LUCKINOX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-03-2026 PDF all 17 filings
Equity
€138,248▼ 42.0%
2024 · €238,543
Total assets
€235,315▼ 7.0%
2024 · €252,906
Net result
-€14,271
2024 · €138,658
Working capital
€127,113▼ 43.4%
2024 · €224,516
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€17,124
2025
20182025
Net result
-€14,271
2025
lowest quarter of the sector
20182025
Equity
€138,248
▼ 42.0%
2025
middle half of the sector
20182025
Total assets
€235,315
▼ 7.0%
2025
middle half of the sector
20182025
Debt
€97,067
▲ 576%
2025
20182025
Working capital
€127,113
▼ 43.4%
2025
highest quarter of the sector
20182025
Solvency
58.8%
▼ 35.6pp
2025
middle half of the sector
20182025
Current ratio
2.31
▼ 14.32
2025
middle half of the sector
20182025
Return on assets (ROA)
-6.1%
▼ 60.9pp
2025
lowest 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€32,419--€567€27,932€76,312▲ 173%€25,690▼ 66.3%-€1,292€198,531-€17,124
Net result€23,461--€2,843€21,094within the sector's middle half€50,891above the sector's middle half▲ 141%€18,709within the sector's middle half▼ 63.2%-€1,526below the sector's middle half€138,658above the sector's middle half-€14,271below the sector's middle half
Equity€42,893-€38,887▼ 9.3%€59,129within the sector's middle half▲ 52.1%€109,200within the sector's middle half▲ 84.7%€125,089within the sector's middle half▲ 14.6%€122,743within the sector's middle half▼ 1.9%€238,543above the sector's middle half▲ 94.3%€138,248within the sector's middle half▼ 42.0%
Total assets€133,221-€121,366▼ 8.9%€140,854within the sector's middle half▲ 16.1%€163,741within the sector's middle half▲ 16.2%€177,973within the sector's middle half▲ 8.7%€132,366within the sector's middle half▼ 25.6%€252,906within the sector's middle half▲ 91.1%€235,315within the sector's middle half▼ 7.0%
Debt€90,328-€82,479▼ 8.7%€81,724▼ 0.9%€54,541▼ 33.3%€52,883▼ 3.0%€9,622▼ 81.8%€14,363▲ 49.3%€97,067▲ 576%
Working capital€40,790-€20,255▼ 50.3%€27,592within the sector's middle half▲ 36.2%€77,304within the sector's middle half▲ 180%€92,570within the sector's middle half▲ 19.7%€94,382within the sector's middle half▲ 2.0%€224,516above the sector's middle half▲ 138%€127,113above the sector's middle half▼ 43.4%
Solvency32.2%-32.0%▼ 0.2pp42.0%within the sector's middle half▲ 9.9pp66.7%above the sector's middle half▲ 24.7pp70.3%above the sector's middle half▲ 3.6pp92.7%above the sector's middle half▲ 22.4pp94.3%above the sector's middle half▲ 1.6pp58.8%within the sector's middle half▼ 35.6pp
Current ratio2.24-1.70▼ 0.541.59within the sector's middle half▼ 0.113.32above the sector's middle half▲ 1.733.06above the sector's middle half▼ 0.2610.81above the sector's middle half▲ 7.7516.63above the sector's middle half▲ 5.822.31within the sector's middle half▼ 14.32
Return on assets (ROA)17.6%--2.3%▼ 20.0pp15.0%above the sector's middle half▲ 17.3pp31.1%above the sector's middle half▲ 16.1pp10.5%within the sector's middle half▼ 20.6pp-1.2%below the sector's middle half▼ 11.7pp54.8%above the sector's middle half▲ 56.0pp-6.1%below the sector's middle half▼ 60.9pp
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 loss of €17,124, after a profit of €198,531 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €235,315
Fixed assets
€11,135 ▼ 20.6%
Current assets
€224,180 ▼ 6.2%
Equity and liabilities €235,315
Equity
€138,248 ▼ 42.0%
Debt
€97,067 ▲ 576%
Debt's share of the balance-sheet total rises from 5.7% to 41.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€13,630▼
2024 · €204,946
Cash flow
-€10,777▼
2024 · €145,073
Debt to equity
0.70▲
2024 · 0.06
ROE
-10.3%▼
2024 · 58.1%
Interest coverage
-313.62▼
2024 · over 100
Debt ≤ 1 year
€97,067▲
2024 · €14,363
Income taxes
€238▼
2024 · €63,756
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €50,000 | €50,000 | €50,000 | €50,000 | - |
| Carrying value of the mortgaged assets | €34,092 | €28,331 | €22,570 | €10,911 | - |
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 | €1,500 | €495 | €1,231 | - | €602 |
| Depreciation and write-downs of the year | €13,068 | €13,111 | €13,401 | €6,415 | €3,494 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €287 | - | €202,080 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,554 | €15,370 | €13,035 | €13,068 | €13,111 | €13,401 | €6,415 | €3,494 | ▼ 45.5% |
| Other operating charges640/8 | - | - | - | €3,901 | €3,973 | €4,214 | €3,989 | €3,276 | ▼ 17.9% |
| Non-recurring operating charges66A | - | - | - | €1,764 | - | €287 | - | €179 | - |
| Gross operating margin9900 | €47,768 | €17,602 | €44,799 | €95,045 | €42,774 | €16,610 | €208,935 | -€10,175 | - |
| Operating profit (loss)9901 | €32,419 | -€567 | €27,932 | €76,312 | €25,690 | -€1,292 | €198,531 | -€17,124 | - |
| Financial income75/76B | - | - | - | €831 | €871 | €830 | €4,165 | €3,135 | ▼ 24.7% |
| Recurring financial income75 | €1,261 | €1,164 | €991 | €831 | €871 | €830 | €4,165 | €3,135 | ▼ 24.7% |
| Financial charges65/66B | - | - | - | €2,024 | €1,475 | €843 | €283 | €43 | ▼ 84.6% |
| Recurring financial charges65 | €3,599 | €3,248 | €2,606 | €2,024 | €1,475 | €843 | €283 | €43 | ▼ 84.6% |
| Profit (loss) for the period before taxes9903 | €30,081 | -€2,651 | €26,318 | €75,120 | €25,086 | -€1,305 | €202,414 | -€14,033 | - |
| Income taxes67/77 | €6,620 | €192 | €5,224 | €24,229 | €6,377 | €221 | €63,756 | €238 | ▼ 99.6% |
| Profit (loss) for the period9904 | €23,461 | -€2,843 | €21,094 | €50,891 | €18,709 | -€1,526 | €138,658 | -€14,271 | - |
| Profit (loss) for the period to be appropriated9905 | €23,461 | -€2,843 | €21,094 | €50,891 | €18,709 | -€1,526 | €138,658 | -€14,271 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €133,221 | €121,366 | €140,854 | €163,741 | €177,973 | €132,366 | €252,906 | €235,315 | ▼ 7.0% |
| Fixed assets21/28 | €59,537 | €71,975 | €66,479 | €53,148 | €40,532 | €28,362 | €14,027 | €11,135 | ▼ 20.6% |
| Tangible fixed assets22/27 | €59,537 | €71,975 | €66,479 | €53,148 | €40,532 | €28,362 | €14,027 | €11,135 | ▼ 20.6% |
| Land and buildings22 | - | - | - | €34,092 | €28,331 | €22,570 | €10,911 | €9,457 | ▼ 13.3% |
| Plant, machinery and equipment23 | - | - | - | €8,678 | €6,923 | €5,613 | €3,052 | €1,218 | ▼ 60.1% |
| Furniture and vehicles24 | - | - | - | €10,378 | €5,278 | €179 | €64 | €459 | ▲ 615% |
| Current assets29/58 | €73,684 | €49,391 | €74,375 | €110,593 | €137,441 | €104,004 | €238,878 | €224,180 | ▼ 6.2% |
| Amounts receivable within one year40/41 | €9,422 | €9,007 | €25,354 | €15,268 | €10,876 | €5,457 | €9,860 | €9,205 | ▼ 6.6% |
| Trade receivables40 | - | - | - | €574 | €5,704 | - | €9,765 | €3,707 | ▼ 62.0% |
| Other amounts receivable41 | - | - | - | €14,695 | €5,172 | €5,457 | €94 | €5,498 | ▲ 58× |
| Current investments50/53 | - | - | - | - | - | - | €150,000 | €175,000 | ▲ 16.7% |
| Cash at bank and in hand54/58 | €63,903 | €39,851 | €48,686 | €92,436 | €126,195 | €98,172 | €76,418 | €36,736 | ▼ 51.9% |
| Deferred charges and accrued income490/1 | - | - | - | €2,889 | €369 | €375 | €2,601 | €3,239 | ▲ 24.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €133,221 | €121,366 | €140,854 | €163,741 | €177,973 | €132,366 | €252,906 | €235,315 | ▼ 7.0% |
| Equity10/15 | €42,893 | €38,887 | €59,129 | €109,200 | €125,089 | €122,743 | €238,543 | €138,248 | ▼ 42.0% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | €12,400 | €12,400 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Reserves13 | €22,807 | €22,807 | €41,058 | €91,949 | €108,658 | €108,658 | €224,843 | €138,992 | ▼ 38.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €90,089 | €106,798 | €108,658 | €224,843 | €138,992 | ▼ 38.2% |
| Profit (loss) carried forward14 | - | -€2,843 | - | - | - | -€1,526 | - | -€14,271 | - |
| Investment grants15 | - | - | - | €4,851 | €4,032 | €3,212 | €1,300 | €1,127 | ▼ 13.3% |
| Amounts payable17/49 | €90,328 | €82,479 | €81,724 | €54,541 | €52,883 | €9,622 | €14,363 | €97,067 | ▲ 576% |
| Amounts payable after more than one year17 | €57,434 | €53,343 | €34,942 | €21,252 | €8,013 | - | - | - | - |
| Financial debts170/4 | - | - | - | €21,252 | €8,013 | - | - | - | - |
| Amounts payable within one year42/48 | €32,894 | €29,136 | €46,783 | €33,289 | €44,870 | €9,622 | €14,363 | €97,067 | ▲ 576% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,690 | €13,238 | €8,013 | - | - | - |
| Trade debts44 | €4,464 | €3,561 | €6,474 | €3,994 | €6,226 | €53 | €3,849 | €521 | ▼ 86.5% |
| Suppliers440/4 | - | - | - | €3,994 | €6,226 | €53 | €3,849 | €521 | ▼ 86.5% |
| Taxes, remuneration and social security45 | - | - | - | €8,003 | €2,779 | €1,550 | €10,156 | €10,393 | ▲ 2.3% |
| Taxes450/3 | - | - | - | €8,003 | €2,779 | €1,550 | €10,156 | €10,393 | ▲ 2.3% |
| Other amounts payable47/48 | - | - | - | €7,602 | €22,627 | €6 | €358 | €86,153 | ▲ 240× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,461 | -€2,843 | €21,094 | €50,891 | €18,709 | -€1,526 | €138,658 | -€14,271 | - |
| + Depreciation and write-downs630 | €11,554 | €15,370 | €13,035 | €13,068 | €13,111 | €13,401 | €6,415 | €3,494 | ▼ 45.5% |
| Operating cash flow (approximation) | €35,016 | €12,527 | €34,129 | €63,959 | €31,820 | €11,875 | €145,073 | -€10,777 | - |
| Investment in fixed assets (approximation) | - | -€27,808 | -€7,539 | €264 | -€495 | -€1,231 | €7,920 | -€602 | - |
| Change in cash | - | -€24,052 | €8,835 | €43,750 | €33,759 | -€28,023 | -€21,754 | -€39,682 | ▼ 82.4% |
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, 6,908 companies had the same profile as LUCKINOX has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LUCKINOX 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 6,908 companies, not a prediction for LUCKINOX. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-03-2026 | 2026-00051830 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00267177 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00214164 | |
| 31-12-2022 | micro format | 01-07-2023 | 2023-00198142 | |
| 31-12-2021 | micro format | 11-07-2022 | 2022-20177880 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-32700208 | |
| 31-12-2019 | micro format | 25-06-2020 | 2020-20500344 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-23800079 | |
| 31-12-2017 | micro format | 27-06-2018 | 2018-23600240 | |
| 31-12-2016 | micro format | 05-07-2017 | 2017-27200208 |