LENOVER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-02-2026 PDF all 5 filings
Turnover
€227,447▲ 138%
2021 · €95,479
EBIT margin
51.6%▲ 11.0pp
2021 · 40.6%
Net result
€58,171▼ 31.1%
2024 · €84,472
Working capital
€67,444▼ 24.3%
2024 · €89,092
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
€135,482
▲ 31.0%
2025
20212025
Net result
€58,171
▼ 31.1%
2025
middle half of the sector
20212025
EBIT margin
no figure
2025
20212025
Equity
€72,263
▼ 18.9%
2025
middle half of the sector
20212025
Total assets
€140,775
▲ 31.5%
2025
middle half of the sector
20212025
Debt
€68,513
▲ 281%
2025
20212025
Working capital
€67,444
▼ 24.3%
2025
middle half of the sector
20212025
Solvency
51.3%
▼ 31.9pp
2025
middle half of the sector
20212025
Current ratio
1.98
▼ 3.96
2025
middle half of the sector
20212025
Return on assets (ROA)
41.3%
▼ 37.6pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€95,479-€227,447▲ 138%
Operating result€38,765-€117,325▲ 203%€125,854▲ 7.3%€103,418▼ 17.8%€135,482▲ 31.0%
Net result€29,966within the sector's middle half-€90,345above the sector's middle half▲ 201%€96,808above the sector's middle half▲ 7.2%€84,472above the sector's middle half▼ 12.7%€58,171within the sector's middle half▼ 31.1%
EBIT margin40.6%-51.6%▲ 11.0pp
Equity€32,466within the sector's middle half-€122,811within the sector's middle half▲ 278%€219,620within the sector's middle half▲ 78.8%€89,092within the sector's middle half▼ 59.4%€72,263within the sector's middle half▼ 18.9%
Total assets€51,941below the sector's middle half-€156,819within the sector's middle half▲ 202%€242,820within the sector's middle half▲ 54.8%€107,093within the sector's middle half▼ 55.9%€140,775within the sector's middle half▲ 31.5%
Debt€19,475-€34,008▲ 74.6%€23,200▼ 31.8%€18,001▼ 22.4%€68,513▲ 281%
Working capital€32,466within the sector's middle half-€122,811within the sector's middle half▲ 278%€219,620above the sector's middle half▲ 78.8%€89,092within the sector's middle half▼ 59.4%€67,444within the sector's middle half▼ 24.3%
Solvency62.5%within the sector's middle half-78.3%above the sector's middle half▲ 15.8pp90.4%above the sector's middle half▲ 12.1pp83.2%above the sector's middle half▼ 7.3pp51.3%within the sector's middle half▼ 31.9pp
Current ratio2.67within the sector's middle half-4.61above the sector's middle half▲ 1.9410.47above the sector's middle half▲ 5.855.95above the sector's middle half▼ 4.521.98within the sector's middle half▼ 3.96
Return on assets (ROA)57.7%above the sector's middle half-57.6%above the sector's middle half▼ 0.1pp39.9%above the sector's middle half▼ 17.7pp78.9%above the sector's middle half▲ 39.0pp41.3%above the sector's middle half▼ 37.6pp
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 31% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €140,775
Fixed assets
€4,819
Current assets
€135,956
Equity and liabilities €140,775
Equity
€72,263 ▼ 18.9%
Debt
€68,513 ▲ 281%
Debt's share of the balance-sheet total rises from 16.8% to 48.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€136,507
Cash flow
€59,196
Debt to equity
0.95▲
2024 · 0.20
ROE
80.5%▼
2024 · 94.8%
Interest coverage
over 100
Debt ≤ 1 year
€68,513▲
2024 · €18,001
Income taxes
€16,398▼
2024 · €25,166
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 | - | - | - | - | €5,844 |
| Depreciation and write-downs of the year | - | - | - | - | €1,025 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €95,479 | €227,447 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €55,578 | €109,402 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €1,025 | - |
| Other operating charges640/8 | €1,136 | €720 | €912 | €1,320 | €1,391 | ▲ 5.4% |
| Gross operating margin9900 | €39,901 | €118,045 | €126,765 | €104,738 | €137,898 | ▲ 31.7% |
| Operating profit (loss)9901 | €38,765 | €117,325 | €125,854 | €103,418 | €135,482 | ▲ 31.0% |
| Financial income75/76B | - | - | €69 | €6,477 | - | - |
| Recurring financial income75 | - | - | €69 | €6,477 | - | - |
| Financial charges65/66B | €51 | €51 | €203 | €257 | €60,914 | ▲ 237× |
| Recurring financial charges65 | €51 | €51 | €203 | €257 | €191 | ▼ 25.6% |
| Non-recurring financial charges66B | - | - | - | - | €60,723 | - |
| Profit (loss) for the period before taxes9903 | €38,714 | €117,274 | €125,720 | €109,638 | €74,568 | ▼ 32.0% |
| Income taxes67/77 | €8,749 | €26,929 | €28,912 | €25,166 | €16,398 | ▼ 34.8% |
| Profit (loss) for the period9904 | €29,966 | €90,345 | €96,808 | €84,472 | €58,171 | ▼ 31.1% |
| Profit (loss) for the period to be appropriated9905 | €29,966 | €90,345 | €96,808 | €84,472 | €58,171 | ▼ 31.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €51,941 | €156,819 | €242,820 | €107,093 | €140,775 | ▲ 31.5% |
| Fixed assets21/28 | - | - | - | - | €4,819 | - |
| Tangible fixed assets22/27 | - | - | - | - | €4,819 | - |
| Furniture and vehicles24 | - | - | - | - | €4,819 | - |
| Current assets29/58 | €51,941 | €156,819 | €242,820 | €107,093 | €135,956 | ▲ 27.0% |
| Amounts receivable within one year40/41 | €18,911 | €20,046 | €20,547 | €30,997 | €30,186 | ▼ 2.6% |
| Trade receivables40 | €18,909 | €20,044 | €20,545 | €21,161 | €21,584 | ▲ 2.0% |
| Other amounts receivable41 | €2 | €2 | €2 | €9,836 | €8,602 | ▼ 12.5% |
| Current investments50/53 | - | - | €175,048 | - | - | - |
| Cash at bank and in hand54/58 | €33,030 | €136,773 | €47,225 | €76,096 | €105,770 | ▲ 39.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €51,941 | €156,819 | €242,820 | €107,093 | €140,775 | ▲ 31.5% |
| Equity10/15 | €32,466 | €122,811 | €219,620 | €89,092 | €72,263 | ▼ 18.9% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €29,966 | €120,311 | €217,120 | €86,592 | €69,763 | ▼ 19.4% |
| Distributable reserves133 | €29,966 | €120,311 | €217,120 | €86,592 | €69,763 | ▼ 19.4% |
| Amounts payable17/49 | €19,475 | €34,008 | €23,200 | €18,001 | €68,513 | ▲ 281% |
| Amounts payable within one year42/48 | €19,475 | €34,008 | €23,200 | €18,001 | €68,513 | ▲ 281% |
| Trade debts44 | €1,165 | €2,441 | €1,674 | €161 | €1,527 | ▲ 848% |
| Suppliers440/4 | €1,165 | €2,441 | €1,674 | €161 | €1,527 | ▲ 848% |
| Taxes, remuneration and social security45 | €16,605 | €29,624 | €17,703 | €13,220 | €13,495 | ▲ 2.1% |
| Taxes450/3 | €16,605 | €29,624 | €17,703 | €13,220 | €13,495 | ▲ 2.1% |
| Other amounts payable47/48 | €1,705 | €1,943 | €3,824 | €4,620 | €53,491 | ▲ 12× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,966 | €90,345 | €96,808 | €84,472 | €58,171 | ▼ 31.1% |
| + Depreciation and write-downs630 | - | - | - | - | €1,025 | - |
| Operating cash flow (approximation) | €29,966 | €90,345 | €96,808 | €84,472 | €59,196 | ▼ 29.9% |
| Change in cash | - | €103,743 | -€89,548 | €28,871 | €29,674 | ▲ 2.8% |
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, 26,972 companies had the same profile as LENOVER has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of LENOVER itself is lower: < 0.1% within 12 months. It rests on far more data about LENOVER than the profile alone.
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 26,972 companies, not a prediction for LENOVER. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-02-2026 | 2026-00040080 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00313772 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00330397 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00178897 | |
| 31-12-2021 | micro format | 01-08-2022 | 2022-20253589 |