LETHAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 7 filings
Turnover
≈ €130,000
Estimated: probably between €74,000 and €280,000
Total assets
€2.5m▲ 3.0%
2024 · €2.4m
Net result
€33,523▼ 66.8%
2024 · €100,966
Working capital
€455,310▲ 9.4%
2024 · €416,069
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€46,757
▼ 74.2%
2025
20192025
Net result
€33,523
▼ 66.8%
2025
middle half of the sector
20192025
Equity
€777,694
▲ 4.5%
2025
middle half of the sector
20192025
Total assets
€2.5m
▲ 3.0%
2025
middle half of the sector
20192025
Debt
€1.7m
▲ 2.3%
2025
20192025
Working capital
€455,310
▲ 9.4%
2025
highest quarter of the sector
20192025
Solvency
30.9%
▲ 0.5pp
2025
middle half of the sector
20192025
Current ratio
1.26
▲ 0.02
2025
middle half of the sector
20192025
Return on assets (ROA)
1.3%
▼ 2.8pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.01m-€0.06m▲ 349%€0.1m▲ 87.5%€0.6m▲ 422%€0.2m▼ 65.7%€0.2m▼ 7.2%€0.05m▼ 74.2%
Net result€0.003m-€0.01mwithin the sector's middle half▲ 352%€0.04mwithin the sector's middle half▲ 230%€0.4mabove the sector's middle half▲ 796%€0.07mwithin the sector's middle half▼ 81.7%€0.1mabove the sector's middle half▲ 49.4%€0.03mwithin the sector's middle half▼ 66.8%
Equity€0.2m-€0.2mwithin the sector's middle half▲ 8.2%€0.2mwithin the sector's middle half▲ 24.9%€0.6mwithin the sector's middle half▲ 179%€0.6mwithin the sector's middle half▲ 11.7%€0.7mwithin the sector's middle half▲ 15.7%€0.8mwithin the sector's middle half▲ 4.5%
Total assets€3.0m-€6.0mabove the sector's middle half▲ 104%€4.7mabove the sector's middle half▼ 22.9%€4.5mwithin the sector's middle half▼ 2.6%€2.3mwithin the sector's middle half▼ 49.4%€2.4mwithin the sector's middle half▲ 6.5%€2.5mwithin the sector's middle half▲ 3.0%
Debt€2.8m-€5.9m▲ 109%€4.5m▼ 24.3%€4.0m▼ 11.0%€1.7m▼ 58.3%€1.7m▲ 2.9%€1.7m▲ 2.3%
Working capital€0.8m-€0.4mwithin the sector's middle half▼ 48.1%€0.2mwithin the sector's middle half▼ 51.7%€0.6mabove the sector's middle half▲ 181%€0.3mwithin the sector's middle half▼ 46.0%€0.4mwithin the sector's middle half▲ 32.6%€0.5mabove the sector's middle half▲ 9.4%
Solvency5.1%-2.7%below the sector's middle half▼ 2.4pp4.4%below the sector's middle half▲ 1.7pp12.7%within the sector's middle half▲ 8.2pp28.0%within the sector's middle half▲ 15.3pp30.4%within the sector's middle half▲ 2.4pp30.9%within the sector's middle half▲ 0.5pp
Current ratio1.38-1.08within the sector's middle half▼ 0.311.05within the sector's middle half▼ 0.031.15within the sector's middle half▲ 0.101.19within the sector's middle half▲ 0.041.25within the sector's middle half▲ 0.051.26within the sector's middle half▲ 0.02
Return on assets (ROA)0.1%-0.2%within the sector's middle half▲ 0.1pp0.9%within the sector's middle half▲ 0.7pp8.1%above the sector's middle half▲ 7.2pp2.9%within the sector's middle half▼ 5.2pp4.1%within the sector's middle half▲ 1.2pp1.3%within the sector's middle half▼ 2.8pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 74% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €2.5m
Fixed assets
€330,737 ▼ 2.1%
Current assets
€2.2m ▲ 3.8%
Equity and liabilities €2.5m
Equity
€777,694 ▲ 4.5%
Debt
€1.7m ▲ 2.3%
Debt's share of the balance-sheet total falls from 69.6% to 69.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€53,720▼
2024 · €188,477
Cash flow
€40,486▼
2024 · €107,929
Quick ratio
0.70▲
2024 · 0.62
Debt to equity
2.24▼
2024 · 2.29
ROE
4.3%▼
2024 · 13.6%
Interest coverage
1.29▼
2024 · 3.26
Debt ≤ 1 year
€1.7m▲
2024 · €1.7m
Income taxes
€11,282▼
2024 · €34,445
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 | - | - | €344,671 | - | - |
| Depreciation and write-downs of the year | - | - | €8 | €6,963 | €6,963 |
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 | €2,768 | €0 | - | - | €8 | €6,963 | €6,963 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €117,625 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | €4,682 | €13,043 | €789 | €804 | €821 | ▲ 2.1% |
| Gross operating margin9900 | €17,996 | €62,242 | €113,851 | €582,851 | €196,488 | €306,906 | €54,540 | ▼ 82.2% |
| Operating profit (loss)9901 | €12,970 | €58,218 | €109,169 | €569,808 | €195,691 | €181,514 | €46,757 | ▼ 74.2% |
| Financial income75/76B | - | - | €30,461 | €26,934 | €7,781 | €11,750 | €39,748 | ▲ 238% |
| Recurring financial income75 | €19,802 | €17,419 | €30,461 | €26,934 | €7,781 | €11,750 | €39,748 | ▲ 238% |
| Financial charges65/66B | - | - | €84,753 | €100,921 | €113,347 | €57,854 | €41,699 | ▼ 27.9% |
| Recurring financial charges65 | €29,112 | €60,054 | €84,753 | €100,921 | €113,347 | €57,854 | €41,699 | ▼ 27.9% |
| Profit (loss) for the period before taxes9903 | €3,660 | €15,583 | €54,878 | €495,821 | €90,124 | €135,411 | €44,806 | ▼ 66.9% |
| Income taxes67/77 | €898 | €3,092 | €13,691 | €126,648 | €22,531 | €34,445 | €11,282 | ▼ 67.2% |
| Profit (loss) for the period9904 | €2,763 | €12,491 | €41,186 | €369,172 | €67,593 | €100,966 | €33,523 | ▼ 66.8% |
| Profit (loss) for the period to be appropriated9905 | €2,763 | €12,491 | €41,186 | €369,172 | €67,593 | €100,966 | €33,523 | ▼ 66.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.0m | €6.0m | €4.7m | €4.5m | €2.3m | €2.4m | €2.5m | ▲ 3.0% |
| Fixed assets21/28 | - | - | - | - | €0.3m | €0.3m | €0.3m | ▼ 2.1% |
| Tangible fixed assets22/27 | - | - | - | - | €0.3m | €0.3m | €0.3m | ▼ 2.1% |
| Land and buildings22 | - | - | - | - | €0.3m | €0.3m | €0.3m | ▼ 2.1% |
| Current assets29/58 | €3.0m | €6.0m | €4.7m | €4.5m | €2.0m | €2.1m | €2.2m | ▲ 3.8% |
| Stocks and contracts in progress3 | €1.9m | €4.4m | €3.1m | €2.1m | €1.5m | €1.1m | €1.0m | ▼ 8.6% |
| Stocks30/36 | - | - | €3.1m | €2.1m | €1.5m | €1.1m | €1.0m | ▼ 8.6% |
| Amounts receivable within one year40/41 | €1.0m | €1.6m | €1.4m | €1.7m | €0.4m | €0.9m | €1.0m | ▲ 13.6% |
| Trade receivables40 | - | - | €0.03m | €0.03m | €0 | - | - | - |
| Other amounts receivable41 | - | - | €1.4m | €1.6m | €0.4m | €0.9m | €1.0m | ▲ 13.6% |
| Cash at bank and in hand54/58 | €0.03m | €0.04m | €0.06m | €0.7m | €0.002m | €0.1m | €0.1m | ▲ 14.1% |
| Deferred charges and accrued income490/1 | - | - | €0.03m | €0.03m | €0.008m | €0.01m | €0.04m | ▲ 309% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.0m | €6.0m | €4.7m | €4.5m | €2.3m | €2.4m | €2.5m | ▲ 3.0% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.6m | €0.6m | €0.7m | €0.8m | ▲ 4.5% |
| Contributions10/11 | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.003m | €0.02m | €0.06m | €0.4m | €0.5m | €0.6m | €0.6m | ▲ 5.6% |
| Non-distributable reserves130/1 | - | - | €138 | €138 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €138 | €138 | €0 | - | - | - |
| Distributable reserves133 | - | - | €0.06m | €0.4m | €0.5m | €0.6m | €0.6m | ▲ 5.6% |
| Amounts payable17/49 | €2.8m | €5.9m | €4.5m | €4.0m | €1.7m | €1.7m | €1.7m | ▲ 2.3% |
| Amounts payable after more than one year17 | €0.7m | €0.3m | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €2.1m | €5.6m | €4.5m | €4.0m | €1.6m | €1.7m | €1.7m | ▲ 2.4% |
| Financial debts43 | - | - | €4.3m | €3.8m | €0.9m | €0.9m | €0.9m | = |
| Credit institutions430/8 | - | - | €4.3m | €3.8m | €0.9m | €0.9m | €0.9m | = |
| Trade debts44 | €0.003m | €0.003m | €0.02m | €0.02m | €0.005m | €0.005m | €320 | ▼ 93.1% |
| Suppliers440/4 | - | - | €0.02m | €0.02m | €0.005m | €0.005m | €320 | ▼ 93.1% |
| Taxes, remuneration and social security45 | - | - | €0.02m | €0.004m | €29 | €0 | €41 | - |
| Taxes450/3 | - | - | €0.02m | €0.004m | €29 | €0 | €41 | - |
| Other amounts payable47/48 | - | - | €0.1m | €0.1m | €0.7m | €0.8m | €0.9m | ▲ 5.5% |
| Accrued charges and deferred income492/3 | - | - | €0 | €0.005m | €0.02m | €0.01m | €0.008m | ▼ 13.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,763 | €12,491 | €41,186 | €369,172 | €67,593 | €100,966 | €33,523 | ▼ 66.8% |
| + Depreciation and write-downs630 | €2,768 | €0 | - | - | €8 | €6,963 | €6,963 | = |
| Operating cash flow (approximation) | €5,530 | €12,491 | €41,186 | €369,172 | €67,601 | €107,929 | €40,486 | ▼ 62.5% |
| Investment in fixed assets (approximation) | - | - | - | - | - | €0 | €0 | - |
| Change in cash | - | €13,113 | €19,570 | €653,196 | -€711,572 | €117,395 | €16,942 | ▼ 85.6% |
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, 1,639 companies had the same profile as LETHAN has now. Two years later, 95.5% were still going and 0.5% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.5%
was still going
3.7%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LETHAN 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 1,639 companies, not a prediction for LETHAN. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-07-2026 | 2026-00328682 | |
| 31-12-2024 | abbreviated format | 22-08-2025 | 2025-00393504 | |
| 31-12-2023 | abbreviated format | 22-08-2024 | 2024-00371986 | |
| 31-12-2022 | abbreviated format | 25-07-2023 | 2023-00301146 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20424575 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-59500351 | |
| 31-12-2019 | abbreviated format | 29-10-2020 | 2020-66400580 |