Equity
LBGex has made a profit in every financial year since 2021.
The dashed line is the sector median: 0.1% across 14,830 companies (NACE 71, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 71, micro). It does better than 60% of them on solvency, 71% on liquidity, 74% on profitability and 85% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 26,972 companies had the same profile as LBGex has now. Each dot stands for 68 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LBGex itself is lower: < 0.1% within 12 months. It rests on far more data about LBGex than the profile alone.
The method was tested on the 497,447 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 26,972 companies, not a prediction for LBGex. 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.
Liquidity is ample, with a current ratio of 2.08 (0.95 in 2024), above the usual 1.5. Short-term debt is 27.8% and cash 34.1% of total assets. 38.2% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 8 days after the deadline. In the sector (NACE 71), the median for financial year 2024 was 8 days before the deadline, and 34% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| LBGex Jalhay | €108,845 | €85,355 | 61.8% | - |
| BELANEX Ghent | €118,663 | €77,894 | 77.5% | - |
| Landmeter-expert Jori Verschaeve Zonnebeke | €89,776 | €85,730 | 86.5% | - |
| KEY2INVEST Braine-l'Alleud | €112,605 | €75,863 | 41.5% | - |
| GabRod Forest | €124,171 | €99,733 | 34.9% | - |
| JDB Landmeter-expert Antwerp | €87,427 | €69,878 | 4.6% | - |
| POLYGONALE Rebecq | €139,926 | €77,871 | 4.3% | - |
These companies have the same main activity as LBGex: land surveying (NACE 71122). They are comparable in size and age: total assets between €87,400 and €140,000, founded between 2019 and 2022.
LBGex files the micro format. That format states no turnover. The gross margin rose from €39,740 in 2021 to €85,355 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €180,000. Estimated: probably between €140,000 and €250,000.
Higher than 58% of 11,794 companies in 2025.
Higher than 50% of 11,521 companies in 2025.
Higher than 71% of 11,605 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
108,845 | 124,229 | 122,651 | 99,270 | 93,993 | |
20 |
- | - | - | 639 | 1,407 | |
21/28 |
45,912 | 68,122 | 59,095 | 44,445 | 53,384 | |
22/27 |
45,912 | 68,122 | 59,095 | 44,445 | 53,384 | |
22 |
19,794 | 22,324 | 266 | 603 | 939 | |
23 |
8,322 | 15,859 | 16,150 | 24,961 | 33,772 | |
24 |
17,796 | 29,939 | 42,679 | 18,881 | 18,673 | |
29/58 |
62,933 | 56,107 | 63,556 | 54,186 | 39,202 | |
40/41 |
25,824 | 5,535 | 25,084 | 22,396 | 15,693 | |
40 |
15,799 | 4,710 | 23,069 | 19,816 | 15,133 | |
41 |
10,025 | 825 | 2,015 | 2,580 | 560 | |
54/58 |
37,109 | 50,572 | 38,472 | 31,791 | 23,510 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
108,845 | 124,229 | 122,651 | 99,270 | 93,993 | |
10/15 |
67,213 | 41,278 | 48,103 | 42,674 | 30,451 | |
10/11 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
13 |
16,175 | 16,175 | - | - | - | |
133 |
16,175 | 16,175 | - | - | - | |
14 |
41,038 | 15,103 | 38,103 | 32,674 | 20,451 | |
17/49 |
41,632 | 82,951 | 74,549 | 56,597 | 63,542 | |
17 |
11,388 | 23,739 | 39,227 | 31,869 | 41,259 | |
170/4 |
11,388 | 23,739 | 39,227 | 31,869 | 41,259 | |
42/48 |
30,244 | 59,212 | 35,322 | 24,728 | 22,283 | |
42 |
12,351 | 15,488 | 15,604 | 9,707 | 9,568 | |
44 |
2,348 | 2,391 | - | - | - | |
440/4 |
2,348 | 2,391 | - | - | - | |
45 |
15,545 | 21,427 | 19,414 | 14,325 | 10,565 | |
450/3 |
9,099 | 17,147 | 15,989 | 10,980 | 9,439 | |
454/9 |
6,445 | 4,280 | 3,425 | 3,345 | 1,126 | |
47/48 |
- | 19,906 | 303 | 696 | 2,150 | |
| Income statement | ||||||
9900 |
85,355 | 67,568 | 50,353 | 48,735 | 39,740 | |
62 |
33,680 | 18,771 | 16,376 | 16,832 | 3,931 | |
630 |
24,310 | 24,215 | 22,991 | 14,472 | 12,215 | |
640/8 |
909 | 360 | 1,546 | 156 | 106 | |
66A |
- | 107 | 159 | - | 393 | |
9901 |
26,456 | 24,115 | 9,282 | 17,274 | 23,095 | |
75/76B |
0 | 0 | 317 | 0 | - | |
75 |
0 | 0 | 317 | 0 | - | |
65/66B |
521 | 664 | 810 | 1,176 | 679 | |
65 |
521 | 664 | 810 | 1,176 | 679 | |
9903 |
25,935 | 23,452 | 8,790 | 16,099 | 22,415 | |
67/77 |
- | 7,276 | 3,361 | 3,876 | 1,964 | |
9904 |
25,935 | 16,175 | 5,429 | 12,222 | 20,451 | |
9905 |
25,935 | 16,175 | 5,429 | 12,222 | 20,451 | |
| Appropriation of the result | ||||||
9906 |
41,038 | 54,278 | 38,103 | 32,674 | 20,451 | |
14P |
15,103 | 38,103 | 32,674 | 20,451 | - | |
691/2 |
- | 16,175 | - | - | - | |
6921 |
- | 16,175 | - | - | - | |
694/7 |
- | 23,000 | - | - | - | |
694 |
- | 23,000 | - | - | - | |
| Social balance sheet | ||||||
9087 |
1 | 1 | 1 | 1 | 0.3 | |
Hours worked1013 |
- | 882 | 874 | 931 | 2,014 | |
| Document | ||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 23-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00325870 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00305541 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00313355 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00427840 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20401443 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 50,766 | 48,330 | 32,273 | 31,746 | 35,309 | ||
| 50,245 | 40,390 | 28,420 | 26,695 | 32,666 | ||
| 2,100 | 33,242 | 37,002 | 4,765 | 64,703 | ||
| -13,464 | 12,100 | 6,682 | 8,281 | - | ||
| 32,689 | -3,105 | 28,234 | 29,459 | 16,919 | ||
| 61.8% | 33.2% | 39.2% | 43.0% | 32.4% | ||
| 2.08 | 0.95 | 1.80 | 2.19 | 1.76 | ||
| 0.62 | 2.01 | 1.55 | 1.33 | 2.09 | ||
| 38.6% | 39.2% | 11.3% | 28.6% | 67.2% | ||
| 23.8% | 13.0% | 4.4% | 12.3% | 21.8% | ||
| 97.46 | 72.80 | 39.86 | 27.01 | 51.98 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 | 1 | 1 |
| full-time | - | 0 | - | - | - |
| part-time | - | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.8 | - | 0.5 | 0.5 | 0.5 |
| 0.7 | 0.5 | 0.5 | 0.5 | 0.1 | |
| On a permanent contract | 1 | 1 | 1 | 1 | - |
| Joined | - | - | - | 1 | 1 |
| Left | - | - | - | 1 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,100 | €33,242 | €37,002 | €4,765 | €64,703 |
| €24,310 | €24,215 | €22,991 | €14,472 | €12,215 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 10% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Debt's share of the balance-sheet total falls from 66.8% to 38.2%. Equity is higher and debt is lower.
LBGex has no parent and no holdings in its annual accounts. LEROY Benoit is the only director. LBGex shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
LBGex was incorporated on 26 October 2020 as a private limited company by one natural person, with a starting capital of €10,000.12 LEROY Benoit is director of the company, appointed by deed of 28-10-2020.2 Total assets rose from €93,993 in 2021 to €108,845 in 2025 and headcount from 0.3 to 1 full-time equivalents.3
| Establishment | Since | Unit number |
|---|---|---|
| Rue Batta 156 registered office 4845 Jalhay | 26-10-2020 | 2.308.887.931 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 63068B0441/00R000 | 784 m² | 1 · 120 m² | 7.9 m · 2 |
If something looks wrong or is missing, please tell us.