LEVANO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 12 filings
Turnover
≈ €540,000
Estimated: probably between €360,000 and €830,000
Total assets
€893,117▼ 24.3%
2024 · €1.2m
Net result
€101,760▼ 5.9%
2024 · €108,179
Working capital
€84,805▼ 68.9%
2024 · €272,805
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€147,991
▲ 3.9%
2025
20182025
Net result
€101,760
▼ 5.9%
2025
highest quarter of the sector
20182025
Equity
€451,211
▼ 26.6%
2025
highest quarter of the sector
20182025
Total assets
€893,117
▼ 24.3%
2025
highest quarter of the sector
20182025
Debt
€441,906
▼ 21.8%
2025
20182025
Working capital
€84,805
▼ 68.9%
2025
middle half of the sector
20182025
Solvency
50.5%
▼ 1.6pp
2025
middle half of the sector
20182025
Current ratio
1.44
▼ 0.54
2025
middle half of the sector
20182025
Return on assets (ROA)
11.4%
▲ 2.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.08m▼ 21.8%€0.06m▼ 27.9%€0.1m▲ 73.5%€0.08m▼ 20.8%-€0.04m€0.1m€0.1m▲ 3.9%
Net result€0.08m-€0.06m▼ 22.3%€0.04mwithin the sector's middle half▼ 33.8%€0.07mabove the sector's middle half▲ 90.5%€0.06mabove the sector's middle half▼ 23.4%-€0.05mbelow the sector's middle half€0.1mabove the sector's middle half€0.1mabove the sector's middle half▼ 5.9%
Equity€0.2m-€0.3m▲ 29.8%€0.3mabove the sector's middle half▲ 15.2%€0.4mabove the sector's middle half▲ 25.1%€0.4mabove the sector's middle half▲ 15.4%€0.5mabove the sector's middle half▲ 19.9%€0.6mabove the sector's middle half▲ 21.4%€0.5mabove the sector's middle half▼ 26.6%
Total assets€0.8m-€0.8m▲ 2.3%€0.9mabove the sector's middle half▲ 5.2%€0.9mabove the sector's middle half▲ 9.8%€1.0mabove the sector's middle half▲ 4.6%€1.1mabove the sector's middle half▲ 7.8%€1.2mabove the sector's middle half▲ 10.7%€0.9mabove the sector's middle half▼ 24.3%
Debt€0.6m-€0.6m▼ 6.6%€0.6m▲ 0.7%€0.6m▲ 1.9%€0.6m▼ 2.2%€0.6m▼ 1.2%€0.6m▲ 1.0%€0.4m▼ 21.8%
Working capital-€0.01m-€0.02m€0.06mwithin the sector's middle half▲ 133%€0.1mwithin the sector's middle half▲ 110%€0.1mwithin the sector's middle half▼ 5.4%€0.1mabove the sector's middle half▲ 27.2%€0.3mabove the sector's middle half▲ 89.2%€0.08mwithin the sector's middle half▼ 68.9%
Solvency24.5%-31.0%▲ 6.6pp34.0%within the sector's middle half▲ 2.9pp38.7%within the sector's middle half▲ 4.7pp42.7%within the sector's middle half▲ 4.0pp47.5%within the sector's middle half▲ 4.8pp52.1%within the sector's middle half▲ 4.6pp50.5%within the sector's middle half▼ 1.6pp
Current ratio0.88-1.22▲ 0.351.39within the sector's middle half▲ 0.161.61within the sector's middle half▲ 0.231.53within the sector's middle half▼ 0.081.59within the sector's middle half▲ 0.061.98within the sector's middle half▲ 0.391.44within the sector's middle half▼ 0.54
Return on assets (ROA)9.4%-7.1%▼ 2.3pp4.5%within the sector's middle half▼ 2.6pp7.8%within the sector's middle half▲ 3.3pp5.7%within the sector's middle half▼ 2.1pp-4.8%below the sector's middle half▼ 10.5pp9.2%within the sector's middle half▲ 14.0pp11.4%within the sector's middle half▲ 2.2pp
above
within
below
The sector band is the middle half of the companies in Veterinary activities (NACE 75). 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 4% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €893,117
Fixed assets
€614,080 ▼ 2.2%
Current assets
€279,037 ▼ 49.4%
Equity and liabilities €893,117
Equity
€451,211 ▼ 26.6%
Debt
€441,906 ▼ 21.8%
Debt's share of the balance-sheet total rises from 47.9% to 49.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€198,151▲
2024 · €192,213
Cash flow
€151,920▼
2024 · €157,958
Debt to equity
0.98▲
2024 · 0.92
ROE
22.6%▲
2024 · 17.6%
Interest coverage
9.82▲
2024 · 8.52
Debt ≤ 1 year
€194,233▼
2024 · €278,478
Debt > 1 year
€232,222▼
2024 · €268,888
Income taxes
€28,980▲
2024 · €14,610
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 | €14,208 | €69,175 | €56,602 | - | €36,144 |
| Depreciation and write-downs of the year | €39,331 | €36,728 | €41,291 | €49,779 | €50,160 |
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 | - | - | - | - | €4,525 | €0 | €271 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,877 | €38,808 | €38,952 | €39,331 | €36,728 | €41,291 | €49,779 | €50,160 | ▲ 0.8% |
| Other operating charges640/8 | - | - | - | €8,147 | €7,446 | €12,701 | €11,632 | €15,609 | ▲ 34.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €135,000 | €0 | - | - |
| Gross operating margin9900 | €155,084 | €126,709 | €108,129 | €152,952 | €127,759 | €152,889 | €203,845 | €213,760 | ▲ 4.9% |
| Operating profit (loss)9901 | €107,847 | €84,344 | €60,787 | €105,474 | €83,585 | -€36,102 | €142,434 | €147,991 | ▲ 3.9% |
| Financial income75/76B | - | - | - | €1 | €0 | €0 | €2,916 | €2,921 | ▲ 0.2% |
| Recurring financial income75 | €2 | €0 | €49 | €1 | €0 | €0 | €2,916 | €2,921 | ▲ 0.2% |
| Financial charges65/66B | - | - | - | €12,136 | €12,843 | €16,081 | €22,561 | €20,171 | ▼ 10.6% |
| Recurring financial charges65 | €12,431 | €10,220 | €11,187 | €12,136 | €12,843 | €16,081 | €22,561 | €20,171 | ▼ 10.6% |
| Profit (loss) for the period before taxes9903 | €95,418 | €74,124 | €49,649 | €93,339 | €70,742 | -€52,183 | €122,789 | €130,740 | ▲ 6.5% |
| Income taxes67/77 | €20,400 | €15,867 | €11,060 | €19,836 | €14,404 | -€1,150 | €14,610 | €28,980 | ▲ 98.4% |
| Profit (loss) for the period9904 | €75,018 | €58,257 | €38,590 | €73,503 | €56,338 | -€51,033 | €108,179 | €101,760 | ▼ 5.9% |
| Profit (loss) for the period to be appropriated9905 | €75,018 | €58,257 | €38,590 | €73,503 | €56,338 | -€51,033 | €108,179 | €101,760 | ▼ 5.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.8m | €0.9m | €0.9m | €1.0m | €1.1m | €1.2m | €0.9m | ▼ 24.3% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.7m | €0.6m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 2.2% |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €0.7m | €0.6m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 2.2% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 1.1% |
| Furniture and vehicles24 | - | - | - | €0 | €0.05m | €0.08m | €0.06m | €0.04m | ▼ 33.2% |
| Current assets29/58 | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | €0.6m | €0.3m | ▼ 49.4% |
| Amounts receivable within one year40/41 | €0.003m | €0.07m | €0.006m | €169 | €0.04m | €0.2m | €0.2m | €0.001m | ▼ 99.5% |
| Trade receivables40 | - | - | - | €0 | €0.04m | €0 | €0.1m | €126 | ▼ 99.9% |
| Other amounts receivable41 | - | - | - | €169 | €0.003m | €0.2m | €0.03m | €0.001m | ▼ 97.4% |
| Current investments50/53 | - | - | - | - | - | - | €0.1m | €0.1m | = |
| Cash at bank and in hand54/58 | €0.09m | €0.06m | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 37.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €296 | €0.002m | €0.002m | €0.001m | ▼ 39.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.8m | €0.9m | €0.9m | €1.0m | €1.1m | €1.2m | €0.9m | ▼ 24.3% |
| Equity10/15 | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | €0.5m | ▼ 26.6% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.3m | ▼ 35.4% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.4m | €0.4m | €0.5m | €0.3m | ▼ 35.4% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.4m | ▼ 21.8% |
| Amounts payable after more than one year17 | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 13.6% |
| Financial debts170/4 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 13.6% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 30.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Trade debts44 | €136 | €0.01m | €0.008m | €0.006m | €0.006m | €0.004m | €0.004m | €0.007m | ▲ 63.4% |
| Suppliers440/4 | - | - | - | €0.006m | €0.006m | €0.004m | €0.004m | €0.007m | ▲ 63.4% |
| Advances received on contracts in progress46 | - | - | - | €0.005m | €0 | €0.007m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.004m | €0.005m | €0.002m | €0.002m | €0.05m | ▲ 23× |
| Taxes450/3 | - | - | - | €0.004m | €0.005m | €0.002m | €0.002m | €0.05m | ▲ 23× |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 55.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.01m | €0.01m | €0.02m | €0.02m | ▼ 12.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €75,018 | €58,257 | €38,590 | €73,503 | €56,338 | -€51,033 | €108,179 | €101,760 | ▼ 5.9% |
| + Depreciation and write-downs630 | €40,877 | €38,808 | €38,952 | €39,331 | €36,728 | €41,291 | €49,779 | €50,160 | ▲ 0.8% |
| Operating cash flow (approximation) | €115,895 | €97,065 | €77,542 | €112,834 | €93,065 | -€9,742 | €157,958 | €151,920 | ▼ 3.8% |
| Investment in fixed assets (approximation) | - | -€19,647 | -€9,493 | -€14,208 | -€69,175 | -€56,602 | €0 | -€36,144 | - |
| Change in cash | - | -€32,555 | €138,520 | €115,565 | -€34,121 | -€63,157 | €65,021 | -€105,968 | - |
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, 17,811 companies had the same profile as LEVANO has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of LEVANO 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 17,811 companies, not a prediction for LEVANO. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00238582 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00164331 | |
| 31-12-2023 | micro format | 06-09-2024 | 2024-00459244 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00209953 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20122042 | |
| 31-12-2020 | micro format | 09-07-2021 | 2021-34800448 | |
| 31-12-2019 | micro format | 13-07-2020 | 2020-30900314 | |
| 31-12-2018 | micro format | 11-06-2019 | 2019-18200277 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58200387 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-52200063 |