LEROY
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 25 filings
Turnover
≈ €420,000
Estimated: probably between €260,000 and €580,000
Total assets
€480,678▲ 37.9%
2024 · €348,555
Net result
€36,041▼ 49.9%
2024 · €71,912
Working capital
€140,463▼ 3.4%
2024 · €145,420
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€46,348
▼ 53.1%
2025
20182025
Net result
€36,041
▼ 49.9%
2025
highest quarter of the sector
20182025
Equity
€226,585
▲ 18.9%
2025
highest quarter of the sector
20182025
Total assets
€480,678
▲ 37.9%
2025
highest quarter of the sector
20182025
Debt
€254,093
▲ 60.8%
2025
20182025
Working capital
€140,463
▼ 3.4%
2025
highest quarter of the sector
20182025
Solvency
47.1%
▼ 7.5pp
2025
middle half of the sector
20182025
Current ratio
1.80
▼ 0.29
2025
middle half of the sector
20182025
Return on assets (ROA)
7.5%
▼ 13.1pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€9,653-€12,421▲ 28.7%€33,054▲ 166%€10,853▼ 67.2%€30,464▲ 181%€25,068▼ 17.7%€98,851▲ 294%€46,348▼ 53.1%
Net result€5,170-€6,799▲ 31.5%€28,764above the sector's middle half▲ 323%€10,002within the sector's middle half▼ 65.2%€25,716within the sector's middle half▲ 157%€18,518within the sector's middle half▼ 28.0%€71,912above the sector's middle half▲ 288%€36,041above the sector's middle half▼ 49.9%
Equity€28,834-€35,633▲ 23.6%€64,397within the sector's middle half▲ 80.7%€74,399within the sector's middle half▲ 15.5%€100,115within the sector's middle half▲ 34.6%€118,633within the sector's middle half▲ 18.5%€190,544above the sector's middle half▲ 60.6%€226,585above the sector's middle half▲ 18.9%
Total assets€170,781-€199,291▲ 16.7%€183,805within the sector's middle half▼ 7.8%€205,055within the sector's middle half▲ 11.6%€206,398within the sector's middle half▲ 0.7%€226,592within the sector's middle half▲ 9.8%€348,555within the sector's middle half▲ 53.8%€480,678above the sector's middle half▲ 37.9%
Debt€141,947-€163,658▲ 15.3%€119,408▼ 27.0%€130,656▲ 9.4%€106,283▼ 18.7%€107,960▲ 1.6%€158,010▲ 46.4%€254,093▲ 60.8%
Working capital€26,603-€32,858▲ 23.5%€58,787within the sector's middle half▲ 78.9%€62,084within the sector's middle half▲ 5.6%€84,524within the sector's middle half▲ 36.1%€102,021within the sector's middle half▲ 20.7%€145,420above the sector's middle half▲ 42.5%€140,463above the sector's middle half▼ 3.4%
Solvency16.9%-17.9%▲ 1.0pp35.0%within the sector's middle half▲ 17.2pp36.3%within the sector's middle half▲ 1.2pp48.5%within the sector's middle half▲ 12.2pp52.4%within the sector's middle half▲ 3.8pp54.7%within the sector's middle half▲ 2.3pp47.1%within the sector's middle half▼ 7.5pp
Current ratio1.19-1.20▲ 0.011.49within the sector's middle half▲ 0.291.48within the sector's middle half▼ 0.021.80within the sector's middle half▲ 0.321.94within the sector's middle half▲ 0.152.10within the sector's middle half▲ 0.151.80within the sector's middle half▼ 0.29
Return on assets (ROA)3.0%-3.4%▲ 0.4pp15.6%above the sector's middle half▲ 12.2pp4.9%within the sector's middle half▼ 10.8pp12.5%within the sector's middle half▲ 7.6pp8.2%within the sector's middle half▼ 4.3pp20.6%above the sector's middle half▲ 12.5pp7.5%within the sector's middle half▼ 13.1pp
Staff (FTE)0.2
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 53% lower than in 2024.
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 €480,678
Fixed assets
€165,685 ▲ 135%
Current assets
€314,993 ▲ 13.3%
Equity and liabilities €480,678
Equity
€226,585 ▲ 18.9%
Debt
€254,093 ▲ 60.8%
Debt's share of the balance-sheet total rises from 45.3% to 52.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€75,020▼
2024 · €114,734
Cash flow
€64,712▼
2024 · €87,794
Quick ratio
0.46▲
2024 · 0.40
Debt to equity
1.12▲
2024 · 0.83
ROE
15.9%▼
2024 · 37.7%
Interest coverage
25.09▲
2024 · 16.20
Debt ≤ 1 year
€174,530▲
2024 · €132,640
Debt > 1 year
€79,563▲
2024 · €25,371
Income taxes
€15,382▼
2024 · €25,666
Staff costs
€25,681
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 | €8,445 | €6,985 | €5,337 | €69,766 | €123,861 |
| Depreciation and write-downs of the year | €1,741 | €3,710 | €4,609 | €15,882 | €28,672 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €292 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €25,681 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €181 | €305 | €1,741 | €3,710 | €4,609 | €15,882 | €28,672 | ▲ 80.5% |
| Other operating charges640/8 | - | - | - | €658 | €582 | €638 | €1,039 | €930 | ▼ 10.5% |
| Gross operating margin9900 | €13,604 | €14,720 | €34,199 | €13,252 | €34,756 | €30,315 | €115,773 | €101,630 | ▼ 12.2% |
| Operating profit (loss)9901 | €9,653 | €12,421 | €33,054 | €10,853 | €30,464 | €25,068 | €98,851 | €46,348 | ▼ 53.1% |
| Financial income75/76B | - | - | - | €2,124 | €2,199 | €4,121 | €5,809 | €8,064 | ▲ 38.8% |
| Recurring financial income75 | - | €280 | €1,511 | €2,124 | €2,199 | €4,121 | €5,809 | €8,064 | ▲ 38.8% |
| Financial charges65/66B | - | - | - | €635 | €1,085 | €183 | €7,083 | €2,990 | ▼ 57.8% |
| Recurring financial charges65 | €2,552 | €3,189 | €947 | €635 | €1,085 | €183 | €7,083 | €2,990 | ▼ 57.8% |
| Profit (loss) for the period before taxes9903 | €7,101 | €9,512 | €33,618 | €12,343 | €31,578 | €29,006 | €97,578 | €51,423 | ▼ 47.3% |
| Income taxes67/77 | €1,931 | €2,713 | €4,855 | €2,341 | €5,862 | €10,488 | €25,666 | €15,382 | ▼ 40.1% |
| Profit (loss) for the period9904 | €5,170 | €6,799 | €28,764 | €10,002 | €25,716 | €18,518 | €71,912 | €36,041 | ▼ 49.9% |
| Profit (loss) for the period to be appropriated9905 | €5,170 | €6,799 | €28,764 | €10,002 | €25,716 | €18,518 | €71,912 | €36,041 | ▼ 49.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €170,781 | €199,291 | €183,805 | €205,055 | €206,398 | €226,592 | €348,555 | €480,678 | ▲ 37.9% |
| Fixed assets21/28 | €2,231 | €2,775 | €5,610 | €12,315 | €15,590 | €16,612 | €70,496 | €165,685 | ▲ 135% |
| Tangible fixed assets22/27 | - | €544 | €3,379 | €10,084 | €13,359 | €14,381 | €68,265 | €163,454 | ▲ 139% |
| Plant, machinery and equipment23 | - | - | - | €5,560 | €9,102 | €10,018 | €58,963 | €68,404 | ▲ 16.0% |
| Furniture and vehicles24 | - | - | - | €4,523 | €4,257 | €4,363 | €9,301 | €5,851 | ▼ 37.1% |
| Leasing and similar rights25 | - | - | - | - | - | - | - | €89,199 | - |
| Financial fixed assets28 | €2,231 | €2,231 | €2,231 | €2,231 | €2,231 | €2,231 | €2,231 | €2,231 | = |
| Current assets29/58 | €168,550 | €196,515 | €178,195 | €192,740 | €190,808 | €209,980 | €278,059 | €314,993 | ▲ 13.3% |
| Stocks and contracts in progress3 | €166,355 | €193,125 | €165,880 | €130,984 | €140,838 | €170,460 | €224,416 | €234,574 | ▲ 4.5% |
| Stocks30/36 | - | - | - | €130,984 | €140,838 | €170,460 | €224,416 | €234,574 | ▲ 4.5% |
| Amounts receivable within one year40/41 | €1,180 | €2,034 | €9,044 | €10,733 | €8,771 | €10,063 | €11,784 | €69,647 | ▲ 491% |
| Trade receivables40 | - | - | - | €2,923 | €1,133 | €7,448 | €11,784 | €58,387 | ▲ 395% |
| Other amounts receivable41 | - | - | - | €7,809 | €7,638 | €2,615 | - | €11,260 | - |
| Cash at bank and in hand54/58 | €1,015 | €186 | €3,253 | €50,984 | €40,295 | €28,475 | €40,834 | €5,995 | ▼ 85.3% |
| Deferred charges and accrued income490/1 | - | - | - | €40 | €904 | €982 | €1,026 | €4,777 | ▲ 366% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €170,781 | €199,291 | €183,805 | €205,055 | €206,398 | €226,592 | €348,555 | €480,678 | ▲ 37.9% |
| Equity10/15 | €28,834 | €35,633 | €64,397 | €74,399 | €100,115 | €118,633 | €190,544 | €226,585 | ▲ 18.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €20,360 | €92,260 | €128,260 | ▲ 39.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €20,360 | €92,260 | €128,260 | ▲ 39.0% |
| Profit (loss) carried forward14 | €8,374 | €15,173 | €43,937 | €53,939 | €79,655 | €79,673 | €79,684 | €79,725 | ▲ 0.1% |
| Amounts payable17/49 | €141,947 | €163,658 | €119,408 | €130,656 | €106,283 | €107,960 | €158,010 | €254,093 | ▲ 60.8% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €25,371 | €79,563 | ▲ 214% |
| Financial debts170/4 | - | - | - | - | - | - | €25,371 | €79,563 | ▲ 214% |
| Amounts payable within one year42/48 | €141,947 | €163,658 | €119,408 | €130,656 | €106,283 | €107,960 | €132,640 | €174,530 | ▲ 31.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €10,906 | €28,490 | ▲ 161% |
| Trade debts44 | €9,471 | €8,805 | €5,577 | €22,769 | €5,589 | €28,745 | €11,623 | €32,559 | ▲ 180% |
| Suppliers440/4 | - | - | - | €22,769 | €5,589 | €28,745 | €11,623 | €32,559 | ▲ 180% |
| Taxes, remuneration and social security45 | - | - | - | €17,893 | €20,821 | €9,505 | €43,634 | €46,832 | ▲ 7.3% |
| Taxes450/3 | - | - | - | €14,693 | €18,821 | €5,305 | €29,334 | €29,098 | ▼ 0.8% |
| Remuneration and social security454/9 | - | - | - | €3,200 | €2,000 | €4,200 | €14,300 | €17,734 | ▲ 24.0% |
| Other amounts payable47/48 | - | - | - | €89,994 | €79,873 | €69,710 | €66,477 | €66,649 | ▲ 0.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,170 | €6,799 | €28,764 | €10,002 | €25,716 | €18,518 | €71,912 | €36,041 | ▼ 49.9% |
| + Depreciation and write-downs630 | - | €181 | €305 | €1,741 | €3,710 | €4,609 | €15,882 | €28,672 | ▲ 80.5% |
| Operating cash flow (approximation) | €5,170 | €6,980 | €29,069 | €11,742 | €29,426 | €23,127 | €87,794 | €64,712 | ▼ 26.3% |
| Investment in fixed assets (approximation) | - | -€726 | -€3,140 | -€8,445 | -€6,985 | -€5,630 | -€69,766 | -€123,861 | ▼ 77.5% |
| Change in cash | - | -€829 | €3,067 | €47,731 | -€10,689 | -€11,820 | €12,359 | -€34,839 | - |
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, 20,136 companies had the same profile as LEROY has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of LEROY itself: 0.2% 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 20,136 companies, not a prediction for LEROY. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00175248 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00361848 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00273094 | |
| 31-12-2022 | micro format | 15-06-2023 | 2023-00128013 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20101882 | |
| 31-12-2020 | micro format | 15-07-2021 | 2021-36000535 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-24700281 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25000200 | |
| 31-12-2017 | micro format | 27-06-2018 | 2018-24900411 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-24900158 |