LeafWheel
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-05-2026 PDF all 15 filings
Turnover
≈ €97,000
Estimated: probably between €56,000 and €130,000
Total assets
€117,901▲ 28.1%
2024 · €92,052
Net result
€23,381▼ 8.0%
2024 · €25,428
Working capital
€76,272▲ 71.4%
2024 · €44,494
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€23,683
▼ 8.0%
2025
20182025
Net result
€23,381
▼ 8.0%
2025
middle half of the sector
20182025
Equity
€108,772
▲ 27.4%
2025
middle half of the sector
20182025
Total assets
€117,901
▲ 28.1%
2025
middle half of the sector
20182025
Debt
€9,129
▲ 37.1%
2025
20182025
Working capital
€76,272
▲ 71.4%
2025
middle half of the sector
20182025
Solvency
92.3%
▼ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
9.35
▲ 1.67
2025
highest quarter of the sector
20182025
Return on assets (ROA)
19.8%
▼ 7.8pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€25,994--€25,219-€42,668▼ 69.2%-€44,703▼ 4.8%-€20,813▲ 53.4%€9,787€25,755▲ 163%€23,683▼ 8.0%
Net result€15,488--€25,419-€43,027below the sector's middle half▼ 69.3%-€63,792below the sector's middle half▼ 48.3%-€21,352below the sector's middle half▲ 66.5%€9,504within the sector's middle half€25,428within the sector's middle half▲ 168%€23,381within the sector's middle half▼ 8.0%
Equity€222,649-€246,160▲ 10.6%€242,977above the sector's middle half▼ 1.3%€118,542within the sector's middle half▼ 51.2%€69,059within the sector's middle half▼ 41.7%€78,563within the sector's middle half▲ 13.8%€85,391within the sector's middle half▲ 8.7%€108,772within the sector's middle half▲ 27.4%
Total assets€262,924-€248,057▼ 5.7%€245,257within the sector's middle half▼ 1.1%€120,870within the sector's middle half▼ 50.7%€88,673within the sector's middle half▼ 26.6%€101,601within the sector's middle half▲ 14.6%€92,052within the sector's middle half▼ 9.4%€117,901within the sector's middle half▲ 28.1%
Debt€40,275-€1,897▼ 95.3%€2,280▲ 20.2%€2,328▲ 2.1%€19,614▲ 743%€23,037▲ 17.5%€6,661▼ 71.1%€9,129▲ 37.1%
Working capital€206,572-€195,735▼ 5.2%€181,957above the sector's middle half▼ 7.0%€59,586within the sector's middle half▼ 67.3%€11,006within the sector's middle half▼ 81.5%€31,191within the sector's middle half▲ 183%€44,494within the sector's middle half▲ 42.6%€76,272within the sector's middle half▲ 71.4%
Solvency84.7%-99.2%▲ 14.6pp99.1%above the sector's middle half▼ 0.2pp98.1%above the sector's middle half▼ 1.0pp77.9%above the sector's middle half▼ 20.2pp77.3%within the sector's middle half▼ 0.6pp92.8%above the sector's middle half▲ 15.4pp92.3%above the sector's middle half▼ 0.5pp
Current ratio6.13-80.80above the sector's middle half26.60above the sector's middle half▼ 54.201.56within the sector's middle half▼ 25.042.35within the sector's middle half▲ 0.797.68above the sector's middle half▲ 5.339.35above the sector's middle half▲ 1.67
Return on assets (ROA)5.9%--10.2%▼ 16.1pp-17.5%below the sector's middle half▼ 7.3pp-52.8%below the sector's middle half▼ 35.2pp-24.1%below the sector's middle half▲ 28.7pp9.4%within the sector's middle half▲ 33.4pp27.6%within the sector's middle half▲ 18.3pp19.8%within the sector's middle half▼ 7.8pp
Staff (FTE)0.5below the sector's middle half1▲ 100%0.6▼ 40.0%
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.
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 €117,901
Fixed assets
€32,500 ▼ 20.5%
Current assets
€85,401 ▲ 66.9%
Equity and liabilities €117,901
Equity
€108,772 ▲ 27.4%
Debt
€9,129 ▲ 37.1%
Debt's share of the balance-sheet total rises from 7.2% to 7.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€32,081▼
2024 · €35,624
Cash flow
€31,778▼
2024 · €35,297
Debt to equity
0.08▲
2024 · 0.08
ROE
21.5%▼
2024 · 29.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€9,129▲
2024 · €6,661
Income taxes
€325▲
2024 · €287
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| part-time | 1 | - |
| in full-time equivalents | 0.5 | - |
| Average over the year, in full-time equivalents | 0.5 | 0.3 |
| On a permanent contract | 1 | - |
| Joined | - | 0 |
| Left | - | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,567 | €10,176 | €619 | €5,007 | - |
| Depreciation and write-downs of the year | €9,630 | €11,080 | €11,299 | €9,869 | €8,397 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €483 awarded · €339 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €243 | €243 |
| 2022 | 1 | €240 | €96 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €14,919 | €11,778 | €183 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,280 | €8,640 | €7,146 | €9,630 | €11,080 | €11,299 | €9,869 | €8,397 | ▼ 14.9% |
| Other operating charges640/8 | - | - | - | €1,131 | €1,161 | €1,026 | €1,002 | €1,181 | ▲ 17.8% |
| Gross operating margin9900 | €30,968 | -€12,812 | -€22,436 | -€19,023 | €3,205 | €22,295 | €36,627 | €33,262 | ▼ 9.2% |
| Operating profit (loss)9901 | €25,994 | -€25,219 | -€42,668 | -€44,703 | -€20,813 | €9,787 | €25,755 | €23,683 | ▼ 8.0% |
| Financial income75/76B | - | - | - | €58 | €0 | €80 | €171 | €174 | ▲ 2.1% |
| Recurring financial income75 | €896 | €295 | €143 | €58 | €0 | €80 | €171 | €174 | ▲ 2.1% |
| Financial charges65/66B | - | - | - | €18,938 | €320 | €125 | €211 | €151 | ▼ 28.5% |
| Recurring financial charges65 | €533 | €270 | €307 | €18,938 | €320 | €125 | €211 | €151 | ▼ 28.5% |
| Profit (loss) for the period before taxes9903 | €26,357 | -€25,194 | -€42,832 | -€63,583 | -€21,133 | €9,743 | €25,714 | €23,706 | ▼ 7.8% |
| Income taxes67/77 | €10,869 | €225 | €195 | €208 | €219 | €239 | €287 | €325 | ▲ 13.5% |
| Profit (loss) for the period9904 | €15,488 | -€25,419 | -€43,027 | -€63,792 | -€21,352 | €9,504 | €25,428 | €23,381 | ▼ 8.0% |
| Profit (loss) for the period to be appropriated9905 | €15,488 | -€25,419 | -€43,027 | -€63,792 | -€21,352 | €9,504 | €25,428 | €23,381 | ▼ 8.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €262,924 | €248,057 | €245,257 | €120,870 | €88,673 | €101,601 | €92,052 | €117,901 | ▲ 28.1% |
| Fixed assets21/28 | €16,076 | €50,425 | €61,020 | €58,957 | €58,053 | €47,372 | €40,897 | €32,500 | ▼ 20.5% |
| Intangible fixed assets21 | - | - | €972 | €874 | €776 | €678 | €580 | €482 | ▼ 16.9% |
| Tangible fixed assets22/27 | €15,076 | €49,067 | €58,435 | €56,469 | €55,664 | €45,081 | €40,317 | €32,017 | ▼ 20.6% |
| Plant, machinery and equipment23 | - | - | - | €48,733 | €48,946 | €41,721 | €34,688 | €28,180 | ▼ 18.8% |
| Furniture and vehicles24 | - | - | - | €7,736 | €6,718 | €3,361 | €5,629 | €3,838 | ▼ 31.8% |
| Financial fixed assets28 | €1,000 | €1,358 | €1,613 | €1,613 | €1,613 | €1,613 | €0 | - | - |
| Current assets29/58 | €246,848 | €197,632 | €184,237 | €61,914 | €30,620 | €54,228 | €51,155 | €85,401 | ▲ 66.9% |
| Amounts receivable within one year40/41 | €54,049 | €15,295 | €2,033 | €11,237 | €4,922 | €5,621 | €15,137 | €14,200 | ▼ 6.2% |
| Trade receivables40 | - | - | - | €10,253 | €4,843 | €4,759 | €14,786 | €14,077 | ▼ 4.8% |
| Other amounts receivable41 | - | - | - | €984 | €79 | €862 | €351 | €123 | ▼ 64.9% |
| Cash at bank and in hand54/58 | €191,163 | €181,479 | €181,152 | €49,531 | €24,518 | €47,539 | €34,842 | €70,469 | ▲ 102% |
| Deferred charges and accrued income490/1 | - | - | - | €1,146 | €1,180 | €1,069 | €1,176 | €733 | ▼ 37.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €262,924 | €248,057 | €245,257 | €120,870 | €88,673 | €101,601 | €92,052 | €117,901 | ▲ 28.1% |
| Equity10/15 | €222,649 | €246,160 | €242,977 | €118,542 | €69,059 | €78,563 | €85,391 | €108,772 | ▲ 27.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €0 | - | - |
| Reserves13 | €204,049 | €178,630 | €144,106 | €144,106 | €144,106 | €144,106 | €142,246 | €142,246 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €142,246 | €144,106 | €144,106 | €142,246 | €142,246 | = |
| Profit (loss) carried forward14 | - | - | -€8,503 | -€72,295 | -€93,647 | -€84,142 | -€56,855 | -€33,474 | ▲ 41.1% |
| Investment grants15 | - | - | - | €28,131 | - | - | - | - | - |
| Amounts payable17/49 | €40,275 | €1,897 | €2,280 | €2,328 | €19,614 | €23,037 | €6,661 | €9,129 | ▲ 37.1% |
| Amounts payable within one year42/48 | €40,275 | €1,897 | €2,280 | €2,328 | €19,614 | €23,037 | €6,661 | €9,129 | ▲ 37.1% |
| Trade debts44 | €27,064 | €226 | - | - | €2,104 | €3,790 | €566 | €247 | ▼ 56.3% |
| Suppliers440/4 | - | - | - | - | €2,104 | €3,790 | €566 | €247 | ▼ 56.3% |
| Taxes, remuneration and social security45 | - | - | - | €598 | €4,694 | €4,241 | €2,458 | €3,141 | ▲ 27.8% |
| Taxes450/3 | - | - | - | €376 | €4,044 | €4,241 | €2,458 | €2,491 | ▲ 1.3% |
| Remuneration and social security454/9 | - | - | - | €222 | €650 | €0 | - | €650 | - |
| Other amounts payable47/48 | - | - | - | €1,730 | €12,815 | €15,006 | €3,637 | €5,741 | ▲ 57.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,488 | -€25,419 | -€43,027 | -€63,792 | -€21,352 | €9,504 | €25,428 | €23,381 | ▼ 8.0% |
| + Depreciation and write-downs630 | €4,280 | €8,640 | €7,146 | €9,630 | €11,080 | €11,299 | €9,869 | €8,397 | ▼ 14.9% |
| Operating cash flow (approximation) | €19,769 | -€16,779 | -€35,881 | -€54,161 | -€10,272 | €20,804 | €35,297 | €31,778 | ▼ 10.0% |
| Investment in fixed assets (approximation) | - | -€42,988 | -€17,741 | -€7,567 | -€10,176 | -€619 | -€3,394 | €0 | - |
| Change in cash | - | -€9,684 | -€327 | -€131,622 | -€25,013 | €23,020 | -€12,697 | €35,627 | - |
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 LeafWheel 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 LeafWheel 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 LeafWheel. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-05-2026 | 2026-00108119 | |
| 31-12-2024 | micro format | 25-04-2025 | 2025-00075981 | |
| 31-12-2023 | micro format | 30-05-2024 | 2024-00101478 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00278940 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20302732 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-53600016 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49600488 | |
| 31-12-2018 | micro format | 29-05-2019 | 2019-15500316 | |
| 31-12-2017 | micro format | 28-05-2018 | 2018-14300119 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-39800490 |