Equity
Equity fell by 85% in 6 years.
Equity fell by 85% in 6 years.
Green is investment, beige is depreciation.
The dashed line is the sector median: 0.2% across 11,230 companies (NACE 73, micro).
About 2 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 73, micro). It does better than 30% of them on solvency, 21% on liquidity, 88% on profitability and 43% on growth.
The bankruptcy probability was computed on 09-11-2026 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, 5,053 companies had the same profile as LeanHive has now. Each dot stands for 13 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LeanHive itself is lower: 0.2% within 12 months. It rests on far more data about LeanHive 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 5,053 companies, not a prediction for LeanHive. 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 tight, with a current ratio of 1.04 (1.31 in 2024), below the usual 1.5. Short-term debt is 75.3% and cash 22.7% of total assets. 75.3% 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 7 accounts on average 41 days before the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| LeanHive Keerbergen | €82,974 | €33,997 | 24.7% | - |
| NAGELS BELGIË Machelen (Brab.) | €81,084 | €32,621 | -157.9% | - |
| OPTIONS 39 Grimbergen | €76,576 | €36,327 | 51.9% | - |
| Lasso Media Antwerp | €84,733 | €31,191 | 20.3% | - |
| Studio Shaped Ghent | €84,155 | €26,263 | 39.6% | - |
| Onlimited Antwerp | €81,892 | €35,290 | 83.1% | - |
| Bv Consult Herentals | €80,601 | €45,335 | 49.3% | - |
These companies have the same main activity as LeanHive: advertising agencies (NACE 73110). They are comparable in size and age: total assets between €76,600 and €84,700, founded between 2014 and 2018.
LeanHive files the micro format. That format states no turnover. The gross margin fell from €76,605 in 2017 to €33,997 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 ≈ €90,000. Estimated: probably between €63,000 and €120,000.
Higher than 28% of 8,615 companies in 2025.
Higher than 25% of 8,291 companies in 2025.
Higher than 77% of 8,400 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
82,974 | 82,133 | 107,312 | 127,776 | 89,316 | 152,844 | 181,264 | 114,634 | 87,665 | |
21/28 |
18,041 | 7,156 | 6,935 | 7,511 | 10,979 | 4,780 | 4,182 | 7,506 | 14,746 | |
22/27 |
18,041 | 7,156 | 6,935 | 7,511 | 10,979 | 4,780 | 4,182 | 7,506 | 14,746 | |
22 |
840 | 954 | 1,068 | - | - | - | - | - | - | |
23 |
2,294 | 2,879 | 1,006 | 2,895 | 4,799 | 3,246 | 2,489 | 2,887 | 4,374 | |
24 |
14,907 | 3,323 | 4,860 | 4,616 | 6,180 | 1,535 | 1,693 | - | - | |
29/58 |
64,933 | 74,977 | 100,377 | 120,265 | 78,337 | 148,064 | 177,082 | 107,128 | 72,919 | |
40/41 |
44,130 | 18,471 | 58,762 | 86,044 | 36,806 | 34,379 | 38,742 | 29,598 | 31,057 | |
40 |
34,031 | 16,940 | 50,699 | 83,114 | 34,806 | 24,520 | 38,742 | 28,990 | 31,057 | |
41 |
10,099 | 1,531 | 8,063 | 2,931 | 2,000 | 9,859 | 0 | 608 | - | |
50/53 |
977 | 8,340 | 7,500 | - | - | - | - | - | - | |
54/58 |
18,811 | 40,410 | 25,517 | 26,278 | 37,816 | 111,203 | 138,341 | 75,061 | 39,399 | |
490/1 |
1,016 | 7,755 | 8,598 | 7,942 | 3,715 | 2,482 | 0 | 2,469 | 2,463 | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
82,974 | 82,133 | 107,312 | 127,776 | 89,316 | 152,844 | 181,264 | 114,634 | 87,665 | |
10/15 |
20,460 | 20,460 | 20,460 | 20,460 | 34,677 | 14,260 | 136,273 | 96,189 | 57,087 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 12,400 | 12,400 | 12,400 | 12,400 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 6,200 | 6,200 | 6,200 | |
13 |
1,860 | 1,860 | 1,860 | 1,860 | 16,077 | 1,860 | 123,873 | 83,789 | 44,687 | |
130/1 |
- | - | - | 0 | 1,860 | 1,860 | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | - | |
1311 |
- | - | - | 0 | 1,860 | 1,860 | - | - | - | |
133 |
1,860 | 1,860 | 1,860 | 1,860 | 14,217 | 0 | 122,013 | 81,929 | 44,687 | |
14 |
0 | 0 | 0 | 0 | 0 | - | - | - | - | |
17/49 |
62,514 | 61,673 | 86,852 | 107,316 | 54,639 | 138,584 | 44,991 | 18,445 | 30,578 | |
17 |
- | - | - | - | - | - | 0 | 1,973 | 7,808 | |
170/4 |
- | - | - | - | - | - | 0 | 1,973 | 7,808 | |
42/48 |
62,514 | 57,163 | 86,852 | 105,566 | 54,639 | 138,584 | 44,991 | 16,472 | 22,770 | |
42 |
- | - | - | - | - | 0 | 1,973 | 5,835 | 5,712 | |
43 |
1,194 | 1,024 | 2,671 | - | - | - | - | - | - | |
430/8 |
1,194 | 1,024 | 2,671 | - | - | - | - | - | - | |
44 |
21,434 | 11,068 | 8,993 | 10,561 | 14,752 | 11,254 | 16,067 | 5,913 | 930 | |
440/4 |
21,434 | 11,068 | 8,993 | 10,561 | 14,752 | 11,254 | 16,067 | 5,913 | 930 | |
45 |
13,636 | 12,050 | 15,466 | 13,448 | 7,658 | 6,559 | 6,092 | 4,724 | 11,432 | |
450/3 |
11,736 | 8,150 | 13,566 | 11,375 | 5,758 | 5,222 | 3,821 | 2,459 | 9,136 | |
454/9 |
1,900 | 3,900 | 1,900 | 2,074 | 1,900 | 1,337 | 2,271 | 2,265 | 2,297 | |
47/48 |
26,251 | 33,021 | 59,722 | 81,557 | 32,228 | 120,771 | 20,860 | - | 4,696 | |
492/3 |
0 | 4,510 | 0 | 1,750 | - | - | - | - | - | |
| Income statement | ||||||||||
76A |
- | - | 0 | 4,842 | - | 0 | 272 | - | - | |
9900 |
33,997 | 55,137 | 37,219 | 118,038 | 34,519 | 14,967 | 81,084 | 60,997 | 76,605 | |
62 |
- | - | - | - | - | - | 0 | 63 | - | |
630 |
2,261 | 2,706 | 3,702 | 3,468 | 2,854 | 2,559 | 7,734 | 8,307 | 9,324 | |
640/8 |
1,512 | 1,294 | 1,400 | 10,834 | 10,765 | 10,985 | 11,209 | 884 | 1,086 | |
66A |
- | - | - | - | - | - | 0 | 490 | - | |
9901 |
30,224 | 51,137 | 32,116 | 103,736 | 20,900 | 1,423 | 62,140 | 51,254 | 66,196 | |
75/76B |
2,943 | 91 | 11 | 4 | 0 | 7,488 | 14 | 8 | 65 | |
75 |
2,943 | 91 | 11 | 4 | 0 | 7,488 | 14 | 8 | 65 | |
65/66B |
262 | 424 | 358 | 695 | 885 | 10,077 | 596 | 459 | 545 | |
65 |
262 | 424 | 358 | 695 | 885 | 77 | 596 | 459 | 545 | |
66B |
- | - | - | - | 0 | 10,000 | - | - | - | |
9903 |
32,905 | 50,805 | 31,769 | 103,045 | 20,015 | -1,167 | 61,559 | 50,803 | 65,716 | |
67/77 |
8,115 | 11,000 | 7,083 | 21,489 | 5,798 | 141 | 11,475 | 11,700 | 21,029 | |
9904 |
24,790 | 39,805 | 24,686 | 81,557 | 14,217 | -1,308 | 50,084 | 39,103 | 44,687 | |
9905 |
24,790 | 39,805 | 24,686 | 81,557 | 14,217 | -1,308 | 50,084 | 39,103 | 44,687 | |
| Appropriation of the result | ||||||||||
9906 |
24,790 | 39,805 | 24,686 | 81,557 | 14,217 | -1,308 | 50,084 | 39,103 | 44,687 | |
791/2 |
- | - | 0 | 95,774 | 0 | 122,013 | - | - | - | |
691/2 |
- | - | 0 | 81,557 | 14,217 | 0 | 40,084 | 39,103 | 44,687 | |
6920 |
- | - | - | - | - | - | 0 | 1,860 | - | |
6921 |
- | - | 0 | 81,557 | 14,217 | 0 | 40,084 | 37,243 | 44,687 | |
694/7 |
24,790 | 39,805 | 24,686 | 95,774 | 0 | 120,706 | 10,000 | - | - | |
694 |
24,790 | 39,805 | 24,686 | 95,774 | 0 | 120,706 | - | - | - | |
695 |
- | - | - | - | - | 0 | 10,000 | - | - | |
| Document | ||||||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 27-05-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-05-2026 | 2026-00121652 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00156864 | |
| 31-12-2023 | micro format | 11-06-2024 | 2024-00120367 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00212040 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20154059 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-29100215 | |
| 31-12-2019 | micro format | 22-06-2020 | 2020-19700423 | |
| 31-12-2018 | micro format | 04-10-2019 | 2019-68700205 | |
| 31-12-2017 | micro format | 14-06-2018 | 2018-20000386 |
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €0 | €149 |
| 2022 | 1 | €149 | €0 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 32,486 | 53,843 | 35,819 | 107,204 | 23,754 | 3,982 | 69,875 | 59,560 | 75,520 | ||
| 27,051 | 42,511 | 28,389 | 85,024 | 17,071 | 1,251 | 57,818 | 47,409 | 54,011 | ||
| 13,146 | 2,927 | 3,126 | 0 | 9,053 | 13,157 | 4,139 | 1,556 | 24,070 | ||
| -21,599 | 14,893 | -761 | -11,538 | -73,387 | -27,137 | 63,280 | 35,662 | - | ||
| 2,419 | 17,814 | 13,525 | 14,699 | 23,698 | 9,480 | 132,091 | 90,656 | 50,149 | ||
| 24.7% | 24.9% | 19.1% | 16.0% | 38.8% | 9.3% | 75.2% | 83.9% | 65.1% | ||
| 1.04 | 1.31 | 1.16 | 1.14 | 1.43 | 1.07 | 3.94 | 6.50 | 3.20 | ||
| 3.06 | 3.01 | 4.24 | 5.25 | 1.58 | 9.72 | 0.33 | 0.19 | 0.54 | ||
| 121.2% | 194.5% | 120.7% | 398.6% | 41.0% | -9.2% | 36.8% | 40.7% | 78.3% | ||
| 29.9% | 48.5% | 23.0% | 63.8% | 15.9% | -0.9% | 27.6% | 34.1% | 51.0% | ||
| over 100 | over 100 | 99.96 | over 100 | 26.85 | - | - | - | - |
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,146 | €2,927 | €3,126 | - | €9,053 |
| €2,261 | €2,706 | €3,702 | €3,468 | €2,854 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 41% lower than in 2024 and the lowest since 2021.
Debt's share of the balance-sheet total rises from 75.1% to 75.3%. Debt is higher.
LeanHive has no parent and no holdings in its annual accounts. BLANCKAERT Gunter is the only director. LeanHive shares no director with another company.
| Blanckaert, Merlijn (sole trader)
establishment since 19-01-2025 |
founded in 2025 1019.068.538 |
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
| Establishment | Since | Unit number |
|---|---|---|
| Korte Welvaart 17 registered office 3140 Keerbergen 47632 Retail sale of bicycles | 09-11-2016 | 2.258.223.940 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 24048C0192/00K000 | 1,269 m² | 1 · 204 m² | 7.2 m · 2 |
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