0m	2.2m	2.4m	2.5m	1.3m	1.1m	926,984	719,759	-393,023
EBIT margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16.2%	-	-
Solvency	8.9%	10.5%	11.7%	14.0%	11.0%	10.4%	9.0%	19.0%	14.9%	32.2%	33.7%	40.2%	55.3%	37.5%	24.6%	21.0%	25.1%	17.4%
Current ratio	1.02	1.06	1.01	1.14	1.65	1.42	1.30	1.38	1.14	1.70	1.72	2.26	4.55	1.85	1.41	1.27	1.33	0.89
Quick ratio	0.91	0.86	0.69	0.94	1.11	0.95	0.76	0.95	0.78	1.20	1.37	1.68	4.55	1.85	1.41	1.27	1.33	0.89
Debt to equity	9.98	8.24	7.29	5.94	7.82	8.29	9.76	4.05	5.35	1.81	1.71	1.10	0.42	1.58	2.96	3.66	2.88	4.74
ROE	-16.3%	-13.0%	-14.8%	16.9%	9.9%	24.2%	-46.6%	33.6%	-24.2%	-13.0%	2.4%	-3.1%	40.8%	10.5%	15.9%	12.5%	20.1%	-1.4%
ROA	-1.5%	-1.4%	-1.7%	2.4%	1.1%	2.5%	-4.2%	6.4%	-3.6%	-4.2%	0.8%	-1.2%	22.6%	3.9%	3.9%	2.6%	5.0%	-0.2%
Interest coverage	0.50	0.47	0.41	1.22	1.40	-	-	-	-	-	-	-	-	-	-	-	-	-
Customer credit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15 days	-	-
Supplier credit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	33 days	-	-

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€1.5m	€1.6m	€779,160	€1.8m	-
Mortgages, amount registered	€50,000	€50,000	€50,000	€100,000	-
Mortgage mandates	€1.1m	€1.1m	€1.1m	€2.9m	-
Carrying value of the mortgaged assets	€1.6m	€1.7m	€1.7m	€4.4m	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€124,778	€284,887	€25,970	€45,082	€367,494
Financial fixed assets	€0	-	-	-	-
Depreciation and write-downs of the year	€99,089	€90,088	€83,470	€82,432	€80,459

LS44

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin euro

Position in the sector

Solvency8.9%

Current ratio1.02

Return on assets-1.5%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Securities and guarantees

Investments

Insights on LS44

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