LIN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-04-2026 PDF all 5 filings
Turnover
≈ €320,000
Estimated: probably between €240,000 and €380,000
Total assets
€140,003▼ 19.4%
2024 · €173,780
Net result
€35,055▼ 20.4%
2024 · €44,053
Working capital
-€8,065▲ 47.2%
2024 · -€15,265
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€62,237
▲ 1.1%
2025
20212025
Net result
€35,055
▼ 20.4%
2025
highest quarter of the sector
20212025
Equity
€82,550
▼ 5.7%
2025
middle half of the sector
20212025
Total assets
€140,003
▼ 19.4%
2025
middle half of the sector
20212025
Debt
€57,454
▼ 33.4%
2025
20212025
Working capital
-€8,065
▲ 47.2%
2025
middle half of the sector
20212025
Solvency
59.0%
▲ 8.6pp
2025
highest quarter of the sector
20212025
Current ratio
0.85
▲ 0.04
2025
middle half of the sector
20212025
Return on assets (ROA)
25.0%
▼ 0.3pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€6,408-€15,837▲ 147%€11,414▼ 27.9%€61,545▲ 439%€62,237▲ 1.1%
Net result€722within the sector's middle half-€8,282within the sector's middle half▲ 11×€4,437within the sector's middle half▼ 46.4%€44,053above the sector's middle half▲ 893%€35,055above the sector's middle half▼ 20.4%
Equity€30,722within the sector's middle half-€39,004within the sector's middle half▲ 27.0%€43,441within the sector's middle half▲ 11.4%€87,494above the sector's middle half▲ 101%€82,550within the sector's middle half▼ 5.7%
Total assets€209,410within the sector's middle half-€178,284within the sector's middle half▼ 14.9%€161,365within the sector's middle half▼ 9.5%€173,780within the sector's middle half▲ 7.7%€140,003within the sector's middle half▼ 19.4%
Debt€178,688-€139,281▼ 22.1%€117,925▼ 15.3%€86,286▼ 26.8%€57,454▼ 33.4%
Working capital-€50,391below the sector's middle half--€49,662below the sector's middle half▲ 1.4%-€52,284below the sector's middle half▼ 5.3%-€15,265within the sector's middle half▲ 70.8%-€8,065within the sector's middle half▲ 47.2%
Solvency14.7%within the sector's middle half-21.9%within the sector's middle half▲ 7.2pp26.9%within the sector's middle half▲ 5.0pp50.3%within the sector's middle half▲ 23.4pp59.0%above the sector's middle half▲ 8.6pp
Current ratio0.48below the sector's middle half-0.39below the sector's middle half▼ 0.090.38below the sector's middle half=0.81within the sector's middle half▲ 0.420.85within the sector's middle half▲ 0.04
Return on assets (ROA)0.3%within the sector's middle half-4.6%within the sector's middle half▲ 4.3pp2.7%within the sector's middle half▼ 1.9pp25.4%above the sector's middle half▲ 22.6pp25.0%above the sector's middle half▼ 0.3pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 1% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €140,003
Fixed assets
€94,028 ▼ 14.7%
Current assets
€45,975 ▼ 27.6%
Equity and liabilities €140,003
Equity
€82,550 ▼ 5.7%
Debt
€57,454 ▼ 33.4%
Debt's share of the balance-sheet total falls from 49.7% to 41.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€80,845▲
2024 · €79,945
Cash flow
€53,663▼
2024 · €62,453
Debt to equity
0.70▼
2024 · 0.99
ROE
42.5%▼
2024 · 50.4%
Interest coverage
30.54▲
2024 · 29.63
Debt ≤ 1 year
€54,040▼
2024 · €78,773
Debt > 1 year
€0▼
2024 · €2,156
Income taxes
€24,538▲
2024 · €14,826
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €118,000 | €1,999 | - | - | €2,363 |
| Intangible fixed assets | €62,000 | - | - | - | - |
| Depreciation and write-downs of the year | €17,835 | €18,338 | €18,400 | €18,400 | €18,607 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €1,898 awarded · €1,898 paidAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €274 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,835 | €18,338 | €18,400 | €18,400 | €18,607 | ▲ 1.1% |
| Other operating charges640/8 | €922 | €1,074 | €1,274 | €1,315 | €5,199 | ▲ 295% |
| Gross operating margin9900 | €25,439 | €35,249 | €31,087 | €81,260 | €86,043 | ▲ 5.9% |
| Operating profit (loss)9901 | €6,408 | €15,837 | €11,414 | €61,545 | €62,237 | ▲ 1.1% |
| Financial income75/76B | €13 | €16 | €1 | €32 | €4 | ▼ 88.6% |
| Recurring financial income75 | €13 | €16 | €1 | €32 | €4 | ▼ 88.6% |
| Financial charges65/66B | €2,100 | €2,470 | €2,469 | €2,698 | €2,647 | ▼ 1.9% |
| Recurring financial charges65 | €2,100 | €2,470 | €2,469 | €2,698 | €2,647 | ▼ 1.9% |
| Profit (loss) for the period before taxes9903 | €4,321 | €13,383 | €8,946 | €58,879 | €59,593 | ▲ 1.2% |
| Income taxes67/77 | €3,599 | €5,101 | €4,509 | €14,826 | €24,538 | ▲ 65.5% |
| Profit (loss) for the period9904 | €722 | €8,282 | €4,437 | €44,053 | €35,055 | ▼ 20.4% |
| Profit (loss) for the period to be appropriated9905 | €722 | €8,282 | €4,437 | €44,053 | €35,055 | ▼ 20.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €209,410 | €178,284 | €161,365 | €173,780 | €140,003 | ▼ 19.4% |
| Formation expenses20 | €21 | €0 | - | - | - | - |
| Fixed assets21/28 | €163,389 | €147,072 | €128,672 | €110,272 | €94,028 | ▼ 14.7% |
| Intangible fixed assets21 | €56,279 | €50,079 | €43,879 | €37,679 | €31,479 | ▼ 16.5% |
| Tangible fixed assets22/27 | €107,111 | €96,993 | €84,794 | €72,594 | €62,549 | ▼ 13.8% |
| Plant, machinery and equipment23 | €107,111 | €96,993 | €84,794 | €72,594 | €62,549 | ▼ 13.8% |
| Current assets29/58 | €45,999 | €31,212 | €32,693 | €63,508 | €45,975 | ▼ 27.6% |
| Stocks and contracts in progress3 | €2,881 | €1,740 | €1,439 | €0 | - | - |
| Stocks30/36 | €2,881 | €1,740 | €1,439 | €0 | - | - |
| Amounts receivable within one year40/41 | €33,011 | €19,285 | €23,259 | €17,134 | €2,418 | ▼ 85.9% |
| Trade receivables40 | €32,247 | €18,611 | €20,432 | €11,816 | €0 | ▼ 100% |
| Other amounts receivable41 | €763 | €674 | €2,827 | €5,318 | €2,418 | ▼ 54.5% |
| Cash at bank and in hand54/58 | €8,800 | €9,223 | €7,030 | €43,840 | €42,008 | ▼ 4.2% |
| Deferred charges and accrued income490/1 | €1,308 | €964 | €965 | €2,535 | €1,549 | ▼ 38.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €209,410 | €178,284 | €161,365 | €173,780 | €140,003 | ▼ 19.4% |
| Equity10/15 | €30,722 | €39,004 | €43,441 | €87,494 | €82,550 | ▼ 5.7% |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | - | - | - | €57,494 | €52,550 | ▼ 8.6% |
| Distributable reserves133 | - | - | - | €57,494 | €52,550 | ▼ 8.6% |
| Profit (loss) carried forward14 | €722 | €9,004 | €13,441 | €0 | €0 | - |
| Amounts payable17/49 | €178,688 | €139,281 | €117,925 | €86,286 | €57,454 | ▼ 33.4% |
| Amounts payable after more than one year17 | €78,491 | €53,316 | €27,872 | €2,156 | €0 | ▼ 100% |
| Financial debts170/4 | €78,491 | €53,316 | €27,872 | €2,156 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €96,390 | €80,874 | €84,977 | €78,773 | €54,040 | ▼ 31.4% |
| Current portion of amounts payable after more than one year42 | €24,908 | €25,175 | €26,889 | €25,716 | €2,156 | ▼ 91.6% |
| Trade debts44 | €39,839 | €24,639 | €26,807 | €12,791 | €989 | ▼ 92.3% |
| Suppliers440/4 | €39,839 | €24,639 | €26,807 | €12,791 | €989 | ▼ 92.3% |
| Taxes, remuneration and social security45 | €4,603 | €4,021 | €4,200 | €9,527 | €19,470 | ▲ 104% |
| Taxes450/3 | €4,603 | €1,621 | €1,800 | €9,527 | €17,070 | ▲ 79.2% |
| Remuneration and social security454/9 | - | €2,400 | €2,400 | €0 | €2,400 | - |
| Other amounts payable47/48 | €27,040 | €27,040 | €27,081 | €30,739 | €31,425 | ▲ 2.2% |
| Accrued charges and deferred income492/3 | €3,807 | €5,091 | €5,076 | €5,357 | €3,413 | ▼ 36.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €722 | €8,282 | €4,437 | €44,053 | €35,055 | ▼ 20.4% |
| + Depreciation and write-downs630 | €17,835 | €18,338 | €18,400 | €18,400 | €18,607 | ▲ 1.1% |
| Operating cash flow (approximation) | €18,557 | €26,620 | €22,837 | €62,453 | €53,663 | ▼ 14.1% |
| Investment in fixed assets (approximation) | - | -€2,020 | €0 | €0 | -€2,363 | - |
| Change in cash | - | €424 | -€2,194 | €36,810 | -€1,832 | - |
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, 26,972 companies had the same profile as LIN has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LIN itself: 1.0% 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 26,972 companies, not a prediction for LIN. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-04-2026 | 2026-00088192 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00079837 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00071538 | |
| 30-09-2022 | micro format | 25-04-2023 | 2023-00064765 | |
| 30-09-2021 | micro format | 04-04-2022 | 2022-20000004 |