Limba
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 04-06-2026 PDF all 49 filings
Equity
€258,500▼ 22.4%
2024 · €333,162
Total assets
€455,799▲ 10.4%
2024 · €412,936
Net result
-€74,662
2024 · €35,112
Working capital
€202,930▼ 21.6%
2024 · €259,000
In the rankings
#1 oldest company in Sint-Gillis-Waas
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€69,308
2025
20182025
Net result
-€74,662
2025
lowest quarter of the sector
20182025
Equity
€258,500
▼ 22.4%
2025
middle half of the sector
20182025
Total assets
€455,799
▲ 10.4%
2025
middle half of the sector
20182025
Debt
€197,299
▲ 147%
2025
20182025
Working capital
€202,930
▼ 21.6%
2025
middle half of the sector
20182025
Solvency
56.7%
▼ 24.0pp
2025
middle half of the sector
20182025
Current ratio
2.03
▼ 2.22
2025
middle half of the sector
20182025
Return on assets (ROA)
-16.4%
▼ 24.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
▼ 100%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€154,299-€165,876▲ 7.5%€195,018▲ 17.6%€85,282▼ 56.3%€48,251▼ 43.4%€140,797▲ 192%€63,148▼ 55.1%-€69,308
Net result€118,277-€144,518▲ 22.2%€156,730above the sector's middle half▲ 8.5%€73,066within the sector's middle half▼ 53.4%€32,861within the sector's middle half▼ 55.0%€111,614within the sector's middle half▲ 240%€35,112within the sector's middle half▼ 68.5%-€74,662below the sector's middle half
Equity€251,384-€295,901▲ 17.7%€180,509within the sector's middle half▼ 39.0%€203,575within the sector's middle half▲ 12.8%€236,436within the sector's middle half▲ 16.1%€298,050within the sector's middle half▲ 26.1%€333,162within the sector's middle half▲ 11.8%€258,500within the sector's middle half▼ 22.4%
Total assets€647,807-€694,149▲ 7.2%€368,893below the sector's middle half▼ 46.9%€337,789below the sector's middle half▼ 8.4%€330,304below the sector's middle half▼ 2.2%€766,719within the sector's middle half▲ 132%€412,936below the sector's middle half▼ 46.1%€455,799within the sector's middle half▲ 10.4%
Debt€396,423-€398,248▲ 0.5%€188,384▼ 52.7%€134,213▼ 28.8%€93,868▼ 30.1%€468,669▲ 399%€79,774▼ 83.0%€197,299▲ 147%
Working capital€72,749-€154,383▲ 112%€42,021within the sector's middle half▼ 72.8%€148,278within the sector's middle half▲ 253%€217,981within the sector's middle half▲ 47.0%€197,070within the sector's middle half▼ 9.6%€259,000within the sector's middle half▲ 31.4%€202,930within the sector's middle half▼ 21.6%
Solvency38.8%-42.6%▲ 3.8pp48.9%within the sector's middle half▲ 6.3pp60.3%above the sector's middle half▲ 11.3pp71.6%above the sector's middle half▲ 11.3pp38.9%within the sector's middle half▼ 32.7pp80.7%above the sector's middle half▲ 41.8pp56.7%within the sector's middle half▼ 24.0pp
Current ratio1.24-1.49▲ 0.241.22within the sector's middle half▼ 0.262.11within the sector's middle half▲ 0.883.32above the sector's middle half▲ 1.211.42within the sector's middle half▼ 1.904.25above the sector's middle half▲ 2.832.03within the sector's middle half▼ 2.22
Return on assets (ROA)18.3%-20.8%▲ 2.6pp42.5%above the sector's middle half▲ 21.7pp21.6%above the sector's middle half▼ 20.9pp9.9%within the sector's middle half▼ 11.7pp14.6%above the sector's middle half▲ 4.6pp8.5%within the sector's middle half▼ 6.1pp-16.4%below the sector's middle half▼ 24.9pp
Staff (FTE)2.9-3.7▲ 27.6%3.3within the sector's middle half▼ 10.8%2.9within the sector's middle half▼ 12.1%1.4below the sector's middle half▼ 51.7%1.8below the sector's middle half▲ 28.6%1.4below the sector's middle half▼ 22.2%0below the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 a loss of €69,308, after a profit of €63,148 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €455,799
Fixed assets
€55,757 ▼ 24.8%
Current assets
€400,042 ▲ 18.1%
Equity and liabilities €455,799
Equity
€258,500 ▼ 22.4%
Debt
€197,299 ▲ 147%
Debt's share of the balance-sheet total rises from 19.3% to 43.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€50,903▼
2024 · €80,066
Cash flow
-€56,257▼
2024 · €52,029
Debt to equity
0.76▲
2024 · 0.24
ROE
-28.9%▼
2024 · 10.5%
Interest coverage
-4.80▼
2024 · 5.04
Debt ≤ 1 year
€197,112▲
2024 · €79,774
Income taxes
€0▼
2024 · €13,030
Staff costs
€7,187▼
2024 · €137,528
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 1 |
| full-time | 2 | 2 | 2 | 1 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 2 | 2 | 2 | 1 |
| Average over the year, in full-time equivalents | 2.9 | 1.4 | 1.8 | 1.4 |
| On a permanent contract | 2 | 2 | 2 | 1 |
| Joined | 0 | 1 | 1 | 2 |
| Left | 1 | 1 | 0 | 3 |
| Training hours | 16 | - | - | 24 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €90,000 | - | - |
| Pledge on other assets, amount secured | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 |
| Carrying value of the other pledged assets | €54,610 | €17,430 | €48,129 | €29,885 | €21,963 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €102,416 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €82,852 | €37,180 | €19,301 | €16,918 | €18,405 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €598 awarded · €618 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €437 | €387 |
| 2023 | 1 | €161 | €231 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €97,480 | €44,277 | €141,620 | €137,528 | €7,187 | ▼ 94.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €71,951 | €81,072 | €82,852 | €82,852 | €37,180 | €19,301 | €16,918 | €18,405 | ▲ 8.8% |
| Other operating charges640/8 | - | - | - | €22,675 | €16,050 | €25,195 | €34,744 | €20,392 | ▼ 41.3% |
| Non-recurring operating charges66A | - | - | - | €0 | €12,319 | €0 | - | - | - |
| Gross operating margin9900 | €292,081 | €362,485 | €415,123 | €288,289 | €158,077 | €326,914 | €252,339 | -€23,324 | - |
| Operating profit (loss)9901 | €154,299 | €165,876 | €195,018 | €85,282 | €48,251 | €140,797 | €63,148 | -€69,308 | - |
| Financial income75/76B | - | - | - | €0 | - | €3,413 | €876 | €5,248 | ▲ 499% |
| Recurring financial income75 | €21 | €3 | €1 | €0 | - | €3,413 | €876 | €5,248 | ▲ 499% |
| Financial charges65/66B | - | - | - | €2,208 | €780 | €10,247 | €15,883 | €10,602 | ▼ 33.3% |
| Recurring financial charges65 | €2,274 | €2,412 | €2,432 | €2,208 | €780 | €10,247 | €15,883 | €10,602 | ▼ 33.3% |
| Profit (loss) for the period before taxes9903 | €152,047 | €163,467 | €192,587 | €83,074 | €47,471 | €133,964 | €48,142 | -€74,662 | - |
| Income taxes67/77 | €33,770 | €18,949 | €35,857 | €10,008 | €14,609 | €22,350 | €13,030 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €118,277 | €144,518 | €156,730 | €73,066 | €32,861 | €111,614 | €35,112 | -€74,662 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €4,535 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €118,277 | €144,518 | €156,730 | €77,602 | €32,861 | €111,614 | €35,112 | -€74,662 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €647,807 | €694,149 | €368,893 | €337,789 | €330,304 | €766,719 | €412,936 | €455,799 | ▲ 10.4% |
| Fixed assets21/28 | €274,977 | €221,475 | €138,488 | €55,635 | €18,455 | €101,570 | €74,163 | €55,757 | ▼ 24.8% |
| Tangible fixed assets22/27 | €274,087 | €220,315 | €137,463 | €54,610 | €17,430 | €100,545 | €73,238 | €54,832 | ▼ 25.1% |
| Land and buildings22 | - | - | - | - | - | €52,416 | €43,352 | €32,869 | ▼ 24.2% |
| Furniture and vehicles24 | - | - | - | €54,610 | €17,430 | €48,129 | €29,885 | €21,963 | ▼ 26.5% |
| Financial fixed assets28 | €890 | €1,160 | €1,025 | €1,025 | €1,025 | €1,025 | €925 | €925 | = |
| Current assets29/58 | €372,829 | €472,674 | €230,405 | €282,153 | €311,849 | €665,149 | €338,774 | €400,042 | ▲ 18.1% |
| Amounts receivable within one year40/41 | €228,336 | €203,499 | €173,362 | €108,736 | €130,438 | €586,414 | €62,094 | €369,661 | ▲ 495% |
| Trade receivables40 | - | - | - | €71,752 | €101,619 | €504,945 | €44,129 | €38,463 | ▼ 12.8% |
| Other amounts receivable41 | - | - | - | €36,984 | €28,820 | €81,470 | €17,965 | €331,197 | ▲ 18× |
| Cash at bank and in hand54/58 | €127,768 | €269,175 | €49,750 | €153,280 | €175,225 | €64,998 | €259,538 | €21,567 | ▼ 91.7% |
| Deferred charges and accrued income490/1 | - | - | - | €20,138 | €6,186 | €13,736 | €17,141 | €8,814 | ▼ 48.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €647,807 | €694,149 | €368,893 | €337,789 | €330,304 | €766,719 | €412,936 | €455,799 | ▲ 10.4% |
| Equity10/15 | €251,384 | €295,901 | €180,509 | €203,575 | €236,436 | €298,050 | €333,162 | €258,500 | ▼ 22.4% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €12,279 | €12,279 | €12,279 | €7,744 | €7,744 | €7,744 | €7,744 | €7,744 | = |
| Non-distributable reserves130/1 | - | - | - | €6,341 | €6,341 | €6,341 | €6,341 | €6,341 | = |
| Legal reserve130 | - | - | - | €6,150 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Reserves not available under the articles1311 | - | - | - | €191 | €191 | €191 | €191 | €191 | = |
| Tax-exempt reserves132 | - | - | - | €930 | €930 | €930 | €930 | €930 | = |
| Distributable reserves133 | - | - | - | €473 | €473 | €473 | €473 | €473 | = |
| Profit (loss) carried forward14 | €177,604 | €222,122 | €106,730 | €134,331 | €167,192 | €228,806 | €263,918 | €189,256 | ▼ 28.3% |
| Amounts payable17/49 | €396,423 | €398,248 | €188,384 | €134,213 | €93,868 | €468,669 | €79,774 | €197,299 | ▲ 147% |
| Amounts payable after more than one year17 | €96,343 | €79,957 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €300,081 | €318,291 | €188,384 | €133,876 | €93,868 | €468,080 | €79,774 | €197,112 | ▲ 147% |
| Financial debts43 | - | - | - | - | - | €90,000 | €0 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €90,000 | €0 | - | - |
| Trade debts44 | €202,517 | €158,126 | €116,358 | €70,522 | €88,803 | €190,611 | €44,761 | €187,374 | ▲ 319% |
| Suppliers440/4 | - | - | - | €70,522 | €88,803 | €190,611 | €44,761 | €187,374 | ▲ 319% |
| Taxes, remuneration and social security45 | - | - | - | €13,353 | €5,065 | €32,469 | €22,874 | €20 | ▼ 99.9% |
| Taxes450/3 | - | - | - | €7,130 | €386 | €13,929 | €12,926 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €6,224 | €4,679 | €18,540 | €9,948 | €20 | ▼ 99.8% |
| Other amounts payable47/48 | - | - | - | €50,000 | €0 | €155,000 | €12,139 | €9,718 | ▼ 19.9% |
| Accrued charges and deferred income492/3 | - | - | - | €338 | €0 | €589 | €0 | €187 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €118,277 | €144,518 | €156,730 | €73,066 | €32,861 | €111,614 | €35,112 | -€74,662 | - |
| + Depreciation and write-downs630 | €71,951 | €81,072 | €82,852 | €82,852 | €37,180 | €19,301 | €16,918 | €18,405 | ▲ 8.8% |
| Operating cash flow (approximation) | €190,228 | €225,590 | €239,582 | €155,919 | €70,041 | €130,915 | €52,029 | -€56,257 | - |
| Investment in fixed assets (approximation) | - | -€27,570 | €135 | €0 | €0 | -€102,416 | €10,490 | €0 | ▼ 100% |
| Change in cash | - | €141,407 | -€219,425 | €103,530 | €21,945 | -€110,226 | €194,540 | -€237,971 | - |
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 Limba has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of Limba itself: 0.8% 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 Limba. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 04-06-2026 | 2026-00137203 | |
| 31-12-2024 | abbreviated format | 02-06-2025 | 2025-00112480 | |
| 31-12-2023 | abbreviated format | 06-06-2024 | 2024-00112443 | |
| 31-12-2022 | abbreviated format | 30-05-2023 | 2023-00097301 | |
| 31-12-2021 | abbreviated format | 30-05-2022 | 2022-20037014 | |
| 31-12-2020 | abbreviated format | 31-05-2021 | 2021-15800150 | |
| 31-12-2019 | abbreviated format | 26-06-2020 | 2020-20700383 | |
| 31-12-2018 | abbreviated format | 11-06-2019 | 2019-16900575 | |
| 31-12-2017 | abbreviated format | 11-06-2018 | 2018-16900115 | |
| 31-12-2016 | abbreviated format | 26-06-2017 | 2017-21200078 |