Leander
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-03-2026 PDF all 12 filings
Turnover
≈ €170,000
Estimated: probably between €110,000 and €340,000
Total assets
€57,575▲ 25.9%
2024 · €45,720
Net result
€6,861▼ 53.3%
2024 · €14,688
Working capital
€12,128▼ 30.2%
2024 · €17,373
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,876
▼ 36.1%
2025
20182025
Net result
€6,861
▼ 53.3%
2025
middle half of the sector
20182025
Equity
€29,315
▲ 30.6%
2025
middle half of the sector
20182025
Total assets
€57,575
▲ 25.9%
2025
lowest quarter of the sector
20182025
Debt
€28,260
▲ 21.5%
2025
20182025
Working capital
€12,128
▼ 30.2%
2025
middle half of the sector
20182025
Solvency
50.9%
▲ 1.8pp
2025
middle half of the sector
20182025
Current ratio
1.43
▼ 0.32
2025
middle half of the sector
20182025
Return on assets (ROA)
11.9%
▼ 20.2pp
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
Operating result-€1,647-€144-€944-€204▲ 78.4%-€70€15,464€9,876▼ 36.1%
Net result-€1,674-€119-€970within the sector's middle half-€234within the sector's middle half▲ 75.9%-€52within the sector's middle half▲ 77.9%-€154within the sector's middle half▼ 197%€14,688within the sector's middle half€6,861within the sector's middle half▼ 53.3%
Equity€9,056-€9,175▲ 1.3%€8,205within the sector's middle half▼ 10.6%€7,971within the sector's middle half▼ 2.9%€7,920within the sector's middle half▼ 0.6%€7,766below the sector's middle half▼ 1.9%€22,454below the sector's middle half▲ 189%€29,315within the sector's middle half▲ 30.6%
Total assets€13,889-€14,008▲ 0.9%€12,438below the sector's middle half▼ 11.2%€10,204below the sector's middle half▼ 18.0%€7,952below the sector's middle half▼ 22.1%€7,766below the sector's middle half▼ 2.3%€45,720below the sector's middle half▲ 489%€57,575below the sector's middle half▲ 25.9%
Debt€4,833-€4,833=€4,233▼ 12.4%€2,233▼ 47.3%€33▼ 98.5%€23,266€28,260▲ 21.5%
Working capital€7,925-€8,485▲ 7.1%€7,956within the sector's middle half▼ 6.2%€7,871within the sector's middle half▼ 1.1%€7,820within the sector's middle half▼ 0.7%€17,373within the sector's middle half€12,128within the sector's middle half▼ 30.2%
Solvency65.2%-65.5%▲ 0.3pp66.0%above the sector's middle half▲ 0.5pp78.1%above the sector's middle half▲ 12.1pp99.6%above the sector's middle half▲ 21.5pp100.0%above the sector's middle half▲ 0.4pp49.1%within the sector's middle half▼ 50.9pp50.9%within the sector's middle half▲ 1.8pp
Current ratio2.64-2.76▲ 0.122.88above the sector's middle half▲ 0.124.53above the sector's middle half▲ 1.651.75within the sector's middle half1.43within the sector's middle half▼ 0.32
Return on assets (ROA)-12.1%-0.9%▲ 12.9pp-7.8%within the sector's middle half▼ 8.6pp-2.3%within the sector's middle half▲ 5.5pp-0.7%within the sector's middle half▲ 1.6pp-2.0%below the sector's middle half▼ 1.3pp32.1%above the sector's middle half▲ 34.1pp11.9%within the sector's middle half▼ 20.2pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 36% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €57,575
Fixed assets
€17,187 ▲ 238%
Current assets
€40,388 ▼ 0.6%
Equity and liabilities €57,575
Equity
€29,315 ▲ 30.6%
Debt
€28,260 ▲ 21.5%
Debt's share of the balance-sheet total falls from 50.9% to 49.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€12,998▼
2024 · €16,033
Cash flow
€9,983▼
2024 · €15,257
Debt to equity
0.96▼
2024 · 1.04
ROE
23.4%▼
2024 · 65.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€28,260▲
2024 · €23,266
Income taxes
€2,941▲
2024 · €725
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €5,550 | €15,228 |
| Depreciation and write-downs of the year | €149 | - | - | €569 | €3,122 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,316 | €441 | €441 | €149 | - | - | €569 | €3,122 | ▲ 449% |
| Other operating charges640/8 | - | - | - | - | - | - | €1,195 | €835 | ▼ 30.1% |
| Gross operating margin9900 | €668 | €585 | -€384 | -€55 | - | -€70 | €17,228 | €13,833 | ▼ 19.7% |
| Operating profit (loss)9901 | -€1,647 | €144 | -€944 | -€204 | - | -€70 | €15,464 | €9,876 | ▼ 36.1% |
| Financial charges65/66B | - | - | - | €30 | €52 | €84 | €51 | €74 | ▲ 45.1% |
| Recurring financial charges65 | €27 | €25 | €26 | €30 | €52 | €84 | €51 | €74 | ▲ 45.1% |
| Profit (loss) for the period before taxes9903 | -€1,674 | €119 | -€970 | -€234 | -€52 | -€154 | €15,413 | €9,802 | ▼ 36.4% |
| Income taxes67/77 | - | - | - | - | - | - | €725 | €2,941 | ▲ 306% |
| Profit (loss) for the period9904 | -€1,674 | €119 | -€970 | -€234 | -€52 | -€154 | €14,688 | €6,861 | ▼ 53.3% |
| Profit (loss) for the period to be appropriated9905 | -€1,674 | €119 | -€970 | -€234 | -€52 | -€154 | €14,688 | €6,861 | ▼ 53.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €13,889 | €14,008 | €12,438 | €10,204 | €7,952 | €7,766 | €45,720 | €57,575 | ▲ 25.9% |
| Fixed assets21/28 | €1,131 | €690 | €249 | €100 | €100 | €100 | €5,081 | €17,187 | ▲ 238% |
| Tangible fixed assets22/27 | €1,031 | €590 | €149 | - | - | - | €4,981 | €17,087 | ▲ 243% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €4,556 | €13,930 | ▲ 206% |
| Furniture and vehicles24 | - | - | - | - | - | - | €425 | €3,157 | ▲ 643% |
| Financial fixed assets28 | €100 | €100 | €100 | €100 | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €12,758 | €13,318 | €12,189 | €10,104 | €7,852 | €7,666 | €40,639 | €40,388 | ▼ 0.6% |
| Amounts receivable within one year40/41 | €7,322 | €7,880 | €6,751 | €4,672 | €2,431 | €2,272 | €32,328 | €37,474 | ▲ 15.9% |
| Trade receivables40 | - | - | - | - | - | - | €32,328 | €33,883 | ▲ 4.8% |
| Other amounts receivable41 | - | - | - | €4,672 | €2,431 | €2,272 | - | €3,591 | - |
| Cash at bank and in hand54/58 | €5,436 | €5,438 | €5,438 | €5,433 | €5,421 | €5,394 | €7,916 | €1,939 | ▼ 75.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €395 | €975 | ▲ 147% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €13,889 | €14,008 | €12,438 | €10,204 | €7,952 | €7,766 | €45,720 | €57,575 | ▲ 25.9% |
| Equity10/15 | €9,056 | €9,175 | €8,205 | €7,971 | €7,920 | €7,766 | €22,454 | €29,315 | ▲ 30.6% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Capital10 | - | - | - | - | - | €20,000 | €20,000 | €20,000 | = |
| Issued capital100 | - | - | - | - | - | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €90 | €90 | €90 | €90 | €90 | €90 | €2,454 | €9,315 | ▲ 280% |
| Non-distributable reserves130/1 | - | - | - | €90 | €90 | €90 | €90 | €90 | = |
| Legal reserve130 | - | - | - | - | - | €90 | €90 | €90 | = |
| Reserves not available under the articles1311 | - | - | - | €90 | €90 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €2,364 | €9,225 | ▲ 290% |
| Profit (loss) carried forward14 | -€11,034 | -€10,914 | -€11,884 | -€12,118 | -€12,170 | -€12,324 | - | - | - |
| Amounts payable17/49 | €4,833 | €4,833 | €4,233 | €2,233 | €33 | - | €23,266 | €28,260 | ▲ 21.5% |
| Amounts payable within one year42/48 | €4,833 | €4,833 | €4,233 | €2,233 | €33 | - | €23,266 | €28,260 | ▲ 21.5% |
| Trade debts44 | €4,833 | €4,833 | €4,233 | €2,233 | €33 | - | €9,396 | €25,319 | ▲ 169% |
| Suppliers440/4 | - | - | - | €2,233 | €33 | - | €9,396 | €25,319 | ▲ 169% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €13,450 | €2,941 | ▼ 78.1% |
| Taxes450/3 | - | - | - | - | - | - | €13,450 | €2,941 | ▼ 78.1% |
| Other amounts payable47/48 | - | - | - | - | - | - | €420 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,674 | €119 | -€970 | -€234 | -€52 | -€154 | €14,688 | €6,861 | ▼ 53.3% |
| + Depreciation and write-downs630 | €2,316 | €441 | €441 | €149 | - | - | €569 | €3,122 | ▲ 449% |
| Operating cash flow (approximation) | €642 | €560 | -€529 | -€85 | -€52 | -€154 | €15,257 | €9,983 | ▼ 34.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | -€5,550 | -€15,228 | ▼ 174% |
| Change in cash | - | €2 | €0 | -€6 | -€11 | -€27 | €2,522 | -€5,977 | - |
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 Leander 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 Leander itself: 0.8% 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 Leander. 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 | abbreviated format | 06-03-2026 | 2026-00052083 | |
| 31-12-2024 | abbreviated format | 24-03-2025 | 2025-00052424 | |
| 31-12-2023 | abbreviated format | 27-03-2024 | 2024-00053417 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00306239 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20098877 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-61500311 | |
| 31-12-2019 | micro format | 20-08-2020 | 2020-42700408 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-39000180 | |
| 31-12-2017 | micro format | 07-06-2018 | 2018-18100085 | |
| 31-12-2016 | micro format | 22-08-2017 | 2017-45900583 |