Checked.be
Active
BE 0451.109.089Public limited company
LINDEN
Rue du Pot-d'Or 12 ·4000 Liège, Belgium· 32 yrs active
Sector: Wholesale of clothing, excluding workwear and underwear
(46423)
Conclusion
LINDEN has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €1.38M and a net result of €89k. Equity is growing by ~3.5% per year across the filed fiscal years. Its solvency ranks better than 59% of 103 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.3% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €1.38M |
| Net result | €89k |
| Staff (FTE) | 11.5 |
| Better than sector | 59% |
Financial profile
73
/ 100
Strong profile, led by stability.
All 5 axes are computed from data Checked has read.
Health
84
Profitability
32
Solvency
97
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1993, 32 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
84
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€120k
estimate, not credit advice
Score history
93
2022
88
2023
89
2024
76
2025
84
2026
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 2.35 (≥ 1.5)
+10
Quick ratio
Quick ratio 0.44 (< 0.6)
-5
Leverage
Debt/equity 0.84 (< 1.0)
+10
Profitability
ROE 6%
+3
Interest coverage
Interest coverage 6.8× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2026. Indicative, not credit advice.
Financial overview
Annual accounts filed on 20-07-2026 with the NBB · fiscal year 2026 · full schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~3.5%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2026 · NACE 46, Wholesale trade · compared within the same schema type (full schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 54.3% | 47.6% | |
| Net result | €89k | €142k | |
| Equity | €1.38M | €2.02M | |
| Gross operating margin | €769k | €423k | |
| Staff costs | €417k | €1.03M |
€4.25M
-
22-26
€250k
+36.9%
22-26
€89k
+103.2%
22-26
€185k
+39.0%
22-26
€2.53M
+1.4%
22-26
€1.38M
+5.2%
22-26
€1.12M
+4.6%
22-26
12
+5.5%
22-26
€417k
-2.9%
22-26
€30k
+156.8%
22-26
€1.16M
-2.7%
22-26
€829k
+9.9%
22-26
€328k
-19.7%
22-26
2.35
-2.8%
22-26
0.44
-5.6%
22-26
54.3%
+3.7%
22-26
0.84
-7.5%
22-26
6.5%
+93.2%
22-26
3.5%
+100.3%
22-26
1.1%
-
22-26
2.3%
-
22-26
6.79
+46.4%
22-26
Figures by fiscal year and ratios
| Fiscal year | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Deposit | full schema | full schema | full schema | full schema | full schema |
| Revenue | - | - | - | €4.25M | - |
| EBITDA | €250k | €182k | €236k | €99k | €525k |
| Net profit | €89k | €44k | €164k | €46k | €291k |
| Cash flow | €185k | €133k | €212k | €51k | €436k |
| Staff costs | €417k | €429k | €441k | €473k | €382k |
| Income taxes | €30k | €12k | €8k | €37k | €71k |
| Dividends | - | - | - | - | - |
| Total assets | €2.53M | €2.50M | €2.76M | €2.06M | €2.16M |
| Equity | €1.38M | €1.31M | €1.28M | €1.21M | €1.20M |
| Debt | €1.16M | €1.19M | €1.48M | €842k | €959k |
| of which ≤ 1y | €829k | €755k | €978k | €842k | €831k |
| of which > 1y | €328k | €408k | €486k | €0 | €127k |
| Working capital | €1.12M | €1.07M | €1.05M | €1.17M | €1.29M |
| Employees (FTE) | 11.5 | 10.9 | 10.9 | 11.7 | 8.8 |
Ratios (computed)
| 2026 | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| Current ratio | 2.35 | 2.41 | 2.08 | 2.39 | 2.56 |
| Quick ratio | 0.44 | 0.47 | 0.62 | 1.07 | 1.40 |
| Working capital ratio | 44.1% | 42.8% | 38.2% | 56.8% | 60.0% |
| Solvency | 54.3% | 52.4% | 46.5% | 59.0% | 55.5% |
| Debt / equity | 0.84 | 0.91 | 1.15 | 0.69 | 0.80 |
| Long-term debt ratio | 0.24 | 0.31 | 0.38 | 0.00 | 0.11 |
| Interest coverage | 6.79 | 4.64 | 11.17 | 8.23 | 25.12 |
| Gross margin | - | - | - | 12.7% | - |
| Net margin | - | - | - | 1.1% | - |
| ROA | 3.5% | 1.8% | 6.0% | 2.2% | 13.5% |
| ROE | 6.5% | 3.3% | 12.8% | 3.8% | 24.3% |
| EBITDA margin | - | - | - | 2.3% | - |
| Days sales outstanding | - | - | - | 2d | - |
| Days payable outstanding | - | - | - | 54d | - |
| Inventory turnover | - | - | - | 3.35 | - |
| Days inventory (DSI) | - | - | - | 109d | - |
Balance-sheet composition 2026
Full annual accounts (27 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €2.53M | €2.50M | €2.76M | €2.06M | €2.16M |
| Fixed assets | 21/28 | €586k | €674k | €728k | €47k | €30k |
| Intangible fixed assets | 21 | €312 | €1k | €3k | €3k | €5k |
| Tangible fixed assets | 22/27 | €586k | €673k | €725k | €44k | €25k |
| Financial fixed assets | 28 | - | - | - | - | €0 |
| Current assets | 29/58 | €1.95M | €1.82M | €2.03M | €2.01M | €2.13M |
| Stocks & contracts in progress | 3 | €1.58M | €1.47M | €1.43M | €1.11M | €963k |
| Amounts receivable within one year | 40/41 | €94k | €68k | €182k | €205k | €185k |
| Cash & bank | 54/58 | €238k | €254k | €393k | €684k | €960k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €2.53M | €2.50M | €2.76M | €2.06M | €2.16M |
| Equity | 10/15 | €1.38M | €1.31M | €1.28M | €1.21M | €1.20M |
| Contributions / capital | 10/11 | €156k | €156k | €156k | €156k | €156k |
| Reserves | 13 | €849k | €849k | €849k | €849k | €849k |
| Accumulated profits (losses) | 14 | €371k | €303k | €279k | €209k | €192k |
| Amounts payable | 17/49 | €1.16M | €1.19M | €1.48M | €842k | €959k |
| Amounts payable after one year | 17 | €328k | €408k | €486k | €0 | €127k |
| Amounts payable within one year | 42/48 | €829k | €755k | €978k | €842k | €831k |
| Trade debts payable within one year | 44 | €626k | €587k | €687k | €553k | €266k |
| Income statement | ||||||
| Turnover | 70 | - | - | - | €4.25M | - |
| Gross operating margin | 9900 | €769k | €651k | €711k | €553k | €921k |
| Operating result | 9901 | €154k | €93k | €188k | €94k | €380k |
| Financial income | 75 | €2k | €2k | €6k | €713 | €2k |
| Financial charges | 65 | €37k | €39k | €21k | €12k | €21k |
| Result before taxes | 9903 | €119k | €55k | €172k | €83k | €362k |
| Income taxes | 67/77 | €30k | €12k | €8k | €37k | €71k |
| Net result for the period | 9904 | €89k | €44k | €164k | €46k | €291k |
| Result to be appropriated | 9905 | €89k | €44k | €164k | €46k | €291k |
Legal Structure
| NACE primary | Wholesale of clothing, excluding workwear and underwear(46423) |
| Legal form | Public limited company(014) |
| Incorporation | 29-09-1993 |
| Status | Active |
| Postal code | 4000 |
Establishment units
IRINA-KHA
since 19932.064.148.419
Updates
Next filing, fiscal year 2027, expected by
2026
20-07
NBB filing
Annual accounts filed
fiscal year 2026 · full schema
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
31-01
Financial
Weakest financial yearnet €44k ▼73.3%
Net result drops to €44k, the lowest in the series; recovery starts the following year.
2024
23-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 23 days late
2023
13-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2022
07-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
16-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
27-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2019
26-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
28-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 10 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Wholesale of clothing, excluding workwear and underwear46423Retail sale of clothing and accessories for women, men, children and babies (general range)4771652421Wholesale trade46425Wholesale of perfume and cosmetics46450Wholesale trade46498Retail sale of footwear47721Retail trade47722Retail sale of cosmetics and toilet articles47750
Names & trade names
| Legal nameFR | LINDEN |
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