LEMAX TECHNICS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 9 filings
Turnover
≈ €350,000
Estimated: probably between €260,000 and €510,000
Total assets
€401,281▲ 16.3%
2024 · €345,185
Net result
€46,847▼ 27.2%
2024 · €64,359
Working capital
€195,087▼ 23.4%
2024 · €254,805
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€61,018
▼ 24.2%
2025
20182025
Net result
€46,847
▼ 27.2%
2025
highest quarter of the sector
20182025
Equity
€215,610
▼ 23.0%
2025
highest quarter of the sector
20182025
Total assets
€401,281
▲ 16.3%
2025
highest quarter of the sector
20182025
Debt
€185,671
▲ 185%
2025
20182025
Working capital
€195,087
▼ 23.4%
2025
highest quarter of the sector
20182025
Solvency
53.7%
▼ 27.4pp
2025
middle half of the sector
20182025
Current ratio
2.05
▼ 2.86
2025
middle half of the sector
20182025
Return on assets (ROA)
11.7%
▼ 7.0pp
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
Operating result€72,573-€42,577▼ 41.3%€14,230▼ 66.6%€67,670▲ 376%€84,586▲ 25.0%€108,317▲ 28.1%€80,530▼ 25.7%€61,018▼ 24.2%
Net result€47,537-€39,801▼ 16.3%€12,940within the sector's middle half▼ 67.5%€49,181above the sector's middle half▲ 280%€62,710above the sector's middle half▲ 27.5%€78,579above the sector's middle half▲ 25.3%€64,359above the sector's middle half▼ 18.1%€46,847above the sector's middle half▼ 27.2%
Equity€97,440-€137,241▲ 40.8%€148,581above the sector's middle half▲ 8.3%€196,162above the sector's middle half▲ 32.0%€180,033above the sector's middle half▼ 8.2%€255,411above the sector's middle half▲ 41.9%€279,969above the sector's middle half▲ 9.6%€215,610above the sector's middle half▼ 23.0%
Total assets€153,429-€160,290▲ 4.5%€189,869within the sector's middle half▲ 18.5%€230,940within the sector's middle half▲ 21.6%€274,176within the sector's middle half▲ 18.7%€323,545above the sector's middle half▲ 18.0%€345,185above the sector's middle half▲ 6.7%€401,281above the sector's middle half▲ 16.3%
Debt€55,990-€23,049▼ 58.8%€41,288▲ 79.1%€34,777▼ 15.8%€94,144▲ 171%€68,133▼ 27.6%€65,216▼ 4.3%€185,671▲ 185%
Working capital€91,862-€131,568▲ 43.2%€136,750above the sector's middle half▲ 3.9%€187,698above the sector's middle half▲ 37.3%€138,373above the sector's middle half▼ 26.3%€246,391above the sector's middle half▲ 78.1%€254,805above the sector's middle half▲ 3.4%€195,087above the sector's middle half▼ 23.4%
Solvency63.5%-85.6%▲ 22.1pp78.3%above the sector's middle half▼ 7.4pp84.9%above the sector's middle half▲ 6.7pp65.7%within the sector's middle half▼ 19.3pp78.9%above the sector's middle half▲ 13.3pp81.1%above the sector's middle half▲ 2.2pp53.7%within the sector's middle half▼ 27.4pp
Current ratio2.87-7.17▲ 4.304.31above the sector's middle half▼ 2.866.73above the sector's middle half▲ 2.422.47within the sector's middle half▼ 4.266.58above the sector's middle half▲ 4.114.91above the sector's middle half▼ 1.682.05within the sector's middle half▼ 2.86
Return on assets (ROA)31.0%-24.8%▼ 6.2pp6.8%within the sector's middle half▼ 18.0pp21.3%above the sector's middle half▲ 14.5pp22.9%above the sector's middle half▲ 1.6pp24.3%above the sector's middle half▲ 1.4pp18.6%above the sector's middle half▼ 5.6pp11.7%within the sector's middle half▼ 7.0pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 24% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €401,281
Fixed assets
€20,619 ▼ 18.1%
Current assets
€380,662 ▲ 18.9%
Equity and liabilities €401,281
Equity
€215,610 ▼ 23.0%
Debt
€185,671 ▲ 185%
Debt's share of the balance-sheet total rises from 18.9% to 46.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€69,762▼
2024 · €89,437
Cash flow
€55,591▼
2024 · €73,266
Quick ratio
1.13▼
2024 · 4.50
Debt to equity
0.86▲
2024 · 0.23
ROE
21.7%▼
2024 · 23.0%
Interest coverage
23.35▼
2024 · over 100
Debt ≤ 1 year
€185,575▲
2024 · €65,216
Income taxes
€12,685▼
2024 · €16,865
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 | €1,118 | €33,565 | - | €1,051 | €4,198 |
| Depreciation and write-downs of the year | €2,475 | €2,380 | €8,639 | €8,907 | €8,744 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €930 awarded · €930 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €5,785 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,481 | €7,192 | €6,167 | €2,475 | €2,380 | €8,639 | €8,907 | €8,744 | ▼ 1.8% |
| Other operating charges640/8 | - | - | - | €1,140 | €1,009 | €738 | €1,575 | €20,492 | ▲ 13× |
| Gross operating margin9900 | €81,308 | €50,594 | €21,447 | €71,286 | €87,976 | €117,694 | €91,012 | €90,254 | ▼ 0.8% |
| Operating profit (loss)9901 | €72,573 | €42,577 | €14,230 | €67,670 | €84,586 | €108,317 | €80,530 | €61,018 | ▼ 24.2% |
| Financial income75/76B | - | - | - | €315 | €311 | €1,165 | €742 | €1,501 | ▲ 102% |
| Recurring financial income75 | - | €206 | €680 | €315 | €311 | €1,165 | €742 | €1,501 | ▲ 102% |
| Financial charges65/66B | - | - | - | €45 | €93 | €194 | €47 | €2,988 | ▲ 63× |
| Recurring financial charges65 | €275 | €213 | €111 | €45 | €93 | €194 | €47 | €2,988 | ▲ 63× |
| Profit (loss) for the period before taxes9903 | €72,298 | €42,570 | €14,799 | €67,940 | €84,803 | €109,289 | €81,224 | €59,532 | ▼ 26.7% |
| Income taxes67/77 | €24,761 | €2,769 | €1,859 | €18,759 | €22,094 | €30,710 | €16,865 | €12,685 | ▼ 24.8% |
| Profit (loss) for the period9904 | €47,537 | €39,801 | €12,940 | €49,181 | €62,710 | €78,579 | €64,359 | €46,847 | ▼ 27.2% |
| Profit (loss) for the period to be appropriated9905 | €47,537 | €39,801 | €12,940 | €49,181 | €62,710 | €78,579 | €64,359 | €46,847 | ▼ 27.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €153,429 | €160,290 | €189,869 | €230,940 | €274,176 | €323,545 | €345,185 | €401,281 | ▲ 16.3% |
| Fixed assets21/28 | €12,450 | €7,406 | €11,832 | €10,475 | €41,660 | €33,020 | €25,164 | €20,619 | ▼ 18.1% |
| Tangible fixed assets22/27 | €12,450 | €7,406 | €11,832 | €10,475 | €41,660 | €33,020 | €25,164 | €20,619 | ▼ 18.1% |
| Land and buildings22 | - | - | - | €5,687 | €4,996 | €4,304 | €3,613 | €2,921 | ▼ 19.1% |
| Plant, machinery and equipment23 | - | - | - | €123 | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €4,664 | €36,664 | €28,716 | €21,551 | €17,697 | ▼ 17.9% |
| Current assets29/58 | €140,979 | €152,884 | €178,038 | €220,465 | €232,517 | €290,524 | €320,021 | €380,662 | ▲ 18.9% |
| Stocks and contracts in progress3 | €2,508 | €1,999 | €4,267 | €5,184 | €4,462 | €33,042 | €26,729 | €171,132 | ▲ 540% |
| Stocks30/36 | - | - | - | €5,184 | €4,462 | €33,042 | €26,729 | €171,132 | ▲ 540% |
| Amounts receivable within one year40/41 | €44,867 | €42,964 | €62,058 | €66,457 | €82,072 | €115,756 | €78,011 | €183,813 | ▲ 136% |
| Trade receivables40 | - | - | - | €54,369 | €68,334 | €110,816 | €73,022 | €162,561 | ▲ 123% |
| Other amounts receivable41 | - | - | - | €12,089 | €13,738 | €4,940 | €4,989 | €21,252 | ▲ 326% |
| Cash at bank and in hand54/58 | €93,605 | €107,921 | €110,857 | €147,878 | €142,124 | €139,945 | €212,060 | €20,578 | ▼ 90.3% |
| Deferred charges and accrued income490/1 | - | - | - | €946 | €3,858 | €1,782 | €3,220 | €5,139 | ▲ 59.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €153,429 | €160,290 | €189,869 | €230,940 | €274,176 | €323,545 | €345,185 | €401,281 | ▲ 16.3% |
| Equity10/15 | €97,440 | €137,241 | €148,581 | €196,162 | €180,033 | €255,411 | €279,969 | €215,610 | ▼ 23.0% |
| Contributions10/11 | €10,000 | €10,000 | - | €10,000 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €86,860 | €127,241 | €138,581 | €186,162 | €161,433 | €236,811 | €261,369 | €197,010 | ▼ 24.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €184,302 | €161,433 | €236,811 | €261,369 | €197,010 | ▼ 24.6% |
| Profit (loss) carried forward14 | €580 | €0 | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €55,990 | €23,049 | €41,288 | €34,777 | €94,144 | €68,133 | €65,216 | €185,671 | ▲ 185% |
| Amounts payable after more than one year17 | €6,872 | €1,733 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €49,117 | €21,316 | €41,288 | €32,767 | €94,144 | €44,133 | €65,216 | €185,575 | ▲ 185% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Financial debts43 | - | - | - | - | - | - | - | €104,831 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €104,831 | - |
| Trade debts44 | €13,654 | €4,326 | €32,073 | €22,447 | €13,355 | €26,448 | €11,161 | €30,009 | ▲ 169% |
| Suppliers440/4 | - | - | - | €22,447 | €13,355 | €26,448 | €11,161 | €30,009 | ▲ 169% |
| Taxes, remuneration and social security45 | - | - | - | €7,870 | €11,174 | €14,485 | €14,254 | €2,466 | ▼ 82.7% |
| Taxes450/3 | - | - | - | €7,870 | €11,174 | €14,485 | €14,254 | €2,466 | ▼ 82.7% |
| Other amounts payable47/48 | - | - | - | €2,451 | €69,614 | €3,200 | €39,801 | €48,269 | ▲ 21.3% |
| Accrued charges and deferred income492/3 | - | - | - | €2,010 | €0 | €24,000 | €0 | €95 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €47,537 | €39,801 | €12,940 | €49,181 | €62,710 | €78,579 | €64,359 | €46,847 | ▼ 27.2% |
| + Depreciation and write-downs630 | €8,481 | €7,192 | €6,167 | €2,475 | €2,380 | €8,639 | €8,907 | €8,744 | ▼ 1.8% |
| Operating cash flow (approximation) | €56,019 | €46,993 | €19,107 | €51,656 | €65,090 | €87,218 | €73,266 | €55,591 | ▼ 24.1% |
| Investment in fixed assets (approximation) | - | -€2,147 | -€10,593 | -€1,118 | -€33,565 | €0 | -€1,051 | -€4,198 | ▼ 300% |
| Change in cash | - | €14,317 | €2,935 | €37,021 | -€5,754 | -€2,180 | €72,115 | -€191,482 | - |
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 TECHNICS 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 TECHNICS itself: 0.3% 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 TECHNICS. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00262514 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00429978 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00161181 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00395282 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20048029 | |
| 31-12-2020 | micro format | 28-10-2021 | 2021-75100518 | |
| 31-12-2019 | micro format | 07-12-2020 | 2020-74800457 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-60300455 | |
| 31-12-2017 | micro format | 29-07-2018 | 2018-38400157 |