Checked.be
Active
BE 0862.072.751Private limited company
LIQNUM
Grote Baan 133 ·9250 Waasmunster, Belgium· 22 yrs active
Sector: Civil engineering
(42919)
Conclusion
LIQNUM has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €410k and a net result of €44k. Equity is growing by ~13% per year across the filed fiscal years. Its solvency ranks better than 64% of 939 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €410k |
| Net result | €44k |
| Staff (FTE) | 1.3 |
| Better than sector | 64% |
Financial profile
84
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
100
Profitability
54
Solvency
88
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 2003, 22 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
100
/ 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
€40k
estimate, not credit advice
Score history
61
2022
96
2023
81
2024
100
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.58 (≥ 1.5)
+10
Quick ratio
Quick ratio 1.58 (≥ 1.0)
+5
Leverage
Debt/equity 0.73 (< 1.0)
+10
Profitability
ROE 11% (≥ 10%)
+10
Interest coverage
Interest coverage 12.8× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 23-03-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~13%/year over 4 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 2025 · NACE 42, Civil engineering · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 57.9% | 45.7% | |
| Net result | €44k | €11k | |
| Equity | €410k | €56k | |
| Gross operating margin | €230k | €43k | |
| Staff costs | €78k | €46k |
€149k
+21.4%
22-25
€44k
+9.3%
22-25
€123k
+28.1%
22-25
€708k
-3.4%
22-25
€410k
+12.1%
22-25
€79k
+147.2%
22-25
1
+30.0%
22-25
€78k
+24.2%
22-25
€15k
-8.3%
22-25
€298k
-18.8%
22-25
€136k
-14.1%
22-25
€158k
-22.5%
22-25
1.58
+31.4%
22-25
1.58
+31.4%
22-25
57.9%
+16.0%
22-25
0.73
-27.5%
22-25
10.8%
-2.5%
22-25
6.2%
+13.1%
22-25
12.78
+10.4%
22-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - |
| EBITDA | €149k | €123k | €134k | €118k |
| Net profit | €44k | €40k | €52k | €39k |
| Cash flow | €123k | €96k | €105k | €99k |
| Staff costs | €78k | €63k | €63k | €48k |
| Income taxes | €15k | €17k | €23k | €12k |
| Dividends | - | - | - | - |
| Total assets | €708k | €733k | €606k | €594k |
| Equity | €410k | €365k | €325k | €273k |
| Debt | €298k | €367k | €281k | €321k |
| of which ≤ 1y | €136k | €159k | €160k | €151k |
| of which > 1y | €158k | €204k | €119k | €168k |
| Working capital | €79k | €32k | €26k | €-24k |
| Employees (FTE) | 1.3 | 1.0 | 1.0 | 1.0 |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 1.58 | 1.20 | 1.16 | 0.84 |
| Quick ratio | 1.58 | 1.20 | 1.16 | 0.84 |
| Working capital ratio | 11.1% | 4.4% | 4.3% | -4.0% |
| Solvency | 57.9% | 49.9% | 53.6% | 45.9% |
| Debt / equity | 0.73 | 1.00 | 0.87 | 1.18 |
| Long-term debt ratio | 0.39 | 0.56 | 0.36 | 0.62 |
| Interest coverage | 12.78 | 11.58 | 19.95 | 17.56 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 6.2% | 5.5% | 8.6% | 6.5% |
| ROE | 10.8% | 11.1% | 16.0% | 14.2% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €708k | €733k | €606k | €594k |
| Fixed assets | 21/28 | €493k | €542k | €420k | €467k |
| Tangible fixed assets | 22/27 | €492k | €541k | €420k | €466k |
| Financial fixed assets | 28 | €635 | €635 | €635 | €635 |
| Current assets | 29/58 | €215k | €191k | €186k | €127k |
| Amounts receivable within one year | 40/41 | €140k | €96k | €85k | €97k |
| Cash & bank | 54/58 | €68k | €83k | €96k | €17k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €708k | €733k | €606k | €594k |
| Equity | 10/15 | €410k | €365k | €325k | €273k |
| Contributions / capital | 10/11 | €20k | €20k | €20k | €20k |
| Reserves | 13 | €390k | €345k | €305k | €253k |
| Accumulated profits (losses) | 14 | - | - | €0 | €0 |
| Amounts payable | 17/49 | €298k | €367k | €281k | €321k |
| Amounts payable after one year | 17 | €158k | €204k | €119k | €168k |
| Amounts payable within one year | 42/48 | €136k | €159k | €160k | €151k |
| Trade debts payable within one year | 44 | €12k | €4k | €10k | €9k |
| Income statement | |||||
| Gross operating margin | 9900 | €230k | €191k | €201k | €169k |
| Operating result | 9901 | €71k | €68k | €82k | €57k |
| Financial income | 75 | €404 | €83 | €77 | €2 |
| Financial charges | 65 | €12k | €11k | €7k | €7k |
| Result before taxes | 9903 | €60k | €57k | €75k | €51k |
| Income taxes | 67/77 | €15k | €17k | €23k | €12k |
| Net result for the period | 9904 | €44k | €40k | €52k | €39k |
| Result to be appropriated | 9905 | €44k | €40k | €52k | €39k |
Legal Structure
| NACE primary | Civil engineering(42919) |
| Legal form | Private limited company(610) |
| Incorporation | 08-12-2003 |
| Status | Active |
| Postal code | 9250 |
Establishment units
Liqnum
since 20032.134.807.078
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42023A0478/00V000 | Flanders | 359 m² | 1 · 87 m² | - |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
23-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
06-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
14-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Highest result since 2022net €52k ▲34.9%
Operating result €82k, net result €52k, both a record.
27-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
16-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
09-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
12-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
18-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
14-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 14 days late
2017
07-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 4 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
Repair and maintenance of machinery33120Civil engineering429194524245204Bodywork repair (including spraying and painting)95314
Names & trade names
| Legal nameNL | LIQNUM |
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