LIMA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 31 filings
Turnover
≈ €830,000
Estimated: probably between €620,000 and €1.0m
Total assets
€1.9m▲ 5.9%
2024 · €1.8m
Net result
€146,505▼ 56.1%
2024 · €333,914
Working capital
€974,072▼ 8.0%
2024 · €1.1m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€183,246
▼ 63.0%
2025
20182025
Net result
€146,505
▼ 56.1%
2025
middle half of the sector
20182025
Equity
€1.4m
▲ 5.3%
2025
middle half of the sector
20182025
Total assets
€1.9m
▲ 5.9%
2025
middle half of the sector
20182025
Debt
€533,264
▲ 7.7%
2025
20182025
Working capital
€974,072
▼ 8.0%
2025
highest quarter of the sector
20182025
Solvency
72.0%
▼ 0.4pp
2025
highest quarter of the sector
20182025
Current ratio
3.89
▼ 1.21
2025
highest quarter of the sector
20182025
Return on assets (ROA)
7.6%
▼ 10.7pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.06m-€0.09m▲ 63.4%€0.1m▲ 20.3%-€0.04m€0.08m€0.6m▲ 617%€0.5m▼ 14.9%€0.2m▼ 63.0%
Net result€0.03m-€0.06m▲ 68.3%€0.08mwithin the sector's middle half▲ 33.6%-€0.05mbelow the sector's middle half€0.06mwithin the sector's middle half€0.4mabove the sector's middle half▲ 561%€0.3mabove the sector's middle half▼ 19.5%€0.1mwithin the sector's middle half▼ 56.1%
Equity€0.6m-€0.6m▲ 9.1%€0.7mwithin the sector's middle half▲ 11.2%€0.6mwithin the sector's middle half▼ 13.2%€0.7mwithin the sector's middle half▲ 6.2%€1.0mwithin the sector's middle half▲ 59.7%€1.3mwithin the sector's middle half▲ 26.3%€1.4mwithin the sector's middle half▲ 5.3%
Total assets€1.4m-€1.4m▼ 2.9%€1.4mwithin the sector's middle half▼ 0.4%€1.2mwithin the sector's middle half▼ 9.2%€1.2mwithin the sector's middle half▼ 0.4%€1.6mwithin the sector's middle half▲ 25.8%€1.8mwithin the sector's middle half▲ 16.6%€1.9mwithin the sector's middle half▲ 5.9%
Debt€0.8m-€0.7m▼ 10.3%€0.6m▼ 9.1%€0.6m▼ 0.8%€0.6m▼ 6.9%€0.5m▼ 12.1%€0.5m▼ 3.1%€0.5m▲ 7.7%
Working capital€0.5m-€0.6m▲ 10.6%€0.6mabove the sector's middle half▲ 11.6%€0.5mabove the sector's middle half▼ 18.1%€0.5mabove the sector's middle half▲ 3.3%€0.8mabove the sector's middle half▲ 48.2%€1.1mabove the sector's middle half▲ 36.0%€1.0mabove the sector's middle half▼ 8.0%
Solvency41.1%-46.2%▲ 5.1pp51.6%within the sector's middle half▲ 5.4pp49.3%within the sector's middle half▼ 2.3pp52.6%within the sector's middle half▲ 3.3pp66.8%above the sector's middle half▲ 14.2pp72.4%above the sector's middle half▲ 5.6pp72.0%above the sector's middle half▼ 0.4pp
Current ratio3.29-3.67▲ 0.383.92above the sector's middle half▲ 0.262.92above the sector's middle half▼ 1.003.00above the sector's middle half▲ 0.084.34above the sector's middle half▲ 1.345.10above the sector's middle half▲ 0.763.89above the sector's middle half▼ 1.21
Return on assets (ROA)2.4%-4.1%▲ 1.7pp5.5%within the sector's middle half▲ 1.4pp-3.9%below the sector's middle half▼ 9.5pp5.1%within the sector's middle half▲ 9.0pp26.6%above the sector's middle half▲ 21.5pp18.3%above the sector's middle half▼ 8.2pp7.6%within the sector's middle half▼ 10.7pp
Staff (FTE)1-0.6▼ 40.0%0.6below the sector's middle half=0.6below the sector's middle half=1below the sector's middle half▲ 66.7%1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 2025 is 63% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets
€617,262 ▲ 22.4%
Current assets
€1.3m ▼ 0.4%
Equity and liabilities €1.9m
Equity
€1.4m ▲ 5.3%
Provisions
€7,000 =
Debt
€533,264 ▲ 7.7%
Debt's share of the balance-sheet total rises from 27.2% to 27.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€285,266▼
2024 · €584,733
Cash flow
€248,524▼
2024 · €422,876
Quick ratio
3.35▼
2024 · 4.18
Debt to equity
0.38▲
2024 · 0.38
ROE
10.6%▼
2024 · 25.3%
Interest coverage
18.67▼
2024 · 33.45
Debt ≤ 1 year
€337,058▲
2024 · €258,172
Debt > 1 year
€196,207▼
2024 · €236,996
Income taxes
€47,809▼
2024 · €150,178
Staff costs
€38,436▼
2024 · €40,885
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | - | 1 | 1 | 1 | 1 |
| part-time | 1 | - | 0 | 0 | 0 |
| in full-time equivalents | 0.6 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 0.6 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | - | 0 | - | 0 |
| Left | - | - | 0 | - | 0 |
| Training hours | - | - | 0 | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,000 | €51,563 | €153,730 | €62,040 | €210,074 |
| Financial fixed assets | €5,038 | - | €10,000 | €6,040 | €5,010 |
| Depreciation and write-downs of the year | €78,375 | €72,081 | €67,182 | €88,962 | €102,019 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €513 awarded · €513 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €38,500 | €1,240 | €7,000 | ▲ 465% |
| Remuneration, social security and pensions62 | - | - | - | €22,731 | €33,288 | €39,866 | €40,885 | €38,436 | ▼ 6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €94,795 | €83,180 | €77,302 | €78,375 | €72,081 | €67,182 | €88,962 | €102,019 | ▲ 14.7% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€25,602 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €5,502 | €6,244 | €5,853 | €8,830 | €8,428 | ▼ 4.6% |
| Gross operating margin9900 | €179,549 | €189,161 | €204,299 | €40,165 | €192,862 | €695,518 | €634,448 | €332,130 | ▼ 47.7% |
| Operating profit (loss)9901 | €57,575 | €94,093 | €113,220 | -€40,842 | €81,248 | €582,617 | €495,771 | €183,246 | ▼ 63.0% |
| Financial income75/76B | - | - | - | €9,069 | €4,214 | €983 | €5,799 | €26,350 | ▲ 354% |
| Recurring financial income75 | €15,694 | €14,032 | €8,940 | €9,069 | €4,214 | €983 | €5,799 | €26,350 | ▲ 354% |
| Financial charges65/66B | - | - | - | €17,123 | €15,101 | €13,418 | €17,478 | €15,283 | ▼ 12.6% |
| Recurring financial charges65 | €24,814 | €28,120 | €19,604 | €17,123 | €15,101 | €13,418 | €17,478 | €15,283 | ▼ 12.6% |
| Profit (loss) for the period before taxes9903 | €48,455 | €80,005 | €102,556 | -€48,896 | €70,362 | €570,182 | €484,092 | €194,313 | ▼ 59.9% |
| Transfer from deferred taxes780 | - | - | - | €1,153 | €1,059 | €0 | - | - | - |
| Income taxes67/77 | €11,021 | €24,420 | €27,912 | €1,384 | €8,703 | €155,384 | €150,178 | €47,809 | ▼ 68.2% |
| Profit (loss) for the period9904 | €33,706 | €56,738 | €75,798 | -€49,127 | €62,718 | €414,798 | €333,914 | €146,505 | ▼ 56.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €2,324 | €2,324 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €24,411 | €59,062 | €78,121 | -€46,803 | €65,041 | €414,798 | €333,914 | €146,505 | ▼ 56.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.4m | €1.2m | €1.2m | €1.6m | €1.8m | €1.9m | ▲ 5.9% |
| Fixed assets21/28 | €0.7m | €0.6m | €0.5m | €0.5m | €0.5m | €0.6m | €0.5m | €0.6m | ▲ 22.4% |
| Intangible fixed assets21 | €0.001m | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.7m | €0.6m | €0.5m | €0.5m | €0.4m | €0.5m | €0.5m | €0.6m | ▲ 23.1% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 11.4% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.03m | €0.02m | €0.04m | €0.1m | ▲ 242% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.05m | €0.2m | €0.1m | €0.2m | ▲ 34.9% |
| Financial fixed assets28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | €0.04m | €0.04m | ▲ 13.4% |
| Current assets29/58 | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | €1.0m | €1.3m | €1.3m | ▼ 0.4% |
| Stocks and contracts in progress3 | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 23.5% |
| Stocks30/36 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 23.5% |
| Amounts receivable within one year40/41 | €0.03m | €0.02m | €0.01m | €0.03m | €0.01m | €0.03m | €0.001m | €0.03m | ▲ 25× |
| Trade receivables40 | - | - | - | €0.02m | - | €39 | €0 | €0.02m | - |
| Other amounts receivable41 | - | - | - | €0.003m | €0.01m | €0.03m | €0.001m | €0.01m | ▲ 953% |
| Current investments50/53 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.5m | €0.7m | ▲ 43.7% |
| Cash at bank and in hand54/58 | €0.4m | €0.3m | €0.4m | €0.3m | €0.2m | €0.4m | €0.6m | €0.4m | ▼ 35.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.007m | €0.005m | €0.005m | €0.006m | ▲ 41.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.4m | €1.2m | €1.2m | €1.6m | €1.8m | €1.9m | ▲ 5.9% |
| Equity10/15 | €0.6m | €0.6m | €0.7m | €0.6m | €0.7m | €1.0m | €1.3m | €1.4m | ▲ 5.3% |
| Contributions10/11 | €0.03m | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €0.2m | €0.3m | €0.4m | €0.3m | €0.4m | €0.8m | €1.0m | €1.1m | ▲ 6.7% |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Tax-exempt reserves132 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.7m | €1.0m | €1.0m | ▲ 7.1% |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Investment grants15 | - | - | - | €0.002m | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.06m | €0.05m | €0.03m | €0.008m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Other liabilities and charges164/5 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Deferred taxes168 | - | - | - | €0.001m | - | - | - | - | - |
| Amounts payable17/49 | €0.8m | €0.7m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▲ 7.7% |
| Amounts payable after more than one year17 | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 17.2% |
| Financial debts170/4 | - | - | - | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 17.2% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | €0.3m | ▲ 30.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Financial debts43 | - | - | - | - | - | €9 | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €9 | €0 | - | - |
| Trade debts44 | €0.06m | €0.06m | €0.06m | €0.09m | €0.1m | €0.09m | €0.06m | €0.1m | ▲ 89.0% |
| Suppliers440/4 | - | - | - | €0.09m | €0.1m | €0.09m | €0.06m | €0.1m | ▲ 89.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.007m | €0.008m | €0.03m | €0.04m | ▲ 33.4% |
| Taxes450/3 | - | - | - | €0.004m | €0.005m | €0.004m | €0.02m | €0.03m | ▲ 40.2% |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0.002m | €0.004m | €0.004m | €0.004m | ▼ 6.0% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.09m | €0.09m | €0.1m | €0.1m | ▲ 12.1% |
| Accrued charges and deferred income492/3 | - | - | - | €75 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,706 | €56,738 | €75,798 | -€49,127 | €62,718 | €414,798 | €333,914 | €146,505 | ▼ 56.1% |
| + Depreciation and write-downs630 | €94,795 | €83,180 | €77,302 | €78,375 | €72,081 | €67,182 | €88,962 | €102,019 | ▲ 14.7% |
| Operating cash flow (approximation) | €128,501 | €139,918 | €153,099 | €29,249 | €134,799 | €481,980 | €422,876 | €248,524 | ▼ 41.2% |
| Investment in fixed assets (approximation) | - | -€30 | -€3,694 | -€13,037 | -€51,553 | -€163,730 | -€42,744 | -€215,084 | ▼ 403% |
| Change in cash | - | -€107,459 | €120,477 | -€120,553 | -€31,637 | €118,876 | €214,238 | -€200,614 | - |
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, 31,368 companies had the same profile as LIMA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LIMA 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 31,368 companies, not a prediction for LIMA. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-07-2026 | 2026-00309566 | |
| 31-12-2024 | abbreviated format | 06-07-2025 | 2025-00234568 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00310559 | |
| 31-12-2022 | abbreviated format | 23-07-2023 | 2023-00260156 | |
| 31-12-2021 | abbreviated format | 29-06-2022 | 2022-20104754 | |
| 31-12-2020 | abbreviated format | 26-08-2021 | 2021-53400147 | |
| 31-12-2019 | abbreviated format | 10-07-2020 | 2020-28100528 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-58000072 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-55500150 | |
| 31-12-2016 | abbreviated format | 17-08-2017 | 2017-43800017 |