LE COUTER
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 29 days after the deadline Filed on 29 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00126112.
Annual accounts 2025 filed on 29-05-2026 PDF all 37 filings
Turnover
€44.0m▲ 4.8%
2024 · €42.0m
EBIT margin
2.9%▼ 1.9pp
2024 · 4.8%
Net result
€1.0m▼ 32.9%
2024 · €1.5m
Working capital
€15.4m▲ 4.4%
2024 · €14.7m
In the rankings
#2 company by total assets in Tielt, Other services sector#2 company by equity in Tielt, Other services sector#7 oldest company in Tielt, Other services sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€44.0m
▲ 4.8%
2025
20192025
Operating result
€1.3m
▼ 37.1%
2025
20192025
Net result
€1.0m
▼ 32.9%
2025
highest quarter of the sector
20192025
EBIT margin
2.9%
▼ 1.9pp
2025
20192025
Equity
€16.7m
▲ 3.7%
2025
highest quarter of the sector
20192025
Total assets
€24.0m
▲ 9.5%
2025
highest quarter of the sector
20192025
Debt
€7.2m
▲ 25.6%
2025
20192025
Working capital
€15.4m
▲ 4.4%
2025
highest quarter of the sector
20192025
Solvency
69.8%
▼ 3.9pp
2025
highest quarter of the sector
20192025
Current ratio
3.13
▼ 0.43
2025
highest quarter of the sector
20192025
Return on assets (ROA)
4.3%
▼ 2.7pp
2025
middle half of the sector
20192025
Staff (FTE)
26.2
▲ 4.4%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€24.7m-€32.6m▲ 31.7%€35.2m▲ 8.2%€34.3m▼ 2.5%€49.5m▲ 44.1%€42.0m▼ 15.2%€44.0m▲ 4.8%
Operating result€1.6m-€2.3m▲ 40.1%€2.2m▼ 4.4%€1.6m▼ 28.8%€3.1m▲ 100%€2.0m▼ 36.3%€1.3m▼ 37.1%
Net result€1.3m-€1.8mabove the sector's middle half▲ 40.5%€1.8mabove the sector's middle half▼ 0.4%€1.3mabove the sector's middle half▼ 27.8%€2.5mabove the sector's middle half▲ 94.4%€1.5mabove the sector's middle half▼ 37.3%€1.0mabove the sector's middle half▼ 32.9%
EBIT margin6.6%-7.1%▲ 0.4pp6.2%▼ 0.8pp4.6%▼ 1.7pp6.3%▲ 1.8pp4.8%▼ 1.6pp2.9%▼ 1.9pp
Equity€9.0m-€10.3mabove the sector's middle half▲ 13.9%€11.6mabove the sector's middle half▲ 13.4%€12.5mabove the sector's middle half▲ 7.6%€14.6mabove the sector's middle half▲ 16.6%€16.1mabove the sector's middle half▲ 10.6%€16.7mabove the sector's middle half▲ 3.7%
Total assets€17.6m-€16.7mabove the sector's middle half▼ 5.1%€13.9mabove the sector's middle half▼ 16.7%€20.0mabove the sector's middle half▲ 43.5%€20.0mabove the sector's middle half▲ 0.1%€21.9mabove the sector's middle half▲ 9.5%€24.0mabove the sector's middle half▲ 9.5%
Debt€8.6m-€6.5m▼ 25.0%€2.3m▼ 64.6%€7.5m▲ 226%€5.4m▼ 27.5%€5.8m▲ 6.5%€7.2m▲ 25.6%
Working capital€7.7m-€9.2mabove the sector's middle half▲ 19.6%€10.5mabove the sector's middle half▲ 14.5%€11.5mabove the sector's middle half▲ 9.6%€13.2mabove the sector's middle half▲ 14.3%€14.7mabove the sector's middle half▲ 11.9%€15.4mabove the sector's middle half▲ 4.4%
Solvency51.1%-61.3%above the sector's middle half▲ 10.2pp83.5%above the sector's middle half▲ 22.2pp62.6%above the sector's middle half▼ 20.9pp73.0%above the sector's middle half▲ 10.3pp73.7%above the sector's middle half▲ 0.7pp69.8%above the sector's middle half▼ 3.9pp
Current ratio1.89-2.43above the sector's middle half▲ 0.545.68above the sector's middle half▲ 3.252.55above the sector's middle half▼ 3.133.44above the sector's middle half▲ 0.893.56above the sector's middle half▲ 0.123.13above the sector's middle half▼ 0.43
Return on assets (ROA)7.1%-10.5%above the sector's middle half▲ 3.4pp12.6%above the sector's middle half▲ 2.1pp6.3%within the sector's middle half▼ 6.2pp12.3%above the sector's middle half▲ 6.0pp7.0%within the sector's middle half▼ 5.2pp4.3%within the sector's middle half▼ 2.7pp
Staff (FTE)22.4-22.9above the sector's middle half▲ 2.2%22.7above the sector's middle half▼ 0.9%24.2above the sector's middle half▲ 6.6%24.1above the sector's middle half▼ 0.4%25.1above the sector's middle half▲ 4.1%26.2above the sector's middle half▲ 4.4%
above
within
below
The sector band is the middle half of the companies in Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles (NACE 95). 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 37% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €24.0m
Fixed assets
€1.4m ▼ 3.1%
Current assets
€22.6m ▲ 10.4%
Equity and liabilities €24.0m
Equity
€16.7m ▲ 3.7%
Provisions
€4,355 =
Debt
€7.2m ▲ 25.6%
Debt's share of the balance-sheet total rises from 26.3% to 30.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.5m▼
2024 · €2.3m
Cash flow
€1.3m▼
2024 · €1.8m
Quick ratio
1.48▲
2024 · 1.23
Debt to equity
0.43▲
2024 · 0.36
ROE
6.2%▼
2024 · 9.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€7.2m▲
2024 · €5.8m
Income taxes
€324,973▼
2024 · €517,044
Customer credit
18 days▲
2024 · 12 days
Supplier credit
55 days▲
2024 · 48 days
Staff costs
€2.2m▲
2024 · €2.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 25 | 25 | 25 | 26 | 27 |
| full-time | 22 | 22 | 23 | 24 | 25 |
| part-time | 3 | 3 | 2 | 2 | 2 |
| in full-time equivalents | 23.9 | 23.9 | 23.9 | 25.5 | 26.5 |
| Average over the year, in full-time equivalents | 22.7 | 24.2 | 24.1 | 25.1 | 26.2 |
| On a permanent contract | 25 | 24 | 24 | 26 | 27 |
| Joined | 4 | 9 | 58 | 67 | 92 |
| Left | 3 | 9 | 58 | 66 | 91 |
| Training hours | 559 | 1,000 | 954 | 954 | 836 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €331,351 | €180,469 | €778,160 | €523,272 | €627,102 |
| Depreciation and write-downs of the year | €265,727 | €260,356 | €261,286 | €282,367 | €262,403 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 6 entries · €18,417 awarded · €18,372 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €876 | €831 |
| 2024 | 2 | €368 | €16,828 |
| 2023 | 1 | €370 | €417 |
| 2022 | 2 | €16,803 | €296 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €38.5m | €37.7m | €53.8m | €46.8m | €48.3m | ▲ 3.3% |
| Turnover70 | €24.7m | €32.6m | €35.2m | €34.3m | €49.5m | €42.0m | €44.0m | ▲ 4.8% |
| Other operating income74 | - | - | €3.3m | €3.3m | €4.3m | €4.8m | €4.3m | ▼ 9.9% |
| Operating charges60/66A | - | - | €36.3m | €36.1m | €50.7m | €44.8m | €47.0m | ▲ 5.1% |
| Goods for resale, raw materials and consumables60 | - | - | €33.5m | €32.9m | €47.2m | €41.0m | €43.0m | ▲ 4.7% |
| Purchases600/8 | - | - | €33.1m | €35.2m | €48.6m | €42.4m | €41.5m | ▼ 2.3% |
| Change in stocks: decrease (increase)609 | - | - | €0.5m | -€2.4m | -€1.3m | -€1.4m | €1.5m | - |
| Services and other goods61 | - | - | €1.0m | €1.3m | €1.3m | €1.3m | €1.6m | ▲ 17.3% |
| Remuneration, social security and pensions62 | - | - | €1.4m | €1.6m | €1.8m | €2.0m | €2.2m | ▲ 6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.001m | €0.001m | €0.003m | - | - |
| Other operating charges640/8 | - | - | €0.06m | €0.05m | €0.06m | €0.1m | €0.1m | ▲ 18.6% |
| Operating profit (loss)9901 | €1.6m | €2.3m | €2.2m | €1.6m | €3.1m | €2.0m | €1.3m | ▼ 37.1% |
| Financial income75/76B | - | - | €0.01m | €0.01m | €0.008m | €0.06m | €0.1m | ▲ 66.8% |
| Recurring financial income75 | €0.01m | €0.009m | €0.01m | €0.01m | €0.008m | €0.06m | €0.1m | ▲ 66.8% |
| Income from current assets751 | - | - | €0.01m | €0.009m | €0.007m | €0.05m | €0.1m | ▲ 108% |
| Other financial income752/9 | - | - | €0.002m | €0.002m | €0.001m | €0.01m | €0.004m | ▼ 70.2% |
| Financial charges65/66B | - | - | €0.008m | €0.01m | €0.004m | €0.001m | €0.001m | ▼ 30.8% |
| Recurring financial charges65 | €0.03m | €0.04m | €0.008m | €0.01m | €0.004m | €0.001m | €0.001m | ▼ 30.8% |
| Debt charges650 | €0.03m | €0.04m | €0.008m | €0.01m | €0.004m | €0.001m | - | - |
| Other financial charges652/9 | - | - | €0.001m | €0.001m | €0.001m | €399 | €0.001m | ▲ 86.9% |
| Profit (loss) for the period before taxes9903 | €1.6m | €2.3m | €2.2m | €1.6m | €3.1m | €2.1m | €1.4m | ▼ 33.9% |
| Income taxes67/77 | €0.4m | €0.5m | €0.5m | €0.3m | €0.7m | €0.5m | €0.3m | ▼ 37.1% |
| Taxes670/3 | - | - | €0.5m | €0.3m | €0.7m | €0.5m | €0.3m | ▼ 37.1% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €137 | €0.001m | - | €27 | - |
| Profit (loss) for the period9904 | €1.3m | €1.8m | €1.8m | €1.3m | €2.5m | €1.5m | €1.0m | ▼ 32.9% |
| Transfer from tax-exempt reserves789 | - | - | €0.6m | €0.5m | €0.9m | €0.6m | €0.2m | ▼ 62.9% |
| Transfer to tax-exempt reserves689 | - | - | €0.7m | €0.4m | €0.6m | €0.6m | €0.8m | ▲ 33.3% |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €1.8m | €1.6m | €1.3m | €2.8m | €1.5m | €0.4m | ▼ 72.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €17.6m | €16.7m | €13.9m | €20.0m | €20.0m | €21.9m | €24.0m | ▲ 9.5% |
| Fixed assets21/28 | €1.4m | €1.1m | €1.2m | €1.0m | €1.4m | €1.4m | €1.4m | ▼ 3.1% |
| Tangible fixed assets22/27 | €1.3m | €1.1m | €1.1m | €1.0m | €1.4m | €1.4m | €1.3m | ▼ 3.4% |
| Land and buildings22 | - | - | €0.7m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 14.3% |
| Plant, machinery and equipment23 | - | - | €0.1m | €0.1m | €0.4m | €0.4m | €0.4m | ▼ 3.6% |
| Furniture and vehicles24 | - | - | €0.3m | €0.3m | €0.6m | €0.6m | €0.6m | ▲ 3.3% |
| Financial fixed assets28 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 8.6% |
| Other financial fixed assets284/8 | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 8.6% |
| Amounts receivable and cash guarantees285/8 | - | - | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 8.6% |
| Current assets29/58 | €16.3m | €15.6m | €12.8m | €19.0m | €18.6m | €20.5m | €22.6m | ▲ 10.4% |
| Stocks and contracts in progress3 | €10.7m | €8.8m | €8.3m | €10.6m | €12.0m | €13.4m | €11.9m | ▼ 11.2% |
| Stocks30/36 | - | - | €8.3m | €10.6m | €12.0m | €13.4m | €11.9m | ▼ 11.2% |
| Goods purchased for resale34 | - | - | €8.3m | €10.6m | €12.0m | €13.4m | €11.9m | ▼ 11.2% |
| Amounts receivable within one year40/41 | €1.7m | €1.1m | €1.4m | €2.2m | €1.6m | €2.3m | €2.9m | ▲ 21.5% |
| Trade receivables40 | - | - | €1.1m | €1.2m | €1.0m | €1.4m | €2.2m | ▲ 62.1% |
| Other amounts receivable41 | - | - | €0.3m | €1.0m | €0.6m | €1.0m | €0.7m | ▼ 34.1% |
| Current investments50/53 | - | - | - | - | €3.0m | €2.1m | €5.8m | ▲ 181% |
| Other investments51/53 | - | - | - | - | €3.0m | €2.1m | €5.8m | ▲ 181% |
| Cash at bank and in hand54/58 | €3.8m | €5.7m | €3.0m | €6.1m | €2.0m | €2.6m | €1.8m | ▼ 30.3% |
| Deferred charges and accrued income490/1 | - | - | €0.1m | €0.09m | €0.02m | €0.02m | €0.2m | ▲ 825% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €17.6m | €16.7m | €13.9m | €20.0m | €20.0m | €21.9m | €24.0m | ▲ 9.5% |
| Equity10/15 | €9.0m | €10.3m | €11.6m | €12.5m | €14.6m | €16.1m | €16.7m | ▲ 3.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €2.3m | €2.8m | €3.5m | €3.9m | €4.6m | €5.2m | €6.0m | ▲ 16.2% |
| Non-distributable reserves130/1 | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | €2.4m | €2.3m | €2.0m | €2.0m | €2.6m | ▲ 29.9% |
| Distributable reserves133 | - | - | €1.1m | €1.6m | €2.5m | €3.2m | €3.4m | ▲ 7.5% |
| Profit (loss) carried forward14 | €6.7m | €7.4m | €8.0m | €8.5m | €9.9m | €10.9m | €10.6m | ▼ 2.2% |
| Investment grants15 | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Provisions and deferred taxes16 | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Deferred taxes168 | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | = |
| Amounts payable17/49 | €8.6m | €6.5m | €2.3m | €7.5m | €5.4m | €5.8m | €7.2m | ▲ 25.6% |
| Amounts payable within one year42/48 | €8.6m | €6.4m | €2.2m | €7.5m | €5.4m | €5.8m | €7.2m | ▲ 25.6% |
| Trade debts44 | €6.0m | €5.4m | €0.8m | €6.8m | €4.6m | €5.4m | €6.5m | ▲ 19.0% |
| Suppliers440/4 | - | - | €0.8m | €6.8m | €4.6m | €5.4m | €6.5m | ▲ 19.0% |
| Taxes, remuneration and social security45 | - | - | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 4.1% |
| Taxes450/3 | - | - | €0.05m | - | €0.001m | €106 | - | - |
| Remuneration and social security454/9 | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 4.1% |
| Other amounts payable47/48 | - | - | €1.2m | €0.5m | €0.6m | €0.003m | €0.4m | ▲ 148× |
| Accrued charges and deferred income492/3 | - | - | €0.04m | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.3m | €1.8m | €1.8m | €1.3m | €2.5m | €1.5m | €1.0m | ▼ 32.9% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.1% |
| Operating cash flow (approximation) | €1.5m | €2.0m | €2.0m | €1.5m | €2.7m | €1.8m | €1.3m | ▼ 28.9% |
| Investment in fixed assets (approximation) | - | -€0.03m | -€0.3m | -€0.1m | -€0.7m | -€0.3m | -€0.2m | ▲ 15.9% |
| Change in cash | - | €1.8m | -€2.7m | €3.1m | -€4.1m | €0.7m | -€0.8m | - |
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, 14,766 companies had the same profile as LE COUTER has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LE COUTER 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 14,766 companies, not a prediction for LE COUTER. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 29-05-2026 | 2026-00126112 | |
| 30-09-2024 | full format | 30-04-2025 | 2025-00085167 | |
| 30-09-2023 | full format | 30-05-2024 | 2024-00101656 | |
| 30-09-2022 | full format | 29-04-2023 | 2023-00072900 | |
| 30-09-2021 | full format | 10-05-2022 | 2022-20023844 | |
| 30-09-2020 | full format | 27-05-2021 | 2021-15500044 | |
| 30-09-2019 | full format | 29-05-2020 | 2020-13700059 | |
| 30-09-2018 | full format | 14-05-2019 | 2019-13100216 | |
| 30-09-2017 | full format | 07-05-2018 | 2018-12300275 | |
| 30-09-2016 | full format | 20-05-2017 | 2017-12900316 |