ACTIVE

LEMAN

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Financial year 2025 · closed on 31/12/2025

Net result

-29,4 M €

-8544.4% YoY

Revenue

3,6 M €

+237.2% YoY

Equity

81,4 M €

-20.1% YoY

What does LEMAN do?

LEMAN is a Private limited company incorporated in 2001. Its registered office is in Uccle.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0474.624.166

Incorporation

19/04/2001

Legal form

Private limited company

Registered office

Avenue Montjoie 100
1180 Uccle · BruxellesSee on map

Contributed capital

110 000 000,00 €

Latest accounts

31/12/2025

Contacts

1 public detail availableLog in to view

Signals

Solid equityLow riskGood liquidity

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	3,6 M €	+237%	1,1 M €	-6.6%	1,2 M €	-29.6%	1,6 M €	+51.9%	1,1 M €	+54.6%	696,7 k €	+38.1%	504,6 k €	-42.9%	883,3 k €	-20.4%	1,1 M €	+23.5%	898,8 k €	-29.8%	1,3 M €	+21.3%	1,1 M €	-1.5%	1,1 M €	+8.9%	984,6 k €	+21.1%	812,8 k €	-9.1%	894,1 k €	+2.1%	876 k €	-12.7%	1 M €	+27.7%	785,6 k €	+23.4%	636,5 k €
EBITDA	-19,6 M €	-1846%	1,1 M €	+50.6%	743,5 k €	-45.6%	1,4 M €	+93.8%	705 k €	+197%	237,7 k €	+68.1%	141,4 k €	-65.7%	412 k €	-13.1%	474,4 k €	-4.4%	496,2 k €	-26.7%	676,6 k €	+19.2%	567,6 k €	+13.2%	501,5 k €	+61.1%	311,2 k €	-23.5%	407 k €	-12.4%	464,7 k €	+22.4%	379,7 k €	+15.0%	330,3 k €	-46.1%	612,7 k €	+39.9%	438 k €
Operating result	-28,8 M €	-2910%	1 M €	+57.5%	651,2 k €	-49.0%	1,3 M €	+107%	615,4 k €	+268%	167,4 k €	+115%	77,7 k €	-77.8%	349,7 k €	+117%	161,4 k €	-11.4%	182,1 k €	-49.8%	362,6 k €	+4.8%	346 k €	+9.5%	316,1 k €	+153%	124,9 k €	-54.6%	275,5 k €	-25.8%	371,4 k €	+29.8%	286,1 k €	+21.4%	235,7 k €	-46.5%	440,4 k €	+74.7%	252,1 k €
Net result	-29,4 M €	-8544%	348,5 k €	+2.6%	339,8 k €	-57.9%	808 k €	+65.3%	488,7 k €	+516%	79,4 k €	-56.7%	183,1 k €	-47.3%	347,2 k €	+331%	80,6 k €	+14.9%	70,2 k €	+1436%	4,6 k €	+21.2%	3,8 k €	-99.9%	3,6 M €	+14876%	23,9 k €	-81.4%	128,8 k €	+21.4%	106,1 k €	+582%	15,6 k €	-99.3%	2,2 M €	+31.0%	1,7 M €	+781%	189,5 k €
Balance sheet
Equity	81,4 M €	-20.1%	101,9 M €	+0.3%	101,6 M €	+0.3%	101,2 M €	+5.0%	96,4 M €	+0.5%	95,9 M €	+0.1%	95,8 M €	+0.2%	95,7 M €	+0.4%	95,3 M €	+4.1%	91,5 M €	+3.2%	88,7 M €	+32.5%	67 M €	+19.8%	55,9 M €	+127%	24,7 M €	+10.7%	22,3 M €	+29.2%	17,3 M €	+22.0%	14,1 M €	+46.9%	9,6 M €	+29.4%	7,4 M €	+28.9%	5,8 M €
Total assets	96,1 M €	-24.3%	127 M €	+4.1%	122 M €	+7.9%	113,1 M €	+5.5%	107,2 M €	+3.8%	103,2 M €	+0.9%	102,3 M €	+1.3%	101 M €	+0.5%	100,5 M €	+3.9%	96,7 M €	+2.3%	94,6 M €	+23.8%	76,4 M €	+15.7%	66 M €	+10.4%	59,8 M €	+108%	28,8 M €	+12.0%	25,7 M €	+8.8%	23,6 M €	+20.7%	19,5 M €	-0.4%	19,6 M €	+69.6%	11,6 M €
Cash	72,9 k €	-29.9%	104,1 k €	+174%	38 k €	-9.4%	41,9 k €	+161%	16,1 k €	-79.8%	79,4 k €	-41.5%	135,7 k €	+156%	53,1 k €	+268%	14,4 k €	-89.3%	135,5 k €	+129%	59,2 k €	-52.7%	125,3 k €	+178%	45 k €	-61.8%	118 k €	+79.9%	65,6 k €	+4.5%	62,8 k €	-20.2%	78,7 k €	+25.2%	62,9 k €	+218%	19,7 k €	-70.1%	66,1 k €
Debts	14,6 M €	-41.7%	25,1 M €	+22.7%	20,4 M €	+72.9%	11,8 M €	+10.1%	10,7 M €	+47.6%	7,3 M €	+13.3%	6,4 M €	+20.8%	5,3 M €	+2.3%	5,2 M €	-0.2%	5,2 M €	-10.8%	5,8 M €	-38.3%	9,4 M €	-6.9%	10,1 M €	-71.1%	35,2 M €	+443%	6,5 M €	-23.1%	8,4 M €	-10.8%	9,4 M €	-4.7%	9,9 M €	-18.7%	12,2 M €	+110%	5,8 M €

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 2 ended

Active mandates

Hélène ZIEGLER

Director · since 21 décembre 2022

Active

Ended mandates

Alain ZIEGLER

Director

Ended

Alain ZIEGLER

Manager

Ended

At this address

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	07/09/2026	18/08/2025	22/08/2024	15/06/2023	14/06/2022	21/06/2021
General meeting	01/09/2026	25/04/2025	11/06/2024	13/06/2023	14/06/2022	08/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

22 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro modelCorrection	31/12/2025	01/09/2026	07/09/2026	French	PDF
Micro model	31/12/2025	09/06/2026	13/07/2026	French	PDF
Micro model	31/12/2024	25/04/2025	18/08/2025	French	PDF
Abridged model	31/12/2023	11/06/2024	22/08/2024	French	PDF
Abridged modelCorrection	31/12/2022	13/06/2023	15/06/2023	French	PDF
Abridged model	31/12/2022	13/06/2023	13/06/2023	French	PDF
Abridged model	31/12/2021	14/06/2022	14/06/2022	French	PDF
Abridged model	31/12/2020	08/06/2021	21/06/2021	French	PDF
Abridged model	31/12/2019	09/06/2020	11/06/2020	French	PDF
Abridged model	31/12/2018	11/06/2019	11/06/2019	French	PDF
Abridged model	31/12/2017	12/06/2018	13/06/2018	French	PDF
Abridged model	31/12/2016	11/05/2017	31/05/2017	French	PDF
Abridged model	31/12/2015	09/05/2016	12/05/2016	French	PDF
Abridged model	31/12/2014	09/06/2015	05/08/2015	French	PDF
Abridged model	31/12/2013	10/06/2014	04/08/2014	French	PDF
Abridged model	31/12/2012	11/06/2013	17/07/2013	French	PDF
Abridged model	31/12/2011	28/06/2012	22/08/2012	French	PDF
Abridged model	31/12/2010	07/06/2011	30/08/2011	French	PDF
Abridged model	31/12/2009	08/06/2010	11/08/2010	French	PDF
Abridged model	31/12/2008	09/06/2009	22/07/2009	French	PDF
Abridged model	31/12/2007	10/06/2008	20/06/2008	French	PDF
Abridged model	31/12/2006	29/06/2007	31/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 2 ended

Active mandates

Hélène ZIEGLER

Director · since 21 décembre 2022

Active

Ended mandates

Alain ZIEGLER

Director

Ended

Alain ZIEGLER

Manager

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other08/01/2026
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Other23/11/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - OBJET
PDF
Mandates11/01/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates21/11/2022
MODIFICATION FORME JURIDIQUE - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Capital / shares30/01/2018
CAPITAL, ACTIONS
PDF
Capital / shares24/01/2017
CAPITAL, ACTIONS
PDF
Capital / shares21/12/2015
CAPITAL, ACTIONS
PDF
Mandates06/10/2015
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-29,4 M €↓
2024
Annual accounts 2024348,5 k €↑
2023
Annual accounts 2023339,8 k €↓
2022
Annual accounts 2022808 k €↑
21/12/2022
nominationHélène Ziegler — administrateur
2021
Annual accounts 2021488,7 k €↑
2020
Annual accounts 202079,4 k €↓
2019
Annual accounts 2019183,1 k €↓
2018
Annual accounts 2018347,2 k €↑
2017
Annual accounts 201780,6 k €↑
2016
Annual accounts 201670,2 k €↑
2015
Annual accounts 20154,6 k €↑
2014
Annual accounts 20143,8 k €↓
2013
Annual accounts 20133,6 M €↑
2012
Annual accounts 201223,9 k €↓
2011
Annual accounts 2011128,8 k €↑
2010
Annual accounts 2010106,1 k €↑
2009
Annual accounts 200915,6 k €↓
2008
Annual accounts 20082,2 M €↑
2007
Annual accounts 20071,7 M €↑
2006
Annual accounts 2006189,5 k €
19/04/2001
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

LEMAN

Overview

What does LEMAN do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline