LECLERCQ
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 34 filings
Turnover
≈ €410,000
Estimated: probably between €320,000 and €610,000
EBIT margin
Not included in this filing
Net result
€124,384▼ 18.1%
2024 · €151,904
Working capital
€1.3m▲ 12.2%
2024 · €1.1m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€179,443
▼ 20.8%
2025
20182025
Net result
€124,384
▼ 18.1%
2025
highest quarter of the sector
20182025
Equity
€1.3m
▲ 10.9%
2025
highest quarter of the sector
20182025
Total assets
€1.6m
▲ 5.1%
2025
highest quarter of the sector
20182025
Debt
€296,090
▼ 14.1%
2025
20182025
Working capital
€1.3m
▲ 12.2%
2025
highest quarter of the sector
20182025
Solvency
81.0%
▲ 4.3pp
2025
highest quarter of the sector
20182025
Current ratio
5.22
▲ 0.99
2025
highest quarter of the sector
20182025
Return on assets (ROA)
8.0%
▼ 2.3pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.2m▲ 27.2%€0.3m▲ 67.8%€0.3m▲ 19.3%€0.2m▼ 46.4%€0.2m▲ 38.9%€0.2m▼ 3.5%€0.2m▼ 20.8%
Net result€0.07m-€0.1m▲ 37.6%€0.2mwithin the sector's middle half▲ 69.3%€0.2mwithin the sector's middle half▲ 20.5%€0.1mabove the sector's middle half▼ 47.9%€0.2mabove the sector's middle half▲ 41.2%€0.2mabove the sector's middle half▼ 1.5%€0.1mabove the sector's middle half▼ 18.1%
Equity€0.2m-€0.3m▲ 43.3%€0.5mabove the sector's middle half▲ 51.1%€0.7mabove the sector's middle half▲ 40.8%€0.8mabove the sector's middle half▲ 15.1%€1.0mabove the sector's middle half▲ 18.5%€1.1mabove the sector's middle half▲ 15.4%€1.3mabove the sector's middle half▲ 10.9%
Total assets€0.7m-€0.8m▲ 5.0%€0.9mwithin the sector's middle half▲ 22.3%€1.1mwithin the sector's middle half▲ 22.6%€1.2mabove the sector's middle half▲ 6.6%€1.4mabove the sector's middle half▲ 10.4%€1.5mabove the sector's middle half▲ 9.9%€1.6mabove the sector's middle half▲ 5.1%
Debt€0.5m-€0.4m▼ 13.5%€0.4m▼ 0.7%€0.4m▲ 0.6%€0.4m▼ 7.9%€0.4m▼ 6.8%€0.3m▼ 5.2%€0.3m▼ 14.1%
Working capital€0.2m-€0.3m▲ 46.7%€0.5mabove the sector's middle half▲ 53.1%€0.7mabove the sector's middle half▲ 30.1%€0.8mabove the sector's middle half▲ 18.5%€0.9mabove the sector's middle half▲ 21.3%€1.1mabove the sector's middle half▲ 17.3%€1.3mabove the sector's middle half▲ 12.2%
Solvency32.6%-44.5%▲ 11.9pp54.9%within the sector's middle half▲ 10.5pp63.1%within the sector's middle half▲ 8.1pp68.1%within the sector's middle half▲ 5.0pp73.1%within the sector's middle half▲ 5.0pp76.8%within the sector's middle half▲ 3.7pp81.0%above the sector's middle half▲ 4.3pp
Current ratio1.46-1.78▲ 0.322.21within the sector's middle half▲ 0.422.56within the sector's middle half▲ 0.353.01within the sector's middle half▲ 0.453.61within the sector's middle half▲ 0.614.23within the sector's middle half▲ 0.625.22above the sector's middle half▲ 0.99
Return on assets (ROA)10.2%-13.4%▲ 3.2pp18.6%above the sector's middle half▲ 5.2pp18.3%within the sector's middle half▼ 0.3pp8.9%within the sector's middle half▼ 9.3pp11.4%within the sector's middle half▲ 2.5pp10.2%within the sector's middle half▼ 1.2pp8.0%within the sector's middle half▼ 2.3pp
Staff (FTE)11=1=1=
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 21% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€12,326 ▼ 49.2%
Current assets
€1.5m ▲ 6.0%
Equity and liabilities €1.6m
Equity
€1.3m ▲ 10.9%
Debt
€296,090 ▼ 14.1%
Debt's share of the balance-sheet total falls from 23.2% to 19.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€191,374▼
2024 · €239,084
Cash flow
€136,315▼
2024 · €164,306
Debt to equity
0.23▼
2024 · 0.30
ROE
9.8%▼
2024 · 13.3%
Interest coverage
29.20▲
2024 · 25.31
Debt ≤ 1 year
€296,090▼
2024 · €344,771
Income taxes
€61,812▼
2024 · €74,139
Staff costs
€35,876▲
2024 · €34,778
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.8 | 0.8 | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 0.8 | 0.8 | 0.8 | 0.8 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | - | 1 | - | - |
| Left | - | 1 | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €61,351 | - | - | - | - |
| Depreciation and write-downs of the year | €2,178 | €12,783 | €12,783 | €12,402 | €11,931 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €13,536 | €40 | €1,969 | €2,367 | €3,873 | ▲ 63.6% |
| Remuneration, social security and pensions62 | - | - | - | €34,110 | €34,100 | €33,523 | €34,778 | €35,876 | ▲ 3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,599 | €2,961 | €2,269 | €2,178 | €12,783 | €12,783 | €12,402 | €11,931 | ▼ 3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €1,635 | - | - |
| Other operating charges640/8 | - | - | - | €5,341 | €3,023 | €3,275 | €3,397 | €3,641 | ▲ 7.2% |
| Non-recurring operating charges66A | - | - | - | €1,190 | €936 | €4,111 | €3,585 | €814 | ▼ 77.3% |
| Gross operating margin9900 | €173,634 | €199,948 | €306,490 | €358,232 | €219,846 | €288,521 | €282,479 | €231,704 | ▼ 18.0% |
| Operating profit (loss)9901 | €123,817 | €157,504 | €264,292 | €315,414 | €169,003 | €234,829 | €226,682 | €179,443 | ▼ 20.8% |
| Financial income75/76B | - | - | - | €61 | - | €3,104 | €8,807 | €13,308 | ▲ 51.1% |
| Recurring financial income75 | €385 | €578 | €166 | €61 | - | €3,104 | €8,807 | €13,308 | ▲ 51.1% |
| Financial charges65/66B | - | - | - | €7,199 | €6,629 | €8,046 | €9,446 | €6,554 | ▼ 30.6% |
| Recurring financial charges65 | €16,701 | €8,766 | €7,330 | €7,199 | €6,629 | €8,046 | €9,446 | €6,554 | ▼ 30.6% |
| Profit (loss) for the period before taxes9903 | €107,502 | €149,316 | €257,128 | €308,275 | €162,374 | €229,887 | €226,043 | €186,196 | ▼ 17.6% |
| Income taxes67/77 | €32,909 | €46,646 | €83,288 | €98,859 | €53,211 | €75,746 | €74,139 | €61,812 | ▼ 16.6% |
| Profit (loss) for the period9904 | €74,592 | €102,670 | €173,840 | €209,416 | €109,163 | €154,141 | €151,904 | €124,384 | ▼ 18.1% |
| Profit (loss) for the period to be appropriated9905 | €74,592 | €102,670 | €173,840 | €209,416 | €109,163 | €154,141 | €151,904 | €124,384 | ▼ 18.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.8m | €0.9m | €1.1m | €1.2m | €1.4m | €1.5m | €1.6m | ▲ 5.1% |
| Fixed assets21/28 | €0.01m | €0.008m | €0.006m | €0.06m | €0.05m | €0.04m | €0.02m | €0.01m | ▼ 49.2% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0 | €0 | - |
| Tangible fixed assets22/27 | €0.01m | €0.008m | €0.006m | €0.06m | €0.05m | €0.04m | €0.02m | €0.01m | ▼ 49.6% |
| Land and buildings22 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Furniture and vehicles24 | - | - | - | €0.06m | €0.05m | €0.03m | €0.02m | €0.009m | ▼ 56.3% |
| Financial fixed assets28 | €196 | €196 | €196 | €196 | €196 | €196 | €196 | €196 | = |
| Current assets29/58 | €0.7m | €0.8m | €0.9m | €1.1m | €1.2m | €1.3m | €1.5m | €1.5m | ▲ 6.0% |
| Amounts receivable within one year40/41 | €0.09m | €0.07m | €0.05m | €0.06m | €0.07m | €0.07m | €0.05m | €0.05m | ▲ 14.5% |
| Trade receivables40 | - | - | - | €0.06m | €0.07m | €0.07m | €0.05m | €0.05m | ▲ 14.5% |
| Other amounts receivable41 | - | - | - | €0.002m | - | - | - | - | - |
| Current investments50/53 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.6m | ▲ 97.9% |
| Cash at bank and in hand54/58 | €0.6m | €0.7m | €0.9m | €0.7m | €0.8m | €0.9m | €1.1m | €0.9m | ▼ 19.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €420 | €420 | €0.001m | ▲ 94.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.8m | €0.9m | €1.1m | €1.2m | €1.4m | €1.5m | €1.6m | ▲ 5.1% |
| Equity10/15 | €0.2m | €0.3m | €0.5m | €0.7m | €0.8m | €1.0m | €1.1m | €1.3m | ▲ 10.9% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Contributions outside capital11 | - | - | - | €0.006m | €0.006m | €0.006m | - | - | - |
| Other1109/19 | - | - | - | €0.006m | €0.006m | €0.006m | - | - | - |
| Reserves13 | €0.2m | €0.3m | €0.5m | €0.7m | €0.8m | €1.0m | €1.1m | €1.3m | ▲ 11.0% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | - | €0.7m | €0.8m | €1.0m | €1.1m | €1.2m | ▲ 11.2% |
| Amounts payable17/49 | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 14.1% |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 14.1% |
| Financial debts43 | - | - | - | - | - | €50 | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €50 | - | - | - |
| Trade debts44 | €0.003m | €0.004m | €0.001m | €0.008m | €0.004m | €0.002m | €0.002m | €0.002m | ▲ 8.0% |
| Suppliers440/4 | - | - | - | €0.008m | €0.004m | €0.002m | €0.002m | €0.002m | ▲ 8.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.05m | €0.04m | €0.04m | €0.04m | ▼ 2.7% |
| Taxes450/3 | - | - | - | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | ▼ 3.9% |
| Remuneration and social security454/9 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | ▲ 2.5% |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 15.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €74,592 | €102,670 | €173,840 | €209,416 | €109,163 | €154,141 | €151,904 | €124,384 | ▼ 18.1% |
| + Depreciation and write-downs630 | €13,599 | €2,961 | €2,269 | €2,178 | €12,783 | €12,783 | €12,402 | €11,931 | ▼ 3.8% |
| Operating cash flow (approximation) | €88,191 | €105,631 | €176,109 | €211,595 | €121,946 | €166,924 | €164,306 | €136,315 | ▼ 17.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€58,541 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €63,250 | €190,668 | -€155,116 | €79,722 | €137,210 | €172,918 | -€213,085 | - |
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, 31,368 companies had the same profile as LECLERCQ has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LECLERCQ 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 31,368 companies, not a prediction for LECLERCQ. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00232094 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00193759 | |
| 31-12-2023 | micro format | 10-07-2024 | 2024-00226053 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00262009 | |
| 31-12-2021 | full format | 21-06-2022 | 2022-20077935 | |
| 31-12-2020 | full format | 21-06-2021 | 2021-21800372 | |
| 31-12-2019 | full format | 01-07-2020 | 2020-24800476 | |
| 31-12-2018 | full format | 19-06-2019 | 2019-20000511 | |
| 31-12-2017 | full format | 03-07-2018 | 2018-26600289 | |
| 31-12-2016 | full format | 23-06-2017 | 2017-19900511 |