LETINARD
ActiveSummary
LETINARD has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €244,032 and a net result of €82,919. Equity is shrinking by ~6.2% per year across the filed fiscal years. Its solvency ranks better than 28% of 304 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability78▲+27
Solvency48▲+5
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €14,000 at 30 days acceptable
Liquidity tight (current ratio 1.03 against 0.88 in 2023; short-term debt: 61% and cash: 0.8% of total assets), and 77.2% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 31
Relative position
BE, all sectors
reference
Manufacture of furniture (NACE 31)
about 43% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €244,032
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 09-10-2025, 70 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
70 d late
2023
61 d late
2022
67 d late
2021
92 d late
2020
26 d late
2019
131 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 75 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€244,032▲ 51.5%
2023 · €161,113
Total assets
€1.1m▲ 16.2%
2023 · €919,350
Net result
€82,919
2023 · -€11,193
Working capital
€22,751
2023 · -€63,767
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 31, Manufacture of furniture, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€41,437▼ 47.7%-€26,481€1,713-€7,445€117,057
Net result-€31,562below the sector's middle half-€33,494below the sector's middle half▼ 6.1%-€4,727below the sector's middle half▲ 85.9%-€11,193below the sector's middle half▼ 137%€82,919within the sector's middle half
Equity€210,527within the sector's middle half▼ 13.0%€177,033within the sector's middle half▼ 15.9%€172,306within the sector's middle half▼ 2.7%€161,113within the sector's middle half▼ 6.5%€244,032within the sector's middle half▲ 51.5%
Total assets€836,144within the sector's middle half▼ 1.9%€823,495within the sector's middle half▼ 1.5%€802,145within the sector's middle half▼ 2.6%€919,350within the sector's middle half▲ 14.6%€1.1mwithin the sector's middle half▲ 16.2%
Debt€524,866▲ 10.9%€557,602▲ 6.2%€551,788▼ 1.0%€690,994▲ 25.2%€767,585▲ 11.1%
Working capital-€148,367below the sector's middle half▼ 39.4%-€65,630below the sector's middle half▲ 55.8%-€61,768below the sector's middle half▲ 5.9%-€63,767below the sector's middle half▼ 3.2%€22,751below the sector's middle half
Solvency25.2%within the sector's middle half▼ 3.2pp21.5%within the sector's middle half▼ 3.7pp21.5%within the sector's middle half=17.5%below the sector's middle half▼ 4.0pp22.8%within the sector's middle half▲ 5.3pp
Current ratio0.62below the sector's middle half▼ 0.050.81below the sector's middle half▲ 0.190.83below the sector's middle half▲ 0.020.88below the sector's middle half▲ 0.051.03below the sector's middle half▲ 0.15
Return on assets (ROA)-3.8%below the sector's middle half▼ 6.0pp-4.1%below the sector's middle half▼ 0.3pp-0.6%below the sector's middle half▲ 3.5pp-1.2%below the sector's middle half▼ 0.6pp7.8%within the sector's middle half▲ 9.0pp
Staff (FTE)0.6below the sector's middle half0.7below the sector's middle half▲ 16.7%
above
within
below
the middle half (P25 to P75) of NACE 31, Manufacture of furniture, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €117,057 after a loss of €7,445 in 2023, the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.1m
Fixed assets
€393,325 ▼ 11.0%
Current assets
€674,726 ▲ 41.3%
Equity and liabilities €1.1m
Equity
€244,032 ▲ 51.5%
Provisions
€56,434 ▼ 16.1%
Debt
€767,585 ▲ 11.1%
Debt's share of the balance-sheet total falls from 75.2% to 71.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€171,537▲
2023 · €46,419
Cash flow
€137,399▲
2023 · €42,671
Debt to equity
3.15▼
2023 · 4.29
ROE
34.0%▲
2023 · -6.9%
Interest coverage
14.28▲
2023 · 4.05
Debt ≤ 1 year
€651,974▲
2023 · €541,327
Debt > 1 year
€101,375▼
2023 · €136,462
Income taxes
€44,887▲
2023 · €9,143
Staff costs
€328▼
2023 · €35,312
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,613 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
2.0%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,613 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €19,340 | €35,312 | €328 | ▼ 99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46,596 | €52,479 | €53,199 | €53,864 | €54,480 | ▲ 1.1% |
| Other operating charges640/8 | - | €3,672 | €2,981 | €4,296 | €3,048 | ▼ 29.0% |
| Non-recurring operating charges66A | - | €1,080 | - | €3,427 | €58 | ▼ 98.3% |
| Gross operating margin9900 | €170,876 | €30,749 | €77,233 | €89,454 | €174,971 | ▲ 95.6% |
| Operating profit (loss)9901 | €41,437 | -€26,481 | €1,713 | -€7,445 | €117,057 | ▲ 1,672% |
| Financial income75/76B | - | €1,335 | €1,907 | €6,036 | €11,949 | ▲ 98.0% |
| Recurring financial income75 | €4,933 | €1,335 | €1,907 | €6,036 | €11,949 | ▲ 98.0% |
| Financial charges65/66B | - | €11,965 | €10,058 | €11,450 | €12,009 | ▲ 4.9% |
| Recurring financial charges65 | €16,743 | €11,965 | €10,058 | €11,450 | €12,009 | ▲ 4.9% |
| Profit (loss) for the period before taxes9903 | -€41,319 | -€37,112 | -€6,437 | -€12,859 | €116,997 | ▲ 1,010% |
| Transfer from deferred taxes780 | - | €11,890 | €10,809 | €10,809 | €10,809 | = |
| Income taxes67/77 | €26,003 | €8,273 | €9,099 | €9,143 | €44,887 | ▲ 391% |
| Profit (loss) for the period9904 | -€31,562 | -€33,494 | -€4,727 | -€11,193 | €82,919 | ▲ 841% |
| Transfer from tax-exempt reserves789 | - | €23,092 | €20,991 | €20,991 | €20,991 | = |
| Profit (loss) for the period to be appropriated9905 | €37,884 | -€10,402 | €16,264 | €9,798 | €103,910 | ▲ 961% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €836,144 | €823,495 | €802,145 | €919,350 | €1.1m | ▲ 16.2% |
| Fixed assets21/28 | €591,188 | €541,944 | €493,046 | €441,790 | €393,325 | ▼ 11.0% |
| Tangible fixed assets22/27 | €591,188 | €541,944 | €493,046 | €441,790 | €393,325 | ▼ 11.0% |
| Land and buildings22 | - | €338,998 | €324,503 | €310,007 | €295,511 | ▼ 4.7% |
| Plant, machinery and equipment23 | - | €2,946 | €3,771 | €1,154 | €6,537 | ▲ 467% |
| Furniture and vehicles24 | - | €2,250 | €4,718 | €8,270 | €6,613 | ▼ 20.0% |
| Other tangible fixed assets26 | - | €197,749 | €160,054 | €122,360 | €84,665 | ▼ 30.8% |
| Current assets29/58 | €244,955 | €281,552 | €309,099 | €477,560 | €674,726 | ▲ 41.3% |
| Amounts receivable after more than one year29 | - | €11,875 | - | - | €400,000 | - |
| Trade receivables290 | - | €11,875 | - | - | - | - |
| Other amounts receivable291 | - | - | - | - | €400,000 | - |
| Stocks and contracts in progress3 | €11,875 | - | €11,875 | €11,875 | - | - |
| Stocks30/36 | - | - | €11,875 | €11,875 | - | - |
| Amounts receivable within one year40/41 | €222,327 | €260,850 | €283,102 | €434,358 | €264,545 | ▼ 39.1% |
| Trade receivables40 | - | €60,622 | €17,568 | €12,666 | €22,556 | ▲ 78.1% |
| Other amounts receivable41 | - | €200,228 | €265,534 | €421,692 | €241,988 | ▼ 42.6% |
| Cash at bank and in hand54/58 | €5,067 | €7,729 | €13,231 | €31,200 | €8,439 | ▼ 73.0% |
| Deferred charges and accrued income490/1 | - | €1,097 | €891 | €126 | €1,743 | ▲ 1,280% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €836,144 | €823,495 | €802,145 | €919,350 | €1.1m | ▲ 16.2% |
| Equity10/15 | €210,527 | €177,033 | €172,306 | €161,113 | €244,032 | ▲ 51.5% |
| Contributions10/11 | - | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €220,284 | €197,192 | €176,201 | €155,210 | €134,219 | ▼ 13.5% |
| Non-distributable reserves130/1 | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Reserves not available under the articles1311 | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Tax-exempt reserves132 | - | €172,571 | €151,580 | €130,589 | €109,598 | ▼ 16.1% |
| Distributable reserves133 | - | €22,766 | €22,766 | €22,766 | €22,766 | = |
| Profit (loss) carried forward14 | -€28,307 | -€38,709 | -€22,445 | -€12,647 | €91,262 | ▲ 822% |
| Provisions and deferred taxes16 | €100,751 | €88,860 | €78,052 | €67,243 | €56,434 | ▼ 16.1% |
| Deferred taxes168 | - | €88,860 | €78,052 | €67,243 | €56,434 | ▼ 16.1% |
| Amounts payable17/49 | €524,866 | €557,602 | €551,788 | €690,994 | €767,585 | ▲ 11.1% |
| Amounts payable after more than one year17 | €131,544 | €204,638 | €170,921 | €136,462 | €101,375 | ▼ 25.7% |
| Financial debts170/4 | - | €204,638 | €170,921 | €136,462 | €101,375 | ▼ 25.7% |
| Amounts payable within one year42/48 | €393,322 | €347,182 | €370,867 | €541,327 | €651,974 | ▲ 20.4% |
| Current portion of amounts payable after more than one year42 | - | €32,983 | €33,717 | €34,458 | €35,112 | ▲ 1.9% |
| Financial debts43 | - | €24,792 | €24,815 | €31,497 | €37,805 | ▲ 20.0% |
| Credit institutions430/8 | - | €24,792 | €24,815 | €18,497 | €19,205 | ▲ 3.8% |
| Other loans439 | - | - | - | €13,000 | €18,600 | ▲ 43.1% |
| Trade debts44 | €6,936 | €54,754 | €167,746 | €318,823 | €405,334 | ▲ 27.1% |
| Suppliers440/4 | - | €54,754 | €167,746 | €318,823 | €405,334 | ▲ 27.1% |
| Advances received on contracts in progress46 | - | - | €74,000 | €138,500 | €121,226 | ▼ 12.5% |
| Taxes, remuneration and social security45 | - | €119,281 | €17,967 | €16,578 | €50,747 | ▲ 206% |
| Taxes450/3 | - | - | €17,967 | €14,967 | €49,137 | ▲ 228% |
| Remuneration and social security454/9 | - | €119,281 | - | €1,610 | €1,610 | = |
| Other amounts payable47/48 | - | €115,371 | €52,622 | €1,470 | €1,750 | ▲ 19.0% |
| Accrued charges and deferred income492/3 | - | €5,783 | €10,000 | €13,205 | €14,236 | ▲ 7.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€31,562 | -€33,494 | -€4,727 | -€11,193 | €82,919 | ▲ 841% |
| + Depreciation and write-downs630 | €46,596 | €52,479 | €53,199 | €53,864 | €54,480 | ▲ 1.1% |
| Operating cash flow (approximation) | €15,034 | €18,985 | €48,472 | €42,671 | €137,399 | ▲ 222% |
| Investment in fixed assets (approximation) | - | -€3,234 | -€4,301 | -€2,609 | -€6,015 | ▼ 131% |
| Change in cash | - | €2,662 | €5,501 | €17,969 | -€22,762 | ▼ 227% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
09-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 70 days late
2024
31-12
Financial
Back to profitnet €82,919
Net result €82,919 after 4 loss-making years.
31-12
Financial
Equity above €200,000Eq €244,032 ▲51.5%
Equity rises from €161,113 to €244,032.
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 61 days late
2023
06-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 67 days late
2022
31-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 92 days late
2021
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 26 days late
2020
09-12
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 131 days late
2019
31-12
Financial
Back to profitnet €19,376
Net result €19,376 after one loss-making year.
17-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 48 days late
2018
20-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 20 days late
2017
07-04
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
22-03
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 2004
Ground area
1,239 m²
Building footprint
194 m²
Volume, LiDAR
2,230 m³
Parcel 44808H0112/00M000, Flanders · tallest building 13.9 m, ±4 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Letinard
since 20042.137.758.056
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44808H0112/00M000 | Flanders | 1,239 m² | 1 · 194 m² | 13.9 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 ownerChain of control
- LESAN
- LETINARD
Highest known parent: LESAN. The sources do not say who stands above it.
Owners 1
- LESANparentSourceaccounts LESAN 202499%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 1,501 companies in sector 31004 we hold annual accounts for 626. 477 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded10-05-2004
Fiscal year end31-12
Activities, NACEBEL 2025
31004Manufacture of dining room, living room, bedroom and bathroom furniture
74130Interior design
43320Joinery installation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0865211690
Also
9925:BE0865211690
Registered
31-08-2023
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.