Equity
Leeman Projects paid out €91,665 in dividends. That is 187% of the 2025 profit.
Leeman Projects paid out €91,665 in dividends. That is 187% of the 2025 profit.
The micro format states no turnover.
Of this, €85,716 falls due within a year.
Green is investment, beige is depreciation.
Short-term debts rose from €42,798 to €85,716.
The 2021 accounts came latest: 26 days after the end of the period.
The dashed line is the sector median: 0.5% across 3,710 companies (NACE 25, micro).
About 5 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 25, micro). It does better than 32% of them on solvency, 70% on liquidity, 86% on profitability and 10% 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 low class on 30-06-2025, 0.8% 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, 6,713 companies had the same profile as Leeman Projects has now. Each dot stands for 17 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Leeman Projects itself: 0.5% within 12 months.
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 6,713 companies, not a prediction for Leeman Projects. 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 1.06 (2.78 in 2024), below the usual 1.5. Short-term debt is 39.1% and cash 30.2% of total assets. 70.6% 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 6 accounts on average 2 days before the deadline. In the sector (NACE 25), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Leeman Projects Houthulst | €219,378 | €94,676 | 29.4% | - |
| Las- en montagewerken Carlo Durant Poperinge | €200,916 | €117,016 | 72.9% | - |
| LELEU Christophe Brunehaut | €225,398 | €89,830 | -0.5% | - |
| GGS Fexhe-le-Haut-Clocher | €210,209 | €88,692 | 2.9% | - |
| T.P.R. Lede | €250,428 | €92,603 | 79.7% | - |
| VANHASSEL BRIAN Geraardsbergen | €256,746 | €93,611 | 30.2% | - |
| VANCOILLIE TECHNICS Deinze | €269,574 | €110,179 | 32.7% | - |
These companies have the same main activity as Leeman Projects: machining of metals (NACE 25530). They are comparable in size and age: total assets between €201,000 and €270,000, founded between 2019 and 2020.
Leeman Projects files the micro format. That format states no turnover. The gross margin rose from €61,966 in 2020 to €94,676 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 ≈ €280,000. Estimated: probably between €190,000 and €490,000.
Higher than 34% of 2,343 companies in 2025.
Higher than 29% of 2,309 companies in 2025.
Higher than 83% of 2,323 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
219,378 | 228,669 | 171,545 | 189,447 | 157,533 | 148,138 | |
21/28 |
128,424 | 109,529 | 95,544 | 110,549 | 110,023 | 126,557 | |
21 |
0 | 0 | 1 | 1 | 1 | 1 | |
22/27 |
128,424 | 109,529 | 95,543 | 110,548 | 110,022 | 126,556 | |
23 |
2,110 | 4,194 | 6,234 | 12,455 | 13,296 | 19,649 | |
24 |
65,999 | 31,981 | 2,919 | 5,370 | 8,196 | 11,146 | |
26 |
60,315 | 73,353 | 86,391 | 92,724 | 88,530 | 95,761 | |
29/58 |
90,954 | 119,140 | 76,001 | 78,898 | 47,510 | 21,581 | |
40/41 |
24,587 | 30,172 | 40,218 | 23,952 | 14,305 | 9,480 | |
40 |
20,967 | 23,741 | 28,976 | 17,999 | 13,186 | 8,532 | |
41 |
3,619 | 6,432 | 11,242 | 5,952 | 1,118 | 948 | |
54/58 |
66,170 | 87,780 | 34,925 | 52,196 | 33,206 | 11,965 | |
490/1 |
197 | 1,188 | 857 | 2,750 | 0 | 136 | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
219,378 | 228,669 | 171,545 | 189,447 | 157,533 | 148,138 | |
10/15 |
64,422 | 107,191 | 64,214 | 63,527 | 46,502 | 31,879 | |
10/11 |
3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | |
13 |
60,527 | 60,527 | 60,527 | 60,527 | 43,502 | 28,879 | |
133 |
60,527 | 60,527 | 60,527 | 60,527 | 43,502 | 28,879 | |
14 |
896 | 43,665 | 687 | 0 | 0 | - | |
17/49 |
154,956 | 121,478 | 107,331 | 125,920 | 111,031 | 116,259 | |
17 |
69,240 | 78,680 | 71,233 | 74,040 | 70,561 | 85,114 | |
170/4 |
69,240 | 78,680 | 71,233 | 74,040 | 70,561 | 85,114 | |
42/48 |
85,716 | 42,798 | 36,098 | 51,881 | 40,470 | 31,145 | |
42 |
31,103 | 22,272 | 15,301 | 14,027 | 14,553 | 16,864 | |
44 |
5,853 | 18,269 | 7,726 | 25,061 | 3,509 | 3,109 | |
440/4 |
5,853 | 18,269 | 7,726 | 25,061 | 3,509 | 3,109 | |
45 |
760 | 291 | 4,071 | 11,192 | 17,276 | 7,012 | |
450/3 |
760 | 291 | 4,071 | 11,192 | 17,276 | 7,012 | |
47/48 |
48,000 | 1,966 | 9,000 | 1,600 | 5,132 | 4,159 | |
| Income statement | |||||||
9900 |
94,676 | 80,993 | 37,341 | 48,734 | 47,162 | 61,966 | |
630 |
27,566 | 23,123 | 21,612 | 21,582 | 22,080 | 22,964 | |
640/8 |
2,031 | 658 | 670 | 617 | 613 | 538 | |
66A |
113 | - | - | - | - | - | |
9901 |
64,966 | 57,212 | 15,058 | 26,536 | 24,469 | 38,464 | |
75/76B |
456 | 767 | 581 | 326 | 33 | 179 | |
75 |
456 | 767 | 581 | 326 | 33 | 179 | |
65/66B |
3,646 | 3,634 | 2,934 | 2,263 | 2,317 | 3,009 | |
65 |
3,646 | 3,634 | 2,934 | 2,263 | 2,317 | 3,009 | |
9903 |
61,777 | 54,345 | 12,705 | 24,599 | 22,185 | 35,635 | |
67/77 |
12,881 | 11,368 | 3,017 | 5,974 | 5,962 | 6,756 | |
9904 |
48,896 | 42,977 | 9,687 | 18,625 | 16,223 | 28,879 | |
9905 |
48,896 | 42,977 | 9,687 | 18,625 | 16,223 | 28,879 | |
| Appropriation of the result | |||||||
9906 |
92,560 | 43,665 | 9,687 | 18,625 | 16,223 | 28,879 | |
14P |
43,665 | 687 | - | - | - | - | |
691/2 |
- | - | 0 | 17,025 | 14,623 | 28,879 | |
6921 |
- | - | 0 | 17,025 | 14,623 | 28,879 | |
694/7 |
91,665 | 0 | 9,000 | 1,600 | 1,600 | - | |
694 |
91,665 | 0 | 9,000 | 1,600 | 1,600 | - | |
| Document | |||||||
The notes to these accounts have 15 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 06-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00256085 | |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00258863 | |
| 31-12-2023 | micro format | 14-08-2024 | 2024-00347759 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00299693 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20380436 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-42600302 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 92,532 | 80,335 | 36,670 | 48,118 | 46,549 | 61,428 | ||
| 76,462 | 66,100 | 31,299 | 40,207 | 38,303 | 51,843 | ||
| 46,574 | 37,108 | 6,607 | 22,108 | 5,546 | 149,521 | ||
| -21,610 | 52,855 | -17,271 | 18,990 | 21,241 | - | ||
| 5,238 | 76,342 | 39,903 | 27,018 | 7,040 | -9,564 | ||
| 29.4% | 46.9% | 37.4% | 33.5% | 29.5% | 21.5% | ||
| 1.06 | 2.78 | 2.11 | 1.52 | 1.17 | 0.69 | ||
| 2.41 | 1.13 | 1.67 | 1.98 | 2.39 | 3.65 | ||
| 75.9% | 40.1% | 15.1% | 29.3% | 34.9% | 90.6% | ||
| 22.3% | 18.8% | 5.6% | 9.8% | 10.3% | 19.5% | ||
| 25.38 | 22.10 | 12.50 | 21.26 | 20.09 | - |
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 | €46,574 | €37,108 | €6,607 | €22,108 | €5,546 |
| Financial fixed assets | €0 | - | - | - | - |
| €27,566 | €23,123 | €21,612 | €21,582 | €22,080 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 14% higher than in 2024 and the highest since 2020. It is the second rise in a row, after the fall in 2023.
Debt's share of the balance-sheet total rises from 53.1% to 70.6%. Equity is lower and debt is higher.
Leeman Projects has no parent and no holdings in its annual accounts. LEEMAN Mario André Cornelius is the only director. Leeman Projects shares no director with another company.
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
Leeman Projects was incorporated on 19 December 2019 as a private limited company by two natural persons, with a starting capital of €3,000.12 Since 2019, LEEMAN Mario André Cornelius has served as director.3 Total assets rose from €148,138 in 2020 to €219,378 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Zuidwallandstraat 18 registered office 8650 Houthulst 25110 Manufacture of metal structures and parts of structures | 02-01-2020 | 2.298.819.133 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 32015C0791/00K000 | 2,684 m² | 1 · 186 m² | 6.9 m · 1 |
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