LUVAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 34 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 7% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €88,853 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €8,571 | €8,571 | €18,722 | €8,885 | €8,885 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,571 | €8,571 | €8,571 | €8,571 | €8,571 | €18,722 | €8,885 | €8,885 | = |
| Other operating charges640/8 | - | - | - | €4,402 | €4,599 | €4,827 | €5,118 | €5,167 | ▲ 1.0% |
| Gross operating margin9900 | €64,288 | €61,359 | €37,011 | €52,742 | €57,918 | €43,708 | €62,544 | €66,174 | ▲ 5.8% |
| Operating profit (loss)9901 | €52,056 | €49,059 | €24,164 | €39,769 | €44,747 | €20,160 | €48,541 | €52,121 | ▲ 7.4% |
| Financial income75/76B | - | - | - | - | - | - | - | €1,232 | - |
| Recurring financial income75 | - | €0 | - | - | - | - | - | €1,232 | - |
| Financial charges65/66B | - | - | - | €174 | €172 | €167 | €161 | €217 | ▲ 34.4% |
| Recurring financial charges65 | €118 | €145 | €161 | €174 | €172 | €167 | €161 | €217 | ▲ 34.4% |
| Profit (loss) for the period before taxes9903 | €51,939 | €48,914 | €24,003 | €39,595 | €44,576 | €19,993 | €48,380 | €53,137 | ▲ 9.8% |
| Income taxes67/77 | €16,406 | €15,551 | €6,531 | €10,567 | €11,887 | €5,336 | €13,191 | €14,181 | ▲ 7.5% |
| Profit (loss) for the period9904 | €35,532 | €33,363 | €17,473 | €29,028 | €32,688 | €14,657 | €35,189 | €38,956 | ▲ 10.7% |
| Profit (loss) for the period to be appropriated9905 | €35,532 | €33,363 | €17,473 | €29,028 | €32,688 | €14,657 | €35,189 | €38,956 | ▲ 10.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €294,178 | €246,736 | €277,225 | €285,311 | €322,405 | €342,355 | €368,070 | €348,375 | ▼ 5.4% |
| Fixed assets21/28 | €118,270 | €109,699 | €101,127 | €92,556 | €83,984 | €154,115 | €145,230 | €136,345 | ▼ 6.1% |
| Tangible fixed assets22/27 | €118,270 | €109,699 | €101,127 | €92,556 | €83,984 | €154,115 | €145,230 | €136,345 | ▼ 6.1% |
| Land and buildings22 | - | - | - | €92,556 | €83,984 | €154,115 | €145,230 | €136,345 | ▼ 6.1% |
| Current assets29/58 | €175,908 | €137,037 | €176,098 | €192,755 | €238,421 | €188,239 | €222,840 | €212,030 | ▼ 4.9% |
| Amounts receivable after more than one year29 | - | - | - | €50,000 | €50,000 | €50,000 | €50,000 | €0 | ▼ 100% |
| Trade receivables290 | - | - | - | €50,000 | €50,000 | €50,000 | €0 | - | - |
| Other amounts receivable291 | - | - | - | - | - | - | €50,000 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €53,130 | €52,968 | €2,968 | €2,892 | €3,226 | €2,717 | €18,401 | €37,460 | ▲ 104% |
| Trade receivables40 | - | - | - | - | - | - | €1,251 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €2,892 | €3,226 | €2,717 | €17,150 | €37,460 | ▲ 118% |
| Cash at bank and in hand54/58 | €122,410 | €83,685 | €122,731 | €139,452 | €184,764 | €135,022 | €153,905 | €174,007 | ▲ 13.1% |
| Deferred charges and accrued income490/1 | - | - | - | €411 | €431 | €501 | €534 | €563 | ▲ 5.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €294,178 | €246,736 | €277,225 | €285,311 | €322,405 | €342,355 | €368,070 | €348,375 | ▼ 5.4% |
| Equity10/15 | €172,535 | €166,612 | €184,084 | €213,112 | €245,801 | €260,458 | €259,932 | €227,460 | ▼ 12.5% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €42,614 | €44,378 | €61,850 | €90,878 | €123,566 | €138,224 | €137,698 | €66,270 | ▼ 51.9% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | - | - | - | €37,184 | €37,184 | €37,184 | €37,184 | €37,184 | = |
| Distributable reserves133 | - | - | - | €47,494 | €80,182 | €94,840 | €94,314 | €22,886 | ▼ 75.7% |
| Profit (loss) carried forward14 | €67,921 | €60,234 | €60,234 | €60,234 | €60,234 | €60,234 | €60,234 | €99,190 | ▲ 64.7% |
| Amounts payable17/49 | €121,643 | €80,124 | €93,141 | €72,198 | €76,604 | €81,897 | €108,138 | €120,915 | ▲ 11.8% |
| Amounts payable within one year42/48 | €120,878 | €79,359 | €78,141 | €69,698 | €74,046 | €79,338 | €107,288 | €120,065 | ▲ 11.9% |
| Trade debts44 | €133 | €140 | €4,196 | €169 | €285 | €387 | €601 | €115 | ▼ 80.9% |
| Suppliers440/4 | - | - | - | €169 | €285 | €387 | €601 | €115 | ▼ 80.9% |
| Taxes, remuneration and social security45 | - | - | - | €17,098 | €22,454 | €27,790 | €29,241 | €48,800 | ▲ 66.9% |
| Taxes450/3 | - | - | - | €17,098 | €22,454 | €27,790 | €29,241 | €48,800 | ▲ 66.9% |
| Other amounts payable47/48 | - | - | - | €52,431 | €51,306 | €51,161 | €77,446 | €71,150 | ▼ 8.1% |
| Accrued charges and deferred income492/3 | - | - | - | €2,500 | €2,559 | €2,559 | €850 | €850 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,532 | €33,363 | €17,473 | €29,028 | €32,688 | €14,657 | €35,189 | €38,956 | ▲ 10.7% |
| + Depreciation and write-downs630 | €8,571 | €8,571 | €8,571 | €8,571 | €8,571 | €18,722 | €8,885 | €8,885 | = |
| Operating cash flow (approximation) | €44,104 | €41,934 | €26,044 | €37,599 | €41,260 | €33,379 | €44,074 | €47,841 | ▲ 8.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€88,853 | €0 | €0 | - |
| Change in cash | - | -€38,724 | €39,046 | €16,721 | €45,312 | -€49,742 | €18,883 | €20,102 | ▲ 6.5% |
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 LUVAN has now. Two years later, 0.5% had gone bankrupt and 93.5% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LUVAN 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 LUVAN. 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 | abbreviated format | 22-06-2026 | 2026-00224747 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00276459 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00220906 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00162689 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20149235 | |
| 31-12-2020 | micro format | 09-07-2021 | 2021-33300361 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-30900429 | |
| 31-12-2018 | micro format | 13-07-2019 | 2019-32600259 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41000355 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-24900369 |