LUPO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-06-2026 PDF all 34 filings
Turnover
≈ €220,000
Estimated: probably between €140,000 and €430,000
EBIT margin
Not included in this filing
Net result
€48,174▲ 3.0%
2024 · €46,782
Working capital
-€271,417▲ 9.0%
2024 · -€298,249
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€56,084
▲ 5.7%
2025
20182025
Net result
€48,174
▲ 3.0%
2025
20182025
Equity
€101,284
▲ 90.7%
2025
20182025
Total assets
€611,748
▲ 0.7%
2025
20182025
Debt
€510,464
▼ 7.9%
2025
20182025
Working capital
-€271,417
▲ 9.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€20,839-€31,185▲ 49.6%€28,858▼ 7.5%€48,034▲ 66.4%€35,241▼ 26.6%€57,597▲ 63.4%€53,068▼ 7.9%€56,084▲ 5.7%
Net result€5,277-€16,083▲ 205%€15,183▼ 5.6%€36,774▲ 142%€26,269▼ 28.6%€49,930▲ 90.1%€46,782▼ 6.3%€48,174▲ 3.0%
Equity-€137,911--€121,828▲ 11.7%-€106,645▲ 12.5%-€69,871▲ 34.5%-€43,602▲ 37.6%€6,328€53,110▲ 739%€101,284▲ 90.7%
Total assets€689,130-€667,120▼ 3.2%€643,144▼ 3.6%€638,872▼ 0.7%€602,159▼ 5.7%€606,443▲ 0.7%€607,482▲ 0.2%€611,748▲ 0.7%
Debt€827,041-€788,948▼ 4.6%€749,789▼ 5.0%€708,743▼ 5.5%€645,761▼ 8.9%€600,115▼ 7.1%€554,372▼ 7.6%€510,464▼ 7.9%
Working capital-€382,507--€380,174▲ 0.6%-€380,170=-€360,469▲ 5.2%-€353,939▲ 1.8%-€323,837▲ 8.5%-€298,249▲ 7.9%-€271,417▲ 9.0%
The operating result for 2025 is 6% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €611,748
Fixed assets
€509,142 ▼ 4.8%
Current assets
€102,606 ▲ 40.9%
Equity and liabilities €611,748
Equity
€101,284 ▲ 90.7%
Debt
€510,464 ▼ 7.9%
Debt's share of the balance-sheet total falls from 91.3% to 83.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€80,374▲
2024 · €77,376
Cash flow
€72,464▲
2024 · €71,090
Current ratio
0.27▲
2024 · 0.20
Debt to equity
5.04▼
2024 · 10.44
ROE
47.6%▼
2024 · 88.1%
ROA
7.9%▲
2024 · 7.7%
Interest coverage
16.28▲
2024 · 12.29
Debt ≤ 1 year
€374,023▲
2024 · €371,050
Debt > 1 year
€136,441▼
2024 · €183,322
Income taxes
€2,974
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 | - | €1,233 | - | - | €1 |
| Depreciation and write-downs of the year | €23,981 | €24,308 | €24,309 | €24,308 | €24,290 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,981 | €23,981 | €23,981 | €23,981 | €24,308 | €24,309 | €24,308 | €24,290 | ▼ 0.1% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €383 | €387 | €400 | ▲ 3.4% |
| Gross operating margin9900 | €45,168 | €56,034 | €53,187 | €72,363 | €59,897 | €82,289 | €77,763 | €80,774 | ▲ 3.9% |
| Operating profit (loss)9901 | €20,839 | €31,185 | €28,858 | €48,034 | €35,241 | €57,597 | €53,068 | €56,084 | ▲ 5.7% |
| Financial income75/76B | - | - | - | - | €11 | €7 | €8 | €2 | ▼ 75.0% |
| Recurring financial income75 | - | €1 | - | - | €11 | €7 | €8 | €2 | ▼ 75.0% |
| Financial charges65/66B | - | - | - | €11,260 | €8,983 | €7,674 | €6,294 | €4,938 | ▼ 21.5% |
| Recurring financial charges65 | €16,477 | €15,103 | €13,675 | €11,260 | €8,983 | €7,674 | €6,294 | €4,938 | ▼ 21.5% |
| Profit (loss) for the period before taxes9903 | €5,277 | €16,083 | €15,183 | €36,774 | €26,269 | €49,930 | €46,782 | €51,148 | ▲ 9.3% |
| Income taxes67/77 | - | - | - | - | - | - | - | €2,974 | - |
| Profit (loss) for the period9904 | €5,277 | €16,083 | €15,183 | €36,774 | €26,269 | €49,930 | €46,782 | €48,174 | ▲ 3.0% |
| Profit (loss) for the period to be appropriated9905 | €5,277 | €16,083 | €15,183 | €36,774 | €26,269 | €49,930 | €46,782 | €48,174 | ▲ 3.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €689,130 | €667,120 | €643,144 | €638,872 | €602,159 | €606,443 | €607,482 | €611,748 | ▲ 0.7% |
| Fixed assets21/28 | €678,317 | €654,336 | €630,355 | €606,373 | €583,298 | €558,989 | €534,681 | €509,142 | ▼ 4.8% |
| Tangible fixed assets22/27 | €676,855 | €652,874 | €628,893 | €604,911 | €581,836 | €557,527 | €533,219 | €508,930 | ▼ 4.6% |
| Land and buildings22 | - | - | - | €604,911 | €581,836 | €557,527 | €533,219 | €508,930 | ▼ 4.6% |
| Financial fixed assets28 | €1,462 | €1,462 | €1,462 | €1,462 | €1,462 | €1,462 | €1,462 | €212 | ▼ 85.5% |
| Current assets29/58 | €10,813 | €12,784 | €12,789 | €32,499 | €18,861 | €47,454 | €72,801 | €102,606 | ▲ 40.9% |
| Amounts receivable within one year40/41 | €4,000 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €6,813 | €12,784 | €12,789 | €32,499 | €18,861 | €47,454 | €72,801 | €102,606 | ▲ 40.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €689,130 | €667,120 | €643,144 | €638,872 | €602,159 | €606,443 | €607,482 | €611,748 | ▲ 0.7% |
| Equity10/15 | -€137,911 | -€121,828 | -€106,645 | -€69,871 | -€43,602 | €6,328 | €53,110 | €101,284 | ▲ 90.7% |
| Contributions10/11 | €102,014 | €102,014 | €102,014 | €102,014 | €102,014 | €102,014 | €102,014 | €102,014 | = |
| Capital10 | - | - | - | €102,014 | €102,014 | €102,014 | €102,014 | €102,014 | = |
| Issued capital100 | - | - | - | €102,014 | €102,014 | €102,014 | €102,014 | €102,014 | = |
| Profit (loss) carried forward14 | -€239,925 | -€223,842 | -€208,659 | -€171,885 | -€145,616 | -€95,686 | -€48,904 | -€730 | ▲ 98.5% |
| Amounts payable17/49 | €827,041 | €788,948 | €749,789 | €708,743 | €645,761 | €600,115 | €554,372 | €510,464 | ▼ 7.9% |
| Amounts payable after more than one year17 | €433,721 | €395,990 | €356,830 | €315,775 | €272,961 | €228,824 | €183,322 | €136,441 | ▼ 25.6% |
| Financial debts170/4 | - | - | - | €315,775 | €272,961 | €228,824 | €183,322 | €136,441 | ▼ 25.6% |
| Amounts payable within one year42/48 | €393,320 | €392,958 | €392,959 | €392,968 | €372,800 | €371,291 | €371,050 | €374,023 | ▲ 0.8% |
| Trade debts44 | €33,095 | €13,608 | €13,609 | €13,619 | €13,609 | €13,851 | €13,609 | €13,609 | = |
| Suppliers440/4 | - | - | - | €13,619 | €13,609 | €13,851 | €13,609 | €13,609 | = |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €2,974 | - |
| Taxes450/3 | - | - | - | - | - | - | - | €2,974 | - |
| Other amounts payable47/48 | - | - | - | €379,349 | €359,191 | €357,440 | €357,441 | €357,440 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,277 | €16,083 | €15,183 | €36,774 | €26,269 | €49,930 | €46,782 | €48,174 | ▲ 3.0% |
| + Depreciation and write-downs630 | €23,981 | €23,981 | €23,981 | €23,981 | €24,308 | €24,309 | €24,308 | €24,290 | ▼ 0.1% |
| Operating cash flow (approximation) | €29,258 | €40,064 | €39,164 | €60,755 | €50,577 | €74,239 | €71,090 | €72,464 | ▲ 1.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €1 | -€1,233 | €0 | €0 | €1,249 | - |
| Change in cash | - | €5,971 | €5 | €19,710 | -€13,638 | €28,593 | €25,347 | €29,805 | ▲ 17.6% |
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, 2,613 companies had the same profile as LUPO has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of LUPO itself: 0.1% 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 2,613 companies, not a prediction for LUPO. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-06-2026 | 2026-00160911 | |
| 31-12-2024 | full format | 19-03-2025 | 2025-00051249 | |
| 31-12-2023 | full format | 26-06-2024 | 2024-00172534 | |
| 31-12-2022 | full format | 03-07-2023 | 2023-00199832 | |
| 31-12-2021 | full format | 08-06-2022 | 2022-20054726 | |
| 31-12-2020 | full format | 10-02-2021 | 2021-05400388 | |
| 31-12-2019 | full format | 13-02-2020 | 2020-04900471 | |
| 31-12-2018 | full format | 20-02-2019 | 2019-05400344 | |
| 31-12-2017 | full format | 03-07-2018 | 2018-27300522 | |
| 31-12-2016 | full format | 22-03-2017 | 2017-07000035 |