ACTIVE

LOTHIAN DEVELOPMENTS III

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Financial year 2025 · closed on 31/12/2025

Net result

-959,2 k €

-320.4% YoY

Gross margin

1,1 M €

-40.1% YoY

Equity

3,1 M €

-23.5% YoY

What does LOTHIAN DEVELOPMENTS III do?

LOTHIAN DEVELOPMENTS III is a Public limited company incorporated in 1998. Its main activity is: Buying and selling of own real estate. Its registered office is in Bruxelles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0463.648.617

Incorporation

25/06/1998

Legal form

Public limited company

Registered office

Chaussée de La Hulpe 120
1000 Bruxelles · BruxellesSee on map

Contributed capital

5 994 571,30 €

Latest accounts

31/12/2025

Activities (NACE)

68100Buying and selling of own real estate· main 68110Buying and selling of own real estate 70120Activities of head offices 68203Rental and operating of own or leased real estate 68203Rental and operating of own or leased real estate 70203Management consultancy activities

Signals

Positive EBITDA

View the BCE/KBO Public Search record →

Health score

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Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	1,1 M €	-40.1%	1,9 M €	-27.8%	2,6 M €	+26.7%	2 M €	+14.1%	1,8 M €	-14.3%	2,1 M €	+25.0%	1,7 M €	-9.2%	1,8 M €	+41.9%	1,3 M €	-9.0%	1,4 M €		–		–		–		–		–		–		–		–		–
EBITDA	362,2 k €	-71.3%	1,3 M €	-26.3%	1,7 M €	+36.0%	1,3 M €	+1.2%	1,2 M €	-5.7%	1,3 M €	+13.7%	1,2 M €	-13.5%	1,3 M €	+70.3%	788,3 k €	-14.4%	920,8 k €	+6.2%	867,4 k €	+70.6%	508,4 k €	-28.2%	707,8 k €	+4.2%	679,5 k €	+44.4%	470,7 k €	-46.6%	881,4 k €	-2.8%	906,7 k €	+11.6%	812,6 k €	-10.3%	906,3 k €
Operating result	-549,2 k €	-241%	388,4 k €	-53.8%	841,2 k €	+111%	399,6 k €	+2.0%	391,6 k €	-15.8%	464,9 k €	+20.4%	386,1 k €	-35.2%	595,4 k €	+2048%	27,7 k €	-80.8%	144,1 k €	+57.2%	91,6 k €	+137%	-246,2 k €	-863%	-25,6 k €	+49.5%	-50,7 k €	+79.8%	-250,3 k €	-250%	167,2 k €	-11.4%	188,7 k €	+89.9%	99,4 k €	-48.9%	194,6 k €
Net result	-959,2 k €	-320%	-228,2 k €	-175%	303 k €	+110%	144,4 k €	+8.3%	133,4 k €	-32.0%	196,2 k €	+57.6%	124,4 k €	-47.7%	237,8 k €	+178%	-306,5 k €	+26.6%	-417,7 k €	+13.5%	-482,8 k €	+42.5%	-839,3 k €	-7.9%	-777,8 k €	+29.8%	-1,1 M €	+50.7%	-2,2 M €	-84.3%	-1,2 M €	-1.5%	-1,2 M €	+6.9%	-1,3 M €	+1.2%	-1,3 M €
Balance sheet
Equity	3,1 M €	-23.5%	4,1 M €	-5.3%	4,3 M €	+7.6%	4 M €	+3.7%	3,9 M €	+3.6%	3,7 M €	-17.7%	4,5 M €	+2.8%	4,4 M €	+5.7%	4,2 M €	-6.8%	4,5 M €	-8.5%	4,9 M €	-9.0%	5,4 M €	-13.5%	6,2 M €	+352%	1,4 M €	+109%	-14,5 M €	-18.3%	-12,3 M €	-11.0%	-11,1 M €	-12.2%	-9,9 M €	-15.0%	-8,6 M €
Total assets	11,1 M €	-31.6%	16,3 M €	-2.4%	16,7 M €	-1.6%	17 M €	+2.3%	16,6 M €	-3.4%	17,2 M €	-4.8%	18 M €	-2.9%	18,5 M €	+23.5%	15 M €	-5.1%	15,8 M €	-5.9%	16,8 M €	-3.3%	17,4 M €	-2.6%	17,9 M €	-3.1%	18,4 M €	-2.9%	19 M €	-6.5%	20,3 M €	-1.2%	20,5 M €	-1.7%	20,9 M €	-3.7%	21,7 M €
Cash	681,8 k €	-38.1%	1,1 M €	+31.8%	835,9 k €	-23.2%	1,1 M €	+148%	438,6 k €	-83.0%	2,6 M €	+11.8%	2,3 M €	-12.6%	2,6 M €	+515%	429,7 k €	+267%	117,1 k €	-80.2%	590,2 k €	+74.9%	337,4 k €	+1.1%	333,7 k €	+243%	97,2 k €	-57.1%	226,5 k €	-81.3%	1,2 M €	+99.0%	607,2 k €	+65.3%	367,3 k €	-13.8%	426,3 k €
Debts	7,7 M €	-36.1%	12 M €	-1.6%	12,2 M €	-4.0%	12,7 M €	+0.3%	12,7 M €	-5.3%	13,4 M €	-0.4%	13,5 M €	-4.6%	14,1 M €	+31.2%	10,8 M €	-1.6%	10,9 M €	-5.4%	11,6 M €	-0.2%	11,6 M €	+2.2%	11,3 M €	-32.2%	16,7 M €	-49.6%	33,2 M €	+2.9%	32,2 M €	+4.6%	30,8 M €	+0.2%	30,8 M €	+2.6%	30 M €

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 32 ended

Active mandates

Dimitry UGOLKOV

Director · since 12 juin 2024 · until 19 mai 2027

Active

Fabio GASPERONI

Director · since 12 juin 2024 · until 19 mai 2027

Active

Ended mandates

Dmitry Ugolkov

Director · since 12 juin 2024 · until 19 mai 2027

Ended

Dmitry Ugolkov

Director · since 17 février 2023 · until 15 mai 2024

Ended

Dmitry Ugolkov

Director · since 17 février 2023 · until 12 juin 2024

Ended

Andrew Butler-Cassar

Director · since 16 septembre 2022 · until 15 décembre 2022

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	07/08/2026	31/07/2025	19/06/2024	22/02/2024	19/07/2022	27/10/2021
General meeting	31/07/2026	30/07/2025	12/06/2024	13/02/2024	29/06/2022	19/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	31/07/2026	07/08/2026	French	PDF
Abridged model	31/12/2024	30/07/2025	31/07/2025	French	PDF
Abridged model	31/12/2023	12/06/2024	19/06/2024	French	PDF
Abridged model	31/12/2022	13/02/2024	22/02/2024	French	PDF
Abridged model	31/12/2021	29/06/2022	19/07/2022	French	PDF
Abridged model	31/12/2020	19/05/2021	27/10/2021	French	PDF
Abridged model	31/12/2019	20/05/2020	02/07/2020	French	PDF
Abridged model	31/12/2018	16/05/2019	17/06/2019	French	PDF
Abridged model	31/12/2017	16/05/2018	30/05/2018	French	PDF
Abridged model	31/12/2016	17/05/2017	16/06/2017	French	PDF
Full model	31/12/2015	18/05/2016	26/05/2016	French	PDF
Full model	31/12/2014	20/05/2015	13/07/2015	French	PDF
Full model	31/12/2013	21/05/2014	16/06/2014	French	PDF
Full model	31/12/2012	28/06/2013	02/08/2013	French	PDF
Full model	31/12/2011	30/06/2012	23/07/2012	French	PDF
Full model	31/12/2010	18/05/2011	25/07/2011	French	PDF
Full model	31/12/2009	30/06/2010	10/08/2010	French	PDF
Full model	31/12/2008	20/05/2009	28/06/2009	French	PDF
Full model	31/12/2007	21/05/2008	30/05/2008	French	PDF
Full model	31/12/2006	16/05/2007	30/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 32 ended

Active mandates

Dimitry UGOLKOV

Director · since 12 juin 2024 · until 19 mai 2027

Active

Fabio GASPERONI

Director · since 12 juin 2024 · until 19 mai 2027

Active

Ended mandates

Dmitry Ugolkov

Director · since 12 juin 2024 · until 19 mai 2027

Ended

Dmitry Ugolkov

Director · since 17 février 2023 · until 15 mai 2024

Ended

Dmitry Ugolkov

Director · since 17 février 2023 · until 12 juin 2024

Ended

Andrew Butler-Cassar

Director · since 16 septembre 2022 · until 15 décembre 2022

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates17/09/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates30/05/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates23/01/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates04/10/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates17/02/2021
DEMISSIONS, NOMINATIONS
PDF
Capital / shares07/08/2020
CAPITAL, ACTIONS
PDF
Mandates12/02/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates14/08/2018
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-959,2 k €↓
2024
Annual accounts 2024-228,2 k €↓
2023
Annual accounts 2023303 k €↑
2022
Annual accounts 2022144,4 k €↑
2021
Annual accounts 2021133,4 k €↓
2020
Annual accounts 2020196,2 k €↑
2019
Annual accounts 2019124,4 k €↓
2018
Annual accounts 2018237,8 k €↑
2017
Annual accounts 2017-306,5 k €↑
2016
Annual accounts 2016-417,7 k €↑
2015
Annual accounts 2015-482,8 k €↑
2014
Annual accounts 2014-839,3 k €↓
2013
Annual accounts 2013-777,8 k €↑
2012
Annual accounts 2012-1,1 M €↑
2011
Annual accounts 2011-2,2 M €↓
2010
Annual accounts 2010-1,2 M €↓
2009
Annual accounts 2009-1,2 M €↑
2008
Annual accounts 2008-1,3 M €↑
2007
Annual accounts 2007-1,3 M €
25/06/1998
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

LOTHIAN DEVELOPMENTS III

Overview

What does LOTHIAN DEVELOPMENTS III do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline