Linflex
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-05-2026 PDF all 49 filings
Turnover
≈ €900,000
Estimated: probably between €450,000 and €1.6m
Total assets
€446,130▲ 14.9%
2024 · €388,417
Net result
€82,060▲ 20.4%
2024 · €68,152
Working capital
€207,547▲ 32.3%
2024 · €156,860
In the rankings
#7 oldest company in Beveren-Kruibeke-Zwijndrecht, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€125,604
▲ 21.4%
2025
20182025
Net result
€82,060
▲ 20.4%
2025
highest quarter of the sector
20182025
Equity
€247,445
▲ 49.6%
2025
highest quarter of the sector
20182025
Total assets
€446,130
▲ 14.9%
2025
highest quarter of the sector
20182025
Debt
€198,685
▼ 10.9%
2025
20182025
Working capital
€207,547
▲ 32.3%
2025
highest quarter of the sector
20182025
Solvency
55.5%
▲ 12.9pp
2025
middle half of the sector
20182025
Current ratio
2.04
▲ 0.17
2025
middle half of the sector
20182025
Return on assets (ROA)
18.4%
▲ 0.8pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,706--€3,075€15,376€14,031▼ 8.7%€5,749▼ 59.0%€13,046▲ 127%€103,445▲ 693%€125,604▲ 21.4%
Net result€2,385--€7,183€10,513within the sector's middle half€7,796within the sector's middle half▼ 25.8%€887within the sector's middle half▼ 88.6%€3,852within the sector's middle half▲ 334%€68,152above the sector's middle half▲ 18×€82,060above the sector's middle half▲ 20.4%
Equity€242,324-€235,141▼ 3.0%€84,698within the sector's middle half▼ 64.0%€92,494within the sector's middle half▲ 9.2%€93,381within the sector's middle half▲ 1.0%€97,233within the sector's middle half▲ 4.1%€165,385within the sector's middle half▲ 70.1%€247,445above the sector's middle half▲ 49.6%
Total assets€343,439-€309,585▼ 9.9%€331,549within the sector's middle half▲ 7.1%€319,561within the sector's middle half▼ 3.6%€333,075within the sector's middle half▲ 4.2%€316,211within the sector's middle half▼ 5.1%€388,417within the sector's middle half▲ 22.8%€446,130above the sector's middle half▲ 14.9%
Debt€101,115-€74,445▼ 26.4%€246,851▲ 232%€227,067▼ 8.0%€239,694▲ 5.6%€218,979▼ 8.6%€223,032▲ 1.9%€198,685▼ 10.9%
Working capital€316,377-€292,640▼ 7.5%€127,466above the sector's middle half▼ 56.4%€134,003above the sector's middle half▲ 5.1%€135,334above the sector's middle half▲ 1.0%€138,340above the sector's middle half▲ 2.2%€156,860above the sector's middle half▲ 13.4%€207,547above the sector's middle half▲ 32.3%
Solvency70.6%-76.0%▲ 5.4pp25.5%within the sector's middle half▼ 50.4pp28.9%within the sector's middle half▲ 3.4pp28.0%within the sector's middle half▼ 0.9pp30.7%within the sector's middle half▲ 2.7pp42.6%within the sector's middle half▲ 11.8pp55.5%within the sector's middle half▲ 12.9pp
Current ratio12.93-18.55▲ 5.621.62within the sector's middle half▼ 16.921.73within the sector's middle half▲ 0.101.69within the sector's middle half▼ 0.041.79within the sector's middle half▲ 0.101.87within the sector's middle half▲ 0.092.04within the sector's middle half▲ 0.17
Return on assets (ROA)0.7%--2.3%▼ 3.0pp3.2%within the sector's middle half▲ 5.5pp2.4%within the sector's middle half▼ 0.7pp0.3%within the sector's middle half▼ 2.2pp1.2%within the sector's middle half▲ 1.0pp17.5%above the sector's middle half▲ 16.3pp18.4%above the sector's middle half▲ 0.8pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 21% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €446,130
Fixed assets
€39,920 ▼ 22.2%
Current assets
€406,210 ▲ 20.5%
Equity and liabilities €446,130
Equity
€247,445 ▲ 49.6%
Debt
€198,685 ▼ 10.9%
Debt's share of the balance-sheet total falls from 57.4% to 44.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€139,088▲
2024 · €116,591
Cash flow
€95,544▲
2024 · €81,298
Quick ratio
1.70▲
2024 · 1.33
Debt to equity
0.80▼
2024 · 1.35
ROE
33.2%▼
2024 · 41.2%
Interest coverage
11.96▼
2024 · 12.13
Debt ≤ 1 year
€198,663▲
2024 · €180,263
Income taxes
€32,429▲
2024 · €25,898
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 | €1,330 | - | €1,300 | €62,779 | €2,110 |
| Depreciation and write-downs of the year | €71 | €443 | €455 | €13,146 | €13,484 |
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 | €270 | €270 | €270 | €71 | €443 | €455 | €13,146 | €13,484 | ▲ 2.6% |
| Other operating charges640/8 | - | - | - | €620 | €621 | €516 | €2,960 | €40,073 | ▲ 14× |
| Gross operating margin9900 | €10,751 | -€230 | €18,240 | €14,721 | €6,814 | €14,017 | €119,552 | €179,161 | ▲ 49.9% |
| Operating profit (loss)9901 | €7,706 | -€3,075 | €15,376 | €14,031 | €5,749 | €13,046 | €103,445 | €125,604 | ▲ 21.4% |
| Financial income75/76B | - | - | - | €2,244 | €1,890 | €396 | €217 | €511 | ▲ 135% |
| Recurring financial income75 | €1,991 | €2,353 | €1,826 | €2,244 | €1,890 | €396 | €217 | €511 | ▲ 135% |
| Financial charges65/66B | - | - | - | €4,900 | €5,644 | €7,135 | €9,612 | €11,627 | ▲ 21.0% |
| Recurring financial charges65 | €6,667 | €5,956 | €3,881 | €4,900 | €5,644 | €7,135 | €9,612 | €11,627 | ▲ 21.0% |
| Profit (loss) for the period before taxes9903 | €3,030 | -€6,678 | €13,321 | €11,375 | €1,995 | €6,307 | €94,050 | €114,488 | ▲ 21.7% |
| Income taxes67/77 | €646 | €505 | €2,808 | €3,579 | €1,108 | €2,456 | €25,898 | €32,429 | ▲ 25.2% |
| Profit (loss) for the period9904 | €2,385 | -€7,183 | €10,513 | €7,796 | €887 | €3,852 | €68,152 | €82,060 | ▲ 20.4% |
| Profit (loss) for the period to be appropriated9905 | €2,385 | -€7,183 | €10,513 | €7,796 | €887 | €3,852 | €68,152 | €82,060 | ▲ 20.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €343,439 | €309,585 | €331,549 | €319,561 | €333,075 | €316,211 | €388,417 | €446,130 | ▲ 14.9% |
| Fixed assets21/28 | €540 | €270 | €0 | €1,260 | €816 | €1,661 | €51,294 | €39,920 | ▼ 22.2% |
| Tangible fixed assets22/27 | €540 | €270 | €0 | €1,260 | €816 | €1,661 | €51,294 | €39,920 | ▼ 22.2% |
| Furniture and vehicles24 | - | - | - | €1,260 | €816 | €1,661 | €51,294 | €39,920 | ▼ 22.2% |
| Current assets29/58 | €342,899 | €309,316 | €331,549 | €318,301 | €332,259 | €314,550 | €337,123 | €406,210 | ▲ 20.5% |
| Stocks and contracts in progress3 | €49,578 | €82,777 | €55,937 | €20,086 | €46,792 | €91,452 | €97,755 | €68,559 | ▼ 29.9% |
| Stocks30/36 | - | - | - | €20,086 | €46,792 | €91,452 | €97,755 | €68,559 | ▼ 29.9% |
| Amounts receivable within one year40/41 | €53,893 | €64,138 | €95,582 | €177,306 | €57,660 | €87,386 | €114,899 | €166,397 | ▲ 44.8% |
| Trade receivables40 | - | - | - | €172,319 | €55,242 | €79,361 | €95,339 | €166,397 | ▲ 74.5% |
| Other amounts receivable41 | - | - | - | €4,986 | €2,418 | €8,025 | €19,560 | - | - |
| Cash at bank and in hand54/58 | €239,324 | €161,837 | €179,189 | €119,935 | €226,796 | €135,040 | €122,455 | €167,805 | ▲ 37.0% |
| Deferred charges and accrued income490/1 | - | - | - | €974 | €1,010 | €673 | €2,014 | €3,449 | ▲ 71.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €343,439 | €309,585 | €331,549 | €319,561 | €333,075 | €316,211 | €388,417 | €446,130 | ▲ 14.9% |
| Equity10/15 | €242,324 | €235,141 | €84,698 | €92,494 | €93,381 | €97,233 | €165,385 | €247,445 | ▲ 49.6% |
| Contributions10/11 | €222,957 | €222,957 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €16,469 | €16,469 | €16,469 | €24,266 | €25,153 | €29,004 | €103,385 | €185,445 | ▲ 79.4% |
| Non-distributable reserves130/1 | - | - | - | €6,937 | €6,937 | €6,937 | €6,937 | €6,937 | = |
| Legal reserve130 | - | - | - | €6,937 | €6,937 | €6,937 | €6,937 | €6,937 | = |
| Tax-exempt reserves132 | - | - | - | €3,276 | €3,276 | €3,276 | €3,276 | €3,276 | = |
| Distributable reserves133 | - | - | - | €14,053 | €14,940 | €18,791 | €93,172 | €175,232 | ▲ 88.1% |
| Profit (loss) carried forward14 | €2,898 | -€4,285 | €6,228 | €6,228 | €6,228 | €6,228 | - | - | - |
| Amounts payable17/49 | €101,115 | €74,445 | €246,851 | €227,067 | €239,694 | €218,979 | €223,032 | €198,685 | ▼ 10.9% |
| Amounts payable after more than one year17 | €74,593 | €57,769 | €42,769 | €42,769 | €42,769 | €42,769 | €42,769 | - | - |
| Financial debts170/4 | - | - | - | €42,769 | €42,769 | €42,769 | €42,769 | - | - |
| Amounts payable within one year42/48 | €26,522 | €16,676 | €204,082 | €184,298 | €196,925 | €176,210 | €180,263 | €198,663 | ▲ 10.2% |
| Trade debts44 | €9,461 | €8,105 | €19,310 | €10,373 | €17,707 | €18,040 | €19,127 | €37,588 | ▲ 96.5% |
| Suppliers440/4 | - | - | - | €10,373 | €17,707 | €18,040 | €19,127 | €37,588 | ▲ 96.5% |
| Advances received on contracts in progress46 | - | - | - | €1,000 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €6,639 | €4,124 | €2,424 | €13,892 | €12,748 | ▼ 8.2% |
| Taxes450/3 | - | - | - | €3,639 | €1,124 | €2,424 | €13,892 | €9,748 | ▼ 29.8% |
| Remuneration and social security454/9 | - | - | - | €3,000 | €3,000 | €0 | - | €3,000 | - |
| Other amounts payable47/48 | - | - | - | €166,286 | €175,094 | €155,745 | €147,244 | €148,327 | ▲ 0.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €23 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,385 | -€7,183 | €10,513 | €7,796 | €887 | €3,852 | €68,152 | €82,060 | ▲ 20.4% |
| + Depreciation and write-downs630 | €270 | €270 | €270 | €71 | €443 | €455 | €13,146 | €13,484 | ▲ 2.6% |
| Operating cash flow (approximation) | €2,655 | -€6,913 | €10,783 | €7,867 | €1,330 | €4,307 | €81,298 | €95,544 | ▲ 17.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,330 | €0 | -€1,300 | -€62,779 | -€2,110 | ▲ 96.6% |
| Change in cash | - | -€77,487 | €17,352 | -€59,254 | €106,861 | -€91,757 | -€12,585 | €45,350 | - |
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, 31,368 companies had the same profile as Linflex has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Linflex 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 31,368 companies, not a prediction for Linflex. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-05-2026 | 2026-00105936 | |
| 31-12-2024 | micro format | 08-05-2025 | 2025-00091395 | |
| 31-12-2023 | micro format | 10-06-2024 | 2024-00117319 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00160175 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20065811 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-32200419 | |
| 31-12-2019 | micro format | 23-06-2020 | 2020-19000361 | |
| 31-12-2018 | micro format | 27-05-2019 | 2019-14300152 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-27500003 | |
| 31-12-2016 | micro format | 24-07-2017 | 2017-35100127 |