LEVEL01
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 28 filings
Turnover
≈ €170,000
Estimated: probably between €92,000 and €330,000
Total assets
€457,615▼ 7.4%
2024 · €494,137
Net result
€6,204▼ 50.9%
2024 · €12,631
Working capital
-€146,804▼ 5.8%
2024 · -€138,697
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,869
▲ 0.2%
2025
20182025
Net result
€6,204
▼ 50.9%
2025
20182025
Equity
€75,372
▲ 9.0%
2025
20182025
Total assets
€457,615
▼ 7.4%
2025
20182025
Debt
€382,244
▼ 10.1%
2025
20182025
Working capital
-€146,804
▼ 5.8%
2025
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€0.06m-€0.1m▲ 137%€0.005m▼ 96.7%€0.01m▲ 178%€0.01m▲ 0.1%€0.01m▼ 23.9%€0.01m▲ 34.0%€0.01m▲ 0.2%
Net result€0.03m-€0.09m▲ 172%-€0.01m-€0.002m▲ 86.9%-€0.001m▲ 32.6%-€0.002m▼ 78.0%€0.01m€0.006m▼ 50.9%
Equity€0.5m-€0.6m▲ 17.8%€0.6m▼ 2.2%€0.6m▼ 0.3%€0.6m▲ 0.1%€0.06m▼ 89.9%€0.07m▲ 22.3%€0.08m▲ 9.0%
Total assets€1.1m-€1.0m▼ 8.8%€0.9m▼ 10.4%€0.9m▼ 6.1%€0.8m▼ 4.1%€0.8m▼ 5.3%€0.5m▼ 36.0%€0.5m▼ 7.4%
Debt€0.6m-€0.4m▼ 29.6%€0.3m▼ 21.1%€0.3m▼ 15.4%€0.3m▼ 12.1%€0.7m▲ 178%€0.4m▼ 40.6%€0.4m▼ 10.1%
Working capital€0.5m-€0.4m▼ 9.8%€0.4m▼ 4.3%€0.4m▼ 2.2%€0.4m▼ 1.6%-€0.1m-€0.1m▲ 0.8%-€0.1m▼ 5.8%
Staff (FTE)3.8-3.9▲ 2.6%
The operating result for 2025 is 0% 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 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 €457,615
Fixed assets
€309,649 ▼ 8.9%
Current assets
€147,967 ▼ 4.0%
Equity and liabilities €457,615
Equity
€75,372 ▲ 9.0%
Debt
€382,244 ▼ 10.1%
Debt's share of the balance-sheet total falls from 86.0% to 83.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€43,245▲
2024 · €43,211
Cash flow
€36,580▼
2024 · €43,004
Current ratio
0.50▼
2024 · 0.53
Debt to equity
5.07▼
2024 · 6.14
ROE
8.2%▼
2024 · 18.3%
ROA
1.4%▼
2024 · 2.6%
Interest coverage
6.18▲
2024 · 4.41
Debt ≤ 1 year
€294,771▲
2024 · €292,810
Debt > 1 year
€86,967▼
2024 · €131,490
Income taxes
€1,304
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,476 | €31,668 | €30,692 | €30,393 | €30,373 | €30,373 | €30,373 | €30,376 | = |
| Other operating charges640/8 | - | - | - | €4,332 | €4,436 | €6,509 | €5,051 | €5,207 | ▲ 3.1% |
| Gross operating margin9900 | €195,182 | €216,404 | €39,945 | €47,299 | €47,402 | €46,462 | €48,261 | €48,452 | ▲ 0.4% |
| Operating profit (loss)9901 | €57,459 | €135,955 | €4,518 | €12,574 | €12,593 | €9,580 | €12,838 | €12,869 | ▲ 0.2% |
| Financial income75/76B | - | - | - | - | - | €115 | €9,602 | €1,638 | ▼ 82.9% |
| Recurring financial income75 | €40,982 | €27,826 | €1,769 | - | - | €115 | €9,602 | €1,638 | ▼ 82.9% |
| Financial charges65/66B | - | - | - | €14,212 | €13,696 | €11,122 | €9,808 | €6,999 | ▼ 28.6% |
| Recurring financial charges65 | €52,798 | €40,472 | €18,812 | €14,212 | €13,696 | €11,122 | €9,808 | €6,999 | ▼ 28.6% |
| Profit (loss) for the period before taxes9903 | €45,642 | €123,309 | -€12,525 | -€1,637 | -€1,103 | -€1,427 | €12,631 | €7,508 | ▼ 40.6% |
| Income taxes67/77 | €13,871 | €36,958 | - | - | - | €536 | - | €1,304 | - |
| Profit (loss) for the period9904 | €31,771 | €86,351 | -€12,525 | -€1,637 | -€1,103 | -€1,964 | €12,631 | €6,204 | ▼ 50.9% |
| Profit (loss) for the period to be appropriated9905 | €31,771 | €86,351 | -€12,525 | -€1,637 | -€1,103 | -€1,964 | €12,631 | €6,204 | ▼ 50.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.0m | €0.9m | €0.9m | €0.8m | €0.8m | €0.5m | €0.5m | ▼ 7.4% |
| Fixed assets21/28 | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 8.9% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 9.1% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 9.1% |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Current assets29/58 | €0.6m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.2m | €0.1m | ▼ 4.0% |
| Stocks and contracts in progress3 | €0.2m | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.07m | €0.1m | €0.03m | €7 | €0.001m | €34 | €0.003m | €0.005m | ▲ 62.4% |
| Other amounts receivable41 | - | - | - | €7 | €0.001m | €34 | €0.003m | €0.005m | ▲ 62.4% |
| Current investments50/53 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.005m | €0.1m | €0.1m | = |
| Cash at bank and in hand54/58 | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.05m | €0.04m | ▼ 16.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €13 | €347 | €8 | ▼ 97.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €0.9m | €0.9m | €0.8m | €0.8m | €0.5m | €0.5m | ▼ 7.4% |
| Equity10/15 | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.06m | €0.07m | €0.08m | ▲ 9.0% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | €0.04m | €0.05m | €0.06m | ▲ 12.3% |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €436 | €0.01m | €0.02m | ▲ 47.5% |
| Amounts payable17/49 | €0.6m | €0.4m | €0.3m | €0.3m | €0.3m | €0.7m | €0.4m | €0.4m | ▼ 10.1% |
| Amounts payable after more than one year17 | €0.5m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.09m | ▼ 33.9% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.2m | €0.1m | €0.09m | ▼ 33.9% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.05m | €0.04m | €0.04m | €0.5m | €0.3m | €0.3m | ▲ 0.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 4.6% |
| Trade debts44 | €0.04m | €0.003m | €0.004m | - | €200 | €0.001m | €230 | €248 | ▲ 7.9% |
| Suppliers440/4 | - | - | - | - | €200 | €0.001m | €230 | €248 | ▲ 7.9% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.001m | €0.5m | €0.3m | €0.3m | = |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.002m | €4 | €0.001m | €0.001m | ▼ 24.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,771 | €86,351 | -€12,525 | -€1,637 | -€1,103 | -€1,964 | €12,631 | €6,204 | ▼ 50.9% |
| + Depreciation and write-downs630 | €37,476 | €31,668 | €30,692 | €30,393 | €30,373 | €30,373 | €30,373 | €30,376 | = |
| Operating cash flow (approximation) | €69,248 | €118,019 | €18,167 | €28,756 | €29,270 | €28,409 | €43,004 | €36,580 | ▼ 14.9% |
| Investment in fixed assets (approximation) | - | €3,637 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €84,870 | -€7,417 | €4,505 | -€5,335 | €43,289 | -€351,213 | -€7,596 | ▲ 97.8% |
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, 4,685 companies had the same profile as LEVEL01 has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of LEVEL01 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 4,685 companies, not a prediction for LEVEL01. 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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00212657 | |
| 31-12-2024 | abbreviated format | 16-07-2025 | 2025-00275851 | |
| 31-12-2023 | abbreviated format | 27-06-2024 | 2024-00182314 | |
| 31-12-2022 | abbreviated format | 19-07-2023 | 2023-00248019 | |
| 31-12-2021 | abbreviated format | 12-07-2022 | 2022-20173930 | |
| 31-12-2020 | abbreviated format | 25-06-2021 | 2021-24700453 | |
| 31-12-2019 | abbreviated format | 26-06-2020 | 2020-21900152 | |
| 31-12-2018 | abbreviated format | 25-06-2019 | 2019-22700495 | |
| 31-12-2017 | abbreviated format | 26-06-2018 | 2018-24100183 | |
| 31-12-2016 | abbreviated format | 28-06-2017 | 2017-24100064 |