LIMITS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 11-06-2026 PDF all 30 filings
Turnover
≈ €240,000
Estimated: probably between €170,000 and €390,000
Total assets
€1.6m▼ 1.5%
2024 · €1.6m
Net result
€81,365▲ 1.0%
2024 · €80,532
Working capital
€1.3m▲ 8.2%
2024 · €1.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€109,148
▲ 6.7%
2025
20182025
Net result
€81,365
▲ 1.0%
2025
middle half of the sector
20182025
Equity
€1.5m
▲ 5.6%
2025
highest quarter of the sector
20182025
Total assets
€1.6m
▼ 1.5%
2025
middle half of the sector
20182025
Debt
€19,051
▼ 84.6%
2025
20182025
Working capital
€1.3m
▲ 8.2%
2025
highest quarter of the sector
20182025
Solvency
98.8%
▲ 6.6pp
2025
highest quarter of the sector
20182025
Current ratio
67.80
▲ 57.31
2025
highest quarter of the sector
20182025
Return on assets (ROA)
5.2%
▲ 0.1pp
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€0.04m-€0.2m▲ 358%€0.2m▲ 2.7%€0.2m▲ 24.0%€0.2m▼ 12.6%€0.09m▼ 48.9%€0.1m▲ 9.9%€0.1m▲ 6.7%
Net result€0.03m-€0.1m▲ 312%€0.1mabove the sector's middle half▲ 2.4%€0.2mabove the sector's middle half▲ 31.9%€0.1mabove the sector's middle half▼ 16.8%€0.08mwithin the sector's middle half▼ 38.9%€0.08mwithin the sector's middle half▲ 3.0%€0.08mwithin the sector's middle half▲ 1.0%
Equity€1.1m-€1.1m▲ 0.7%€1.2mabove the sector's middle half▲ 10.6%€1.4mabove the sector's middle half▲ 12.6%€1.5mabove the sector's middle half▲ 9.3%€1.5mabove the sector's middle half▼ 1.5%€1.5mabove the sector's middle half▼ 1.3%€1.5mabove the sector's middle half▲ 5.6%
Total assets€1.1m-€1.2m▲ 10.9%€1.3mwithin the sector's middle half▲ 2.9%€1.4mwithin the sector's middle half▲ 12.0%€1.5mwithin the sector's middle half▲ 9.6%€1.6mwithin the sector's middle half▲ 4.4%€1.6mwithin the sector's middle half▼ 1.4%€1.6mwithin the sector's middle half▼ 1.5%
Debt€0.003m-€0.1m▲ 38×€0.03m▼ 70.0%€0.03m▼ 11.7%€0.04m▲ 22.8%€0.1m▲ 238%€0.1m▼ 2.5%€0.02m▼ 84.6%
Working capital€0.7m-€0.7m▼ 6.9%€0.8mabove the sector's middle half▲ 22.2%€1.0mabove the sector's middle half▲ 24.5%€1.2mabove the sector's middle half▲ 15.1%€1.2mabove the sector's middle half▲ 1.7%€1.2mabove the sector's middle half▲ 0.5%€1.3mabove the sector's middle half▲ 8.2%
Solvency99.7%-90.5%▼ 9.2pp97.2%above the sector's middle half▲ 6.7pp97.8%above the sector's middle half▲ 0.6pp97.6%above the sector's middle half▼ 0.3pp92.1%above the sector's middle half▼ 5.5pp92.2%above the sector's middle half▲ 0.1pp98.8%above the sector's middle half▲ 6.6pp
Current ratio6.6924.20above the sector's middle half▲ 17.5133.73above the sector's middle half▲ 9.5331.67above the sector's middle half▼ 2.0610.22above the sector's middle half▼ 21.4510.50above the sector's middle half▲ 0.2867.80above the sector's middle half▲ 57.31
Return on assets (ROA)2.5%-9.4%▲ 6.8pp9.3%within the sector's middle half=11.0%within the sector's middle half▲ 1.7pp8.3%within the sector's middle half▼ 2.6pp4.9%within the sector's middle half▼ 3.5pp5.1%within the sector's middle half▲ 0.2pp5.2%within the sector's middle half▲ 0.1pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 7% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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 €1.6m
Fixed assets
€266,384 ▼ 5.3%
Current assets
€1.3m ▼ 0.7%
Equity and liabilities €1.6m
Equity
€1.5m ▲ 5.6%
Debt
€19,051 ▼ 84.6%
Debt's share of the balance-sheet total falls from 7.8% to 1.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€134,640▲
2024 · €129,470
Cash flow
€106,857▼
2024 · €107,705
Debt to equity
0.01▼
2024 · 0.08
ROE
5.3%▼
2024 · 5.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€19,051▼
2024 · €123,856
Income taxes
€32,942▲
2024 · €32,692
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €699 | €22,850 | €2,087 | €2,342 | €10,568 |
| Depreciation and write-downs of the year | €43,742 | €46,020 | €43,658 | €27,172 | €25,492 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,448 | €52,819 | €55,342 | €43,742 | €46,020 | €43,658 | €27,172 | €25,492 | ▼ 6.2% |
| Other operating charges640/8 | - | - | - | €4,059 | €4,406 | €5,138 | €4,833 | €4,725 | ▼ 2.2% |
| Gross operating margin9900 | €75,542 | €221,801 | €227,835 | €256,224 | €232,581 | €141,846 | €134,303 | €139,365 | ▲ 3.8% |
| Operating profit (loss)9901 | €35,742 | €163,564 | €168,050 | €208,423 | €182,156 | €93,050 | €102,297 | €109,148 | ▲ 6.7% |
| Financial income75/76B | - | - | - | €13,080 | €1,586 | €18,470 | €11,178 | €5,503 | ▼ 50.8% |
| Recurring financial income75 | €5,925 | €3,114 | €827 | €13,080 | €1,586 | €18,470 | €11,178 | €5,503 | ▼ 50.8% |
| Financial charges65/66B | - | - | - | €548 | €332 | €448 | €251 | €344 | ▲ 37.1% |
| Recurring financial charges65 | €547 | €493 | €321 | €548 | €332 | €448 | €251 | €344 | ▲ 37.1% |
| Profit (loss) for the period before taxes9903 | €41,121 | €166,186 | €168,556 | €220,954 | €183,410 | €111,072 | €113,224 | €114,308 | ▲ 1.0% |
| Income taxes67/77 | €13,497 | €52,344 | €51,977 | €67,135 | €55,414 | €32,895 | €32,692 | €32,942 | ▲ 0.8% |
| Profit (loss) for the period9904 | €27,624 | €113,842 | €116,579 | €153,820 | €127,996 | €78,178 | €80,532 | €81,365 | ▲ 1.0% |
| Profit (loss) for the period to be appropriated9905 | €27,624 | €113,842 | €116,579 | €153,820 | €127,996 | €78,178 | €80,532 | €81,365 | ▲ 1.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.2m | €1.3m | €1.4m | €1.5m | €1.6m | €1.6m | €1.6m | ▼ 1.5% |
| Fixed assets21/28 | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.3% |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.3% |
| Land and buildings22 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.2% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.01m | €0.007m | €0.005m | €0.01m | ▲ 111% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.02m | €0.002m | €0.003m | €0.002m | ▼ 27.0% |
| Current assets29/58 | €0.7m | €0.8m | €0.8m | €1.0m | €1.2m | €1.3m | €1.3m | €1.3m | ▼ 0.7% |
| Amounts receivable within one year40/41 | €0.04m | €0.05m | €0.07m | €0.02m | €0.02m | €0.001m | €0.001m | €0.005m | ▲ 532% |
| Trade receivables40 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Other amounts receivable41 | - | - | - | - | - | €0.001m | €0.001m | €0.005m | ▲ 532% |
| Current investments50/53 | €0.02m | €0.02m | €0.06m | €0.04m | €0.2m | €0.9m | €0.8m | €1.0m | ▲ 34.0% |
| Cash at bank and in hand54/58 | €0.7m | €0.7m | €0.7m | €1.0m | €0.9m | €0.4m | €0.5m | €0.3m | ▼ 48.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.2m | €1.3m | €1.4m | €1.5m | €1.6m | €1.6m | €1.6m | ▼ 1.5% |
| Equity10/15 | €1.1m | €1.1m | €1.2m | €1.4m | €1.5m | €1.5m | €1.5m | €1.5m | ▲ 5.6% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Issued capital100 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €1.1m | €1.1m | €1.2m | €1.4m | €1.5m | €1.5m | €1.4m | €1.5m | ▲ 5.7% |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Distributable reserves133 | - | - | - | €1.3m | €1.4m | €1.4m | €1.4m | €1.5m | ▲ 5.9% |
| Amounts payable17/49 | €0.003m | €0.1m | €0.03m | €0.03m | €0.04m | €0.1m | €0.1m | €0.02m | ▼ 84.6% |
| Amounts payable within one year42/48 | €0.003m | €0.1m | €0.03m | €0.03m | €0.04m | €0.1m | €0.1m | €0.02m | ▼ 84.6% |
| Trade debts44 | €0.001m | €0.001m | €0.002m | €394 | €0.002m | €0.001m | €362 | €407 | ▲ 12.4% |
| Suppliers440/4 | - | - | - | €394 | €0.002m | €0.001m | €362 | €407 | ▲ 12.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 36.6% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 36.6% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.007m | €0.1m | €0.1m | €0.004m | ▼ 96.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,624 | €113,842 | €116,579 | €153,820 | €127,996 | €78,178 | €80,532 | €81,365 | ▲ 1.0% |
| + Depreciation and write-downs630 | €32,448 | €52,819 | €55,342 | €43,742 | €46,020 | €43,658 | €27,172 | €25,492 | ▼ 6.2% |
| Operating cash flow (approximation) | €60,071 | €166,661 | €171,921 | €197,562 | €174,016 | €121,836 | €107,705 | €106,857 | ▼ 0.8% |
| Investment in fixed assets (approximation) | - | -€109,068 | -€25,991 | -€699 | -€22,850 | -€2,087 | -€2,342 | -€10,568 | ▼ 351% |
| Change in cash | - | €48,775 | €9,977 | €255,714 | -€46,539 | -€477,300 | €103,732 | -€267,925 | - |
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, 20,136 companies had the same profile as LIMITS has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of LIMITS 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 20,136 companies, not a prediction for LIMITS. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 11-06-2026 | 2026-00152245 | |
| 31-12-2024 | abbreviated format | 13-06-2025 | 2025-00139326 | |
| 31-12-2023 | abbreviated format | 12-06-2024 | 2024-00127369 | |
| 31-12-2022 | abbreviated format | 21-07-2023 | 2023-00263267 | |
| 31-12-2021 | abbreviated format | 15-06-2022 | 2022-20064355 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-25800565 | |
| 31-12-2019 | abbreviated format | 09-06-2020 | 2020-15900112 | |
| 31-12-2018 | abbreviated format | 15-06-2019 | 2019-18900078 | |
| 31-12-2017 | abbreviated format | 28-06-2018 | 2018-25000103 | |
| 31-12-2016 | abbreviated format | 27-06-2017 | 2017-23100394 |