LEMARA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 30 filings
Equity
€579,404▼ 7.0%
2024 · €623,129
Total assets
€637,717▼ 4.8%
2024 · €669,862
Net result
-€43,725▲ 47.2%
2024 · -€82,739
Working capital
€416,876▼ 3.6%
2024 · €432,452
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€43,059
▲ 48.2%
2025
20182025
Net result
-€43,725
▲ 47.2%
2025
lowest quarter of the sector
20182025
Equity
€579,404
▼ 7.0%
2025
highest quarter of the sector
20182025
Total assets
€637,717
▼ 4.8%
2025
highest quarter of the sector
20182025
Debt
€58,313
▲ 24.8%
2025
20182025
Working capital
€416,876
▼ 3.6%
2025
highest quarter of the sector
20182025
Solvency
90.9%
▼ 2.2pp
2025
highest quarter of the sector
20182025
Current ratio
8.15
▼ 2.10
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-6.9%
▲ 5.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€44,068-€64,567▲ 46.5%-€1,959€188,070€270,928▲ 44.1%€159,151▼ 41.3%-€83,067-€43,059▲ 48.2%
Net result€28,930-€39,213▲ 35.5%-€6,225below the sector's middle half€130,022above the sector's middle half€187,175above the sector's middle half▲ 44.0%€111,630above the sector's middle half▼ 40.4%-€82,739below the sector's middle half-€43,725below the sector's middle half▲ 47.2%
Equity€244,054-€283,266▲ 16.1%€277,042above the sector's middle half▼ 2.2%€407,063above the sector's middle half▲ 46.9%€594,239above the sector's middle half▲ 46.0%€705,869above the sector's middle half▲ 18.8%€623,129above the sector's middle half▼ 11.7%€579,404above the sector's middle half▼ 7.0%
Total assets€390,469-€440,119▲ 12.7%€424,058above the sector's middle half▼ 3.6%€524,502above the sector's middle half▲ 23.7%€722,496above the sector's middle half▲ 37.7%€780,501above the sector's middle half▲ 8.0%€669,862above the sector's middle half▼ 14.2%€637,717above the sector's middle half▼ 4.8%
Debt€146,415-€156,852▲ 7.1%€147,016▼ 6.3%€117,438▼ 20.1%€128,257▲ 9.2%€74,632▼ 41.8%€46,733▼ 37.4%€58,313▲ 24.8%
Working capital€39,511-€87,009▲ 120%€86,915within the sector's middle half▼ 0.1%€230,753above the sector's middle half▲ 165%€402,042above the sector's middle half▲ 74.2%€487,216above the sector's middle half▲ 21.2%€432,452above the sector's middle half▼ 11.2%€416,876above the sector's middle half▼ 3.6%
Solvency62.5%-64.4%▲ 1.9pp65.3%above the sector's middle half▲ 1.0pp77.6%above the sector's middle half▲ 12.3pp82.2%above the sector's middle half▲ 4.6pp90.4%above the sector's middle half▲ 8.2pp93.0%above the sector's middle half▲ 2.6pp90.9%above the sector's middle half▼ 2.2pp
Current ratio1.44-1.72▲ 0.281.70within the sector's middle half▼ 0.023.05within the sector's middle half▲ 1.354.13above the sector's middle half▲ 1.087.53above the sector's middle half▲ 3.3910.25above the sector's middle half▲ 2.738.15above the sector's middle half▼ 2.10
Return on assets (ROA)7.4%-8.9%▲ 1.5pp-1.5%within the sector's middle half▼ 10.4pp24.8%above the sector's middle half▲ 26.3pp25.9%above the sector's middle half▲ 1.1pp14.3%above the sector's middle half▼ 11.6pp-12.4%below the sector's middle half▼ 26.7pp-6.9%below the sector's middle half▲ 5.5pp
Staff (FTE)0.3-
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €43,059, smaller than the loss of €83,067 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €637,717
Fixed assets
€162,528 ▼ 14.8%
Current assets
€475,189 ▼ 0.8%
Equity and liabilities €637,717
Equity
€579,404 ▼ 7.0%
Debt
€58,313 ▲ 24.8%
Debt's share of the balance-sheet total rises from 7.0% to 9.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€14,910▲
2024 · -€53,817
Cash flow
-€15,576▲
2024 · -€53,489
Debt to equity
0.10▲
2024 · 0.07
ROE
-7.5%▲
2024 · -13.3%
Interest coverage
-27.35▲
2024 · -74.02
Debt ≤ 1 year
€58,313▲
2024 · €46,733
Income taxes
€141▲
2024 · €128
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 | €3,892 | €26,963 | €54,771 | €1,274 | - |
| Depreciation and write-downs of the year | €16,490 | €16,078 | €28,315 | €29,250 | €28,149 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,500 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €332 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,343 | €32,525 | €31,927 | €16,490 | €16,078 | €28,315 | €29,250 | €28,149 | ▼ 3.8% |
| Other operating charges640/8 | - | - | - | €1,813 | €1,218 | €1,602 | €1,605 | €1,529 | ▼ 4.8% |
| Gross operating margin9900 | €94,229 | €100,567 | €31,395 | €206,704 | €288,224 | €189,068 | -€52,212 | -€13,382 | ▲ 74.4% |
| Operating profit (loss)9901 | €44,068 | €64,567 | -€1,959 | €188,070 | €270,928 | €159,151 | -€83,067 | -€43,059 | ▲ 48.2% |
| Financial income75/76B | - | - | - | €102 | - | €173 | €1,182 | €20 | ▼ 98.3% |
| Recurring financial income75 | €112 | €18 | €135 | €102 | - | €173 | €1,182 | €20 | ▼ 98.3% |
| Financial charges65/66B | - | - | - | €1,321 | €1,323 | €1,340 | €727 | €545 | ▼ 25.0% |
| Recurring financial charges65 | €1,548 | €1,692 | €1,318 | €1,321 | €1,323 | €1,340 | €727 | €545 | ▼ 25.0% |
| Profit (loss) for the period before taxes9903 | €42,632 | €62,894 | -€3,141 | €186,851 | €269,605 | €157,985 | -€82,611 | -€43,584 | ▲ 47.2% |
| Income taxes67/77 | €13,702 | €23,681 | €3,083 | €56,829 | €82,430 | €46,355 | €128 | €141 | ▲ 10.1% |
| Profit (loss) for the period9904 | €28,930 | €39,213 | -€6,225 | €130,022 | €187,175 | €111,630 | -€82,739 | -€43,725 | ▲ 47.2% |
| Profit (loss) for the period to be appropriated9905 | €28,930 | €39,213 | -€6,225 | €130,022 | €187,175 | €111,630 | -€82,739 | -€43,725 | ▲ 47.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €390,469 | €440,119 | €424,058 | €524,502 | €722,496 | €780,501 | €669,862 | €637,717 | ▼ 4.8% |
| Fixed assets21/28 | €261,669 | €232,541 | €212,630 | €181,311 | €192,196 | €218,653 | €190,677 | €162,528 | ▼ 14.8% |
| Tangible fixed assets22/27 | €261,669 | €232,541 | €212,630 | €181,311 | €192,196 | €218,653 | €190,677 | €162,528 | ▼ 14.8% |
| Land and buildings22 | - | - | - | €152,379 | €146,351 | €136,958 | €127,800 | €118,938 | ▼ 6.9% |
| Plant, machinery and equipment23 | - | - | - | €3,604 | €2,826 | €2,047 | €1,269 | €491 | ▼ 61.3% |
| Furniture and vehicles24 | - | - | - | €25,327 | €43,020 | €79,647 | €61,608 | €43,099 | ▼ 30.0% |
| Current assets29/58 | €128,800 | €207,577 | €211,427 | €343,191 | €530,300 | €561,848 | €479,185 | €475,189 | ▼ 0.8% |
| Amounts receivable within one year40/41 | €44,070 | €11,313 | €13,734 | €4,459 | €4,000 | €18,240 | €16,447 | €18,032 | ▲ 9.6% |
| Trade receivables40 | - | - | - | €1,220 | - | €14,682 | €13,788 | €14,073 | ▲ 2.1% |
| Other amounts receivable41 | - | - | - | €3,239 | €4,000 | €3,558 | €2,659 | €3,960 | ▲ 48.9% |
| Current investments50/53 | €2,838 | €2,838 | €2,838 | €2,838 | €2,838 | €2,838 | €302,838 | €132,348 | ▼ 56.3% |
| Cash at bank and in hand54/58 | €80,448 | €192,066 | €193,576 | €333,819 | €518,699 | €538,718 | €157,532 | €321,890 | ▲ 104% |
| Deferred charges and accrued income490/1 | - | - | - | €2,074 | €4,762 | €2,051 | €2,368 | €2,919 | ▲ 23.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €390,469 | €440,119 | €424,058 | €524,502 | €722,496 | €780,501 | €669,862 | €637,717 | ▼ 4.8% |
| Equity10/15 | €244,054 | €283,266 | €277,042 | €407,063 | €594,239 | €705,869 | €623,129 | €579,404 | ▼ 7.0% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €225,462 | €264,674 | €258,450 | €388,471 | €575,647 | €687,277 | €604,537 | €560,812 | ▼ 7.2% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €386,612 | €573,787 | €687,277 | €604,537 | €560,812 | ▼ 7.2% |
| Amounts payable17/49 | €146,415 | €156,852 | €147,016 | €117,438 | €128,257 | €74,632 | €46,733 | €58,313 | ▲ 24.8% |
| Amounts payable after more than one year17 | €57,127 | €36,284 | €22,502 | €5,001 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €5,001 | - | - | - | - | - |
| Amounts payable within one year42/48 | €89,288 | €120,569 | €124,513 | €112,438 | €128,257 | €74,632 | €46,733 | €58,313 | ▲ 24.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,667 | €15,001 | €10,000 | €0 | - | - |
| Trade debts44 | €4,355 | €8,615 | €15,567 | €9,796 | €5,950 | €5,513 | €517 | €927 | ▲ 79.3% |
| Suppliers440/4 | - | - | - | €9,796 | €5,950 | €5,513 | €517 | €927 | ▲ 79.3% |
| Taxes, remuneration and social security45 | - | - | - | €11,754 | €17,430 | €6,303 | €0 | €2,396 | - |
| Taxes450/3 | - | - | - | €11,754 | €12,430 | €1,303 | €0 | €2,396 | - |
| Remuneration and social security454/9 | - | - | - | - | €5,000 | €5,000 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €84,221 | €89,878 | €52,816 | €46,216 | €54,990 | ▲ 19.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,930 | €39,213 | -€6,225 | €130,022 | €187,175 | €111,630 | -€82,739 | -€43,725 | ▲ 47.2% |
| + Depreciation and write-downs630 | €33,343 | €32,525 | €31,927 | €16,490 | €16,078 | €28,315 | €29,250 | €28,149 | ▼ 3.8% |
| Operating cash flow (approximation) | €62,273 | €71,738 | €25,702 | €146,512 | €203,253 | €139,945 | -€53,489 | -€15,576 | ▲ 70.9% |
| Investment in fixed assets (approximation) | - | -€3,397 | -€12,016 | €14,829 | -€26,963 | -€54,771 | -€1,274 | €0 | - |
| Change in cash | - | €111,618 | €1,510 | €140,243 | €184,880 | €20,019 | -€381,186 | €164,358 | - |
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, 8,617 companies had the same profile as LEMARA has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LEMARA 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 8,617 companies, not a prediction for LEMARA. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00253541 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00417955 | |
| 31-12-2023 | micro format | 29-04-2024 | 2024-00071421 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00138398 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20076697 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-26900233 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26400054 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-37700385 | |
| 31-12-2017 | micro format | 14-03-2019 | 2019-07200008 | |
| 31-12-2016 | abbreviated format | 28-08-2017 | 2017-57300365 |