LUDO

Active

Public limited companyfounded 1968active for 58 yearsKarel Van Miertstraat 7, 3070 Kortenberg, BelgiumKBO/BCE: BE 0400.734.318

Summary

LUDO has been active since 1968 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €8.6m and a net result of -€2.3m. Equity is growing by about 14% per year across the filed financial years. Its solvency ranks better than 48% of 6,152 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 1.0% (low).

Risk analysisFollow Report Compare

LUDOActiveChecked score 65/100

Risk analysis Report Compare

Activity

Wholesale trade

NACE 46495Manufacture of other transport equipment NACE 30920

3rd largest company by equity in Kortenberg, Wholesale and retail trade sector1 site

Size

€43.8mturnover 2025

Staff: 21.7 FTE
Equity: €8.6m
Loss: -€2.3m

Turnover +59%: 16-month year

Financial health

65 Healthy Checked score 2025

Bankruptcy probabilitywithin 12 months: 1.0%

Structure

Parent: CYCLING GURU'S · 100%
Board: 5 members
Holdings: 1

UBUNTU#2800Daily manager · permanent representative Mathias Lambers

Auditor: CALLENS VANDELANOTTE2025 accounts filed 28 days late5 of 17 deeds summarised

Why 65raises riskLoss of €2.3m (financial year 2025)Liquidity: current ratio 2.03, cash €174,411Last filed accounts filed 28 days late; 1 of the last 3 latelowers riskFounded in 1968Show the evidence

Checked score

Score 2025

65 / 100

Healthy

Probability in this band: 0.55% to 1.5%

Financially better than 27% of its sector peers (NACE 46, small)

Every signal that counts is listed under Signals.

Financial strength · tick = 2024

Weak

Solvency 68+7

equity 43.1% of total assets

Liquidity 27+6

short-term debt 48.6% · cash 0.9%

Profitability 4-63

return on assets -11.6%

Bankruptcy probability, 12 months

1.0% Low

0%0.5%1.5%4%10%≥ 25%

About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.2% (4,376 companies, NACE 46, small)

Last 24 months 11-2024: 0.2% 12-2024: 0.2%● unchanged vs 11-2024lowest value 01-2025: 0.2%● unchanged vs 12-2024lowest value 02-2025: 0.2%● unchanged vs 01-2025 03-2025: 0.3%▲ +0.1 percentage points vs 02-2025 04-2025: 0.2%▼ -0.1 percentage points vs 03-2025 05-2025: 0.2%● unchanged vs 04-2025 06-2025: 0.2%● unchanged vs 05-2025 07-2025: 0.2%● unchanged vs 06-2025 08-2025: 0.2%● unchanged vs 07-2025 09-2025: 0.2%● unchanged vs 08-2025 10-2025: 0.2%● unchanged vs 09-2025 11-2025: 0.2%● unchanged vs 10-2025 12-2025: 0.2%● unchanged vs 11-2025 01-2026: 0.2%● unchanged vs 12-2025 02-2026: 0.3%▲ +0.1 percentage points vs 01-2026 03-2026: 0.3%● unchanged vs 02-2026 04-2026: 0.5%▲ +0.2 percentage points vs 03-2026 05-2026: 0.6%▲ +0.1 percentage points vs 04-2026 06-2026: 1.0%▲ +0.4 percentage points vs 05-2026 07-2026: 1.0%● unchanged vs 06-2026 08-2026: 1.3%▲ +0.3 percentage points vs 07-2026highest value 09-2026: 1.0%▼ -0.3 percentage points vs 08-2026 10-2026: 1.0%● unchanged vs 09-2026

Credit of up to €550,000 on 30-day terms is acceptable

Liquidity ample (current ratio 2.03, compared with 1.68 in 2024, above the usual 1.5; short-term debt: 48.6% and cash: 0.9% of total assets), but 56.9% of the assets are financed with debt and provisions.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, small): better than 51% on solvency, 25% on liquidity and 4% on profitability.

The bankruptcy probability was computed on 28-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Five signals.

lowers riskraises risk

Loss of €2.3m (financial year 2025)

NBB · annual accounts

Liquidity: current ratio 2.03, cash €174,411

NBB · annual accounts

Founded in 1968

Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.

KBO

Last filed accounts filed 28 days late; 1 of the last 3 late

NBB · filings

2025 accounts filed 28 days late

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.

NBB · 10 filings

Deviation from the deadline

2025

28 days late

2024

18 days early

2023

347 days late

2022

67 days early

2021

22 days early

2020

35 days early

2019

27 days 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 29 days after the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.

Searched, nothing found (1)

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

28-08-2026 Annual accounts filedfinancial year 2025 · full…
22-01-2026 Appointment: CALLENS VANDELANOTTE (statutory auditor)Permanent representatives: Boudewijn Callens and…
31-12-2025 Weakest financial yearnet -€2.3m

Key points

Caution: From profit to loss in 2025after €1.6m in 2024 -€2.3m View
Caution: Among the weakest 5% on net resultsector median €112,156 · 6,086 companies -€2.3m View
Controlled by CYCLING GURU'Sthe company in turn controls 1 companies 100% View
Active since 1968founded 01-01-1968 58 years View

By topic

Financials

Financial year: 2025
Turnover: €43.8m
Loss: -€2.3m
Solvency: 43.1%

Turnover▲ 59.0%

Net result

20192025

Go to Financials

Board & ownership

Board: 5 members
Parent: CYCLING GURU'S · 100%
Auditor: CALLENS VANDELANOTTE

THE WAY TO GODirector
CYCLING GURU'SDirector
VCP GPDirector
Vybros Capital PartnersDirector
VCP BVDirector

Go to Board & ownership

Network & group

Subsidiaries: 1
Connected companies: 42

1 subsidiary

Go to Network & group

Timeline

Events: 59
Since: 1978

05-09-2025Capital & shares
31-07-2025Appointment: UBUNTU#2800 (day-to-day manager)
13-03-2025Annual accounts filed

Go to Timeline

Company details

Sites: 1

Legal form: Public limited company
Activity: Wholesale tradeNACE 46495
Founded: 01-01-1968
Year ends: 31-12
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 27

Annual meeting: Second Friday of June at 14:30
Purpose: “Fabriceren van fietsen, bromfietsen, motorfietsen (motocyclettes), onderdelen en…” (deed in Dutch)

Go to Articles of association

Key facts about LUDO

What is the company number of LUDO?: 0400.734.318. In Belgium the VAT number is the company number with BE in front: BE 0400.734.318.
Where is LUDO based?: The registered office is at Karel Van Miertstraat 7, 3070 Kortenberg.Company details
What does LUDO do?: According to the KBO register, the main activity is wholesale trade (NACE 46495).
What is the legal form of LUDO?: Public limited company (NV).
When was LUDO founded?: On 01-01-1968.
Is LUDO still active?: Yes, LUDO is an active enterprise in the KBO register.
How many employees does LUDO have?: On average 21.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of LUDO?: €43.8m in financial year 2025, according to the filed annual accounts.
Is LUDO profitable?: In financial year 2025, LUDO made a loss of €2.3m.
Where can I find the annual accounts of LUDO?: LUDO filed 49 annual accounts with the National Bank of Belgium, the latest for financial year 2025.