LESTI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-03-2026 PDF all 11 filings
Turnover
≈ €230,000
Estimated: probably between €170,000 and €260,000
Total assets
€78,589▼ 18.9%
2024 · €96,863
Net result
€11,656
2024 · -€3,327
Working capital
€20,673▲ 129%
2024 · €9,037
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€18,531
▲ 699%
2025
20192025
Net result
€11,656
2025
middle half of the sector
20192025
Equity
€42,985
▲ 37.2%
2025
middle half of the sector
20192025
Total assets
€78,589
▼ 18.9%
2025
middle half of the sector
20192025
Debt
€35,604
▼ 45.7%
2025
20192025
Working capital
€20,673
▲ 129%
2025
middle half of the sector
20192025
Solvency
54.7%
▲ 22.4pp
2025
middle half of the sector
20192025
Current ratio
1.61
▲ 0.46
2025
middle half of the sector
20192025
Return on assets (ROA)
14.8%
▲ 18.3pp
2025
middle half of the sector
20192025
Staff (FTE)
2.1
▲ 5.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€13,041--€879-€2,587▼ 194%-€5,763▼ 123%€2,029€2,319▲ 14.3%€18,531▲ 699%
Net result€7,402--€4,089within the sector's middle half-€4,642below the sector's middle half▼ 13.5%-€8,534below the sector's middle half▼ 83.8%-€2,487within the sector's middle half▲ 70.9%-€3,327within the sector's middle half▼ 33.8%€11,656within the sector's middle half
Equity€48,208-€50,319within the sector's middle half▲ 4.4%€45,677within the sector's middle half▼ 9.2%€37,143within the sector's middle half▼ 18.7%€34,656within the sector's middle half▼ 6.7%€31,329within the sector's middle half▼ 9.6%€42,985within the sector's middle half▲ 37.2%
Total assets€106,662-€104,543within the sector's middle half▼ 2.0%€153,978within the sector's middle half▲ 47.3%€117,901within the sector's middle half▼ 23.4%€107,189within the sector's middle half▼ 9.1%€96,863within the sector's middle half▼ 9.6%€78,589within the sector's middle half▼ 18.9%
Debt€58,454-€54,224▼ 7.2%€108,301▲ 99.7%€80,757▼ 25.4%€72,533▼ 10.2%€65,534▼ 9.7%€35,604▼ 45.7%
Working capital-€50,092--€25,639within the sector's middle half▲ 48.8%-€25,010below the sector's middle half▲ 2.5%-€12,403within the sector's middle half▲ 50.4%-€6,964within the sector's middle half▲ 43.9%€9,037within the sector's middle half€20,673within the sector's middle half▲ 129%
Solvency45.2%-48.1%within the sector's middle half▲ 2.9pp29.7%within the sector's middle half▼ 18.5pp31.5%within the sector's middle half▲ 1.8pp32.3%within the sector's middle half▲ 0.8pp32.3%within the sector's middle half=54.7%within the sector's middle half▲ 22.4pp
Current ratio0.14-0.52within the sector's middle half▲ 0.380.67within the sector's middle half▲ 0.150.79within the sector's middle half▲ 0.120.88within the sector's middle half▲ 0.091.15within the sector's middle half▲ 0.271.61within the sector's middle half▲ 0.46
Return on assets (ROA)6.9%--3.9%within the sector's middle half▼ 10.9pp-3.0%within the sector's middle half▲ 0.9pp-7.2%within the sector's middle half▼ 4.2pp-2.3%within the sector's middle half▲ 4.9pp-3.4%within the sector's middle half▼ 1.1pp14.8%within the sector's middle half▲ 18.3pp
Staff (FTE)2.8within the sector's middle half2.6▼ 7.1%2▼ 23.1%2=2=2.1▲ 5.0%
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 8 times that of 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 abbreviated or 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 €78,589
Fixed assets
€24,127 ▼ 11.3%
Current assets
€54,462 ▼ 21.8%
Equity and liabilities €78,589
Equity
€42,985 ▲ 37.2%
Debt
€35,604 ▼ 45.7%
Debt's share of the balance-sheet total falls from 67.7% to 45.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€35,626▲
2024 · €31,582
Cash flow
€28,752▲
2024 · €25,936
Quick ratio
1.43▲
2024 · 1.03
Debt to equity
0.83▼
2024 · 2.09
ROE
27.1%▲
2024 · -10.6%
Interest coverage
17.62▼
2024 · 27.72
Debt ≤ 1 year
€33,790▼
2024 · €60,636
Income taxes
€5,234▲
2024 · €5,021
Staff costs
€90,791▲
2024 · €82,741
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 3 |
| full-time | 2 | 2 | 2 | 2 |
| part-time | - | - | - | 1 |
| in full-time equivalents | 2 | 2 | 2 | 2.9 |
| Average over the year, in full-time equivalents | 2 | 2 | 2 | 2.1 |
| On a permanent contract | 2 | 2 | 2 | 2 |
| Joined | - | - | - | 1 |
| Left | - | - | - | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,724 | €14,347 | €2,086 | €14,033 |
| Depreciation and write-downs of the year | €26,700 | €26,827 | €29,263 | €17,095 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €68,227 | €74,879 | €82,741 | €90,791 | ▲ 9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €16,556 | €27,705 | €26,700 | €26,827 | €29,263 | €17,095 | ▼ 41.6% |
| Other operating charges640/8 | - | - | - | €640 | €734 | €707 | €737 | ▲ 4.3% |
| Gross operating margin9900 | €13,486 | €73,050 | €68,936 | €89,804 | €104,469 | €115,031 | €127,154 | ▲ 10.5% |
| Operating profit (loss)9901 | €13,041 | -€879 | -€2,587 | -€5,763 | €2,029 | €2,319 | €18,531 | ▲ 699% |
| Financial income75/76B | - | - | - | €37 | €1,115 | €514 | €382 | ▼ 25.7% |
| Recurring financial income75 | €3 | €2 | - | €37 | €1,115 | €514 | €382 | ▼ 25.7% |
| Financial charges65/66B | - | - | - | €1,777 | €1,398 | €1,139 | €2,022 | ▲ 77.5% |
| Recurring financial charges65 | €1,672 | €1,596 | €1,820 | €1,777 | €1,398 | €1,139 | €2,022 | ▲ 77.5% |
| Profit (loss) for the period before taxes9903 | €11,372 | -€2,473 | -€4,407 | -€7,503 | €1,746 | €1,694 | €16,890 | ▲ 897% |
| Income taxes67/77 | €3,970 | €1,615 | €235 | €1,031 | €4,234 | €5,021 | €5,234 | ▲ 4.2% |
| Profit (loss) for the period9904 | €7,402 | -€4,089 | -€4,642 | -€8,534 | -€2,487 | -€3,327 | €11,656 | - |
| Profit (loss) for the period to be appropriated9905 | €7,402 | -€4,089 | -€4,642 | -€8,534 | -€2,487 | -€3,327 | €11,656 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €106,662 | €104,543 | €153,978 | €117,901 | €107,189 | €96,863 | €78,589 | ▼ 18.9% |
| Fixed assets21/28 | €98,300 | €76,457 | €102,125 | €70,800 | €54,367 | €27,189 | €24,127 | ▼ 11.3% |
| Intangible fixed assets21 | - | €64,703 | €48,852 | €33,001 | €17,150 | €1,299 | - | - |
| Tangible fixed assets22/27 | - | €5,601 | €47,120 | €31,646 | €35,016 | €23,690 | €21,927 | ▼ 7.4% |
| Plant, machinery and equipment23 | - | - | - | €2,300 | €2,851 | €3,266 | €1,840 | ▼ 43.7% |
| Furniture and vehicles24 | - | - | - | - | €11,627 | €8,502 | €11,307 | ▲ 33.0% |
| Other tangible fixed assets26 | - | - | - | €29,346 | €20,539 | €11,922 | €8,780 | ▼ 26.4% |
| Financial fixed assets28 | €98,300 | €6,153 | €6,153 | €6,153 | €2,200 | €2,200 | €2,200 | = |
| Current assets29/58 | €8,362 | €28,086 | €51,853 | €47,101 | €52,823 | €69,673 | €54,462 | ▼ 21.8% |
| Stocks and contracts in progress3 | - | €4,806 | €5,753 | €5,748 | €7,458 | €7,152 | €6,280 | ▼ 12.2% |
| Stocks30/36 | - | - | - | €5,748 | €7,458 | €7,152 | €6,280 | ▼ 12.2% |
| Amounts receivable within one year40/41 | €1,028 | €1,794 | €301 | €469 | €1,985 | €231 | €1,876 | ▲ 713% |
| Trade receivables40 | - | - | - | - | €1,172 | - | €1,120 | - |
| Other amounts receivable41 | - | - | - | €469 | €812 | €231 | €756 | ▲ 227% |
| Cash at bank and in hand54/58 | €7,062 | €17,933 | €42,157 | €37,523 | €39,827 | €58,936 | €42,933 | ▼ 27.2% |
| Deferred charges and accrued income490/1 | - | - | - | €3,361 | €3,554 | €3,355 | €3,373 | ▲ 0.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €106,662 | €104,543 | €153,978 | €117,901 | €107,189 | €96,863 | €78,589 | ▼ 18.9% |
| Equity10/15 | €48,208 | €50,319 | €45,677 | €37,143 | €34,656 | €31,329 | €42,985 | ▲ 37.2% |
| Contributions10/11 | €12,400 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €35,808 | €35,408 | €35,408 | €35,408 | €35,408 | €35,408 | €35,408 | = |
| Distributable reserves133 | - | - | - | €35,408 | €35,408 | €35,408 | €35,408 | = |
| Profit (loss) carried forward14 | - | -€3,689 | -€8,331 | -€16,865 | -€19,352 | -€22,679 | -€11,023 | ▲ 51.4% |
| Amounts payable17/49 | €58,454 | €54,224 | €108,301 | €80,757 | €72,533 | €65,534 | €35,604 | ▼ 45.7% |
| Amounts payable after more than one year17 | - | - | €30,786 | €20,736 | €11,994 | €3,023 | - | - |
| Financial debts170/4 | - | - | - | €20,736 | €11,994 | €3,023 | - | - |
| Amounts payable within one year42/48 | €58,454 | €53,725 | €76,863 | €59,503 | €59,787 | €60,636 | €33,790 | ▼ 44.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,049 | €8,742 | €8,971 | €3,023 | ▼ 66.3% |
| Trade debts44 | €755 | €3,429 | €7,273 | €4,173 | €5,013 | €4,567 | €4,226 | ▼ 7.5% |
| Suppliers440/4 | - | - | - | €4,173 | €5,013 | €4,567 | €4,226 | ▼ 7.5% |
| Taxes, remuneration and social security45 | - | - | - | €11,160 | €10,633 | €12,051 | €11,684 | ▼ 3.0% |
| Taxes450/3 | - | - | - | €7,131 | €6,984 | €7,994 | €7,298 | ▼ 8.7% |
| Remuneration and social security454/9 | - | - | - | €4,029 | €3,650 | €4,056 | €4,386 | ▲ 8.1% |
| Other amounts payable47/48 | - | - | - | €34,121 | €35,398 | €35,047 | €14,857 | ▼ 57.6% |
| Accrued charges and deferred income492/3 | - | - | - | €518 | €753 | €1,875 | €1,814 | ▼ 3.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,402 | -€4,089 | -€4,642 | -€8,534 | -€2,487 | -€3,327 | €11,656 | - |
| + Depreciation and write-downs630 | - | €16,556 | €27,705 | €26,700 | €26,827 | €29,263 | €17,095 | ▼ 41.6% |
| Operating cash flow (approximation) | €7,402 | €12,467 | €23,063 | €18,166 | €24,340 | €25,936 | €28,752 | ▲ 10.9% |
| Investment in fixed assets (approximation) | - | €5,287 | -€53,373 | €4,625 | -€10,393 | -€2,086 | -€14,033 | ▼ 573% |
| Change in cash | - | €10,871 | €24,225 | -€4,634 | €2,304 | €19,109 | -€16,002 | - |
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, 34,693 companies had the same profile as LESTI has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of LESTI 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 34,693 companies, not a prediction for LESTI. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 16-03-2026 | 2026-00054400 | |
| 30-09-2024 | micro format | 18-03-2025 | 2025-00049317 | |
| 30-09-2023 | micro format | 13-03-2024 | 2024-00042719 | |
| 30-09-2022 | micro format | 16-03-2023 | 2023-00040269 | |
| 30-09-2021 | micro format | 14-03-2022 | 2022-07500281 | |
| 30-09-2020 | micro format | 15-03-2021 | 2021-07500013 | |
| 30-09-2019 | abbreviated format | 19-03-2020 | 2020-06900570 | |
| 30-09-2018 | abbreviated format | 21-03-2019 | 2019-07400250 | |
| 30-09-2017 | abbreviated format | 12-03-2018 | 2018-06500493 | |
| 30-09-2016 | abbreviated format | 13-03-2017 | 2017-06100093 |