LEDUC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 19 filings
Turnover
€10,033
EBIT margin
2.8%
Net result
€9,247▲ 261%
2024 · €2,562
Working capital
-€35,713▲ 20.6%
2024 · -€44,960
In the rankings
#9 oldest company in Hoegaarden, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€7,135
▲ 162%
2025
20182025
Net result
€9,247
▲ 261%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€35,713
▲ 20.6%
2025
lowest quarter of the sector
20182025
Total assets
€8,505
▲ 18×
2025
lowest quarter of the sector
20182025
Debt
€44,218
▼ 2.7%
2025
20182025
Working capital
-€35,713
▲ 20.6%
2025
lowest quarter of the sector
20182025
Solvency
-419.9%
2025
lowest quarter of the sector
20182025
Current ratio
0.19
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
108.7%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€10,033-
Operating result€281-€1,220▲ 334%-€2,961€663-€4,549-€6,324▼ 39.0%€2,722€7,135▲ 162%
Net result€257-€1,217▲ 374%-€2,994below the sector's middle half€625below the sector's middle half-€4,582below the sector's middle half-€6,359below the sector's middle half▼ 38.8%€2,562within the sector's middle half€9,247within the sector's middle half▲ 261%
EBIT margin2.8%-
Equity-€35,429--€34,212▲ 3.4%-€37,206below the sector's middle half▼ 8.7%-€36,581below the sector's middle half▲ 1.7%-€41,163below the sector's middle half▼ 12.5%-€47,522below the sector's middle half▼ 15.4%-€44,960below the sector's middle half▲ 5.4%-€35,713below the sector's middle half▲ 20.6%
Total assets€3,702-€4,724▲ 27.6%€5,830below the sector's middle half▲ 23.4%€5,825below the sector's middle half▼ 0.1%€2,464below the sector's middle half▼ 57.7%€2,646below the sector's middle half▲ 7.4%€476below the sector's middle half▼ 82.0%€8,505below the sector's middle half▲ 18×
Debt€39,131-€38,937▼ 0.5%€43,036▲ 10.5%€42,406▼ 1.5%€43,627▲ 2.9%€50,169▲ 15.0%€45,437▼ 9.4%€44,218▼ 2.7%
Working capital-€35,688--€34,342▲ 3.8%-€38,345below the sector's middle half▼ 11.7%-€37,474below the sector's middle half▲ 2.3%-€41,810below the sector's middle half▼ 11.6%-€47,924below the sector's middle half▼ 14.6%-€44,960below the sector's middle half▲ 6.2%-€35,713below the sector's middle half▲ 20.6%
Solvency-638.2%below the sector's middle half-628.0%below the sector's middle half▲ 10.1pp-419.9%below the sector's middle half
Current ratio0.11below the sector's middle half0.12below the sector's middle half▲ 0.010.19below the sector's middle half
Return on assets (ROA)-51.3%below the sector's middle half10.7%within the sector's middle half▲ 62.1pp108.7%above the sector's middle half
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 2025 is 162% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Key figures and ratios
Debt ≤ 1 year
€44,218▼
2024 · €45,437
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €10,033 | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €4,000 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €130 | €130 | €220 | €246 | €246 | €246 | €0 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €741 | - | - |
| Other operating charges640/8 | - | - | - | €245 | €466 | €90 | €0 | €463 | - |
| Non-recurring operating charges66A | - | - | - | - | - | - | €201 | - | - |
| Gross operating margin9900 | €970 | €1,659 | -€2,343 | €1,154 | -€3,837 | -€5,988 | €3,665 | €7,599 | ▲ 107% |
| Operating profit (loss)9901 | €281 | €1,220 | -€2,961 | €663 | -€4,549 | -€6,324 | €2,722 | €7,135 | ▲ 162% |
| Financial income75/76B | - | - | - | €0 | €1 | €0 | €30 | €2,160 | ▲ 72× |
| Recurring financial income75 | €10 | €20 | €6 | €0 | €1 | €0 | €30 | €2,160 | ▲ 72× |
| Financial charges65/66B | - | - | - | €39 | €34 | €35 | €190 | €48 | ▼ 74.8% |
| Recurring financial charges65 | €35 | €23 | €38 | €39 | €34 | €35 | €190 | €48 | ▼ 74.8% |
| Profit (loss) for the period before taxes9903 | €257 | €1,217 | -€2,994 | €625 | -€4,582 | -€6,359 | €2,562 | €9,247 | ▲ 261% |
| Profit (loss) for the period9904 | €257 | €1,217 | -€2,994 | €625 | -€4,582 | -€6,359 | €2,562 | €9,247 | ▲ 261% |
| Profit (loss) for the period to be appropriated9905 | €257 | €1,217 | -€2,994 | €625 | -€4,582 | -€6,359 | €2,562 | €9,247 | ▲ 261% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3,702 | €4,724 | €5,830 | €5,825 | €2,464 | €2,646 | €476 | €8,505 | ▲ 18× |
| Fixed assets21/28 | €259 | €130 | €1,139 | €893 | €647 | €401 | €0 | - | - |
| Tangible fixed assets22/27 | €259 | €130 | €1,139 | €893 | €647 | €401 | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | €893 | €647 | €401 | €0 | - | - |
| Current assets29/58 | €3,443 | €4,595 | €4,691 | €4,932 | €1,817 | €2,245 | €476 | €8,505 | ▲ 18× |
| Amounts receivable within one year40/41 | €906 | €1,681 | €895 | €3,109 | €263 | €1,063 | €105 | €709 | ▲ 574% |
| Trade receivables40 | - | - | - | €672 | €0 | €741 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €2,437 | €263 | €322 | €105 | €709 | ▲ 574% |
| Cash at bank and in hand54/58 | €2,537 | €2,914 | €3,320 | €1,823 | €1,553 | €1,183 | €371 | €7,797 | ▲ 21× |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3,702 | €4,724 | €5,830 | €5,825 | €2,464 | €2,646 | €476 | €8,505 | ▲ 18× |
| Equity10/15 | -€35,429 | -€34,212 | -€37,206 | -€36,581 | -€41,163 | -€47,522 | -€44,960 | -€35,713 | ▲ 20.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,629 | €1,629 | €1,629 | €1,629 | €1,629 | €1,629 | €0 | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,629 | €1,629 | €1,629 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,629 | €1,629 | €1,629 | €0 | - | - |
| Profit (loss) carried forward14 | -€43,259 | -€42,042 | -€45,035 | -€44,411 | -€48,993 | -€55,352 | -€51,160 | -€41,913 | ▲ 18.1% |
| Amounts payable17/49 | €39,131 | €38,937 | €43,036 | €42,406 | €43,627 | €50,169 | €45,437 | €44,218 | ▼ 2.7% |
| Amounts payable within one year42/48 | €39,131 | €38,937 | €43,036 | €42,406 | €43,627 | €50,169 | €45,437 | €44,218 | ▼ 2.7% |
| Trade debts44 | €2,011 | €495 | €846 | €606 | €470 | €2,514 | €111 | €647 | ▲ 484% |
| Suppliers440/4 | - | - | - | €606 | €470 | €2,514 | €111 | €647 | ▲ 484% |
| Other amounts payable47/48 | - | - | - | €41,800 | €43,157 | €47,655 | €45,326 | €43,572 | ▼ 3.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €257 | €1,217 | -€2,994 | €625 | -€4,582 | -€6,359 | €2,562 | €9,247 | ▲ 261% |
| + Depreciation and write-downs630 | €130 | €130 | €220 | €246 | €246 | €246 | €0 | - | - |
| Operating cash flow (approximation) | €386 | €1,346 | -€2,774 | €870 | -€4,336 | -€6,113 | €2,562 | €9,247 | ▲ 261% |
| Investment in fixed assets (approximation) | - | €0 | -€1,229 | €0 | €0 | €0 | €401 | - | - |
| Change in cash | - | €377 | €406 | -€1,498 | -€269 | -€371 | -€811 | €7,426 | - |
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, 3,632 companies had the same profile as LEDUC has now. Two years later, 91.9% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.9%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LEDUC itself is lower: 0.3% within 12 months. It rests on far more data about LEDUC than the profile alone.
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 3,632 companies, not a prediction for LEDUC. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00224355 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00237187 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00349585 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00285217 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20253089 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44400119 | |
| 31-12-2019 | micro format | 21-08-2020 | 2020-43100447 | |
| 31-12-2018 | micro format | 22-08-2019 | 2019-50100345 | |
| 31-12-2017 | micro format | 04-07-2018 | 2018-29300179 | |
| 31-12-2016 | micro format | 26-07-2017 | 2017-36900538 |