Legends Tracking
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 5 filings
Turnover
≈ €110,000
Estimated: probably between €68,000 and €200,000
Total assets
€182,220▲ 25.0%
2024 · €145,828
Net result
€4,152▼ 71.4%
2024 · €14,539
Working capital
-€47,270▲ 5.9%
2024 · -€50,210
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€2,363
▼ 83.7%
2025
20212025
Net result
€4,152
▼ 71.4%
2025
middle half of the sector
20212025
Equity
-€2,968
▲ 58.3%
2025
lowest quarter of the sector
20212025
Total assets
€182,220
▲ 25.0%
2025
middle half of the sector
20212025
Debt
€185,188
▲ 21.1%
2025
20212025
Working capital
-€47,270
▲ 5.9%
2025
middle half of the sector
20212025
Solvency
-1.6%
▲ 3.3pp
2025
lowest quarter of the sector
20212025
Current ratio
0.73
▲ 0.08
2025
middle half of the sector
20212025
Return on assets (ROA)
2.3%
▼ 7.7pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€4,876-€1,353-€17,995€14,461€2,363▼ 83.7%
Net result-€6,617below the sector's middle half-€981within the sector's middle half-€17,022below the sector's middle half€14,539within the sector's middle half€4,152within the sector's middle half▼ 71.4%
Equity-€5,617below the sector's middle half--€4,636below the sector's middle half▲ 17.5%-€21,659below the sector's middle half▼ 367%-€7,119below the sector's middle half▲ 67.1%-€2,968below the sector's middle half▲ 58.3%
Total assets€68,446below the sector's middle half-€109,439within the sector's middle half▲ 59.9%€106,518within the sector's middle half▼ 2.7%€145,828within the sector's middle half▲ 36.9%€182,220within the sector's middle half▲ 25.0%
Debt€74,063-€114,075▲ 54.0%€128,177▲ 12.4%€152,948▲ 19.3%€185,188▲ 21.1%
Working capital-€49,905below the sector's middle half--€46,587below the sector's middle half▲ 6.6%-€54,694below the sector's middle half▼ 17.4%-€50,210below the sector's middle half▲ 8.2%-€47,270within the sector's middle half▲ 5.9%
Solvency-8.2%below the sector's middle half--4.2%below the sector's middle half▲ 4.0pp-20.3%below the sector's middle half▼ 16.1pp-4.9%below the sector's middle half▲ 15.5pp-1.6%below the sector's middle half▲ 3.3pp
Current ratio0.28below the sector's middle half-0.59within the sector's middle half▲ 0.320.57within the sector's middle half▼ 0.020.65within the sector's middle half▲ 0.080.73within the sector's middle half▲ 0.08
Return on assets (ROA)-9.7%below the sector's middle half-0.9%within the sector's middle half▲ 10.6pp-16.0%below the sector's middle half▼ 16.9pp10.0%within the sector's middle half▲ 26.0pp2.3%within the sector's middle half▼ 7.7pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 84% lower than in 2024.
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 €182,220
Fixed assets
€53,053 ▲ 2.3%
Current assets
€129,167 ▲ 37.4%
Equity and liabilities
Equity-€2,968
Debt€185,188
Equity is negative. Debt (€185,188) exceeds the balance-sheet total (€182,220).
Key figures and ratios
EBITDA
€25,985▼
2024 · €37,513
Cash flow
€27,774▼
2024 · €37,591
Interest coverage
13.65▼
2024 · 15.73
Debt ≤ 1 year
€176,438▲
2024 · €144,198
Debt > 1 year
€8,750=
2024 · €8,750
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €70,090 | €20,631 | €20,119 | €19,823 | €24,834 |
| Intangible fixed assets | - | - | - | €25,000 | - |
| Financial fixed assets | - | €502 | - | - | - |
| Depreciation and write-downs of the year | €22,041 | €26,735 | €27,185 | €23,052 | €23,623 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €7,500 awarded · €7,500 paidAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,041 | €26,735 | €27,185 | €23,052 | €23,623 | ▲ 2.5% |
| Other operating charges640/8 | €1,373 | €3,067 | €1,317 | €1,522 | €2,306 | ▲ 51.6% |
| Non-recurring operating charges66A | - | - | €1,850 | €2,256 | - | - |
| Gross operating margin9900 | €18,537 | €31,155 | €12,357 | €41,291 | €28,291 | ▼ 31.5% |
| Operating profit (loss)9901 | -€4,876 | €1,353 | -€17,995 | €14,461 | €2,363 | ▼ 83.7% |
| Financial income75/76B | €0 | €1,637 | €1,656 | €2,464 | €3,693 | ▲ 49.9% |
| Recurring financial income75 | €0 | €1,637 | €1,656 | €2,464 | €3,693 | ▲ 49.9% |
| Financial charges65/66B | €1,587 | €1,897 | €560 | €2,385 | €1,904 | ▼ 20.2% |
| Recurring financial charges65 | €1,587 | €1,897 | €560 | €2,385 | €1,904 | ▼ 20.2% |
| Profit (loss) for the period before taxes9903 | -€6,462 | €1,093 | -€16,899 | €14,539 | €4,152 | ▼ 71.4% |
| Income taxes67/77 | €155 | €112 | €123 | - | - | - |
| Profit (loss) for the period9904 | -€6,617 | €981 | -€17,022 | €14,539 | €4,152 | ▼ 71.4% |
| Profit (loss) for the period to be appropriated9905 | -€6,617 | €981 | -€17,022 | €14,539 | €4,152 | ▼ 71.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €68,446 | €109,439 | €106,518 | €145,828 | €182,220 | ▲ 25.0% |
| Fixed assets21/28 | €49,449 | €41,951 | €33,035 | €51,841 | €53,053 | ▲ 2.3% |
| Intangible fixed assets21 | - | - | - | €22,453 | €17,453 | ▼ 22.3% |
| Tangible fixed assets22/27 | €49,449 | €41,449 | €32,533 | €28,886 | €35,097 | ▲ 21.5% |
| Plant, machinery and equipment23 | - | - | €14,933 | €23,371 | €32,673 | ▲ 39.8% |
| Furniture and vehicles24 | €17,020 | €12,355 | €7,690 | €3,961 | €1,048 | ▼ 73.5% |
| Other tangible fixed assets26 | €32,429 | €29,094 | €9,910 | €1,554 | €1,376 | ▼ 11.4% |
| Financial fixed assets28 | - | €502 | €502 | €502 | €502 | = |
| Current assets29/58 | €18,997 | €67,488 | €73,483 | €93,987 | €129,167 | ▲ 37.4% |
| Amounts receivable within one year40/41 | €13,338 | €65,896 | €65,956 | €87,089 | €126,209 | ▲ 44.9% |
| Trade receivables40 | €12,747 | €22,197 | €1,955 | €2,546 | €13,500 | ▲ 430% |
| Other amounts receivable41 | €591 | €43,700 | €64,001 | €84,543 | €112,709 | ▲ 33.3% |
| Cash at bank and in hand54/58 | €3,727 | €677 | €5,396 | €2,192 | €1,630 | ▼ 25.7% |
| Deferred charges and accrued income490/1 | €1,932 | €914 | €2,131 | €4,706 | €1,328 | ▼ 71.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €68,446 | €109,439 | €106,518 | €145,828 | €182,220 | ▲ 25.0% |
| Equity10/15 | -€5,617 | -€4,636 | -€21,659 | -€7,119 | -€2,968 | ▲ 58.3% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Profit (loss) carried forward14 | -€6,617 | -€5,636 | -€22,659 | -€8,119 | -€3,968 | ▲ 51.1% |
| Amounts payable17/49 | €74,063 | €114,075 | €128,177 | €152,948 | €185,188 | ▲ 21.1% |
| Amounts payable after more than one year17 | €5,161 | - | - | €8,750 | €8,750 | = |
| Financial debts170/4 | €5,161 | - | - | €8,750 | €8,750 | = |
| Amounts payable within one year42/48 | €68,902 | €114,075 | €128,177 | €144,198 | €176,438 | ▲ 22.4% |
| Current portion of amounts payable after more than one year42 | €14,104 | €17,777 | - | €14,458 | - | - |
| Trade debts44 | €12,902 | €11,149 | €6,255 | €2,302 | €14,349 | ▲ 523% |
| Suppliers440/4 | €12,902 | €11,149 | €6,255 | €2,302 | €14,349 | ▲ 523% |
| Taxes, remuneration and social security45 | €6,497 | €3,269 | €20,854 | €20,240 | €4,455 | ▼ 78.0% |
| Taxes450/3 | €6,497 | €3,269 | €20,854 | €20,240 | €4,455 | ▼ 78.0% |
| Other amounts payable47/48 | €35,398 | €81,881 | €101,068 | €107,197 | €157,633 | ▲ 47.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,617 | €981 | -€17,022 | €14,539 | €4,152 | ▼ 71.4% |
| + Depreciation and write-downs630 | €22,041 | €26,735 | €27,185 | €23,052 | €23,623 | ▲ 2.5% |
| Operating cash flow (approximation) | €15,423 | €27,716 | €10,163 | €37,591 | €27,774 | ▼ 26.1% |
| Investment in fixed assets (approximation) | - | -€19,237 | -€18,269 | -€41,858 | -€24,834 | ▲ 40.7% |
| Change in cash | - | -€3,049 | €4,718 | -€3,203 | -€563 | ▲ 82.4% |
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, 906 companies had the same profile as Legends Tracking has now. Two years later, 89.3% were still going and 6.1% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit under 5% of the balance sheet
89.3%
was still going
4.1%
stopped otherwise
6.1%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Legends Tracking itself: 1.5% 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 906 companies, not a prediction for Legends Tracking. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00376390 | |
| 31-12-2024 | micro format | 20-08-2025 | 2025-00386645 | |
| 31-12-2023 | micro format | 08-08-2024 | 2024-00336336 | |
| 31-12-2022 | micro format | 16-08-2023 | 2023-00333403 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20388535 |