LSIM
ActiveSummary
LSIM has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €47.44M and a net result of €25.61M. Equity is growing by ~34.9% per year across the filed fiscal years. Its solvency ranks better than 78% of 3200 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability97▲+31
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity ample (current ratio 3.44 against 2.21 in 2024; short-term debt: 4.2% and cash: 0.3% of total assets), and 16.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
83.3%
Return on assets
45%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
9 d early
2023
8 d late
2022
on the day
2021
31 d early
2020
60 d early
2019
107 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€25.61M▲ 132%
2024 · €11.02M
2018: €217klowest in 8 years
2019: €310k▲ +43.0% vs 2018
2020: €669k▲ +116% vs 2019
2021: €1.30M▲ +94.7% vs 2020
2022: €2.48M▲ +90.8% vs 2021
2023: €2.39M▼ -3.7% vs 2022
2024: €11.02M▲ +361% vs 2023
2025: €25.61M▲ +132% vs 2024highest in 8 years
2018 → 2025
Working capital
€5.80M▼ 3.7%
2024 · €6.03M
2018: €1.38M
2019: €690k▼ -50.0% vs 2018
2020: €-180k▼ -126% vs 2019
2021: €-2.32M▼ -1194% vs 2020lowest in 8 years
2022: €-1.45M▲ +37.7% vs 2021
2023: €-307k▲ +78.8% vs 2022
2024: €6.03M▲ +2063% vs 2023highest in 8 years
2025: €5.80M▼ -3.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€5.93M-€8.41M▲ 41.9%€10.81M▲ 28.4%€44.06M▲ 308%€47.44M▲ 7.7%
2021: €5.93Mlowest in 5 years
2022: €8.41M▲ +41.9% vs 2021
2023: €10.81M▲ +28.4% vs 2022
2024: €44.06M▲ +308% vs 2023
2025: €47.44M▲ +7.7% vs 2024highest in 5 years
Operating result€460k-€453k▼ 1.5%€626k▲ 38.2%€667k▲ 6.6%€770k▲ 15.4%
2021: €460k
2022: €453k▼ -1.5% vs 2021lowest in 5 years
2023: €626k▲ +38.2% vs 2022
2024: €667k▲ +6.6% vs 2023
2025: €770k▲ +15.4% vs 2024highest in 5 years
Net result€1.30M-€2.48M▲ 90.8%€2.39M▼ 3.7%€11.02M▲ 361%€25.61M▲ 132%
2021: €1.30Mlowest in 5 years
2022: €2.48M▲ +90.8% vs 2021
2023: €2.39M▼ -3.7% vs 2022
2024: €11.02M▲ +361% vs 2023
2025: €25.61M▲ +132% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 15% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €56.96M
Fixed assets
€48.78M ▲ 17.0%
Current assets
€8.18M ▼ 25.6%
Equity and liabilities €56.96M
Equity
€47.44M ▲ 7.7%
Debt
€9.52M ▲ 10.4%
Debt's share of the balance-sheet total rises from 16.4% to 16.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€917k▲
2024 · €799k
Cash flow
€25.76M▲
2024 · €11.15M
Current ratio
3.44▲
2024 · 2.21
Debt to equity
0.20▲
2024 · 0.20
ROE
54.0%▲
2024 · 25.0%
ROA
45.0%▲
2024 · 20.9%
Interest coverage
5.61▲
2024 · 2.58
Debt ≤ 1 year
€2.38M▼
2024 · €4.97M
Debt > 1 year
€7.12M▲
2024 · €3.06M
Income taxes
€226k▼
2024 · €1.12M
Staff costs
€53k▲
2024 · €29k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 57 lines
Balance sheet
Code20242025
Assets
Total assets20/58€52.68M€56.96M▲
Fixed assets21/28€41.69M€48.78M▲
Tangible fixed assets22/27€4.02M€6.53M▲
Land and buildings22€2.37M€4.01M▲
Furniture and vehicles24€24k€46k▲
Other tangible fixed assets26€1.63M€2.47M▲
Financial fixed assets28€37.67M€42.25M▲
Current assets29/58€10.99M€8.18M▼
Amounts receivable within one year40/41€47k€158k▲
Trade receivables40€46k€102k▲
Other amounts receivable41€582€56k▲
Current investments50/53€10.42M€7.79M▼
Cash at bank and in hand54/58€498k€185k▼
Deferred charges and accrued income490/1€23k€43k▲
Equity and liabilities
Total equity and liabilities10/49€52.68M€56.96M▲
Equity10/15€44.06M€47.44M▲
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Revaluation surpluses12€22.23M-
Reserves13€10.01M€10.01M=
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Distributable reserves133€10.00M€10.00M=
Profit (loss) carried forward14€11.76M€37.37M▲
Amounts payable17/49€8.62M€9.52M▲
Amounts payable after more than one year17€3.06M€7.12M▲
Financial debts170/4€3.06M€7.12M▲
Amounts payable within one year42/48€4.97M€2.38M▼
Current portion of amounts payable after more than one year42€451k€907k▲
Trade debts44€161k€17k▼
Suppliers440/4€161k€17k▼
Taxes, remuneration and social security45€1.09M€1.24M▲
Taxes450/3€1.09M€1.22M▲
Remuneration and social security454/9€1k€16k▲
Other amounts payable47/48€3.26M€217k▼
Accrued charges and deferred income492/3€596k€20k▼
Income statement
Code20242025
Remuneration, social security and pensions62€29k€53k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€131k€146k▲
Other operating charges640/8€13k€11k▼
Gross operating margin9900€841k€981k▲
Operating profit (loss)9901€667k€770k▲
Financial income75/76B€11.86M€25.26M▲
Recurring financial income75€2.29M€2.06M▼
Non-recurring financial income76B€9.58M€23.21M▲
Financial charges65/66B€387k€199k▼
Recurring financial charges65€310k€163k▼
Non-recurring financial charges66B€77k€35k▼
Profit (loss) for the period before taxes9903€12.14M€25.84M▲
Income taxes67/77€1.12M€226k▼
Profit (loss) for the period9904€11.02M€25.61M▲
Profit (loss) for the period to be appropriated9905€11.02M€25.61M▲
Appropriation of the result
Profit (loss) to be appropriated9906€21.76M€37.37M▲
Profit (loss) brought forward from the previous period14P€10.74M€11.76M▲
Transfer to equity691/2€10.00M-
To other reserves6921€10.00M-
Social balance
Average headcount (FTE)90871.01.8▲
The notes to these accounts (28 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €5k | €26k | €32k | €29k | €53k | ▲ 81.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €148k | €133k | €135k | €131k | €146k | ▲ 11.5% |
| Other operating charges640/8 | €37k | €22k | €34k | €13k | €11k | ▼ 9.6% |
| Gross operating margin9900 | €650k | €633k | €828k | €841k | €981k | ▲ 16.7% |
| Operating profit (loss)9901 | €460k | €453k | €626k | €667k | €770k | ▲ 15.4% |
| Financial income75/76B | €1.10M | €2.46M | €2.22M | €11.86M | €25.26M | ▲ 113% |
| Recurring financial income75 | €1.10M | €2.46M | €2.21M | €2.29M | €2.06M | ▼ 10.2% |
| Non-recurring financial income76B | - | €2.46M | €13k | €9.58M | €23.21M | ▲ 142% |
| Financial charges65/66B | €136k | €255k | €305k | €387k | €199k | ▼ 48.7% |
| Recurring financial charges65 | €136k | €255k | €230k | €310k | €163k | ▼ 47.3% |
| Non-recurring financial charges66B | €136k | €255k | €76k | €77k | €35k | ▼ 54.3% |
| Profit (loss) for the period before taxes9903 | €1.42M | €2.66M | €2.54M | €12.14M | €25.84M | ▲ 113% |
| Income taxes67/77 | €121k | €174k | €148k | €1.12M | €226k | ▼ 79.9% |
| Profit (loss) for the period9904 | €1.30M | €2.48M | €2.39M | €11.02M | €25.61M | ▲ 132% |
| Profit (loss) for the period to be appropriated9905 | €1.30M | €2.48M | €2.39M | €11.02M | €25.61M | ▲ 132% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €14.48M | €16.50M | €18.68M | €52.68M | €56.96M | ▲ 8.1% |
| Fixed assets21/28 | €12.65M | €13.94M | €14.87M | €41.69M | €48.78M | ▲ 17.0% |
| Tangible fixed assets22/27 | €3.89M | €3.83M | €3.72M | €4.02M | €6.53M | ▲ 62.4% |
| Land and buildings22 | €2.61M | €2.53M | €2.46M | €2.37M | €4.01M | ▲ 69.3% |
| Furniture and vehicles24 | €1.28M | €1.30M | €55k | €24k | €46k | ▲ 92.3% |
| Other tangible fixed assets26 | - | - | €1.21M | €1.63M | €2.47M | ▲ 51.8% |
| Financial fixed assets28 | €8.76M | €10.11M | €11.15M | €37.67M | €42.25M | ▲ 12.2% |
| Current assets29/58 | €1.83M | €2.55M | €3.81M | €10.99M | €8.18M | ▼ 25.6% |
| Amounts receivable within one year40/41 | €46k | €515k | €1.06M | €47k | €158k | ▲ 239% |
| Trade receivables40 | €46k | €53k | €81k | €46k | €102k | ▲ 122% |
| Other amounts receivable41 | - | €462k | €975k | €582 | €56k | ▲ 9,501% |
| Current investments50/53 | €1.48M | €1.95M | €2.46M | €10.42M | €7.79M | ▼ 25.2% |
| Cash at bank and in hand54/58 | €297k | €82k | €268k | €498k | €185k | ▼ 62.8% |
| Deferred charges and accrued income490/1 | €6k | €6k | €26k | €23k | €43k | ▲ 91.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €14.48M | €16.50M | €18.68M | €52.68M | €56.96M | ▲ 8.1% |
| Equity10/15 | €5.93M | €8.41M | €10.81M | €44.06M | €47.44M | ▲ 7.7% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Revaluation surpluses12 | - | - | - | €22.23M | - | - |
| Reserves13 | €6k | €6k | €6k | €10.01M | €10.01M | = |
| Non-distributable reserves130/1 | €6k | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | €6k | €6k | €6k | €6k | €6k | = |
| Distributable reserves133 | - | - | - | €10.00M | €10.00M | = |
| Profit (loss) carried forward14 | €5.86M | €8.35M | €10.74M | €11.76M | €37.37M | ▲ 218% |
| Amounts payable17/49 | €8.55M | €8.09M | €7.87M | €8.62M | €9.52M | ▲ 10.4% |
| Amounts payable after more than one year17 | €4.39M | €3.95M | €3.51M | €3.06M | €7.12M | ▲ 133% |
| Financial debts170/4 | €4.39M | €3.95M | €3.51M | €3.06M | €7.12M | ▲ 133% |
| Amounts payable within one year42/48 | €4.15M | €4.00M | €4.12M | €4.97M | €2.38M | ▼ 52.1% |
| Current portion of amounts payable after more than one year42 | €436k | €441k | €436k | €451k | €907k | ▲ 101% |
| Trade debts44 | €364k | €269k | €160k | €161k | €17k | ▼ 89.7% |
| Suppliers440/4 | €364k | €269k | €160k | €161k | €17k | ▼ 89.7% |
| Taxes, remuneration and social security45 | €168k | €129k | €134k | €1.09M | €1.24M | ▲ 13.5% |
| Taxes450/3 | €162k | €121k | €124k | €1.09M | €1.22M | ▲ 12.2% |
| Remuneration and social security454/9 | €6k | €8k | €11k | €1k | €16k | ▲ 1,273% |
| Other amounts payable47/48 | €3.19M | €3.16M | €3.39M | €3.26M | €217k | ▼ 93.3% |
| Accrued charges and deferred income492/3 | €1k | €130k | €246k | €596k | €20k | ▼ 96.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.30M | €2.48M | €2.39M | €11.02M | €25.61M | ▲ 132% |
| + Depreciation and write-downs630 | €148k | €133k | €135k | €131k | €146k | ▲ 11.5% |
| Operating cash flow (approximation) | €1.45M | €2.62M | €2.53M | €11.15M | €25.76M | ▲ 131% |
| Investment in fixed assets (approximation) | - | €-1.43M | €-1.06M | €-26.95M | €-7.23M | ▲ 73.2% |
| Change in cash | - | €-215k | €186k | €230k | €-312k | ▼ 236% |
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
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €25.61M ▲132%
Operating result €770k, net result €25.61M, both a record.
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Liquidity doublescurrent ratio 2.21
Current ratio from 0.93 to 2.21.
31-12
Financial
Equity above €25MEq €44.06M ▲308%
7 profitable years in a row build equity to €44.06M.
08-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 8 days late
2023
31-12
Financial
Equity above €10MEq €10.81M ▲28.4%
6 profitable years in a row build equity to €10.81M.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €5MEq €5.93M ▲28.1%
4 profitable years in a row build equity to €5.93M.
01-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
15-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2019
03-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
25-10
State Gazette act
General meeting · Director resignation
Director appointment · Mandate compensation
10-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
01-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ukkel · 1 establishment unit since 2004
Ground area
1,116 m²
Building footprint
223 m²
Volume, LiDAR
2,128 m³
Parcel 21612C0056/02K091, Brussels · tallest building 15.4 m, ±3 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
LSIM
since 20042.137.469.828
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21612C0056/02K091 | Brussels | 1,116 m² | 1 · 223 m² | 15.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
8755000GP3633MT7IF89
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 2,049 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded11-05-2004
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.