Luminee
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-01-2026 PDF all 9 filings
Turnover
≈ €120,000
Estimated: probably between €88,000 and €190,000
Total assets
€295,818▲ 12.9%
2024 · €261,927
Net result
€7,885▲ 145%
2024 · €3,212
Working capital
€128,228▲ 7.9%
2024 · €118,885
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€17,497
▲ 71.8%
2025
20192025
Net result
€7,885
▲ 145%
2025
middle half of the sector
20192025
Equity
€135,732
▲ 6.2%
2025
middle half of the sector
20192025
Total assets
€295,818
▲ 12.9%
2025
middle half of the sector
20192025
Debt
€160,086
▲ 19.4%
2025
20192025
Working capital
€128,228
▲ 7.9%
2025
highest quarter of the sector
20192025
Solvency
45.9%
▼ 2.9pp
2025
middle half of the sector
20192025
Current ratio
1.84
▼ 0.14
2025
middle half of the sector
20192025
Return on assets (ROA)
2.7%
▲ 1.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€30,003-€2,416▼ 91.9%€23,611▲ 877%€18,779▼ 20.5%€8,603▼ 54.2%€10,186▲ 18.4%€17,497▲ 71.8%
Net result€18,544-€1,088within the sector's middle half▼ 94.1%€15,587within the sector's middle half▲ 14×€10,223within the sector's middle half▼ 34.4%€2,982within the sector's middle half▼ 70.8%€3,212within the sector's middle half▲ 7.7%€7,885within the sector's middle half▲ 145%
Equity€94,755-€95,843within the sector's middle half▲ 1.1%€111,430within the sector's middle half▲ 16.3%€121,654within the sector's middle half▲ 9.2%€124,636within the sector's middle half▲ 2.5%€127,848within the sector's middle half▲ 2.6%€135,732within the sector's middle half▲ 6.2%
Total assets€249,994-€235,937within the sector's middle half▼ 5.6%€250,889within the sector's middle half▲ 6.3%€260,242within the sector's middle half▲ 3.7%€293,591within the sector's middle half▲ 12.8%€261,927within the sector's middle half▼ 10.8%€295,818within the sector's middle half▲ 12.9%
Debt€155,239-€140,094▼ 9.8%€139,458▼ 0.5%€138,588▼ 0.6%€168,955▲ 21.9%€134,080▼ 20.6%€160,086▲ 19.4%
Working capital€87,521-€92,678above the sector's middle half▲ 5.9%€109,559above the sector's middle half▲ 18.2%€115,928above the sector's middle half▲ 5.8%€112,709above the sector's middle half▼ 2.8%€118,885above the sector's middle half▲ 5.5%€128,228above the sector's middle half▲ 7.9%
Solvency37.9%-40.6%within the sector's middle half▲ 2.7pp44.4%within the sector's middle half▲ 3.8pp46.7%within the sector's middle half▲ 2.3pp42.5%within the sector's middle half▼ 4.3pp48.8%within the sector's middle half▲ 6.4pp45.9%within the sector's middle half▼ 2.9pp
Current ratio1.57-1.67within the sector's middle half▲ 0.101.80within the sector's middle half▲ 0.132.01within the sector's middle half▲ 0.201.75within the sector's middle half▼ 0.261.99within the sector's middle half▲ 0.241.84within the sector's middle half▼ 0.14
Return on assets (ROA)7.4%-0.5%below the sector's middle half▼ 7.0pp6.2%within the sector's middle half▲ 5.8pp3.9%within the sector's middle half▼ 2.3pp1.0%within the sector's middle half▼ 2.9pp1.2%within the sector's middle half▲ 0.2pp2.7%within the sector's middle half▲ 1.4pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 72% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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 €295,818
Fixed assets
€15,307 ▼ 32.1%
Current assets
€280,511 ▲ 17.2%
Equity and liabilities €295,818
Equity
€135,732 ▲ 6.2%
Debt
€160,086 ▲ 19.4%
Debt's share of the balance-sheet total rises from 51.2% to 54.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€25,719▲
2024 · €18,147
Cash flow
€16,107▲
2024 · €11,173
Quick ratio
0.98▼
2024 · 1.05
Debt to equity
1.18▲
2024 · 1.05
ROE
5.8%▲
2024 · 2.5%
Interest coverage
4.73▲
2024 · 3.65
Debt ≤ 1 year
€152,283▲
2024 · €120,504
Debt > 1 year
€4,130▼
2024 · €10,269
Income taxes
€4,194▲
2024 · €2,003
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €29,625 | €35,671 | €625 | €990 |
| Depreciation and write-downs of the year | €4,158 | €7,993 | €7,961 | €8,222 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €14,000 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,651 | €5,841 | €1,895 | €4,158 | €7,993 | €7,961 | €8,222 | ▲ 3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €688 | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €530 | €4,426 | €1,316 | €1,264 | ▼ 4.0% |
| Non-recurring operating charges66A | - | - | - | - | €27,209 | €0 | - | - |
| Gross operating margin9900 | €36,396 | €9,463 | €26,200 | €24,156 | €48,231 | €19,463 | €26,983 | ▲ 38.6% |
| Operating profit (loss)9901 | €30,003 | €2,416 | €23,611 | €18,779 | €8,603 | €10,186 | €17,497 | ▲ 71.8% |
| Financial income75/76B | - | - | - | €8 | €30 | €0 | €16 | ▲ 1,597× |
| Recurring financial income75 | €105 | €0 | €0 | €8 | €30 | €0 | €16 | ▲ 1,597× |
| Financial charges65/66B | - | - | - | €6,141 | €5,127 | €4,971 | €5,434 | ▲ 9.3% |
| Recurring financial charges65 | €962 | €678 | €1,588 | €6,141 | €5,127 | €4,971 | €5,434 | ▲ 9.3% |
| Profit (loss) for the period before taxes9903 | €29,145 | €1,738 | €22,023 | €12,646 | €3,506 | €5,215 | €12,079 | ▲ 132% |
| Income taxes67/77 | €10,601 | €649 | €6,436 | €2,423 | €524 | €2,003 | €4,194 | ▲ 109% |
| Profit (loss) for the period9904 | €18,544 | €1,088 | €15,587 | €10,223 | €2,982 | €3,212 | €7,885 | ▲ 145% |
| Profit (loss) for the period to be appropriated9905 | €18,544 | €1,088 | €15,587 | €10,223 | €2,982 | €3,212 | €7,885 | ▲ 145% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €249,994 | €235,937 | €250,889 | €260,242 | €293,591 | €261,927 | €295,818 | ▲ 12.9% |
| Fixed assets21/28 | €9,364 | €5,425 | €5,139 | €29,406 | €29,874 | €22,539 | €15,307 | ▼ 32.1% |
| Tangible fixed assets22/27 | €8,164 | €4,225 | €3,939 | €29,406 | €29,874 | €22,539 | €15,307 | ▼ 32.1% |
| Plant, machinery and equipment23 | - | - | - | €1,037 | €522 | €936 | €606 | ▼ 35.2% |
| Furniture and vehicles24 | - | - | - | €28,369 | €29,353 | €21,603 | €14,701 | ▼ 31.9% |
| Financial fixed assets28 | €1,200 | €1,200 | €1,200 | €0 | - | - | - | - |
| Current assets29/58 | €240,630 | €230,512 | €245,749 | €230,836 | €263,717 | €239,388 | €280,511 | ▲ 17.2% |
| Stocks and contracts in progress3 | €38,395 | €25,226 | €30,123 | €100,262 | €103,962 | €113,453 | €131,868 | ▲ 16.2% |
| Stocks30/36 | - | - | - | €35,262 | €33,962 | €28,453 | €46,868 | ▲ 64.7% |
| Contracts in progress37 | - | - | - | €65,000 | €70,000 | €85,000 | €85,000 | = |
| Amounts receivable within one year40/41 | €75,607 | €114,771 | €137,307 | €114,388 | €156,017 | €116,101 | €113,917 | ▼ 1.9% |
| Trade receivables40 | - | - | - | €111,525 | €155,544 | €116,026 | €106,506 | ▼ 8.2% |
| Other amounts receivable41 | - | - | - | €2,863 | €473 | €74 | €7,411 | ▲ 100× |
| Cash at bank and in hand54/58 | €38,580 | €19,681 | €9,983 | €14,273 | €1,702 | €7,132 | €31,910 | ▲ 347% |
| Deferred charges and accrued income490/1 | - | - | - | €1,914 | €2,037 | €2,702 | €2,815 | ▲ 4.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €249,994 | €235,937 | €250,889 | €260,242 | €293,591 | €261,927 | €295,818 | ▲ 12.9% |
| Equity10/15 | €94,755 | €95,843 | €111,430 | €121,654 | €124,636 | €127,848 | €135,732 | ▲ 6.2% |
| Contributions10/11 | €40,000 | €0 | - | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Reserves13 | €54,755 | €55,843 | €71,430 | €81,654 | €84,636 | €87,848 | €95,732 | ▲ 9.0% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €81,654 | €84,636 | €87,848 | €95,732 | ▲ 9.0% |
| Amounts payable17/49 | €155,239 | €140,094 | €139,458 | €138,588 | €168,955 | €134,080 | €160,086 | ▲ 19.4% |
| Amounts payable after more than one year17 | - | - | - | €22,350 | €16,342 | €10,269 | €4,130 | ▼ 59.8% |
| Financial debts170/4 | - | - | - | €22,350 | €16,342 | €10,269 | €4,130 | ▼ 59.8% |
| Amounts payable within one year42/48 | €153,109 | €137,834 | €136,190 | €114,908 | €151,008 | €120,504 | €152,283 | ▲ 26.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,943 | €6,008 | €6,073 | €6,139 | ▲ 1.1% |
| Trade debts44 | €126,154 | €97,642 | €84,365 | €53,903 | €62,264 | €29,114 | €65,620 | ▲ 125% |
| Suppliers440/4 | - | - | - | €53,903 | €62,264 | €29,114 | €65,620 | ▲ 125% |
| Advances received on contracts in progress46 | - | - | - | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €150 | €2,392 | €7,495 | €10,346 | ▲ 38.0% |
| Taxes450/3 | - | - | - | €150 | €2,392 | €7,495 | €7,846 | ▲ 4.7% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €2,500 | - |
| Other amounts payable47/48 | - | - | - | €54,912 | €80,344 | €77,822 | €70,179 | ▼ 9.8% |
| Accrued charges and deferred income492/3 | - | - | - | €1,330 | €1,605 | €3,306 | €3,673 | ▲ 11.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,544 | €1,088 | €15,587 | €10,223 | €2,982 | €3,212 | €7,885 | ▲ 145% |
| + Depreciation and write-downs630 | €5,651 | €5,841 | €1,895 | €4,158 | €7,993 | €7,961 | €8,222 | ▲ 3.3% |
| Operating cash flow (approximation) | €24,195 | €6,930 | €17,482 | €14,382 | €10,976 | €11,173 | €16,107 | ▲ 44.2% |
| Investment in fixed assets (approximation) | - | -€1,902 | -€1,609 | -€28,425 | -€8,462 | -€625 | -€990 | ▼ 58.3% |
| Change in cash | - | -€18,899 | -€9,698 | €4,290 | -€12,571 | €5,430 | €24,778 | ▲ 356% |
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, 10,904 companies had the same profile as Luminee has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Luminee 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 10,904 companies, not a prediction for Luminee. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 26-01-2026 | 2026-00013599 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00015840 | |
| 30-06-2023 | micro format | 30-01-2024 | 2024-00012865 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00008708 | |
| 30-06-2021 | micro format | 28-01-2022 | 2022-02300540 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-03200027 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-02700569 | |
| 30-06-2018 | micro format | 29-01-2019 | 2019-02500094 | |
| 30-06-2017 | abbreviated format | 31-01-2018 | 2018-03100096 |