LIAM CONCEPT
ActiveFinancials · financial year 2026, abbreviated format
2026 annual accounts filed 15 days after the deadline Filed on 15 October 2026, deadline 30 September 2026 (7 months after the close on 28 February 2026, Companies Code art. 3:10). Source: NBB, 2026-00559500.
Annual accounts 2026 filed on 15-10-2026 at the NBB all 7 filings
Turnover
≈ €890,000
Estimated: probably between €830,000 and €1.2m
EBIT margin
Not included in this filing
Net result
-€53,629
2025 · €106,309
Working capital
€97,561▼ 12.1%
2025 · €110,944
In the rankings
#9 employer in Mouscron, Accommodation and food service sector
Multi-year overview
2020 to 2026, 7 financial yearsOperating result
-€51,978
2026
20202026
Net result
-€53,629
2026
20202026
Equity
€337,796
▼ 13.7%
2026
20202026
Total assets
€611,596
▲ 1.4%
2026
20202026
Debt
€273,800
▲ 29.3%
2026
20202026
Working capital
€97,561
▼ 12.1%
2026
20202026
Solvency
55.2%
▼ 9.7pp
2026
20202026
Current ratio
1.44
▼ 0.36
2026
20202026
Return on assets (ROA)
-8.8%
▼ 26.4pp
2026
20202026
Staff (FTE)
14.3
▼ 21.0%
2026
20202026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2020202120222023202420252026
Operating result-€9,606-€26,126€67,261▲ 157%€169,193▲ 152%€93,166▼ 44.9%€149,731▲ 60.7%-€51,978
Net result-€14,414-€21,797within the sector's middle half€64,299above the sector's middle half▲ 195%€146,243above the sector's middle half▲ 127%€60,990above the sector's middle half▼ 58.3%€106,309above the sector's middle half▲ 74.3%-€53,629
Equity-€8,214-€13,583within the sector's middle half€77,882within the sector's middle half▲ 473%€224,125above the sector's middle half▲ 188%€285,115above the sector's middle half▲ 27.2%€391,425within the sector's middle half▲ 37.3%€337,796▼ 13.7%
Total assets€537,680-€422,685above the sector's middle half▼ 21.4%€481,453above the sector's middle half▲ 13.9%€667,676above the sector's middle half▲ 38.7%€642,245above the sector's middle half▼ 3.8%€603,204within the sector's middle half▼ 6.1%€611,596▲ 1.4%
Debt€545,894-€409,102▼ 25.1%€403,571▼ 1.4%€443,550▲ 9.9%€357,130▼ 19.5%€211,780▼ 40.7%€273,800▲ 29.3%
Working capital-€219,849--€183,209below the sector's middle half▲ 16.7%-€180,617below the sector's middle half▲ 1.4%-€145,470below the sector's middle half▲ 19.5%-€50,649below the sector's middle half▲ 65.2%€110,944within the sector's middle half€97,561▼ 12.1%
Solvency-1.5%-3.2%within the sector's middle half▲ 4.7pp16.2%within the sector's middle half▲ 13.0pp33.6%within the sector's middle half▲ 17.4pp44.4%within the sector's middle half▲ 10.8pp64.9%above the sector's middle half▲ 20.5pp55.2%▼ 9.7pp
Current ratio0.38-0.19below the sector's middle half▼ 0.190.33below the sector's middle half▲ 0.140.56within the sector's middle half▲ 0.230.81within the sector's middle half▲ 0.251.80within the sector's middle half▲ 0.991.44▼ 0.36
Return on assets (ROA)-2.7%-5.2%within the sector's middle half▲ 7.8pp13.4%within the sector's middle half▲ 8.2pp21.9%above the sector's middle half▲ 8.5pp9.5%within the sector's middle half▼ 12.4pp17.6%above the sector's middle half▲ 8.1pp-8.8%▼ 26.4pp
Staff (FTE)1.53.2▲ 113%11.5▲ 259%16.5▲ 43.5%18.1within the sector's middle half▲ 9.7%14.3▼ 21.0%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 a loss of €51,978, after a profit of €149,731 in 2025. It is the lowest result since 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €611,596
Fixed assets
€292,076 ▼ 17.4%
Current assets
€319,521 ▲ 28.1%
Equity and liabilities €611,596
Equity
€337,796 ▼ 13.7%
Debt
€273,800 ▲ 29.3%
Debt's share of the balance-sheet total rises from 35.1% to 44.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€41,910▼
2025 · €249,443
Cash flow
€40,260▼
2025 · €206,022
Quick ratio
1.35▼
2025 · 1.68
Debt to equity
0.81▲
2025 · 0.54
ROE
-15.9%▼
2025 · 27.2%
Interest coverage
22.59▼
2025 · over 100
Debt ≤ 1 year
€221,960▲
2025 · €138,564
Debt > 1 year
€51,841▼
2025 · €72,828
Income taxes
€0▼
2025 · €42,289
Staff costs
€229,491▲
2025 · €172,390
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 28-02-2022 | 28-02-2023 | 29-02-2024 | 28-02-2025 | 28-02-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 14 | 17 | 17 | 15 |
| full-time | 1 | 1 | 1 | 0 | 1 |
| part-time | 1 | 13 | 16 | 17 | 14 |
| in full-time equivalents | 2 | 13.6 | 16.5 | 17 | 11.6 |
| Average over the year, in full-time equivalents | 3.2 | 11.5 | 16.5 | 18.1 | 14.3 |
| On a permanent contract | - | - | 1 | 1 | 1 |
| Joined | 232 | 415 | 252 | 117 | 102 |
| Left | 230 | 401 | 248 | 116 | 105 |
| Training hours | 1,653 | - | 2,773 | 640 | 0 |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 28-02-2022 | 28-02-2023 | 29-02-2024 | 28-02-2025 | 28-02-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €71,279 | €104,728 | €39,023 | €23,348 | €32,268 |
| Financial fixed assets | - | €62,000 | - | - | €0 |
| Depreciation and write-downs of the year | €57,038 | €76,191 | €92,923 | €99,712 | €93,889 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €46,254 | €92,352 | €105,410 | €172,390 | €229,491 | ▲ 33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,689 | €50,734 | €57,038 | €76,191 | €92,923 | €99,712 | €93,889 | ▼ 5.8% |
| Other operating charges640/8 | - | - | €3,389 | €9,263 | €16,014 | €12,244 | €110,776 | ▲ 805% |
| Gross operating margin9900 | €20,580 | €97,123 | €173,942 | €346,999 | €307,513 | €434,078 | €382,177 | ▼ 12.0% |
| Operating profit (loss)9901 | -€9,606 | €26,126 | €67,261 | €169,193 | €93,166 | €149,731 | -€51,978 | - |
| Financial income75/76B | - | - | €76 | €0 | - | €130 | €205 | ▲ 57.5% |
| Recurring financial income75 | €20 | €10 | €76 | €0 | - | €130 | €205 | ▲ 57.5% |
| Financial charges65/66B | - | - | €3,038 | €1,650 | €4,573 | €1,262 | €1,855 | ▲ 47.0% |
| Recurring financial charges65 | €4,828 | €4,339 | €3,038 | €1,650 | €4,573 | €1,262 | €1,855 | ▲ 47.0% |
| Profit (loss) for the period before taxes9903 | -€14,414 | €21,797 | €64,299 | €167,543 | €88,592 | €148,599 | -€53,629 | - |
| Income taxes67/77 | - | - | - | €21,300 | €27,603 | €42,289 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€14,414 | €21,797 | €64,299 | €146,243 | €60,990 | €106,309 | -€53,629 | - |
| Profit (loss) for the period to be appropriated9905 | -€14,414 | €21,797 | €64,299 | €146,243 | €60,990 | €106,309 | -€53,629 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €537,680 | €422,685 | €481,453 | €667,676 | €642,245 | €603,204 | €611,596 | ▲ 1.4% |
| Fixed assets21/28 | €400,349 | €379,182 | €393,423 | €483,961 | €430,060 | €353,696 | €292,076 | ▼ 17.4% |
| Tangible fixed assets22/27 | €400,049 | €378,519 | €392,760 | €421,298 | €367,397 | €291,033 | €229,413 | ▼ 21.2% |
| Plant, machinery and equipment23 | - | - | €19,497 | €10,983 | €22,156 | €25,295 | €29,431 | ▲ 16.4% |
| Furniture and vehicles24 | - | - | €8,113 | €67,156 | €52,768 | €26,982 | €24,871 | ▼ 7.8% |
| Leasing and similar rights25 | - | - | - | - | €7,368 | €11,703 | €5,615 | ▼ 52.0% |
| Other tangible fixed assets26 | - | - | €365,150 | €343,159 | €285,105 | €227,053 | €169,495 | ▼ 25.3% |
| Financial fixed assets28 | €300 | €663 | €663 | €62,663 | €62,663 | €62,663 | €62,663 | = |
| Current assets29/58 | €137,331 | €43,503 | €88,030 | €183,715 | €212,185 | €249,508 | €319,521 | ▲ 28.1% |
| Stocks and contracts in progress3 | - | - | - | €4,475 | €11,039 | €17,036 | €20,074 | ▲ 17.8% |
| Stocks30/36 | - | - | - | €4,475 | €11,039 | €17,036 | €20,074 | ▲ 17.8% |
| Amounts receivable within one year40/41 | €61,658 | €3,621 | €7,966 | €28,649 | €36,789 | €117,937 | €185,627 | ▲ 57.4% |
| Trade receivables40 | - | - | - | €11,807 | €17,504 | €87,957 | €62,176 | ▼ 29.3% |
| Other amounts receivable41 | - | - | €7,966 | €16,843 | €19,284 | €29,980 | €123,451 | ▲ 312% |
| Cash at bank and in hand54/58 | €73,204 | €24,704 | €71,913 | €143,780 | €157,252 | €110,462 | €112,734 | ▲ 2.1% |
| Deferred charges and accrued income490/1 | - | - | €8,150 | €6,810 | €7,106 | €4,073 | €1,085 | ▼ 73.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €537,680 | €422,685 | €481,453 | €667,676 | €642,245 | €603,204 | €611,596 | ▲ 1.4% |
| Equity10/15 | -€8,214 | €13,583 | €77,882 | €224,125 | €285,115 | €391,425 | €337,796 | ▼ 13.7% |
| Contributions10/11 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€14,414 | €7,383 | €71,682 | €217,925 | €278,915 | €385,225 | €331,596 | ▼ 13.9% |
| Amounts payable17/49 | €545,894 | €409,102 | €403,571 | €443,550 | €357,130 | €211,780 | €273,800 | ▲ 29.3% |
| Amounts payable after more than one year17 | €188,714 | €182,391 | €134,924 | €114,366 | €93,668 | €72,828 | €51,841 | ▼ 28.8% |
| Financial debts170/4 | - | - | €134,924 | €114,366 | €93,668 | €72,828 | €51,841 | ▼ 28.8% |
| Amounts payable within one year42/48 | €357,180 | €226,711 | €268,647 | €329,185 | €262,835 | €138,564 | €221,960 | ▲ 60.2% |
| Current portion of amounts payable after more than one year42 | - | - | €7,090 | €7,225 | €7,364 | €7,507 | €7,654 | ▲ 2.0% |
| Trade debts44 | €110,699 | €15,382 | €130,479 | €169,451 | €118,798 | €11,008 | €110,028 | ▲ 900% |
| Suppliers440/4 | - | - | €130,479 | €169,451 | €118,798 | €11,008 | €110,028 | ▲ 900% |
| Taxes, remuneration and social security45 | - | - | €0 | €50,433 | €82,084 | €91,013 | €61,417 | ▼ 32.5% |
| Taxes450/3 | - | - | €0 | €50,042 | €81,960 | €79,492 | €52,499 | ▼ 34.0% |
| Remuneration and social security454/9 | - | - | €0 | €391 | €125 | €11,521 | €8,918 | ▼ 22.6% |
| Other amounts payable47/48 | - | - | €131,078 | €102,075 | €54,589 | €29,036 | €42,861 | ▲ 47.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €627 | €387 | €0 | ▼ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,414 | €21,797 | €64,299 | €146,243 | €60,990 | €106,309 | -€53,629 | - |
| + Depreciation and write-downs630 | €22,689 | €50,734 | €57,038 | €76,191 | €92,923 | €99,712 | €93,889 | ▼ 5.8% |
| Operating cash flow (approximation) | €8,274 | €72,531 | €121,337 | €222,434 | €153,913 | €206,022 | €40,260 | ▼ 80.5% |
| Investment in fixed assets (approximation) | - | -€29,567 | -€71,279 | -€166,728 | -€39,023 | -€23,348 | -€32,268 | ▼ 38.2% |
| Change in cash | - | -€48,499 | €47,209 | €71,867 | €13,471 | -€46,789 | €2,272 | - |
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, 929 companies had the same profile as LIAM CONCEPT has now. Two years later, 92.8% were still going and 1.7% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a small loss
92.8%
was still going
5.5%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of LIAM CONCEPT itself: 1.5% 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 929 companies, not a prediction for LIAM CONCEPT. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 28-02-2026 | abbreviated format | 15-10-2026 | 2026-00559500 | |
| 28-02-2025 | full format | 20-10-2025 | 2025-00545758 | |
| 29-02-2024 | micro format | 07-11-2024 | 2024-00530925 | |
| 28-02-2023 | micro format | 06-11-2023 | 2023-00507783 | |
| 28-02-2022 | micro format | 23-01-2023 | 2023-00003785 | |
| 28-02-2021 | micro format | 28-02-2022 | 2022-06800431 | |
| 29-02-2020 | micro format | 25-02-2021 | 2021-06500041 |