Lexem
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 5 filings
Turnover
≈ €300,000
Estimated: probably between €200,000 and €370,000
Total assets
€703,992▲ 18.2%
2024 · €595,825
Net result
€64,529▼ 32.8%
2024 · €96,083
Working capital
€236,097▼ 16.7%
2024 · €283,493
In the rankings
#5 company by total assets in Vosselaar, Construction sector#8 company by equity in Vosselaar, Construction sector
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€86,673
▼ 36.0%
2025
20212025
Net result
€64,529
▼ 32.8%
2025
highest quarter of the sector
20212025
Equity
€245,878
▼ 19.7%
2025
highest quarter of the sector
20212025
Total assets
€703,992
▲ 18.2%
2025
highest quarter of the sector
20212025
Debt
€458,114
▲ 58.3%
2025
20212025
Working capital
€236,097
▼ 16.7%
2025
highest quarter of the sector
20212025
Solvency
34.9%
▼ 16.5pp
2025
middle half of the sector
20212025
Current ratio
1.52
▼ 0.46
2025
middle half of the sector
20212025
Return on assets (ROA)
9.2%
▼ 7.0pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.08m-€0.02m▼ 82.0%€0.2m▲ 11×€0.1m▼ 20.3%€0.09m▼ 36.0%
Net result€0.07mabove the sector's middle half-€0.01mwithin the sector's middle half▼ 83.7%€0.1mabove the sector's middle half▲ 12×€0.1mabove the sector's middle half▼ 26.9%€0.06mabove the sector's middle half▼ 32.8%
Equity€0.07mwithin the sector's middle half-€0.08mwithin the sector's middle half▲ 15.6%€0.2mabove the sector's middle half▲ 167%€0.3mabove the sector's middle half▲ 45.7%€0.2mabove the sector's middle half▼ 19.7%
Total assets€0.1mwithin the sector's middle half-€1.2mabove the sector's middle half▲ 12×€0.6mabove the sector's middle half▼ 51.3%€0.6mabove the sector's middle half▼ 0.9%€0.7mabove the sector's middle half▲ 18.2%
Debt€0.03m-€1.2m▲ 35×€0.4m▼ 66.2%€0.3m▼ 26.0%€0.5m▲ 58.3%
Working capital€0.03mwithin the sector's middle half-€0.04mwithin the sector's middle half▲ 56.7%€0.2mabove the sector's middle half▲ 317%€0.3mabove the sector's middle half▲ 59.2%€0.2mabove the sector's middle half▼ 16.7%
Solvency67.4%above the sector's middle half-6.4%below the sector's middle half▼ 61.0pp35.0%within the sector's middle half▲ 28.6pp51.4%within the sector's middle half▲ 16.5pp34.9%within the sector's middle half▼ 16.5pp
Current ratio1.83within the sector's middle half-1.04below the sector's middle half▼ 0.791.46within the sector's middle half▲ 0.421.98within the sector's middle half▲ 0.521.52within the sector's middle half▼ 0.46
Return on assets (ROA)64.4%above the sector's middle half-0.9%within the sector's middle half▼ 63.6pp21.8%above the sector's middle half▲ 21.0pp16.1%within the sector's middle half▼ 5.7pp9.2%within the sector's middle half▼ 7.0pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 36% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
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 €703,992
Fixed assets
€9,781 ▼ 57.2%
Current assets
€694,211 ▲ 21.2%
Equity and liabilities €703,992
Equity
€245,878 ▼ 19.7%
Debt
€458,114 ▲ 58.3%
Debt's share of the balance-sheet total rises from 48.6% to 65.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€100,160▼
2024 · €150,712
Cash flow
€78,016▼
2024 · €111,362
Debt to equity
1.86▲
2024 · 0.94
ROE
26.2%▼
2024 · 31.4%
Interest coverage
26.17▼
2024 · 28.85
Debt ≤ 1 year
€458,114▲
2024 · €289,476
Income taxes
€18,609▼
2024 · €34,631
Staff costs
€280
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 | €5,915 | €1,917 | €10,633 | €5,986 | €2,511 |
| Intangible fixed assets | €50,000 | - | - | - | - |
| Financial fixed assets | - | €5,400 | - | - | - |
| Depreciation and write-downs of the year | €14,965 | €12,138 | €14,222 | €15,279 | €13,487 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €1,465 | - | €280 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,965 | €12,138 | €14,222 | €15,279 | €13,487 | ▼ 11.7% |
| Other operating charges640/8 | €262 | €2,129 | €7,598 | €2,418 | €824 | ▼ 65.9% |
| Non-recurring operating charges66A | - | - | €10,130 | - | - | - |
| Gross operating margin9900 | €98,514 | €29,293 | €203,330 | €153,131 | €101,264 | ▼ 33.9% |
| Operating profit (loss)9901 | €83,288 | €15,026 | €169,916 | €135,433 | €86,673 | ▼ 36.0% |
| Financial income75/76B | €5 | - | €818 | €506 | €292 | ▼ 42.3% |
| Recurring financial income75 | €5 | - | €818 | €506 | €292 | ▼ 42.3% |
| Financial charges65/66B | €1,305 | €727 | €423 | €5,225 | €3,827 | ▼ 26.8% |
| Recurring financial charges65 | €1,305 | €727 | €423 | €5,225 | €3,827 | ▼ 26.8% |
| Profit (loss) for the period before taxes9903 | €81,988 | €14,299 | €170,311 | €130,714 | €83,138 | ▼ 36.4% |
| Income taxes67/77 | €16,754 | €3,663 | €38,915 | €34,631 | €18,609 | ▼ 46.3% |
| Profit (loss) for the period9904 | €65,234 | €10,636 | €131,396 | €96,083 | €64,529 | ▼ 32.8% |
| Profit (loss) for the period to be appropriated9905 | €65,234 | €10,636 | €131,396 | €96,083 | €64,529 | ▼ 32.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.1m | €1.2m | €0.6m | €0.6m | €0.7m | ▲ 18.2% |
| Fixed assets21/28 | €0.04m | €0.04m | €0.03m | €0.02m | €0.01m | ▼ 57.2% |
| Intangible fixed assets21 | €0.04m | €0.03m | €0.02m | €0.008m | - | - |
| Tangible fixed assets22/27 | €0.003m | €0.003m | €0.01m | €0.01m | €0.007m | ▼ 33.6% |
| Plant, machinery and equipment23 | - | - | €0.001m | €0.002m | €0.001m | ▼ 40.4% |
| Furniture and vehicles24 | €0.003m | €0.003m | €0.008m | €0.008m | €0.006m | ▼ 31.9% |
| Financial fixed assets28 | - | €0.005m | €0.005m | €0.005m | €0.003m | ▼ 41.9% |
| Current assets29/58 | €0.06m | €1.2m | €0.6m | €0.6m | €0.7m | ▲ 21.2% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €0.1m | ▼ 50.7% |
| Other amounts receivable291 | - | - | - | €0.3m | €0.1m | ▼ 50.7% |
| Amounts receivable within one year40/41 | €0.01m | €0.8m | €0.4m | €0.2m | €0.3m | ▲ 36.4% |
| Trade receivables40 | €0.01m | €0.8m | €0.2m | €0.2m | €0.3m | ▲ 39.3% |
| Other amounts receivable41 | - | €0.04m | €0.2m | €0.01m | €0.008m | ▼ 24.5% |
| Cash at bank and in hand54/58 | €0.05m | €0.4m | €0.1m | €0.03m | €0.2m | ▲ 589% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | €0.001m | €0.001m | ▲ 1.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.1m | €1.2m | €0.6m | €0.6m | €0.7m | ▲ 18.2% |
| Equity10/15 | €0.07m | €0.08m | €0.2m | €0.3m | €0.2m | ▼ 19.7% |
| Contributions10/11 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Profit (loss) carried forward14 | €0.07m | €0.08m | €0.2m | €0.3m | €0.2m | ▼ 19.9% |
| Amounts payable17/49 | €0.03m | €1.2m | €0.4m | €0.3m | €0.5m | ▲ 58.3% |
| Amounts payable within one year42/48 | €0.03m | €1.2m | €0.4m | €0.3m | €0.5m | ▲ 58.3% |
| Trade debts44 | €0.005m | €0.3m | €0.06m | €0.1m | €0.08m | ▼ 33.9% |
| Suppliers440/4 | €0.005m | €0.3m | €0.06m | €0.1m | €0.08m | ▼ 33.9% |
| Advances received on contracts in progress46 | - | €0.8m | €0.3m | €0.2m | €0.3m | ▲ 105% |
| Taxes, remuneration and social security45 | €0.03m | €0.08m | - | €0.007m | €0.05m | ▲ 655% |
| Taxes450/3 | €0.03m | €0.08m | - | €0.007m | €0.05m | ▲ 655% |
| Other amounts payable47/48 | €0.002m | - | - | €414 | €0.002m | ▲ 416% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €65,234 | €10,636 | €131,396 | €96,083 | €64,529 | ▼ 32.8% |
| + Depreciation and write-downs630 | €14,965 | €12,138 | €14,222 | €15,279 | €13,487 | ▼ 11.7% |
| Operating cash flow (approximation) | €80,198 | €22,775 | €145,618 | €111,362 | €78,016 | ▼ 29.9% |
| Investment in fixed assets (approximation) | - | -€7,316 | -€10,243 | -€5,986 | -€411 | ▲ 93.1% |
| Change in cash | - | €344,689 | -€255,126 | -€108,036 | €181,972 | - |
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, 6,782 companies had the same profile as Lexem has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of Lexem itself: 0.2% 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 6,782 companies, not a prediction for Lexem. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00327887 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00328739 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00244487 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00235917 | |
| 31-12-2021 | micro format | 17-10-2022 | 2022-20462931 |