LIMAFRAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 15 filings
Turnover
≈ €2.0m
Estimated: probably between €1.6m and €3.3m
EBIT margin
Not included in this filing
Net result
€241,334▼ 21.8%
2024 · €308,521
Working capital
€825,260▼ 33.0%
2024 · €1.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€372,948
▼ 20.7%
2025
20182025
Net result
€241,334
▼ 21.8%
2025
highest quarter of the sector
20182025
Equity
€862,834
▼ 26.5%
2025
highest quarter of the sector
20182025
Total assets
€2.0m
▲ 4.5%
2025
highest quarter of the sector
20182025
Debt
€1.1m
▲ 53.8%
2025
20182025
Working capital
€825,260
▼ 33.0%
2025
highest quarter of the sector
20182025
Solvency
43.2%
▼ 18.2pp
2025
middle half of the sector
20182025
Current ratio
2.00
▼ 2.15
2025
middle half of the sector
20182025
Return on assets (ROA)
12.1%
▼ 4.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.6
▼ 36.0%
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€0.2m-€0.2m▲ 10.2%€0.2m▲ 3.5%€0.3m▲ 61.7%€0.4m▲ 45.1%€0.5m▲ 10.0%€0.5m▲ 3.7%€0.4m▼ 20.7%
Net result€0.1m-€0.09m▼ 17.6%€0.1mabove the sector's middle half▲ 15.5%€0.2mabove the sector's middle half▲ 65.3%€0.3mabove the sector's middle half▲ 53.4%€0.3mabove the sector's middle half▲ 10.8%€0.3mabove the sector's middle half▲ 3.3%€0.2mabove the sector's middle half▼ 21.8%
Equity€0.2m-€0.3m▲ 46.7%€0.4mwithin the sector's middle half▲ 36.8%€0.5mwithin the sector's middle half▲ 29.2%€0.8mabove the sector's middle half▲ 52.8%€1.0mabove the sector's middle half▲ 22.6%€1.2mabove the sector's middle half▲ 22.6%€0.9mabove the sector's middle half▼ 26.5%
Total assets€1.3m-€1.1m▼ 16.7%€1.2mwithin the sector's middle half▲ 5.7%€1.3mwithin the sector's middle half▲ 11.7%€1.5mwithin the sector's middle half▲ 15.1%€1.6mwithin the sector's middle half▲ 6.6%€1.9mwithin the sector's middle half▲ 18.4%€2.0mabove the sector's middle half▲ 4.5%
Debt€1.1m-€0.8m▼ 27.6%€0.8m▼ 5.3%€0.8m▲ 2.9%€0.7m▼ 8.8%€0.7m▼ 10.5%€0.7m▲ 12.2%€1.1m▲ 53.8%
Working capital€0.3m-€0.4m▲ 36.6%€0.5mabove the sector's middle half▲ 32.1%€0.6mabove the sector's middle half▲ 16.6%€0.9mabove the sector's middle half▲ 37.9%€1.0mabove the sector's middle half▲ 18.7%€1.2mabove the sector's middle half▲ 19.9%€0.8mabove the sector's middle half▼ 33.0%
Solvency14.7%-25.9%▲ 11.2pp33.6%within the sector's middle half▲ 7.6pp38.8%within the sector's middle half▲ 5.2pp51.5%within the sector's middle half▲ 12.7pp59.3%above the sector's middle half▲ 7.7pp61.4%above the sector's middle half▲ 2.1pp43.2%within the sector's middle half▼ 18.2pp
Current ratio1.70-2.84▲ 1.153.21above the sector's middle half▲ 0.373.16above the sector's middle half▼ 0.063.95above the sector's middle half▲ 0.804.82above the sector's middle half▲ 0.874.15above the sector's middle half▼ 0.672.00within the sector's middle half▼ 2.15
Return on assets (ROA)8.4%-8.3%▼ 0.1pp9.0%within the sector's middle half▲ 0.8pp13.4%above the sector's middle half▲ 4.3pp17.8%above the sector's middle half▲ 4.4pp18.5%above the sector's middle half▲ 0.7pp16.1%above the sector's middle half▼ 2.4pp12.1%above the sector's middle half▼ 4.1pp
Staff (FTE)3.2-3.2=3.5within the sector's middle half▲ 9.4%3.5within the sector's middle half=2.9within the sector's middle half▼ 17.1%3within the sector's middle half▲ 3.4%2.5below the sector's middle half▼ 16.7%1.6within the sector's middle half▼ 36.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 21% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€342,778 ▲ 19.1%
Current assets
€1.7m ▲ 1.9%
Equity and liabilities €2.0m
Equity
€862,834 ▼ 26.5%
Debt
€1.1m ▲ 53.8%
Debt's share of the balance-sheet total rises from 38.6% to 56.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€423,325▼
2024 · €507,690
Cash flow
€291,710▼
2024 · €345,721
Quick ratio
1.68▼
2024 · 3.49
Debt to equity
1.31▲
2024 · 0.63
ROE
28.0%▲
2024 · 26.3%
Interest coverage
25.22▲
2024 · 17.24
Debt ≤ 1 year
€829,210▲
2024 · €391,226
Debt > 1 year
€305,205▼
2024 · €346,446
Income taxes
€118,695▼
2024 · €148,730
Staff costs
€123,927▼
2024 · €162,431
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 | 4 | 3 | 4 | 2 | 1 |
| full-time | 3 | 2 | 3 | 1 | - |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 3.9 | 2.9 | 3.7 | 1.7 | 0.7 |
| Average over the year, in full-time equivalents | 3.5 | 2.9 | 3 | 2.5 | 1.6 |
| On a permanent contract | 2 | 1 | 2 | 1 | - |
| Joined | 2 | - | 4 | 2 | 1 |
| Left | 1 | - | 3 | 3 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €91,298 | €21,544 | - | €17,096 | €105,339 |
| Depreciation and write-downs of the year | €90,619 | €62,167 | €38,705 | €37,199 | €50,377 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5,000 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €139,756 | €153,856 | €168,449 | €162,431 | €123,927 | ▼ 23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €136,097 | €137,505 | €125,234 | €90,619 | €62,167 | €38,705 | €37,199 | €50,377 | ▲ 35.4% |
| Other operating charges640/8 | - | - | - | €10,155 | €5,601 | €5,312 | €5,466 | €9,386 | ▲ 71.7% |
| Non-recurring operating charges66A | - | - | - | €8,228 | - | - | - | - | - |
| Gross operating margin9900 | €428,860 | €454,708 | €448,469 | €533,128 | €634,263 | €666,272 | €675,587 | €556,638 | ▼ 17.6% |
| Operating profit (loss)9901 | €154,237 | €169,900 | €175,867 | €284,370 | €412,640 | €453,806 | €470,490 | €372,948 | ▼ 20.7% |
| Financial income75/76B | - | - | - | €985 | €2,594 | €3,685 | €16,205 | €3,863 | ▼ 76.2% |
| Recurring financial income75 | €34,676 | €42 | €6,798 | €985 | €2,594 | €3,685 | €16,205 | €3,863 | ▼ 76.2% |
| Financial charges65/66B | - | - | - | €24,142 | €21,979 | €20,909 | €29,444 | €16,782 | ▼ 43.0% |
| Recurring financial charges65 | €35,240 | €31,349 | €27,957 | €24,142 | €21,979 | €20,909 | €29,444 | €16,782 | ▼ 43.0% |
| Profit (loss) for the period before taxes9903 | €153,673 | €138,592 | €154,708 | €261,213 | €393,256 | €436,582 | €457,251 | €360,029 | ▼ 21.3% |
| Income taxes67/77 | €41,859 | €46,464 | €48,332 | €85,417 | €123,541 | €137,864 | €148,730 | €118,695 | ▼ 20.2% |
| Profit (loss) for the period9904 | €111,814 | €92,128 | €106,376 | €175,796 | €269,715 | €298,719 | €308,521 | €241,334 | ▼ 21.8% |
| Profit (loss) for the period to be appropriated9905 | €111,814 | €92,128 | €106,376 | €175,796 | €269,715 | €298,719 | €308,521 | €241,334 | ▼ 21.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.1m | €1.2m | €1.3m | €1.5m | €1.6m | €1.9m | €2.0m | ▲ 4.5% |
| Fixed assets21/28 | €0.6m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▲ 19.1% |
| Intangible fixed assets21 | €0.1m | €0.06m | €0.01m | - | - | - | €0 | €0 | - |
| Tangible fixed assets22/27 | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 19.1% |
| Land and buildings22 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.5% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 2.8% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.08m | €0.06m | €0.04m | €0.1m | ▲ 180% |
| Financial fixed assets28 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0 | - | - |
| Current assets29/58 | €0.7m | €0.6m | €0.8m | €0.9m | €1.2m | €1.3m | €1.6m | €1.7m | ▲ 1.9% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 0.8% |
| Stocks30/36 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 0.8% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.08m | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 21.0% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 19.0% |
| Other amounts receivable41 | - | - | - | €464 | €0.05m | €0.06m | €32 | €0.003m | ▲ 80× |
| Current investments50/53 | - | - | - | - | - | €0.4m | - | - | - |
| Cash at bank and in hand54/58 | €0.4m | €0.3m | €0.5m | €0.6m | €0.8m | €0.5m | €1.2m | €1.2m | ▲ 0.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.004m | €0.006m | €0.003m | €0.001m | ▼ 50.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.1m | €1.2m | €1.3m | €1.5m | €1.6m | €1.9m | €2.0m | ▲ 4.5% |
| Equity10/15 | €0.2m | €0.3m | €0.4m | €0.5m | €0.8m | €1.0m | €1.2m | €0.9m | ▼ 26.5% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.2m | €0.3m | €0.4m | €0.5m | €0.8m | €0.9m | €1.2m | €0.9m | ▼ 26.7% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.5m | €0.8m | €0.9m | €1.2m | €0.8m | ▼ 26.8% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | - | €4 | - |
| Amounts payable17/49 | €1.1m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | €1.1m | ▲ 53.8% |
| Amounts payable after more than one year17 | €0.7m | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 11.9% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 11.9% |
| Amounts payable within one year42/48 | €0.4m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | €0.8m | ▲ 112% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.07m | €0.05m | €0.04m | €0.04m | ▼ 3.8% |
| Financial debts43 | - | - | - | €0.02m | €0.02m | €0 | €0 | €0 | - |
| Credit institutions430/8 | - | - | - | €0.02m | €0.02m | €0 | €0 | €0 | - |
| Trade debts44 | €0.1m | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 22.7% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 22.7% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0 | €0.002m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.07m | €0.08m | €0.1m | €0.05m | ▼ 48.6% |
| Taxes450/3 | - | - | - | €0.04m | €0.04m | €0.05m | €0.08m | €0.04m | ▼ 52.0% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.03m | €0.03m | €0.02m | €0.01m | ▼ 29.9% |
| Other amounts payable47/48 | - | - | - | €0.001m | - | €0.006m | €0.1m | €0.6m | ▲ 449% |
| Accrued charges and deferred income492/3 | - | - | - | €0.006m | - | €300 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €111,814 | €92,128 | €106,376 | €175,796 | €269,715 | €298,719 | €308,521 | €241,334 | ▼ 21.8% |
| + Depreciation and write-downs630 | €136,097 | €137,505 | €125,234 | €90,619 | €62,167 | €38,705 | €37,199 | €50,377 | ▲ 35.4% |
| Operating cash flow (approximation) | €247,911 | €229,634 | €231,610 | €266,415 | €331,882 | €337,424 | €345,721 | €291,710 | ▼ 15.6% |
| Investment in fixed assets (approximation) | - | -€12,607 | -€35,249 | -€91,298 | -€21,544 | €0 | -€7,096 | -€105,339 | ▼ 1,384% |
| Change in cash | - | -€100,652 | €206,532 | €92,168 | €206,840 | -€294,191 | €763,954 | €4,155 | ▼ 99.5% |
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, 34,693 companies had the same profile as LIMAFRAN has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of LIMAFRAN 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 34,693 companies, not a prediction for LIMAFRAN. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-06-2026 | 2026-00164442 | |
| 31-12-2024 | full format | 26-05-2025 | 2025-00105289 | |
| 31-12-2023 | full format | 29-08-2024 | 2024-00421120 | |
| 31-12-2022 | full format | 29-08-2023 | 2023-00370822 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20206399 | |
| 31-12-2020 | full format | 25-06-2021 | 2021-24700070 | |
| 31-12-2019 | full format | 28-09-2020 | 2020-57500462 | |
| 31-12-2018 | full format | 23-08-2019 | 2019-50400294 | |
| 31-12-2017 | full format | 24-08-2018 | 2018-50900582 | |
| 31-12-2016 | full format | 10-07-2017 | 2017-30500206 |