LEDNLUX
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 15-10-2026 at the NBB all 16 filings
Turnover
≈ €4.0m
Estimated: probably between €3.1m and €5.0m
Total assets
€4.0m▼ 1.5%
2025 · €4.1m
Net result
€191,007▼ 65.9%
2025 · €560,027
Working capital
€2.0m▼ 5.8%
2025 · €2.1m
In the rankings
#2 company by staff growth in Genk, Construction sector#10 company by equity in Genk, Construction sector
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€254,143
▼ 69.8%
2026
20192026
Net result
€191,007
▼ 65.9%
2026
20192026
Equity
€2.2m
▼ 5.1%
2026
20192026
Total assets
€4.0m
▼ 1.5%
2026
20192026
Debt
€1.8m
▲ 3.5%
2026
20192026
Working capital
€2.0m
▼ 5.8%
2026
20192026
Solvency
55.3%
▼ 2.1pp
2026
20192026
Current ratio
2.15
▼ 0.14
2026
20192026
Return on assets (ROA)
4.7%
▼ 8.9pp
2026
20192026
Staff (FTE)
17.5
▲ 13.6%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.4m-€0.5m▲ 22.5%€0.4m▼ 26.1%€0.3m▼ 10.9%€0.5m▲ 48.2%€0.3m▼ 35.5%€0.8m▲ 162%€0.3m▼ 69.8%
Net result€0.3m-€0.3m▲ 22.8%€0.3mabove the sector's middle half▼ 11.2%€0.2mabove the sector's middle half▼ 24.1%€0.3mabove the sector's middle half▲ 46.0%€0.2mabove the sector's middle half▼ 31.5%€0.6mabove the sector's middle half▲ 165%€0.2m▼ 65.9%
Equity€1.1m-€1.4m▲ 27.6%€1.7mabove the sector's middle half▲ 19.2%€1.9mabove the sector's middle half▲ 12.3%€2.0mabove the sector's middle half▲ 3.3%€2.0mabove the sector's middle half▲ 2.9%€2.4mabove the sector's middle half▲ 15.0%€2.2m▼ 5.1%
Total assets€2.5m-€2.7m▲ 10.0%€2.9mabove the sector's middle half▲ 7.7%€3.5mabove the sector's middle half▲ 20.5%€3.1mabove the sector's middle half▼ 11.6%€3.7mabove the sector's middle half▲ 18.5%€4.1mabove the sector's middle half▲ 10.7%€4.0m▼ 1.5%
Debt€1.3m-€1.3m▼ 4.7%€1.2m▼ 5.2%€1.6m▲ 32.0%€1.1m▼ 29.5%€1.7m▲ 46.0%€1.7m▲ 5.4%€1.8m▲ 3.5%
Working capital€1.1m-€1.4m▲ 25.5%€1.6mabove the sector's middle half▲ 15.8%€1.7mabove the sector's middle half▲ 8.3%€1.8mabove the sector's middle half▲ 2.2%€1.8mabove the sector's middle half▲ 4.4%€2.1mabove the sector's middle half▲ 15.3%€2.0m▼ 5.8%
Solvency45.6%-52.8%▲ 7.3pp58.5%within the sector's middle half▲ 5.7pp54.5%within the sector's middle half▼ 4.0pp63.7%above the sector's middle half▲ 9.2pp55.3%within the sector's middle half▼ 8.4pp57.5%within the sector's middle half▲ 2.1pp55.3%▼ 2.1pp
Current ratio1.83-2.10▲ 0.272.33within the sector's middle half▲ 0.232.16within the sector's middle half▼ 0.172.71within the sector's middle half▲ 0.552.17within the sector's middle half▼ 0.542.30within the sector's middle half▲ 0.132.15▼ 0.14
Return on assets (ROA)10.3%-11.5%▲ 1.2pp9.5%within the sector's middle half▼ 2.0pp6.0%within the sector's middle half▼ 3.5pp9.9%within the sector's middle half▲ 3.9pp5.7%within the sector's middle half▼ 4.2pp13.7%above the sector's middle half▲ 8.0pp4.7%▼ 8.9pp
Staff (FTE)11.2-12.6▲ 12.5%15.2above the sector's middle half▲ 20.6%15.5above the sector's middle half▲ 2.0%13above the sector's middle half▼ 16.1%15.8above the sector's middle half▲ 21.5%15.4above the sector's middle half▼ 2.5%17.5▲ 13.6%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 2026 is 70% lower than in 2025 and the lowest since 2022.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €4.0m
Fixed assets
€321,164 ▼ 10.2%
Current assets
€3.7m ▼ 0.6%
Equity and liabilities €4.0m
Equity
€2.2m ▼ 5.1%
Debt
€1.8m ▲ 3.5%
Debt's share of the balance-sheet total rises from 42.5% to 44.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€350,179▼
2025 · €939,401
Cash flow
€287,043▼
2025 · €657,125
Quick ratio
1.46▼
2025 · 1.52
Debt to equity
0.81▲
2025 · 0.74
ROE
8.6%▼
2025 · 23.8%
Interest coverage
5.54▼
2025 · 15.73
Debt ≤ 1 year
€1.7m▲
2025 · €1.6m
Debt > 1 year
€75,969▼
2025 · €113,920
Income taxes
€60,584▼
2025 · €259,499
Staff costs
€1.1m▲
2025 · €915,130
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 14 | 14 | 16 | 15 | 18 |
| full-time | 11 | 11 | 15 | 14 | 18 |
| part-time | 3 | 3 | 1 | 1 | 0 |
| in full-time equivalents | 13.4 | 13.4 | 15.8 | 14.8 | 18 |
| Average over the year, in full-time equivalents | 15.5 | 13 | 15.8 | 15.4 | 17.5 |
| On a permanent contract | 11 | 10 | 16 | 15 | 18 |
| Joined | 3 | 6 | 3 | 4 | 5 |
| Left | 6 | 6 | 0 | 5 | 2 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €511,846 | €126,760 | €107,804 | €150,906 | €113,920 |
| Pledge on the business | €250,000 | €250,000 | €300,000 | €300,000 | €300,000 |
| Pledge on other assets, amount secured | €304,500 | €249,500 | €149,500 | - | - |
| Carrying value of the other pledged assets | €234,004 | €241,825 | €218,909 | €306,325 | €267,767 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €231,607 | €53,077 | €44,195 | €157,979 | €34,413 |
| Intangible fixed assets | €17,766 | €33,660 | €19,858 | - | €24,858 |
| Financial fixed assets | - | - | - | - | €135 |
| Depreciation and write-downs of the year | €61,741 | €79,062 | €88,549 | €97,099 | €96,036 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €17,971 awarded · €17,712 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €7,590 | €7,590 |
| 2024 | 1 | €1,305 | €1,305 |
| 2023 | 1 | €1,576 | €3,462 |
| 2022 | 1 | €7,500 | €5,355 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.001m | €0.01m | €0.01m | €0.02m | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.7m | €0.8m | €0.9m | €1.1m | ▲ 20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.04m | €0.05m | €0.06m | €0.08m | €0.09m | €0.1m | €0.1m | ▼ 1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.02m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 11.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.001m | €60 | €0 | ▼ 100% |
| Gross operating margin9900 | €0.8m | €1.1m | €1.1m | €1.2m | €1.3m | €1.3m | €1.9m | €1.5m | ▼ 21.4% |
| Operating profit (loss)9901 | €0.4m | €0.5m | €0.4m | €0.3m | €0.5m | €0.3m | €0.8m | €0.3m | ▼ 69.8% |
| Financial income75/76B | - | - | - | €0.007m | €0.02m | €0.02m | €0.04m | €0.06m | ▲ 64.2% |
| Recurring financial income75 | €0.007m | €0.008m | €0.06m | €0.007m | €0.02m | €0.02m | €0.04m | €0.06m | ▲ 64.2% |
| Financial charges65/66B | - | - | - | €0.05m | €0.06m | €0.03m | €0.06m | €0.06m | ▲ 5.9% |
| Recurring financial charges65 | €0.03m | €0.04m | €0.04m | €0.05m | €0.06m | €0.03m | €0.06m | €0.06m | ▲ 5.9% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.5m | €0.4m | €0.3m | €0.5m | €0.3m | €0.8m | €0.3m | ▼ 69.3% |
| Income taxes67/77 | €0.1m | €0.2m | €0.1m | €0.09m | €0.1m | €0.1m | €0.3m | €0.06m | ▼ 76.7% |
| Profit (loss) for the period9904 | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | €0.2m | €0.6m | €0.2m | ▼ 65.9% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | €0.2m | €0.6m | €0.2m | ▼ 65.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.5m | €2.7m | €2.9m | €3.5m | €3.1m | €3.7m | €4.1m | €4.0m | ▼ 1.5% |
| Fixed assets21/28 | €0.07m | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 10.2% |
| Intangible fixed assets21 | €0.003m | €0.05m | €0.1m | €0.1m | €0.1m | €0.09m | €0.05m | €0.05m | ▲ 3.5% |
| Tangible fixed assets22/27 | €0.07m | €0.06m | €0.04m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 12.6% |
| Plant, machinery and equipment23 | - | - | - | €0.07m | €0.06m | €0.05m | €0.06m | €0.05m | ▼ 29.1% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 38.3% |
| Leasing and similar rights25 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 12.9% |
| Other tangible fixed assets26 | - | - | - | €0.004m | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 39.7% |
| Financial fixed assets28 | €149 | €149 | €149 | €149 | €149 | €149 | €0 | €135 | - |
| Current assets29/58 | €2.4m | €2.6m | €2.8m | €3.2m | €2.8m | €3.4m | €3.7m | €3.7m | ▼ 0.6% |
| Stocks and contracts in progress3 | €1.3m | €1.3m | €1.1m | €1.3m | €1.3m | €1.3m | €1.3m | €1.2m | ▼ 5.9% |
| Stocks30/36 | - | - | - | €1.3m | €1.3m | €1.3m | €1.3m | €1.2m | ▼ 5.9% |
| Amounts receivable within one year40/41 | €0.7m | €0.8m | €0.7m | €0.9m | €0.8m | €1.2m | €1.0m | €1.1m | ▲ 12.0% |
| Trade receivables40 | - | - | - | €0.6m | €0.6m | €0.9m | €0.6m | €0.6m | ▼ 1.9% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 35.6% |
| Current investments50/53 | - | €0.05m | €0.06m | €0.1m | €0.2m | €0.4m | €0.7m | €0.2m | ▼ 67.3% |
| Cash at bank and in hand54/58 | €0.4m | €0.4m | €0.8m | €0.8m | €0.4m | €0.5m | €0.7m | €1.1m | ▲ 59.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.04m | €0.04m | €0.03m | €0.03m | ▼ 2.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.5m | €2.7m | €2.9m | €3.5m | €3.1m | €3.7m | €4.1m | €4.0m | ▼ 1.5% |
| Equity10/15 | €1.1m | €1.4m | €1.7m | €1.9m | €2.0m | €2.0m | €2.4m | €2.2m | ▼ 5.1% |
| Contributions10/11 | €0.006m | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.7m | €1.0m | €1.2m | €1.5m | €1.5m | €1.6m | €2.3m | €2.2m | ▼ 5.2% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €1.5m | €1.5m | €1.6m | €2.3m | €2.2m | ▼ 5.2% |
| Profit (loss) carried forward14 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0 | €0 | - |
| Amounts payable17/49 | €1.3m | €1.3m | €1.2m | €1.6m | €1.1m | €1.7m | €1.7m | €1.8m | ▲ 3.5% |
| Amounts payable after more than one year17 | €0.03m | €0.04m | €0.02m | €0.1m | €0.1m | €0.09m | €0.1m | €0.08m | ▼ 33.3% |
| Financial debts170/4 | - | - | - | €0.1m | €0.1m | €0.09m | €0.1m | €0.08m | ▼ 33.3% |
| Amounts payable within one year42/48 | €1.3m | €1.2m | €1.2m | €1.5m | €1.0m | €1.6m | €1.6m | €1.7m | ▲ 6.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.02m | €0.02m | €0.04m | €0.04m | ▲ 2.6% |
| Financial debts43 | - | - | - | €0.4m | €0 | €0.03m | €0.01m | €0.03m | ▲ 196% |
| Credit institutions430/8 | - | - | - | €0.4m | €0 | €0.03m | €0.01m | €0.03m | ▲ 196% |
| Trade debts44 | €0.8m | €0.6m | €0.5m | €0.9m | €0.7m | €1.2m | €1.0m | €1.2m | ▲ 21.0% |
| Suppliers440/4 | - | - | - | €0.9m | €0.7m | €1.2m | €1.0m | €1.2m | ▲ 21.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 2.5% |
| Taxes450/3 | - | - | - | €0.08m | €0.1m | €0.06m | €0.1m | €0.09m | ▼ 16.1% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 16.2% |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.04m | €0.1m | €0.3m | €0.2m | ▼ 46.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €0.001m | €455 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €254,797 | €312,998 | €278,095 | €211,043 | €308,203 | €211,202 | €560,027 | €191,007 | ▼ 65.9% |
| + Depreciation and write-downs630 | €34,034 | €39,396 | €49,486 | €61,741 | €79,062 | €88,549 | €97,099 | €96,036 | ▼ 1.1% |
| Operating cash flow (approximation) | €288,831 | €352,394 | €327,582 | €272,784 | €387,265 | €299,751 | €657,125 | €287,043 | ▼ 56.3% |
| Investment in fixed assets (approximation) | - | -€77,092 | -€96,361 | -€244,539 | -€86,737 | -€49,503 | -€146,621 | -€59,406 | ▲ 59.5% |
| Change in cash | - | €29,602 | €426,616 | -€6,733 | -€453,628 | €152,051 | €188,224 | €415,771 | ▲ 121% |
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, 6,049 companies had the same profile as LEDNLUX has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of LEDNLUX 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 6,049 companies, not a prediction for LEDNLUX. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 15-10-2026 | 2026-00561736 | |
| 31-03-2025 | abbreviated format | 29-09-2025 | 2025-00513409 | |
| 31-03-2024 | abbreviated format | 04-10-2024 | 2024-00499532 | |
| 31-03-2023 | abbreviated format | 24-10-2023 | 2023-00491080 | |
| 31-03-2022 | abbreviated format | 28-10-2022 | 2022-20483828 | |
| 31-03-2021 | abbreviated format | 27-10-2021 | 2021-73500431 | |
| 31-03-2020 | abbreviated format | 29-09-2020 | 2020-56600473 | |
| 31-03-2019 | abbreviated format | 07-10-2019 | 2019-68900144 | |
| 31-03-2018 | abbreviated format | 04-10-2018 | 2018-68600218 | |
| 31-03-2017 | abbreviated format | 30-10-2017 | 2017-68400189 |