Summary
Ledek is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €15,796 and a net result of -€937. Equity is growing by about 4.5% per year across the filed financial years. Its solvency ranks better than 40% of 9,736 sector peers (NACE 64, financial year 2025). The company has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€15,796▼ 5.6%
2024 · €16,732
Net result
-€937
2024 · €7,720
Total assets
€41,169▲ 8.0%
2024 · €38,106
Solvency
38.4%▼ 5.5pp
2024 · 43.9%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €1,065 after €7,894 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€1,065
2025
Net result-€937
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€41,169
2025
Equity€15,796
2025
Debt€25,374
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€9,254
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-2.3%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency38.4%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.36
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€6,082-€11,371-€2,539-€717▲ 71.8%-€6,316▼ 781%€3,318€7,894▲ 138%-€1,065
Net result-€6,563-€11,028-€2,818below the sector's middle half-€950below the sector's middle half▲ 66.3%-€6,519below the sector's middle half▼ 586%€3,061below the sector's middle half€7,720within the sector's middle half▲ 152%-€937below the sector's middle half
Equity€5,211-€16,239▲ 212%€13,421below the sector's middle half▼ 17.4%€12,470below the sector's middle half▼ 7.1%€5,951below the sector's middle half▼ 52.3%€9,013below the sector's middle half▲ 51.4%€16,732below the sector's middle half▲ 85.7%€15,796below the sector's middle half▼ 5.6%
Total assets€21,547-€33,305▲ 54.6%€32,512below the sector's middle half▼ 2.4%€31,879below the sector's middle half▼ 1.9%€25,565below the sector's middle half▼ 19.8%€28,991below the sector's middle half▲ 13.4%€38,106below the sector's middle half▲ 31.4%€41,169below the sector's middle half▲ 8.0%
Debt€16,336-€17,067▲ 4.5%€19,092▲ 11.9%€19,409▲ 1.7%€19,614▲ 1.1%€19,978▲ 1.9%€21,373▲ 7.0%€25,374▲ 18.7%
Working capital-€10,616-€5,580€8,318within the sector's middle half▲ 49.1%€10,914within the sector's middle half▲ 31.2%€4,762within the sector's middle half▼ 56.4%€8,070within the sector's middle half▲ 69.5%€14,885within the sector's middle half▲ 84.4%€9,254within the sector's middle half▼ 37.8%
Solvency24.2%-48.8%▲ 24.6pp41.3%within the sector's middle half▼ 7.5pp39.1%within the sector's middle half▼ 2.2pp23.3%below the sector's middle half▼ 15.8pp31.1%within the sector's middle half▲ 7.8pp43.9%within the sector's middle half▲ 12.8pp38.4%within the sector's middle half▼ 5.5pp
Current ratio0.35-1.33▲ 0.981.44within the sector's middle half▲ 0.111.56within the sector's middle half▲ 0.131.24within the sector's middle half▼ 0.321.40within the sector's middle half▲ 0.161.70within the sector's middle half▲ 0.291.36within the sector's middle half▼ 0.33
Return on assets (ROA)-30.5%-33.1%▲ 63.6pp-8.7%below the sector's middle half▼ 41.8pp-3.0%below the sector's middle half▲ 5.7pp-25.5%below the sector's middle half▼ 22.5pp10.6%within the sector's middle half▲ 36.1pp20.3%within the sector's middle half▲ 9.7pp-2.3%below the sector's middle half▼ 22.5pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin 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 €41,169
Fixed assets
€6,541 ▲ 254%
Current assets
€34,628 ▼ 4.5%
Equity and liabilities €41,169
Equity
€15,796 ▼ 5.6%
Debt
€25,374 ▲ 18.7%
Debt's share of the balance-sheet total rises from 56.1% to 61.6%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-5.9%▼
2024 · 46.1%
Debt ≤ 1 year
€25,374▲
2024 · €21,373
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €10,000 | - | - | €8,398 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,767 | €5,915 | €5,556 | €4,782 | €367 | €247 | €260 | €1,659 | ▲ 537% |
| Other operating charges640/8 | - | - | - | €792 | €798 | €918 | €1,326 | €528 | ▼ 60.2% |
| Gross operating margin9900 | €996 | €18,580 | €3,806 | €4,857 | -€5,152 | €4,484 | €9,480 | €1,123 | ▼ 88.2% |
| Operating profit (loss)9901 | -€6,082 | €11,371 | -€2,539 | -€717 | -€6,316 | €3,318 | €7,894 | -€1,065 | - |
| Financial income75/76B | - | - | - | €42 | €90 | €105 | €244 | €296 | ▲ 21.5% |
| Recurring financial income75 | €4 | €4 | €0 | €42 | €90 | €105 | €244 | €296 | ▲ 21.5% |
| Financial charges65/66B | - | - | - | €128 | €142 | €199 | €184 | €168 | ▼ 8.5% |
| Recurring financial charges65 | €258 | €178 | €131 | €128 | €142 | €199 | €184 | €168 | ▼ 8.5% |
| Profit (loss) for the period before taxes9903 | -€6,336 | €11,198 | -€2,670 | -€802 | -€6,368 | €3,224 | €7,954 | -€937 | - |
| Income taxes67/77 | €226 | €170 | €148 | €148 | €151 | €163 | €234 | - | - |
| Profit (loss) for the period9904 | -€6,563 | €11,028 | -€2,818 | -€950 | -€6,519 | €3,061 | €7,720 | -€937 | - |
| Profit (loss) for the period to be appropriated9905 | -€6,563 | €11,028 | -€2,818 | -€950 | -€6,519 | €3,061 | €7,720 | -€937 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €21,547 | €33,305 | €32,512 | €31,879 | €25,565 | €28,991 | €38,106 | €41,169 | ▲ 8.0% |
| Fixed assets21/28 | €15,827 | €10,659 | €5,103 | €1,556 | €1,190 | €943 | €1,848 | €6,541 | ▲ 254% |
| Tangible fixed assets22/27 | €15,507 | €10,339 | €4,783 | €1,236 | €870 | €623 | €1,528 | €6,221 | ▲ 307% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €4,324 | - |
| Furniture and vehicles24 | - | - | - | €1,236 | €870 | €623 | €1,528 | €1,898 | ▲ 24.2% |
| Financial fixed assets28 | €320 | €320 | €320 | €320 | €320 | €320 | €320 | €320 | = |
| Current assets29/58 | €5,720 | €22,647 | €27,409 | €30,323 | €24,375 | €28,048 | €36,258 | €34,628 | ▼ 4.5% |
| Amounts receivable within one year40/41 | €1,597 | €2,856 | - | €923 | €71 | €2,387 | €411 | €1,033 | ▲ 151% |
| Trade receivables40 | - | - | - | €532 | €71 | €2,333 | €411 | €944 | ▲ 129% |
| Other amounts receivable41 | - | - | - | €391 | - | €54 | - | €89 | - |
| Cash at bank and in hand54/58 | €1,621 | €17,786 | €26,452 | €28,370 | €23,162 | €24,459 | €34,992 | €32,504 | ▼ 7.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,030 | €1,142 | €1,203 | €854 | €1,091 | ▲ 27.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €21,547 | €33,305 | €32,512 | €31,879 | €25,565 | €28,991 | €38,106 | €41,169 | ▲ 8.0% |
| Equity10/15 | €5,211 | €16,239 | €13,421 | €12,470 | €5,951 | €9,013 | €16,732 | €15,796 | ▼ 5.6% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€15,240 | -€4,213 | -€7,031 | -€7,981 | -€14,500 | -€11,439 | -€3,719 | -€4,656 | ▼ 25.2% |
| Amounts payable17/49 | €16,336 | €17,067 | €19,092 | €19,409 | €19,614 | €19,978 | €21,373 | €25,374 | ▲ 18.7% |
| Amounts payable within one year42/48 | €16,336 | €17,067 | €19,092 | €19,409 | €19,614 | €19,978 | €21,373 | €25,374 | ▲ 18.7% |
| Trade debts44 | €409 | €2,105 | €1,303 | €1,550 | €1,474 | €1,564 | €3,006 | €2,546 | ▼ 15.3% |
| Suppliers440/4 | - | - | - | €1,550 | €1,474 | €1,564 | €3,006 | €2,546 | ▼ 15.3% |
| Advances received on contracts in progress46 | - | - | - | €207 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €135 | €447 | €744 | €321 | €443 | ▲ 38.2% |
| Taxes450/3 | - | - | - | €135 | €447 | €744 | €321 | €443 | ▲ 38.2% |
| Other amounts payable47/48 | - | - | - | €17,516 | €17,693 | €17,670 | €18,047 | €22,385 | ▲ 24.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,563 | €11,028 | -€2,818 | -€950 | -€6,519 | €3,061 | €7,720 | -€937 | - |
| + Depreciation and write-downs630 | €5,767 | €5,915 | €5,556 | €4,782 | €367 | €247 | €260 | €1,659 | ▲ 537% |
| Operating cash flow (approximation) | -€795 | €16,943 | €2,738 | €3,831 | -€6,152 | €3,308 | €7,980 | €723 | ▼ 90.9% |
| Investment in fixed assets (approximation) | - | -€747 | €0 | -€1,235 | €0 | €0 | -€1,165 | -€6,353 | ▼ 445% |
| Change in cash | - | €16,165 | €8,666 | €1,918 | -€5,208 | €1,297 | €10,534 | -€2,489 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 34 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00225736 |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00244759 |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00155178 |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00186227 |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20158461 |
| 31-12-2020 | micro format | 30-06-2021 | 2021-29300590 |
| 31-12-2019 | micro format | 30-06-2020 | 2020-24000094 |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57100101 |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-56800580 |
| 31-12-2016 | abbreviated format | 24-08-2017 | 2017-47600515 |
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Of the 24,456 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,093. 6,853 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.