LIMPIDEV
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 13 filings
Turnover
≈ €110,000
Estimated: probably between €87,000 and €150,000
Total assets
€89,149▲ 2.4%
2024 · €87,101
Net result
€19,737▼ 28.2%
2024 · €27,475
Working capital
€56,926▲ 87.8%
2024 · €30,317
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€28,923
▼ 4.0%
2025
20182025
Net result
€19,737
▼ 28.2%
2025
middle half of the sector
20182025
Equity
€64,919
▲ 43.7%
2025
middle half of the sector
20182025
Total assets
€89,149
▲ 2.4%
2025
middle half of the sector
20182025
Debt
€24,230
▼ 42.2%
2025
20182025
Working capital
€56,926
▲ 87.8%
2025
middle half of the sector
20182025
Solvency
72.8%
▲ 20.9pp
2025
middle half of the sector
20182025
Current ratio
3.93
▲ 2.21
2025
middle half of the sector
20182025
Return on assets (ROA)
22.1%
▼ 9.4pp
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€75,994-€56,049▼ 26.2%€27,477▼ 51.0%€41,591▲ 51.4%€41,850▲ 0.6%€45,985▲ 9.9%€30,141▼ 34.5%€28,923▼ 4.0%
Net result€68,187-€50,170▼ 26.4%€25,026within the sector's middle half▼ 50.1%€40,420within the sector's middle half▲ 61.5%€40,382within the sector's middle half▼ 0.1%€43,780within the sector's middle half▲ 8.4%€27,475within the sector's middle half▼ 37.2%€19,737within the sector's middle half▼ 28.2%
Equity€33,929-€39,099▲ 15.2%€39,125within the sector's middle half▲ 0.1%€39,545within the sector's middle half▲ 1.1%€40,927within the sector's middle half▲ 3.5%€44,707within the sector's middle half▲ 9.2%€45,182within the sector's middle half▲ 1.1%€64,919within the sector's middle half▲ 43.7%
Total assets€81,931-€93,927▲ 14.6%€87,270within the sector's middle half▼ 7.1%€102,779within the sector's middle half▲ 17.8%€100,792within the sector's middle half▼ 1.9%€106,236within the sector's middle half▲ 5.4%€87,101within the sector's middle half▼ 18.0%€89,149within the sector's middle half▲ 2.4%
Debt€48,001-€54,828▲ 14.2%€48,145▼ 12.2%€63,234▲ 31.3%€59,865▼ 5.3%€61,529▲ 2.8%€41,919▼ 31.9%€24,230▼ 42.2%
Working capital€32,107-€38,188▲ 18.9%€37,230within the sector's middle half▼ 2.5%€27,575within the sector's middle half▼ 25.9%€23,261within the sector's middle half▼ 15.6%€26,928within the sector's middle half▲ 15.8%€30,317within the sector's middle half▲ 12.6%€56,926within the sector's middle half▲ 87.8%
Solvency41.4%-41.6%▲ 0.2pp44.8%within the sector's middle half▲ 3.2pp38.5%within the sector's middle half▼ 6.4pp40.6%within the sector's middle half▲ 2.1pp42.1%within the sector's middle half▲ 1.5pp51.9%within the sector's middle half▲ 9.8pp72.8%within the sector's middle half▲ 20.9pp
Current ratio1.67-1.70▲ 0.031.77within the sector's middle half▲ 0.081.47within the sector's middle half▼ 0.301.40within the sector's middle half▼ 0.071.44within the sector's middle half▲ 0.041.72within the sector's middle half▲ 0.293.93within the sector's middle half▲ 2.21
Return on assets (ROA)83.2%-53.4%▼ 29.8pp28.7%above the sector's middle half▼ 24.7pp39.3%above the sector's middle half▲ 10.7pp40.1%above the sector's middle half▲ 0.7pp41.2%above the sector's middle half▲ 1.1pp31.5%within the sector's middle half▼ 9.7pp22.1%within the sector's middle half▼ 9.4pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 4% lower than in 2024 and the lowest since 2020. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro 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 €89,149
Fixed assets
€12,790 ▼ 14.0%
Current assets
€76,359 ▲ 5.7%
Equity and liabilities €89,149
Equity
€64,919 ▲ 43.7%
Debt
€24,230 ▼ 42.2%
Debt's share of the balance-sheet total falls from 48.1% to 27.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€30,998▼
2024 · €33,055
Cash flow
€21,811▼
2024 · €30,390
Debt to equity
0.37▼
2024 · 0.93
ROE
30.4%▼
2024 · 60.8%
Interest coverage
39.01▼
2024 · 72.67
Debt ≤ 1 year
€19,432▼
2024 · €41,919
Debt > 1 year
€4,798
Income taxes
€8,823▲
2024 · €2,211
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 | €17,346 | €9,532 | €2,105 | - | - |
| Depreciation and write-downs of the year | €2,748 | €2,683 | €3,134 | €2,915 | €2,074 |
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 | - | - | - | - | €11,946 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,915 | €911 | €2,806 | €2,748 | €2,683 | €3,134 | €2,915 | €2,074 | ▼ 28.8% |
| Other operating charges640/8 | - | - | - | €889 | €3,845 | €997 | €1,040 | €1,067 | ▲ 2.7% |
| Gross operating margin9900 | €78,331 | €57,818 | €31,181 | €45,229 | €48,378 | €50,117 | €34,095 | €32,065 | ▼ 6.0% |
| Operating profit (loss)9901 | €75,994 | €56,049 | €27,477 | €41,591 | €41,850 | €45,985 | €30,141 | €28,923 | ▼ 4.0% |
| Financial income75/76B | - | - | - | - | - | - | - | €432 | - |
| Recurring financial income75 | €310 | €300 | - | - | - | - | - | €432 | - |
| Financial charges65/66B | - | - | - | €641 | €588 | €517 | €455 | €795 | ▲ 74.7% |
| Recurring financial charges65 | €389 | €421 | €598 | €641 | €588 | €517 | €455 | €795 | ▲ 74.7% |
| Profit (loss) for the period before taxes9903 | €75,915 | €55,928 | €26,878 | €40,950 | €41,262 | €45,469 | €29,686 | €28,560 | ▼ 3.8% |
| Income taxes67/77 | €7,728 | €5,758 | €1,853 | €530 | €879 | €1,689 | €2,211 | €8,823 | ▲ 299% |
| Profit (loss) for the period9904 | €68,187 | €50,170 | €25,026 | €40,420 | €40,382 | €43,780 | €27,475 | €19,737 | ▼ 28.2% |
| Profit (loss) for the period to be appropriated9905 | €68,187 | €50,170 | €25,026 | €40,420 | €40,382 | €43,780 | €27,475 | €19,737 | ▼ 28.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €81,931 | €93,927 | €87,270 | €102,779 | €100,792 | €106,236 | €87,101 | €89,149 | ▲ 2.4% |
| Fixed assets21/28 | €1,822 | €911 | €1,895 | €16,493 | €18,809 | €17,780 | €14,865 | €12,790 | ▼ 14.0% |
| Tangible fixed assets22/27 | €1,822 | €911 | €1,895 | €16,493 | €18,809 | €17,780 | €14,865 | €12,790 | ▼ 14.0% |
| Land and buildings22 | - | - | - | - | - | - | - | €12,790 | - |
| Plant, machinery and equipment23 | - | - | - | €13,182 | €16,733 | €16,939 | €14,865 | - | - |
| Furniture and vehicles24 | - | - | - | €3,311 | €2,076 | €840 | - | - | - |
| Current assets29/58 | €80,109 | €93,016 | €85,375 | €86,286 | €81,983 | €88,457 | €72,236 | €76,359 | ▲ 5.7% |
| Amounts receivable within one year40/41 | €20,553 | €15,378 | €34,137 | €18,804 | €15,454 | €22,070 | €20,740 | €20,730 | = |
| Trade receivables40 | - | - | - | €17,334 | €14,833 | €21,759 | €17,940 | €16,730 | ▼ 6.7% |
| Other amounts receivable41 | - | - | - | €1,470 | €621 | €311 | €2,800 | €4,000 | ▲ 42.9% |
| Current investments50/53 | - | - | - | - | - | - | €8,000 | €8,000 | = |
| Cash at bank and in hand54/58 | €59,556 | €77,638 | €51,238 | €67,482 | €66,529 | €66,387 | €43,496 | €47,629 | ▲ 9.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €81,931 | €93,927 | €87,270 | €102,779 | €100,792 | €106,236 | €87,101 | €89,149 | ▲ 2.4% |
| Equity10/15 | €33,929 | €39,099 | €39,125 | €39,545 | €40,927 | €44,707 | €45,182 | €64,919 | ▲ 43.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €21,597 | ▲ 12× |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | - | - | - | €19,737 | - |
| Profit (loss) carried forward14 | €25,869 | €31,039 | €31,065 | €31,485 | €32,867 | €36,647 | €37,122 | €37,122 | = |
| Amounts payable17/49 | €48,001 | €54,828 | €48,145 | €63,234 | €59,865 | €61,529 | €41,919 | €24,230 | ▼ 42.2% |
| Amounts payable after more than one year17 | - | - | - | €4,523 | €1,143 | - | - | €4,798 | - |
| Financial debts170/4 | - | - | - | €4,523 | €1,143 | - | - | €4,798 | - |
| Amounts payable within one year42/48 | €48,001 | €54,828 | €48,145 | €58,711 | €58,723 | €61,529 | €41,919 | €19,432 | ▼ 53.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,309 | €3,380 | €1,143 | - | €3,978 | - |
| Trade debts44 | €383 | €7,395 | €8,184 | €9,205 | €8,900 | €12,873 | €9,129 | €8,959 | ▼ 1.9% |
| Suppliers440/4 | - | - | - | €9,205 | €8,900 | €12,873 | €9,129 | €8,959 | ▼ 1.9% |
| Taxes, remuneration and social security45 | - | - | - | €5,917 | €7,270 | €6,996 | €5,765 | €5,522 | ▼ 4.2% |
| Taxes450/3 | - | - | - | €2,097 | €3,457 | €3,595 | €2,298 | €2,024 | ▼ 11.9% |
| Remuneration and social security454/9 | - | - | - | €3,820 | €3,813 | €3,400 | €3,467 | €3,497 | ▲ 0.9% |
| Other amounts payable47/48 | - | - | - | €40,280 | €39,172 | €40,518 | €27,024 | €973 | ▼ 96.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €68,187 | €50,170 | €25,026 | €40,420 | €40,382 | €43,780 | €27,475 | €19,737 | ▼ 28.2% |
| + Depreciation and write-downs630 | €1,915 | €911 | €2,806 | €2,748 | €2,683 | €3,134 | €2,915 | €2,074 | ▼ 28.8% |
| Operating cash flow (approximation) | €70,102 | €51,081 | €27,831 | €43,168 | €43,065 | €46,914 | €30,390 | €21,811 | ▼ 28.2% |
| Investment in fixed assets (approximation) | - | €0 | -€3,789 | -€17,346 | -€4,999 | -€2,105 | €0 | €0 | - |
| Change in cash | - | €18,082 | -€26,400 | €16,244 | -€952 | -€143 | -€22,891 | €4,133 | - |
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 LIMPIDEV 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 LIMPIDEV 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 LIMPIDEV. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00358411 | |
| 31-12-2024 | micro format | 19-08-2025 | 2025-00383703 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00414511 | |
| 31-12-2022 | micro format | 30-07-2023 | 2023-00290543 | |
| 31-12-2021 | micro format | 31-07-2022 | 2022-20252838 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-45100376 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27400516 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-41100469 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58300577 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-51000423 |