LSG
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-04-2026 PDF all 10 filings
Turnover
≈ €2.8m
Estimated: probably between €1.9m and €4.6m
Total assets
€1.4m▲ 16.7%
2024 · €1.2m
Net result
€126,751▲ 630%
2024 · €17,372
Working capital
-€74,346▲ 37.5%
2024 · -€119,039
In the rankings
#6 employer in Geel, Professional and technical services sector#9 company by staff growth in Geel
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€214,609
▲ 226%
2025
20182025
Net result
€126,751
▲ 630%
2025
highest quarter of the sector
20182025
Equity
€327,725
▼ 10.0%
2025
middle half of the sector
20182025
Total assets
€1.4m
▲ 16.7%
2025
middle half of the sector
20182025
Debt
€1.1m
▲ 28.4%
2025
20182025
Working capital
-€74,346
▲ 37.5%
2025
lowest quarter of the sector
20182025
Solvency
23.6%
▼ 7.0pp
2025
middle half of the sector
20182025
Current ratio
0.90
▲ 0.12
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
9.1%
▲ 7.7pp
2025
middle half of the sector
20182025
Staff (FTE)
18.3
▲ 13.0%
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€0.1m-€0.08m▼ 19.4%€0.2m▲ 123%€0.1m▼ 19.3%€0.2m▲ 19.6%€0.1m▼ 33.6%€0.07m▼ 43.5%€0.2m▲ 226%
Net result€0.08m-€0.06m▼ 27.0%€0.1mabove the sector's middle half▲ 124%€0.1mwithin the sector's middle half▼ 27.2%€0.1mwithin the sector's middle half▲ 20.0%€0.06mwithin the sector's middle half▼ 50.8%€0.02mwithin the sector's middle half▼ 70.6%€0.1mabove the sector's middle half▲ 630%
Equity€0.06m-€0.1m▲ 95.9%€0.3mwithin the sector's middle half▲ 110%€0.4mwithin the sector's middle half▲ 38.1%€0.4mwithin the sector's middle half▲ 4.2%€0.4mwithin the sector's middle half▲ 11.3%€0.4mwithin the sector's middle half▼ 13.7%€0.3mwithin the sector's middle half▼ 10.0%
Total assets€0.2m-€0.3m▲ 28.0%€0.9mwithin the sector's middle half▲ 205%€1.3mwithin the sector's middle half▲ 49.4%€1.5mwithin the sector's middle half▲ 7.9%€1.4mwithin the sector's middle half▼ 3.4%€1.2mwithin the sector's middle half▼ 15.2%€1.4mwithin the sector's middle half▲ 16.7%
Debt€0.2m-€0.2m▲ 2.0%€0.6m▲ 274%€1.0m▲ 54.0%€1.1m▲ 9.3%€1.0m▼ 8.5%€0.8m▼ 15.8%€1.1m▲ 28.4%
Working capital€0.06m-€0.09m▲ 57.6%-€0.05mbelow the sector's middle half-€0.04mbelow the sector's middle half▲ 9.6%€0.1mwithin the sector's middle half€0.004mbelow the sector's middle half▼ 96.6%-€0.1mbelow the sector's middle half-€0.07mbelow the sector's middle half▲ 37.5%
Solvency27.7%-42.4%▲ 14.7pp29.2%within the sector's middle half▼ 13.2pp27.0%within the sector's middle half▼ 2.2pp26.0%within the sector's middle half▼ 0.9pp30.0%within the sector's middle half▲ 4.0pp30.5%within the sector's middle half▲ 0.5pp23.6%within the sector's middle half▼ 7.0pp
Current ratio1.41-1.95▲ 0.550.79below the sector's middle half▼ 1.170.88below the sector's middle half▲ 0.091.19within the sector's middle half▲ 0.311.01below the sector's middle half▼ 0.180.78below the sector's middle half▼ 0.230.90below the sector's middle half▲ 0.12
Return on assets (ROA)36.4%-20.7%▼ 15.6pp15.3%above the sector's middle half▼ 5.5pp7.4%within the sector's middle half▼ 7.8pp8.3%within the sector's middle half▲ 0.8pp4.2%within the sector's middle half▼ 4.1pp1.5%within the sector's middle half▼ 2.8pp9.1%within the sector's middle half▲ 7.7pp
Staff (FTE)1.5-3.5▲ 133%5.5within the sector's middle half▲ 57.1%7.4within the sector's middle half▲ 34.5%11.7above the sector's middle half▲ 58.1%14.9above the sector's middle half▲ 27.4%16.2above the sector's middle half▲ 8.7%18.3above the sector's middle half▲ 13.0%
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 nearly 3.3 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.4m
Fixed assets
€735,049 ▼ 4.6%
Current assets
€656,132 ▲ 55.7%
Equity and liabilities €1.4m
Equity
€327,725 ▼ 10.0%
Debt
€1.1m ▲ 28.4%
Debt's share of the balance-sheet total rises from 69.5% to 76.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€434,513▲
2024 · €269,102
Cash flow
€346,655▲
2024 · €220,569
Quick ratio
0.88▲
2024 · 0.78
Debt to equity
3.24▲
2024 · 2.28
ROE
38.7%▲
2024 · 4.8%
Interest coverage
18.42▲
2024 · 10.99
Debt ≤ 1 year
€730,478▲
2024 · €540,500
Debt > 1 year
€329,482▲
2024 · €287,031
Income taxes
€71,822▲
2024 · €28,106
Staff costs
€1.1m▲
2024 · €1.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 15 | 16 | 19 | 19 |
| full-time | 8 | 12 | 13 | 17 | 17 |
| part-time | 1 | 3 | 3 | 2 | 2 |
| in full-time equivalents | 8.5 | 13.8 | 15.1 | 18.3 | 18.3 |
| Average over the year, in full-time equivalents | 7.4 | 11.7 | 14.9 | 16.2 | 18.3 |
| On a permanent contract | 8 | 15 | 16 | 19 | 19 |
| Joined | 4 | 13 | 7 | 12 | 9 |
| Left | 2 | 5 | 6 | 9 | 9 |
| Training hours | 88 | 86 | 234 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €571,500 | - | - | - | - |
| Pledge on the business | - | - | €410,000 | €410,000 | €410,000 |
| Mandates to pledge the business | - | €410,000 | €0 | €0 | €0 |
| Pledge on other assets, amount secured | €571,500 | - | - | - | - |
| Carrying value of the other pledged assets | €526,500 | - | - | - | - |
| Guarantees given for others' debts | €1.1m | €607,000 | - | - | - |
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 | €135,025 | €280,936 | €168,034 | €265,563 | €162,128 |
| Intangible fixed assets | €7,774 | €202,601 | €141,617 | €14,210 | €8,648 |
| Financial fixed assets | €225,000 | - | €5,935 | - | - |
| Depreciation and write-downs of the year | €61,827 | €145,985 | €177,441 | €203,196 | €219,904 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 10 entries · €30,985 awarded · €25,125 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €3,851 | €12,640 |
| 2024 | 2 | €2,622 | €3,816 |
| 2023 | 3 | €18,828 | €2,985 |
| 2022 | 1 | €5,684 | €5,684 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €413 | €0.004m | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.7m | €0.8m | €1.0m | €1.1m | ▲ 11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.04m | €0.03m | €0.06m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €0.01m | - |
| Other operating charges640/8 | - | - | - | €0.005m | €0.003m | €0.005m | €0.005m | €0.02m | ▲ 287% |
| Non-recurring operating charges66A | - | - | - | - | €0.005m | €0.08m | €0.03m | €0 | ▼ 100% |
| Gross operating margin9900 | €0.6m | €0.2m | €0.4m | €0.5m | €1.0m | €1.2m | €1.3m | €1.6m | ▲ 21.3% |
| Operating profit (loss)9901 | €0.1m | €0.08m | €0.2m | €0.1m | €0.2m | €0.1m | €0.07m | €0.2m | ▲ 226% |
| Financial income75/76B | - | - | - | €0.005m | €0.006m | €0.007m | €0.004m | €0.008m | ▲ 86.3% |
| Recurring financial income75 | €0.001m | €0.004m | €0.007m | €0.005m | €0.006m | €0.007m | €0.004m | €0.008m | ▲ 86.3% |
| Financial charges65/66B | - | - | - | €0.02m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 3.6% |
| Recurring financial charges65 | €0.01m | €0.002m | €0.008m | €0.02m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 3.6% |
| Profit (loss) for the period before taxes9903 | €0.09m | €0.08m | €0.2m | €0.1m | €0.2m | €0.1m | €0.05m | €0.2m | ▲ 337% |
| Income taxes67/77 | €0.006m | €0.02m | €0.04m | €0.04m | €0.05m | €0.04m | €0.03m | €0.07m | ▲ 156% |
| Profit (loss) for the period9904 | €0.08m | €0.06m | €0.1m | €0.1m | €0.1m | €0.06m | €0.02m | €0.1m | ▲ 630% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | €0.2m | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.06m | €0.1m | €0.1m | -€0.02m | €0.1m | €0.05m | €0.2m | ▲ 204% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.3m | €0.9m | €1.3m | €1.5m | €1.4m | €1.2m | €1.4m | ▲ 16.7% |
| Fixed assets21/28 | €0.03m | €0.1m | €0.7m | €1.0m | €0.8m | €0.9m | €0.8m | €0.7m | ▼ 4.6% |
| Intangible fixed assets21 | €0.007m | €0.003m | €0.004m | €0.01m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 37.3% |
| Tangible fixed assets22/27 | €0.02m | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 3.1% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 16.6% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 21.2% |
| Other tangible fixed assets26 | - | - | - | €0.05m | €0.06m | €0.005m | €0.07m | €0.06m | ▼ 11.7% |
| Assets under construction and advance payments27 | - | - | - | - | €0.001m | €0.07m | €0 | - | - |
| Financial fixed assets28 | - | - | €0.5m | €0.8m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 8.3% |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.3m | €0.7m | €0.5m | €0.4m | €0.7m | ▲ 55.7% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €0.01m | - |
| Stocks30/36 | - | - | - | - | - | - | - | €0.008m | - |
| Contracts in progress37 | - | - | - | - | - | - | - | €0.007m | - |
| Amounts receivable within one year40/41 | €0.09m | €0.08m | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 35.3% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 37.0% |
| Other amounts receivable41 | - | - | - | €0.02m | €348 | €0.01m | €0.003m | €139 | ▼ 95.6% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.05m | €0.1m | €0.4m | €0.3m | €0.2m | €0.2m | ▲ 61.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.009m | €0.01m | €0.03m | €0.07m | ▲ 157% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.3m | €0.9m | €1.3m | €1.5m | €1.4m | €1.2m | €1.4m | ▲ 16.7% |
| Equity10/15 | €0.06m | €0.1m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 10.0% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.05m | €0.1m | €0.2m | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 10.5% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | €0.1m | €0.1m | €0.07m | €0.04m | ▼ 50.0% |
| Distributable reserves133 | - | - | - | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.2m | €0.2m | €0.6m | €1.0m | €1.1m | €1.0m | €0.8m | €1.1m | ▲ 28.4% |
| Amounts payable after more than one year17 | €0.02m | €0.07m | €0.4m | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | ▲ 14.8% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | ▲ 14.8% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.2m | €0.4m | €0.6m | €0.5m | €0.5m | €0.7m | ▲ 35.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 21.5% |
| Financial debts43 | - | - | - | - | €17 | €24 | €0.006m | €0.06m | ▲ 827% |
| Credit institutions430/8 | - | - | - | - | €17 | €24 | €0.006m | €0.06m | ▲ 827% |
| Trade debts44 | €0.05m | €0.01m | €0.04m | €0.08m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 88.7% |
| Suppliers440/4 | - | - | - | €0.08m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 88.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 14.8% |
| Taxes450/3 | - | - | - | €0.09m | €0.06m | €0.08m | €0.09m | €0.05m | ▼ 47.7% |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.1m | €0.1m | €0.09m | €0.1m | ▲ 19.4% |
| Other amounts payable47/48 | - | - | - | - | €0.1m | €0.02m | €0.08m | €0.2m | ▲ 117% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.002m | €0.001m | €0.001m | €0.003m | ▲ 593% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €84,157 | €61,405 | €137,677 | €100,259 | €120,284 | €59,186 | €17,372 | €126,751 | ▲ 630% |
| + Depreciation and write-downs630 | €20,220 | €37,000 | €33,651 | €61,827 | €145,985 | €177,441 | €203,196 | €219,904 | ▲ 8.2% |
| Operating cash flow (approximation) | €104,377 | €98,405 | €171,328 | €162,086 | €266,268 | €236,627 | €220,569 | €346,655 | ▲ 57.2% |
| Investment in fixed assets (approximation) | - | -€115,427 | -€648,289 | -€367,799 | €100,368 | -€257,283 | -€114,836 | -€184,440 | ▼ 60.6% |
| Change in cash | - | -€563 | -€62,396 | €75,996 | €324,349 | -€189,668 | -€104,735 | €93,362 | - |
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, 2,609 companies had the same profile as LSG has now. Two years later, 96.8% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
96.8%
was still going
2.1%
stopped otherwise
1.0%
went bankrupt
That fits the bankruptcy probability of LSG itself: 0.2% 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 2,609 companies, not a prediction for LSG. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-04-2026 | 2026-00072841 | |
| 31-12-2024 | abbreviated format | 26-06-2025 | 2025-00178944 | |
| 31-12-2023 | abbreviated format | 31-05-2024 | 2024-00110226 | |
| 31-12-2022 | abbreviated format | 16-06-2023 | 2023-00138559 | |
| 31-12-2021 | abbreviated format | 21-06-2022 | 2022-20076119 | |
| 31-12-2020 | abbreviated format | 15-11-2021 | 2021-77200063 | |
| 31-12-2019 | abbreviated format | 30-10-2020 | 2020-67200245 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-24100174 | |
| 31-12-2017 | abbreviated format | 25-07-2018 | 2018-36900431 | |
| 31-12-2016 | abbreviated format | 27-07-2017 | 2017-35800535 |