LEFIMA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-05-2026 PDF all 20 filings
Equity
€6,787▼ 50.1%
2024 · €13,612
Total assets
€31,596▼ 4.2%
2024 · €32,995
Net result
-€6,825▼ 106%
2024 · -€3,317
Working capital
-€24,717▼ 28.3%
2024 · -€19,261
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,795
▼ 109%
2025
20182025
Net result
-€6,825
▼ 106%
2025
20182025
Equity
€6,787
▼ 50.1%
2025
20182025
Total assets
€31,596
▼ 4.2%
2025
20182025
Debt
€24,808
▲ 28.0%
2025
20182025
Working capital
-€24,717
▼ 28.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€17,227--€16,847▲ 2.2%-€3,691▲ 78.1%-€9,345▼ 153%-€9,777▼ 4.6%-€10,295▼ 5.3%-€3,257▲ 68.4%-€6,795▼ 109%
Net result-€18,107--€17,917▲ 1.0%-€4,584▲ 74.4%-€9,540▼ 108%-€9,987▼ 4.7%-€10,521▼ 5.3%-€3,317▲ 68.5%-€6,825▼ 106%
Equity€69,479-€51,562▼ 25.8%€46,977▼ 8.9%€37,437▼ 20.3%€27,450▼ 26.7%€16,929▼ 38.3%€13,612▼ 19.6%€6,787▼ 50.1%
Total assets€85,669-€67,851▼ 20.8%€63,725▼ 6.1%€53,174▼ 16.6%€43,031▼ 19.1%€38,100▼ 11.5%€32,995▼ 13.4%€31,596▼ 4.2%
Debt€16,189-€16,289▲ 0.6%€16,748▲ 2.8%€15,737▼ 6.0%€15,581▼ 1.0%€21,171▲ 35.9%€19,383▼ 8.4%€24,808▲ 28.0%
Working capital€17,646-€7,765▼ 56.0%€5,075▼ 34.6%-€3,095-€11,713▼ 278%-€20,864▼ 78.1%-€19,261▲ 7.7%-€24,717▼ 28.3%
The operating result for 2025 is a loss of €6,795, larger than the loss of €3,257 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €31,596
Fixed assets
€31,504 ▼ 4.2%
Current assets
€92 ▼ 24.7%
Equity and liabilities €31,596
Equity
€6,787 ▼ 50.1%
Debt
€24,808 ▲ 28.0%
Debt's share of the balance-sheet total rises from 58.7% to 78.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,425▼
2024 · -€1,887
Cash flow
-€5,455▼
2024 · -€1,947
Current ratio
0.00▼
2024 · 0.01
Debt to equity
3.66▲
2024 · 1.42
ROE
-100.6%▼
2024 · -24.4%
ROA
-21.6%▼
2024 · -10.1%
Interest coverage
-180.85▼
2024 · -66.23
Debt ≤ 1 year
€24,808▲
2024 · €19,383
Income taxes
€0▼
2024 · €31
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,037 | €8,037 | €1,894 | €1,370 | €1,370 | €1,370 | €1,370 | €1,370 | = |
| Other operating charges640/8 | - | - | - | €507 | €515 | €531 | €2,165 | €246 | ▼ 88.7% |
| Gross operating margin9900 | -€7,227 | -€8,308 | -€1,292 | -€7,468 | -€7,892 | -€8,394 | €277 | -€5,180 | - |
| Operating profit (loss)9901 | -€17,227 | -€16,847 | -€3,691 | -€9,345 | -€9,777 | -€10,295 | -€3,257 | -€6,795 | ▼ 109% |
| Financial charges65/66B | - | - | - | €40 | €33 | €32 | €29 | €30 | ▲ 5.3% |
| Recurring financial charges65 | €880 | €882 | €749 | €40 | €33 | €32 | €29 | €30 | ▲ 5.3% |
| Profit (loss) for the period before taxes9903 | -€18,107 | -€17,729 | -€4,439 | -€9,385 | -€9,810 | -€10,326 | -€3,286 | -€6,825 | ▼ 108% |
| Income taxes67/77 | -€0 | €188 | €145 | €155 | €177 | €195 | €31 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€18,107 | -€17,917 | -€4,584 | -€9,540 | -€9,987 | -€10,521 | -€3,317 | -€6,825 | ▼ 106% |
| Profit (loss) for the period to be appropriated9905 | -€18,107 | -€17,917 | -€4,584 | -€9,540 | -€9,987 | -€10,521 | -€3,317 | -€6,825 | ▼ 106% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €85,669 | €67,851 | €63,725 | €53,174 | €43,031 | €38,100 | €32,995 | €31,596 | ▼ 4.2% |
| Fixed assets21/28 | €51,833 | €43,797 | €41,903 | €40,533 | €39,163 | €37,793 | €32,874 | €31,504 | ▼ 4.2% |
| Tangible fixed assets22/27 | €51,833 | €43,797 | €41,903 | €40,533 | €39,163 | €37,793 | €32,874 | €31,504 | ▼ 4.2% |
| Land and buildings22 | - | - | - | €36,983 | €35,613 | €34,243 | €32,874 | €31,504 | ▼ 4.2% |
| Furniture and vehicles24 | - | - | - | €3,550 | €3,550 | €3,550 | €0 | - | - |
| Current assets29/58 | €33,835 | €24,054 | €21,823 | €12,641 | €3,868 | €307 | €122 | €92 | ▼ 24.7% |
| Amounts receivable within one year40/41 | €1,099 | €8 | €6,278 | €0 | - | - | - | - | - |
| Trade receivables40 | - | - | - | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €31,977 | €24,046 | €15,545 | €12,641 | €3,868 | €279 | €122 | €92 | ▼ 24.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €27 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €85,669 | €67,851 | €63,725 | €53,174 | €43,031 | €38,100 | €32,995 | €31,596 | ▼ 4.2% |
| Equity10/15 | €69,479 | €51,562 | €46,977 | €37,437 | €27,450 | €16,929 | €13,612 | €6,787 | ▼ 50.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €50,879 | €50,879 | €50,879 | €50,879 | €50,879 | €23,860 | €23,860 | €23,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €49,019 | €49,019 | €22,000 | €22,000 | €22,000 | = |
| Profit (loss) carried forward14 | - | -€17,917 | -€22,502 | -€32,042 | -€42,029 | -€25,531 | -€28,848 | -€35,673 | ▼ 23.7% |
| Amounts payable17/49 | €16,189 | €16,289 | €16,748 | €15,737 | €15,581 | €21,171 | €19,383 | €24,808 | ▲ 28.0% |
| Amounts payable within one year42/48 | €16,189 | €16,289 | €16,748 | €15,737 | €15,581 | €21,171 | €19,383 | €24,808 | ▲ 28.0% |
| Trade debts44 | - | - | - | €648 | €1,074 | €801 | €1,113 | €1,162 | ▲ 4.4% |
| Suppliers440/4 | - | - | - | €648 | €1,074 | €801 | €1,113 | €1,162 | ▲ 4.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | €2,000 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €155 | €177 | €372 | €226 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €155 | €177 | €372 | €226 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €14,933 | €14,331 | €17,998 | €18,044 | €23,646 | ▲ 31.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,107 | -€17,917 | -€4,584 | -€9,540 | -€9,987 | -€10,521 | -€3,317 | -€6,825 | ▼ 106% |
| + Depreciation and write-downs630 | €8,037 | €8,037 | €1,894 | €1,370 | €1,370 | €1,370 | €1,370 | €1,370 | = |
| Operating cash flow (approximation) | -€10,071 | -€9,881 | -€2,690 | -€8,170 | -€8,617 | -€9,151 | -€1,947 | -€5,455 | ▼ 180% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €3,550 | €0 | ▼ 100% |
| Change in cash | - | -€7,931 | -€8,501 | -€2,904 | -€8,773 | -€3,589 | -€158 | -€30 | ▲ 81.0% |
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, 1,221 companies had the same profile as LEFIMA has now. Two years later, 88.6% were still going and 3.8% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
88.6%
was still going
7.4%
stopped otherwise
3.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LEFIMA itself: 1.2% 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 1,221 companies, not a prediction for LEFIMA. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-05-2026 | 2026-00126953 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00116323 | |
| 31-12-2023 | micro format | 28-05-2024 | 2024-00099041 | |
| 31-12-2022 | micro format | 30-05-2023 | 2023-00098187 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20358080 | |
| 31-12-2020 | micro format | 01-06-2021 | 2021-16800596 | |
| 31-12-2019 | micro format | 16-07-2020 | 2020-30600161 | |
| 31-12-2018 | abbreviated format | 22-05-2019 | 2019-14100345 | |
| 31-12-2017 | abbreviated format | 24-04-2018 | 2018-11400172 | |
| 31-12-2016 | abbreviated format | 27-04-2017 | 2017-10600151 |