Lieven & Katrien
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 15-10-2026 at the NBB all 19 filings
Turnover
≈ €1.5m
Estimated: probably between €1.1m and €2.5m
Total assets
€639,339▲ 24.1%
2025 · €515,101
Net result
€105,891▲ 64.0%
2025 · €64,581
Working capital
€191,561▲ 104%
2025 · €93,731
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€157,844
▲ 72.9%
2026
20192026
Net result
€105,891
▲ 64.0%
2026
20192026
Equity
€389,427
▲ 37.3%
2026
20192026
Total assets
€639,339
▲ 24.1%
2026
20192026
Debt
€249,911
▲ 7.9%
2026
20192026
Working capital
€191,561
▲ 104%
2026
20192026
Solvency
60.9%
▲ 5.9pp
2026
20192026
Current ratio
2.16
▲ 0.57
2026
20192026
Return on assets (ROA)
16.6%
▲ 4.0pp
2026
20192026
Staff (FTE)
2.2
▼ 37.1%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€35,959-€46,608▲ 29.6%€60,551▲ 29.9%€42,771▼ 29.4%€38,234▼ 10.6%€34,055▼ 10.9%€91,314▲ 168%€157,844▲ 72.9%
Net result€24,325-€35,109▲ 44.3%€43,725above the sector's middle half▲ 24.5%€31,060above the sector's middle half▼ 29.0%€31,813above the sector's middle half▲ 2.4%€23,284within the sector's middle half▼ 26.8%€64,581above the sector's middle half▲ 177%€105,891▲ 64.0%
Equity€111,717-€145,226▲ 30.0%€188,951above the sector's middle half▲ 30.1%€204,761above the sector's middle half▲ 8.4%€222,019above the sector's middle half▲ 8.4%€245,303within the sector's middle half▲ 10.5%€283,537above the sector's middle half▲ 15.6%€389,427▲ 37.3%
Total assets€223,900-€256,661▲ 14.6%€268,307within the sector's middle half▲ 4.5%€359,996above the sector's middle half▲ 34.2%€464,034above the sector's middle half▲ 28.9%€433,161below the sector's middle half▼ 6.7%€515,101above the sector's middle half▲ 18.9%€639,339▲ 24.1%
Debt€112,183-€111,435▼ 0.7%€79,356▼ 28.8%€155,235▲ 95.6%€242,015▲ 55.9%€187,858▼ 22.4%€231,565▲ 23.3%€249,911▲ 7.9%
Working capital€29,419-€37,858▲ 28.7%€115,218above the sector's middle half▲ 204%€112,333above the sector's middle half▼ 2.5%€78,831within the sector's middle half▼ 29.8%€92,766within the sector's middle half▲ 17.7%€93,731above the sector's middle half▲ 1.0%€191,561▲ 104%
Solvency49.9%-56.6%▲ 6.7pp70.4%above the sector's middle half▲ 13.8pp56.9%within the sector's middle half▼ 13.5pp47.8%within the sector's middle half▼ 9.0pp56.6%within the sector's middle half▲ 8.8pp55.0%within the sector's middle half▼ 1.6pp60.9%▲ 5.9pp
Current ratio1.35-1.50▲ 0.153.23above the sector's middle half▲ 1.732.25within the sector's middle half▼ 0.981.55within the sector's middle half▼ 0.701.68within the sector's middle half▲ 0.131.60within the sector's middle half▼ 0.082.16▲ 0.57
Return on assets (ROA)10.9%-13.7%▲ 2.8pp16.3%above the sector's middle half▲ 2.6pp8.6%within the sector's middle half▼ 7.7pp6.9%within the sector's middle half▼ 1.8pp5.4%within the sector's middle half▼ 1.5pp12.5%within the sector's middle half▲ 7.2pp16.6%▲ 4.0pp
Staff (FTE)2.5-3.8▲ 52.0%4.1▲ 7.9%4.3▲ 4.9%4.6▲ 7.0%4.3within the sector's middle half▼ 6.5%3.5▼ 18.6%2.2▼ 37.1%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2026 is 73% higher than in 2025 and the highest since 2022. It is the second rise in a row, after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €639,339
Fixed assets
€283,318 ▲ 7.0%
Current assets
€356,020 ▲ 42.3%
Equity and liabilities €639,339
Equity
€389,427 ▲ 37.3%
Debt
€249,911 ▲ 7.9%
Debt's share of the balance-sheet total falls from 45.0% to 39.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€258,664▲
2025 · €168,035
Cash flow
€206,711▲
2025 · €141,303
Quick ratio
1.72▲
2025 · 1.25
Debt to equity
0.64▼
2025 · 0.82
ROE
27.2%▲
2025 · 22.8%
Interest coverage
15.60▼
2025 · 32.52
Debt ≤ 1 year
€164,459▲
2025 · €156,507
Debt > 1 year
€85,452▲
2025 · €73,961
Income taxes
€38,410▲
2025 · €22,861
Staff costs
€106,019▼
2025 · €135,051
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 4 | 6 | 6 | 2 |
| full-time | 4 | 2 | 3 | 3 | 2 |
| part-time | 1 | 2 | 3 | 3 | 0 |
| in full-time equivalents | 4.8 | 3.8 | 5.1 | 5.1 | 2 |
| Average over the year, in full-time equivalents | 4.3 | 4.6 | 4.3 | 3.5 | 2.2 |
| On a permanent contract | 5 | 3 | 3 | 3 | 2 |
| Joined | 4 | 3 | 5 | 5 | 0 |
| Left | 4 | 4 | 3 | 3 | 1 |
| Training hours | - | - | - | - | 33 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €117,529 | €144,546 | €41,285 | €137,038 | €119,275 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €54,849 | €56,341 | €78,365 | €76,721 | €100,820 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €488 awarded · €488 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €353 | €353 |
| 2023 | 1 | €0 | €135 |
| 2022 | 1 | €135 | €0 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €15,398 | €6,468 | - | - | €10,350 | - |
| Remuneration, social security and pensions62 | - | - | - | €162,717 | €191,500 | €157,826 | €135,051 | €106,019 | ▼ 21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,467 | €57,049 | €49,925 | €54,849 | €56,341 | €78,365 | €76,721 | €100,820 | ▲ 31.4% |
| Other operating charges640/8 | - | - | - | €487 | €882 | €1,163 | €2,270 | €2,592 | ▲ 14.2% |
| Gross operating margin9900 | €173,420 | €256,423 | €262,551 | €260,824 | €286,956 | €271,409 | €305,356 | €367,276 | ▲ 20.3% |
| Operating profit (loss)9901 | €35,959 | €46,608 | €60,551 | €42,771 | €38,234 | €34,055 | €91,314 | €157,844 | ▲ 72.9% |
| Financial income75/76B | - | - | - | €759 | €1,990 | €1,857 | €1,297 | €3,033 | ▲ 134% |
| Recurring financial income75 | €506 | €291 | €745 | €759 | €1,990 | €1,857 | €1,297 | €3,033 | ▲ 134% |
| Financial charges65/66B | - | - | - | €2,407 | €1,628 | €3,878 | €5,168 | €16,577 | ▲ 221% |
| Recurring financial charges65 | €2,292 | €1,762 | €1,227 | €2,407 | €1,628 | €3,878 | €5,168 | €16,577 | ▲ 221% |
| Profit (loss) for the period before taxes9903 | €34,173 | €45,136 | €60,069 | €41,124 | €38,596 | €32,034 | €87,443 | €144,300 | ▲ 65.0% |
| Income taxes67/77 | €9,847 | €10,028 | €16,344 | €10,063 | €6,783 | €8,750 | €22,861 | €38,410 | ▲ 68.0% |
| Profit (loss) for the period9904 | €24,325 | €35,109 | €43,725 | €31,060 | €31,813 | €23,284 | €64,581 | €105,891 | ▲ 64.0% |
| Transfer to tax-exempt reserves689 | - | - | - | €116 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €24,325 | €35,109 | €43,725 | €30,945 | €31,813 | €23,284 | €64,581 | €105,891 | ▲ 64.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €223,900 | €256,661 | €268,307 | €359,996 | €464,034 | €433,161 | €515,101 | €639,339 | ▲ 24.1% |
| Fixed assets21/28 | €109,637 | €142,346 | €101,374 | €157,453 | €241,626 | €204,547 | €264,864 | €283,318 | ▲ 7.0% |
| Tangible fixed assets22/27 | €109,637 | €142,346 | €101,374 | €157,453 | €241,626 | €204,547 | €264,864 | €283,318 | ▲ 7.0% |
| Land and buildings22 | - | - | - | €5,718 | €16,816 | €22,997 | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | €47,100 | €75,006 | €80,002 | €137,984 | €123,602 | ▼ 10.4% |
| Furniture and vehicles24 | - | - | - | €86,850 | €64,309 | €44,606 | €44,076 | €101,528 | ▲ 130% |
| Leasing and similar rights25 | - | - | - | €17,785 | €85,495 | €56,942 | €82,803 | €58,188 | ▼ 29.7% |
| Current assets29/58 | €114,263 | €114,314 | €166,932 | €202,544 | €222,408 | €228,614 | €250,238 | €356,020 | ▲ 42.3% |
| Stocks and contracts in progress3 | €34,762 | €37,734 | €46,050 | €37,182 | €44,115 | €50,011 | €54,302 | €73,157 | ▲ 34.7% |
| Stocks30/36 | - | - | - | €37,182 | €44,115 | €50,011 | €54,302 | €73,157 | ▲ 34.7% |
| Amounts receivable within one year40/41 | €18,799 | €18,474 | €13,221 | €8,082 | €26,732 | €17,490 | €20,477 | €9,488 | ▼ 53.7% |
| Trade receivables40 | - | - | - | €3,957 | €4,773 | €3,070 | €14,356 | €7,394 | ▼ 48.5% |
| Other amounts receivable41 | - | - | - | €4,125 | €21,959 | €14,419 | €6,121 | €2,093 | ▼ 65.8% |
| Current investments50/53 | - | - | €64,570 | €76,570 | €82,570 | €69,542 | €81,542 | €93,542 | ▲ 14.7% |
| Cash at bank and in hand54/58 | €59,474 | €54,976 | €38,923 | €73,858 | €45,747 | €82,973 | €86,840 | €171,031 | ▲ 96.9% |
| Deferred charges and accrued income490/1 | - | - | - | €6,851 | €23,244 | €8,599 | €7,077 | €8,803 | ▲ 24.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €223,900 | €256,661 | €268,307 | €359,996 | €464,034 | €433,161 | €515,101 | €639,339 | ▲ 24.1% |
| Equity10/15 | €111,717 | €145,226 | €188,951 | €204,761 | €222,019 | €245,303 | €283,537 | €389,427 | ▲ 37.3% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €94,642 | €128,150 | €171,875 | €187,686 | €204,944 | €228,228 | €266,461 | €372,352 | ▲ 39.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €3,744 | €3,744 | €3,744 | €3,744 | €3,744 | = |
| Distributable reserves133 | - | - | - | €182,082 | €201,200 | €224,484 | €262,717 | €368,608 | ▲ 40.3% |
| Profit (loss) carried forward14 | €10,875 | €10,875 | €10,875 | €10,875 | €10,875 | €10,875 | €10,875 | €10,875 | = |
| Amounts payable17/49 | €112,183 | €111,435 | €79,356 | €155,235 | €242,015 | €187,858 | €231,565 | €249,911 | ▲ 7.9% |
| Amounts payable after more than one year17 | €24,881 | €19,425 | €11,444 | €62,310 | €78,472 | €44,430 | €73,961 | €85,452 | ▲ 15.5% |
| Financial debts170/4 | - | - | - | €62,310 | €78,472 | €44,430 | €73,961 | €85,452 | ▲ 15.5% |
| Amounts payable within one year42/48 | €84,844 | €76,456 | €51,715 | €90,210 | €143,577 | €135,849 | €156,507 | €164,459 | ▲ 5.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €20,763 | €44,918 | €38,280 | €43,024 | €48,463 | ▲ 12.6% |
| Trade debts44 | €29,365 | €19,952 | €30,659 | €36,569 | €72,893 | €53,206 | €43,207 | €37,822 | ▼ 12.5% |
| Suppliers440/4 | - | - | - | €36,569 | €72,893 | €53,206 | €43,207 | €37,822 | ▼ 12.5% |
| Taxes, remuneration and social security45 | - | - | - | €19,274 | €9,223 | €26,025 | €21,778 | €37,787 | ▲ 73.5% |
| Taxes450/3 | - | - | - | €12,041 | €653 | €3,944 | €2,042 | €20,790 | ▲ 918% |
| Remuneration and social security454/9 | - | - | - | €7,233 | €8,570 | €22,081 | €19,736 | €16,997 | ▼ 13.9% |
| Other amounts payable47/48 | - | - | - | €13,606 | €16,544 | €18,338 | €48,498 | €40,387 | ▼ 16.7% |
| Accrued charges and deferred income492/3 | - | - | - | €2,715 | €19,965 | €7,579 | €1,097 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,325 | €35,109 | €43,725 | €31,060 | €31,813 | €23,284 | €64,581 | €105,891 | ▲ 64.0% |
| + Depreciation and write-downs630 | €40,467 | €57,049 | €49,925 | €54,849 | €56,341 | €78,365 | €76,721 | €100,820 | ▲ 31.4% |
| Operating cash flow (approximation) | €64,792 | €92,158 | €93,650 | €85,909 | €88,154 | €101,649 | €141,303 | €206,711 | ▲ 46.3% |
| Investment in fixed assets (approximation) | - | -€89,758 | -€8,954 | -€110,927 | -€140,514 | -€41,285 | -€137,038 | -€119,275 | ▲ 13.0% |
| Change in cash | - | -€4,498 | -€16,053 | €34,935 | -€28,112 | €37,226 | €3,867 | €84,191 | ▲ 22× |
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, 34,693 companies had the same profile as Lieven & Katrien has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Lieven & Katrien 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 34,693 companies, not a prediction for Lieven & Katrien. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 15-10-2026 | 2026-00559572 | |
| 31-03-2025 | micro format | 20-10-2025 | 2025-00545701 | |
| 31-03-2024 | abbreviated format | 30-09-2024 | 2024-00481589 | |
| 31-03-2023 | micro format | 20-11-2023 | 2023-00514840 | |
| 31-03-2022 | micro format | 24-10-2022 | 2022-20470686 | |
| 31-03-2021 | micro format | 30-09-2021 | 2021-69900170 | |
| 31-03-2020 | micro format | 29-10-2020 | 2020-65500159 | |
| 31-03-2019 | micro format | 24-10-2019 | 2019-71200167 | |
| 31-03-2018 | micro format | 25-10-2018 | 2018-70200354 | |
| 31-03-2017 | abbreviated format | 27-10-2017 | 2017-68100367 |