LEMAX
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 12 days after the deadline Filed on 12 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00394688.
Annual accounts 2025 filed on 12-08-2026 at the NBB all 10 filings
Turnover
€226,159
EBIT margin
19.0%
Net result
€212,330▲ 10.8%
2024 · €191,620
Working capital
€141,012▲ 31.1%
2024 · €107,579
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€281,006
▲ 14.4%
2025
20182025
Net result
€212,330
▲ 10.8%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€295,242
▲ 47.0%
2025
middle half of the sector
20182025
Total assets
€447,974
▲ 33.1%
2025
middle half of the sector
20182025
Debt
€152,731
▲ 12.6%
2025
20182025
Working capital
€141,012
▲ 31.1%
2025
middle half of the sector
20182025
Solvency
65.9%
▲ 6.2pp
2025
middle half of the sector
20182025
Current ratio
2.17
▼ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
47.4%
▼ 9.5pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€226,159-
Operating result€42,935-€75,548▲ 76.0%€86,593▲ 14.6%€158,091▲ 82.6%€193,839▲ 22.6%€213,570▲ 10.2%€245,694▲ 15.0%€281,006▲ 14.4%
Net result€32,002-€57,207▲ 78.8%€69,408within the sector's middle half▲ 21.3%€116,532within the sector's middle half▲ 67.9%€141,957within the sector's middle half▲ 21.8%€167,146above the sector's middle half▲ 17.7%€191,620above the sector's middle half▲ 14.6%€212,330above the sector's middle half▲ 10.8%
EBIT margin19.0%-
Equity€69,968-€96,000▲ 37.2%€141,857within the sector's middle half▲ 47.8%€170,190within the sector's middle half▲ 20.0%€257,147within the sector's middle half▲ 51.1%€249,292within the sector's middle half▼ 3.1%€200,913within the sector's middle half▼ 19.4%€295,242within the sector's middle half▲ 47.0%
Total assets€245,731-€291,026▲ 18.4%€317,262below the sector's middle half▲ 9.0%€399,156below the sector's middle half▲ 25.8%€400,570below the sector's middle half▲ 0.4%€408,180below the sector's middle half▲ 1.9%€336,608below the sector's middle half▼ 17.5%€447,974within the sector's middle half▲ 33.1%
Debt€175,762-€195,026▲ 11.0%€175,405▼ 10.1%€228,967▲ 30.5%€143,423▼ 37.4%€158,888▲ 10.8%€135,695▼ 14.6%€152,731▲ 12.6%
Working capital€2,808-€7,114▲ 153%€57,741within the sector's middle half▲ 712%€90,536within the sector's middle half▲ 56.8%€177,809within the sector's middle half▲ 96.4%€167,516within the sector's middle half▼ 5.8%€107,579within the sector's middle half▼ 35.8%€141,012within the sector's middle half▲ 31.1%
Solvency28.5%-33.0%▲ 4.5pp44.7%within the sector's middle half▲ 11.7pp42.6%within the sector's middle half▼ 2.1pp64.2%within the sector's middle half▲ 21.6pp61.1%within the sector's middle half▼ 3.1pp59.7%within the sector's middle half▼ 1.4pp65.9%within the sector's middle half▲ 6.2pp
Current ratio1.07-1.15▲ 0.082.20within the sector's middle half▲ 1.051.75within the sector's middle half▼ 0.454.22above the sector's middle half▲ 2.472.84within the sector's middle half▼ 1.382.22within the sector's middle half▼ 0.622.17within the sector's middle half▼ 0.05
Return on assets (ROA)13.0%-19.7%▲ 6.6pp21.9%above the sector's middle half▲ 2.2pp29.2%above the sector's middle half▲ 7.3pp35.4%above the sector's middle half▲ 6.2pp40.9%above the sector's middle half▲ 5.5pp56.9%above the sector's middle half▲ 16.0pp47.4%above the sector's middle half▼ 9.5pp
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 14% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €447,974
Fixed assets
€186,207 ▲ 32.1%
Current assets
€261,767 ▲ 33.8%
Equity and liabilities €447,974
Equity
€295,242 ▲ 47.0%
Debt
€152,731 ▲ 12.6%
Debt's share of the balance-sheet total falls from 40.3% to 34.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€303,550▲
2024 · €254,524
Cash flow
€234,873▲
2024 · €200,450
Debt to equity
0.52▼
2024 · 0.68
ROE
71.9%▼
2024 · 95.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€120,755▲
2024 · €88,069
Debt > 1 year
€31,976▼
2024 · €47,626
Income taxes
€69,550▲
2024 · €55,377
Staff costs
€8,267▼
2024 · €14,754
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 | - | - | - | - | €67,790 |
| Depreciation and write-downs of the year | €23,875 | €19,922 | €17,725 | €8,830 | €22,544 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €226,159 | - | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €8,060 | €13,205 | €9,530 | €14,754 | €8,267 | ▼ 44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,658 | €24,405 | €23,875 | €23,875 | €19,922 | €17,725 | €8,830 | €22,544 | ▲ 155% |
| Other operating charges640/8 | - | - | - | €2,606 | €2,919 | €3,079 | €11,369 | €3,078 | ▼ 72.9% |
| Gross operating margin9900 | €92,400 | €122,239 | €123,754 | €192,632 | €229,885 | €243,904 | €280,647 | €314,895 | ▲ 12.2% |
| Operating profit (loss)9901 | €42,935 | €75,548 | €86,593 | €158,091 | €193,839 | €213,570 | €245,694 | €281,006 | ▲ 14.4% |
| Financial income75/76B | - | - | - | €140 | - | €1,091 | €2,408 | €1,835 | ▼ 23.8% |
| Recurring financial income75 | €4 | €1,307 | €3,183 | €140 | - | €1,091 | €2,408 | €1,835 | ▼ 23.8% |
| Financial charges65/66B | - | - | - | €2,104 | €2,016 | €1,621 | €1,105 | €961 | ▼ 13.0% |
| Recurring financial charges65 | €3,298 | €2,857 | €2,385 | €2,104 | €2,016 | €1,621 | €1,105 | €961 | ▼ 13.0% |
| Profit (loss) for the period before taxes9903 | €39,641 | €73,999 | €87,392 | €156,127 | €191,823 | €213,040 | €246,997 | €281,880 | ▲ 14.1% |
| Income taxes67/77 | €7,639 | €16,791 | €17,984 | €39,595 | €49,866 | €45,894 | €55,377 | €69,550 | ▲ 25.6% |
| Profit (loss) for the period9904 | €32,002 | €57,207 | €69,408 | €116,532 | €141,957 | €167,146 | €191,620 | €212,330 | ▲ 10.8% |
| Profit (loss) for the period to be appropriated9905 | €32,002 | €57,207 | €69,408 | €116,532 | €141,957 | €167,146 | €191,620 | €212,330 | ▲ 10.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €245,731 | €291,026 | €317,262 | €399,156 | €400,570 | €408,180 | €336,608 | €447,974 | ▲ 33.1% |
| Fixed assets21/28 | €203,254 | €235,187 | €211,312 | €187,437 | €167,515 | €149,790 | €140,960 | €186,207 | ▲ 32.1% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €203,254 | €235,187 | €211,312 | €187,437 | €167,515 | €149,790 | €140,960 | €186,207 | ▲ 32.1% |
| Land and buildings22 | - | - | - | €132,450 | €123,620 | €114,790 | €105,960 | €97,130 | ▼ 8.3% |
| Plant, machinery and equipment23 | - | - | - | €1,320 | - | - | - | €53,299 | - |
| Furniture and vehicles24 | - | - | - | €18,667 | €8,895 | - | - | €778 | - |
| Other tangible fixed assets26 | - | - | - | €35,000 | €35,000 | €35,000 | €35,000 | €35,000 | = |
| Current assets29/58 | €42,476 | €55,838 | €105,950 | €211,719 | €233,055 | €258,390 | €195,648 | €261,767 | ▲ 33.8% |
| Stocks and contracts in progress3 | - | - | €43,797 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €16,757 | €23,363 | €28,611 | €55,248 | €33,013 | €58,378 | €17,839 | €40,699 | ▲ 128% |
| Trade receivables40 | - | - | - | €50,045 | €31,312 | €44,111 | €16,834 | €17,115 | ▲ 1.7% |
| Other amounts receivable41 | - | - | - | €5,203 | €1,701 | €14,268 | €1,005 | €23,584 | ▲ 23× |
| Cash at bank and in hand54/58 | €24,353 | €32,475 | €33,542 | €156,472 | €197,679 | €200,012 | €177,809 | €221,068 | ▲ 24.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,363 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €245,731 | €291,026 | €317,262 | €399,156 | €400,570 | €408,180 | €336,608 | €447,974 | ▲ 33.1% |
| Equity10/15 | €69,968 | €96,000 | €141,857 | €170,190 | €257,147 | €249,292 | €200,913 | €295,242 | ▲ 47.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €31,866 | €51,368 | €77,400 | €123,257 | €126,590 | €123,547 | €60,692 | €64,313 | ▲ 6.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €121,397 | €124,730 | €123,547 | €60,692 | €64,313 | ▲ 6.0% |
| Profit (loss) carried forward14 | €19,502 | €26,031 | €45,858 | €28,332 | €111,957 | €107,146 | €121,620 | €212,330 | ▲ 74.6% |
| Amounts payable17/49 | €175,762 | €195,026 | €175,405 | €228,967 | €143,423 | €158,888 | €135,695 | €152,731 | ▲ 12.6% |
| Amounts payable after more than one year17 | €136,094 | €146,301 | €127,196 | €107,783 | €88,057 | €68,014 | €47,626 | €31,976 | ▼ 32.9% |
| Financial debts170/4 | - | - | - | €107,783 | €88,057 | €68,014 | €47,626 | €31,976 | ▼ 32.9% |
| Amounts payable within one year42/48 | €39,668 | €48,725 | €48,209 | €121,184 | €55,246 | €90,875 | €88,069 | €120,755 | ▲ 37.1% |
| Trade debts44 | €16,430 | €9,135 | €9,691 | €9,613 | €9,057 | €7,947 | €9,973 | €10,268 | ▲ 3.0% |
| Suppliers440/4 | - | - | - | €9,613 | €9,057 | €7,947 | €9,973 | €10,268 | ▲ 3.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | €17,977 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €36,600 | €20,689 | €13,950 | €8,096 | €10,187 | ▲ 25.8% |
| Taxes450/3 | - | - | - | €34,200 | €18,289 | €9,000 | €4,696 | €6,787 | ▲ 44.5% |
| Remuneration and social security454/9 | - | - | - | €2,400 | €2,400 | €4,950 | €3,400 | €3,400 | = |
| Other amounts payable47/48 | - | - | - | €74,970 | €25,500 | €51,000 | €70,000 | €100,300 | ▲ 43.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €120 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,002 | €57,207 | €69,408 | €116,532 | €141,957 | €167,146 | €191,620 | €212,330 | ▲ 10.8% |
| + Depreciation and write-downs630 | €23,658 | €24,405 | €23,875 | €23,875 | €19,922 | €17,725 | €8,830 | €22,544 | ▲ 155% |
| Operating cash flow (approximation) | €55,661 | €81,613 | €93,283 | €140,408 | €161,879 | €184,870 | €200,450 | €234,873 | ▲ 17.2% |
| Investment in fixed assets (approximation) | - | -€56,338 | €0 | €0 | €0 | €0 | €0 | -€67,790 | - |
| Change in cash | - | €8,122 | €1,067 | €122,929 | €41,208 | €2,333 | -€22,203 | €43,259 | - |
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, 34,693 companies had the same profile as LEMAX has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of LEMAX 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 34,693 companies, not a prediction for LEMAX. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 12-08-2026 | 2026-00394688 | |
| 31-12-2024 | abbreviated format | 26-05-2025 | 2025-00108121 | |
| 31-12-2023 | abbreviated format | 30-07-2024 | 2024-00315039 | |
| 31-12-2022 | abbreviated format | 28-06-2023 | 2023-00175700 | |
| 31-12-2021 | abbreviated format | 05-08-2022 | 2022-20276932 | |
| 31-12-2020 | abbreviated format | 06-08-2021 | 2021-46800416 | |
| 31-12-2019 | abbreviated format | 25-08-2020 | 2020-47100307 | |
| 31-12-2018 | abbreviated format | 07-08-2019 | 2019-44800479 | |
| 31-12-2017 | abbreviated format | 20-08-2018 | 2018-47300582 | |
| 31-12-2016 | abbreviated format | 04-08-2017 | 2017-41300277 |