LEMAD
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 17 filings
Turnover
€294,549▲ 0.5%
2024 · €293,184
EBIT margin
-21.2%▼ 21.9pp
2024 · 0.8%
Net result
€50,757▼ 62.7%
2024 · €136,021
Working capital
€5.1m▼ 8.5%
2024 · €5.6m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€294,549
▲ 0.5%
2025
20182025
Operating result
-€62,368
2025
20182025
Net result
€50,757
▼ 62.7%
2025
middle half of the sector
20182025
EBIT margin
-21.2%
▼ 21.9pp
2025
20182025
Equity
€9.2m
=
2025
highest quarter of the sector
20182025
Total assets
€9.2m
▲ 0.1%
2025
middle half of the sector
20182025
Debt
€31,913
▲ 16.7%
2025
20182025
Working capital
€5.1m
▼ 8.5%
2025
highest quarter of the sector
20182025
Solvency
99.7%
=
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
0.5%
▼ 0.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.3m-€0.3m▼ 0.1%€0.3m▲ 0.1%€0.4m▲ 36.6%€0.3m▼ 26.6%€0.3m▲ 1.2%€0.3m▲ 5.3%€0.3m▲ 0.5%
Operating result€0.2m-€0.2m▲ 1.1%€0.1m▼ 23.7%€0.2m▲ 47.8%€0.06m▼ 66.3%-€0.009m€0.002m-€0.06m
Net result€0.1m-€0.1m▲ 1.3%€0.09m▼ 13.0%€0.1mwithin the sector's middle half▲ 43.6%€0.02mwithin the sector's middle half▼ 82.0%€0.02mwithin the sector's middle half▼ 29.6%€0.1mwithin the sector's middle half▲ 715%€0.05mwithin the sector's middle half▼ 62.7%
EBIT margin55.7%-56.3%▲ 0.7pp42.9%▼ 13.4pp46.4%▲ 3.5pp21.3%▼ 25.1pp-3.3%▼ 24.6pp0.8%▲ 4.1pp-21.2%▼ 21.9pp
Equity€8.7m-€8.8m▲ 1.2%€8.9m▲ 1.0%€9.0mabove the sector's middle half▲ 1.5%€9.0mabove the sector's middle half▲ 0.3%€9.1mabove the sector's middle half▲ 0.2%€9.2mabove the sector's middle half▲ 1.5%€9.2mabove the sector's middle half=
Total assets€8.8m-€8.9m▲ 0.5%€8.9m▲ 1.0%€9.1mabove the sector's middle half▲ 2.0%€9.1mabove the sector's middle half▼ 0.2%€9.1mabove the sector's middle half▲ 0.2%€9.2mabove the sector's middle half▲ 1.2%€9.2mwithin the sector's middle half▲ 0.1%
Debt€0.1m-€0.05m▼ 50.9%€0.04m▼ 12.9%€0.09m▲ 115%€0.05m▼ 41.8%€0.06m▲ 4.2%€0.03m▼ 51.5%€0.03m▲ 16.7%
Working capital€6.0m-€6.1m▲ 2.0%€5.7m▼ 5.7%€5.6mabove the sector's middle half▼ 2.2%€5.7mabove the sector's middle half▲ 0.9%€5.4mabove the sector's middle half▼ 4.6%€5.6mabove the sector's middle half▲ 3.9%€5.1mabove the sector's middle half▼ 8.5%
Solvency98.7%-99.4%▲ 0.7pp99.5%▲ 0.1pp99.0%above the sector's middle half▼ 0.5pp99.4%above the sector's middle half▲ 0.4pp99.4%above the sector's middle half=99.7%above the sector's middle half▲ 0.3pp99.7%above the sector's middle half=
Current ratio59.80-61.71above the sector's middle half98.13above the sector's middle half
Return on assets (ROA)1.2%-1.2%=1.0%▼ 0.2pp1.4%within the sector's middle half▲ 0.4pp0.3%within the sector's middle half▼ 1.2pp0.2%within the sector's middle half▼ 0.1pp1.5%within the sector's middle half▲ 1.3pp0.5%within the sector's middle half▼ 0.9pp
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 a loss of €62,368, after a profit of €2,248 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.2m
Fixed assets
€4.1m ▲ 13.3%
Current assets
€5.2m ▼ 8.4%
Equity and liabilities €9.2m
Equity
€9.2m =
Debt
€31,913 ▲ 16.7%
Debt's share of the balance-sheet total stays at 0.3%.
Key figures and ratios
EBITDA
€51,693▼
2024 · €85,526
Cash flow
€164,819▼
2024 · €219,299
Debt to equity
0.00▲
2024 · 0.00
ROE
0.6%▼
2024 · 1.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€30,602▲
2024 · €26,457
Income taxes
€15,914▼
2024 · €46,946
Customer credit
71 days▼
2024 · 104 days
A ratio outside any meaningful range has been withheld (balance sheet total €9.2m, equity €9.2m).
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 | €314,769 | €39,231 | €358,110 | €7,659 | €593,035 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €56,166 | €68,176 | €79,306 | €83,278 | €114,061 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €377,987 | €280,679 | €282,133 | €298,409 | €300,250 | ▲ 0.6% |
| Turnover70 | €274,214 | €273,987 | €274,367 | €374,733 | €275,236 | €278,449 | €293,184 | €294,549 | ▲ 0.5% |
| Other operating income74 | - | - | - | €3,254 | €5,443 | €3,683 | €5,225 | €5,701 | ▲ 9.1% |
| Operating charges60/66A | - | - | - | €203,925 | €222,019 | €291,361 | €296,161 | €362,618 | ▲ 22.4% |
| Services and other goods61 | - | - | - | €146,520 | €152,494 | €209,194 | €210,147 | €245,740 | ▲ 16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,589 | €17,548 | €29,427 | €56,166 | €68,176 | €79,306 | €83,278 | €114,061 | ▲ 37.0% |
| Other operating charges640/8 | - | - | - | €1,239 | €1,349 | €2,861 | €2,736 | €2,817 | ▲ 3.0% |
| Operating profit (loss)9901 | €152,615 | €154,323 | €117,780 | €174,062 | €58,660 | -€9,228 | €2,248 | -€62,368 | - |
| Financial income75/76B | - | - | - | €6,544 | €2,384 | €10,050 | €181,807 | €129,977 | ▼ 28.5% |
| Recurring financial income75 | €1,148 | €1,058 | €7,954 | €6,544 | €2,384 | €10,050 | €181,807 | €129,977 | ▼ 28.5% |
| Income from financial fixed assets750 | - | - | - | €717 | €0 | - | - | - | - |
| Income from current assets751 | - | - | - | - | €1,974 | €9,754 | €181,623 | €129,706 | ▼ 28.6% |
| Other financial income752/9 | - | - | - | €5,827 | €410 | €296 | €184 | €271 | ▲ 46.9% |
| Financial charges65/66B | - | - | - | €1,260 | €21,050 | -€17,950 | €1,089 | €938 | ▼ 13.9% |
| Recurring financial charges65 | €4,763 | €4,211 | €1,253 | €1,260 | €21,050 | -€17,950 | €1,089 | €938 | ▼ 13.9% |
| Debt charges650 | €4,734 | €3,914 | €1,103 | €999 | €762 | €861 | €509 | €319 | ▼ 37.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | €19,094 | -€19,094 | €0 | - | - |
| Other financial charges652/9 | - | - | - | €261 | €1,195 | €283 | €580 | €619 | ▲ 6.7% |
| Profit (loss) for the period before taxes9903 | €149,000 | €151,171 | €124,481 | €179,346 | €39,993 | €18,772 | €182,967 | €66,671 | ▼ 63.6% |
| Income taxes67/77 | €45,061 | €45,891 | €32,935 | €47,868 | €16,269 | €2,078 | €46,946 | €15,914 | ▼ 66.1% |
| Taxes670/3 | - | - | - | €47,868 | €16,269 | €2,078 | €47,338 | €16,275 | ▼ 65.6% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €391 | €361 | ▼ 7.7% |
| Profit (loss) for the period9904 | €103,939 | €105,280 | €91,546 | €131,478 | €23,724 | €16,694 | €136,021 | €50,757 | ▼ 62.7% |
| Profit (loss) for the period to be appropriated9905 | €103,939 | €105,280 | €91,546 | €131,478 | €23,724 | €16,694 | €136,021 | €50,757 | ▼ 62.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €8.8m | €8.9m | €8.9m | €9.1m | €9.1m | €9.1m | €9.2m | €9.2m | ▲ 0.1% |
| Fixed assets21/28 | €2.8m | €2.7m | €3.2m | €3.4m | €3.4m | €3.7m | €3.6m | €4.1m | ▲ 13.3% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.7m | €1.0m | €1.0m | €1.3m | €1.2m | €1.7m | ▲ 40.7% |
| Land and buildings22 | - | - | - | €0.9m | €0.9m | €1.2m | €1.1m | €1.6m | ▲ 43.0% |
| Plant, machinery and equipment23 | - | - | - | €0.07m | €0.06m | €0.06m | €0.05m | €0.04m | ▼ 16.8% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.02m | €0.01m | €0.02m | ▲ 54.8% |
| Financial fixed assets28 | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m | = |
| Affiliated companies280/1 | - | - | - | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m | = |
| Participating interests280 | - | - | - | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m | = |
| Current assets29/58 | €6.1m | €6.1m | €5.8m | €5.7m | €5.7m | €5.4m | €5.6m | €5.2m | ▼ 8.4% |
| Amounts receivable after more than one year29 | - | - | - | €4.0m | €4.0m | €1.7m | €1.7m | €1.7m | = |
| Other amounts receivable291 | - | - | - | €4.0m | €4.0m | €1.7m | €1.7m | €1.7m | = |
| Stocks and contracts in progress3 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.03m | €0.03m | €0.04m | €0.05m | €0.08m | €0.06m | €0.1m | €0.1m | ▼ 18.6% |
| Trade receivables40 | - | - | - | €0.05m | €0.07m | €0.02m | €0.08m | €0.06m | ▼ 31.4% |
| Other amounts receivable41 | - | - | - | €0.001m | €0.01m | €0.04m | €0.04m | €0.05m | ▲ 6.1% |
| Current investments50/53 | - | - | - | - | €0.3m | €3.6m | €3.8m | €3.3m | ▼ 12.3% |
| Other investments51/53 | - | - | - | - | €0.3m | €3.6m | €3.8m | €3.3m | ▼ 12.3% |
| Cash at bank and in hand54/58 | €0.7m | €1.5m | €1.2m | €1.7m | €1.3m | €0.1m | €0.06m | €0.05m | ▼ 15.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.02m | €0.003m | €0.03m | ▲ 815% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €8.8m | €8.9m | €8.9m | €9.1m | €9.1m | €9.1m | €9.2m | €9.2m | ▲ 0.1% |
| Equity10/15 | €8.7m | €8.8m | €8.9m | €9.0m | €9.0m | €9.1m | €9.2m | €9.2m | = |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €8.7m | €8.8m | €8.9m | €9.0m | €9.0m | €9.0m | €9.2m | €9.2m | = |
| Distributable reserves133 | - | - | - | €9.0m | €9.0m | €9.0m | €9.2m | €9.2m | = |
| Profit (loss) carried forward14 | €0.002m | €0.002m | €0.002m | €0.003m | €0.002m | €0.004m | €0.004m | €0.004m | ▲ 16.4% |
| Provisions and deferred taxes16 | €0.01m | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.1m | €0.05m | €0.04m | €0.09m | €0.05m | €0.06m | €0.03m | €0.03m | ▲ 16.7% |
| Amounts payable within one year42/48 | €0.1m | €0.05m | €0.04m | €0.09m | €0.05m | €0.06m | €0.03m | €0.03m | ▲ 15.7% |
| Trade debts44 | €0.002m | €0.006m | €0.01m | €0.03m | €0.02m | €0.04m | €0.001m | €0.03m | ▲ 19× |
| Suppliers440/4 | - | - | - | €0.03m | €0.02m | €0.04m | €0.001m | €0.03m | ▲ 19× |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.02m | €0.003m | €0.02m | €0.003m | ▼ 82.9% |
| Taxes450/3 | - | - | - | €0.04m | €0.02m | €233 | €0.02m | €427 | ▼ 97.5% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.01m | €0.01m | €0.005m | €0.002m | ▼ 59.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 45.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.09m | €0.1m | €0.02m | €0.02m | €0.1m | €0.05m | ▼ 62.7% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.03m | €0.06m | €0.07m | €0.08m | €0.08m | €0.1m | ▲ 37.0% |
| Operating cash flow (approximation) | €0.1m | €0.1m | €0.1m | €0.2m | €0.09m | €0.1m | €0.2m | €0.2m | ▼ 24.8% |
| Investment in fixed assets (approximation) | - | €0 | -€0.5m | -€0.3m | -€0.04m | -€0.4m | -€0.008m | -€0.6m | ▼ 7,643% |
| Change in cash | - | €0.8m | -€0.3m | €0.4m | -€0.3m | -€1.2m | -€0.05m | -€0.009m | ▲ 82.3% |
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, 544 companies had the same profile as LEMAD has now. Two years later, 93.6% were still going and 0.2% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.6%
was still going
5.9%
stopped otherwise
0.2%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LEMAD 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 544 companies, not a prediction for LEMAD. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 07-07-2026 | 2026-00263109 | |
| 31-12-2024 | full format | 23-07-2025 | 2025-00305366 | |
| 31-12-2023 | full format | 18-07-2024 | 2024-00264294 | |
| 31-12-2022 | full format | 20-07-2023 | 2023-00264006 | |
| 31-12-2021 | full format | 19-07-2022 | 2022-20218968 | |
| 31-12-2020 | unclassified schema | 15-07-2021 | 2021-37200314 | |
| 31-12-2019 | full format | 27-06-2020 | 2020-22700279 | |
| 31-12-2018 | full format | 15-07-2019 | 2019-33400577 | |
| 31-12-2017 | full format | 03-07-2018 | 2018-29200582 | |
| 31-12-2016 | full format | 04-05-2017 | 2017-11300470 |