LEONASTER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 16 filings
Turnover
≈ €27,000
Estimated: probably between €13,000 and €55,000
Total assets
€433,535▲ 1.5%
2024 · €427,120
Net result
€5,826▼ 66.5%
2024 · €17,415
Working capital
€432,462▲ 1.4%
2024 · €426,636
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€5,343
▼ 64.0%
2025
20182025
Net result
€5,826
▼ 66.5%
2025
middle half of the sector
20182025
Equity
€432,462
▲ 1.4%
2025
highest quarter of the sector
20182025
Total assets
€433,535
▲ 1.5%
2025
middle half of the sector
20182025
Debt
€1,073
▲ 122%
2025
20182025
Working capital
€432,462
▲ 1.4%
2025
highest quarter of the sector
20182025
Solvency
99.8%
▼ 0.1pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
1.3%
▼ 2.7pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€44,648-€32,307▼ 27.6%€84,975▲ 163%€68,185▼ 19.8%€64,573▼ 5.3%€37,443▼ 42.0%€14,858▼ 60.3%€5,343▼ 64.0%
Net result€32,083-€22,814▼ 28.9%€61,178above the sector's middle half▲ 168%€48,964within the sector's middle half▼ 20.0%€46,530within the sector's middle half▼ 5.0%€26,842within the sector's middle half▼ 42.3%€17,415within the sector's middle half▼ 35.1%€5,826within the sector's middle half▼ 66.5%
Equity€202,892-€225,706▲ 11.2%€286,885above the sector's middle half▲ 27.1%€335,849above the sector's middle half▲ 17.1%€382,378above the sector's middle half▲ 13.9%€409,221above the sector's middle half▲ 7.0%€426,636above the sector's middle half▲ 4.3%€432,462above the sector's middle half▲ 1.4%
Total assets€252,985-€229,500▼ 9.3%€295,879within the sector's middle half▲ 28.9%€344,934within the sector's middle half▲ 16.6%€386,285within the sector's middle half▲ 12.0%€414,951within the sector's middle half▲ 7.4%€427,120within the sector's middle half▲ 2.9%€433,535within the sector's middle half▲ 1.5%
Debt€50,093-€3,793▼ 92.4%€8,994▲ 137%€9,085▲ 1.0%€3,907▼ 57.0%€5,731▲ 46.7%€484▼ 91.6%€1,073▲ 122%
Working capital€202,892-€223,619▲ 10.2%€285,319above the sector's middle half▲ 27.6%€334,805above the sector's middle half▲ 17.3%€375,196above the sector's middle half▲ 12.1%€407,657above the sector's middle half▲ 8.7%€426,636above the sector's middle half▲ 4.7%€432,462above the sector's middle half▲ 1.4%
Solvency80.2%-98.3%▲ 18.1pp97.0%above the sector's middle half▼ 1.4pp97.4%above the sector's middle half▲ 0.4pp99.0%above the sector's middle half▲ 1.6pp98.6%above the sector's middle half▼ 0.4pp99.9%above the sector's middle half▲ 1.3pp99.8%above the sector's middle half▼ 0.1pp
Current ratio5.05-59.95▲ 54.9032.72above the sector's middle half▼ 27.2337.85above the sector's middle half▲ 5.1397.04above the sector's middle half▲ 59.1972.14above the sector's middle half▼ 24.90
Return on assets (ROA)12.7%-9.9%▼ 2.7pp20.7%within the sector's middle half▲ 10.7pp14.2%within the sector's middle half▼ 6.5pp12.0%within the sector's middle half▼ 2.1pp6.5%within the sector's middle half▼ 5.6pp4.1%within the sector's middle half▼ 2.4pp1.3%below the sector's middle half▼ 2.7pp
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 64% lower than in 2024 and the lowest since 2021. It is the fourth 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
Equity and liabilities €433,535
Equity
€432,462 ▲ 1.4%
Debt
€1,073 ▲ 122%
Debt's share of the balance-sheet total rises from 0.1% to 0.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€5,343▼
2024 · €16,422
Cash flow
€5,826▼
2024 · €18,979
Debt to equity
0.00▲
2024 · 0.00
ROE
1.3%▼
2024 · 4.1%
Interest coverage
38.08▼
2024 · over 100
Debt ≤ 1 year
€1,073▲
2024 · €484
Income taxes
€1,722▼
2024 · €4,694
A ratio outside any meaningful range has been withheld (balance sheet total €433,535, equity €432,462).
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 | - | €10,194 | - | - | - |
| Depreciation and write-downs of the year | €522 | €4,055 | €5,619 | €1,564 | €0 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €522 | €522 | €522 | €4,055 | €5,619 | €1,564 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €703 | €649 | €713 | €783 | €523 | ▼ 33.2% |
| Gross operating margin9900 | €45,419 | €33,525 | €86,256 | €69,410 | €69,277 | €43,775 | €17,205 | €5,866 | ▼ 65.9% |
| Operating profit (loss)9901 | €44,648 | €32,307 | €84,975 | €68,185 | €64,573 | €37,443 | €14,858 | €5,343 | ▼ 64.0% |
| Financial income75/76B | - | - | - | - | €1 | €1 | €7,368 | €2,345 | ▼ 68.2% |
| Recurring financial income75 | €44 | €2 | - | - | €1 | €1 | €7,368 | €2,345 | ▼ 68.2% |
| Financial charges65/66B | - | - | - | €265 | €129 | €104 | €117 | €140 | ▲ 19.8% |
| Recurring financial charges65 | €533 | €399 | €330 | €265 | €129 | €104 | €117 | €140 | ▲ 19.8% |
| Profit (loss) for the period before taxes9903 | €44,160 | €31,910 | €84,646 | €67,920 | €64,445 | €37,340 | €22,109 | €7,548 | ▼ 65.9% |
| Income taxes67/77 | €12,076 | €9,095 | €23,467 | €18,956 | €17,915 | €10,497 | €4,694 | €1,722 | ▼ 63.3% |
| Profit (loss) for the period9904 | €32,083 | €22,814 | €61,178 | €48,964 | €46,530 | €26,842 | €17,415 | €5,826 | ▼ 66.5% |
| Profit (loss) for the period to be appropriated9905 | €32,083 | €22,814 | €61,178 | €48,964 | €46,530 | €26,842 | €17,415 | €5,826 | ▼ 66.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €252,985 | €229,500 | €295,879 | €344,934 | €386,285 | €414,951 | €427,120 | €433,535 | ▲ 1.5% |
| Fixed assets21/28 | - | €2,087 | €1,565 | €1,043 | €7,182 | €1,564 | €0 | - | - |
| Tangible fixed assets22/27 | - | €2,087 | €1,565 | €1,043 | €7,182 | €1,564 | €0 | - | - |
| Furniture and vehicles24 | - | - | - | €1,043 | €7,182 | €1,564 | €0 | - | - |
| Current assets29/58 | €252,985 | €227,413 | €294,314 | €343,890 | €379,102 | €413,387 | €427,120 | €433,535 | ▲ 1.5% |
| Amounts receivable within one year40/41 | €38,774 | €39,350 | €60,261 | €46,329 | €43,913 | €19,788 | €14,428 | €12,583 | ▼ 12.8% |
| Trade receivables40 | - | - | - | €45,285 | €40,785 | €10,285 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €1,044 | €3,128 | €9,503 | €14,428 | €12,583 | ▼ 12.8% |
| Current investments50/53 | - | - | - | - | - | - | €150,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €214,211 | €188,063 | €234,053 | €295,749 | €335,189 | €393,599 | €262,692 | €420,952 | ▲ 60.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,812 | €0 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €252,985 | €229,500 | €295,879 | €344,934 | €386,285 | €414,951 | €427,120 | €433,535 | ▲ 1.5% |
| Equity10/15 | €202,892 | €225,706 | €286,885 | €335,849 | €382,378 | €409,221 | €426,636 | €432,462 | ▲ 1.4% |
| Contributions10/11 | €18,550 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €184,342 | €207,156 | €268,335 | €317,299 | €363,828 | €390,671 | €390,671 | €390,671 | = |
| Non-distributable reserves130/1 | - | - | - | €6,085 | €6,085 | €6,085 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €6,085 | €6,085 | €6,085 | €0 | - | - |
| Distributable reserves133 | - | - | - | €311,214 | €357,743 | €384,586 | €390,671 | €390,671 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €17,415 | €23,241 | ▲ 33.5% |
| Amounts payable17/49 | €50,093 | €3,793 | €8,994 | €9,085 | €3,907 | €5,731 | €484 | €1,073 | ▲ 122% |
| Amounts payable within one year42/48 | €50,093 | €3,793 | €8,994 | €9,085 | €3,907 | €5,731 | €484 | €1,073 | ▲ 122% |
| Trade debts44 | €50 | - | - | €2,747 | €550 | €433 | €484 | €54 | ▼ 88.8% |
| Suppliers440/4 | - | - | - | €2,747 | €550 | €433 | €484 | €54 | ▼ 88.8% |
| Taxes, remuneration and social security45 | - | - | - | €5,233 | €1,554 | €3,496 | €0 | €1,019 | - |
| Taxes450/3 | - | - | - | €5,233 | €1,554 | €3,496 | €0 | €1,019 | - |
| Other amounts payable47/48 | - | - | - | €1,105 | €1,802 | €1,802 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,083 | €22,814 | €61,178 | €48,964 | €46,530 | €26,842 | €17,415 | €5,826 | ▼ 66.5% |
| + Depreciation and write-downs630 | - | €522 | €522 | €522 | €4,055 | €5,619 | €1,564 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €32,083 | €23,336 | €61,700 | €49,486 | €50,584 | €32,461 | €18,979 | €5,826 | ▼ 69.3% |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | -€10,194 | €0 | €0 | - | - |
| Change in cash | - | -€26,148 | €45,990 | €61,696 | €39,440 | €58,410 | -€130,907 | €158,260 | - |
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, 10,904 companies had the same profile as LEONASTER has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of LEONASTER 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 10,904 companies, not a prediction for LEONASTER. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-06-2026 | 2026-00195513 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00166416 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00172460 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00144804 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20157675 | |
| 31-12-2020 | micro format | 24-06-2021 | 2021-24200471 | |
| 31-12-2019 | micro format | 25-06-2020 | 2020-20600311 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25700330 | |
| 31-12-2017 | micro format | 20-06-2018 | 2018-20800412 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-39500011 |