Active BE 0700.322.281Private limited company

Li & Ma

Septestraat 17-19 ·2640 Mortsel, Belgium· 8 yrs active

Sector: Limited-service restaurants, excluding mobile food services (56112)

Conclusion Checked

Li & Ma has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €269k and a net result of €135k. Equity is growing by ~12.8% per year across the filed fiscal years. Its solvency ranks better than 89% of 12646 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.5% (low).

Based on the State Gazette, CBE and 6 annual accounts.

Key figures

Equity	€269k
Net result	€135k
Staff (FTE)	6.9
Better than sector	89%

Financial profile 5 of 5 axes measured · computed by Checked

95 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 98

Profitability 100

Solvency 100

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

1.5% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

More than 3 years active

Founded in 2018, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

98 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€25k

estimate, not credit advice

Score history

80 2020

100 2021

90 2022

98 2023

93 2024

98 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 2.72 (≥ 1.5) +10

Quick ratio Quick ratio 2.71 (≥ 1.0) +5

Leverage Debt/equity 0.29 (< 1.0) +10

Profitability ROE 50% (≥ 10%) +10

Interest coverage Interest coverage 64.1× (≥ 3×) +8

Profit trend Net profit up YoY +5

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview7 NBB filings

Annual accounts filed on 28-07-2026 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~12.8%/year over 6 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 56, Food and beverage service activities · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	77.8%	30.5%	better than 89% of 12646 sector peers
Net result	€135k	€5k	better than 95% of 12627 sector peers
Equity	€269k	€30k	better than 94% of 12674 sector peers
Gross operating margin	€232k	€62k	better than 86% of 12592 sector peers
Staff costs	€26k	€56k	higher than 31% of 9022 sector peers

EBITDA

€204k

+13.8% 20-25

Net profit

€135k

+21.3% 20-25

Cash flow

€167k

+16.3% 20-25

Total assets

€346k

+0.1% 20-25

Equity

€269k

-13.4% 20-25

Working capital

€132k

-40.4% 20-25

Employees (FTE)

7

+21.1% 20-25

Staff costs

€26k

+28.2% 20-25

Income taxes

€39k

+22.4% 20-25

Dividends

€176k

+47.1% 20-25

Debt

€77k

+120.6% 20-25

Debt ≤ 1y

€77k

+126.5% 20-25

Debt > 1y

€14k

-59.6% 20-25

Current ratio

2.72

-63.9% 20-25

Quick ratio

2.71

-64.0% 20-25

Solvency

77.8%

-13.5% 20-25

Debt / equity

0.29

+154.7% 20-25

ROE

50.2%

+40.1% 20-25

ROA

39.0%

+21.1% 20-25

Interest coverage

64.05

+39.5% 20-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022	2021
Deposit	micro schema	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-	-
EBITDA	€204k	€179k	€188k	€149k	€168k
Net profit	€135k	€111k	€112k	€85k	€101k
Cash flow	€167k	€144k	€150k	€127k	€139k
Staff costs	€26k	€20k	€20k	€21k	€14k
Income taxes	€39k	€32k	€33k	€18k	€37k
Dividends	€176k	-	€120k	€118k	-
Total assets	€346k	€345k	€260k	€295k	€412k
Equity	€269k	€310k	€199k	€207k	€240k
Debt	€77k	€35k	€61k	€88k	€173k
of which ≤ 1y	€77k	€34k	€47k	€51k	€117k
of which > 1y	-	-	€14k	€35k	€55k
Working capital	€132k	€222k	€94k	€88k	€155k
Employees (FTE)	6.9	5.7	5.7	3.0	3.0

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	2.72	7.55	3.00	2.72	2.32
Quick ratio	2.71	7.53	2.71	2.60	2.21
Working capital ratio	38.3%	64.4%	36.2%	29.9%	37.5%
Solvency	77.8%	89.9%	76.5%	70.3%	58.2%
Debt / equity	0.29	0.11	0.31	0.42	0.72
Long-term debt ratio	-	-	0.07	0.17	0.23
Interest coverage	64.05	45.91	39.80	28.87	77.58
Gross margin	-	-	-	-	-
Net margin	-	-	-	-	-
ROA	39.0%	32.2%	42.9%	28.9%	24.5%
ROE	50.2%	35.8%	56.1%	41.1%	42.2%
EBITDA margin	-	-	-	-	-
Days sales outstanding	-	-	-	-	-
Days payable outstanding	-	-	-	-	-
Inventory turnover	-	-	-	-	-
Days inventory (DSI)	-	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €136k · 39.4% Current assets €209k · 60.6%

Equity & liabilities

Equity €269k · 77.8% Debt €77k · 22.2%

Full annual accounts (25 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€346k	€345k	€260k	€295k	€412k
Fixed assets	21/28	€136k	€89k	€119k	€155k	€140k
Intangible fixed assets	21	€15k	€40k	€66k	€89k	€114k
Tangible fixed assets	22/27	€117k	€44k	€49k	€62k	€22k
Financial fixed assets	28	€5k	€5k	€5k	€5k	€5k
Current assets	29/58	€209k	€256k	€141k	€140k	€272k
Stocks & contracts in progress	3	€901	€838	€14k	€6k	€14k
Amounts receivable within one year	40/41	€5k	€2k	€9k	€31k	€7k
Cash & bank	54/58	€196k	€251k	€116k	€102k	€250k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€346k	€345k	€260k	€295k	€412k
Equity	10/15	€269k	€310k	€199k	€207k	€240k
Contributions / capital	10/11	€19k	€19k	€19k	€19k	€19k
Reserves	13	€250k	€292k	€181k	€189k	€221k
Amounts payable	17/49	€77k	€35k	€61k	€88k	€173k
Amounts payable after one year	17	-	-	€14k	€35k	€55k
Amounts payable within one year	42/48	€77k	€34k	€47k	€51k	€117k
Trade debts payable within one year	44	€67k	€4k	€9k	€12k	€13k
Income statement
Gross operating margin	9900	€232k	€201k	€212k	€172k	€185k
Operating result	9901	€172k	€147k	€149k	€108k	€131k
Financial income	75	€5k	€185	€324	€303	€33
Financial charges	65	€3k	€4k	€5k	€5k	€2k
Result before taxes	9903	€174k	€143k	€145k	€103k	€139k
Income taxes	67/77	€39k	€32k	€33k	€18k	€37k
Net result for the period	9904	€135k	€111k	€112k	€85k	€101k
Result to be appropriated	9905	€135k	€111k	€112k	€85k	€101k

Legal Structure

NACE primary	Limited-service restaurants, excluding mobile food services(56112)
Legal form	Private limited company(610)
Incorporation	23-07-2018
Status	Active
Postal code	2640

Establishment units 1 location

Li & Ma

Septestraat 17-19, 2640 MortselFood and beverage service activities

since 20182.278.316.006

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
11029A0073/00V002	Flanders	71 m²	1 · 32 m²	7.6 m

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 8 events

All 13Financial 5Gazette 1Filings 7

Next filing, fiscal year 2026, expected by 31-07-2027

2026

28-07

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

31-12

Financial Highest result since 2020net €135k ▲21.3%

Operating result €172k, net result €135k, both a record.

08-10

State Gazette act Director changes

Bart Van Tulden

14-07

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

31-12

Financial Liquidity triplescurrent ratio 7.55

Current ratio from 3.00 to 7.55; short-term debt falls from €47k to €34k.

31-12

Financial Equity above €200kEq €310k ▲55.8%

5 profitable years in a row build equity to €310k.

31-08

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 31 days late

2023

02-10

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 63 days late

2022

31-12

Financial Weakest financial yearnet €85k ▼15.7%

Net result drops to €85k, the lowest in the series; recovery starts the following year.

17-08

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 17 days late

2021

31-12

Financial Equity above €200kEq €240k ▲73%

2 profitable years in a row build equity to €240k.

16-07

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

2020

31-08

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 31 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 2 acts read

We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 11 months ago

2025

08-10-2025 2 reappointed Director changes·Bart Van Tulden

LI Yi Ping, Bestuurder
MA Ningshuang, Bestuurder

Notary: Bart Van Tulden · Antwerpen

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Limited-service restaurants56102Limited-service restaurants, excluding mobile food services56112

Names & trade names

Legal nameNL

Li & Ma

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