K-LEAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-02-2026 PDF all 12 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€0
Total assets
€829,214▲ 7.7%
2024 · €770,265
Net result
€130,747▼ 12.4%
2024 · €149,186
Working capital
€611,357▲ 11.0%
2024 · €550,803
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€179,694
▼ 8.3%
2025
20182025
Net result
€130,747
▼ 12.4%
2025
highest quarter of the sector
20182025
Equity
€723,498
▲ 7.5%
2025
highest quarter of the sector
20182025
Total assets
€829,214
▲ 7.7%
2025
highest quarter of the sector
20182025
Debt
€105,716
▲ 8.5%
2025
20182025
Working capital
€611,357
▲ 11.0%
2025
highest quarter of the sector
20182025
Solvency
87.3%
▼ 0.1pp
2025
highest quarter of the sector
20182025
Current ratio
8.91
▼ 2.27
2025
highest quarter of the sector
20182025
Return on assets (ROA)
15.8%
▼ 3.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0-
Operating result€111,865-€117,672▲ 5.2%€113,024▼ 3.9%€130,783▲ 15.7%€132,415▲ 1.2%€159,890▲ 20.7%€195,950▲ 22.6%€179,694▼ 8.3%
Net result€74,702-€79,059▲ 5.8%€78,178above the sector's middle half▼ 1.1%€90,023above the sector's middle half▲ 15.2%€100,124above the sector's middle half▲ 11.2%€110,896above the sector's middle half▲ 10.8%€149,186above the sector's middle half▲ 34.5%€130,747above the sector's middle half▼ 12.4%
Equity€222,994-€302,053▲ 35.5%€380,231above the sector's middle half▲ 25.9%€375,255above the sector's middle half▼ 1.3%€487,778above the sector's middle half▲ 30.0%€598,675above the sector's middle half▲ 22.7%€672,861above the sector's middle half▲ 12.4%€723,498above the sector's middle half▲ 7.5%
Total assets€358,295-€457,672▲ 27.7%€429,346within the sector's middle half▼ 6.2%€513,762above the sector's middle half▲ 19.7%€517,234above the sector's middle half▲ 0.7%€637,894above the sector's middle half▲ 23.3%€770,265above the sector's middle half▲ 20.8%€829,214above the sector's middle half▲ 7.7%
Debt€135,301-€155,619▲ 15.0%€49,115▼ 68.4%€138,507▲ 182%€29,456▼ 78.7%€39,219▲ 33.1%€97,404▲ 148%€105,716▲ 8.5%
Working capital€94,041-€161,174▲ 71.4%€251,382above the sector's middle half▲ 56.0%€258,343above the sector's middle half▲ 2.8%€383,039above the sector's middle half▲ 48.3%€513,525above the sector's middle half▲ 34.1%€550,803above the sector's middle half▲ 7.3%€611,357above the sector's middle half▲ 11.0%
Solvency62.2%-66.0%▲ 3.8pp88.6%above the sector's middle half▲ 22.6pp73.0%within the sector's middle half▼ 15.5pp94.3%above the sector's middle half▲ 21.3pp93.9%above the sector's middle half▼ 0.5pp87.4%above the sector's middle half▼ 6.5pp87.3%above the sector's middle half▼ 0.1pp
Current ratio1.70-2.23▲ 0.548.64above the sector's middle half▲ 6.412.97within the sector's middle half▼ 5.6714.00above the sector's middle half▲ 11.0314.09above the sector's middle half▲ 0.0911.18above the sector's middle half▼ 2.918.91above the sector's middle half▼ 2.27
Return on assets (ROA)20.8%-17.3%▼ 3.6pp18.2%within the sector's middle half▲ 0.9pp17.5%within the sector's middle half▼ 0.7pp19.4%within the sector's middle half▲ 1.8pp17.4%within the sector's middle half▼ 2.0pp19.4%within the sector's middle half▲ 2.0pp15.8%within the sector's middle half▼ 3.6pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 8% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €829,214
Fixed assets
€140,609 ▼ 15.0%
Current assets
€688,605 ▲ 13.8%
Equity and liabilities €829,214
Equity
€723,498 ▲ 7.5%
Debt
€105,716 ▲ 8.5%
Debt's share of the balance-sheet total rises from 12.6% to 12.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€204,440▼
2024 · €206,724
Cash flow
€155,493▼
2024 · €159,961
Debt to equity
0.15▲
2024 · 0.14
ROE
18.1%▼
2024 · 22.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€77,248▲
2024 · €54,107
Debt > 1 year
€28,468▼
2024 · €43,298
Income taxes
€57,004▼
2024 · €64,120
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €90,979 | - |
| Depreciation and write-downs of the year | €19,589 | €19,589 | €10,775 | €24,746 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0 | - | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,941 | €20,875 | €20,749 | €20,749 | €19,589 | €19,589 | €10,775 | €24,746 | ▲ 130% |
| Other operating charges640/8 | - | - | - | - | €2,487 | €2,054 | €1,687 | €1,609 | ▼ 4.6% |
| Gross operating margin9900 | €130,076 | €141,471 | €135,529 | €153,638 | €154,492 | €181,533 | €208,412 | €206,049 | ▼ 1.1% |
| Operating profit (loss)9901 | €111,865 | €117,672 | €113,024 | €130,783 | €132,415 | €159,890 | €195,950 | €179,694 | ▼ 8.3% |
| Financial income75/76B | - | - | - | - | - | €2,701 | €17,889 | €9,883 | ▼ 44.8% |
| Recurring financial income75 | €0 | €1 | €0 | - | - | €2,701 | €17,889 | €9,883 | ▼ 44.8% |
| Financial charges65/66B | - | - | - | - | €219 | €257 | €533 | €1,827 | ▲ 243% |
| Recurring financial charges65 | €4,911 | €4,599 | €1,040 | €372 | €219 | €257 | €533 | €1,827 | ▲ 243% |
| Profit (loss) for the period before taxes9903 | €106,953 | €113,074 | €111,984 | €130,411 | €132,197 | €162,334 | €213,306 | €187,751 | ▼ 12.0% |
| Income taxes67/77 | €32,251 | €34,014 | €33,807 | €40,388 | €32,073 | €51,438 | €64,120 | €57,004 | ▼ 11.1% |
| Profit (loss) for the period9904 | €74,702 | €79,059 | €78,178 | €90,023 | €100,124 | €110,896 | €149,186 | €130,747 | ▼ 12.4% |
| Profit (loss) for the period to be appropriated9905 | €74,702 | €79,059 | €78,178 | €90,023 | €100,124 | €110,896 | €149,186 | €130,747 | ▼ 12.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €358,295 | €457,672 | €429,346 | €513,762 | €517,234 | €637,894 | €770,265 | €829,214 | ▲ 7.7% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €128,953 | €165,827 | €145,077 | €124,328 | €104,739 | €85,150 | €165,355 | €140,609 | ▼ 15.0% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €128,953 | €165,827 | €145,077 | €124,328 | €104,739 | €85,150 | €165,355 | €140,609 | ▼ 15.0% |
| Land and buildings22 | - | - | - | - | €91,700 | €85,150 | €78,600 | €72,050 | ▼ 8.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €2,194 | €1,734 | ▼ 21.0% |
| Furniture and vehicles24 | - | - | - | - | €13,039 | €0 | €84,560 | €66,824 | ▼ 21.0% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €229,341 | €291,845 | €284,269 | €389,434 | €412,495 | €552,744 | €604,910 | €688,605 | ▲ 13.8% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €19,081 | €20,978 | €22,268 | €6,626 | €25,531 | €24,338 | €24,300 | €128 | ▼ 99.5% |
| Trade receivables40 | - | - | - | - | €23,916 | €24,338 | €24,300 | €128 | ▼ 99.5% |
| Other amounts receivable41 | - | - | - | - | €1,615 | €0 | - | - | - |
| Current investments50/53 | €0 | - | - | - | - | €400,000 | €500,000 | €575,000 | ▲ 15.0% |
| Cash at bank and in hand54/58 | €208,759 | €269,263 | €260,259 | €381,053 | €385,580 | €125,721 | €78,945 | €112,255 | ▲ 42.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,385 | €2,685 | €1,665 | €1,222 | ▼ 26.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €358,295 | €457,672 | €429,346 | €513,762 | €517,234 | €637,894 | €770,265 | €829,214 | ▲ 7.7% |
| Equity10/15 | €222,994 | €302,053 | €380,231 | €375,255 | €487,778 | €598,675 | €672,861 | €723,498 | ▲ 7.5% |
| Contributions10/11 | €6,200 | €6,200 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €216,794 | €295,853 | €374,031 | €369,055 | €469,178 | €580,075 | €654,261 | €704,898 | ▲ 7.7% |
| Non-distributable reserves130/1 | - | - | - | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €469,178 | €580,075 | €654,261 | €704,898 | ▲ 7.7% |
| Profit (loss) carried forward14 | €0 | - | - | - | €0 | - | €0 | €0 | - |
| Amounts payable17/49 | €135,301 | €155,619 | €49,115 | €138,507 | €29,456 | €39,219 | €97,404 | €105,716 | ▲ 8.5% |
| Amounts payable after more than one year17 | - | €24,947 | €16,229 | €7,416 | €0 | - | €43,298 | €28,468 | ▼ 34.2% |
| Financial debts170/4 | - | - | - | - | €0 | - | €43,298 | €28,468 | ▼ 34.2% |
| Amounts payable within one year42/48 | €135,301 | €130,672 | €32,887 | €131,091 | €29,456 | €39,219 | €54,107 | €77,248 | ▲ 42.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €7,416 | €0 | €14,356 | €14,829 | ▲ 3.3% |
| Trade debts44 | €1,465 | €5,327 | €1,257 | €3,344 | €1,141 | €570 | €882 | €119 | ▼ 86.5% |
| Suppliers440/4 | - | - | - | - | €1,141 | €570 | €882 | €119 | ▼ 86.5% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €145 | - |
| Taxes, remuneration and social security45 | - | - | - | - | €20,899 | €38,649 | €38,869 | €62,154 | ▲ 59.9% |
| Taxes450/3 | - | - | - | - | €20,899 | €38,649 | €38,869 | €62,154 | ▲ 59.9% |
| Other amounts payable47/48 | - | - | - | - | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €74,702 | €79,059 | €78,178 | €90,023 | €100,124 | €110,896 | €149,186 | €130,747 | ▼ 12.4% |
| + Depreciation and write-downs630 | €16,941 | €20,875 | €20,749 | €20,749 | €19,589 | €19,589 | €10,775 | €24,746 | ▲ 130% |
| Operating cash flow (approximation) | €91,644 | €99,935 | €98,927 | €110,773 | €119,713 | €130,485 | €159,961 | €155,493 | ▼ 2.8% |
| Investment in fixed assets (approximation) | - | -€57,749 | €0 | €0 | €0 | €0 | -€90,979 | €0 | - |
| Change in cash | - | €60,504 | -€9,005 | €120,794 | €4,527 | -€259,859 | -€46,776 | €33,310 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,811 companies had the same profile as K-LEAN has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of K-LEAN itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,811 companies, not a prediction for K-LEAN. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-02-2026 | 2026-00035759 | |
| 31-12-2024 | micro format | 21-03-2025 | 2025-00051882 | |
| 31-12-2023 | micro format | 31-01-2024 | 2024-00019062 | |
| 31-12-2022 | micro format | 22-02-2023 | 2023-00030076 | |
| 31-12-2021 | micro format | 28-03-2022 | 2022-08800082 | |
| 31-12-2020 | micro format | 19-03-2021 | 2021-07900465 | |
| 31-12-2019 | micro format | 23-03-2020 | 2020-07300441 | |
| 31-12-2018 | micro format | 15-03-2019 | 2019-07100561 | |
| 31-12-2017 | micro format | 27-02-2018 | 2018-05700221 | |
| 31-12-2016 | abbreviated format | 15-02-2017 | 2017-04500485 |