LUSACH
ActiveSummary
LUSACH has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €675,070 and a net result of -€65,396. Equity is growing by ~23.1% per year across the filed fiscal years. Its solvency ranks better than 52% of 14284 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability24▼-26
Solvency57▼-1
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 41.73 against 1.64 in 2024; short-term debt: 1.2% and cash: 4.1% of total assets), but 68.2% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
7 d early
2023
12 d early
2022
on the day
2021
11 d late
2020
12 d late
2019
29 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 8 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 24 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€675,070▼ 8.8%
2024 · €740,466
Total assets
€2.1m▼ 6.4%
2024 · €2.3m
Net result
-€65,396
2024 · €4,647
Working capital
€1.1m▲ 133%
2024 · €462,382
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€128,615▼ 58.9%€291,753▲ 127%€332,221▲ 13.9%€35,861▼ 89.2%-€29,854
Net result€74,253above the sector's middle half▼ 64.8%€180,645above the sector's middle half▲ 143%€197,956above the sector's middle half▲ 9.6%€4,647within the sector's middle half▼ 97.7%-€65,396below the sector's middle half
Equity€417,217above the sector's middle half▲ 21.7%€597,862above the sector's middle half▲ 43.3%€735,819within the sector's middle half▲ 23.1%€740,466within the sector's middle half▲ 0.6%€675,070above the sector's middle half▼ 8.8%
Total assets€2.2mabove the sector's middle half▼ 12.5%€2.5mabove the sector's middle half▲ 14.8%€1.9mwithin the sector's middle half▼ 24.8%€2.3mwithin the sector's middle half▲ 19.0%€2.1mabove the sector's middle half▼ 6.4%
Debt€1.8m▼ 17.9%€1.9m▲ 8.2%€1.2m▼ 39.5%€1.5m▲ 30.5%€1.4m▼ 5.3%
Working capital€1.1mabove the sector's middle half▲ 2.3%€1.3mabove the sector's middle half▲ 20.9%€217,476within the sector's middle half▼ 83.6%€462,382within the sector's middle half▲ 113%€1.1mabove the sector's middle half▲ 133%
Solvency18.9%within the sector's middle half▲ 5.3pp23.6%within the sector's middle half▲ 4.7pp38.6%within the sector's middle half▲ 15.0pp32.6%within the sector's middle half▼ 6.0pp31.8%within the sector's middle half▼ 0.8pp
Current ratio3.58above the sector's middle half▲ 1.273.37above the sector's middle half▼ 0.211.40within the sector's middle half▼ 1.971.64within the sector's middle half▲ 0.2541.73above the sector's middle half▲ 40.09
Return on assets (ROA)3.4%within the sector's middle half▼ 5.0pp7.1%within the sector's middle half▲ 3.8pp10.4%above the sector's middle half▲ 3.3pp0.2%within the sector's middle half▼ 10.2pp-3.1%below the sector's middle half▼ 3.3pp
Staff (FTE)0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €29,854 after €35,861 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€1.0m ▼ 6.2%
Current assets
€1.1m ▼ 6.7%
Equity and liabilities €2.1m
Equity
€675,070 ▼ 8.8%
Debt
€1.4m ▼ 5.3%
Debt's share of the balance-sheet total rises from 67.4% to 68.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€39,327▼
2024 · €105,615
Cash flow
€3,785▼
2024 · €74,401
Quick ratio
15.61▲
2024 · 0.53
Debt to equity
2.14▲
2024 · 2.06
ROE
-9.7%▼
2024 · 0.6%
Interest coverage
1.12▼
2024 · 3.75
Debt ≤ 1 year
€26,429▼
2024 · €719,350
Debt > 1 year
€1.4m▲
2024 · €783,793
Income taxes
€361▼
2024 · €3,073
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,687 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 94% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
0.6%
went bankrupt
5.4%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,687 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €54,741 | €52,693 | €71,453 | €69,754 | €69,181 | ▼ 0.8% |
| Other operating charges640/8 | €5,569 | €6,334 | €28,715 | €5,464 | €12,580 | ▲ 130% |
| Gross operating margin9900 | €188,925 | €350,780 | €432,388 | €111,079 | €51,906 | ▼ 53.3% |
| Operating profit (loss)9901 | €128,615 | €291,753 | €332,221 | €35,861 | -€29,854 | ▼ 183% |
| Financial income75/76B | €850 | €186 | €205 | €16 | €0 | ▼ 99.9% |
| Recurring financial income75 | €850 | €186 | €205 | €16 | €0 | ▼ 99.9% |
| Financial charges65/66B | €25,987 | €25,070 | €39,312 | €28,157 | €35,181 | ▲ 24.9% |
| Recurring financial charges65 | €25,987 | €25,070 | €39,312 | €28,157 | €35,181 | ▲ 24.9% |
| Profit (loss) for the period before taxes9903 | €103,478 | €266,869 | €293,113 | €7,720 | -€65,035 | ▼ 942% |
| Income taxes67/77 | €29,225 | €86,224 | €95,157 | €3,073 | €361 | ▼ 88.3% |
| Profit (loss) for the period9904 | €74,253 | €180,645 | €197,956 | €4,647 | -€65,396 | ▼ 1,507% |
| Profit (loss) for the period to be appropriated9905 | €74,253 | €180,645 | €197,956 | €4,647 | -€65,396 | ▼ 1,507% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.2m | €2.5m | €1.9m | €2.3m | €2.1m | ▼ 6.4% |
| Fixed assets21/28 | €682,144 | €644,277 | €1.1m | €1.1m | €1.0m | ▼ 6.2% |
| Intangible fixed assets21 | - | €430 | €240 | €50 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €682,144 | €643,847 | €1.1m | €1.1m | €1.0m | ▼ 6.2% |
| Land and buildings22 | €551,558 | €522,546 | €493,533 | €464,521 | €435,508 | ▼ 6.2% |
| Plant, machinery and equipment23 | €130,586 | €121,301 | €101,209 | €94,606 | €76,495 | ▼ 19.1% |
| Furniture and vehicles24 | €0 | - | - | €926 | €0 | ▼ 100% |
| Assets under construction and advance payments27 | - | - | €545,708 | €526,891 | €508,073 | ▼ 3.6% |
| Current assets29/58 | €1.5m | €1.9m | €766,035 | €1.2m | €1.1m | ▼ 6.7% |
| Stocks and contracts in progress3 | €979,308 | €1.4m | €701,928 | €797,375 | €690,410 | ▼ 13.4% |
| Stocks30/36 | €979,308 | €1.4m | €701,928 | €797,375 | €690,410 | ▼ 13.4% |
| Amounts receivable within one year40/41 | €158,328 | €13,085 | €20,131 | €365,552 | €270,457 | ▼ 26.0% |
| Trade receivables40 | €24,320 | €3,002 | €493 | €61,560 | €18,058 | ▼ 70.7% |
| Other amounts receivable41 | €134,008 | €10,083 | €19,639 | €303,992 | €252,399 | ▼ 17.0% |
| Cash at bank and in hand54/58 | €384,968 | €510,331 | €42,833 | €17,609 | €87,370 | ▲ 396% |
| Deferred charges and accrued income490/1 | €2,306 | €2,357 | €1,144 | €1,196 | €54,662 | ▲ 4,472% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.2m | €2.5m | €1.9m | €2.3m | €2.1m | ▼ 6.4% |
| Equity10/15 | €417,217 | €597,862 | €735,819 | €740,466 | €675,070 | ▼ 8.8% |
| Contributions10/11 | €60,000 | €60,000 | €1 | €1 | €1 | = |
| Reserves13 | €357,100 | €537,745 | €735,701 | €740,348 | €740,348 | = |
| Non-distributable reserves130/1 | €4,100 | €4,100 | €0 | - | - | - |
| Reserves not available under the articles1311 | €4,100 | €4,100 | €0 | - | - | - |
| Distributable reserves133 | €353,000 | €533,645 | €735,701 | €740,348 | €740,348 | = |
| Profit (loss) carried forward14 | €117 | €117 | €117 | €117 | -€65,279 | ▼ 56,057% |
| Amounts payable17/49 | €1.8m | €1.9m | €1.2m | €1.5m | €1.4m | ▼ 5.3% |
| Amounts payable after more than one year17 | €1.4m | €1.4m | €586,824 | €783,793 | €1.4m | ▲ 77.3% |
| Financial debts170/4 | €569,469 | €529,889 | €356,774 | €328,644 | €117,674 | ▼ 64.2% |
| Other amounts payable178/9 | €781,120 | €827,541 | €230,050 | €455,149 | €1.3m | ▲ 179% |
| Amounts payable within one year42/48 | €425,887 | €561,118 | €548,559 | €719,350 | €26,429 | ▼ 96.3% |
| Current portion of amounts payable after more than one year42 | €39,544 | €39,724 | €27,899 | €28,130 | €12,617 | ▼ 55.1% |
| Financial debts43 | €280,000 | €0 | - | - | - | - |
| Credit institutions430/8 | €280,000 | €0 | - | - | - | - |
| Trade debts44 | €7,303 | €1,338 | €3,200 | €2,029 | €6,222 | ▲ 207% |
| Suppliers440/4 | €7,303 | €1,338 | €3,200 | €2,029 | €6,222 | ▲ 207% |
| Advances received on contracts in progress46 | - | - | €850 | €0 | - | - |
| Taxes, remuneration and social security45 | €7,628 | €33,644 | €95,547 | €3,073 | €7,590 | ▲ 147% |
| Taxes450/3 | €7,420 | €33,644 | €95,547 | €3,073 | €7,590 | ▲ 147% |
| Remuneration and social security454/9 | €208 | €0 | - | - | - | - |
| Other amounts payable47/48 | €91,412 | €486,412 | €421,063 | €686,118 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €13,363 | €17,563 | €35,524 | €25,117 | €31,717 | ▲ 26.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €74,253 | €180,645 | €197,956 | €4,647 | -€65,396 | ▼ 1,507% |
| + Depreciation and write-downs630 | €54,741 | €52,693 | €71,453 | €69,754 | €69,181 | ▼ 0.8% |
| Operating cash flow (approximation) | €128,994 | €233,338 | €269,409 | €74,401 | €3,785 | ▼ 94.9% |
| Investment in fixed assets (approximation) | - | -€14,825 | -€567,866 | -€16,057 | -€2,264 | ▲ 85.9% |
| Change in cash | - | €125,363 | -€467,498 | -€25,223 | €69,761 | ▲ 377% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€65,396
Net result drops to -€65,396, the lowest in the series.
31-12
Financial
Liquidity times 25current ratio 41.73
Current ratio from 1.64 to 41.73; short-term debt falls from €719,350 to €26,429.
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Equity above €500,000Eq €597,862 ▲43.3%
5 profitable years in a row build equity to €597,862.
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 11 days late
2021
12-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 12 days late
2020
31-12
Financial
Highest result since 2018net €210,705 ▲179%
Net result €210,705, the highest in the series.
31-12
Financial
Equity above €200,000Eq €342,964 ▲159%
3 profitable years in a row build equity to €342,964.
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
31-12
Financial
Equity above €100,000Eq €132,259 ▲133%
2 profitable years in a row build equity to €132,259.
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 2 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Blankenberge · 2 establishment units since 2016
Ground area
1,622 m²
Building footprint
438 m²
Volume, LiDAR
2,273 m³
2 parcels, Flanders · tallest building 11.9 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
LUSACH
since 20162.248.905.111
De Wandelaar
since 20202.307.445.007
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31602B0166/00B003 | Flanders | 1,084 m² | 1 · 271 m² | 11.9 m · 2 fl. |
| 31602B0135/00M000 | Flanders | 538 m² | 1 · 167 m² | 7.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · 1,591 EUR awarded · 1,591 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 841 EUR | 841 EUR |
| 2022 | 1 | 750 EUR | 750 EUR |
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Of 9,695 companies in this sector we hold annual accounts for 7,393. 4,418 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded18-12-2015
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
55203Holiday cottages, homes and apartments
64210Activities of holding companies
68201Renting and operating of own or leased residential real estate, excluding social housing
70200Business and other management consultancy
73300Public relations and communication consultancy
82100Office administrative and support services
82990Other business support services
85599Other education
E-invoicing
Reachable via Peppol
Peppol ID
0208:0644650716
Also
9925:BE0644650716
Registered
13-08-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.