Lakefront Biotherapeutics: growth far beyond its economy.

1. From profit to three straight losses. Lakefront Biotherapeutics earned €0.1 billion in 2019–2019. Then it lost money every year from 2020 to 2022: €0.6 billion in all. 2023 was its first profit in four years: €0.2 billion.
2. It outgrew its own economy many times over. Revenue rose from €0.1 billion in 2016 to €1.1 billion in 2025: 8.6 times as much. Belgium's economy, counted the same way in money terms, grew about 52%. Whatever drove it, the economy around it does not account for growth of that size.
3. The cycle hit it too. The losses began in 2020, when Belgium economy shrank 4.8%. Part of the damage came from outside; the test is whether it recovered when the economy did.
4. Ahead of almost everyone like it. From 2016 to 2025, its revenue grew 780% in US dollars; the median among 586 large manufacturers grew 58%. It outgrew 96% of them.

Financial results

As reported in its annual filings, in EUR. Losses in red.