01 — Introduction
02 — Lease Estate at a glance
03 — Finances
01 — Introduction

Own your property. Own your future.

Financial Plan 2026–2029 · Prepared for PMV, July 2026

Commercial SME property — brick office with industrial hall
1.1 — Our ask

Our ask

One subordinated facility. A multiple in SME impact.

With a subordinated loan of € 1,375,000 we help 15 to 20 SMEs realise their dream.

The loan strengthens our equity position and unlocks more than € 10,380,000 in new leasehold (erfpacht) leases — Flemish SMEs acquiring their own business premises. After 5 years the loan is repaid in full from the excess cash flow the lease portfolio itself builds up.

Funding mix per dossier€ 10,380,750 production 2026–2027
Belfius · 75.0%
PMV · 13.2%
LE · 11.8%
senior · LTV 68% < 70% cum. LTV 79% < 80% own contribution
New leases
> €10.38M
15 dossiers in 2026–2027, secured by the real estate itself
Repayment after 5 years
108% covered
€1,486,246 excess capital build-up from the leases alone
Buffer on top
202% incl. spread
€1,289,500 net interest margin as a second repayment source
1.2 — Who we are

Who we are

Experienced, complementary, deeply committed to the SME market.

Lease Estate is a specialized real estate leasing company focused exclusively on the underserved SME segment in Belgium. Founded in 2019, we are one of only five professional real estate leasing companies recognized by Febelfin, and the only specialist dedicated to smaller transactions (typically €250k to €750k, up to €2 million).

Founder & Managing Director
Maxime De Clerck
Entrepreneur and former ING banker, Maxime founded Lease Estate in 2019 to make property ownership accessible to SMEs. Combining legal, financial and strategic insight, he also advises larger players like Beaulieu International Group and Ter Lembeek International as Independent Director. As a member of the Febelfin real estate subcommittee, he helps shape Belgium's real estate leasing framework.
LinkedIn
Sales Director
Lloyd Lippens
Lloyd brings a mix of entrepreneurship and international business flair. Before joining Lease Estate in 2022, he scaled Château La Haye into a Bordeaux success story and now drives commercial growth at Lease Estate. As Director at Containr and co-founder of The French Kiss Club, he blends creativity with strong business execution.
LinkedIn
Operations Manager
Alex De Ruysscher
A strategist with a sharp analytical mindset, Alex joined in 2025 after advising global clients at Simon-Kucher in Europe and Asia. He combines strategic thinking and financial precision to streamline operations and scale Lease Estate's growth engine. His focus: turning strategy into execution.
LinkedIn
1.3 — What we do

What we do

Property ownership for SMEs, structured as leasing.

We operate at the intersection of real estate, finance, and SME advisory, a position that gives us a structural and defensible market advantage. Our product enables Belgian SMEs to own their commercial property with minimal equity contribution, long-term financing, and repayments that are competitive with bank loans priced up to 275 basis points lower.

The structure is straightforward: Lease Estate acquires or holds the commercial property and leases it to the SME under a long-term financial lease. The lessee builds towards full ownership, while Lease Estate remains the legal owner of the asset throughout the term, providing the strongest possible collateral position.

Three Core Value Pillars

Pillar 1
Minimal Equity Contribution
Financing from 90% up to 97.5% of the acquisition value
2.5–10%
equity required
Pillar 2
Affordable Net Repayments
Lease-specific tax advantages make us competitive with loans priced up to 275 bps lower
275 bps
advantage vs. bank loans
Pillar 3
Long-Term Financing
Financing over 15 to 20 years with residual values from 0% to 25%
15–20 yr
terms available
1.4 — Match with PMV

The SME financing gap

Structural, growing, and exactly where PMV and Lease Estate meet.

The Belgian financing market is evolving rapidly. While enterprise lending has climbed to a record €187 billion, access to long-term financing is shrinking fast. For micro-companies with fewer than 9 employees, which make up 96% of all Belgian SMEs, the sense of exclusion from credit markets is growing stronger than ever.

Y-o-Y growth — enterprise lending
2.7%
1.7%
2020
6.2%
10.8%
2021
6.1%
8.2%
2022
3.4%
2.9%
2023
3.9%
−0.5%
2024
3.3%
−1.5%
2025
Loans to enterprises Loans to enterprises >5 yrs

Source: NBB.Stat, quarterly survey on financing conditions, outstanding loans to non-financial corporations (stat.nbb.be). 2025 reflects the latest available quarter.

Why Banks Are Retreating from SMEs
Increased Regulation
Stringent capital requirements exclude non-prime clients
Digitalisation
Automatic credit scoring replaces personal contact
Sustainability
Banks forced to reject certain asset classes (EPC)
Policy-Based Approach
Focus on fee income and clients with cross-sell potential

Banks increasingly finance only 'best-of-class' enterprises, leaving a fast-growing underserved SME segment without alternatives. Lease Estate is currently the only player in Belgium specialized in offering real estate leasing solutions for deals under €1M. No non-bank alternatives exist today for long-term commercial real estate financing in this segment.

A complementary mission

Lease Estate’s mission aligns closely with PMV’s vision of supporting a sustainable Flemish economy by improving access to financing for ambitious entrepreneurs. While PMV defines this objective at a broader economic level, Lease Estate translates it into a concrete solution for SMEs seeking to acquire business real estate.

The complementarity extends to the product range itself. PMV’s six lending instruments are cash-flow driven and run three to ten years; its two guarantee schemes cover leasing, but operate through a waarborghouder. What the range does not include is a long-term instrument for owner-occupied business real estate. Lease Estate adds exactly that piece: real estate leasing over 15 to 20 years at high loan-to-values, a product that complements PMV’s offering rather than competing with it.

Loan
Startlening

≤ €100k · 3–10 yrs

Loan
Automatische Cofinanciering

≤ €50k · 3–10 yrs

the missing piece
The ninth piece
Lease Estate

Real estate leasing · 15–20 yrs · high LTV

Loan
Cofinanciering

≤ €350k · 3–10 yrs

Loan
Cofinanciering+

€350–700k · 3–10 yrs

Loan
Winwinlening

≤ €300k · 5–10 yrs

Loan
Bedrijfslening

from €700k · ≤ 10 yrs

Guarantee
Waarborgregeling

guarantee ≤ €2.25M · ≤ 10 yrs

Guarantee
Gigarant

guarantee ≥ €1.5M · bespoke

1.5 — How our security structure works

Secured by property rights

One structure, four steps, full control.

Every lease is built on a scission of the property: Lease Estate acquires the emphyteutic right (erfpacht) and the lessee acquires the nue property (tréfonds). Lease Estate controls the full ownership for the entire term, and the security is the structure itself.

Sleep nodes (blauw gestippeld), pijl-handles (blauwe punten) en labels (lila gestippeld). "Copy JSON" exporteert de layout; stuur die door om ze permanent in het bestand te zetten.

Leasing versus mortgage

Real estate leasingMortgage
Value realised when selling during bankruptcy 100%
As proprietor, the lessor decides when and how to sell.
 70–80%
The asset has to be sold under distress, at a discount.
Entitled to the capital gains? Yes
As proprietor, the lessor claims the capital gains.
HvC 21/02/2025		 No
The claim is limited to the outstanding amount, plus some extra costs.
Concurrence with statutory privileges of public authorities? Limited
Only possible when selling the nue property, which has limited value.
 Yes
Several statutory privileges come first in rank.
Risk of a haircut in pre-bankruptcy proceedings (WCO)? No
The lease is considered as a rental agreement.
 Yes
The creditor can be forced, in some occasions.
art. XX.83/18 WER
02 — Lease Estate at a glance

Lease Estate at a glance

The portfolio, the method, the numbers.
€29.6M
Portfolio outstanding
July 2026
72.9%
Weighted LTV
on appraised value
€34.2M
Total origination
52 leases · 43 lessees
Origination per vintage (committed, €M)
0.9'19
3.5'20
2.2'21
0.6'22
9.5'23
4.4'24
4.4'25
2.9'26 YTD

Historical Portfolio Performance (2019–2026)

Year Production # Deals Avg Size Avg Rate Outstanding LTV Defaults
2019€0.931M1€931k5.3%€0.734M64%0
2020€3.516M4€879k6.4%€2.681M49%0
2021€2.238M3€746k5.1%€1.775M56%0
2022€0.555M1€555k6.2%€0.000M—1
2023€9.491M16€593k6.9%€5.794M76%1
2024€4.413M5€883k7.8%€7.359M77%0
2025€4.383M7€626k7.1%€5.257M77%1
2026€2.853M4€713k9.0%€2.679M89%0
TOTAL€28.380M41€692k7.0%€26.279M72.9%3

Source: portfolio dashboard (10 Jul 2026), vintages as registered. Eleven dossiers without a registered start date (€3.3M outstanding) are not attributed to a vintage; the column totals therefore fall short of the €29.6M portfolio outstanding and €34.2M total origination shown above. LTV = outstanding-weighted current LTV.

Of the 3 defaults over 7 years, the two resolved cases produced a combined net gain of €708,676, demonstrating that as the legal owner of the leased asset, Lease Estate benefits from capital appreciation on the underlying real estate, even in default scenarios; the 2025 case is in active workout.

Payment Record (2020–2026)

Year Payments On Time Missed (>14d) Moderate Debt Bad Debt
20202893%7%0%0%
20217795%0%4%1%
202213495%4%1%0%
202334297%2%1%1%
202449796%2%1%1%
202554496%3%1%0%
202630692%2%2%3%
TOTAL1,92895%2%1%1%
2.1 — Current Portfolio

Seven years of discipline

Zero net losses, and a growing pipeline.

The portfolio on the map

Every asset behind the book, pins per asset class. Click a pin for the full asset record: appraisal history, property score, location profile and SWOT. Open in full window ↗

Deals per provincie
West-Vlaanderen18
Antwerpen12
Oost-Vlaanderen9
Limburg7
Vlaams-Brabant5
Henegouwen1
Deals per asset klasse
SME-unit20
Retail9
Office + Warehouse8
Office7
Warehouse5
Residential3
Deals per transactiegrootte
< €350k14
€351k – 500k13
€501k – 750k9
€751k – 1,250k8
€1,251k +8
2.2 — How we assess Asset Risk

How we assess Asset Risk

5000+ data points per location, across three layers, all traceable to source.

60+ indicators per location with 500+ datapoints. Three layers deep. Every value traceable to source, from Statbel to OVAM.

Layer 1 — Macro-location

The municipality

Economic activity measured through data points at municipal level — employment, business density, income, education and demographics — combined with how the infrastructure lends itself: road network and accessibility of logistics hubs.

Layer 2 — Micro-location

The business park

Scored at site level on activity, composition, maturity, infrastructure and potential — how strong is the site the property sits on?

Layer 3 — Building score

The building

The building tested on sustainability, quality and flexibility — assessed together with architects, EPC experts and appraisers.

One composite property score per file: every layer traceable to source data, the same methodology for every location in Flanders.

Go to demo
2.3 — How we monitor payments

How we monitor payments

Every lease on direct debit. Every deviation escalated.

All lease instalments are collected by direct debit on fixed monthly dates. Collections are reconciled against the loan tape every month, so any deviation is visible within days, not quarters.

Every monthly lease payment moves through the same cycle. What the lessee does — or doesn't do — decides the qualification.

On time Missed payment Moderate debt Bad debt

01 · Collection

Direct debit

The monthly lease payment is collected by direct debit on the agreed day.

payment fails

02 · Reminder

Manual payment window

The lessee receives an automated e-mail with instructions to pay manually. After 10 calendar days a new direct debit is initiated.

payment fails
Missed payment

Registered as missed

  • Interest on arrears and an administrative fee are charged
  • Automated e-mail with payment instructions
  • Registered letter with formal notice of default after 14 days
  • The client is reached by phone
payment fails

03 · Second missed

Overdue stacking up

A missed payment qualification on the second payment, while still overdue on the first.

payment fails

04 · Third missed

Pattern confirmed

A missed payment qualification on the third payment, while still overdue on the first.

payment successful
3 × in 12 months
qualification
qualification
On time

Payment registered as on time

Paid at collection, or within the reminder cycle.

Recurring pattern

Registered as missed payment three times in 12 months, without ever being more than one month overdue.

Moderate debt

Registered as moderate debt

Repeated missed payments, or two overdue at once.

Bad debt

Registered as bad debt

Three missed payments deep, first still unpaid.

Portfolio · as of 2026-07-10

Where every lessee stands today

41 scored lessees · current status after recovery rules — missed payment clears after 6 months on time, moderate debt after 12, bad debt steps down after 6 · leases younger than 6 months are not scored · bankruptcies frozen at judgment date · a classification can be overruled by the Risk department · payment dates follow the bank statements

Bad debt
1
lessee
  • BVBA Neopoints2 missed · €14,582 open
Moderate debt
6
lessees
  • BVBA Zennith5 missed
  • BV AMT Consulting5 missed
  • NV Immo-Brit14 missed
  • BVBA Midn4 missed
  • BVBA Peeters M4 missed
  • BV BVO Group3 missed
Missed payment
5
lessees
  • BV Rvr Tuin- En Grondwerken4 missed
  • BV Jg Interieurbouw2 missed
  • BVBA Salon Nexx1 missed
  • BV Octobel1 missed
  • Group 551 missed
On time
29
lessees
Show all lesseesHide lessees
  • BV Kumo Bouwwerken37 on time · €2,169 open
  • BV Bahonya2 missed · was missed payment
  • BV CEJ Compagny2 missed · was missed payment
  • BV Rj Invest2 missed · was missed payment
  • Eveto Comm V2 missed · was missed payment
  • BV LLL Consult1 missed · was missed payment
  • BV Ruelens Site1 missed · was missed payment
  • Camelot Invest1 missed · was missed payment
  • Manamax1 missed · was missed payment
  • TRUCKO BV1 missed · was missed payment
  • ADASS BV33 on time
  • Aliba BV72 on time
  • BV Ariston8 on time
  • BV Carla Van Caeneghem61 on time
  • BV Dico Diamond Company23 on time
  • BV G2-Bedrijfsadvies & Invest17 on time
  • BV Himalaya Invest35 on time
  • BV Ocular38 on time
  • BV Phonetech Holding84 on time
  • BV Relax & Enjoy36 on time
  • BV Rijschool Mk29 on time
  • BV Vanderic46 on time
  • BV We Home10 on time
  • BVBA Fds Promotions62 on time
  • BVBA Top-Concept46 on time
  • BVBA White Farm Passchendaele26 on time
  • NV Immo Desan5 on time · other bank account
  • Spartax57 on time
  • VOF Lt Interieur79 on time
No score yet
1
lessee
  • CommV Waterpas Construction1 missed · €7,048 open
Bankruptcy
3
lessees
  • NBCI BVfrozen at moderate debt
  • BVBA Flavourrsfrozen at moderate debt
  • NV Daniel Dendauw - Stragierfrozen at missed payment

The result over seven years: three defaults, of which the two resolved cases produced a combined net gain of €708k — a direct consequence of tight monitoring combined with legal ownership of the underlying asset; the 2025 case is in active workout.

2.4 — How we monitor risk

How we monitor risk

Quantified per dossier. Reviewed for the whole book.

Each dossier carries a quantified expected-loss estimate, rebuilt from public default data and the characteristics of the specific lessee and asset. The model is refreshed as portfolio data comes in, and collateral values are revalued annually.

The scorecard behind the PD — mirrored aggregation tree

Public data flows in from the left — NPL ratios from the NBB and bankruptcy statistics per sector for SMEs from FOD Economie — and sets the sector baseline. The right-hand side holds the company's own financials: six weighted pillars, each built from factor leaves scored on the annual accounts and the transaction itself. Hover over any leaf to trace exactly how it flows through the weights into the total score.

03 — Finances

Finances

Where the cash comes from, and how the debt is layered.
3.1
Cash flow
Recurring operating cash flow from the lease book, reconstructed bottom-up from the annual accounts with a full tie-out across every period.
Recurring first
3.2
Debt structure
Seven years of production funded through five banking relationships plus our own contribution — €29.6M of bank debt at a 2.50% weighted rate.
Five funding banks
3.3
Our figures in detail
The audit trail beneath the cash flow: four balance sheets and three income statements, expandable down to general ledger account level.
Tied out to the cent
3.1 — Cash flow

Cash flow

Reconstructed from the accounts. Tied out to the cent.

The cash-flow bridge for fiscal year 2025, in €k, reconstructed line by line from the annual accounts with a full tie-out (residual 0,00) in every period. Green is cash-in, grey is cash-out, blue marks the subtotals — click any bar to trace the amount back to its source.

Simulation: eliminate the Ampla House fees (2024: 85,500 · 2025: 210,912) — a discretionary, non-recurring intragroup cost for utilising carried-forward tax losses, paid only when there is sufficient cash flow. SIMULATION ACTIVE
Cash inflow Cash outflow Subtotal
Click a bar to see where the amount comes from.
3.2 — Debt structure

Debt structure

Diversified senior funding, built vintage by vintage.

Every lease is funded with senior bank debt plus our own contribution. The chart shows funding per vintage year (€M), split by source — from a single relationship at the start to five banks today. The table underneath details, per source and per vintage, the amount funded and the amount outstanding today, with the current weighted interest rate after rate revisions. Toggle the switch to see the agreed refinancing (signature pending): ABN AMRO takes over nine ’23/’24 files (€4.75M) and the 2026 own contribution converts into a BankB credit — freeing up ±€3.0M of equity for new production.

Funding per vintage year: bank funding + own contribution (€M)
CKV / BankB BNP Paribas Fortis Belfius KBC ABN AMRO Own contribution
4.4
'19/'20
3.1
'21
5.0
'22
10.0
'23
4.4
'24
3.6
'25
3.5
'26 YTD
2019/20202021 20222023 20242025 2026Total
Source (k€) FundedOutst.FundedOutst. FundedOutst.FundedOutst. FundedOutst.FundedOutst. FundedOutst.FundedOutst.
CKV / BankB 4,0672,998
2.51%
 2,6032,063
2.51%
 4,4833,760
2.04%
 9,2808,167
2.18%
 4,5354,179
2.51%
 2,2722,180
3.07%
 —— 27,23923,348
2.37%
BNP Paribas Fortis ———— ———— 462400
4.16%
 618600
4.24%
 —— 1,0801,000
4.21%
Belfius ———— ———— ———— 315315
3.42%
 315315
3.42%
KBC ———— ———— ———— 1,0001,000
3.52%
 1,0001,000
3.52%
Own contribution 105169 5627 305224 355528 688688 41660 2,8532,679 4,7784,375
Total bank 4,0672,9982,6032,063 4,4833,7609,2808,167 4,9974,5792,8902,780 1,3151,315 29,63425,662
2.50%
3.3 — Our figures in detail

Our figures in detail

The annual accounts, expandable per heading.

The source layer beneath the cash flow — the full audit trail, reconstructed from the Titeca year-end closing files (31/12/2022 through 31/12/2025). Every heading expands down to general ledger account level: the accounts sum per heading and together tie exactly to the balance sheet totals.

Balance sheet as at 31/12 · 2022 through 2025 ▶

Click a heading to expand down to general ledger account level. The accounts sum per heading and together tie exactly to the balance sheet totals.

HeadingCode2022202320242025
▸ Intangible fixed assets20/2158.59044.54030.48919.022
▸ Tangible fixed assets22/279.802.28813.481.64816.088.76718.686.942
▸ Financial fixed assets28207.096207.0961.382.1081.968.383
▸ Receivables > 1 year (lease book + other)293.911.5928.124.7457.084.4518.090.916
▸ Receivables ≤ 1 year40/41959.591610.4761.864.8842.513.445
▸ Cash and cash equivalents54/5818.136172.962279.444346.348
▸ Deferred charges and accrued income490/15.96849.83420.88615.045
▸ Equity10/13804.6901.131.2241.436.4841.762.447
▸ Debts > 1 year1710.895.47919.505.10022.788.46623.797.595
▸ Debts ≤ 1 year42/483.263.0922.048.6432.557.3114.708.180
▸ Accrued charges and deferred income492/30271.357592.5461.371.878
Income statement · 2023 through 2025 ▶

Click a heading to expand down to general ledger account level.

HeadingCode202320242025
▸ Turnover701.172.7771.786.8312.085.116
▸ Other operating income74366.042466.657492.934
▸ Goods for resale6047.9954.4235.211
▸ Services and miscellaneous goods61294.903561.447635.281
▸ Depreciation630388.564548.973626.039
▸ Impairments633/433.712−37.28310.601
▸ Other operating costs6442.454173.686221.427
▸ Financial income754.8444.1079.824
▸ Financial costs65367.402653.473680.983
▸ Exceptional income760017.583
▸ Taxes6742.10056.26099.952
Lease book · receivables per file (account 29) ▶
File2022202320242025
Immo Britt441.879417.112391.334364.214
Top Concept318.078304.291289.678274.189
LLL Consult234.604343.852330.630316.074
Manamax234.604343.852330.630316.074
Vanderic420.971410.546397.305382.073
LT Interieur348.605333.500317.490300.526
Dendauw983.057943.33300
Ocular875.399845.037804.811757.480
Bahonya0277.298264.565251.003
Somnia0668.767649.070626.497
AMT Consult0909.620888.185853.165
Veternity0682.221662.859640.694
KUMO0254.731247.445239.112
Octobel0579.834562.150541.996
Salon Nexx0206.973198.127188.640
Relax & Enjoy0203.525195.298186.483
LT Interieur 20358.095343.524327.959
Rijschool MK00181.999175.205
FDS000861.378
We Home000475.611
Total lease receivables (29)3.857.1988.082.5867.055.1018.078.373

Declining balances on ongoing files are principal collected (Stream B). New or rising balances are originations (growth deployment). Dendauw disappeared from account 29 in 2024: reclassification to doubtful debtors (407000), no cash flow.

Principal repayments on loans · all files 2025 ▶

Two readings of the same bridge bar. Scheduled = the short-term tranche (heading 42) as classified at 31/12/2024: the contractual repayment for 2025. Actual = the effective decrease in the total outstanding balance per file (long-term + short-term combined). The two are very close — in 2025 the book amortised almost exactly on schedule.

Reclassification. The largest single line below, the repayment of 300.000 to REINVEST II / BERCOFIN (18/02/2025), is not an operating repayment but a refinanced related-party loan: it was replaced by another credit line and therefore belongs in the financing cash flow. It has accordingly been removed from the principal repayments in the bridge. The recurring repayment on the operating loan book thus amounts to 1.048.737 (scheduled) and 1.061.967 (actual) respectively; the REINVEST line is marked separately below.

Scheduled · heading 42 @ 31/12/2024
Contractual repayment 20251.348.737,31
Actual · decrease in total balances
Effectively repaid 20251.361.967,48

Actual repayments per file — decrease in the total outstanding balance (174/173 + 423/424).

FileBalance 31/12/2024Balance 31/12/2025Repayment 2025
325.000 (REINVEST / BERCOFIN) — refinanced, moved to financing300.0000300.000
1.620.000 (BVO-House of steel)1.488.8611.415.66273.199
1.650.000 (Trucko)1.331.8881.260.56071.328
Other loans687.677646.08941.588
1.045.000 (White farm)1.023.033982.68340.350
1.062.000 (Dico diamond)1.052.4831.012.92439.560
1.038.000 (Zennith)1.006.703968.03038.674
895.000 (Camelot)801.448764.42737.020
872.625 (NEOPOINTS)757.448720.75036.698
950.000 (AMT consulting)898.243862.76435.479
833.000 (FDS Promotions)705.071669.85035.221
711.000 (Veternity Belgium)668.898636.86132.037
741.000 (Group 55)603.823571.86531.959
796.500 (Himalaya)759.830728.04631.784
666.000 (Somnia) -625.708600.80624.902
574.500 (CVC)516.403492.68823.714
535.500 (RVR)477.701455.50522.196
585.000 (Octobel)549.608527.73421.874
515.000 (Immo Brit)437.455415.73621.718
472.500 (PHONETECH)431.089411.17919.909
441.000 (Vanderic)403.880384.52119.359
420.000 (Aliba)339.026320.87018.156
450.000 (Eveto)433.675415.56518.110
441.000 (RJ Invest)423.539405.75517.785
428.400 (Ruelens)383.620365.90017.720
441.000 (Flavourrs)419.425402.07917.346
CKV 390.000369.822353.50116.320
382.500 (Spartax)332.014315.92916.086
406.165 (JG interieurbouw)401.306386.04515.261
342.900 (LT Interieur)314.037298.98415.053
390.000 (Phonetech 2)368.752354.18714.565
381.800 (ADASS)367.949353.64814.301
CKV - File Maxime Peeters255.376241.15014.226
321.300 TOP Concept294.256280.15114.105
346.500 (LT interieur 2)333.930319.98513.945
321.531,32 (SPARTAX II)292.301279.11013.191
BNP219.573206.60912.963
BNP219.573206.60912.963
31.875 (Spartax)12.139012.139
265.500 (KUMO)249.779237.81511.963
275.000 Trucko 2265.024253.95611.067
298.200 (Bahonya)277.878267.11210.765
260.000 (Himalaya 2)253.745244.1109.636
230.375 (CEJ Compagny)219.104210.1918.914
211.850 (Relax & enjoy)202.779193.8678.912
220.500 (Salon Nexx)205.940197.1398.800
FDS promotions 150.000137.374130.7896.585
173.700 (Rijschool MK)169.521163.0846.437
90.000 (Neopoints 2)87.83584.5003.335
70.000 (Ruelens 2)68.10365.3542.749
Total actual repayments (50 files)1.361.967
Of which recurring (excl. REINVEST/BERCOFIN)1.061.967

Against the repayments: new drawdowns & originations — this is why gross debt nonetheless rises (net +2.473.760, growth deployment in the bridge). Together with the repayments this ties exactly to the balance sheet movement of headings 17 + 42 + 43.

FileBalance 31/12/2024Balance 31/12/2025Drawdown 2025
1.147.500 (MIDN)01.116.403+1.116.403
Straight loans0995.778+995.778
495.000 (We Home)0489.078+489.078
324.000 (G2)0315.220+315.220
230.000 (Phonetech)0227.248+227.248
Investment credit BNP0206.000+206.000
Investment credit BNP0204.347+204.347
Investment credit BNP0204.347+204.347
75.000 (FDS Promotions)074.553+74.553
390.000 (BVO II)14.33815.723+1.384
931.000 (ocular)40.56741.588+1.020
325.000 (Maxime Peeters)13.87714.226+349
Total new drawdowns & originations (12 files)+3.835.728

Scheduled repayment per file — the short-term tranche (heading 42) at 31/12/2024, the figure used in the bridge.

FileShort-term tranche @ 31/12/2024
325.000 (REINVEST / BERCOFIN) — refinanced, moved to financing300.000
1.620.000 (BVO-House of steel)73.199
1.650.000 (Trucko BV)71.328
931.000 (ocular)40.567
1.062.000 (Dico diamond)38.837
1.038.000 (Zennith)38.674
1.045.000 (White farm)38.625
895.000 (Camelot)37.020
872.625 (NEOPOINTS)36.698
950.000 (AMT consulting)35.479
833.000 (FDS Promotions)35.221
711.000 (Veternity Belgium)32.037
741.000 (Group 55)31.959
796.500 (Himalaya)31.624
666.000 (Somnia) -24.902
574.500 (CVC)23.714
535.500 (RVR)22.196
585.000 (Octobel)21.874
515.000 (Immo Brit)21.718
472.500 (PHONETECH)19.909
441.000 (Vanderic)19.359
420.000 (Aliba BVBA)18.156
450.000 (Eveto)18.110
441.000 (RJ Invest)17.785
428.400 (Ruelens)17.720
441.000 (Flavourrs)17.064
382.500 (Spartax)16.086
342.900 (LT Interieur)15.053
406.165 (JG interieurbouw)14.893
390.000 (Phonetech 2)14.565
390.000 (BVO II)14.338
381.800 (ADASS)14.301
321.300 (TOP Concept)14.105
346.500 (LT interieur 2)13.945
325.000 (Maxime Peeters)13.877
321.531,32 (SPARTAX II)13.191
BNP12.963
BNP12.963
265.500 (KUMO)11.963
275.000 (Trucko)11.067
298.200 (Bahonya)10.765
260.000 (Himalaya 2)9.636
230.375 (CEJ Compagny)8.914
211.850 (Relax & enjoy)8.441
220.500 (Salon Nexx)8.141
31.875 (Spartax)6.797
FDS promotions 150.0006.585
173.700 (Rijschool MK)6.437
90.000 (Neopoints 2)3.335
70.000 (Ruelens 2)2.601
Total scheduled repayment 2025 (heading 42)1.348.737
Of which recurring (excl. REINVEST/BERCOFIN)1.048.737
Methodological notes & validation ▶
Commissionaire principle. Contractor invoices for additional works are re-invoiced to the client for VAT purposes: debit trade debtors / credit 493000 — no cash flow. The incoming invoices flow via 444000 to fixed assets (270000/26); the client repays the works over 15 years through the lease instalments (Stream D). The 493 release flows to 700000.000 and has been stripped from the sales line as non-cash. Movement of 493: BVO-1 225.000 (2023, balance 180.000) · BVO-2 390.000 (2024, balance 338.000) · MIDN 813.617 (2025, balance 813.617; of which 274.222 still in invoices to be issued in 404000). Works balances in the 40 group: 204.120 → 558.005 → 1.303.553. The Eveto works (30.122, 2023) did not run through 493 but through direct invoicing with repayment of 166,67/month; these sit in the cleaned Δ line.
REINVEST / BERCOFIN. Account 424000.025 (“Loan 325.000 REINVEST”) is a related-party bridge loan with REINVEST II NV, renamed BERCOFIN. The ledger movement: opening 325.000 (2023), fully repaid 28/04/2023, redrawn 300.000 (27/07/2023) + 200.000 (22/11/2023), 200.000 repaid (19/01/2024) and the remaining 300.000 repaid on 18/02/2025. Drawn and repaid in lumps, hence non-recurring. Because the line was refinanced in 2025 (replaced by another credit line), the repayment of 300.000 has been removed from the operating principal repayments and treated as a financing flow; the recurring repayment on the operating loan book therefore amounts to 1.048.737 instead of 1.348.737. The DSCR is calculated consistently with this reclassification on the recurring debt service (0,73×); on the full contractual heading 42 amount including REINVEST it is 0,62×.
Tax shelter (adjustment). In 2025 account 670100 contains a tax shelter investment of 39.000 (tax-exempt reserve 164.190 = 39.000 × 421%, with tax shelter interest of 7.446 in 759000). That 39.000 is not corporate income tax paid and was moreover booked against account 489 ‘other miscellaneous debts’ (0 → 39.000): a non-cash liability, not yet paid at 31/12/2025. The tax actually paid therefore amounts to 64.000 (the advance payments), not 103.000. This adjustment increases the 2025 net operating cash flow by 39.000 to 1.168.865 and the free cash flow to +120k (before the MIDN works reclassification below); the counter-entry (the 489 liability) has been removed from the financing cash flow so the tie-out remains at 0,00. In 2023 (31.500) and 2024 (27.000) the tax shelter was paid in cash — no year-end balance on 489 — so those financial years remain unchanged. The 39.000 becomes a cash outflow in 2026.
Ampla House. The operating costs include fees paid to the affiliated company Ampla House Properties NV: 85.500 in 2024 (rent 73.500 + professional fees 12.000) and 210.912 in 2025 (rent 66.000 + professional fees 144.612 + general costs 300). These are cash flows at the level of Lease Estate NV, but not a real cost at group level: the fees primarily serve to utilise the carried-forward tax losses of Ampla House Properties. Adjusted for these intragroup fees, net operating cash flow amounts to 1.328.887 (2024) and 1.340.777 (2025), which, together with the recurring debt service, brings the 2025 DSCR to 0,86× (from 0,73× recurring without this adjustment).
Validation gate. All four balance sheets balance to the cent. N-1 in each closing file equals N in the previous one, with one restatement: in the 2025 file an amount of 424,16 was reclassified for financial year 2024 between 751020 and 650000.045 (net result unchanged). The restated 2024 figures have been used.
Dendauw. Receivable of 943.333 reclassified in 2024 from account 29 to doubtful debtors; the corresponding file loan (±974.484) was derecognised within the net movement of financial debts. The bankruptcy is confirmed: the open items list shows a ranking procedure via notary Laga (receipt of 6.539 in January 2025). Doubtful debtors stand at 987.646 at the end of 2025 with only 44.312 of impairment; recovery depends on the collateral in the erfpacht (long-lease) structure.
Stream B. Principal collection per file derived from the balance evolution; originations of new files via the year-end balance, hence net of collections within the entry year. Both sides symmetrically understated, cash-neutral overall.
Capex payables. Δ trade payables (44) has been fully allocated to investing: the end-2022 balance (1,91M invoices to be received) against an operating cost base of ±0,3M is unmistakably real estate related. The operating share cannot be split out from the closing file.
Disposal 2025. The depreciation evolution reveals a disposal (102.896 of depreciation removed, capital gain of 17.583 in heading 76). Gross purchases and book value sold cannot be derived separately; the net investment line is exact.
DSCR. Debt service = funding interest paid + repayment proxy (heading 42 balance at the start of the financial year). The scheduled/voluntary distinction is not visible.
VAT. Consistently exclusive of VAT; VAT accounts (411/451) treated as a pass-through in a single working capital line. No dividend distributions in the three financial years; profit fully retained.
3.4 — Projections

Scaling to €20M production

Without additional operational investment.

Lease Estate is positioned to scale to €20 million per year in new production by 2029. This is our plan provided we secure sufficient funding: the growth path assumes funding capacity keeps pace with origination — if funding comes in more slowly, production shifts out in time, not in ambition. The growth is funded by the proposed debt facility and does not require additional operational investments. The model below reflects the compounding effect of new production cohorts on the total outstanding portfolio and gross interest margin.

2025 (Actual) 2026 2027 2028 2029 2030
New deals closed71318232931
Cumulative deals486179102131162
Financing offered€4,250,230€10,490,871€12,456,891€15,917,139€20,069,436€21,453,550
Avg. transaction size€607,176€806,990€692,050€692,050€692,050€692,050
Cumulative financing€31,346,563€41,837,434€54,294,325€70,211,464€90,280,900€111,734,450
Growth16%33%30%29%29%24%
2025 (Actual) 2026 2027 2028 2029 2030
Current leases€26,877,160€32,239,638€30,785,080€29,224,709€27,541,911€25,727,639
Future leases—€4,718,231€16,785,942€31,762,242€50,128,896€69,087,266
Total outstanding€26,877,160€36,957,869€47,571,022€60,986,951€77,670,807€94,814,905
Outstanding current debt€25,092,991€30,683,926€29,141,383€27,550,817€25,910,540€24,218,791
Outstanding new debt—€4,676,854€16,622,488€31,322,175€49,210,441€67,503,047
Total debt€25,092,991€35,360,780€45,763,871€58,872,992€75,120,981€91,721,838
LTV Portfolio54%71%71%72%72%70%
2025 (Actual) 2026 2027 2028 2029 2030
Interest income — current€1,707,721€2,001,363€2,194,094€1,629,049€1,536,942€1,437,615
Interest costs — current€642,735€741,512€713,870€610,745€581,672€551,866
= Net interest (current)€1,064,986€1,259,851€1,480,224€1,018,304€955,270€885,749
Interest income — future—€241,522€715,083€1,661,991€2,886,667€4,012,072
Interest costs — future—€174,766€515,523€1,194,672€2,067,219€2,858,535
= Net interest (future)—€66,756€199,560€467,319€819,448€1,153,537
Total net interest€1,064,986€1,326,607€1,679,784€1,485,623€1,774,718€2,039,286
2025 (Actual) 2026 2027 2028 2029 2030
Total net interest€1,064,986€1,326,607€1,679,784€1,485,623€1,774,718€2,039,286
Total estimated costs-€597,657-€540,035-€636,293-€716,147-€784,708-€837,478
Costs as % of portfolio2.22%1.46%1.34%1.17%1.01%0.88%
Pre-tax profit€467,330€786,572€1,043,491€769,476€990,010€1,201,808
Net profit after tax (25%)€350,497€589,929€782,618€577,107€742,508€901,356
Net Profit After Tax — Trajectory 2025–2030
€351k
2025
€590k
2026
€783k
2027
€577k
2028
€743k
2029
€901k
2030

Estimated Costs Breakdown

Cost Item 2025 2026 2027 2028 2029 2030
Digital file management-€38,867-€51,047-€59,590-€72,635-€88,667-€100,317
Accountant + Administration-€32,394-€42,545-€49,666-€60,538-€73,900-€83,610
Advisors + Sales commission-€18,511-€24,312-€28,380-€34,593-€42,229-€47,777
Marketing-€12,855-€16,883-€19,708-€24,023-€29,325-€33,178
Managing directors-€307,000-€325,000-€350,000-€375,000-€375,000-€375,000
Staff — back office€0€0-€43,638-€56,319-€73,047-€88,154
Non-recurring costs-€165,000-€50,000-€50,000-€50,000-€50,000-€50,000
Other costs-€23,031-€30,248-€35,311-€43,040-€52,540-€59,443
Total estimated costs-€597,657-€540,035-€636,293-€716,147-€784,708-€837,478
3.4 — Projections · Pipeline

Why 2026 marks the
turning point

From capital constraint to competitive pricing.

Growth over the past two years was not a demand problem: it was a capital problem. Funding constraints pushed our pricing above 8%, pricing us out of a significant portion of the market we would otherwise have converted. That constraint is now being resolved: Lease Estate is currently finalising €20,000,000 in new funding commitments, which will allow us to price competitively and activate the full pipeline.

2026: Already in Motion

Four further leases are already signed — on top of the four leases already funded in 2026 (€2.85M, see the track record in section 02); contracts executed, notarial deed pending. Two further deals are agreed in principle, subject to conditions precedent. Combined, these six transactions represent €5,509,875 of committed 2026 production before the year is half over.

Status Financing Structure Rate Residual Value LTV
Signed€648,375TVA RD30 — two SME units7.43%3%95%
Signed€331,500TVA RD30 — office space7.14%25%70%
Signed€480,000Sale-and-leaseback — warehouse8.06%3%54%
Signed€540,000Retail space7.43%3%90%
Cond. precedent€1,350,000Office space — AA location10.87%3%80%
Cond. precedent€2,160,000Office + showroom — AAA location8.91%25%70%
€5,509,8758.89%75.9%

With €8,662,175 in live proposals currently outstanding in the pipeline, we are confident a full-year production of €10M+ is achievable without any additional operational investment. The funding unlock is the only input required.

The Eight Levers to €20M

Reaching €20M per year by 2029 does not require us to build a new company. It requires activating the distribution channels we already know exist, and letting lower rates do their work on a pipeline that has always been there.

01
Screening Process
Improve lead conversion through digitalisation and faster screening
02
Brand Awareness
Strong online lead flow, but limited overall market awareness
03
Credit Broker Partnerships
Partnership with only 5 out of +/- 2,500 registered credit brokers
04
Accountants & Consultants
Dormant since 2020 but with strong potential for lead generation
05
M&A Partnerships
Real estate can block deals; leasing helps unlock value and speed up execution
06
Developer Partnerships
Already collaborating with several SME-unit developers
07
Expand Beyond Flanders
Brussels & Wallonia (larger cities) remain largely unexplored markets
08
New Trends
2030 regulations will require non-residential buildings to meet sustainability norms
Lease Estate NV

Own your property. Own your future.

Coupure 88, 9000 Gent, Belgium
info@lease-estate.com · www.lease-estate.com

Febelfin recognised, Royal Decree n°55, 10 November 1967
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