LUDWIG
ActiveLUDWIG has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €23k and a net result of €-8k. Equity is shrinking by ~10% per year across the filed fiscal years. Its solvency ranks better than 17% of 27450 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
36
/ 100
Weak
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability12▼-1
Solvency39▼-7
Growth32=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days only on tighter terms
Liquidity tight (current ratio 1.16 against 1.25 in 2024; short-term debt: 85.6% and cash: 0.3% of total assets), and 85.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
14.4%
Return on assets
-5.3%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-8k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 27450 sector peers (2025).
NBB · sector comparisonPosition among 27450 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
28 d late
2023
30 d late
2022
61 d late
2021
30 d late
2020
31 d late
2019
69 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€23k▼ 27.0%
2024 · €31k
2018: €52k
2019: €60k
2020: €69k
2021: €71k
2022: €68k
2023: €38k
2024: €31k
2018 → 2025
Total assets
€159k▲ 7.3%
2024 · €148k
2018: €92k
2019: €105k
2020: €150k
2021: €162k
2022: €168k
2023: €149k
2024: €148k
2018 → 2025
Net result
€-8k▼ 33.9%
2024 · €-6k
2018: €8k
2019: €8k
2020: €9k
2021: €2k
2022: €-4k
2023: €-30k
2024: €-6k
2018 → 2025
Working capital
€22k▼ 23.6%
2024 · €29k
2018: €43k
2019: €58k
2020: €67k
2021: €66k
2022: €75k
2023: €38k
2024: €29k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€71k-€68k▼ 5.1%€38k▼ 44.3%€31k▼ 16.8%€23k▼ 27.0%
Operating result€2k-€-3k€-31k▼ 877%€-6k▲ 80.0%€-8k▼ 35.8%
Net result€2k-€-4k€-30k▼ 731%€-6k▲ 78.8%€-8k▼ 33.9%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €8k in 2025 against €6k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €159k
Fixed assets
€628▼ 71.7%
Current assets
€158k▲ 8.5%
Equity and liabilities €159k
Equity
€23k▼ 27.0%
Debt
€136k▲ 16.5%
The debt ratio rises from 78.8% to 85.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-7k▼
2024 · €-4k
Cash flow
€-7k▼
2024 · €-4k
Solvency
14.4%▼
2024 · 21.2%
Current ratio
1.16▼
2024 · 1.25
Quick ratio
0.65▲
2024 · 0.63
Debt / equity
5.94▲
2024 · 3.72
ROE
-37.0%▼
2024 · -20.2%
ROA
-5.3%▼
2024 · -4.3%
Interest coverage
-41.02▼
2024 · -20.32
Debt
€136k▲
2024 · €117k
Debt ≤ 1 year
€136k▲
2024 · €117k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€148k€159k▲
Fixed assets21/28€2k€628▼
Tangible fixed assets22/27€2k€628▼
Plant, machinery and equipment23€2k€511▼
Furniture and vehicles24€450€117▼
Current assets29/58€146k€158k▲
Stocks and contracts in progress3€72k€70k▼
Stocks30/36€72k€70k▼
Amounts receivable within one year40/41€71k€87k▲
Trade receivables40€69k€85k▲
Other amounts receivable41€3k€2k▼
Cash at bank and in hand54/58€1k€467▼
Deferred charges and accrued income490/1€779€1k▲
Equity and liabilities
Total equity and liabilities10/49€148k€159k▲
Equity10/15€31k€23k▼
Contributions10/11€19k€19k=
Reserves13€33k€33k=
Distributable reserves133€33k€33k=
Profit (loss) carried forward14€-20k€-28k▼
Amounts payable17/49€117k€136k▲
Amounts payable within one year42/48€117k€136k▲
Current portion of amounts payable after more than one year42€5k-
Trade debts44€18k€19k▲
Suppliers440/4€18k€19k▲
Taxes, remuneration and social security45€49k€59k▲
Remuneration and social security454/9€49k€59k▲
Other amounts payable47/48€45k€58k▲
Income statement
Code20242025
Non-recurring operating income76A-€2k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€2k▼
Other operating charges640/8€763€815▲
Non-recurring operating charges66A€800-
Gross operating margin9900€-3k€-6k▼
Operating profit (loss)9901€-6k€-8k▼
Financial charges65/66B€209€164▼
Recurring financial charges65€209€164▼
Profit (loss) for the period before taxes9903€-6k€-8k▼
Profit (loss) for the period9904€-6k€-8k▼
Profit (loss) for the period to be appropriated9905€-6k€-8k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-20k€-28k▼
Profit (loss) brought forward from the previous period14P€-13k€-20k▼
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Weakest financial yearnet €-30k
Net result drops to €-30k, the lowest in the series; recovery starts the following year.
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 61 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Highest result since 2018net €9k ▲22.9%
Net result €9k, the highest in the series.
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 69 days late
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
07-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 7 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Scherpenheuvel-Zichem · 1 establishment unit since 2010
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Molenbergstraat 203272 Scherpenheuvel-ZichemGround area
596 m²
Building footprint
150 m²
Volume, LiDAR
922 m³
Parcel 24105B0163/00W003, Flanders · tallest building 10.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Molenbergstraat 20, 3272 Scherpenheuvel-Zichem
since 20102.184.424.063
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24105B0163/00W003 | Flanders | 596 m² | 1 · 150 m² | 10.0 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 7,033 companies in sector 43221 we hold annual accounts for 3,468. 2,544 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded06-01-2010
Fiscal year end31-12
Activities, NACEBEL
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
43350Other building finishing work
43410Roofing work
46130Agents in the wholesale of timber and building materials
Sources
Crossroads Bank for EnterprisesNational Bank · 16 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.