LeFun
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 6 filings
Turnover
≈ €380,000
Estimated: probably between €320,000 and €670,000
Total assets
€457,729▲ 36.6%
2024 · €335,064
Net result
€197,849▲ 1.1%
2024 · €195,697
Working capital
€428,637▲ 48.3%
2024 · €289,091
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€262,960
▲ 1.2%
2025
20202025
Net result
€197,849
▲ 1.1%
2025
highest quarter of the sector
20202025
Equity
€431,438
▲ 47.5%
2025
highest quarter of the sector
20202025
Total assets
€457,729
▲ 36.6%
2025
highest quarter of the sector
20202025
Debt
€26,291
▼ 38.4%
2025
20202025
Working capital
€428,637
▲ 48.3%
2025
highest quarter of the sector
20202025
Solvency
94.3%
▲ 7.0pp
2025
highest quarter of the sector
20202025
Current ratio
17.30
▲ 9.53
2025
highest quarter of the sector
20202025
Return on assets (ROA)
43.2%
▼ 15.2pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€119,785-€147,335▲ 23.0%€222,118▲ 50.8%€248,910▲ 12.1%€259,893▲ 4.4%€262,960▲ 1.2%
Net result€90,485above the sector's middle half-€111,156above the sector's middle half▲ 22.8%€166,170above the sector's middle half▲ 49.5%€187,345above the sector's middle half▲ 12.7%€195,697above the sector's middle half▲ 4.5%€197,849above the sector's middle half▲ 1.1%
Equity€95,485within the sector's middle half-€206,641within the sector's middle half▲ 116%€372,811above the sector's middle half▲ 80.4%€485,156above the sector's middle half▲ 30.1%€292,412above the sector's middle half▼ 39.7%€431,438above the sector's middle half▲ 47.5%
Total assets€134,182within the sector's middle half-€260,757within the sector's middle half▲ 94.3%€488,772within the sector's middle half▲ 87.4%€568,643above the sector's middle half▲ 16.3%€335,064within the sector's middle half▼ 41.1%€457,729above the sector's middle half▲ 36.6%
Debt€38,696-€54,116▲ 39.8%€115,961▲ 114%€83,487▼ 28.0%€42,651▼ 48.9%€26,291▼ 38.4%
Working capital€94,399within the sector's middle half-€205,100above the sector's middle half▲ 117%€370,494above the sector's middle half▲ 80.6%€476,527above the sector's middle half▲ 28.6%€289,091above the sector's middle half▼ 39.3%€428,637above the sector's middle half▲ 48.3%
Solvency71.2%within the sector's middle half-79.2%above the sector's middle half▲ 8.1pp76.3%within the sector's middle half▼ 3.0pp85.3%above the sector's middle half▲ 9.0pp87.3%above the sector's middle half▲ 2.0pp94.3%above the sector's middle half▲ 7.0pp
Current ratio3.49within the sector's middle half-4.90above the sector's middle half▲ 1.414.20within the sector's middle half▼ 0.716.71above the sector's middle half▲ 2.517.78above the sector's middle half▲ 1.0717.30above the sector's middle half▲ 9.53
Return on assets (ROA)67.4%above the sector's middle half-42.6%above the sector's middle half▼ 24.8pp34.0%above the sector's middle half▼ 8.6pp32.9%above the sector's middle half▼ 1.1pp58.4%above the sector's middle half▲ 25.5pp43.2%above the sector's middle half▼ 15.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 1% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are 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 €457,729
Fixed assets
€2,800 ▼ 15.7%
Current assets
€454,929 ▲ 37.1%
Equity and liabilities €457,729
Equity
€431,438 ▲ 47.5%
Debt
€26,291 ▼ 38.4%
Debt's share of the balance-sheet total falls from 12.7% to 5.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€265,944▲
2024 · €265,202
Cash flow
€200,832▼
2024 · €201,005
Debt to equity
0.06▼
2024 · 0.15
ROE
45.9%▼
2024 · 66.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€26,291▼
2024 · €42,651
Income taxes
€64,339▼
2024 · €64,689
Staff costs
€666▼
2024 · €2,270
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,936 | - | €9,940 | - | €2,463 |
| Depreciation and write-downs of the year | €740 | €774 | €3,628 | €5,308 | €2,984 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €900 awarded · €900 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €600 | €600 |
| 2022 | 1 | €300 | €300 |
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €1,053 | €1,579 | €736 | €2,270 | €666 | ▼ 70.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39 | €740 | €774 | €3,628 | €5,308 | €2,984 | ▼ 43.8% |
| Other operating charges640/8 | - | €1,199 | €1,647 | €2,244 | €2,018 | €2,241 | ▲ 11.0% |
| Gross operating margin9900 | €125,006 | €150,328 | €226,119 | €255,518 | €269,489 | €268,850 | ▼ 0.2% |
| Operating profit (loss)9901 | €119,785 | €147,335 | €222,118 | €248,910 | €259,893 | €262,960 | ▲ 1.2% |
| Financial income75/76B | - | - | €110 | €485 | €878 | - | - |
| Recurring financial income75 | - | - | €110 | €485 | €878 | - | - |
| Financial charges65/66B | - | €170 | €481 | €512 | €385 | €773 | ▲ 101% |
| Recurring financial charges65 | €154 | €170 | €481 | €512 | €385 | €773 | ▲ 101% |
| Profit (loss) for the period before taxes9903 | €119,631 | €147,166 | €221,747 | €248,882 | €260,386 | €262,187 | ▲ 0.7% |
| Income taxes67/77 | €29,145 | €36,010 | €55,577 | €61,537 | €64,689 | €64,339 | ▼ 0.5% |
| Profit (loss) for the period9904 | €90,485 | €111,156 | €166,170 | €187,345 | €195,697 | €197,849 | ▲ 1.1% |
| Profit (loss) for the period to be appropriated9905 | €90,485 | €111,156 | €166,170 | €187,345 | €195,697 | €197,849 | ▲ 1.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €134,182 | €260,757 | €488,772 | €568,643 | €335,064 | €457,729 | ▲ 36.6% |
| Fixed assets21/28 | €1,896 | €3,092 | €2,317 | €8,630 | €3,321 | €2,800 | ▼ 15.7% |
| Tangible fixed assets22/27 | €1,896 | €3,092 | €2,317 | €8,630 | €3,321 | €2,800 | ▼ 15.7% |
| Plant, machinery and equipment23 | - | €3,092 | €2,317 | €2,875 | €1,810 | €1,660 | ▼ 8.3% |
| Furniture and vehicles24 | - | - | - | €5,754 | €1,511 | €1,140 | ▼ 24.5% |
| Current assets29/58 | €132,285 | €257,666 | €486,454 | €560,014 | €331,742 | €454,929 | ▲ 37.1% |
| Amounts receivable within one year40/41 | €29,744 | €29,240 | €33,771 | €46,397 | €92,363 | €119,339 | ▲ 29.2% |
| Trade receivables40 | - | €29,240 | €33,771 | €46,397 | €92,363 | €88,455 | ▼ 4.2% |
| Other amounts receivable41 | - | - | - | - | - | €30,883 | - |
| Cash at bank and in hand54/58 | €102,542 | €228,426 | €452,683 | €513,616 | €239,379 | €335,590 | ▲ 40.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €134,182 | €260,757 | €488,772 | €568,643 | €335,064 | €457,729 | ▲ 36.6% |
| Equity10/15 | €95,485 | €206,641 | €372,811 | €485,156 | €292,412 | €431,438 | ▲ 47.5% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €90,485 | €201,641 | €367,811 | €480,156 | €287,412 | €426,438 | ▲ 48.4% |
| Distributable reserves133 | - | €201,641 | €367,811 | €480,156 | €287,412 | €426,438 | ▲ 48.4% |
| Amounts payable17/49 | €38,696 | €54,116 | €115,961 | €83,487 | €42,651 | €26,291 | ▼ 38.4% |
| Amounts payable within one year42/48 | €37,886 | €52,565 | €115,961 | €83,487 | €42,651 | €26,291 | ▼ 38.4% |
| Trade debts44 | - | €2,837 | €3,748 | €4,592 | €5,619 | €3,448 | ▼ 38.6% |
| Suppliers440/4 | - | €2,837 | €3,748 | €4,592 | €5,619 | €3,448 | ▼ 38.6% |
| Taxes, remuneration and social security45 | - | €47,672 | €110,129 | €76,785 | €34,599 | €20,342 | ▼ 41.2% |
| Taxes450/3 | - | €47,672 | €110,129 | €76,785 | €31,849 | €20,342 | ▼ 36.1% |
| Remuneration and social security454/9 | - | - | - | - | €2,750 | - | - |
| Other amounts payable47/48 | - | €2,056 | €2,083 | €2,110 | €2,433 | €2,502 | ▲ 2.8% |
| Accrued charges and deferred income492/3 | - | €1,551 | - | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €90,485 | €111,156 | €166,170 | €187,345 | €195,697 | €197,849 | ▲ 1.1% |
| + Depreciation and write-downs630 | €39 | €740 | €774 | €3,628 | €5,308 | €2,984 | ▼ 43.8% |
| Operating cash flow (approximation) | €90,525 | €111,896 | €166,944 | €190,973 | €201,005 | €200,832 | ▼ 0.1% |
| Investment in fixed assets (approximation) | - | -€1,936 | €0 | -€9,940 | €0 | -€2,463 | - |
| Change in cash | - | €125,885 | €224,257 | €60,933 | -€274,237 | €96,211 | - |
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, 6,782 companies had the same profile as LeFun has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of LeFun 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 6,782 companies, not a prediction for LeFun. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00367644 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00345917 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00317082 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00197276 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20124893 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-42700069 |