ACTIVE

LBMH

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Financial year 2025 · closed on 31/12/2025

Net result

-8,9 k €

+82.8% YoY

Gross margin

-12,2 k €

+58.6% YoY

Equity

-31,5 k €

-39.2% YoY

What does LBMH do?

LBMH is a Public limited company incorporated in 2008. Its main activity is: Development of building projects. Its registered office is in Liège.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0898.626.014

Incorporation

18/06/2008

Legal form

Public limited company

Registered office

Avenue Blonden 44 box 12
4000 Liège · WallonieSee on map

Contributed capital

100 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

41101Development of building projects· main 68121Buying and selling of own real estate 41001Construction of buildings 41201Construction of residential and non-residential buildings 43990Other specialised construction activities n.e.c.43995Other specialised construction activities n.e.c.+2

Signals

Good liquidity

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Income statement
Gross margin	-12,2 k €	+58.6%	-29,4 k €	-701%	-3,7 k €	-133%	11 k €	+121%	-53,5 k €	-186%	62,3 k €	-73.7%	237 k €	+3360%	-7,3 k €	+20.3%	-9,1 k €	-110%	89,3 k €	-18.9%	110,2 k €	+268%	29,9 k €	-71.2%	104 k €	-62.9%	280,7 k €	+509%	46,1 k €	+1072%	3,9 k €	+350%	-1,6 k €
EBITDA	-18 k €	+51.0%	-36,7 k €	-261%	-10,2 k €	+72.3%	-36,7 k €	+62.5%	-98 k €	-553%	21,6 k €	-88.6%	189,2 k €	+2114%	8,5 k €	+114%	-60,6 k €	-396%	20,5 k €	-67.3%	62,6 k €	+504%	-15,5 k €	-126%	59 k €	-70.7%	201,3 k €	+348%	45 k €	+1165%	3,6 k €	+243%	-2,5 k €
Operating result	-3,1 k €	+91.9%	-38,6 k €	-112%	-18,2 k €	+58.6%	-43,9 k €	+56.6%	-101,1 k €	-670%	17,7 k €	-89.8%	174,7 k €	+4543%	3,8 k €	+106%	-67,8 k €	-854%	9 k €	-83.5%	54,6 k €	+316%	-25,2 k €	-148%	52,6 k €	-73.7%	199,9 k €	+344%	45 k €	+1165%	3,6 k €	+243%	-2,5 k €
Net result	-8,9 k €	+82.8%	-51,6 k €	-65.7%	-31,2 k €	+46.8%	-58,6 k €	+25.2%	-78,4 k €	-3143%	2,6 k €	-98.2%	141,3 k €	+801%	-20,2 k €	+76.3%	-85 k €	-400%	-17 k €	-228%	13,3 k €	+118%	-73,5 k €	-447%	-13,4 k €	-109%	142,7 k €	+476%	24,8 k €	+606%	-4,9 k €	+63.5%	-13,4 k €
Balance sheet
Equity	-31,5 k €	-39.2%	-22,6 k €	-178%	29 k €	-51.8%	60,2 k €	-49.3%	118,8 k €	-39.7%	197,2 k €	-63.1%	534,6 k €	+35.9%	393,3 k €	-4.9%	413,5 k €	-17.1%	498,5 k €	-3.3%	515,5 k €	+2.7%	502,2 k €	-12.8%	575,7 k €	-2.3%	589,1 k €	+32.0%	446,4 k €	+5.9%	421,7 k €	+387%	86,6 k €
Total assets	236,2 k €	-33.5%	355,1 k €	-34.8%	544,3 k €	-13.4%	628,8 k €	-28.8%	883,2 k €	-15.7%	1 M €	-44.1%	1,9 M €	-17.6%	2,3 M €	+44.5%	1,6 M €	-11.9%	1,8 M €	-29.3%	2,5 M €	-14.7%	3 M €	+21.0%	2,5 M €	+48.8%	1,6 M €	+10.0%	1,5 M €	+32.0%	1,1 M €	+352%	251 k €
Cash	107 k €	+150%	42,8 k €		–		58,7 k €	+710%	7,3 k €	-63.7%	20 k €	-84.0%	124,6 k €	+1109%	10,3 k €	-89.9%	102,3 k €	+73.6%	58,9 k €	-76.2%	247,3 k €	+185%	86,7 k €	-59.2%	212,9 k €	+23.5%	172,4 k €	+5.3%	163,7 k €	+131%	71 k €	+407%	14 k €
Debts	228,2 k €	-30.5%	328,2 k €	-29.3%	464,2 k €	-10.3%	517,4 k €	-27.5%	713,6 k €	-10.9%	801 k €	-38.1%	1,3 M €	-30.1%	1,9 M €	+72.4%	1,1 M €	-11.4%	1,2 M €	-37.1%	1,9 M €	-17.5%	2,3 M €	+33.3%	1,8 M €	+79.0%	979,2 k €	-6.8%	1,1 M €	+47.4%	712,7 k €	+333%	164,4 k €
Other
Workforce	–		–		0,5 ETP	-50.0%	1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	+42.9%	0,7 ETP	-30.0%	1,0 ETP	+42.9%	0,7 ETP	-56.3%	1,6 ETP	-15.8%	1,9 ETP	+5.6%	1,8 ETP		–		–		–		–		–

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 11 ended

Active mandates

Bernard Heiderscheidt

Director

Active

Laurent Massillon

Director

Active

Ended mandates

Bernard Heiderscheidt

Director · since 15 décembre 2023 · until 15 décembre 2029

Ended

Laurent Massillon

Director · since 15 décembre 2023 · until 15 décembre 2029

Ended

Laurent Massillon

Director · since 15 décembre 2023 · until 31 décembre 2029

Ended

Bernard Heiderscheidt

Managing director · since 31 mai 2019 · until 31 mai 2026

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	24/08/2026	29/08/2025	06/12/2024	08/12/2023	21/10/2022	13/12/2021
General meeting	30/06/2026	22/08/2025	04/10/2024	26/10/2023	14/10/2022	30/11/2021
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

17 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	24/08/2026	French	PDF
Abridged model	31/12/2024	22/08/2025	29/08/2025	French	PDF
Abridged model	31/12/2023	04/10/2024	06/12/2024	French	PDF
Abridged model	31/12/2022	26/10/2023	08/12/2023	French	PDF
Abridged model	31/12/2021	14/10/2022	21/10/2022	French	PDF
Abridged model	31/12/2020	30/11/2021	13/12/2021	French	PDF
Abridged model	31/12/2019	27/11/2020	07/12/2020	French	PDF
Abridged model	31/12/2018	31/05/2019	27/09/2019	French	PDF
Abridged model	31/12/2017	25/05/2018	31/08/2018	French	PDF
Abridged model	31/12/2016	26/05/2017	25/09/2017	French	PDF
Abridged model	31/12/2015	27/05/2016	13/07/2016	French	PDF
Abridged model	31/12/2014	29/05/2015	17/07/2015	French	PDF
Abridged model	31/12/2013	30/05/2014	29/08/2014	French	PDF
Abridged model	31/12/2012	31/05/2013	27/09/2013	French	PDF
Abridged model	31/12/2011	25/05/2012	28/08/2012	French	PDF
Abridged model	31/12/2010	27/05/2011	22/06/2011	French	PDF
Abridged model	31/12/2009	28/05/2010	31/08/2010	French	PDF

Estimate

Indicative valuation

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 · 11 ended

Active mandates

Bernard Heiderscheidt

Director

Active

Laurent Massillon

Director

Active

Ended mandates

Bernard Heiderscheidt

Director · since 15 décembre 2023 · until 15 décembre 2029

Ended

Laurent Massillon

Director · since 15 décembre 2023 · until 15 décembre 2029

Ended

Laurent Massillon

Director · since 15 décembre 2023 · until 31 décembre 2029

Ended

Bernard Heiderscheidt

Managing director · since 31 mai 2019 · until 31 mai 2026

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates29/12/2023
DEMISSIONS, NOMINATIONS
PDF
Registered office06/12/2021
SIEGE SOCIAL
PDF
Mandates06/01/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates30/08/2013
DEMISSIONS, NOMINATIONS
PDF
Other27/06/2008
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 2025-8,9 k €↑
2024
Annual accounts 2024-51,6 k €↓
2023
Annual accounts 2023-31,2 k €↑
2022
Annual accounts 2022-58,6 k €↑
2021
Annual accounts 2021-78,4 k €↓
2020
Annual accounts 20202,6 k €↓
2019
Annual accounts 2019141,3 k €↑
2018
Annual accounts 2018-20,2 k €↑
2017
Annual accounts 2017-85 k €↓
2016
Annual accounts 2016-17 k €↓
2015
Annual accounts 201513,3 k €↑
2014
Annual accounts 2014-73,5 k €↓
2013
Annual accounts 2013-13,4 k €↓
2012
Annual accounts 2012142,7 k €↑
2011
Annual accounts 201124,8 k €↑
2010
Annual accounts 2010-4,9 k €↑
2009
Annual accounts 2009-13,4 k €
18/06/2008
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

LBMH

Overview

What does LBMH do?

Trend over 17 financial years

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