LSolution
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 9 filings
Turnover
€116,576▲ 29.4%
2024 · €90,103
EBIT margin
-3.8%▲ 4.6pp
2024 · -8.4%
Net result
-€4,657▲ 59.5%
2024 · -€11,501
Working capital
€9,293▲ 15.6%
2024 · €8,037
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€116,576
▲ 29.4%
2025
20182025
Operating result
-€4,441
▲ 41.3%
2025
20182025
Net result
-€4,657
▲ 59.5%
2025
lowest quarter of the sector
20182025
EBIT margin
-3.8%
▲ 4.6pp
2025
20182025
Equity
€9,541
▼ 32.8%
2025
lowest quarter of the sector
20182025
Total assets
€49,297
▲ 48.8%
2025
lowest quarter of the sector
20182025
Debt
€39,756
▲ 110%
2025
20182025
Working capital
€9,293
▲ 15.6%
2025
middle half of the sector
20182025
Solvency
19.4%
▼ 23.5pp
2025
lowest quarter of the sector
20182025
Current ratio
1.23
▼ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
-9.4%
▲ 25.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€88,900€197,311▲ 122%€90,103▼ 54.3%€116,576▲ 29.4%
Operating result€6,600-€12,290▲ 86.2%€10,558▼ 14.1%-€415€3,631€7,323▲ 102%-€7,565-€4,441▲ 41.3%
Net result€4,741-€13,446▲ 184%€9,038within the sector's middle half▼ 32.8%€37below the sector's middle half▼ 99.6%€1,313below the sector's middle half▲ 36×€4,524within the sector's middle half▲ 245%-€11,501below the sector's middle half-€4,657below the sector's middle half▲ 59.5%
EBIT margin4.1%3.7%▼ 0.4pp-8.4%▼ 12.1pp-3.8%▲ 4.6pp
Equity€11,724-€13,170▲ 12.3%€19,826below the sector's middle half▲ 50.5%€19,863below the sector's middle half▲ 0.2%€21,176below the sector's middle half▲ 6.6%€25,700below the sector's middle half▲ 21.4%€14,199below the sector's middle half▼ 44.8%€9,541below the sector's middle half▼ 32.8%
Total assets€17,431-€27,287▲ 56.5%€24,999below the sector's middle half▼ 8.4%€23,756below the sector's middle half▼ 5.0%€45,001below the sector's middle half▲ 89.4%€45,388below the sector's middle half▲ 0.9%€33,140below the sector's middle half▼ 27.0%€49,297below the sector's middle half▲ 48.8%
Debt€5,707-€14,117▲ 147%€5,173▼ 63.4%€3,893▼ 24.7%€23,826▲ 512%€19,688▼ 17.4%€18,941▼ 3.8%€39,756▲ 110%
Working capital€11,491-€13,053▲ 13.6%€19,826within the sector's middle half▲ 51.9%€19,863within the sector's middle half▲ 0.2%€16,298within the sector's middle half▼ 17.9%€11,356within the sector's middle half▼ 30.3%€8,037within the sector's middle half▼ 29.2%€9,293within the sector's middle half▲ 15.6%
Solvency67.3%-48.3%▼ 19.0pp79.3%above the sector's middle half▲ 31.0pp83.6%above the sector's middle half▲ 4.3pp47.1%within the sector's middle half▼ 36.6pp56.6%within the sector's middle half▲ 9.6pp42.8%within the sector's middle half▼ 13.8pp19.4%below the sector's middle half▼ 23.5pp
Current ratio3.01-1.92▼ 1.094.83above the sector's middle half▲ 2.916.10above the sector's middle half▲ 1.272.57within the sector's middle half▼ 3.541.84within the sector's middle half▼ 0.721.42within the sector's middle half▼ 0.421.23within the sector's middle half▼ 0.19
Return on assets (ROA)27.2%-49.3%▲ 22.1pp36.2%above the sector's middle half▼ 13.1pp0.2%below the sector's middle half▼ 36.0pp2.9%within the sector's middle half▲ 2.8pp10.0%within the sector's middle half▲ 7.1pp-34.7%below the sector's middle half▼ 44.7pp-9.4%below the sector's middle half▲ 25.3pp
Staff (FTE)0.21within the sector's middle half▲ 400%1within the sector's middle half=
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 a loss of €4,441, smaller than the loss of €7,565 in 2024.
Large changes and their cause
- 2024 Turnover -54% on 2023. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €49,297
Fixed assets
€248 ▼ 96.0%
Current assets
€49,049 ▲ 81.8%
Equity and liabilities €49,297
Equity
€9,541 ▼ 32.8%
Debt
€39,756 ▲ 110%
Debt's share of the balance-sheet total rises from 57.2% to 80.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1,473▼
2024 · €3,393
Cash flow
€1,256▲
2024 · -€543
Quick ratio
1.04▲
2024 · 0.72
Debt to equity
4.17▲
2024 · 1.33
ROE
-48.8%▲
2024 · -81.0%
Interest coverage
6.79▼
2024 · 7.46
Debt ≤ 1 year
€39,756▲
2024 · €18,941
Customer credit
83 days▲
2024 · 1 day
Supplier credit
6 days▲
2024 · 1 day
Staff costs
€37,167▲
2024 · €36,660
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| part-time | 0 | - | - |
| in full-time equivalents | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 0.2 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | 1 | - | 0 |
| Left | 0 | - | 0 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | €3,219 | €3,219 | €6,802 | €9,735 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €18,926 | €10,991 | €9,085 | - |
| Depreciation and write-downs of the year | - | €631 | €8,729 | €10,958 | €5,913 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €88,900 | €197,311 | €90,103 | €116,576 | ▲ 29.4% |
| Non-recurring operating income76A | - | - | - | - | €3,240 | - | €6,578 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €102,187 | €78,822 | €169,582 | €98,048 | €73,241 | ▼ 25.3% |
| Remuneration, social security and pensions62 | - | - | - | €3,317 | €3,817 | €9,107 | €36,660 | €37,167 | ▲ 1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €117 | €117 | €117 | - | €631 | €8,729 | €10,958 | €5,913 | ▼ 46.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €1,642 | - |
| Other operating charges640/8 | - | - | - | €2,439 | €5,239 | €2,570 | €2,165 | - | - |
| Gross operating margin9900 | €10,033 | €14,203 | €12,333 | €5,341 | €13,318 | €27,730 | €42,218 | €40,282 | ▼ 4.6% |
| Operating profit (loss)9901 | €6,600 | €12,290 | €10,558 | -€415 | €3,631 | €7,323 | -€7,565 | -€4,441 | ▲ 41.3% |
| Financial charges65/66B | - | - | - | €293 | €389 | €872 | €455 | €217 | ▼ 52.4% |
| Recurring financial charges65 | €280 | €52 | €47 | €293 | €389 | €872 | €455 | €217 | ▼ 52.4% |
| Profit (loss) for the period before taxes9903 | €6,320 | €12,237 | €10,511 | -€708 | €3,242 | €6,451 | -€8,020 | -€4,657 | ▲ 41.9% |
| Income taxes67/77 | €1,579 | -€1,208 | €1,474 | -€745 | €1,930 | €1,926 | €3,481 | - | - |
| Profit (loss) for the period9904 | €4,741 | €13,446 | €9,038 | €37 | €1,313 | €4,524 | -€11,501 | -€4,657 | ▲ 59.5% |
| Profit (loss) for the period to be appropriated9905 | €4,741 | €13,446 | €9,038 | €37 | €1,313 | €4,524 | -€11,501 | -€4,657 | ▲ 59.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €17,431 | €27,287 | €24,999 | €23,756 | €45,001 | €45,388 | €33,140 | €49,297 | ▲ 48.8% |
| Fixed assets21/28 | €233 | €117 | - | - | €18,295 | €20,557 | €6,162 | €248 | ▼ 96.0% |
| Tangible fixed assets22/27 | €233 | €117 | - | - | €18,295 | €20,557 | €6,162 | €248 | ▼ 96.0% |
| Furniture and vehicles24 | - | - | - | - | €18,295 | €20,557 | €6,162 | €248 | ▼ 96.0% |
| Current assets29/58 | €17,198 | €27,170 | €24,999 | €23,756 | €26,706 | €24,832 | €26,978 | €49,049 | ▲ 81.8% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €13,297 | €7,800 | ▼ 41.3% |
| Contracts in progress37 | - | - | - | - | - | - | €13,297 | €7,800 | ▼ 41.3% |
| Amounts receivable within one year40/41 | €505 | €933 | €6,843 | €13,444 | €859 | €5,564 | €516 | €26,533 | ▲ 51× |
| Trade receivables40 | - | - | - | €10,171 | €859 | €5,564 | €300 | €26,517 | ▲ 88× |
| Other amounts receivable41 | - | - | - | €3,273 | - | - | €216 | €17 | ▼ 92.4% |
| Cash at bank and in hand54/58 | €16,693 | €26,237 | €18,156 | €10,312 | €25,848 | €18,800 | €11,350 | €12,826 | ▲ 13.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €467 | €1,815 | €1,889 | ▲ 4.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €17,431 | €27,287 | €24,999 | €23,756 | €45,001 | €45,388 | €33,140 | €49,297 | ▲ 48.8% |
| Equity10/15 | €11,724 | €13,170 | €19,826 | €19,863 | €21,176 | €25,700 | €14,199 | €9,541 | ▼ 32.8% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Issued capital100 | - | - | - | €6,200 | €18,600 | €18,600 | €18,600 | €6,200 | ▼ 66.7% |
| Uncalled capital101 | - | - | - | - | €12,400 | €12,400 | €12,400 | - | - |
| Profit (loss) carried forward14 | €5,524 | €6,970 | €13,626 | €13,663 | €14,976 | €19,500 | €7,999 | €3,341 | ▼ 58.2% |
| Amounts payable17/49 | €5,707 | €14,117 | €5,173 | €3,893 | €23,826 | €19,688 | €18,941 | €39,756 | ▲ 110% |
| Amounts payable after more than one year17 | - | - | - | - | €13,417 | €6,212 | - | - | - |
| Financial debts170/4 | - | - | - | - | €13,417 | €6,212 | - | - | - |
| Amounts payable within one year42/48 | €5,707 | €14,117 | €5,173 | €3,893 | €10,409 | €13,476 | €18,941 | €39,756 | ▲ 110% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €6,941 | €7,205 | €6,212 | - | - |
| Trade debts44 | €42 | - | - | €3,787 | €222 | €2,476 | €295 | €1,125 | ▲ 281% |
| Suppliers440/4 | - | - | - | €3,787 | €222 | €2,476 | €295 | €1,125 | ▲ 281% |
| Advances received on contracts in progress46 | - | - | - | - | €27 | €27 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €105 | €3,219 | €3,746 | €11,348 | €9,735 | ▼ 14.2% |
| Taxes450/3 | - | - | - | €105 | €3,219 | €3,746 | €6,802 | €9,735 | ▲ 43.1% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €4,546 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €22 | €1,086 | €28,895 | ▲ 27× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,741 | €13,446 | €9,038 | €37 | €1,313 | €4,524 | -€11,501 | -€4,657 | ▲ 59.5% |
| + Depreciation and write-downs630 | €117 | €117 | €117 | - | €631 | €8,729 | €10,958 | €5,913 | ▼ 46.0% |
| Operating cash flow (approximation) | €4,858 | €13,562 | €9,154 | €37 | €1,943 | €13,253 | -€543 | €1,256 | - |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | -€10,991 | €3,437 | €0 | ▼ 100.0% |
| Change in cash | - | €9,544 | -€8,081 | -€7,844 | €15,536 | -€7,047 | -€7,450 | €1,476 | - |
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, 1,548 companies had the same profile as LSolution has now. Two years later, 91.3% were still going and 4.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
91.3%
was still going
3.9%
stopped otherwise
4.3%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LSolution itself is lower: 0.2% within 12 months. It rests on far more data about LSolution 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 1,548 companies, not a prediction for LSolution. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00323622 | |
| 31-12-2024 | abbreviated format | 03-10-2025 | 2025-00534298 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00305633 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00297061 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00435334 | |
| 31-12-2021 | micro format | 14-12-2022 | 2022-20538199 | |
| 31-12-2020 | micro format | 10-12-2021 | 2021-80100049 | |
| 31-12-2019 | micro format | 28-10-2020 | 2020-64400432 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-55000043 |