Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Four of the last ten came late. The 2020 accounts came latest: 1,468 days after the end of the period.
Negative equity caps the score at 59.
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, micro). It does better than 10% of them on solvency, 6% on liquidity, 4% on profitability and 1% on growth.
The bankruptcy probability was computed on 06-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 6,619 companies had the same profile as LIMARO has now. Each dot stands for 17 companies, two years later.
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LIMARO itself: 1.5% within 12 months.
The method was tested on the 497,447 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 6,619 companies, not a prediction for LIMARO. 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.
Liquidity is insufficient, with a current ratio of 0.05 (0.3 in 2024), below 1. Short-term debt is 120% and cash 2.1% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 319 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
LIMARO files the abbreviated format. That format states no turnover. The gross margin fell from €38,073 in 2007 to -€2,031 in 2025.
MEDISEC CONSULTING holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Amounts without an identifiable currency are taken as euros.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
54,581 | 71,201 | 64,200 | 58,393 | 70,124 | 82,715 | 86,559 | 101,497 | 122,134 | 140,517 | 158,440 | 177,171 | 192,420 | 211,929 | 230,162 | 248,063 | 261,446 | 260,113 | 277,772 | |
21/28 |
51,440 | 51,968 | 52,496 | 53,469 | 54,538 | 67,868 | 82,466 | 98,103 | 117,839 | 137,575 | 157,312 | 177,048 | 192,335 | 210,670 | 228,104 | 247,124 | 255,362 | 255,020 | 271,134 | |
22/27 |
51,440 | 51,968 | 52,496 | 53,469 | 54,538 | 67,868 | 82,466 | 98,103 | 117,839 | 137,575 | 157,312 | 177,048 | 192,335 | 210,670 | 228,104 | 247,124 | 255,362 | 255,020 | 271,134 | |
22 |
51,440 | 51,968 | 52,496 | 53,469 | 54,538 | 67,868 | 77,777 | 93,890 | 110,003 | 126,116 | 142,229 | 158,342 | 174,455 | 190,568 | 206,681 | 222,794 | 238,907 | 255,020 | 271,134 | |
23 |
- | - | - | - | - | - | 4,689 | 4,213 | 7,837 | 11,460 | 15,083 | 18,706 | 17,880 | 20,102 | 21,423 | 24,329 | 16,455 | - | - | |
29/58 |
3,141 | 19,233 | 11,704 | 4,924 | 15,586 | 14,847 | 4,093 | 3,394 | 4,295 | 2,942 | 1,128 | 123 | 85 | 1,258 | 2,058 | 939 | 6,085 | 5,093 | 6,638 | |
40/41 |
1,531 | 2,879 | 0 | 92 | - | - | - | - | - | - | - | - | - | - | - | - | 4,437 | 1,437 | 1,437 | |
40 |
1,468 | 2,816 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3,000 | - | - | |
41 |
63 | 63 | 0 | 92 | - | - | - | - | - | - | - | - | - | - | - | - | 1,437 | 1,437 | 1,437 | |
54/58 |
1,137 | 15,900 | 11,265 | 4,133 | 14,939 | 14,847 | 4,093 | 3,394 | 4,295 | 2,942 | 1,128 | 123 | 85 | 1,258 | 2,058 | 939 | 1,648 | 3,656 | 5,201 | |
490/1 |
473 | 455 | 439 | 699 | 647 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
54,581 | 71,201 | 64,200 | 58,393 | 70,124 | 82,715 | 86,559 | 101,497 | 122,134 | 140,517 | 158,440 | 177,171 | 192,420 | 211,929 | 230,162 | 248,063 | 261,446 | 260,113 | 277,772 | |
10/15 |
-10,906 | 6,336 | 2,279 | -4,608 | -7,637 | -20,337 | -28,229 | -34,048 | -39,680 | -42,794 | -41,064 | -35,304 | -27,289 | -20,869 | -5,485 | 15,449 | 45,425 | 79,492 | 75,356 | |
10/11 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
10 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
13 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
130/1 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
14 |
-79,106 | -61,864 | -65,921 | -72,808 | -75,837 | -88,537 | -96,429 | -102,248 | -107,880 | -110,994 | -109,264 | -103,504 | -95,489 | -89,069 | -73,685 | -52,751 | -22,775 | 11,292 | 7,156 | |
17/49 |
65,487 | 64,865 | 61,921 | 63,002 | 77,762 | 103,052 | 114,787 | 135,545 | 161,815 | 183,311 | 199,504 | 212,475 | 219,709 | 232,798 | 235,647 | 232,614 | 216,022 | 180,622 | 202,415 | |
17 |
- | - | - | 0 | 70,045 | 93,045 | 110,045 | 134,045 | 142,000 | 162,000 | 162,000 | 162,000 | 167,319 | 190,475 | 114,308 | 137,226 | 159,525 | 159,695 | 175,634 | |
170/4 |
- | - | - | 0 | 70,045 | 93,045 | 110,045 | 134,045 | 142,000 | 162,000 | 162,000 | 162,000 | 167,319 | 190,475 | 114,308 | 137,226 | 159,525 | 159,695 | 175,634 | |
42/48 |
65,487 | 64,478 | 61,537 | 62,654 | 1,609 | 5,079 | 4,742 | 1,500 | 19,815 | 21,311 | 37,504 | 50,475 | 52,389 | 42,323 | 121,339 | 95,387 | 56,497 | 20,927 | 26,782 | |
42 |
- | - | - | - | - | - | - | - | - | - | - | 5,114 | 23,428 | 23,833 | 22,919 | 22,042 | 20,838 | 15,939 | 15,191 | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | 2 | - | - | - | - | - | - | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | 2 | - | - | - | - | - | - | |
44 |
5,820 | 4,565 | - | 0 | 109 | 3,579 | 3,242 | - | 2,769 | 2,716 | 568 | - | - | 184 | - | - | 3,173 | - | 100 | |
440/4 |
5,820 | 4,565 | - | 0 | 109 | 3,579 | 3,242 | - | 2,769 | 2,716 | 568 | - | - | 184 | - | - | 3,173 | - | 100 | |
45 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 465 | 1,111 | 2,912 | |
450/3 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 465 | 1,111 | 2,912 | |
47/48 |
59,668 | 59,912 | 61,537 | 62,654 | 1,500 | 1,500 | 1,500 | 1,500 | 17,045 | 18,595 | 36,935 | 45,361 | 28,960 | 18,306 | 98,421 | 73,345 | 32,021 | 3,877 | 8,578 | |
492/3 |
0 | 387 | 384 | 348 | 6,107 | 4,927 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Income statement | ||||||||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | 18,000 | 18,000 | 19,331 | 11,294 | 8,000 | - | - | 37,831 | 41,945 | |
9900 |
-2,031 | 5,310 | 8,666 | 7,821 | 29,690 | 28,876 | 27,029 | 28,354 | 25,772 | 21,402 | 16,930 | 15,469 | 17,524 | 9,313 | 4,382 | -3,645 | -4,725 | 33,828 | 38,073 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | 1,070 | 2,532 | 1,807 | 1,981 | 3,618 | 3,645 | 4,725 | 4,003 | 3,872 | |
630 |
528 | 528 | 973 | 1,069 | 13,330 | 17,358 | 18,160 | 19,736 | 19,736 | 19,736 | 19,736 | 19,736 | 19,291 | 19,196 | 19,019 | 19,019 | 17,941 | 16,113 | 16,113 | |
640/8 |
264 | 821 | 826 | 3,692 | 3,614 | 3,589 | 3,018 | 2,957 | 2,897 | 3,389 | 2,825 | 2,815 | 2,784 | 2,707 | 2,615 | 2,561 | 2,560 | 2,798 | 2,754 | |
9901 |
-2,823 | 3,961 | 6,867 | 3,061 | 12,746 | 7,929 | 5,851 | 5,660 | 3,140 | -1,724 | -5,631 | -7,083 | -4,551 | -12,589 | -17,252 | -25,225 | -25,226 | 14,917 | 19,206 | |
75/76B |
0 | 129 | 54 | - | - | - | - | - | - | - | 0 | - | - | - | - | 3 | 8 | 18 | 10 | |
75 |
0 | 129 | 54 | - | - | - | - | - | - | - | 0 | - | - | - | - | 3 | 8 | 18 | 10 | |
65/66B |
208 | 33 | 33 | 32 | 47 | 37 | 31 | 28 | 26 | 7 | 130 | 932 | 1,868 | 2,795 | 3,682 | 4,752 | 8,711 | 10,044 | 10,624 | |
65 |
208 | 33 | 33 | 32 | 47 | 37 | 31 | 28 | 26 | 7 | 130 | 932 | 1,868 | 2,795 | 3,682 | 4,752 | 8,711 | 10,044 | 10,624 | |
9903 |
-3,030 | 4,057 | 6,888 | 3,029 | 12,699 | 7,892 | 5,820 | 5,632 | 3,114 | -1,730 | -5,760 | -8,015 | -6,419 | -15,384 | -20,934 | -29,975 | -33,930 | 4,891 | 8,591 | |
67/77 |
14,212 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | 137 | 756 | 2,356 | |
9904 |
-17,243 | 4,057 | 6,888 | 3,029 | 12,699 | 7,892 | 5,820 | 5,632 | 3,114 | -1,730 | -5,760 | -8,015 | -6,419 | -15,384 | -20,934 | -29,975 | -34,067 | 4,136 | 6,236 | |
9905 |
-17,243 | 4,057 | 6,888 | 3,029 | 12,699 | 7,892 | 5,820 | 5,632 | 3,114 | -1,730 | -5,760 | -8,015 | -6,419 | -15,384 | -20,934 | -29,975 | -34,067 | 4,136 | 6,236 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
-79,106 | -61,864 | -65,921 | -72,808 | -75,837 | -88,537 | -96,429 | -102,248 | -107,880 | -110,994 | -109,264 | -103,504 | -95,489 | -89,069 | -73,685 | -52,751 | -22,775 | 11,292 | 7,156 | |
14P |
-61,864 | -65,921 | -72,808 | -75,837 | -88,537 | -96,429 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||||||||
The accounts for 5 older financial years (2002-2006) were filed as documents without figures as data, scans for example.
The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 17-03-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 17-03-2026 | 2026-00056835 | |
| 30-09-2024 | abbreviated format | 30-04-2025 | 2025-00088382 | |
| 30-09-2023 | abbreviated format | 25-11-2024 | 2024-00604590 | |
| 30-09-2022 | abbreviated format | 25-11-2024 | 2024-00604588 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20017433 | |
| 30-09-2020 | micro format | 07-05-2025 | 2025-00091907 | |
| 30-09-2019 | micro format | 28-05-2020 | 2020-13500536 | |
| 30-09-2018 | micro format | 13-03-2019 | 2019-07000586 | |
| 30-09-2017 | micro format | 02-03-2018 | 2018-06100420 | |
| 30-09-2016 | abbreviated format | 21-03-2017 | 2017-06800346 | |
| 30-09-2015 | abbreviated format | 26-02-2016 | 2016-05200259 | |
| 30-09-2014 | abbreviated format | 11-03-2015 | 2015-06100476 | |
| 30-09-2013 | abbreviated format | 27-02-2014 | 2014-05500033 | |
| 30-09-2012 | abbreviated format | 12-02-2013 | 2013-03400406 | |
| 30-09-2011 | abbreviated format | 05-03-2012 | 2012-05600470 | |
| 30-09-2010 | abbreviated format | 14-02-2011 | 2011-03300315 | |
| 30-09-2009 | abbreviated format | 03-03-2010 | 2010-06000199 | |
| 30-09-2008 | abbreviated format | 17-03-2009 | 2009-07600222 | |
| 30-09-2007 | abbreviated format | 21-02-2008 | 2008-05000048 | |
| 30-09-2006 | abbreviated format | 02-03-2007 | 2007-06503337 | |
| 30-09-2005 | abbreviated format | 16-02-2006 | 2006-05201211 | |
| 30-09-2004 | abbreviated format | 16-02-2005 | 2005-05301313 | |
| 30-09-2003 | abbreviated format | 03-03-2004 | 2004-06300621 | |
| 30-09-2002 | abbreviated format | 27-02-2003 | 2003-05800596 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -2,295 | 4,489 | 7,840 | 4,129 | 26,076 | 25,287 | 24,011 | 25,396 | 22,876 | 18,013 | 14,105 | 12,653 | 14,740 | 6,606 | 1,767 | -6,206 | -7,285 | 31,031 | 35,319 | ||
| -16,715 | 4,585 | 7,861 | 4,098 | 26,029 | 25,250 | 23,980 | 25,368 | 22,850 | 18,006 | 13,976 | 11,721 | 12,872 | 3,811 | -1,915 | -10,956 | -16,126 | 20,249 | 22,349 | ||
| 0 | 0 | 0 | 0 | 0 | 2,760 | 2,523 | 0 | 0 | 0 | 0 | 4,449 | 956 | 1,762 | 0 | 10,781 | 18,283 | 0 | - | ||
| -14,763 | 4,635 | 7,132 | -10,807 | 92 | 10,754 | 699 | -901 | 1,354 | 1,813 | 1,005 | 38 | -1,173 | -800 | 1,119 | -709 | -2,008 | -1,545 | - | ||
| -62,346 | -45,244 | -49,833 | -57,730 | 13,977 | 9,768 | -649 | 1,894 | -15,519 | -18,370 | -36,375 | -50,352 | -52,304 | -41,065 | -119,281 | -94,448 | -50,413 | -15,834 | -20,144 | ||
| - | - | - | - | - | - | - | - | - | - | -31.3% | -39.4% | -23.5% | - | - | - | - | 39.4% | 45.8% | ||
| -20.0% | 8.9% | 3.6% | -7.9% | -10.9% | -24.6% | -32.6% | -33.5% | -32.5% | -30.5% | -25.9% | -19.9% | -14.2% | -9.8% | -2.4% | 6.2% | 17.4% | 30.6% | 27.1% | ||
| 0.05 | 0.30 | 0.19 | 0.08 | 9.69 | 2.92 | 0.86 | 2.26 | 0.22 | 0.14 | 0.03 | 0.00 | 0.00 | 0.03 | 0.02 | 0.01 | 0.11 | 0.24 | 0.25 | ||
| - | 10.24 | 27.17 | - | - | - | - | - | - | - | - | - | - | - | - | 15.06 | 4.76 | 2.27 | 2.69 | ||
| - | 64.0% | 302.2% | - | - | - | - | - | - | - | - | - | - | - | - | -194.0% | -75.0% | 5.2% | 8.3% | ||
| -31.6% | 5.7% | 10.7% | 5.2% | 18.1% | 9.5% | 6.7% | 5.5% | 2.5% | -1.2% | -3.6% | -4.5% | -3.3% | -7.3% | -9.1% | -12.1% | -13.0% | 1.6% | 2.2% | ||
| -11.06 | over 100 | over 100 | over 100 | over 100 | over 100 | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 14 days | 13 days | ||
| - | - | - | - | - | - | - | - | - | - | 194 days | - | - | 34 days | - | - | 245 days | - | 9 days |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
The operating result for 2025 is a loss of €2,823, after a profit of €3,961 in 2024. It is the lowest result since 2015.
Equity is negative. Debt (€65,487) exceeds the balance-sheet total (€54,581).
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 31-03-2025 accounts of MEDISEC CONSULTING. Every holding stands with its own latest accounts.
| MEDISEC CONSULTING
registered office since 08-07-2005 · founded in 2005 · accounts filed late |
total assets €1.5m (2025) 0874.955.242 |
| THALIMVEST
registered office since 15-11-1990 · founded in 1990 · accounts filed late |
total assets €409,502 (2025) 0442.038.403 |
The network starts from the directors of LIMARO. Every other company they run is a node.
Deadline for the 2026 accounts: 30-04-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Sint-Annastraat 218 registered office 9220 Hamme (Vl.) | ||
| Kapelleplein 3 9290 Berlare 64210 Activities of holding companies | 16-04-2002 | 2.095.867.518 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 42452E0586/00G000 | 1,888 m² | 1 · 259 m² | 8.1 m · 2 |
| 42003A1337/00P000 | 928 m² | 1 · 169 m² | 8.6 m · 2 |
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