Landerius
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-04-2026 PDF all 10 filings
Turnover
≈ €190,000
Estimated: probably between €140,000 and €240,000
Total assets
€287,049▲ 14.5%
2024 · €250,702
Net result
€57,701▼ 2.2%
2024 · €58,989
Working capital
€218,702▲ 23.9%
2024 · €176,524
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€79,699
▼ 2.6%
2025
20192025
Net result
€57,701
▼ 2.2%
2025
middle half of the sector
20192025
Equity
€241,520
▲ 19.7%
2025
highest quarter of the sector
20192025
Total assets
€287,049
▲ 14.5%
2025
middle half of the sector
20192025
Debt
€45,529
▼ 6.9%
2025
20192025
Working capital
€218,702
▲ 23.9%
2025
highest quarter of the sector
20192025
Solvency
84.1%
▲ 3.6pp
2025
highest quarter of the sector
20192025
Current ratio
6.04
▲ 0.37
2025
highest quarter of the sector
20192025
Return on assets (ROA)
20.1%
▼ 3.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€20,278-€58,537▲ 189%€25,024▼ 57.3%€62,757▲ 151%€65,445▲ 4.3%€81,853▲ 25.1%€79,699▼ 2.6%
Net result€14,472-€42,315within the sector's middle half▲ 192%€17,975within the sector's middle half▼ 57.5%€44,608within the sector's middle half▲ 148%€44,948within the sector's middle half▲ 0.8%€58,989within the sector's middle half▲ 31.2%€57,701within the sector's middle half▼ 2.2%
Equity€66,064-€99,879within the sector's middle half▲ 51.2%€113,655within the sector's middle half▲ 13.8%€157,463within the sector's middle half▲ 38.5%€149,811within the sector's middle half▼ 4.9%€201,819within the sector's middle half▲ 34.7%€241,520above the sector's middle half▲ 19.7%
Total assets€83,302-€119,779within the sector's middle half▲ 43.8%€125,637within the sector's middle half▲ 4.9%€217,040within the sector's middle half▲ 72.8%€222,997within the sector's middle half▲ 2.7%€250,702within the sector's middle half▲ 12.4%€287,049within the sector's middle half▲ 14.5%
Debt€17,237-€19,899▲ 15.4%€11,983▼ 39.8%€59,577▲ 397%€73,186▲ 22.8%€48,882▼ 33.2%€45,529▼ 6.9%
Working capital€55,971-€86,416within the sector's middle half▲ 54.4%€102,317within the sector's middle half▲ 18.4%€176,352above the sector's middle half▲ 72.4%€122,065within the sector's middle half▼ 30.8%€176,524above the sector's middle half▲ 44.6%€218,702above the sector's middle half▲ 23.9%
Solvency79.3%-83.4%above the sector's middle half▲ 4.1pp90.5%above the sector's middle half▲ 7.1pp72.6%within the sector's middle half▼ 17.9pp67.2%within the sector's middle half▼ 5.4pp80.5%above the sector's middle half▲ 13.3pp84.1%above the sector's middle half▲ 3.6pp
Current ratio4.45-5.65above the sector's middle half▲ 1.2010.66above the sector's middle half▲ 5.026.69above the sector's middle half▼ 3.973.30within the sector's middle half▼ 3.405.67above the sector's middle half▲ 2.376.04above the sector's middle half▲ 0.37
Return on assets (ROA)17.4%-35.3%above the sector's middle half▲ 18.0pp14.3%within the sector's middle half▼ 21.0pp20.6%within the sector's middle half▲ 6.2pp20.2%within the sector's middle half▼ 0.4pp23.5%within the sector's middle half▲ 3.4pp20.1%within the sector's middle half▼ 3.4pp
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 3% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €287,049
Fixed assets
€24,928 ▼ 31.5%
Current assets
€262,121 ▲ 22.3%
Equity and liabilities €287,049
Equity
€241,520 ▲ 19.7%
Debt
€45,529 ▼ 6.9%
Debt's share of the balance-sheet total falls from 19.5% to 15.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€91,148▼
2024 · €93,302
Cash flow
€69,150▼
2024 · €70,438
Debt to equity
0.19▼
2024 · 0.24
ROE
23.9%▼
2024 · 29.2%
Interest coverage
76.25▼
2024 · 90.26
Debt ≤ 1 year
€43,420▲
2024 · €37,801
Income taxes
€22,655▼
2024 · €23,061
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,132 | €53,692 | - | - |
| Depreciation and write-downs of the year | €5,148 | €11,630 | €11,449 | €11,449 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,421 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,436 | €4,161 | €4,878 | €5,148 | €11,630 | €11,449 | €11,449 | = |
| Other operating charges640/8 | - | - | - | €1,144 | €849 | €740 | €888 | ▲ 19.9% |
| Gross operating margin9900 | €24,783 | €63,583 | €30,897 | €69,049 | €77,924 | €94,042 | €92,036 | ▼ 2.1% |
| Operating profit (loss)9901 | €20,278 | €58,537 | €25,024 | €62,757 | €65,445 | €81,853 | €79,699 | ▼ 2.6% |
| Financial income75/76B | - | - | - | €0 | - | €1,231 | €1,852 | ▲ 50.5% |
| Recurring financial income75 | - | €11 | - | €0 | - | €1,231 | €1,852 | ▲ 50.5% |
| Financial charges65/66B | - | - | - | €391 | €1,253 | €1,034 | €1,195 | ▲ 15.6% |
| Recurring financial charges65 | €348 | €143 | €132 | €391 | €1,253 | €1,034 | €1,195 | ▲ 15.6% |
| Profit (loss) for the period before taxes9903 | €19,929 | €58,405 | €24,892 | €62,366 | €64,192 | €82,050 | €80,356 | ▼ 2.1% |
| Income taxes67/77 | €5,457 | €16,091 | €6,917 | €17,757 | €19,244 | €23,061 | €22,655 | ▼ 1.8% |
| Profit (loss) for the period9904 | €14,472 | €42,315 | €17,975 | €44,608 | €44,948 | €58,989 | €57,701 | ▼ 2.2% |
| Profit (loss) for the period to be appropriated9905 | €14,472 | €42,315 | €17,975 | €44,608 | €44,948 | €58,989 | €57,701 | ▼ 2.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €83,302 | €119,779 | €125,637 | €217,040 | €222,997 | €250,702 | €287,049 | ▲ 14.5% |
| Fixed assets21/28 | €11,093 | €14,763 | €12,731 | €9,715 | €47,826 | €36,377 | €24,928 | ▼ 31.5% |
| Tangible fixed assets22/27 | €11,053 | €14,723 | €12,691 | €9,675 | €47,786 | €36,337 | €24,888 | ▼ 31.5% |
| Furniture and vehicles24 | - | - | - | €6,082 | €45,525 | €34,360 | €23,195 | ▼ 32.5% |
| Other tangible fixed assets26 | - | - | - | €3,593 | €2,261 | €1,977 | €1,692 | ▼ 14.4% |
| Financial fixed assets28 | €40 | €40 | €40 | €40 | €40 | €40 | €40 | = |
| Current assets29/58 | €72,209 | €105,015 | €112,906 | €207,325 | €175,170 | €214,325 | €262,121 | ▲ 22.3% |
| Amounts receivable within one year40/41 | €20,573 | €17,936 | €6,478 | €28,375 | €29,962 | €34,214 | €32,816 | ▼ 4.1% |
| Trade receivables40 | - | - | - | €28,375 | €29,962 | €34,214 | €32,816 | ▼ 4.1% |
| Current investments50/53 | - | - | - | - | - | - | €16,261 | - |
| Cash at bank and in hand54/58 | €50,001 | €86,486 | €106,144 | €177,032 | €143,248 | €179,282 | €210,065 | ▲ 17.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,918 | €1,960 | €829 | €2,980 | ▲ 259% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €83,302 | €119,779 | €125,637 | €217,040 | €222,997 | €250,702 | €287,049 | ▲ 14.5% |
| Equity10/15 | €66,064 | €99,879 | €113,655 | €157,463 | €149,811 | €201,819 | €241,520 | ▲ 19.7% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €59,580 | €93,580 | €107,380 | €151,260 | €143,600 | €195,600 | €235,300 | ▲ 20.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €149,400 | €143,600 | €195,600 | €235,300 | ▲ 20.3% |
| Profit (loss) carried forward14 | €284 | €99 | €75 | €3 | €11 | €19 | €20 | ▲ 3.2% |
| Amounts payable17/49 | €17,237 | €19,899 | €11,983 | €59,577 | €73,186 | €48,882 | €45,529 | ▼ 6.9% |
| Amounts payable after more than one year17 | - | - | - | €26,607 | €17,980 | €9,113 | - | - |
| Financial debts170/4 | - | - | - | €26,607 | €17,980 | €9,113 | - | - |
| Amounts payable within one year42/48 | €16,237 | €18,599 | €10,589 | €30,973 | €53,105 | €37,801 | €43,420 | ▲ 14.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,393 | €8,627 | €8,867 | €9,113 | ▲ 2.8% |
| Financial debts43 | - | - | - | €195 | €125 | €702 | €36 | ▼ 94.8% |
| Credit institutions430/8 | - | - | - | €195 | €125 | €702 | €36 | ▼ 94.8% |
| Trade debts44 | €812 | €541 | €239 | €2,632 | €86 | €508 | €121 | ▼ 76.2% |
| Suppliers440/4 | - | - | - | €2,632 | €86 | €508 | €121 | ▼ 76.2% |
| Taxes, remuneration and social security45 | - | - | - | €18,660 | €18,989 | €15,405 | €18,236 | ▲ 18.4% |
| Taxes450/3 | - | - | - | €18,660 | €18,989 | €15,405 | €18,236 | ▲ 18.4% |
| Other amounts payable47/48 | - | - | - | €1,094 | €25,279 | €12,318 | €15,914 | ▲ 29.2% |
| Accrued charges and deferred income492/3 | - | - | - | €1,997 | €2,101 | €1,968 | €2,109 | ▲ 7.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,472 | €42,315 | €17,975 | €44,608 | €44,948 | €58,989 | €57,701 | ▼ 2.2% |
| + Depreciation and write-downs630 | €3,436 | €4,161 | €4,878 | €5,148 | €11,630 | €11,449 | €11,449 | = |
| Operating cash flow (approximation) | €17,909 | €46,476 | €22,854 | €49,757 | €56,578 | €70,438 | €69,150 | ▼ 1.8% |
| Investment in fixed assets (approximation) | - | -€7,831 | -€2,846 | -€2,132 | -€49,741 | €0 | €0 | - |
| Change in cash | - | €36,485 | €19,658 | €70,888 | -€33,784 | €36,034 | €30,783 | ▼ 14.6% |
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, 34,693 companies had the same profile as Landerius has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Landerius 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 34,693 companies, not a prediction for Landerius. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 02-04-2026 | 2026-00070755 | |
| 30-09-2024 | micro format | 22-04-2025 | 2025-00072340 | |
| 30-09-2023 | micro format | 16-04-2024 | 2024-00063292 | |
| 30-09-2022 | micro format | 30-03-2023 | 2023-00048388 | |
| 30-09-2021 | micro format | 07-03-2022 | 2022-07100056 | |
| 30-09-2020 | micro format | 01-04-2021 | 2021-09200501 | |
| 30-09-2019 | micro format | 01-04-2020 | 2020-08100280 | |
| 30-09-2018 | micro format | 19-03-2019 | 2019-07200269 | |
| 30-09-2017 | micro format | 30-03-2018 | 2018-08900182 | |
| 30-09-2016 | abbreviated format | 17-03-2017 | 2017-06500071 |