LEMCO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 33 filings
Turnover
≈ €190,000
Estimated: probably between €140,000 and €240,000
Total assets
€291,780▼ 7.7%
2024 · €316,136
Net result
€43,738▲ 33.6%
2024 · €32,726
Working capital
-€13,653▼ 5.4%
2024 · -€12,957
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€65,433
▲ 28.1%
2025
20182025
Net result
€43,738
▲ 33.6%
2025
middle half of the sector
20182025
Equity
€209,042
▼ 6.2%
2025
middle half of the sector
20182025
Total assets
€291,780
▼ 7.7%
2025
middle half of the sector
20182025
Debt
€82,738
▼ 11.3%
2025
20182025
Working capital
-€13,653
▼ 5.4%
2025
lowest quarter of the sector
20182025
Solvency
71.6%
▲ 1.1pp
2025
middle half of the sector
20182025
Current ratio
0.53
▼ 0.12
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
15.0%
▲ 4.6pp
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-€7,115-€22,537€27,116▲ 20.3%€41,774▲ 54.1%€32,600▼ 22.0%€44,954▲ 37.9%€51,065▲ 13.6%€65,433▲ 28.1%
Net result-€8,665-€18,526€11,414within the sector's middle half▼ 38.4%€23,473within the sector's middle half▲ 106%€20,670within the sector's middle half▼ 11.9%€30,845within the sector's middle half▲ 49.2%€32,726within the sector's middle half▲ 6.1%€43,738within the sector's middle half▲ 33.6%
Equity€164,984-€183,511▲ 11.2%€194,925within the sector's middle half▲ 6.2%€203,897within the sector's middle half▲ 4.6%€217,767within the sector's middle half▲ 6.8%€202,179within the sector's middle half▼ 7.2%€222,905within the sector's middle half▲ 10.3%€209,042within the sector's middle half▼ 6.2%
Total assets€440,184-€434,268▼ 1.3%€400,391within the sector's middle half▼ 7.8%€360,750within the sector's middle half▼ 9.9%€331,937within the sector's middle half▼ 8.0%€318,844within the sector's middle half▼ 3.9%€316,136within the sector's middle half▼ 0.8%€291,780within the sector's middle half▼ 7.7%
Debt€275,200-€250,757▼ 8.9%€205,467▼ 18.1%€156,853▼ 23.7%€114,170▼ 27.2%€116,665▲ 2.2%€93,231▼ 20.1%€82,738▼ 11.3%
Working capital€1,861-€33,048▲ 18×€1,668within the sector's middle half▼ 95.0%-€15,507below the sector's middle half-€6,817below the sector's middle half▲ 56.0%-€11,025below the sector's middle half▼ 61.7%-€12,957below the sector's middle half▼ 17.5%-€13,653below the sector's middle half▼ 5.4%
Solvency37.5%-42.3%▲ 4.8pp48.7%within the sector's middle half▲ 6.4pp56.5%within the sector's middle half▲ 7.8pp65.6%within the sector's middle half▲ 9.1pp63.4%within the sector's middle half▼ 2.2pp70.5%within the sector's middle half▲ 7.1pp71.6%within the sector's middle half▲ 1.1pp
Current ratio1.04-2.76▲ 1.721.05within the sector's middle half▼ 1.710.48below the sector's middle half▼ 0.560.52below the sector's middle half▲ 0.040.51below the sector's middle half▼ 0.010.65below the sector's middle half▲ 0.140.53below the sector's middle half▼ 0.12
Return on assets (ROA)-2.0%-4.3%▲ 6.2pp2.9%within the sector's middle half▼ 1.4pp6.5%within the sector's middle half▲ 3.7pp6.2%within the sector's middle half▼ 0.3pp9.7%within the sector's middle half▲ 3.4pp10.4%within the sector's middle half▲ 0.7pp15.0%within the sector's middle half▲ 4.6pp
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 28% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €291,780
Fixed assets
€276,447 ▼ 5.3%
Current assets
€15,332 ▼ 36.8%
Equity and liabilities €291,780
Equity
€209,042 ▼ 6.2%
Debt
€82,738 ▼ 11.3%
Debt's share of the balance-sheet total falls from 29.5% to 28.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€84,207▲
2024 · €70,807
Cash flow
€62,512▲
2024 · €52,468
Debt to equity
0.40▼
2024 · 0.42
ROE
20.9%▲
2024 · 14.7%
Interest coverage
19.33▲
2024 · 9.85
Debt ≤ 1 year
€28,986▼
2024 · €37,231
Debt > 1 year
€50,000▼
2024 · €56,000
Income taxes
€17,340▲
2024 · €11,277
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 | €9,328 | - | €6,127 | €5,076 | €3,360 |
| Depreciation and write-downs of the year | €25,609 | €21,286 | €20,071 | €19,742 | €18,774 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €5,510 | €8 | €57 | -€57 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,646 | €25,095 | €24,432 | €25,609 | €21,286 | €20,071 | €19,742 | €18,774 | ▼ 4.9% |
| Other operating charges640/8 | - | - | - | €8,384 | €6,993 | €7,169 | €7,015 | €7,858 | ▲ 12.0% |
| Non-recurring operating charges66A | - | - | - | €411 | - | €3,436 | €677 | - | - |
| Gross operating margin9900 | €18,036 | €52,008 | €99,107 | €81,688 | €60,888 | €75,687 | €78,442 | €92,066 | ▲ 17.4% |
| Operating profit (loss)9901 | -€7,115 | €22,537 | €27,116 | €41,774 | €32,600 | €44,954 | €51,065 | €65,433 | ▲ 28.1% |
| Financial income75/76B | - | - | - | €0 | €0 | €386 | €125 | €0 | ▼ 99.9% |
| Recurring financial income75 | €0 | €0 | €1 | €0 | €0 | €386 | €125 | €0 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €11,067 | €5,656 | €6,530 | €7,188 | €4,356 | ▼ 39.4% |
| Recurring financial charges65 | €1,373 | €2,135 | €6,156 | €7,055 | €5,656 | €6,530 | €7,188 | €4,356 | ▼ 39.4% |
| Non-recurring financial charges66B | - | - | - | €4,012 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€8,488 | €20,402 | €12,718 | €30,706 | €26,945 | €38,810 | €44,003 | €61,078 | ▲ 38.8% |
| Income taxes67/77 | €177 | €1,876 | €1,304 | €7,234 | €6,275 | €7,965 | €11,277 | €17,340 | ▲ 53.8% |
| Profit (loss) for the period9904 | -€8,665 | €18,526 | €11,414 | €23,473 | €20,670 | €30,845 | €32,726 | €43,738 | ▲ 33.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €38 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€8,665 | €18,488 | €11,414 | €23,511 | €20,670 | €30,845 | €32,726 | €43,738 | ▲ 33.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €440,184 | €434,268 | €400,391 | €360,750 | €331,937 | €318,844 | €316,136 | €291,780 | ▼ 7.7% |
| Fixed assets21/28 | €392,876 | €382,402 | €362,956 | €346,263 | €324,584 | €307,204 | €291,861 | €276,447 | ▼ 5.3% |
| Tangible fixed assets22/27 | €392,876 | €382,402 | €362,956 | €346,263 | €324,584 | €307,204 | €291,861 | €276,447 | ▼ 5.3% |
| Land and buildings22 | - | - | - | €340,571 | €320,374 | €301,777 | €288,293 | €274,444 | ▼ 4.8% |
| Furniture and vehicles24 | - | - | - | €5,692 | €4,211 | €5,427 | €3,568 | €2,004 | ▼ 43.8% |
| Current assets29/58 | €47,309 | €51,866 | €37,436 | €14,488 | €7,353 | €11,640 | €24,275 | €15,332 | ▼ 36.8% |
| Amounts receivable within one year40/41 | €46,470 | €49,733 | €21,311 | €3,726 | €72 | €1,995 | €6,028 | €6,285 | ▲ 4.3% |
| Trade receivables40 | - | - | - | €3,716 | - | €1,970 | €4,601 | €5,568 | ▲ 21.0% |
| Other amounts receivable41 | - | - | - | €10 | €72 | €25 | €1,427 | €717 | ▼ 49.8% |
| Cash at bank and in hand54/58 | €838 | €670 | €9,204 | €9,153 | €5,492 | €7,528 | €15,692 | €6,287 | ▼ 59.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,609 | €1,789 | €2,117 | €2,554 | €2,760 | ▲ 8.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €440,184 | €434,268 | €400,391 | €360,750 | €331,937 | €318,844 | €316,136 | €291,780 | ▼ 7.7% |
| Equity10/15 | €164,984 | €183,511 | €194,925 | €203,897 | €217,767 | €202,179 | €222,905 | €209,042 | ▼ 6.2% |
| Contributions10/11 | €90,000 | €90,000 | - | €2,184 | €2,184 | €2,184 | €2,184 | €2,184 | = |
| Reserves13 | €74,984 | €93,511 | €192,741 | €201,713 | €215,583 | €199,995 | €220,721 | €206,858 | ▼ 6.3% |
| Distributable reserves133 | - | - | - | €201,713 | €215,583 | €199,995 | €220,721 | €206,858 | ▼ 6.3% |
| Amounts payable17/49 | €275,200 | €250,757 | €205,467 | €156,853 | €114,170 | €116,665 | €93,231 | €82,738 | ▼ 11.3% |
| Amounts payable after more than one year17 | €229,753 | €231,940 | €169,699 | €125,000 | €100,000 | €94,000 | €56,000 | €50,000 | ▼ 10.7% |
| Financial debts170/4 | - | - | - | €125,000 | €100,000 | €94,000 | €56,000 | €50,000 | ▼ 10.7% |
| Amounts payable within one year42/48 | €45,447 | €18,818 | €35,768 | €29,994 | €14,170 | €22,665 | €37,231 | €28,986 | ▼ 22.1% |
| Trade debts44 | €96 | €680 | €11,743 | €19,171 | €2,316 | €3,661 | €13,840 | €3,895 | ▼ 71.9% |
| Suppliers440/4 | - | - | - | €19,171 | €2,316 | €3,661 | €13,840 | €3,895 | ▼ 71.9% |
| Taxes, remuneration and social security45 | - | - | - | €4,674 | €4,600 | €6,722 | €10,874 | €12,275 | ▲ 12.9% |
| Taxes450/3 | - | - | - | €4,674 | €4,600 | €6,722 | €10,874 | €12,275 | ▲ 12.9% |
| Other amounts payable47/48 | - | - | - | €6,150 | €7,254 | €12,282 | €12,518 | €12,816 | ▲ 2.4% |
| Accrued charges and deferred income492/3 | - | - | - | €1,859 | - | - | - | €3,752 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,665 | €18,526 | €11,414 | €23,473 | €20,670 | €30,845 | €32,726 | €43,738 | ▲ 33.6% |
| + Depreciation and write-downs630 | €20,646 | €25,095 | €24,432 | €25,609 | €21,286 | €20,071 | €19,742 | €18,774 | ▼ 4.9% |
| Operating cash flow (approximation) | €11,981 | €43,622 | €35,846 | €49,082 | €41,956 | €50,916 | €52,468 | €62,512 | ▲ 19.1% |
| Investment in fixed assets (approximation) | - | -€14,621 | -€4,985 | -€8,917 | €392 | -€2,691 | -€4,399 | -€3,360 | ▲ 23.6% |
| Change in cash | - | -€168 | €8,534 | -€51 | -€3,661 | €2,036 | €8,164 | -€9,405 | - |
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, 31,368 companies had the same profile as LEMCO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LEMCO 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 31,368 companies, not a prediction for LEMCO. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-06-2026 | 2026-00167690 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00326593 | |
| 31-12-2023 | micro format | 15-08-2024 | 2024-00346087 | |
| 31-12-2022 | micro format | 01-07-2023 | 2023-00186038 | |
| 31-12-2021 | micro format | 12-06-2022 | 2022-20057505 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24000048 | |
| 31-12-2019 | micro format | 21-06-2020 | 2020-19800094 | |
| 31-12-2018 | micro format | 10-06-2019 | 2019-18200568 | |
| 31-12-2017 | micro format | 05-06-2018 | 2018-16400302 | |
| 31-12-2016 | micro format | 26-07-2017 | 2017-36400387 |