LuHeFo
Annual accounts 2025
abbreviated format, filed on 28-07-2026, 3 days before the deadline€3.7m
▲ 30.1%
€3.7m
▲ 30.3%
€4.7m
▲ 16.8%
€15.3m
▲ 32.9%
99.6%
▲ 7.4 percentage points
-
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.
Turnover ≈ €6.4m. Estimated: probably between €4.3m and €11.0m.
Balance sheet
balance sheet total €17.0m on 31-12-2025What the company ownsHow it is paid for
in €m
in €m
Position in the sector
99.6%
Higher than 95% of 2,093 companies in 2025.
-
Higher than 91% of 1,360 companies in 2024.
27.6%
Higher than 88% of 2,052 companies in 2025.
LuHeFo
Middle half of the sector
80% of the sector
Abbreviated accounts in advertising and market research (NACE 73)
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||
20/58 |
17.0m | 14.3m | 10.9m | 7.1m | 6.3m | 5.3m | 5.0m | 4.0m | 3.3m | 2.9m | 2.6m | 2.4m | 2.3m | 2.0m | 2.1m | 747,924 | |
21/28 |
1.6m | 1.7m | 1.9m | 442,849 | 305,443 | 305,557 | 305,834 | 301,555 | 300,000 | 300,000 | 300,000 | 351 | 851 | 312 | 474 | 637 | |
22/27 |
92,657 | 111,757 | 131,078 | 142,849 | 5,443 | 5,557 | 5,834 | 1,555 | - | - | - | 351 | 851 | 312 | 474 | 637 | |
22 |
71,356 | 82,309 | 93,263 | 101,782 | 1,451 | 2,176 | 2,901 | - | - | - | - | - | - | - | - | - | |
23 |
0 | 217 | 656 | 1,426 | 661 | 992 | 1,322 | - | - | - | - | - | - | - | - | - | |
24 |
21,301 | 29,230 | 37,159 | 39,641 | 3,331 | 2,390 | 1,611 | 1,555 | - | - | - | 351 | 851 | 312 | 474 | 637 | |
28 |
1.5m | 1.6m | 1.8m | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | - | - | - | - | - | |
29/58 |
15.4m | 12.6m | 8.9m | 6.6m | 6.0m | 5.0m | 4.6m | 3.7m | 3.0m | 2.6m | 2.3m | 2.4m | 2.3m | 2.0m | 2.1m | 747,287 | |
29 |
4.1m | 4.0m | 2.5m | 2.3m | 1.8m | - | - | - | - | - | - | - | - | - | - | - | |
291 |
4.1m | 4.0m | 2.5m | 2.3m | 1.8m | - | - | - | - | - | - | - | - | - | - | - | |
40/41 |
157,086 | 21 | 546 | 12,100 | 12,100 | 350,002 | 350 | 8,313 | - | 15,368 | 609,877 | 467,702 | 407,234 | 865,336 | 1.2m | 602,600 | |
40 |
- | - | 0 | 12,100 | 12,100 | - | - | - | - | - | 381,253 | 405,923 | 299,002 | 865,336 | 1.2m | 602,600 | |
41 |
157,086 | 21 | 546 | - | - | 350,002 | 350 | 8,313 | - | 15,368 | 228,624 | 61,779 | 108,232 | - | - | - | |
50/53 |
5.9m | 6.5m | 3.6m | 2.9m | 1.5m | 1.5m | - | - | - | - | - | - | - | - | - | 144,687 | |
54/58 |
5.2m | 2.1m | 2.8m | 1.5m | 2.6m | 3.1m | 4.6m | 3.7m | 3.0m | 2.5m | 1.7m | 2.0m | 1.9m | 1.2m | 849,863 | - | |
490/1 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 4,294 | 6,346 | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||
10/49 |
17.0m | 14.3m | 10.9m | 7.1m | 6.3m | 5.3m | 5.0m | 4.0m | 3.3m | 2.9m | 2.6m | 2.4m | 2.3m | 2.0m | 2.1m | 747,924 | |
10/15 |
16.9m | 13.2m | 10.6m | 6.5m | 4.7m | 4.6m | 3.9m | 3.8m | 3.1m | 2.7m | 2.6m | 2.3m | 1.8m | 1.7m | 1.0m | 493,280 | |
10/11 |
6,267 | 6,267 | 6,267 | 6,267 | 6,267 | 6,267 | - | 911,667 | 911,667 | 911,667 | 911,667 | 911,667 | 911,667 | 6,267 | 6,267 | 6,267 | |
100 |
- | - | - | - | - | - | - | 924,000 | 924,000 | 924,000 | 924,000 | 924,000 | 924,000 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | - | 12,333 | 12,333 | 12,333 | 12,333 | 12,333 | 12,333 | 12,333 | 12,333 | 12,333 | |
11 |
- | - | - | - | - | - | 6,267 | - | - | - | - | - | - | - | - | - | |
1100/10 |
- | - | - | - | - | - | 6,267 | - | - | - | - | - | - | - | - | - | |
13 |
16.9m | 13.2m | 6.3m | 6.5m | 4.7m | 4.6m | 3.9m | 2.9m | 2.2m | 1.8m | 1.7m | 491,716 | 18,000 | 1,860 | 1,860 | 1,860 | |
130 |
- | - | - | - | - | - | - | 92,400 | 92,400 | 92,400 | 92,400 | 92,400 | 18,000 | 1,860 | 1,860 | 1,860 | |
133 |
16.9m | 13.2m | 6.3m | 6.5m | 4.7m | 4.6m | 3.9m | 2.8m | 2.1m | 1.7m | 1.6m | 399,316 | - | - | - | - | |
14 |
0 | 0 | 4.3m | - | - | - | - | - | - | - | - | 910,560 | 910,560 | 1.7m | 1.0m | 485,153 | |
17/49 |
67,887 | 1.1m | 256,848 | 585,227 | 1.6m | 689,637 | 1.1m | 187,129 | 185,232 | 144,156 | 33,663 | 131,881 | 458,946 | 363,001 | 1.1m | 254,644 | |
42/48 |
67,887 | 1.1m | 256,848 | 585,227 | 1.6m | 687,520 | 1.1m | 187,129 | 185,232 | 144,156 | 33,663 | 131,881 | 458,946 | 363,001 | 1.1m | 254,644 | |
43 |
395 | 152 | 78 | 2,714 | - | - | - | - | - | - | - | - | - | - | - | - | |
430/8 |
395 | 152 | 78 | 2,714 | - | - | - | - | - | - | - | - | - | - | - | - | |
44 |
3,450 | 850 | 0 | 35,643 | 10,806 | 20 | 837 | 30,694 | 1,133 | 3,951 | 1,784 | 1,405 | 3,142 | 1,022 | 64 | - | |
440/4 |
3,450 | 850 | 0 | 35,643 | 10,806 | 20 | 837 | 30,694 | 1,133 | 3,951 | 1,784 | 1,405 | 3,142 | 1,022 | 64 | - | |
45 |
56,031 | 415,610 | 112,317 | 216,148 | 94,738 | 185,378 | 151,830 | 65,678 | 121,482 | 105,257 | 31,879 | 45,390 | 337,313 | 333,111 | 709,894 | 253,638 | |
450/3 |
56,031 | 415,610 | 112,317 | 216,148 | 94,738 | 185,378 | 151,830 | 65,678 | 121,482 | 105,257 | 31,879 | 45,390 | 337,313 | 333,111 | 709,894 | 253,638 | |
47/48 |
8,010 | 704,256 | 144,452 | 330,722 | 1.5m | 502,122 | 934,774 | 90,757 | 62,617 | 34,948 | - | 85,087 | 118,492 | 28,868 | 369,549 | 1,005 | |
492/3 |
- | - | - | - | - | 2,117 | - | - | - | - | - | - | - | - | 40 | - | |
| Income statement | |||||||||||||||||
9900 |
3.7m | 2.9m | 4.9m | 2.6m | 1.8m | 1.8m | 1.5m | 1.1m | 600,059 | 216,382 | 545,400 | 745,220 | 432,235 | 992,472 | 1.4m | 742,665 | |
630 |
19,100 | 19,322 | 18,670 | 7,437 | 2,550 | 2,472 | 2,250 | 778 | - | - | 351 | 500 | 514 | 163 | 163 | 176 | |
640/8 |
998 | 968 | 960 | 1,736 | - | 868 | 868 | 868 | 868 | 868 | 957 | 957 | 975 | 957 | 89 | 89 | |
66A |
- | 0 | 985 | 1,330 | - | - | - | - | - | - | - | - | - | - | - | 2,811 | |
9901 |
3.7m | 2.8m | 4.9m | 2.6m | 1.8m | 1.8m | 1.5m | 1.1m | 599,191 | 215,514 | 544,092 | 743,763 | 430,746 | 991,353 | 1.4m | 742,399 | |
75/76B |
2.4m | 2.4m | 645,789 | 89,568 | 17,217 | 4,497 | 1,100 | 1,086 | 2,887 | 5,429 | 14,640 | 18,084 | 20,995 | 9,952 | 6,969 | 15 | |
75 |
2.4m | 2.4m | 645,789 | 89,568 | 17,217 | 4,497 | 1,100 | 1,086 | 2,887 | 5,429 | 14,640 | 18,084 | 20,995 | 9,952 | 6,969 | 15 | |
65/66B |
22,015 | 18,442 | 3,172 | 13,144 | 4,401 | 3,286 | 174 | 853 | 39 | 266 | 30 | 294 | 159 | 234 | 1,328 | 45 | |
65 |
22,015 | 18,442 | 3,172 | 13,144 | 4,401 | 3,286 | 174 | 853 | 39 | 266 | 30 | 294 | 159 | 234 | 1,328 | 45 | |
9903 |
6.1m | 5.2m | 5.5m | 2.7m | 1.8m | 1.8m | 1.5m | 1.1m | 602,039 | 220,677 | 558,702 | 761,553 | 451,583 | 1.0m | 1.4m | 739,559 | |
67/77 |
1.4m | 1.2m | 1.3m | 824,106 | 578,217 | 564,883 | 556,317 | 379,877 | 234,339 | 76,868 | 295,269 | 287,837 | 135,561 | 329,599 | 466,717 | 252,546 | |
9904 |
4.7m | 4.0m | 4.3m | 1.8m | 1.2m | 1.2m | 991,458 | 693,294 | 367,699 | 143,809 | 263,433 | 473,716 | 316,022 | 671,472 | 920,856 | 487,013 | |
9905 |
4.7m | 4.0m | 4.3m | 1.8m | 1.2m | 1.2m | 991,458 | 693,294 | 367,699 | 143,809 | 263,433 | 473,716 | 316,022 | 671,472 | 920,856 | 487,013 | |
| Appropriation of the result | |||||||||||||||||
9906 |
4.7m | 4.0m | 4.3m | 1.8m | 1.2m | 1.2m | 991,458 | 693,294 | 367,699 | 143,809 | 1.2m | 1.4m | 2.0m | 1.7m | 1.4m | 487,013 | |
791/2 |
991,458 | 1.1m | 143,809 | - | 1.2m | 473,716 | - | - | - | - | - | - | - | - | - | - | |
691/2 |
4.7m | 4.0m | 0 | 1.8m | 1.2m | 1.2m | 991,458 | 693,294 | 367,699 | 143,809 | 1.2m | 473,716 | 16,140 | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | 74,400 | 16,140 | - | - | 1,860 | |
6921 |
4.7m | 4.0m | 0 | 1.8m | 1.2m | 1.2m | 991,458 | 693,294 | 367,699 | 143,809 | 1.2m | 399,316 | - | - | - | - | |
694/7 |
991,458 | 1.1m | 143,809 | - | 1.2m | 473,716 | - | - | - | - | - | - | 1.1m | - | 400,000 | - | |
694 |
991,458 | 1.1m | 143,809 | - | 1.2m | 473,716 | - | - | - | - | - | - | 1.1m | - | 400,000 | - | |
| Social balance sheet | |||||||||||||||||
9087 |
0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-07-2026 | 2026-00375743 | |
| 31-12-2024 | abbreviated format | 08-07-2025 | 2025-00256080 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00323497 | |
| 31-12-2022 | abbreviated format | 29-08-2023 | 2023-00406863 | |
| 31-12-2021 | abbreviated format | 26-07-2022 | 2022-20230991 | |
| 31-12-2020 | abbreviated format | 29-07-2021 | 2021-46000464 | |
| 31-12-2019 | abbreviated format | 30-06-2020 | 2020-23900381 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-40400467 | |
| 31-12-2017 | micro format | 10-08-2018 | 2018-44800358 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51700333 | |
| 31-12-2015 | abbreviated format | 29-07-2016 | 2016-37600107 | |
| 31-12-2014 | abbreviated format | 30-06-2015 | 2015-23700191 | |
| 31-12-2013 | abbreviated format | 10-07-2014 | 2014-29300319 | |
| 31-12-2012 | abbreviated format | 26-07-2013 | 2013-35200311 | |
| 31-12-2011 | abbreviated format | 08-06-2012 | 2012-15600517 | |
| 31-12-2010 | abbreviated format | 10-06-2011 | 2011-15800423 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3.7m | 2.9m | 4.9m | 2.6m | 1.8m | 1.8m | 1.5m | 1.1m | - | - | 544,443 | 744,263 | 431,260 | 991,515 | 1.4m | 742,576 | ||
| 4.7m | 4.0m | 4.3m | 1.8m | 1.2m | 1.2m | 993,707 | 694,072 | - | - | 263,784 | 474,216 | 316,536 | 671,634 | 921,019 | 487,190 | ||
| -75,000 | -225,000 | 1.5m | 144,843 | 2,436 | 2,195 | 6,528 | 2,333 | - | - | 300,000 | 0 | 1,053 | 0 | 0 | 813 | ||
| 3.1m | -651,228 | 1.3m | -1.1m | -520,544 | -1.5m | 990,054 | 685,324 | 424,143 | 848,811 | -276,609 | 86,684 | 712,421 | 328,804 | - | - | ||
| 15.3m | 11.5m | 8.7m | 6.1m | 4.4m | 4.3m | 3.6m | 3.5m | 2.8m | 2.4m | 2.3m | 2.3m | 1.8m | 1.7m | 1.0m | 492,643 | ||
| 99.6% | 92.2% | 97.6% | 91.7% | 74.5% | 87.0% | 78.1% | 95.3% | 94.3% | 95.0% | 98.7% | 94.6% | 80.0% | 82.3% | 48.4% | 66.0% | ||
| - | 11.27 | 34.79 | 11.35 | 3.73 | 7.27 | 4.28 | 19.60 | 16.06 | 17.80 | 68.65 | 18.54 | 5.01 | 5.64 | 1.94 | 2.93 | ||
| 0.00 | 0.08 | 0.02 | 0.09 | 0.34 | 0.15 | 0.28 | 0.05 | 0.06 | 0.05 | 0.01 | 0.06 | 0.25 | 0.22 | 1.06 | 0.52 | ||
| 27.7% | 30.4% | 40.1% | 28.1% | 26.7% | 26.5% | 25.6% | 18.3% | 11.9% | 5.3% | 10.2% | 20.5% | 17.2% | 39.8% | 90.8% | 98.7% | ||
| 27.6% | 28.0% | 39.1% | 25.8% | 19.9% | 23.0% | 20.0% | 17.5% | 11.2% | 5.0% | 10.1% | 19.4% | 13.7% | 32.8% | 44.0% | 65.1% | ||
| over 100 | over 100 | over 100 | over 100 | over 100 | - | - | - | - | - | - | - | - | - | - | - |
A ratio outside any meaningful range has been withheld (balance sheet total €17.0m, equity €16.9m).
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €7,885 | €144,843 | €2,436 |
| Financial fixed assets | - | - | €1.5m | - | - |
| €19,100 | €19,322 | €18,670 | €7,437 | €2,550 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on LuHeFo
The operating result for 2025 is 30% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 7.8% to 0.4%. Equity is higher and debt is lower.
Large changes and their cause
- 2023 Net result +133% on 2022. The accounts now follow the micro format, last year the abbreviated format.