LINDD
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 32 days after the deadline Filed on 1 June 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00128212.
Annual accounts 2025 filed on 01-06-2026 PDF all 15 filings
Turnover
≈ €5.1m
Estimated: probably between €3.2m and €6.6m
Total assets
€3.1m▲ 44.5%
2024 · €2.2m
Net result
€127,853▼ 3.6%
2024 · €132,679
Working capital
€654,172▲ 4.4%
2024 · €626,744
In the rankings
#2 company by total assets in East Flanders, Postal and courier sector#2 company by equity in East Flanders, Postal and courier sector
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€220,103
▼ 3.5%
2025
20182025
Net result
€127,853
▼ 3.6%
2025
highest quarter of the sector
20182025
Equity
€907,555
▲ 0.9%
2025
highest quarter of the sector
20182025
Total assets
€3.1m
▲ 44.5%
2025
highest quarter of the sector
20182025
Debt
€2.2m
▲ 75.4%
2025
20182025
Working capital
€654,172
▲ 4.4%
2025
highest quarter of the sector
20182025
Solvency
28.9%
▼ 12.5pp
2025
middle half of the sector
20182025
Current ratio
1.34
▼ 0.18
2025
middle half of the sector
20182025
Return on assets (ROA)
4.1%
▼ 2.0pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202320242025
Operating result€0.2m--€0.1m€0.03m€0.2m▲ 702%€0.4m-€0.2m▼ 45.7%€0.2m▼ 3.5%
Net result€0.1m--€0.1m€0.002mwithin the sector's middle half€0.2mabove the sector's middle half▲ 79×€0.3mabove the sector's middle half-€0.1mabove the sector's middle half▼ 47.9%€0.1mabove the sector's middle half▼ 3.6%
Equity€0.6m-€0.4m▼ 22.1%€0.5mabove the sector's middle half▲ 0.5%€0.6mabove the sector's middle half▲ 38.2%€0.8mabove the sector's middle half-€0.9mabove the sector's middle half▲ 17.3%€0.9mabove the sector's middle half▲ 0.9%
Total assets€1.3m-€2.0m▲ 51.6%€1.2mabove the sector's middle half▼ 38.4%€1.4mabove the sector's middle half▲ 16.4%€2.0mabove the sector's middle half-€2.2mabove the sector's middle half▲ 6.3%€3.1mabove the sector's middle half▲ 44.5%
Debt€0.7m-€1.5m▲ 109%€0.8m▼ 49.7%€0.8m▲ 3.6%€1.3m-€1.3m▼ 0.4%€2.2m▲ 75.4%
Working capital€0.3m-€0.02m▼ 92.6%€0.1mwithin the sector's middle half▲ 369%€0.3mabove the sector's middle half▲ 193%€0.5mabove the sector's middle half-€0.6mabove the sector's middle half▲ 22.2%€0.7mabove the sector's middle half▲ 4.4%
Solvency43.9%-22.6%▼ 21.3pp36.8%within the sector's middle half▲ 14.2pp43.7%above the sector's middle half▲ 6.9pp37.5%within the sector's middle half-41.4%within the sector's middle half▲ 3.9pp28.9%within the sector's middle half▼ 12.5pp
Current ratio1.42-1.01▼ 0.401.14within the sector's middle half▲ 0.131.40within the sector's middle half▲ 0.261.43within the sector's middle half-1.52within the sector's middle half▲ 0.081.34within the sector's middle half▼ 0.18
Return on assets (ROA)9.4%--6.4%▼ 15.8pp0.2%below the sector's middle half▲ 6.6pp12.1%above the sector's middle half▲ 11.9pp12.5%within the sector's middle half-6.1%within the sector's middle half▼ 6.4pp4.1%within the sector's middle half▼ 2.0pp
above
within
below
The sector band is the middle half of the companies in Postal and courier activities (NACE 53). 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. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €3.1m
Fixed assets
€542,062 ▲ 63.9%
Current assets
€2.6m ▲ 41.1%
Equity and liabilities €3.1m
Equity
€907,555 ▲ 0.9%
Debt
€2.2m ▲ 75.4%
Debt's share of the balance-sheet total rises from 58.6% to 71.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€391,167▲
2024 · €343,627
Cash flow
€298,917▲
2024 · €248,124
Debt to equity
2.46▲
2024 · 1.41
ROE
14.1%▼
2024 · 14.7%
Interest coverage
14.52▲
2024 · 13.61
Debt ≤ 1 year
€1.9m▲
2024 · €1.2m
Debt > 1 year
€269,989▲
2024 · €49,656
Income taxes
€67,016▼
2024 · €70,249
Staff costs
€2.1m▲
2024 · €1.7m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €51,854 | €220,405 | €95,092 | €373,117 |
| Intangible fixed assets | €2,420 | - | - | - |
| Financial fixed assets | - | €14,000 | - | €9,292 |
| Depreciation and write-downs of the year | €90,709 | €191,223 | €115,445 | €171,064 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 8 entries · €46,475 awarded · €45,374 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €2,198 | €1,152 |
| 2024 | 2 | €9,850 | €9,795 |
| 2023 | 3 | €30,048 | €30,048 |
| 2022 | 1 | €4,379 | €4,379 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €1.2m | €3.0m | €1.7m | €2.1m | ▲ 28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.09m | €0.09m | €0.09m | €0.2m | €0.1m | €0.2m | ▲ 48.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.03m | €0.009m | ▼ 67.3% |
| Other operating charges640/8 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 20.5% |
| Gross operating margin9900 | €1.7m | €1.7m | €1.2m | €1.6m | €3.9m | €2.2m | €2.7m | ▲ 24.1% |
| Operating profit (loss)9901 | €0.2m | -€0.1m | €0.03m | €0.2m | €0.4m | €0.2m | €0.2m | ▼ 3.5% |
| Financial income75/76B | - | - | - | €6 | €0.009m | - | €0.002m | - |
| Recurring financial income75 | €191 | €61 | €6 | €6 | €0.009m | - | €0.002m | - |
| Financial charges65/66B | - | - | - | €0.006m | €0.05m | €0.03m | €0.03m | ▲ 6.7% |
| Recurring financial charges65 | €0.008m | €0.02m | €0.02m | €0.006m | €0.05m | €0.03m | €0.03m | ▲ 6.7% |
| Profit (loss) for the period before taxes9903 | €0.2m | -€0.1m | €0.005m | €0.2m | €0.4m | €0.2m | €0.2m | ▼ 4.0% |
| Income taxes67/77 | €0.08m | €1 | €0.003m | €0.03m | €0.1m | €0.07m | €0.07m | ▼ 4.6% |
| Profit (loss) for the period9904 | €0.1m | -€0.1m | €0.002m | €0.2m | €0.3m | €0.1m | €0.1m | ▼ 3.6% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | -€0.1m | €0.002m | €0.2m | €0.3m | €0.1m | €0.1m | ▼ 3.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.3m | €2.0m | €1.2m | €1.4m | €2.0m | €2.2m | €3.1m | ▲ 44.5% |
| Fixed assets21/28 | €0.3m | €0.4m | €0.4m | €0.3m | €0.4m | €0.3m | €0.5m | ▲ 63.9% |
| Intangible fixed assets21 | €0.001m | €0.01m | €0.009m | €0.008m | €0.002m | €0.002m | €0.001m | ▼ 60.1% |
| Tangible fixed assets22/27 | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.5m | ▲ 67.9% |
| Land and buildings22 | - | - | - | €0.1m | €0.09m | €0.09m | €0.08m | ▼ 10.6% |
| Plant, machinery and equipment23 | - | - | - | €0.05m | €0.06m | €0.04m | €0.02m | ▼ 41.5% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 137% |
| Financial fixed assets28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.04m | ▲ 31.9% |
| Current assets29/58 | €1.0m | €1.6m | €0.9m | €1.1m | €1.7m | €1.8m | €2.6m | ▲ 41.1% |
| Amounts receivable within one year40/41 | €1.0m | €1.4m | €0.8m | €0.9m | €1.6m | €1.7m | €2.5m | ▲ 44.5% |
| Trade receivables40 | - | - | - | €0.9m | €1.4m | €1.7m | €2.3m | ▲ 38.1% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.2m | €0.04m | €0.2m | ▲ 310% |
| Cash at bank and in hand54/58 | €0.06m | €0.04m | €0.02m | €0.1m | €0.06m | €0.1m | €0.06m | ▼ 37.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.06m | €0.01m | €0.04m | ▲ 185% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.3m | €2.0m | €1.2m | €1.4m | €2.0m | €2.2m | €3.1m | ▲ 44.5% |
| Equity10/15 | €0.6m | €0.4m | €0.5m | €0.6m | €0.8m | €0.9m | €0.9m | ▲ 0.9% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | - | - | - | - |
| Issued capital100 | - | - | - | €0.1m | - | - | - | - |
| Uncalled capital101 | - | - | - | €0.01m | - | - | - | - |
| Revaluation surpluses12 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Reserves13 | €0.5m | €0.3m | €0.3m | €0.5m | €0.7m | €0.8m | €0.8m | ▲ 1.0% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - |
| Legal reserve130 | - | - | - | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.7m | €0.8m | €0.8m | ▲ 1.0% |
| Amounts payable17/49 | €0.7m | €1.5m | €0.8m | €0.8m | €1.3m | €1.3m | €2.2m | ▲ 75.4% |
| Amounts payable after more than one year17 | - | - | - | €0.02m | €0.1m | €0.05m | €0.3m | ▲ 444% |
| Financial debts170/4 | - | - | - | €0.02m | €0.1m | €0.05m | €0.3m | ▲ 444% |
| Amounts payable within one year42/48 | €0.7m | €1.5m | €0.8m | €0.8m | €1.2m | €1.2m | €1.9m | ▲ 60.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.07m | €0.2m | €0.3m | ▲ 37.9% |
| Trade debts44 | €0.6m | €0.7m | €0.2m | €0.3m | €0.6m | €0.5m | €1.1m | ▲ 123% |
| Suppliers440/4 | - | - | - | €0.3m | €0.6m | €0.5m | €1.1m | ▲ 123% |
| Taxes, remuneration and social security45 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 2.1% |
| Taxes450/3 | - | - | - | €0.2m | €0.1m | €0.3m | €0.1m | ▼ 59.5% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.1m | €0.3m | ▲ 124% |
| Other amounts payable47/48 | - | - | - | - | €0.1m | €0.1m | €0.2m | ▲ 36.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.008m | €0.02m | ▲ 133% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €123,225 | -€126,972 | €2,184 | €172,010 | €254,778 | €132,679 | €127,853 | ▼ 3.6% |
| + Depreciation and write-downs630 | €111,129 | €86,393 | €94,063 | €90,709 | €191,223 | €115,445 | €171,064 | ▲ 48.2% |
| Operating cash flow (approximation) | €234,354 | -€40,579 | €96,247 | €262,719 | €446,001 | €248,124 | €298,917 | ▲ 20.5% |
| Investment in fixed assets (approximation) | - | -€243,721 | -€32,207 | -€54,275 | - | -€95,092 | -€382,485 | ▼ 302% |
| Change in cash | - | -€18,805 | -€16,971 | €108,690 | - | €43,356 | -€38,170 | - |
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, 4,107 companies had the same profile as LINDD has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LINDD itself: 0.3% 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 4,107 companies, not a prediction for LINDD. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 01-06-2026 | 2026-00128212 | |
| 30-09-2024 | micro format | 28-05-2025 | 2025-00108397 | |
| 30-09-2023 | micro format | 27-05-2024 | 2024-00096246 | |
| 31-12-2021 | abbreviated format | 07-07-2022 | 2022-20167290 | |
| 31-12-2020 | abbreviated format | 15-11-2021 | 2021-77300300 | |
| 31-12-2019 | abbreviated format | 30-07-2020 | 2020-36400135 | |
| 31-12-2018 | abbreviated format | 31-10-2019 | 2019-72800028 | |
| 31-12-2017 | abbreviated format | 24-10-2018 | 2018-70100094 | |
| 31-12-2016 | abbreviated format | 22-01-2018 | 2018-01900426 | |
| 31-12-2015 | abbreviated format | 12-10-2016 | 2016-65500431 |