LUCE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-04-2026 PDF all 8 filings
Turnover
≈ €1.3m
Estimated: probably between €1.0m and €2.4m
Total assets
€5.2m▲ 0.1%
2024 · €5.2m
Net result
€929,811▲ 33.7%
2024 · €695,688
Working capital
-€400,674
2024 · €95,749
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€829,992
▲ 3.3%
2025
20182025
Net result
€929,811
▲ 33.7%
2025
highest quarter of the sector
20182025
Equity
€3.1m
▲ 16.7%
2025
highest quarter of the sector
20182025
Total assets
€5.2m
▲ 0.1%
2025
highest quarter of the sector
20182025
Debt
€2.1m
▼ 17.1%
2025
20182025
Working capital
-€400,674
2025
lowest quarter of the sector
20182025
Solvency
59.5%
▲ 8.4pp
2025
middle half of the sector
20182025
Current ratio
0.42
▼ 1.14
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
17.7%
▲ 4.4pp
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€0.8m-€0.9m▲ 20.9%€1.1m▲ 19.2%€0.5m▼ 54.1%€0.4m▼ 28.5%€0.7m▲ 104%€0.8m▲ 10.5%€0.8m▲ 3.3%
Net result€0.3m-€0.5m▲ 82.2%€0.6mabove the sector's middle half▲ 30.9%€0.2mabove the sector's middle half▼ 61.7%€0.2mabove the sector's middle half▼ 34.0%€0.4mabove the sector's middle half▲ 172%€0.7mabove the sector's middle half▲ 59.9%€0.9mabove the sector's middle half▲ 33.7%
Equity€0.3m-€0.8m▲ 170%€1.4mabove the sector's middle half▲ 82.5%€1.6mabove the sector's middle half▲ 17.3%€1.8mabove the sector's middle half▲ 9.7%€2.2mabove the sector's middle half▲ 24.1%€2.7mabove the sector's middle half▲ 19.2%€3.1mabove the sector's middle half▲ 16.7%
Total assets€5.4m-€5.9m▲ 9.7%€6.5mabove the sector's middle half▲ 10.0%€5.7mabove the sector's middle half▼ 13.1%€5.2mabove the sector's middle half▼ 8.0%€5.2mabove the sector's middle half▲ 0.2%€5.2mabove the sector's middle half▼ 0.1%€5.2mabove the sector's middle half▲ 0.1%
Debt€5.1m-€5.2m▲ 0.8%€5.1m▼ 0.8%€4.0m▼ 21.4%€3.4m▼ 15.2%€3.0m▼ 12.4%€2.6m▼ 14.6%€2.1m▼ 17.1%
Working capital€0.4m-€0.9m▲ 124%€1.5mabove the sector's middle half▲ 67.7%€0.6mabove the sector's middle half▼ 61.1%€0.1mwithin the sector's middle half▼ 75.7%€0.1mwithin the sector's middle half▲ 7.2%€0.1mwithin the sector's middle half▼ 35.7%-€0.4mbelow the sector's middle half
Solvency5.2%-12.9%▲ 7.7pp21.4%below the sector's middle half▲ 8.5pp28.9%within the sector's middle half▲ 7.5pp34.5%within the sector's middle half▲ 5.6pp42.7%within the sector's middle half▲ 8.2pp51.0%within the sector's middle half▲ 8.3pp59.5%within the sector's middle half▲ 8.4pp
Current ratio4.88-7.06▲ 2.1815.16above the sector's middle half▲ 8.1010.64above the sector's middle half▼ 4.533.05within the sector's middle half▼ 7.582.52within the sector's middle half▼ 0.531.57within the sector's middle half▼ 0.960.42below the sector's middle half▼ 1.14
Return on assets (ROA)4.9%-8.1%▲ 3.2pp9.7%within the sector's middle half▲ 1.5pp4.3%within the sector's middle half▼ 5.4pp3.1%within the sector's middle half▼ 1.2pp8.3%within the sector's middle half▲ 5.2pp13.3%within the sector's middle half▲ 5.0pp17.7%above the sector's middle half▲ 4.4pp
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 3% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Large changes and their cause
- 2021 Net result -62% on 2020. The accounts now follow the abbreviated format, last year the micro format.
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 €5.2m
Fixed assets
€4.9m ▼ 0.5%
Current assets
€295,675 ▲ 11.7%
Equity and liabilities €5.2m
Equity
€3.1m ▲ 16.7%
Debt
€2.1m ▼ 17.1%
Debt's share of the balance-sheet total falls from 49.0% to 40.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€853,398▲
2024 · €832,227
Cash flow
€953,217▲
2024 · €724,779
Debt to equity
0.68▼
2024 · 0.96
ROE
29.8%▲
2024 · 26.1%
Interest coverage
13.93▲
2024 · 10.38
Debt ≤ 1 year
€696,349▲
2024 · €168,969
Debt > 1 year
€1.4m▼
2024 · €2.3m
Income taxes
€288,289▲
2024 · €253,338
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €99,339 | - | - | €4,037 | - |
| Depreciation and write-downs of the year | €16,844 | €29,091 | €29,091 | €29,091 | €23,406 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €0.006m | €0.02m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 19.5% |
| Other operating charges640/8 | - | - | - | €0.006m | €0.002m | €0.002m | €0.004m | €0.003m | ▼ 20.8% |
| Gross operating margin9900 | €0.8m | €0.9m | €1.1m | €0.5m | €0.4m | €0.8m | €0.8m | €0.9m | ▲ 2.4% |
| Operating profit (loss)9901 | €0.8m | €0.9m | €1.1m | €0.5m | €0.4m | €0.7m | €0.8m | €0.8m | ▲ 3.3% |
| Financial income75/76B | - | - | - | €0.001m | €0.001m | €0.001m | €0.2m | €0.4m | ▲ 98.8% |
| Recurring financial income75 | - | - | - | €0.001m | €0.001m | €0.001m | €0.2m | €0.4m | ▲ 98.8% |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.09m | €0.08m | €0.06m | ▼ 23.6% |
| Recurring financial charges65 | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0.09m | €0.08m | €0.06m | ▼ 23.6% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.8m | €0.9m | €0.4m | €0.2m | €0.6m | €0.9m | €1.2m | ▲ 28.4% |
| Income taxes67/77 | €0.2m | €0.3m | €0.3m | €0.1m | €0.08m | €0.2m | €0.3m | €0.3m | ▲ 13.8% |
| Profit (loss) for the period9904 | €0.3m | €0.5m | €0.6m | €0.2m | €0.2m | €0.4m | €0.7m | €0.9m | ▲ 33.7% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.5m | €0.6m | €0.2m | €0.2m | €0.4m | €0.7m | €0.9m | ▲ 33.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.4m | €5.9m | €6.5m | €5.7m | €5.2m | €5.2m | €5.2m | €5.2m | ▲ 0.1% |
| Fixed assets21/28 | €4.9m | €4.9m | €5.0m | €5.1m | €5.0m | €5.0m | €5.0m | €4.9m | ▼ 0.5% |
| Tangible fixed assets22/27 | - | - | €0.04m | €0.1m | €0.09m | €0.06m | €0.04m | €0.02m | ▼ 59.0% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.09m | €0.06m | €0.04m | €0.01m | ▼ 65.6% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0.004m | €0.004m | = |
| Financial fixed assets28 | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | = |
| Current assets29/58 | €0.5m | €1.0m | €1.6m | €0.6m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 11.7% |
| Amounts receivable within one year40/41 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.05m | €0.05m | €0.05m | = |
| Trade receivables40 | - | - | - | €0.04m | €0.04m | €0.05m | €0.05m | €0.05m | = |
| Other amounts receivable41 | - | - | - | €0.004m | - | - | €0 | - | - |
| Current investments50/53 | - | - | - | €0.08m | €0.09m | €0.09m | €0.1m | €0.1m | = |
| Cash at bank and in hand54/58 | €0.5m | €1.0m | €1.5m | €0.5m | €0.08m | €0.1m | €0.1m | €0.2m | ▲ 25.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.4m | €5.9m | €6.5m | €5.7m | €5.2m | €5.2m | €5.2m | €5.2m | ▲ 0.1% |
| Equity10/15 | €0.3m | €0.8m | €1.4m | €1.6m | €1.8m | €2.2m | €2.7m | €3.1m | ▲ 16.7% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.3m | €0.7m | €1.4m | €1.6m | €1.8m | €2.2m | €2.7m | €3.1m | ▲ 16.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €1.6m | €1.8m | €2.2m | €2.7m | €3.1m | ▲ 16.8% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €5.1m | €5.2m | €5.1m | €4.0m | €3.4m | €3.0m | €2.6m | €2.1m | ▼ 17.1% |
| Amounts payable after more than one year17 | €4.9m | €4.9m | €4.9m | €3.9m | €3.2m | €2.8m | €2.3m | €1.4m | ▼ 40.7% |
| Financial debts170/4 | - | - | - | €3.9m | €3.2m | €2.8m | €2.3m | €1.4m | ▼ 40.7% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.1m | €0.06m | €0.07m | €0.1m | €0.2m | €0.7m | ▲ 312% |
| Trade debts44 | €0.008m | €0.05m | €0.05m | €0.008m | €0.008m | €0.001m | €0.002m | €0.002m | ▼ 3.0% |
| Suppliers440/4 | - | - | - | €0.008m | €0.008m | €0.001m | €0.002m | €0.002m | ▼ 3.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.06m | €0.1m | €0.2m | €0.2m | ▲ 40.4% |
| Taxes450/3 | - | - | - | €0.05m | €0.06m | €0.1m | €0.2m | €0.2m | ▲ 40.4% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €55 | - |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.5m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.2m | €0.07m | €0.06m | €0.04m | ▼ 26.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.5m | €0.6m | €0.2m | €0.2m | €0.4m | €0.7m | €0.9m | ▲ 33.7% |
| + Depreciation and write-downs630 | - | - | €0.006m | €0.02m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 19.5% |
| Operating cash flow (approximation) | €0.3m | €0.5m | €0.6m | €0.3m | €0.2m | €0.5m | €0.7m | €1.0m | ▲ 31.5% |
| Investment in fixed assets (approximation) | - | €0 | -€0.05m | -€0.1m | €0 | €0 | -€0.004m | €0 | - |
| Change in cash | - | €0.5m | €0.5m | -€1.0m | -€0.4m | €0.02m | €0.01m | €0.03m | ▲ 114% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-04-2026 | 2026-00098374 | |
| 31-12-2024 | abbreviated format | 19-05-2025 | 2025-00099349 | |
| 31-12-2023 | abbreviated format | 25-05-2024 | 2024-00098674 | |
| 31-12-2022 | abbreviated format | 30-05-2023 | 2023-00102665 | |
| 31-12-2021 | abbreviated format | 25-04-2022 | 2022-20008978 | |
| 31-12-2020 | micro format | 06-05-2021 | 2021-13600341 | |
| 31-12-2019 | micro format | 27-05-2020 | 2020-13500053 | |
| 31-12-2018 | micro format | 10-05-2019 | 2019-13100221 |