LUSTRE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 29 days after the deadline Filed on 29 November 2025, deadline 31 October 2025 (7 months after the close on 31 March 2025, Companies Code art. 3:10). Source: NBB, 2025-00573024.
Annual accounts 2025 filed on 29-11-2025 PDF all 22 filings
Turnover
≈ €560,000
Estimated: probably between €390,000 and €810,000
Total assets
€341,598▲ 393%
2024 · €69,299
Net result
€159,554▲ 210%
2024 · €51,521
Working capital
€85,389▲ 63×
2024 · €1,348
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€209,915
▲ 299%
2025
20192025
Net result
€159,554
▲ 210%
2025
highest quarter of the sector
20192025
Equity
€174,004
▲ 12×
2025
highest quarter of the sector
20192025
Total assets
€341,598
▲ 393%
2025
highest quarter of the sector
20192025
Debt
€167,594
▲ 206%
2025
20192025
Working capital
€85,389
▲ 63×
2025
highest quarter of the sector
20192025
Solvency
50.9%
▲ 30.1pp
2025
middle half of the sector
20192025
Current ratio
1.51
▲ 0.48
2025
middle half of the sector
20192025
Return on assets (ROA)
46.7%
▼ 27.6pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€21,491-€5,430-€29,516-€17,875▲ 39.4%€12,104€52,650▲ 335%€209,915▲ 299%
Net result-€21,216-€4,828within the sector's middle half-€32,060below the sector's middle half-€19,525below the sector's middle half▲ 39.1%€10,374within the sector's middle half€51,521above the sector's middle half▲ 397%€159,554above the sector's middle half▲ 210%
Equity-€689-€4,139below the sector's middle half-€27,920below the sector's middle half-€47,445below the sector's middle half▼ 69.9%-€37,071below the sector's middle half▲ 21.9%€14,450within the sector's middle half€174,004above the sector's middle half▲ 12×
Total assets€49,739-€88,250within the sector's middle half▲ 77.4%€77,113within the sector's middle half▼ 12.6%€86,893within the sector's middle half▲ 12.7%€67,642within the sector's middle half▼ 22.2%€69,299within the sector's middle half▲ 2.4%€341,598above the sector's middle half▲ 393%
Debt€50,428-€84,111▲ 66.8%€105,033▲ 24.9%€134,339▲ 27.9%€104,714▼ 22.1%€54,849▼ 47.6%€167,594▲ 206%
Working capital-€4,171--€19,768below the sector's middle half▼ 374%-€20,629below the sector's middle half▼ 4.4%-€49,098below the sector's middle half▼ 138%-€37,721below the sector's middle half▲ 23.2%€1,348within the sector's middle half€85,389above the sector's middle half▲ 63×
Solvency-1.4%-4.7%below the sector's middle half▲ 6.1pp-36.2%below the sector's middle half▼ 40.9pp-54.6%below the sector's middle half▼ 18.4pp-54.8%below the sector's middle half▼ 0.2pp20.9%within the sector's middle half▲ 75.7pp50.9%within the sector's middle half▲ 30.1pp
Current ratio0.92-0.76below the sector's middle half▼ 0.150.72below the sector's middle half▼ 0.040.59below the sector's middle half▼ 0.130.59below the sector's middle half▼ 0.011.02within the sector's middle half▲ 0.441.51within the sector's middle half▲ 0.48
Return on assets (ROA)-42.7%-5.5%within the sector's middle half▲ 48.1pp-41.6%below the sector's middle half▼ 47.0pp-22.5%below the sector's middle half▲ 19.1pp15.3%within the sector's middle half▲ 37.8pp74.3%above the sector's middle half▲ 59.0pp46.7%above the sector's middle half▼ 27.6pp
Staff (FTE)0.7-1.2within the sector's middle half▲ 71.4%1.2=2▲ 66.7%1.3▼ 35.0%1▼ 23.1%
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 4 times that of 2024 and the highest since 2021. It is the fourth rise in a row.
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 €341,598
Fixed assets
€88,616 ▲ 576%
Current assets
€252,982 ▲ 350%
Equity and liabilities €341,598
Equity
€174,004 ▲ 12×
Debt
€167,594 ▲ 206%
Debt's share of the balance-sheet total falls from 79.1% to 49.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€219,352▲
2024 · €56,033
Cash flow
€168,992▲
2024 · €54,905
Debt to equity
0.96▼
2024 · 3.80
ROE
91.7%▼
2024 · 356.5%
Interest coverage
over 100▲
2024 · 42.48
Debt ≤ 1 year
€167,594▲
2024 · €54,849
Income taxes
€49,524
Staff costs
€58,892▲
2024 · €39,031
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 |
| part-time | 2 | 1 | 1 |
| in full-time equivalents | 1 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 1 | 0.7 | 0.5 |
| On a permanent contract | 2 | 1 | 1 |
| Joined | - | 0 | - |
| Left | - | 1 | - |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €2,387 | €2,695 | €84,952 |
| Depreciation and write-downs of the year | €8,337 | €3,390 | €3,384 | €9,438 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 3 entries · €49,800 awarded · €12,400 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €0 | €12,400 |
| 2024 | 1 | €49,800 | €0 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €50,544 | €46,300 | €39,031 | €58,892 | ▲ 50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €7,141 | €8,176 | €8,337 | €3,390 | €3,384 | €9,438 | ▲ 179% |
| Other operating charges640/8 | - | - | - | €120 | €274 | €3,432 | €2,043 | ▼ 40.5% |
| Gross operating margin9900 | €22,809 | €96,329 | €42,968 | €41,126 | €62,067 | €98,496 | €280,287 | ▲ 185% |
| Operating profit (loss)9901 | -€21,491 | €5,430 | -€29,516 | -€17,875 | €12,104 | €52,650 | €209,915 | ▲ 299% |
| Financial income75/76B | - | - | - | €0 | €282 | €191 | €206 | ▲ 8.0% |
| Recurring financial income75 | €616 | €21 | €42 | €0 | €282 | €191 | €206 | ▲ 8.0% |
| Financial charges65/66B | - | - | - | €1,650 | €2,012 | €1,319 | €1,042 | ▼ 21.0% |
| Recurring financial charges65 | €341 | €622 | €2,585 | €1,650 | €2,012 | €1,319 | €1,042 | ▼ 21.0% |
| Profit (loss) for the period before taxes9903 | -€21,216 | €4,828 | -€32,060 | -€19,525 | €10,374 | €51,521 | €209,078 | ▲ 306% |
| Income taxes67/77 | - | - | - | - | - | - | €49,524 | - |
| Profit (loss) for the period9904 | -€21,216 | €4,828 | -€32,060 | -€19,525 | €10,374 | €51,521 | €159,554 | ▲ 210% |
| Profit (loss) for the period to be appropriated9905 | -€21,216 | €4,828 | -€32,060 | -€19,525 | €10,374 | €51,521 | €159,554 | ▲ 210% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €49,739 | €88,250 | €77,113 | €86,893 | €67,642 | €69,299 | €341,598 | ▲ 393% |
| Fixed assets21/28 | €3,482 | €23,907 | €23,130 | €14,793 | €13,791 | €13,102 | €88,616 | ▲ 576% |
| Tangible fixed assets22/27 | €3,282 | €23,707 | €22,930 | €14,593 | €13,591 | €12,902 | €88,416 | ▲ 585% |
| Plant, machinery and equipment23 | - | - | - | €1,704 | €852 | - | €6,358 | - |
| Furniture and vehicles24 | - | - | - | €1,734 | €954 | €449 | €71,633 | ▲ 159× |
| Other tangible fixed assets26 | - | - | - | €11,156 | €11,785 | €12,453 | €10,425 | ▼ 16.3% |
| Financial fixed assets28 | €200 | €200 | €200 | €200 | €200 | €200 | €200 | = |
| Current assets29/58 | €46,257 | €64,342 | €53,983 | €72,100 | €53,852 | €56,197 | €252,982 | ▲ 350% |
| Amounts receivable within one year40/41 | €28,421 | €45,199 | €42,492 | €50,673 | €51,651 | €54,910 | €57,857 | ▲ 5.4% |
| Trade receivables40 | - | - | - | €36,612 | €25,098 | €6,001 | €22,915 | ▲ 282% |
| Other amounts receivable41 | - | - | - | €14,062 | €26,553 | €48,909 | €34,942 | ▼ 28.6% |
| Cash at bank and in hand54/58 | €17,835 | €19,144 | €11,491 | €21,372 | €2,146 | €1,232 | €195,125 | ▲ 158× |
| Deferred charges and accrued income490/1 | - | - | - | €55 | €55 | €55 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €49,739 | €88,250 | €77,113 | €86,893 | €67,642 | €69,299 | €341,598 | ▲ 393% |
| Equity10/15 | -€689 | €4,139 | -€27,920 | -€47,445 | -€37,071 | €14,450 | €174,004 | ▲ 12× |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€21,149 | -€16,321 | -€48,380 | -€67,905 | -€57,531 | -€6,010 | €153,544 | - |
| Amounts payable17/49 | €50,428 | €84,111 | €105,033 | €134,339 | €104,714 | €54,849 | €167,594 | ▲ 206% |
| Amounts payable after more than one year17 | - | - | €30,422 | €13,141 | €13,141 | - | - | - |
| Financial debts170/4 | - | - | - | €13,141 | €13,141 | - | - | - |
| Amounts payable within one year42/48 | €50,428 | €84,111 | €74,612 | €121,198 | €91,573 | €54,849 | €167,594 | ▲ 206% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,213 | - | - | - | - |
| Financial debts43 | - | - | - | €48 | €2 | €2 | €2 | = |
| Credit institutions430/8 | - | - | - | €48 | €2 | €2 | €2 | = |
| Trade debts44 | €38,392 | €11,821 | €15,718 | €38,829 | €42,002 | €34,453 | €25,425 | ▼ 26.2% |
| Suppliers440/4 | - | - | - | €38,829 | €42,002 | €34,453 | €25,425 | ▼ 26.2% |
| Taxes, remuneration and social security45 | - | - | - | €9,134 | €20,625 | €12,229 | €64,551 | ▲ 428% |
| Taxes450/3 | - | - | - | €984 | €5,668 | €860 | €52,396 | ▲ 61× |
| Remuneration and social security454/9 | - | - | - | €8,150 | €14,958 | €11,369 | €12,155 | ▲ 6.9% |
| Other amounts payable47/48 | - | - | - | €55,974 | €28,944 | €8,165 | €77,616 | ▲ 851% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,216 | €4,828 | -€32,060 | -€19,525 | €10,374 | €51,521 | €159,554 | ▲ 210% |
| + Depreciation and write-downs630 | - | €7,141 | €8,176 | €8,337 | €3,390 | €3,384 | €9,438 | ▲ 179% |
| Operating cash flow (approximation) | -€21,216 | €11,969 | -€23,883 | -€11,188 | €13,763 | €54,905 | €168,992 | ▲ 208% |
| Investment in fixed assets (approximation) | - | -€27,566 | -€7,399 | €0 | -€2,387 | -€2,695 | -€84,952 | ▼ 3,052% |
| Change in cash | - | €1,309 | -€7,653 | €9,881 | -€19,226 | -€914 | €193,893 | - |
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, 31,368 companies had the same profile as LUSTRE has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LUSTRE 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 31,368 companies, not a prediction for LUSTRE. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 29-11-2025 | 2025-00573024 | |
| 31-03-2024 | micro format | 31-10-2024 | 2024-00524979 | |
| 31-03-2023 | micro format | 28-11-2023 | 2023-00517671 | |
| 31-03-2022 | micro format | 14-11-2022 | 2022-20519196 | |
| 31-03-2021 | micro format | 30-11-2021 | 2021-79400553 | |
| 31-03-2020 | micro format | 30-12-2020 | 2020-77900411 | |
| 31-03-2019 | micro format | 29-11-2019 | 2019-74600242 | |
| 31-03-2018 | micro format | 30-10-2018 | 2018-70800043 | |
| 31-03-2017 | micro format | 27-11-2017 | 2017-70700213 | |
| 31-03-2016 | abbreviated format | 23-11-2016 | 2016-68200573 |