LTD Services
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 36 filings
Turnover
€42,497▲ 42×
2023 · €1,000
EBIT margin
36.1%▲ 1838.0pp
2023 · -1801.9%
Net result
€15,018
2024 · -€7,143
Working capital
€92,380▲ 18.7%
2024 · €77,848
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€42,497
2025
20192025
Operating result
€15,347
2025
20192025
Net result
€15,018
2025
middle half of the sector
20192025
EBIT margin
36.1%
2025
20192025
Equity
€101,930
▲ 17.3%
2025
middle half of the sector
20192025
Total assets
€102,320
▲ 15.6%
2025
middle half of the sector
20192025
Debt
€390
▼ 76.0%
2025
20192025
Working capital
€92,380
▲ 18.7%
2025
middle half of the sector
20192025
Solvency
99.6%
▲ 1.5pp
2025
highest quarter of the sector
20192025
Current ratio
no figure
2025
20192025
Return on assets (ROA)
14.7%
▲ 22.7pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€10,000€1,000▼ 90.0%€42,497
Operating result-€432-€876€4,604▲ 426%€7,312▲ 58.8%-€18,019-€6,816▲ 62.2%€15,347
Net result-€2,488--€968below the sector's middle half▲ 61.1%€3,141within the sector's middle half€5,505within the sector's middle half▲ 75.2%-€18,672below the sector's middle half-€7,143below the sector's middle half▲ 61.7%€15,018within the sector's middle half
EBIT margin73.1%-1801.9%▼ 1875.1pp36.1%
Equity€105,050-€104,082within the sector's middle half▼ 0.9%€107,223within the sector's middle half▲ 3.0%€112,728within the sector's middle half▲ 5.1%€94,056within the sector's middle half▼ 16.6%€86,912within the sector's middle half▼ 7.6%€101,930within the sector's middle half▲ 17.3%
Total assets€189,812-€158,552within the sector's middle half▼ 16.5%€146,484within the sector's middle half▼ 7.6%€118,399within the sector's middle half▼ 19.2%€97,947within the sector's middle half▼ 17.3%€88,540within the sector's middle half▼ 9.6%€102,320within the sector's middle half▲ 15.6%
Debt€84,763-€54,470▼ 35.7%€39,262▼ 27.9%€5,671▼ 85.6%€3,891▼ 31.4%€1,628▼ 58.2%€390▼ 76.0%
Working capital€52,619-€51,427within the sector's middle half▼ 2.3%€54,642within the sector's middle half▲ 6.3%€84,327within the sector's middle half▲ 54.3%€67,651within the sector's middle half▼ 19.8%€77,848within the sector's middle half▲ 15.1%€92,380within the sector's middle half▲ 18.7%
Solvency55.3%-65.6%above the sector's middle half▲ 10.3pp73.2%above the sector's middle half▲ 7.6pp95.2%above the sector's middle half▲ 22.0pp96.0%above the sector's middle half▲ 0.8pp98.2%above the sector's middle half▲ 2.1pp99.6%above the sector's middle half▲ 1.5pp
Current ratio2.35-3.51above the sector's middle half▲ 1.164.10above the sector's middle half▲ 0.5915.87above the sector's middle half▲ 11.7718.39above the sector's middle half▲ 2.5248.83above the sector's middle half▲ 30.44
Return on assets (ROA)-1.3%--0.6%below the sector's middle half▲ 0.7pp2.1%within the sector's middle half▲ 2.8pp4.6%within the sector's middle half▲ 2.5pp-19.1%below the sector's middle half▼ 23.7pp-8.1%below the sector's middle half▲ 11.0pp14.7%within the sector's middle half▲ 22.7pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 profit of €15,347, after a loss of €6,816 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €102,320
Fixed assets
€9,550 ▲ 5.4%
Current assets
€92,770 ▲ 16.7%
Equity and liabilities €102,320
Equity
€101,930 ▲ 17.3%
Debt
€390 ▼ 76.0%
Debt's share of the balance-sheet total falls from 1.8% to 0.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€15,847▲
2024 · -€6,190
Cash flow
€15,517▲
2024 · -€6,517
Debt to equity
0.00▼
2024 · 0.02
ROE
14.7%▲
2024 · -8.2%
Interest coverage
48.12▲
2024 · -18.93
Debt ≤ 1 year
€390▼
2024 · €1,628
Customer credit
321 days
Supplier credit
3 days
A ratio outside any meaningful range has been withheld (balance sheet total €102,320, equity €101,930).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €22,000 | - | - | €986 |
| Depreciation and write-downs of the year | €2,282 | €1,995 | €626 | €499 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €10,000 | €1,000 | - | €42,497 | - |
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €23,689 | €11,538 | - | €28,308 | - |
| Remuneration, social security and pensions62 | - | - | - | €19 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,616 | €15,121 | €10,757 | €2,282 | €1,995 | €626 | €499 | ▼ 20.2% |
| Other operating charges640/8 | - | - | - | €387 | €7,290 | €2,239 | €558 | ▼ 75.1% |
| Gross operating margin9900 | €16,726 | €17,549 | €15,941 | €10,000 | -€8,734 | -€3,951 | €16,405 | - |
| Operating profit (loss)9901 | -€432 | €876 | €4,604 | €7,312 | -€18,019 | -€6,816 | €15,347 | - |
| Financial income75/76B | - | - | - | €24 | €23 | - | - | - |
| Recurring financial income75 | €893 | €315 | €303 | €24 | €23 | - | - | - |
| Financial charges65/66B | - | - | - | €1,832 | €676 | €327 | €329 | ▲ 0.7% |
| Recurring financial charges65 | €2,894 | €2,158 | €1,766 | €1,832 | €676 | €327 | €329 | ▲ 0.7% |
| Profit (loss) for the period before taxes9903 | -€2,433 | -€968 | €3,141 | €5,505 | -€18,672 | -€7,143 | €15,018 | - |
| Income taxes67/77 | €55 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€2,488 | -€968 | €3,141 | €5,505 | -€18,672 | -€7,143 | €15,018 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,488 | -€968 | €3,141 | €5,505 | -€18,672 | -€7,143 | €15,018 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €189,812 | €158,552 | €146,484 | €118,399 | €97,947 | €88,540 | €102,320 | ▲ 15.6% |
| Fixed assets21/28 | €98,313 | €86,628 | €74,200 | €28,400 | €26,405 | €9,064 | €9,550 | ▲ 5.4% |
| Tangible fixed assets22/27 | €96,813 | €85,128 | €72,700 | €26,900 | €24,905 | €7,564 | €8,050 | ▲ 6.4% |
| Plant, machinery and equipment23 | - | - | - | €4,730 | €2,889 | €564 | €1,050 | ▲ 86.3% |
| Furniture and vehicles24 | - | - | - | €22,170 | €22,016 | €7,000 | €7,000 | = |
| Other tangible fixed assets26 | - | - | - | €0 | - | - | - | - |
| Financial fixed assets28 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Current assets29/58 | €91,499 | €71,925 | €72,285 | €89,999 | €71,542 | €79,476 | €92,770 | ▲ 16.7% |
| Stocks and contracts in progress3 | €3,164 | €750 | €750 | €750 | €750 | €750 | €750 | = |
| Stocks30/36 | - | - | - | €750 | €750 | €750 | €750 | = |
| Amounts receivable within one year40/41 | €72,564 | €65,209 | €69,624 | €64,595 | €69,472 | €76,881 | €88,807 | ▲ 15.5% |
| Trade receivables40 | - | - | - | €42,898 | €31,778 | €33,948 | €37,380 | ▲ 10.1% |
| Other amounts receivable41 | - | - | - | €21,697 | €37,693 | €42,933 | €51,426 | ▲ 19.8% |
| Cash at bank and in hand54/58 | €15,446 | €5,518 | €919 | €24,653 | €1,320 | €1,762 | €3,124 | ▲ 77.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | €82 | €90 | ▲ 9.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €189,812 | €158,552 | €146,484 | €118,399 | €97,947 | €88,540 | €102,320 | ▲ 15.6% |
| Equity10/15 | €105,050 | €104,082 | €107,223 | €112,728 | €94,056 | €86,912 | €101,930 | ▲ 17.3% |
| Contributions10/11 | €18,592 | - | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Contributions outside capital11 | - | - | - | €18,592 | €18,592 | €18,592 | - | - |
| Other1109/19 | - | - | - | €18,592 | €18,592 | €18,592 | - | - |
| Reserves13 | €88,946 | €88,946 | €88,946 | €91,859 | €91,859 | €91,859 | €91,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €90,000 | €90,000 | €90,000 | €90,000 | = |
| Profit (loss) carried forward14 | -€2,488 | -€3,456 | -€315 | €2,276 | -€16,396 | -€23,539 | -€8,521 | ▲ 63.8% |
| Amounts payable17/49 | €84,763 | €54,470 | €39,262 | €5,671 | €3,891 | €1,628 | €390 | ▼ 76.0% |
| Amounts payable after more than one year17 | €45,883 | €33,972 | €21,619 | €0 | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €38,880 | €20,498 | €17,643 | €5,671 | €3,891 | €1,628 | €390 | ▼ 76.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - |
| Trade debts44 | €9,690 | €3,025 | €1,442 | €1,825 | €2,780 | €1,460 | €236 | ▼ 83.9% |
| Suppliers440/4 | - | - | - | €1,825 | €2,780 | €1,460 | €236 | ▼ 83.9% |
| Taxes, remuneration and social security45 | - | - | - | €3,847 | €0 | €167 | €154 | ▼ 7.8% |
| Taxes450/3 | - | - | - | €3,847 | €0 | €167 | €154 | ▼ 7.8% |
| Other amounts payable47/48 | - | - | - | €0 | €1,111 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,488 | -€968 | €3,141 | €5,505 | -€18,672 | -€7,143 | €15,018 | - |
| + Depreciation and write-downs630 | €16,616 | €15,121 | €10,757 | €2,282 | €1,995 | €626 | €499 | ▼ 20.2% |
| Operating cash flow (approximation) | €14,128 | €14,153 | €13,898 | €7,787 | -€16,677 | -€6,517 | €15,517 | - |
| Investment in fixed assets (approximation) | - | -€3,435 | €1,671 | €43,518 | €0 | €16,715 | -€986 | - |
| Change in cash | - | -€9,928 | -€4,599 | €23,735 | -€23,333 | €442 | €1,361 | ▲ 208% |
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, 31,368 companies had the same profile as LTD Services has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LTD Services itself: 0.3% 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 31,368 companies, not a prediction for LTD Services. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00094612 | |
| 30-09-2024 | micro format | 31-03-2025 | 2025-00059892 | |
| 30-09-2023 | micro format | 30-05-2024 | 2024-00107348 | |
| 30-09-2022 | micro format | 14-04-2023 | 2023-00060803 | |
| 30-09-2021 | micro format | 29-03-2022 | 2022-09900212 | |
| 30-09-2020 | micro format | 23-04-2021 | 2021-11200002 | |
| 30-09-2019 | micro format | 31-03-2020 | 2020-08300186 | |
| 30-09-2018 | micro format | 02-04-2019 | 2019-09000132 | |
| 30-09-2017 | micro format | 19-04-2018 | 2018-10200195 | |
| 30-09-2016 | full format | 22-03-2017 | 2017-06900573 |