LUDIK AUTOMATIC PROJECTS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00465453.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 22 filings
Turnover
≈ €140,000
Estimated: probably between €51,000 and €300,000
Total assets
€164,617▼ 6.2%
2024 · €175,588
Net result
-€430
2024 · €4,142
Working capital
€111,374▲ 4.7%
2024 · €106,398
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,970
▼ 77.7%
2025
20182025
Net result
-€430
2025
middle half of the sector
20182025
Equity
€130,572
▼ 0.3%
2025
highest quarter of the sector
20182025
Total assets
€164,617
▼ 6.2%
2025
middle half of the sector
20182025
Debt
€34,045
▼ 23.6%
2025
20182025
Working capital
€111,374
▲ 4.7%
2025
highest quarter of the sector
20182025
Solvency
79.3%
▲ 4.7pp
2025
highest quarter of the sector
20182025
Current ratio
4.27
▲ 0.77
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.3%
▼ 2.6pp
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
Operating result€17,873-€2,934▼ 83.6%€26,216▲ 793%€31,230▲ 19.1%€6,985▼ 77.6%€7,456▲ 6.7%€8,844▲ 18.6%€1,970▼ 77.7%
Net result€10,518-€1,990▼ 81.1%€18,140within the sector's middle half▲ 812%€16,940within the sector's middle half▼ 6.6%€2,883within the sector's middle half▼ 83.0%€3,804within the sector's middle half▲ 31.9%€4,142within the sector's middle half▲ 8.9%-€430within the sector's middle half
Equity€83,103-€85,092▲ 2.4%€103,233within the sector's middle half▲ 21.3%€120,173above the sector's middle half▲ 16.4%€123,056above the sector's middle half▲ 2.4%€126,860above the sector's middle half▲ 3.1%€131,002above the sector's middle half▲ 3.3%€130,572above the sector's middle half▼ 0.3%
Total assets€160,747-€149,777▼ 6.8%€176,377within the sector's middle half▲ 17.8%€170,424within the sector's middle half▼ 3.4%€178,356within the sector's middle half▲ 4.7%€168,600within the sector's middle half▼ 5.5%€175,588within the sector's middle half▲ 4.1%€164,617within the sector's middle half▼ 6.2%
Debt€77,644-€64,685▼ 16.7%€73,145▲ 13.1%€50,251▼ 31.3%€55,300▲ 10.0%€41,740▼ 24.5%€44,586▲ 6.8%€34,045▼ 23.6%
Working capital€83,010-€84,801▲ 2.2%€101,091above the sector's middle half▲ 19.2%€116,457above the sector's middle half▲ 15.2%€118,657above the sector's middle half▲ 1.9%€120,680above the sector's middle half▲ 1.7%€106,398above the sector's middle half▼ 11.8%€111,374above the sector's middle half▲ 4.7%
Solvency51.7%-56.8%▲ 5.1pp58.5%within the sector's middle half▲ 1.7pp70.5%above the sector's middle half▲ 12.0pp69.0%above the sector's middle half▼ 1.5pp75.2%above the sector's middle half▲ 6.2pp74.6%above the sector's middle half▼ 0.6pp79.3%above the sector's middle half▲ 4.7pp
Current ratio2.07-2.31▲ 0.242.38within the sector's middle half▲ 0.073.32above the sector's middle half▲ 0.943.15above the sector's middle half▼ 0.173.89above the sector's middle half▲ 0.753.51above the sector's middle half▼ 0.394.27above the sector's middle half▲ 0.77
Return on assets (ROA)6.5%-1.3%▼ 5.2pp10.3%within the sector's middle half▲ 9.0pp9.9%within the sector's middle half▼ 0.3pp1.6%within the sector's middle half▼ 8.3pp2.3%within the sector's middle half▲ 0.6pp2.4%within the sector's middle half▲ 0.1pp-0.3%within the sector's middle half▼ 2.6pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 78% lower than in 2024 and the lowest since 2021.
Turnover and EBIT margin are not published. The 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 €164,617
Fixed assets
€19,198 ▼ 28.2%
Current assets
€145,419 ▼ 2.3%
Equity and liabilities €164,617
Equity
€130,572 ▼ 0.3%
Debt
€34,045 ▼ 23.6%
Debt's share of the balance-sheet total falls from 25.4% to 20.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€9,453▼
2024 · €13,851
Cash flow
€7,053▼
2024 · €9,148
Quick ratio
3.94▲
2024 · 3.12
Debt to equity
0.26▼
2024 · 0.34
ROE
-0.3%▼
2024 · 3.2%
Interest coverage
3.18▼
2024 · 4.09
Debt ≤ 1 year
€34,045▼
2024 · €42,464
Income taxes
€5,231▼
2024 · €7,025
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 | €3,089 | €2,828 | €3,711 | €25,553 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,514 | €2,145 | €1,751 | €5,006 | €7,483 |
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 | - | - | - | - | - | €5,750 | €0 | €3,960 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €286 | €239 | €385 | €1,514 | €2,145 | €1,751 | €5,006 | €7,483 | ▲ 49.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €615 | -€615 | -€3,598 | -€668 | -€989 | ▼ 48.0% |
| Other operating charges640/8 | - | - | - | €1,732 | €1,377 | €433 | €3,092 | €4,918 | ▲ 59.1% |
| Non-recurring operating charges66A | - | - | - | €0 | - | €179 | €0 | - | - |
| Gross operating margin9900 | €24,029 | €4,461 | €30,046 | €35,090 | €9,892 | €6,221 | €16,274 | €13,383 | ▼ 17.8% |
| Operating profit (loss)9901 | €17,873 | €2,934 | €26,216 | €31,230 | €6,985 | €7,456 | €8,844 | €1,970 | ▼ 77.7% |
| Financial income75/76B | - | - | - | €6,074 | €4,696 | €5,055 | €5,706 | €5,807 | ▲ 1.8% |
| Recurring financial income75 | €5,038 | €6,467 | €6,198 | €6,074 | €4,696 | €5,055 | €5,706 | €5,807 | ▲ 1.8% |
| Financial charges65/66B | - | - | - | €4,169 | €4,514 | €3,987 | €3,384 | €2,976 | ▼ 12.0% |
| Recurring financial charges65 | €4,372 | €3,620 | €4,009 | €4,169 | €4,514 | €3,987 | €3,384 | €2,976 | ▼ 12.0% |
| Profit (loss) for the period before taxes9903 | €18,540 | €5,782 | €28,404 | €33,134 | €7,167 | €8,525 | €11,167 | €4,801 | ▼ 57.0% |
| Income taxes67/77 | €8,021 | €3,792 | €10,264 | €16,194 | €4,284 | €4,721 | €7,025 | €5,231 | ▼ 25.5% |
| Profit (loss) for the period9904 | €10,518 | €1,990 | €18,140 | €16,940 | €2,883 | €3,804 | €4,142 | -€430 | - |
| Profit (loss) for the period to be appropriated9905 | €10,518 | €1,990 | €18,140 | €16,940 | €2,883 | €3,804 | €4,142 | -€430 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €160,747 | €149,777 | €176,377 | €170,424 | €178,356 | €168,600 | €175,588 | €164,617 | ▼ 6.2% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €93 | €291 | €2,141 | €3,716 | €4,399 | €6,180 | €26,726 | €19,198 | ▼ 28.2% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €93 | €291 | €2,096 | €3,671 | €4,354 | €6,135 | €26,681 | €19,198 | ▼ 28.0% |
| Furniture and vehicles24 | - | - | - | €3,671 | €4,354 | €6,135 | €26,681 | €19,198 | ▼ 28.0% |
| Financial fixed assets28 | €0 | - | €45 | €45 | €45 | €45 | €45 | €0 | ▼ 100% |
| Current assets29/58 | €160,654 | €149,486 | €174,236 | €166,708 | €173,957 | €162,420 | €148,862 | €145,419 | ▼ 2.3% |
| Amounts receivable after more than one year29 | - | - | - | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | = |
| Other amounts receivable291 | - | - | - | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | = |
| Stocks and contracts in progress3 | €19,478 | €19,570 | €17,130 | €19,160 | €22,177 | €21,071 | €16,167 | €11,167 | ▼ 30.9% |
| Stocks30/36 | - | - | - | €19,160 | €22,177 | €21,071 | €16,167 | €11,167 | ▼ 30.9% |
| Amounts receivable within one year40/41 | €81,175 | €67,276 | €85,977 | €79,372 | €82,169 | €72,108 | €59,657 | €67,841 | ▲ 13.7% |
| Trade receivables40 | - | - | - | €66,171 | €47,444 | €34,809 | €15,204 | €22,590 | ▲ 48.6% |
| Other amounts receivable41 | - | - | - | €13,201 | €34,725 | €37,300 | €44,453 | €45,250 | ▲ 1.8% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1 | €2,291 | €7,824 | €4,897 | €3,500 | €8,908 | €10,206 | €39 | ▼ 99.6% |
| Deferred charges and accrued income490/1 | - | - | - | €3,280 | €6,111 | €333 | €2,832 | €6,373 | ▲ 125% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €160,747 | €149,777 | €176,377 | €170,424 | €178,356 | €168,600 | €175,588 | €164,617 | ▼ 6.2% |
| Equity10/15 | €83,103 | €85,092 | €103,233 | €120,173 | €123,056 | €126,860 | €131,002 | €130,572 | ▼ 0.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €57,537 | €59,526 | €77,667 | €94,607 | €94,607 | €94,607 | €98,749 | €98,749 | = |
| Non-distributable reserves130/1 | - | - | - | €1,878 | €1,878 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,878 | €1,878 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €92,729 | €92,729 | €94,607 | €98,749 | €98,749 | = |
| Profit (loss) carried forward14 | €6,966 | €6,966 | €6,966 | €6,966 | €9,849 | €13,653 | €13,653 | €13,223 | ▼ 3.1% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €77,644 | €64,685 | €73,145 | €50,251 | €55,300 | €41,740 | €44,586 | €34,045 | ▼ 23.6% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €77,644 | €64,685 | €73,145 | €50,251 | €55,300 | €41,740 | €42,464 | €34,045 | ▼ 19.8% |
| Financial debts43 | - | - | - | €19 | €0 | - | - | €655 | - |
| Credit institutions430/8 | - | - | - | €19 | €0 | - | - | €655 | - |
| Trade debts44 | €47,705 | €53,798 | €52,374 | €31,078 | €53,109 | €31,423 | €25,811 | €17,903 | ▼ 30.6% |
| Suppliers440/4 | - | - | - | €31,078 | €53,109 | €31,423 | €25,811 | €17,903 | ▼ 30.6% |
| Taxes, remuneration and social security45 | - | - | - | €19,154 | €2,191 | €10,317 | €16,653 | €15,488 | ▼ 7.0% |
| Taxes450/3 | - | - | - | €19,154 | €2,191 | €10,317 | €16,653 | €15,488 | ▼ 7.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €2,122 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,518 | €1,990 | €18,140 | €16,940 | €2,883 | €3,804 | €4,142 | -€430 | - |
| + Depreciation and write-downs630 | €286 | €239 | €385 | €1,514 | €2,145 | €1,751 | €5,006 | €7,483 | ▲ 49.5% |
| Operating cash flow (approximation) | €10,804 | €2,228 | €18,525 | €18,454 | €5,028 | €5,555 | €9,148 | €7,053 | ▼ 22.9% |
| Investment in fixed assets (approximation) | - | -€437 | -€2,235 | -€3,089 | -€2,828 | -€3,532 | -€25,553 | €45 | - |
| Change in cash | - | €2,290 | €5,532 | -€2,927 | -€1,397 | €5,408 | €1,298 | -€10,167 | - |
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, 12,322 companies had the same profile as LUDIK AUTOMATIC PROJECTS has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LUDIK AUTOMATIC PROJECTS itself is higher: 1.0% within 12 months. It rests on far more data about LUDIK AUTOMATIC PROJECTS 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 12,322 companies, not a prediction for LUDIK AUTOMATIC PROJECTS. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00465453 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00442224 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00309477 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00300034 | |
| 31-12-2021 | micro format | 14-10-2022 | 2022-20460280 | |
| 31-12-2020 | micro format | 05-08-2021 | 2021-46800065 | |
| 31-12-2019 | micro format | 07-10-2020 | 2020-59800446 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-35200140 | |
| 31-12-2017 | micro format | 12-10-2018 | 2018-69100585 | |
| 31-12-2016 | abbreviated format | 28-07-2017 | 2017-36700143 |