LSIM
ActiveSummary
LSIM has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €47.4m and a net result of €25.6m. Equity is growing by ~34.9% per year across the filed fiscal years. Its solvency ranks better than 78% of 3221 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability97▲+31
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity ample (current ratio 3.44 against 2.21 in 2024; short-term debt: 4.2% and cash: 0.3% of total assets), and 16.7% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
83.3%
Return on assets
45%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
9 d early
2023
8 d late
2022
on the day
2021
31 d early
2020
60 d early
2019
107 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 29 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#10 company by total assets in Ukkel, Professional and technical services sector#10 company by equity in Ukkel, Professional and technical services sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€25.6m▲ 132%
2024 · €11.0m
Working capital
€5.8m▼ 3.7%
2024 · €6.0m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€460,031▲ 15.9%€452,960▼ 1.5%€626,191▲ 38.2%€667,453▲ 6.6%€770,365▲ 15.4%
Net result€1.3mabove the sector's middle half▲ 94.7%€2.5mabove the sector's middle half▲ 90.8%€2.4mabove the sector's middle half▼ 3.7%€11.0mabove the sector's middle half▲ 361%€25.6mabove the sector's middle half▲ 132%
Equity€5.9mabove the sector's middle half▲ 28.1%€8.4mabove the sector's middle half▲ 41.9%€10.8mabove the sector's middle half▲ 28.4%€44.1mabove the sector's middle half▲ 308%€47.4mabove the sector's middle half▲ 7.7%
Total assets€14.5mabove the sector's middle half▲ 39.1%€16.5mabove the sector's middle half▲ 14.0%€18.7mabove the sector's middle half▲ 13.2%€52.7mabove the sector's middle half▲ 182%€57.0mabove the sector's middle half▲ 8.1%
Debt€8.5m▲ 47.8%€8.1m▼ 5.4%€7.9m▼ 2.6%€8.6m▲ 9.5%€9.5m▲ 10.4%
Working capital-€2.3m▼ 1,194%-€1.4m▲ 37.7%-€307,029▲ 78.8%€6.0m€5.8m▼ 3.7%
Solvency41.0%within the sector's middle half▼ 3.5pp51.0%within the sector's middle half▲ 10.0pp57.9%within the sector's middle half▲ 6.9pp83.6%above the sector's middle half▲ 25.8pp83.3%above the sector's middle half▼ 0.3pp
Staff (FTE)1within the sector's middle half1within the sector's middle half=1.8within the sector's middle half▲ 80.0%
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 15% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €57.0m
Fixed assets
€48.8m ▲ 17.0%
Current assets
€8.2m ▼ 25.6%
Equity and liabilities €57.0m
Equity
€47.4m ▲ 7.7%
Debt
€9.5m ▲ 10.4%
Debt's share of the balance-sheet total rises from 16.4% to 16.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€916,736▲
2024 · €798,690
Cash flow
€25.8m▲
2024 · €11.2m
Current ratio
3.44▲
2024 · 2.21
Debt to equity
0.20▲
2024 · 0.20
ROE
54.0%▲
2024 · 25.0%
ROA
45.0%▲
2024 · 20.9%
Interest coverage
5.61▲
2024 · 2.58
Debt ≤ 1 year
€2.4m▼
2024 · €5.0m
Debt > 1 year
€7.1m▲
2024 · €3.1m
Income taxes
€226,069▼
2024 · €1.1m
Staff costs
€53,283▲
2024 · €29,353
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €4,837 | €25,516 | €32,361 | €29,353 | €53,283 | ▲ 81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €148,325 | €132,873 | €134,983 | €131,237 | €146,371 | ▲ 11.5% |
| Other operating charges640/8 | €36,917 | €21,879 | €34,093 | €12,617 | €11,411 | ▼ 9.6% |
| Gross operating margin9900 | €650,110 | €633,229 | €827,628 | €840,660 | €981,430 | ▲ 16.7% |
| Operating profit (loss)9901 | €460,031 | €452,960 | €626,191 | €667,453 | €770,365 | ▲ 15.4% |
| Financial income75/76B | €1.1m | €2.5m | €2.2m | €11.9m | €25.3m | ▲ 113% |
| Recurring financial income75 | €1.1m | €2.5m | €2.2m | €2.3m | €2.1m | ▼ 10.2% |
| Non-recurring financial income76B | - | €2.5m | €13,388 | €9.6m | €23.2m | ▲ 142% |
| Financial charges65/66B | €135,791 | €254,932 | €305,382 | €387,265 | €198,797 | ▼ 48.7% |
| Recurring financial charges65 | €135,791 | €254,932 | €229,701 | €309,807 | €163,388 | ▼ 47.3% |
| Non-recurring financial charges66B | €135,791 | €254,932 | €75,680 | €77,458 | €35,409 | ▼ 54.3% |
| Profit (loss) for the period before taxes9903 | €1.4m | €2.7m | €2.5m | €12.1m | €25.8m | ▲ 113% |
| Income taxes67/77 | €120,634 | €174,203 | €148,423 | €1.1m | €226,069 | ▼ 79.9% |
| Profit (loss) for the period9904 | €1.3m | €2.5m | €2.4m | €11.0m | €25.6m | ▲ 132% |
| Profit (loss) for the period to be appropriated9905 | €1.3m | €2.5m | €2.4m | €11.0m | €25.6m | ▲ 132% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €14.5m | €16.5m | €18.7m | €52.7m | €57.0m | ▲ 8.1% |
| Fixed assets21/28 | €12.6m | €13.9m | €14.9m | €41.7m | €48.8m | ▲ 17.0% |
| Tangible fixed assets22/27 | €3.9m | €3.8m | €3.7m | €4.0m | €6.5m | ▲ 62.4% |
| Land and buildings22 | €2.6m | €2.5m | €2.5m | €2.4m | €4.0m | ▲ 69.3% |
| Furniture and vehicles24 | €1.3m | €1.3m | €55,027 | €23,892 | €45,944 | ▲ 92.3% |
| Other tangible fixed assets26 | - | - | €1.2m | €1.6m | €2.5m | ▲ 51.8% |
| Financial fixed assets28 | €8.8m | €10.1m | €11.1m | €37.7m | €42.2m | ▲ 12.2% |
| Current assets29/58 | €1.8m | €2.6m | €3.8m | €11.0m | €8.2m | ▼ 25.6% |
| Amounts receivable within one year40/41 | €46,222 | €514,635 | €1.1m | €46,555 | €157,936 | ▲ 239% |
| Trade receivables40 | €46,222 | €52,878 | €80,879 | €45,973 | €102,041 | ▲ 122% |
| Other amounts receivable41 | - | €461,757 | €975,120 | €582 | €55,896 | ▲ 9,501% |
| Current investments50/53 | €1.5m | €2.0m | €2.5m | €10.4m | €7.8m | ▼ 25.2% |
| Cash at bank and in hand54/58 | €297,443 | €82,297 | €268,156 | €497,788 | €185,313 | ▼ 62.8% |
| Deferred charges and accrued income490/1 | €6,179 | €6,332 | €25,755 | €22,585 | €43,266 | ▲ 91.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €14.5m | €16.5m | €18.7m | €52.7m | €57.0m | ▲ 8.1% |
| Equity10/15 | €5.9m | €8.4m | €10.8m | €44.1m | €47.4m | ▲ 7.7% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Revaluation surpluses12 | - | - | - | €22.2m | - | - |
| Reserves13 | €6,150 | €6,150 | €6,150 | €10.0m | €10.0m | = |
| Non-distributable reserves130/1 | €6,150 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Legal reserve130 | €6,150 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Distributable reserves133 | - | - | - | €10.0m | €10.0m | = |
| Profit (loss) carried forward14 | €5.9m | €8.3m | €10.7m | €11.8m | €37.4m | ▲ 218% |
| Amounts payable17/49 | €8.5m | €8.1m | €7.9m | €8.6m | €9.5m | ▲ 10.4% |
| Amounts payable after more than one year17 | €4.4m | €4.0m | €3.5m | €3.1m | €7.1m | ▲ 133% |
| Financial debts170/4 | €4.4m | €4.0m | €3.5m | €3.1m | €7.1m | ▲ 133% |
| Amounts payable within one year42/48 | €4.2m | €4.0m | €4.1m | €5.0m | €2.4m | ▼ 52.1% |
| Current portion of amounts payable after more than one year42 | €435,969 | €440,826 | €436,396 | €450,716 | €907,124 | ▲ 101% |
| Trade debts44 | €364,342 | €268,576 | €160,344 | €160,979 | €16,537 | ▼ 89.7% |
| Suppliers440/4 | €364,342 | €268,576 | €160,344 | €160,979 | €16,537 | ▼ 89.7% |
| Taxes, remuneration and social security45 | €167,663 | €128,503 | €134,389 | €1.1m | €1.2m | ▲ 13.5% |
| Taxes450/3 | €162,038 | €120,547 | €123,749 | €1.1m | €1.2m | ▲ 12.2% |
| Remuneration and social security454/9 | €5,625 | €7,957 | €10,640 | €1,157 | €15,883 | ▲ 1,273% |
| Other amounts payable47/48 | €3.2m | €3.2m | €3.4m | €3.3m | €217,204 | ▼ 93.3% |
| Accrued charges and deferred income492/3 | €1,200 | €130,166 | €246,179 | €596,414 | €19,578 | ▼ 96.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.3m | €2.5m | €2.4m | €11.0m | €25.6m | ▲ 132% |
| + Depreciation and write-downs630 | €148,325 | €132,873 | €134,983 | €131,237 | €146,371 | ▲ 11.5% |
| Operating cash flow (approximation) | €1.5m | €2.6m | €2.5m | €11.2m | €25.8m | ▲ 131% |
| Investment in fixed assets (approximation) | - | -€1.4m | -€1.1m | -€27.0m | -€7.2m | ▲ 73.2% |
| Change in cash | - | -€215,145 | €185,858 | €229,632 | -€312,475 | ▼ 236% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €25.6m ▲132%
Operating result €770,365, net result €25.6m, both a record.
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Liquidity doublescurrent ratio 2.21
Current ratio from 0.93 to 2.21.
31-12
Financial
Equity above €25mEq €44.1m ▲308%
7 profitable years in a row build equity to €44.1m.
08-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 8 days late
2023
31-12
Financial
Equity above €10mEq €10.8m ▲28.4%
6 profitable years in a row build equity to €10.8m.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €5mEq €5.9m ▲28.1%
4 profitable years in a row build equity to €5.9m.
01-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
15-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2019
03-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
25-10
State Gazette act
General meeting · Director resignation
Director appointment · Mandate compensation
10-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
01-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ukkel · 1 establishment unit since 2004
Ground area
1,116 m²
Building footprint
223 m²
Volume, LiDAR
2,128 m³
Parcel 21612C0056/02K091, Brussels · tallest building 15.4 m, ±3 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
LSIM
since 20042.137.469.828
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21612C0056/02K091 | Brussels | 1,116 m² | 1 · 223 m² | 15.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
10 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 10
-
100%
-
50%
-
40.01%
-
25%
-
24.99%
-
22.5%
-
22%
-
20%
-
20%
-
0.56%
According to the 2025 annual accounts of LSIM and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
8755000GP3633MT7IF89
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,589. 2,051 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded11-05-2004
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0865250985
Registered
22-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.