LIVINUS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 13 filings
Turnover
≈ €290,000
Estimated: probably between €230,000 and €370,000
Total assets
€16.6m▲ 3.6%
2024 · €16.1m
Net result
€640,406▼ 89.1%
2024 · €5.9m
Working capital
€15.9m▲ 4.2%
2024 · €15.3m
In the rankings
#2 company by equity in Zulte, Professional and technical services sector#4 company by total assets in Zulte, Professional and technical services sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€59,185
▲ 3.9%
2025
20182025
Net result
€640,406
▼ 89.1%
2025
highest quarter of the sector
20182025
Equity
€16.0m
▲ 4.2%
2025
highest quarter of the sector
20182025
Total assets
€16.6m
▲ 3.6%
2025
highest quarter of the sector
20182025
Debt
€691,484
▼ 8.9%
2025
20182025
Working capital
€15.9m
▲ 4.2%
2025
highest quarter of the sector
20182025
Solvency
95.8%
▲ 0.6pp
2025
highest quarter of the sector
20182025
Current ratio
24.05
▲ 2.83
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.8%
▼ 32.8pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.03m-€0.04m▲ 50.0%€0.04m▼ 11.8%€0.05m▲ 20.6%€0.05m▲ 10.7%€0.06m▲ 10.8%€0.06m▲ 2.8%€0.06m▲ 3.9%
Net result€1.3m-€1.1m▼ 16.8%€0.8mabove the sector's middle half▼ 24.4%€1.6mabove the sector's middle half▲ 96.7%€0.6mabove the sector's middle half▼ 61.5%€1.2mabove the sector's middle half▲ 103%€5.9mabove the sector's middle half▲ 377%€0.6mabove the sector's middle half▼ 89.1%
Equity€4.1m-€5.2m▲ 25.7%€6.0mabove the sector's middle half▲ 15.4%€7.6mabove the sector's middle half▲ 26.3%€8.2mabove the sector's middle half▲ 8.0%€9.4mabove the sector's middle half▲ 15.1%€15.3mabove the sector's middle half▲ 62.5%€16.0mabove the sector's middle half▲ 4.2%
Total assets€4.3m-€5.5m▲ 27.4%€6.2mabove the sector's middle half▲ 13.7%€7.9mabove the sector's middle half▲ 26.1%€8.5mabove the sector's middle half▲ 7.6%€9.7mabove the sector's middle half▲ 14.2%€16.1mabove the sector's middle half▲ 66.4%€16.6mabove the sector's middle half▲ 3.6%
Debt€0.2m-€0.3m▲ 73.0%€0.2m▼ 18.6%€0.3m▲ 21.5%€0.3m▼ 3.0%€0.2m▼ 11.9%€0.8m▲ 226%€0.7m▼ 8.9%
Working capital€4.1m-€5.2m▲ 25.1%€6.0mabove the sector's middle half▲ 15.7%€7.6mabove the sector's middle half▲ 26.5%€8.2mabove the sector's middle half▲ 8.1%€9.4mabove the sector's middle half▲ 15.1%€15.3mabove the sector's middle half▲ 62.0%€15.9mabove the sector's middle half▲ 4.2%
Solvency96.3%-95.0%▼ 1.3pp96.4%above the sector's middle half▲ 1.4pp96.5%above the sector's middle half▲ 0.1pp96.9%above the sector's middle half▲ 0.3pp97.6%above the sector's middle half▲ 0.7pp95.3%above the sector's middle half▼ 2.3pp95.8%above the sector's middle half▲ 0.6pp
Current ratio27.40-19.87▼ 7.5427.85above the sector's middle half▲ 7.9829.01above the sector's middle half▲ 1.1632.36above the sector's middle half▲ 3.3541.94above the sector's middle half▲ 9.5821.22above the sector's middle half▼ 20.7124.05above the sector's middle half▲ 2.83
Return on assets (ROA)29.7%-19.4%▼ 10.3pp12.9%above the sector's middle half▼ 6.5pp20.1%above the sector's middle half▲ 7.2pp7.2%within the sector's middle half▼ 12.9pp12.8%within the sector's middle half▲ 5.6pp36.6%above the sector's middle half▲ 23.9pp3.8%within the sector's middle half▼ 32.8pp
Staff (FTE)1-1=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €16.6m
Fixed assets
€37,358 ▼ 21.2%
Current assets
€16.6m ▲ 3.6%
Equity and liabilities €16.6m
Equity
€16.0m ▲ 4.2%
Debt
€691,484 ▼ 8.9%
Debt's share of the balance-sheet total falls from 4.7% to 4.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€69,264▲
2024 · €59,920
Cash flow
€650,485▼
2024 · €5.9m
Debt to equity
0.04▼
2024 · 0.05
ROE
4.0%▼
2024 · 38.4%
Interest coverage
-0.35▼
2024 · 0.27
Debt ≤ 1 year
€690,334▼
2024 · €754,873
Income taxes
€166,410▼
2024 · €705,231
Staff costs
€109,350▲
2024 · €107,507
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | - | - | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 0 |
| Training hours | 8 | 8 | 32 | 8 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €50,391 | - |
| Depreciation and write-downs of the year | €6,188 | €6,188 | €6,188 | €2,971 | €10,079 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €462 awarded · €462 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €462 |
| 2023 | 1 | €462 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.08m | €0.09m | €0.1m | €0.1m | €0.1m | ▲ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.007m | €0.006m | €0.006m | €0.006m | €0.006m | €0.003m | €0.01m | ▲ 239% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.002m | €0.002m | €0.001m | ▼ 20.1% |
| Gross operating margin9900 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 6.4% |
| Operating profit (loss)9901 | €0.03m | €0.04m | €0.04m | €0.05m | €0.05m | €0.06m | €0.06m | €0.06m | ▲ 3.9% |
| Financial income75/76B | - | - | - | €1.3m | €1.2m | €1.4m | €6.8m | €0.6m | ▼ 91.9% |
| Recurring financial income75 | €2.4m | €1.1m | €1.2m | €1.3m | €1.2m | €1.4m | €0.6m | €0.5m | ▼ 22.1% |
| Non-recurring financial income76B | - | - | - | - | - | - | €6.2m | €0.09m | ▼ 98.6% |
| Financial charges65/66B | - | - | - | -€0.5m | €0.5m | -€0.03m | €0.2m | -€0.2m | - |
| Recurring financial charges65 | €0.8m | -€0.2m | €0.3m | -€0.5m | €0.5m | -€0.03m | €0.2m | -€0.2m | - |
| Profit (loss) for the period before taxes9903 | €1.6m | €1.3m | €0.9m | €1.8m | €0.7m | €1.5m | €6.6m | €0.8m | ▼ 87.8% |
| Income taxes67/77 | €0.3m | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | €0.7m | €0.2m | ▼ 76.4% |
| Profit (loss) for the period9904 | €1.3m | €1.1m | €0.8m | €1.6m | €0.6m | €1.2m | €5.9m | €0.6m | ▼ 89.1% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | - | €0.08m | - |
| Profit (loss) for the period to be appropriated9905 | €1.3m | €1.1m | €0.8m | €1.6m | €0.6m | €1.2m | €5.9m | €0.6m | ▼ 90.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.3m | €5.5m | €6.2m | €7.9m | €8.5m | €9.7m | €16.1m | €16.6m | ▲ 3.6% |
| Fixed assets21/28 | €0.005m | €0.03m | €0.02m | €0.01m | €0.008m | €0.002m | €0.05m | €0.04m | ▼ 21.2% |
| Tangible fixed assets22/27 | €0.003m | €0.03m | €0.02m | €0.01m | €0.006m | €17 | €0.05m | €0.04m | ▼ 21.2% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.006m | €17 | €0.05m | €0.04m | ▼ 21.2% |
| Financial fixed assets28 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0 | - | - |
| Current assets29/58 | €4.3m | €5.4m | €6.2m | €7.8m | €8.4m | €9.7m | €16.0m | €16.6m | ▲ 3.6% |
| Amounts receivable within one year40/41 | €0.03m | €0.05m | €0.07m | €0.1m | €0.08m | €0.04m | €6.2m | €3.6m | ▼ 42.4% |
| Trade receivables40 | - | - | - | €0.03m | €0.04m | €0.03m | €0.02m | €0.03m | ▲ 48.5% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.05m | €0.009m | €6.2m | €3.5m | ▼ 42.7% |
| Current investments50/53 | €4.0m | €4.4m | €6.0m | €6.7m | €7.5m | €9.6m | €9.8m | €13.0m | ▲ 32.2% |
| Cash at bank and in hand54/58 | €0.2m | €1.0m | €0.2m | €1.1m | €0.8m | €0.02m | €0.006m | €0.03m | ▲ 395% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.005m | €0.006m | €0.01m | €0.05m | ▲ 384% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.3m | €5.5m | €6.2m | €7.9m | €8.5m | €9.7m | €16.1m | €16.6m | ▲ 3.6% |
| Equity10/15 | €4.1m | €5.2m | €6.0m | €7.6m | €8.2m | €9.4m | €15.3m | €16.0m | ▲ 4.2% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €4.1m | €5.2m | €6.0m | €7.6m | €8.2m | €9.4m | €15.3m | €15.9m | ▲ 4.2% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | - | €0.08m | - |
| Distributable reserves133 | - | - | - | €7.6m | €8.2m | €9.4m | €15.3m | €15.8m | ▲ 3.6% |
| Amounts payable17/49 | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | €0.2m | €0.8m | €0.7m | ▼ 8.9% |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | €0.2m | €0.8m | €0.7m | ▼ 8.5% |
| Trade debts44 | €0.001m | €0.002m | €0.008m | €0.001m | €0.008m | €0.002m | €0.001m | €0.003m | ▲ 291% |
| Suppliers440/4 | - | - | - | €0.001m | €0.008m | €0.002m | €0.001m | €0.003m | ▲ 291% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €0.2m | €0.8m | €0.7m | ▼ 11.5% |
| Taxes450/3 | - | - | - | €0.2m | €0.2m | €0.2m | €0.7m | €0.6m | ▼ 11.1% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 22.7% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.02m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.004m | €0.003m | €0.004m | €0.001m | ▼ 74.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.3m | €1.1m | €0.8m | €1.6m | €0.6m | €1.2m | €5.9m | €0.6m | ▼ 89.1% |
| + Depreciation and write-downs630 | €0.001m | €0.007m | €0.006m | €0.006m | €0.006m | €0.006m | €0.003m | €0.01m | ▲ 239% |
| Operating cash flow (approximation) | €1.3m | €1.1m | €0.8m | €1.6m | €0.6m | €1.2m | €5.9m | €0.7m | ▼ 89.0% |
| Investment in fixed assets (approximation) | - | -€0.03m | €0.002m | €0 | €0 | €0 | -€0.05m | €0 | - |
| Change in cash | - | €0.8m | -€0.8m | €0.9m | -€0.2m | -€0.8m | -€0.01m | €0.02m | - |
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, 10,904 companies had the same profile as LIVINUS has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of LIVINUS itself: 0.2% 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 10,904 companies, not a prediction for LIVINUS. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00300812 | |
| 31-12-2024 | abbreviated format | 10-07-2025 | 2025-00256548 | |
| 31-12-2023 | abbreviated format | 22-07-2024 | 2024-00274059 | |
| 31-12-2022 | abbreviated format | 17-07-2023 | 2023-00247226 | |
| 31-12-2021 | abbreviated format | 07-07-2022 | 2022-20166112 | |
| 31-12-2020 | abbreviated format | 08-07-2021 | 2021-33300071 | |
| 31-12-2019 | abbreviated format | 03-07-2020 | 2020-25700007 | |
| 31-12-2018 | abbreviated format | 17-07-2019 | 2019-33800095 | |
| 31-12-2017 | abbreviated format | 23-07-2018 | 2018-36700439 | |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-34100268 |