LEOTI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-04-2026 PDF all 17 filings
Turnover
≈ €48,000
Estimated: probably between €26,000 and €120,000
Total assets
€79,440▼ 18.2%
2024 · €97,089
Net result
-€9,076
2024 · €20
Working capital
-€43,184▼ 29.2%
2024 · -€33,417
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€5,265
2025
20192025
Net result
-€9,076
2025
lowest quarter of the sector
20192025
Equity
€1,433
▼ 86.4%
2025
lowest quarter of the sector
20192025
Total assets
€79,440
▼ 18.2%
2025
middle half of the sector
20192025
Debt
€78,007
▼ 9.9%
2025
20192025
Working capital
-€43,184
▼ 29.2%
2025
lowest quarter of the sector
20192025
Solvency
1.8%
▼ 9.0pp
2025
lowest quarter of the sector
20192025
Current ratio
0.31
▼ 0.16
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-11.4%
▼ 11.4pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€4,519-€6,861▲ 51.8%€12,026▲ 75.3%€19,672▲ 63.6%€113▼ 99.4%€4,505▲ 40×-€5,265
Net result€52-€2,664within the sector's middle half▲ 51×-€84within the sector's middle half€9,348within the sector's middle half-€4,570below the sector's middle half€20within the sector's middle half-€9,076below the sector's middle half
Equity€3,130-€5,794within the sector's middle half▲ 85.1%€5,710within the sector's middle half▼ 1.4%€15,058within the sector's middle half▲ 164%€10,488within the sector's middle half▼ 30.3%€10,509within the sector's middle half▲ 0.2%€1,433below the sector's middle half▼ 86.4%
Total assets€84,969-€83,269within the sector's middle half▼ 2.0%€72,935within the sector's middle half▼ 12.4%€100,646within the sector's middle half▲ 38.0%€90,352within the sector's middle half▼ 10.2%€97,089within the sector's middle half▲ 7.5%€79,440within the sector's middle half▼ 18.2%
Debt€81,839-€77,475▼ 5.3%€67,225▼ 13.2%€85,588▲ 27.3%€79,863▼ 6.7%€86,581▲ 8.4%€78,007▼ 9.9%
Working capital-€14,882--€9,741within the sector's middle half▲ 34.5%-€17,632below the sector's middle half▼ 81.0%-€19,824below the sector's middle half▼ 12.4%-€28,329below the sector's middle half▼ 42.9%-€33,417below the sector's middle half▼ 18.0%-€43,184below the sector's middle half▼ 29.2%
Solvency3.7%-7.0%within the sector's middle half▲ 3.3pp7.8%within the sector's middle half▲ 0.9pp15.0%within the sector's middle half▲ 7.1pp11.6%within the sector's middle half▼ 3.4pp10.8%within the sector's middle half▼ 0.8pp1.8%below the sector's middle half▼ 9.0pp
Current ratio0.70-0.74below the sector's middle half▲ 0.040.52below the sector's middle half▼ 0.220.68below the sector's middle half▲ 0.150.45below the sector's middle half▼ 0.220.46below the sector's middle half▲ 0.010.31below the sector's middle half▼ 0.16
Return on assets (ROA)0.1%-3.2%within the sector's middle half▲ 3.1pp-0.1%within the sector's middle half▼ 3.3pp9.3%within the sector's middle half▲ 9.4pp-5.1%below the sector's middle half▼ 14.3pp0.0%within the sector's middle half▲ 5.1pp-11.4%below the sector's middle half▼ 11.4pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 a loss of €5,265, after a profit of €4,505 in 2024. It is the lowest result since 2021.
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 €79,440
Fixed assets
€60,445 ▼ 11.5%
Current assets
€18,995 ▼ 34.1%
Equity and liabilities €79,440
Equity
€1,433 ▼ 86.4%
Debt
€78,007 ▼ 9.9%
Debt's share of the balance-sheet total rises from 89.2% to 98.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€2,906▼
2024 · €12,778
Cash flow
-€905▼
2024 · €8,294
Quick ratio
0.16▼
2024 · 0.32
Debt to equity
54.44▲
2024 · 8.24
ROE
-633.4%▼
2024 · 0.2%
Interest coverage
0.76▼
2024 · 3.00
Debt ≤ 1 year
€62,179▼
2024 · €62,237
Debt > 1 year
€15,828▼
2024 · €24,344
Income taxes
€475▼
2024 · €3,034
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,615 | €11,882 | €16,827 | €10,713 | €5,380 |
| Intangible fixed assets | - | €2,588 | - | - | - |
| Financial fixed assets | - | - | - | €119 | - |
| Depreciation and write-downs of the year | €6,406 | €8,584 | €9,283 | €8,274 | €8,170 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,027 | €4,922 | €6,406 | €8,584 | €9,283 | €8,274 | €8,170 | ▼ 1.2% |
| Other operating charges640/8 | - | - | €3,225 | €2,770 | €1,284 | €1,734 | €1,686 | ▼ 2.8% |
| Gross operating margin9900 | €8,912 | €12,854 | €21,657 | €31,026 | €10,680 | €14,513 | €4,592 | ▼ 68.4% |
| Operating profit (loss)9901 | €4,519 | €6,861 | €12,026 | €19,672 | €113 | €4,505 | -€5,265 | - |
| Financial income75/76B | - | - | €1,305 | €157 | €21 | €2,809 | €501 | ▼ 82.2% |
| Recurring financial income75 | €230 | €183 | €1,305 | €157 | €21 | €2,809 | €501 | ▼ 82.2% |
| Financial charges65/66B | - | - | €10,244 | €3,149 | €3,183 | €4,260 | €3,837 | ▼ 9.9% |
| Recurring financial charges65 | €3,476 | €3,393 | €10,244 | €3,149 | €3,183 | €4,260 | €3,837 | ▼ 9.9% |
| Profit (loss) for the period before taxes9903 | €1,273 | €3,650 | €3,087 | €16,679 | -€3,049 | €3,054 | -€8,601 | - |
| Income taxes67/77 | €1,221 | €986 | €3,171 | €7,331 | €1,521 | €3,034 | €475 | ▼ 84.3% |
| Profit (loss) for the period9904 | €52 | €2,664 | -€84 | €9,348 | -€4,570 | €20 | -€9,076 | - |
| Profit (loss) for the period to be appropriated9905 | €52 | €2,664 | -€84 | €9,348 | -€4,570 | €20 | -€9,076 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €84,969 | €83,269 | €72,935 | €100,646 | €90,352 | €97,089 | €79,440 | ▼ 18.2% |
| Fixed assets21/28 | €50,574 | €55,243 | €53,471 | €59,356 | €66,901 | €68,269 | €60,445 | ▼ 11.5% |
| Intangible fixed assets21 | - | - | - | €1,725 | €863 | €0 | - | - |
| Tangible fixed assets22/27 | €50,427 | €55,095 | €53,323 | €57,483 | €65,890 | €68,002 | €60,178 | ▼ 11.5% |
| Land and buildings22 | - | - | €43,340 | €41,675 | €55,530 | €53,827 | €51,622 | ▼ 4.1% |
| Plant, machinery and equipment23 | - | - | €2,073 | €1,906 | €1,048 | €2,066 | €1,776 | ▼ 14.0% |
| Furniture and vehicles24 | - | - | €7,910 | €13,902 | €9,312 | €9,550 | €4,755 | ▼ 50.2% |
| Other tangible fixed assets26 | - | - | - | - | - | €2,560 | €2,025 | ▼ 20.9% |
| Financial fixed assets28 | €148 | €148 | €148 | €148 | €148 | €267 | €267 | = |
| Current assets29/58 | €34,395 | €28,026 | €19,464 | €41,290 | €23,451 | €28,820 | €18,995 | ▼ 34.1% |
| Amounts receivable after more than one year29 | - | - | €7,000 | €7,000 | €7,000 | - | - | - |
| Trade receivables290 | - | - | - | €7,000 | €7,000 | - | - | - |
| Other amounts receivable291 | - | - | €7,000 | - | - | - | - | - |
| Stocks and contracts in progress3 | €7,765 | €8,265 | €7,591 | €10,691 | €6,129 | €8,918 | €9,278 | ▲ 4.0% |
| Stocks30/36 | - | - | €7,591 | €10,691 | €6,129 | €8,918 | €9,278 | ▲ 4.0% |
| Amounts receivable within one year40/41 | €4,473 | €379 | €1,920 | €17,092 | €9,392 | €18,598 | €6,144 | ▼ 67.0% |
| Trade receivables40 | - | - | €1,920 | €17,092 | €7,093 | €18,598 | €6,144 | ▼ 67.0% |
| Other amounts receivable41 | - | - | €0 | - | €2,300 | - | - | - |
| Cash at bank and in hand54/58 | €3,030 | - | €2,390 | €5,457 | €202 | €762 | €3,420 | ▲ 349% |
| Deferred charges and accrued income490/1 | - | - | €564 | €1,050 | €728 | €542 | €153 | ▼ 71.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €84,969 | €83,269 | €72,935 | €100,646 | €90,352 | €97,089 | €79,440 | ▼ 18.2% |
| Equity10/15 | €3,130 | €5,794 | €5,710 | €15,058 | €10,488 | €10,509 | €1,433 | ▼ 86.4% |
| Contributions10/11 | €6,300 | - | €6,300 | €6,300 | €6,300 | €6,300 | €6,300 | = |
| Reserves13 | €9,360 | €9,360 | €9,360 | €9,360 | €9,360 | €9,360 | €9,360 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Profit (loss) carried forward14 | -€12,530 | -€9,866 | -€9,950 | -€602 | -€5,172 | -€5,151 | -€14,227 | ▼ 176% |
| Amounts payable17/49 | €81,839 | €77,475 | €67,225 | €85,588 | €79,863 | €86,581 | €78,007 | ▼ 9.9% |
| Amounts payable after more than one year17 | €32,563 | €39,708 | €30,129 | €24,474 | €28,083 | €24,344 | €15,828 | ▼ 35.0% |
| Financial debts170/4 | - | - | €30,129 | €24,474 | €28,083 | €24,344 | €15,828 | ▼ 35.0% |
| Amounts payable within one year42/48 | €49,277 | €37,767 | €37,097 | €61,114 | €51,781 | €62,237 | €62,179 | ▼ 0.1% |
| Current portion of amounts payable after more than one year42 | - | - | €7,209 | €13,825 | €13,916 | €10,437 | €8,516 | ▼ 18.4% |
| Financial debts43 | - | - | €6,236 | €4,890 | €5,672 | €9,045 | €6,418 | ▼ 29.0% |
| Credit institutions430/8 | - | - | €6,236 | €4,890 | €5,672 | €9,045 | €6,418 | ▼ 29.0% |
| Trade debts44 | €29,791 | €19,622 | €15,695 | €20,165 | €8,833 | €18,347 | €12,830 | ▼ 30.1% |
| Suppliers440/4 | - | - | €15,695 | €20,165 | €8,833 | €18,347 | €12,830 | ▼ 30.1% |
| Taxes, remuneration and social security45 | - | - | €7,673 | €21,137 | €9,974 | €14,054 | €17,687 | ▲ 25.8% |
| Taxes450/3 | - | - | €7,673 | €21,137 | €9,974 | €14,054 | €17,687 | ▲ 25.8% |
| Other amounts payable47/48 | - | - | €284 | €1,097 | €13,386 | €10,353 | €16,728 | ▲ 61.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52 | €2,664 | -€84 | €9,348 | -€4,570 | €20 | -€9,076 | - |
| + Depreciation and write-downs630 | €3,027 | €4,922 | €6,406 | €8,584 | €9,283 | €8,274 | €8,170 | ▼ 1.2% |
| Operating cash flow (approximation) | €3,079 | €7,586 | €6,322 | €17,932 | €4,713 | €8,294 | -€905 | - |
| Investment in fixed assets (approximation) | - | -€9,591 | -€4,634 | -€14,469 | -€16,827 | -€9,642 | -€346 | ▲ 96.4% |
| Change in cash | - | - | - | €3,067 | -€5,255 | €560 | €2,658 | ▲ 374% |
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, 642 companies had the same profile as LEOTI has now. Two years later, 89.9% were still going and 3.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a loss of 10% of the balance sheet or more
89.9%
was still going
5.5%
stopped otherwise
3.6%
went bankrupt
Another 1.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LEOTI itself: 1.1% 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 642 companies, not a prediction for LEOTI. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 17-04-2026 | 2026-00082327 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00081727 | |
| 30-09-2023 | micro format | 24-04-2024 | 2024-00067623 | |
| 30-09-2022 | micro format | 25-04-2023 | 2023-00064555 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20013356 | |
| 30-09-2020 | micro format | 29-05-2021 | 2021-16400595 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-10400360 | |
| 30-09-2018 | micro format | 29-04-2019 | 2019-10900583 | |
| 30-09-2017 | micro format | 31-05-2018 | 2018-15200025 | |
| 30-09-2016 | full format | 08-05-2017 | 2017-11500291 |