LEVIAT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-04-2026 PDF all 49 filings
Every figure per financial year
The operating result for 2025 is a profit of €15.9m, after a loss of €1.1m in 2024.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 163 | 169 | 161 | 152 |
| full-time | 146 | 146 | 138 | 135 |
| part-time | 17 | 23 | 23 | 17 |
| in full-time equivalents | 159.2 | 163.2 | 155.3 | 147.2 |
| Average over the year, in full-time equivalents | 160.3 | 162 | 158.2 | 150 |
| On a permanent contract | 152 | 169 | 160 | 152 |
| Joined | 45 | 30 | 24 | 12 |
| Left | 40 | 24 | 32 | 21 |
| Agency workers, average number | 9.3 | 5.9 | 8 | 7.4 |
| Training hours | 40 | 26 | 553 | 1,458 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | - | - | - | - | €1,138 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1.5m | €506,761 | €914,464 | €617,807 | €1.8m |
| Intangible fixed assets | - | €3,882 | - | - | €17,990 |
| Financial fixed assets | €62.4m | - | - | €5.0m | - |
| Depreciation and write-downs of the year | €517,840 | €570,747 | €595,012 | €652,448 | €651,656 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €19,420 | €23,145 | €22,852 | €22,852 | €26,800 |
| Other work by the auditor | - | - | €2,500 | €2,500 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €37,621 awarded · €37,621 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €10,089 | €10,089 |
| 2024 | 1 | €9,459 | €9,459 |
| 2023 | 1 | €9,238 | €9,238 |
| 2022 | 2 | €8,835 | €8,835 |
| Line | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €44.4m | €43.9m | €50.2m | €67.4m | €37.7m | €50.4m | ▲ 33.6% |
| Turnover70 | €46.8m | €46.2m | €42.1m | €42.1m | €46.7m | €41.6m | €36.0m | €32.8m | ▼ 9.0% |
| Other operating income74 | - | - | €2.3m | €1.8m | €3.1m | €1.7m | €1.7m | €1.4m | ▼ 16.2% |
| Non-recurring operating income76A | - | - | €0.01m | - | €0.4m | €24.1m | €0.01m | €16.2m | ▲ 1,133× |
| Operating charges60/66A | - | - | €42.3m | €43.8m | €46.9m | €44.0m | €38.8m | €34.5m | ▼ 11.1% |
| Goods for resale, raw materials and consumables60 | - | - | €22.2m | €23.2m | €26.3m | €21.7m | €17.7m | €15.4m | ▼ 13.1% |
| Purchases600/8 | - | - | €23.6m | €24.8m | €26.9m | €20.6m | €17.1m | €14.7m | ▼ 14.0% |
| Change in stocks: decrease (increase)609 | - | - | -€1.4m | -€1.6m | -€0.6m | €1.1m | €0.6m | €0.7m | ▲ 13.0% |
| Services and other goods61 | - | - | €8.6m | €9.6m | €9.4m | €10.2m | €9.6m | €7.2m | ▼ 25.3% |
| Remuneration, social security and pensions62 | - | - | €9.2m | €10.4m | €10.6m | €11.4m | €11.5m | €11.3m | ▼ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | ▼ 0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0.3m | €0.04m | -€0.1m | -€0.07m | -€0.03m | €0.02m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €1.3m | -€0.05m | -€0.07m | -€0.04m | -€0.9m | -€0.4m | ▲ 57.3% |
| Other operating charges640/8 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 48.4% |
| Non-recurring operating charges66A | - | - | - | €0.03m | - | - | - | - | - |
| Operating profit (loss)9901 | €5.8m | €4.6m | €2.1m | €0.1m | €3.3m | €23.5m | -€1.1m | €15.9m | - |
| Financial income75/76B | - | - | €0.1m | €0.1m | €0.2m | €33.3m | €5.9m | €13.8m | ▲ 133% |
| Recurring financial income75 | €53.6m | €5.1m | €0.1m | €0.1m | €0.2m | €33.3m | €5.9m | €13.8m | ▲ 133% |
| Income from financial fixed assets750 | - | - | - | - | - | €32.5m | €5.0m | €13.5m | ▲ 170% |
| Other financial income752/9 | - | - | €0.1m | €0.1m | €0.2m | €0.8m | €0.9m | €0.3m | ▼ 65.9% |
| Non-recurring financial income76B | - | - | €0.03m | - | - | - | €69 | €0.001m | ▲ 952% |
| Financial charges65/66B | - | - | €2.3m | €2.2m | €1.5m | €2.1m | €33.9m | €16.6m | ▼ 51.1% |
| Recurring financial charges65 | €3.2m | €3.0m | €2.3m | €2.2m | €1.5m | €2.1m | €0.1m | €0.1m | ▲ 23.3% |
| Debt charges650 | €3.1m | €3.0m | €2.3m | €2.2m | €1.3m | €2.0m | €0.04m | €0.06m | ▲ 47.1% |
| Other financial charges652/9 | - | - | - | - | €0.2m | €0.07m | €0.06m | €0.07m | ▲ 8.1% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €33.8m | €16.4m | ▼ 51.3% |
| Profit (loss) for the period before taxes9903 | €56.1m | €8.6m | -€0.06m | -€2.0m | €1.9m | €54.6m | -€29.0m | €13.2m | - |
| Income taxes67/77 | €0.8m | €0.5m | €0.2m | €0.003m | €0.5m | €0.01m | €0.02m | €3.6m | ▲ 151× |
| Taxes670/3 | - | - | €0.2m | €0.003m | €0.6m | €0.01m | €0.02m | €3.6m | ▲ 151× |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €0.07m | - | - | - | - |
| Profit (loss) for the period9904 | €55.3m | €8.1m | -€0.3m | -€2.0m | €1.5m | €54.6m | -€29.1m | €9.6m | - |
| Profit (loss) for the period to be appropriated9905 | €55.3m | €8.1m | -€0.3m | -€2.0m | €1.5m | €54.6m | -€29.1m | €9.6m | - |
| Line | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €274.1m | €242.3m | €183.2m | €195.6m | €198.4m | €116.1m | €63.2m | €69.7m | ▲ 10.2% |
| Fixed assets21/28 | €177.1m | €115.2m | €115.4m | €178.0m | €178.0m | €67.5m | €38.7m | €20.3m | ▼ 47.6% |
| Intangible fixed assets21 | €0.2m | €0.1m | €0.2m | €0.2m | €0.07m | €0.01m | €395 | €0.02m | ▲ 46× |
| Tangible fixed assets22/27 | €3.6m | €4.2m | €4.3m | €4.5m | €4.7m | €5.0m | €5.0m | €3.0m | ▼ 39.3% |
| Land and buildings22 | - | - | €3.0m | €3.0m | €3.1m | €3.1m | €3.1m | - | - |
| Plant, machinery and equipment23 | - | - | €1.0m | €1.2m | €1.3m | €1.5m | €1.4m | €1.3m | ▼ 4.5% |
| Furniture and vehicles24 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 17.5% |
| Assets under construction and advance payments27 | - | - | €0.2m | €0.04m | €0.06m | €0.2m | €0.2m | €1.4m | ▲ 701% |
| Financial fixed assets28 | €173.3m | €110.9m | €110.9m | €173.3m | €173.3m | €62.5m | €33.7m | €17.2m | ▼ 48.9% |
| Affiliated companies280/1 | - | - | €110.9m | €173.3m | €173.3m | €62.5m | €33.7m | €17.2m | ▼ 48.9% |
| Participating interests280 | - | - | €110.9m | €173.3m | €173.3m | €62.5m | €33.7m | €17.2m | ▼ 48.9% |
| Other financial fixed assets284/8 | - | - | €5 | €5 | €5 | €5 | €0.001m | €0.001m | = |
| Amounts receivable and cash guarantees285/8 | - | - | €5 | €5 | €5 | €5 | €0.001m | €0.001m | = |
| Current assets29/58 | €97.0m | €127.1m | €67.8m | €17.6m | €20.4m | €48.6m | €24.5m | €49.4m | ▲ 101% |
| Stocks and contracts in progress3 | €3.6m | €4.7m | €5.9m | €7.3m | €8.1m | €7.1m | €6.5m | €5.7m | ▼ 11.6% |
| Stocks30/36 | - | - | €5.8m | €7.3m | €8.1m | €7.1m | €6.5m | €5.7m | ▼ 11.9% |
| Raw materials and consumables30/31 | - | - | €1.9m | €2.8m | €3.1m | €2.8m | €2.3m | €2.0m | ▼ 13.6% |
| Work in progress32 | - | - | €0.2m | €0.3m | €0.9m | €0.5m | €0.5m | €0.6m | ▲ 6.1% |
| Finished goods33 | - | - | €1.4m | €1.4m | €1.2m | €0.9m | €0.9m | €0.8m | ▼ 10.7% |
| Goods purchased for resale34 | - | - | €2.1m | €2.7m | €2.8m | €2.8m | €2.8m | €2.4m | ▼ 14.4% |
| Contracts in progress37 | - | - | €0.1m | €0.01m | €0.007m | €0.001m | €0.008m | €0.02m | ▲ 194% |
| Amounts receivable within one year40/41 | €93.3m | €122.3m | €61.9m | €10.3m | €12.2m | €41.4m | €18.0m | €43.1m | ▲ 140% |
| Trade receivables40 | - | - | €9.5m | €6.3m | €5.9m | €6.0m | €6.2m | €6.4m | ▲ 2.0% |
| Other amounts receivable41 | - | - | €52.4m | €4.0m | €6.3m | €35.5m | €11.7m | €36.8m | ▲ 213% |
| Cash at bank and in hand54/58 | €0.002m | €0.001m | - | - | - | - | - | €0.04m | - |
| Deferred charges and accrued income490/1 | - | - | €0.03m | - | €0.1m | €0.004m | €0.06m | €0.5m | ▲ 671% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €274.1m | €242.3m | €183.2m | €195.6m | €198.4m | €116.1m | €63.2m | €69.7m | ▲ 10.2% |
| Equity10/15 | €55.8m | €63.9m | €63.6m | €61.6m | €54.1m | €83.7m | €54.6m | €54.2m | ▼ 0.8% |
| Contributions10/11 | €49.0m | €49.0m | €49.0m | €49.0m | €49.0m | €49.0m | €49.0m | €49.0m | = |
| Capital10 | - | - | €49.0m | €49.0m | €49.0m | €49.0m | €49.0m | €49.0m | = |
| Issued capital100 | - | - | €49.0m | €49.0m | €49.0m | €49.0m | €49.0m | €49.0m | = |
| Reserves13 | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | = |
| Non-distributable reserves130/1 | - | - | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | = |
| Legal reserve130 | - | - | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | €4.9m | = |
| Tax-exempt reserves132 | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Profit (loss) carried forward14 | €1.9m | €9.9m | €9.7m | €7.7m | €0.1m | €29.7m | €0.7m | €0.2m | ▼ 64.5% |
| Provisions and deferred taxes16 | €0.5m | €0.1m | €1.3m | €1.4m | €1.3m | €1.3m | €0.4m | - | - |
| Provisions for liabilities and charges160/5 | - | - | €1.3m | €1.4m | €1.3m | €1.3m | €0.4m | - | - |
| Pensions and similar obligations160 | - | - | - | €0.05m | €0.1m | €0.1m | €0.3m | - | - |
| Other liabilities and charges164/5 | - | - | €1.3m | €1.3m | €1.2m | €1.1m | €0.04m | - | - |
| Amounts payable17/49 | €217.7m | €178.3m | €118.2m | €132.6m | €143.0m | €31.1m | €8.2m | €15.5m | ▲ 88.6% |
| Amounts payable after more than one year17 | €158.4m | €109.9m | €109.9m | €124.9m | €109.9m | - | - | - | - |
| Financial debts170/4 | - | - | €109.9m | €124.9m | €109.9m | - | - | - | - |
| Other loans174 | - | - | €109.9m | €124.9m | €109.9m | - | - | - | - |
| Amounts payable within one year42/48 | €59.2m | €68.3m | €8.2m | €7.6m | €32.8m | €31.1m | €8.2m | €15.5m | ▲ 88.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €15.0m | - | - | - | - |
| Financial debts43 | - | - | - | - | - | - | - | €0.001m | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €0.001m | - |
| Trade debts44 | €6.5m | €5.2m | €5.4m | €5.7m | €6.5m | €3.9m | €6.7m | €3.6m | ▼ 45.5% |
| Suppliers440/4 | - | - | €5.4m | €5.7m | €6.5m | €3.9m | €6.7m | €3.6m | ▼ 45.5% |
| Taxes, remuneration and social security45 | - | - | €1.5m | €1.9m | €2.0m | €2.1m | €1.5m | €1.8m | ▲ 18.6% |
| Taxes450/3 | - | - | €0.3m | €0.2m | €0.9m | €0.6m | €0.03m | €0.4m | ▲ 15× |
| Remuneration and social security454/9 | - | - | €1.3m | €1.7m | €1.1m | €1.5m | €1.5m | €1.4m | ▼ 7.8% |
| Other amounts payable47/48 | - | - | €1.3m | €0.08m | €9.4m | €25.0m | - | €10.0m | - |
| Accrued charges and deferred income492/3 | - | - | €0.08m | €0.02m | €0.3m | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €55.3m | €8.1m | -€0.3m | -€2.0m | €1.5m | €54.6m | -€29.1m | €9.6m | - |
| + Depreciation and write-downs630 | €0.3m | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | ▼ 0.1% |
| Operating cash flow (approximation) | €55.6m | €8.5m | €0.2m | -€1.5m | €2.0m | €55.2m | -€28.4m | €10.2m | - |
| Investment in fixed assets (approximation) | - | €61.5m | -€0.6m | - | -€0.6m | €109.9m | €28.2m | €17.7m | ▼ 37.0% |
| Change in cash | - | -€0.002m | - | - | - | - | - | - | - |
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, 1,579 companies had the same profile as LEVIAT has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of LEVIAT 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 1,579 companies, not a prediction for LEVIAT. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-04-2026 | 2026-00081784 | |
| 31-12-2024 | full format | 31-07-2025 | 2025-00344500 | |
| 31-12-2023 | full format | 11-07-2024 | 2024-00241479 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00307278 | |
| 31-12-2021 | full format | 30-11-2022 | 2022-20535053 | |
| 01-01-2021 | full format | 25-06-2021 | 2021-25400576 | |
| 01-01-2020 | full format | 30-10-2020 | 2020-65900290 | |
| 01-01-2019 | full format | 17-06-2019 | 2019-19200228 | |
| 01-01-2018 | full format | 15-06-2018 | 2018-20600133 | |
| 01-01-2017 | full format | 12-06-2017 | 2017-17200483 |