LUPEX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 5 filings
Turnover
€324,226▼ 18.0%
2024 · €395,408
EBIT margin
3.8%▲ 1.6pp
2024 · 2.2%
Net result
€7,112▼ 16.2%
2024 · €8,488
Working capital
€42,798▼ 0.3%
2024 · €42,928
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€324,226
▼ 18.0%
2025
20212025
Operating result
€12,164
▲ 42.7%
2025
20212025
Net result
€7,112
▼ 16.2%
2025
middle half of the sector
20212025
EBIT margin
3.8%
▲ 1.6pp
2025
20212025
Equity
€50,803
▲ 16.3%
2025
middle half of the sector
20212025
Total assets
€97,928
▼ 5.8%
2025
middle half of the sector
20212025
Debt
€47,124
▼ 21.8%
2025
20212025
Working capital
€42,798
▼ 0.3%
2025
middle half of the sector
20212025
Solvency
51.9%
▲ 9.9pp
2025
middle half of the sector
20212025
Current ratio
2.23
▲ 0.09
2025
middle half of the sector
20212025
Return on assets (ROA)
7.3%
▼ 0.9pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€249,809-€395,408€324,226▼ 18.0%
Operating result€6,705-€1,162▼ 82.7%€11,279▲ 871%€8,526▼ 24.4%€12,164▲ 42.7%
Net result€5,371within the sector's middle half-€781below the sector's middle half▼ 85.5%€8,603within the sector's middle half▲ 11×€8,488within the sector's middle half▼ 1.3%€7,112within the sector's middle half▼ 16.2%
EBIT margin2.7%-2.2%3.8%▲ 1.6pp
Equity€25,819within the sector's middle half-€26,600within the sector's middle half▲ 3.0%€35,203within the sector's middle half▲ 32.3%€43,691within the sector's middle half▲ 24.1%€50,803within the sector's middle half▲ 16.3%
Total assets€38,673below the sector's middle half-€47,955below the sector's middle half▲ 24.0%€54,130below the sector's middle half▲ 12.9%€103,971within the sector's middle half▲ 92.1%€97,928within the sector's middle half▼ 5.8%
Debt€12,854-€21,355▲ 66.1%€18,926▼ 11.4%€60,279▲ 218%€47,124▼ 21.8%
Working capital€21,518within the sector's middle half-€23,517within the sector's middle half▲ 9.3%€31,158within the sector's middle half▲ 32.5%€42,928within the sector's middle half▲ 37.8%€42,798within the sector's middle half▼ 0.3%
Solvency66.8%above the sector's middle half-55.5%within the sector's middle half▼ 11.3pp65.0%within the sector's middle half▲ 9.6pp42.0%within the sector's middle half▼ 23.0pp51.9%within the sector's middle half▲ 9.9pp
Current ratio2.67within the sector's middle half-2.10within the sector's middle half▼ 0.572.65within the sector's middle half▲ 0.552.15within the sector's middle half▼ 0.502.23within the sector's middle half▲ 0.09
Return on assets (ROA)13.9%within the sector's middle half-1.6%within the sector's middle half▼ 12.3pp15.9%within the sector's middle half▲ 14.3pp8.2%within the sector's middle half▼ 7.7pp7.3%within the sector's middle half▼ 0.9pp
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 43% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €97,928
Fixed assets
€20,403 ▼ 13.4%
Current assets
€77,525 ▼ 3.6%
Equity and liabilities €97,928
Equity
€50,803 ▲ 16.3%
Debt
€47,124 ▼ 21.8%
Debt's share of the balance-sheet total falls from 58.0% to 48.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€19,099▲
2024 · €14,474
Cash flow
€14,048▼
2024 · €14,435
Debt to equity
0.93▼
2024 · 1.38
ROE
14.0%▼
2024 · 19.4%
Interest coverage
17.48▲
2024 · 11.00
Debt ≤ 1 year
€34,727▼
2024 · €37,485
Debt > 1 year
€12,398▼
2024 · €22,794
Income taxes
€4,100▲
2024 · €3,407
Customer credit
56 days▲
2024 · 34 days
Supplier credit
27 days▲
2024 · 25 days
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 | €2,428 | €2,985 | €28,248 | €3,781 |
| Depreciation and write-downs of the year | €3,645 | €2,023 | €5,947 | €6,935 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €249,809 | - | - | €395,408 | €324,226 | ▼ 18.0% |
| Non-recurring operating income76A | - | - | - | - | €4,742 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €382,104 | €312,981 | ▼ 18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,752 | €3,645 | €2,023 | €5,947 | €6,935 | ▲ 16.6% |
| Other operating charges640/8 | - | €590 | €1,303 | €1,185 | €1,177 | ▼ 0.7% |
| Gross operating margin9900 | €12,297 | €5,397 | €14,604 | €15,659 | €20,276 | ▲ 29.5% |
| Operating profit (loss)9901 | €6,705 | €1,162 | €11,279 | €8,526 | €12,164 | ▲ 42.7% |
| Financial income75/76B | - | - | €45 | €4,684 | €140 | ▼ 97.0% |
| Recurring financial income75 | €0 | - | €45 | €184 | €140 | ▼ 23.5% |
| Non-recurring financial income76B | - | - | - | €4,500 | - | - |
| Financial charges65/66B | - | €148 | €104 | €1,315 | €1,093 | ▼ 16.9% |
| Recurring financial charges65 | €365 | €148 | €104 | €1,315 | €1,093 | ▼ 16.9% |
| Profit (loss) for the period before taxes9903 | €6,340 | €1,014 | €11,220 | €11,895 | €11,212 | ▼ 5.7% |
| Income taxes67/77 | €968 | €233 | €2,616 | €3,407 | €4,100 | ▲ 20.3% |
| Profit (loss) for the period9904 | €5,371 | €781 | €8,603 | €8,488 | €7,112 | ▼ 16.2% |
| Profit (loss) for the period to be appropriated9905 | €5,371 | €781 | €8,603 | €8,488 | €7,112 | ▼ 16.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €38,673 | €47,955 | €54,130 | €103,971 | €97,928 | ▼ 5.8% |
| Fixed assets21/28 | €4,301 | €3,083 | €4,045 | €23,558 | €20,403 | ▼ 13.4% |
| Tangible fixed assets22/27 | €4,301 | €3,083 | €4,045 | €23,558 | €20,403 | ▼ 13.4% |
| Plant, machinery and equipment23 | - | €809 | €467 | €1,268 | €3,135 | ▲ 147% |
| Furniture and vehicles24 | - | €2,274 | €3,579 | €22,289 | €17,268 | ▼ 22.5% |
| Current assets29/58 | €34,372 | €44,872 | €50,084 | €80,413 | €77,525 | ▼ 3.6% |
| Amounts receivable within one year40/41 | €23,600 | €29,907 | €35,452 | €38,454 | €51,252 | ▲ 33.3% |
| Trade receivables40 | - | €28,461 | €33,232 | €36,389 | €49,771 | ▲ 36.8% |
| Other amounts receivable41 | - | €1,446 | €2,220 | €2,065 | €1,481 | ▼ 28.3% |
| Cash at bank and in hand54/58 | €9,706 | €14,156 | €13,172 | €37,722 | €23,771 | ▼ 37.0% |
| Deferred charges and accrued income490/1 | - | €809 | €1,461 | €4,237 | €2,502 | ▼ 41.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €38,673 | €47,955 | €54,130 | €103,971 | €97,928 | ▼ 5.8% |
| Equity10/15 | €25,819 | €26,600 | €35,203 | €43,691 | €50,803 | ▲ 16.3% |
| Contributions10/11 | €0 | €6,200 | €7,147 | €7,147 | €7,147 | = |
| Reserves13 | €947 | €947 | - | - | - | - |
| Non-distributable reserves130/1 | - | €947 | - | - | - | - |
| Reserves not available under the articles1311 | - | €947 | - | - | - | - |
| Profit (loss) carried forward14 | €18,672 | €19,453 | €28,057 | €36,545 | €43,657 | ▲ 19.5% |
| Amounts payable17/49 | €12,854 | €21,355 | €18,926 | €60,279 | €47,124 | ▼ 21.8% |
| Amounts payable after more than one year17 | - | - | - | €22,794 | €12,398 | ▼ 45.6% |
| Financial debts170/4 | - | - | - | €22,794 | €12,398 | ▼ 45.6% |
| Amounts payable within one year42/48 | €12,854 | €21,355 | €18,926 | €37,485 | €34,727 | ▼ 7.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €5,318 | - |
| Trade debts44 | €670 | €12,077 | €7,926 | €26,526 | €22,747 | ▼ 14.2% |
| Suppliers440/4 | - | €12,077 | €7,926 | €26,526 | €22,747 | ▼ 14.2% |
| Taxes, remuneration and social security45 | - | €2,833 | €5,466 | €6,107 | €6,500 | ▲ 6.4% |
| Taxes450/3 | - | €2,833 | €5,466 | €6,107 | €6,500 | ▲ 6.4% |
| Other amounts payable47/48 | - | €6,445 | €5,535 | €4,852 | €162 | ▼ 96.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,371 | €781 | €8,603 | €8,488 | €7,112 | ▼ 16.2% |
| + Depreciation and write-downs630 | €4,752 | €3,645 | €2,023 | €5,947 | €6,935 | ▲ 16.6% |
| Operating cash flow (approximation) | €10,123 | €4,427 | €10,626 | €14,435 | €14,048 | ▼ 2.7% |
| Investment in fixed assets (approximation) | - | -€2,428 | -€2,985 | -€25,459 | -€3,781 | ▲ 85.2% |
| Change in cash | - | €4,449 | -€984 | €24,550 | -€13,951 | - |
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, 26,972 companies had the same profile as LUPEX has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LUPEX itself: 0.4% 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 26,972 companies, not a prediction for LUPEX. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00022129 | |
| 30-06-2024 | micro format | 04-02-2025 | 2025-00028572 | |
| 30-06-2023 | micro format | 29-02-2024 | 2024-00040087 | |
| 30-06-2022 | micro format | 01-02-2023 | 2023-00022870 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04000432 |