Debts
€5.8m 74% of the balance sheet
Suppliers 43%Taxes and wages 3%Other 55%
€64,499 of the debts are secured on the company's own assets. In 2021 that was €408,051.
LIEMA
Lifetime
20 annual accounts with figures on one time axis, 31 filings since 1995peak €3.0m (2011)
-not published
lowest -€686,629 (2014)
€109,491▲ 1.3%
peak €1.9m (2025)
€1.9m▲ 6.0%
€5.8m▲ 33.2%
peak 48.6 FTE (2013)
38 FTE▼ 11.2%
Board7 names since 2019
4 directorsBart Vanbockstal and 3 others
Owners2 names in the annual accounts
100%M.S. LEASE and 1 other
Documentsfilings and deeds
27-08-202627 days late
2025financial year
Turnover from €14.9m to €12.2mStaff from 42.8 FTE to 38 FTEDebts from €4.3m to €5.8mCash from €164,893 to €227,727
Key points
from the 2025 annual accountsChecked score
67
Healthy
Financially stronger than 22% of small companies in civil engineering (NACE 42)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 301 companies (NACE 42, small).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.3%
01-2025: 1.3%● unchanged vs 12-2024
02-2025: 1.2%▼ -0.1 percentage points vs 01-2025
03-2025: 1.3%▲ +0.1 percentage points vs 02-2025
04-2025: 1.3%● unchanged vs 03-2025
05-2025: 1.3%● unchanged vs 04-2025
06-2025: 1.3%● unchanged vs 05-2025
07-2025: 1.5%▲ +0.2 percentage points vs 06-2025highest value
08-2025: 0.5%▼ -1.0 percentage point vs 07-2025
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026lowest value
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.5%● unchanged vs 03-2026
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 0.5%● unchanged vs 05-2026
07-2026: 0.6%▲ +0.1 percentage points vs 06-2026
08-2026: 1.2%▲ +0.6 percentage points vs 07-2026
09-2026: 0.7%▼ -0.5 percentage points vs 08-2026
10-2026: 0.7%● unchanged vs 09-2026
11-2026: 0.7%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 1.26, cash €227,727
Size: turnover €12.2m, 38 FTE, total assets €7.8m
Equity €1.9m (24.7% of total assets)
Sector: Civil engineering (NACE 42)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 42, small). It does better than 26% of them on solvency, 7% on liquidity, 23% on profitability and 32% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 4,685 companies had the same profile as LIEMA has now. Each dot stands for 12 companies, two years later.
97.0%
were still trading
1.9%
stopped another way
1.1%
went bankrupt
That fits the bankruptcy probability of LIEMA itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,447 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 LIEMA. 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.
Credit verdict
Credit of up to €120,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.26 (1.32 in 2024), below the usual 1.5. Short-term debt is 71.5% and cash 2.9% of total assets. 75.3% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €1.9m
neutral · A punctual record breaks
This company filed 5 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
27 days late
2024
30 days early
2023
20 days early
2022
59 days early
2021
62 days early
2020
24 days early
2019
25 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 20 days before the deadline. In the sector (NACE 42), the median for financial year 2024 was 2 days before the deadline, and 41% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 1 July (4 of the last 5 accounts filed within 32 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- M.S. LEASE 100%score 91equity €1.5m (2025) · 30-09-2025 annual accounts of M.S. LEASE
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0453579918
Appointment: SD Bedrijfsrevisoren (statutory auditor)
MS Lease NV holds all the shares · General meeting of 21-10-2024 · Gazette deed
Merger: LIEMA takes over LI-MATRANS
Capital increase of €547,989.08 · 224 new shares · “Aanneming in wegenbouwkundige werken en grondwerken; Gewone rioleringswerken; Watervoorziening en diverse…” (deed in Dutch) · General meeting of 30-06-2023 · Gazette deed
Merger proposal: LIEMA takes over LI-MATRANS
Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| LIEMA Tienen | €12.2m | 1.4% | 24.7% | 38 |
| Entreprises MATHIEU Bastogne | €11.6m | 2.4% | 39.5% | 41.7 |
| HEGROLA Westerlo | €12.0m | 3.1% | 53.4% | 38.5 |
| DE WITTE Maldegem | €13.8m | 1.1% | 24.5% | 31.3 |
| WULTEPUTTE BOUDEWIJN Lokeren | €15.4m | 2.1% | 25.3% | 43.2 |
| ADAMS Merksplas | €17.5m | 23.1% | 38.8% | 44.8 |
| DEUMER SA Houffalize | €13.9m | 4.0% | 36.9% | 45.6 |
Grey: the largest companies of the sector (civil engineering (NACE 42)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as LIEMA: construction of roads and motorways (NACE 42110). They are comparable in size and age: total assets between €9.2m and €13m, founded between 1987 and 2002.
Official details
Source: KBO- Status
- Active since 27-10-1994Normal situation
- Activity
- Construction of roads and motorwaysNACE 42110and 1 other
- Joint committees
- 200Auxiliary committee for white-collar workers
- 124Construction · annual accounts 2021
- Establishment unit
- 2.068.818.4733300 Tienen, since 02-11-1994
- Financial year end
- 31 December
- Peppol
- Reachable since 02-04-2025
Annual accounts 2025
- €7.8m▲ 27.4%
- Employeeson 31-12-2025
- 40▼ 4.8%
- Filing
- Filed on 27-08-2026
Companies linked to LIEMA
Parent and group
Insights on LIEMA
LIEMA has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.9m and a net result of €109,491.
Equity has been stable since 2018 (±0.8% per year). Its solvency ranks better than 26% of 378 sector peers (NACE 42, financial year 2025).
The computed 12-month bankruptcy probability is 0.7% (low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about LIEMA
- What is the company number of LIEMA?
- The company number of LIEMA is 0453.579.918. The VAT number is the same number with BE in front: BE 0453.579.918.
- Where is LIEMA based?
- The registered office is at Ambachtenlaan 42, 3300 Tienen.Company details
- What does LIEMA do?
- According to the KBO register, the main activity is construction of roads and motorways (NACE 42110).
- What is the legal form of LIEMA?
- LIEMA is a private limited company (pre-2019) (BVBA).
- When was LIEMA founded?
- LIEMA was founded on 27-10-1994.
- Is LIEMA still active?
- Yes, LIEMA is an active enterprise in the KBO register.
- How many employees does LIEMA have?
- LIEMA had an average of 38 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does LIEMA fall under?
- In its 2021 annual accounts, LIEMA states joint committees 200 (Auxiliary committee for white-collar workers) and 124 (Construction).
- What is the turnover of LIEMA?
- The turnover of LIEMA was €12.2m in financial year 2025, according to the filed annual accounts.
- Is LIEMA profitable?
- In financial year 2025, LIEMA made a profit of €109,491.
- Where can I find the annual accounts of LIEMA?
- LIEMA filed 31 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of LIEMA due?
- LIEMA must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence See whether the workforce is growing and whether people stay.Employer check Check whether you can trust this company with building work.Contractor check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check
See how customers, suppliers and banks see your own company and what to improve first.