Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Figures corrected NBB
Corrected annual account filed for 2023.
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Board fully replaced NBB
No director from three years ago is still active according to annual account 2025.
Financials
Financial year 2025
LUDO from Kortenberg, company number BE0400734318, closed financial year 2025 with a result of € -2.3 million after tax. For that financial year LUDO recorded revenue of € 43.8 million and equity of € 8.6 million. Compared with financial year 2024, the result moved from € 1.6 million to € -2.3 million. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on August 28, 2026.
€ 8.6 million
▼ 21% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -2.3 million
▼ still € 1.6 million profit in 2024
Profit after tax over the fiscal year.
€ 174,411
▼ 48% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 7.5 million.
People and assets in 2025
21.7
▲ 2.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.9 million
▲ 38% vs 2024
€ 86,000 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 36,359
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 5 million
Loans from banks and other lenders, long and short.
€ 4.4 million
▼ 58% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 42 days on average.
€ 382,315
▼ 44% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 24,650,941 | € 33,250,731 | € 27,576,373 | € 43,836,126 | ▲ 59% |
| Profit after taxes | € 2,521,675 | € 2,726,868 | € 1,572,468 | € -2,324,346 | ▼ € 3.9 million |
| Equity | € 8,519,002 | € 11,245,870 | € 10,958,338 | € 8,633,992 | ▼ 21% |
| Total debts | € 8,202,443 | € 6,059,647 | € 19,529,597 | € 11,383,526 | ▼ 42% |
| Cash | € 351,821 | € 824,574 | € 337,113 | € 174,411 | ▼ 48% |
| Land & buildings | € 133,567 | € 133,567 | € 0 | - | |
| Retained profit | € 7,403,481 | € 10,130,349 | € 9,842,817 | € 7,518,471 | ▼ 24% |
| Dividend | € 50,000 | € 0 | € 1,860,000 | € 0 | ▼ 100% |
| Bank debt | € 1,682,943 | € 1,000,000 | € 5,000,000 | € 5,000,000 | |
| Balance sheet total | € 16,927,722 | € 17,305,517 | € 30,487,935 | € 20,017,519 | ▼ 34% |
| Employees (FTE) | 19.6 | 19.8 | 19.3 | 21.7 | ▲ 2.4 |
Key figures of LUDO, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to LUDO?
What happened at LUDO in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Cycling Guru's NV NV stepped down as director. NBB
- VCP GP BV stepped down as director. NBB
- The Way To Go BV BV stepped down as director. NBB
- VCP BV stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 2.3 million (▼ € 3.9 million vs 2024). filed late Source: NBB ↗
- UBUNTU#2800 BV became a director. NBB
- Cycling Guru's NV NV became a director. NBB
- VCP GP BV became a director. NBB
In short
From € 2.5 million profit in 2022 to € 2.3 million loss in 2025.
Paid € 2.5 million in corporate taxes since 2022.
Best year ever: 2023, with € 2.7 million profit.
Paid out € 1.9 million in dividends to the owners in total.
Management
The stake of CYCLING GURU'S comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
LUDOBehind LUDO is UBUNTU#2800 BV. The shares are held by CYCLING GURU'S (100%).
Directors
According to the 2025 annual accounts
Director · represented by Matthias Lambers
since 2025
Managing director · represented by Johan Huygens
since 2024 · until 2030
Director · represented by Stijn Nauts
Also active at: KONTRIMO, OBEN RENTING EN SERVICE, LAMBRECHTS KONSTRUKTIE, ALLE BOUW MACHINES, BELFI, Oben Building Machines, VYTECH MENEN, VIP Scaffolding +42 more
since 2024 · until 2030
since 2023 · until 2030
Director · represented by Kristof Dockers
Also active at: JAGA, VERMA ENGINEERING, ALLE BOUW MACHINES, VYTECH MENEN, VYTECH DUFFEL, IMMAN L4, INTERMAT, VISCON GROUP BE +24 more
since 2024 · until 2030
Shareholders
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Karel Van Miertstraat 7
3070 Kortenberg
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
ONECOM, DK
Domain
Domain
granvillebikes.com
Registered
2001-06-17
Registrar
OVH, SAS
Expires
2026-06-17
Website info
Features
Security
Network
Details
- Company number
- 0400.734.318
- VAT number
- BE 0400.734.318
- Registered office
- Karel Van Miertstraat 7, 3070 Kortenberg
- Names & denominations
- LUDO
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 1 January 1968
- Peppol
- Active · Active since 6 Jan 2026
- Contact
- granvillebikes.com
- Activities · NACE
Vervaardiging van fietsen en invalidenwagens
Vervaardiging van rijwielen
Groothandel in fietsen
Groothandel in sport- en kampeerartikelen, rijwielen en onderdelen en toebehoren daarvan, spellen en speelgoed
Groothandel in sport- en kampeerartikelen, met uitzondering van fietsen
Vervaardiging van motorfietsen
Groothandel in motorfietsen, delen en toebehoren van motorfietsen
Handelsbemiddeling en groothandel in motorfietsen en delen en toebehoren van motorfietsen