LEMACK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-04-2026 PDF all 6 filings
Turnover
≈ €290,000
Estimated: probably between €190,000 and €450,000
Total assets
€1.0m▼ 1.1%
2024 · €1.0m
Net result
€106,704▼ 20.4%
2024 · €133,987
Working capital
-€116,465▲ 27.3%
2024 · -€160,117
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€82,375
▼ 23.7%
2025
20202025
Net result
€106,704
▼ 20.4%
2025
20202025
Equity
€349,486
▲ 43.0%
2025
20202025
Total assets
€1.0m
▼ 1.1%
2025
20202025
Debt
€659,025
▼ 15.0%
2025
20202025
Working capital
-€116,465
▲ 27.3%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.009m-€0.04m▲ 367%€0.04m▼ 7.9%€0.05m▲ 29.4%€0.1m▲ 121%€0.08m▼ 23.7%
Net result€0.004m-€0.02m▲ 606%€0.02m▼ 6.8%€0.07m▲ 186%€0.1m▲ 103%€0.1m▼ 20.4%
Equity€0.003m-€0.03m▲ 797%€0.05m▲ 82.4%€0.1m▲ 136%€0.2m▲ 118%€0.3m▲ 43.0%
Total assets€0.3m-€0.4m▲ 30.7%€0.6m▲ 74.7%€0.9m▲ 49.9%€1.0m▲ 11.0%€1.0m▼ 1.1%
Debt€0.3m-€0.3m▲ 22.3%€0.6m▲ 74.1%€0.8m▲ 42.6%€0.8m▼ 3.9%€0.7m▼ 15.0%
Working capital-€0.004m-€0.03m-€0.06m-€0.1m▼ 80.2%-€0.2m▼ 60.4%-€0.1m▲ 27.3%
The operating result for 2025 is 24% 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 €1.0m
Fixed assets
€965,448 ▼ 2.2%
Current assets
€43,063 ▲ 31.6%
Equity and liabilities €1.0m
Equity
€349,486 ▲ 43.0%
Debt
€659,025 ▼ 15.0%
Debt's share of the balance-sheet total falls from 76.0% to 65.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€108,502▼
2024 · €133,852
Cash flow
€132,831▼
2024 · €159,883
Current ratio
0.27▲
2024 · 0.17
Debt to equity
1.89▼
2024 · 3.17
ROE
30.5%▼
2024 · 54.8%
ROA
10.6%▼
2024 · 13.1%
Interest coverage
8.47▲
2024 · 7.30
Debt ≤ 1 year
€159,528▼
2024 · €192,836
Debt > 1 year
€499,497▼
2024 · €577,664
Income taxes
€18,860▼
2024 · €25,629
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 | €60,993 | €314,914 | €45,538 | €54,848 | €4,745 |
| Financial fixed assets | €1,500 | - | €291,384 | €63,375 | - |
| Depreciation and write-downs of the year | €13,839 | €20,711 | €26,108 | €25,896 | €26,127 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,782 | €13,839 | €20,711 | €26,108 | €25,896 | €26,127 | ▲ 0.9% |
| Other operating charges640/8 | - | €1,202 | €1,301 | €1,136 | €1,226 | €8,017 | ▲ 554% |
| Gross operating margin9900 | €42,920 | €55,992 | €59,709 | €76,008 | €135,078 | €116,519 | ▼ 13.7% |
| Operating profit (loss)9901 | €8,767 | €40,951 | €37,697 | €48,764 | €107,956 | €82,375 | ▼ 23.7% |
| Financial income75/76B | - | - | - | €44,625 | €70,000 | €56,000 | ▼ 20.0% |
| Recurring financial income75 | - | - | - | €44,625 | €70,000 | €56,000 | ▼ 20.0% |
| Financial charges65/66B | - | €7,713 | €6,433 | €17,966 | €18,339 | €12,811 | ▼ 30.1% |
| Recurring financial charges65 | €2,390 | €7,713 | €6,433 | €17,966 | €18,339 | €12,811 | ▼ 30.1% |
| Profit (loss) for the period before taxes9903 | €6,377 | €33,237 | €31,264 | €75,424 | €159,617 | €125,564 | ▼ 21.3% |
| Income taxes67/77 | €2,868 | €8,459 | €8,176 | €9,339 | €25,629 | €18,860 | ▼ 26.4% |
| Profit (loss) for the period9904 | €3,510 | €24,779 | €23,088 | €66,085 | €133,987 | €106,704 | ▼ 20.4% |
| Profit (loss) for the period to be appropriated9905 | €3,510 | €24,779 | €23,088 | €66,085 | €133,987 | €106,704 | ▼ 20.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.3m | €0.4m | €0.6m | €0.9m | €1.0m | €1.0m | ▼ 1.1% |
| Fixed assets21/28 | €0.2m | €0.3m | €0.6m | €0.9m | €1.0m | €1.0m | ▼ 2.2% |
| Tangible fixed assets22/27 | €0.2m | €0.3m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 3.4% |
| Land and buildings22 | - | €0.2m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 2.4% |
| Plant, machinery and equipment23 | - | - | - | - | €0.001m | €0.005m | ▲ 380% |
| Furniture and vehicles24 | - | €0.04m | €0.02m | €0.03m | €0.05m | €0.04m | ▼ 22.5% |
| Financial fixed assets28 | - | €0.002m | €0.002m | €0.3m | €0.4m | €0.4m | = |
| Current assets29/58 | €0.03m | €0.06m | €0.03m | €0.02m | €0.03m | €0.04m | ▲ 31.6% |
| Amounts receivable after more than one year29 | - | €0.01m | €0.01m | - | - | - | - |
| Trade receivables290 | - | €0.01m | €0.01m | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | - | - | €0.01m | €0.01m | ▲ 3.5% |
| Trade receivables40 | - | - | - | - | €0.01m | €0.01m | ▲ 3.5% |
| Cash at bank and in hand54/58 | €0.02m | €0.05m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 52.1% |
| Deferred charges and accrued income490/1 | - | €0.001m | €324 | €71 | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.3m | €0.4m | €0.6m | €0.9m | €1.0m | €1.0m | ▼ 1.1% |
| Equity10/15 | €0.003m | €0.03m | €0.05m | €0.1m | €0.2m | €0.3m | ▲ 43.0% |
| Contributions10/11 | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | €0.002m | €0.03m | €0.05m | €0.1m | €0.2m | €0.3m | ▲ 43.1% |
| Amounts payable17/49 | €0.3m | €0.3m | €0.6m | €0.8m | €0.8m | €0.7m | ▼ 15.0% |
| Amounts payable after more than one year17 | €0.2m | €0.3m | €0.5m | €0.7m | €0.6m | €0.5m | ▼ 13.5% |
| Financial debts170/4 | - | €0.3m | €0.5m | €0.7m | €0.6m | €0.5m | ▼ 13.5% |
| Amounts payable within one year42/48 | €0.03m | €0.03m | €0.08m | €0.1m | €0.2m | €0.2m | ▼ 17.3% |
| Current portion of amounts payable after more than one year42 | - | - | €0.04m | €0.08m | €0.08m | €0.08m | ▲ 1.8% |
| Trade debts44 | €0.003m | €0.001m | €0.004m | €0.005m | €0.005m | €0.002m | ▼ 54.5% |
| Suppliers440/4 | - | €0.001m | €0.004m | €0.005m | €0.005m | €0.002m | ▼ 54.5% |
| Taxes, remuneration and social security45 | - | €0.02m | €0.03m | €0.02m | €0.01m | €0.02m | ▲ 32.2% |
| Taxes450/3 | - | €0.02m | €0.03m | €0.02m | €0.01m | €0.01m | ▲ 35.3% |
| Remuneration and social security454/9 | - | €0.003m | €0.002m | €0.002m | €0.001m | €0.001m | ▲ 5.9% |
| Other amounts payable47/48 | - | €0.01m | €0.01m | €0.02m | €0.1m | €0.06m | ▼ 35.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.005m | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,510 | €24,779 | €23,088 | €66,085 | €133,987 | €106,704 | ▼ 20.4% |
| + Depreciation and write-downs630 | €32,782 | €13,839 | €20,711 | €26,108 | €25,896 | €26,127 | ▲ 0.9% |
| Operating cash flow (approximation) | €36,292 | €38,618 | €43,799 | €92,193 | €159,883 | €132,831 | ▼ 16.9% |
| Investment in fixed assets (approximation) | - | -€62,493 | -€314,914 | -€336,922 | -€118,223 | -€4,745 | ▲ 96.0% |
| Change in cash | - | €24,803 | -€32,200 | €9,046 | -€5,349 | €9,860 | - |
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 LEMACK 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 LEMACK 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 LEMACK. 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 | 10-04-2026 | 2026-00076330 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00187518 | |
| 31-12-2023 | micro format | 22-08-2024 | 2024-00359191 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00351095 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20320920 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53100190 |