Equity
Equity fell by 57% in 4 years.
Trustee: Matthias Gesquiere. The judgment is more than a year old. A claim can no longer be filed, not even late. The trustee knows whether anything will still be paid out.
Equity fell by 57% in 4 years.
Every financial year from 2013 to 2022 closed with a loss. 2018 was the heaviest.
Of this, €3.3m falls due within a year.
Green is investment, beige is depreciation. Machinery stands 2542.3% higher than in 2021.
Between 2018 and 2022, 36% of the full-time equivalents disappeared.
Shares in 1 company, Cloudalize Inc.
Board & ownershipEquity fell from €5.8m in 2018 to €2.5m in 2022, while debts rose from €1.9m to €12.4m.
On 9 February 2024 the court declared CLOUDALIZE bankrupt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.6m. Estimated: probably between €1.7m and €4.1m.
Higher than 24% of 2,453 companies in 2022.
Higher than 19% of 2,422 companies in 2022.
Higher than 15% of 2,439 companies in 2022.
Net result: bottom quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
Total assets20/58 |
14.9m | 13.1m | 11.8m | 10.4m | 7.8m | 3.6m | 2.2m | 1.4m | 880,943 | 394,668 | |
Formation expenses20 |
- | - | - | - | - | 1,445 | 3,051 | 4,656 | 6,262 | 640 | |
Fixed assets21/28 |
12.2m | 10.5m | 9.2m | 7.2m | 4.3m | 2.6m | 1.6m | 625,113 | 485,001 | 234,333 | |
Intangible fixed assets21 |
11.7m | 10.5m | 9.2m | 7.1m | 4.2m | 2.4m | 1.3m | 442,871 | 238,512 | 114,590 | |
Tangible fixed assets22/27 |
500,748 | 22,602 | 25,220 | 67,271 | 106,731 | 153,711 | 219,535 | 174,236 | 236,877 | 115,753 | |
Plant, machinery and equipment23 |
498,427 | 18,863 | 22,441 | 66,197 | 105,729 | 153,254 | 218,903 | 174,236 | 236,877 | 115,753 | |
Furniture and vehicles24 |
2,321 | 3,739 | 2,779 | 1,074 | 1,002 | 457 | 632 | - | - | - | |
Financial fixed assets28 |
13,075 | 16,747 | 15,950 | 15,950 | 17,550 | 15,950 | 17,300 | 3,350 | 3,350 | 3,350 | |
Current assets29/58 |
2.7m | 2.6m | 2.5m | 3.2m | 3.4m | 1.0m | 622,846 | 785,080 | 395,942 | 160,335 | |
Amounts receivable within one year40/41 |
2.1m | 2.5m | 2.2m | 1.9m | 1.2m | 774,017 | 307,786 | 503,491 | 373,905 | 152,864 | |
Trade receivables40 |
1.7m | 2.0m | 481,357 | 1.3m | 738,225 | 439,186 | 115,660 | 407,555 | 353,217 | 143,807 | |
Other amounts receivable41 |
420,303 | 461,953 | 1.7m | 614,129 | 419,134 | 334,831 | 192,126 | 95,936 | 20,688 | 9,057 | |
Cash at bank and in hand54/58 |
272,616 | 25,233 | 320,879 | 1.3m | 2.3m | 228,756 | 239,796 | 270,762 | 8,302 | 7,471 | |
Deferred charges and accrued income490/1 |
364,792 | 45,579 | 9,963 | 48,917 | 22,222 | 13,874 | 75,264 | 10,827 | 13,735 | - | |
| Balance sheet: equity and liabilities | |||||||||||
Total equity and liabilities10/49 |
14.9m | 13.1m | 11.8m | 10.4m | 7.8m | 3.6m | 2.2m | 1.4m | 880,943 | 394,668 | |
Equity10/15 |
2.5m | 1.9m | 2.9m | 4.3m | 5.8m | 1.7m | 1.1m | 721,663 | 145,946 | 111,731 | |
Contributions10/11 |
5.0m | 2.9m | 9.7m | 4.4m | 4.4m | 2.5m | 1.9m | 1.1m | 286,100 | 186,100 | |
Capital10 |
5.0m | 2.9m | - | - | - | - | - | - | - | - | |
Issued capital100 |
5.0m | 2.9m | 4.4m | 4.4m | 4.4m | 2.5m | 1.9m | 1.1m | 286,100 | 186,100 | |
Uncalled capital101 |
501 | - | - | - | - | - | - | - | - | - | |
Contributions outside capital11 |
- | - | 5.2m | 5.2m | 5.2m | 1.3m | 200,338 | - | - | - | |
Share premium1100/10 |
- | - | 5.2m | 5.2m | 5.2m | 1.3m | 200,338 | - | - | - | |
Profit (loss) carried forward14 |
-2.5m | -1.1m | -6.7m | -5.3m | -3.8m | -2.1m | -996,407 | -334,747 | -140,154 | -74,369 | |
Amounts payable17/49 |
12.4m | 11.2m | 8.8m | 6.1m | 1.9m | 1.9m | 1.1m | 688,530 | 734,997 | 282,937 | |
Amounts payable after more than one year17 |
8.7m | 7.6m | 5.8m | 3.5m | 510,624 | 1.1m | 851,500 | 65,000 | 70,000 | 90,000 | |
Financial debts170/4 |
8.7m | 7.6m | 5.8m | 3.5m | 510,624 | 1.1m | 851,500 | 65,000 | 70,000 | 90,000 | |
Amounts payable within one year42/48 |
3.3m | 3.3m | 3.0m | 2.6m | 1.4m | 765,072 | 209,141 | 622,199 | 664,997 | 192,937 | |
Current portion of amounts payable after more than one year42 |
499,495 | 142,028 | 117,564 | 115,698 | 84,376 | - | - | - | - | - | |
Trade debts44 |
2.7m | 3.0m | 1.7m | 2.4m | 1.3m | 726,369 | 160,788 | 509,995 | 433,747 | 173,314 | |
Suppliers440/4 |
2.7m | 3.0m | 1.7m | 2.4m | 1.3m | 726,369 | 160,788 | 509,995 | 433,747 | 173,314 | |
Taxes, remuneration and social security45 |
46,333 | 139,775 | 48,269 | 31,833 | 36,230 | 38,703 | 34,888 | 1,576 | 3,556 | 2,744 | |
Taxes450/3 |
957 | 100,391 | 2,024 | 989 | 6,196 | 1,765 | 11,051 | 1,576 | 3,556 | 2,744 | |
Remuneration and social security454/9 |
45,375 | 39,384 | 46,245 | 30,844 | 30,034 | 36,938 | 23,837 | - | - | - | |
Other amounts payable47/48 |
- | - | 1.1m | - | - | - | 13,466 | 110,628 | 227,694 | 16,879 | |
Accrued charges and deferred income492/3 |
453,172 | 245,635 | 100,920 | 11,998 | 2,181 | 66,719 | - | 1,331 | - | - | |
| Income statement | |||||||||||
Non-recurring operating income76A |
- | - | - | 459,395 | - | - | - | - | 90,000 | - | |
Gross operating margin9900 |
969,088 | 1.3m | 464,311 | 817,736 | 367,806 | 259,787 | 133,108 | 21,725 | -10,037 | -7,516 | |
Remuneration, social security and pensions62 |
476,894 | 451,299 | 460,047 | 453,258 | 588,703 | 354,936 | 241,594 | - | - | - | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
2.0m | 1.7m | 1.3m | 1.8m | 1.5m | 867,318 | 502,202 | 210,134 | 140,085 | 61,837 | |
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 |
- | - | -219 | 17,434 | - | - | - | - | - | - | |
Other operating charges640/8 |
1,873 | 2,708 | 3,737 | 3,843 | 5,499 | 2,292 | 8,996 | 2,373 | 2,146 | 803 | |
Non-recurring operating charges66A |
- | - | - | - | - | 18,105 | - | - | - | - | |
Operating profit (loss)9901 |
-1.5m | -895,146 | -1.3m | -1.4m | -1.7m | -982,864 | -619,684 | -190,782 | -152,268 | -70,156 | |
Financial income75/76B |
1,598 | 1,658 | 566 | - | 1,109 | 963 | 1,526 | 189 | 440 | 8 | |
Recurring financial income75 |
1,598 | 1,658 | 566 | - | 1,109 | 963 | 1,526 | 189 | 440 | 8 | |
Financial charges65/66B |
249,107 | 171,271 | 109,077 | 44,618 | 74,254 | 111,947 | 43,239 | 3,995 | 3,957 | 4,220 | |
Recurring financial charges65 |
249,107 | 171,271 | 109,077 | 44,618 | 74,254 | 111,947 | 43,239 | 3,995 | 3,957 | 4,220 | |
Profit (loss) for the period before taxes9903 |
-1.7m | -1.1m | -1.4m | -1.5m | -1.8m | -1.1m | -661,397 | -194,588 | -65,785 | -74,368 | |
Income taxes67/77 |
-312,828 | 830 | 818 | -644 | 2,679 | 1,765 | 263 | 5 | - | 1 | |
Profit (loss) for the period9904 |
-1.4m | -1.1m | -1.4m | -1.5m | -1.8m | -1.1m | -661,660 | -194,593 | -65,785 | -74,369 | |
Profit (loss) for the period to be appropriated9905 |
-1.4m | -1.1m | -1.4m | -1.5m | -1.8m | -1.1m | -661,660 | -194,593 | -65,785 | -74,369 | |
| Appropriation of the result | |||||||||||
Profit (loss) to be appropriated9906 |
-2.5m | -7.8m | -6.7m | -5.3m | -3.8m | -2.1m | -996,407 | -334,747 | -140,154 | -74,369 | |
Profit (loss) brought forward from the previous period14P |
-1.1m | -6.7m | - | - | - | - | - | - | - | - | |
Transfer from equity791/2 |
- | 6.7m | - | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||
Average staff (FTE)9087 |
6 | 6.3 | 7.2 | 6.6 | 9.4 | 7.5 | 2.8 | - | - | - | |
Hours worked1013 |
10,528 | 11,388 | 12,558 | 11,778 | 16,145 | 13,315 | 7,278 | - | - | - | |
| Document | |||||||||||
The notes to these accounts have 15 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2022 (PDF), filed on 06-07-2023.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2022 | abbreviated format | 06-07-2023 | 2023-00212952 | |
| 31-12-2021 | abbreviated format | 01-07-2022 | 2022-20122902 | |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-29100040 | |
| 31-12-2019 | abbreviated format | 30-06-2020 | 2020-23600412 | |
| 31-12-2018 | abbreviated format | 10-06-2019 | 2019-17100294 | |
| 31-12-2017 | abbreviated format | 20-03-2018 | 2018-07300364 | |
| 31-12-2016 | abbreviated format | 07-07-2017 | 2017-29400036 | |
| 30-06-2015 | abbreviated format | 22-12-2015 | 2015-70100024 | |
| 30-06-2014 | abbreviated format | 23-12-2014 | 2014-70600402 | |
| 30-06-2013 | abbreviated format | 31-01-2014 | 2014-02300400 |
| Line | Trend | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 490,321 | 815,927 | 746 | 343,200 | -226,396 | -115,546 | -117,481 | 19,352 | -12,183 | -8,319 | |
| Cash flow | 555,641 | 645,483 | -108,583 | 299,227 | -302,220 | -228,295 | -159,458 | 15,541 | 74,300 | -12,532 | |
| Investment in fixed assets | 3.7m | 3.0m | 3.4m | 4.2m | 3.1m | 1.9m | 1.5m | 350,246 | 383,526 | 295,369 | |
| Change in cash | 247,383 | -295,646 | -993,559 | -955,919 | 2.0m | -11,040 | -30,966 | 262,460 | 831 | - | |
| Working capital | -548,013 | -756,774 | -427,743 | 648,134 | 2.0m | 251,575 | 413,704 | 162,881 | -269,055 | -32,602 | |
| Solvency | 16.8% | 14.4% | 25.0% | 41.7% | 74.9% | 46.6% | 51.9% | 51.2% | 16.6% | 28.3% | |
| Current ratio | 0.83 | 0.77 | 0.86 | 1.25 | 2.41 | 1.33 | 2.98 | 1.26 | 0.60 | 0.83 | |
| Debt to equity | 4.95 | 5.96 | 3.00 | 1.40 | 0.33 | 1.15 | 0.93 | 0.95 | 5.04 | 2.53 | |
| ROE | -55.7% | -56.7% | -47.2% | -34.1% | -30.2% | -64.8% | -57.8% | -27.0% | -45.1% | -66.6% | |
| ROA | -9.4% | -8.1% | -11.8% | -14.2% | -22.6% | -30.2% | -30.0% | -13.8% | -7.5% | -18.8% | |
| Interest coverage | 1.97 | 4.76 | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2022 | 31-12-2021 |
|---|---|---|
| Employees at the balance-sheet date | 6 | 6 |
| full-time | 6 | 6 |
| in full-time equivalents | 6 | 6 |
| Average over the year, in full-time equivalents | 6 | 6.3 |
| On a permanent contract | 6 | 6 |
| Joined | - | 1 |
| Left | - | 3 |
Source: social balance sheet in the 2021 to 2022 annual accounts
| Item | 2022 | 2021 |
|---|---|---|
| Tangible fixed assets | €491,391 | €20,037 |
| Intangible fixed assets | €3.2m | €3.0m |
| Financial fixed assets | €11,075 | €797 |
| Depreciation and write-downs of the year | €2.0m | €1.7m |
Source: notes to the 2021 to 2022 annual accounts (statement of fixed assets)
The operating result for 2022 is a loss of €1.5m, larger than the loss of €895,146 in 2021. It is the lowest result since 2018.
Debt's share of the balance-sheet total falls from 85.6% to 83.2%. Equity and debt are higher.
Source: lists of holdings in the owners' accounts
Source: list of holdings in its own 2022 accounts. The amounts are in that list and come from the holdings' accounts at 31-12-2022, in their own currency.
| Isolstar Holding
establishment since 28-11-2017 · founded in 2017 · group Green Leaf Topco |
total assets €240.1m (2025) 0685.428.328 |
| Hilton Foods Belgium
registered office since 01-10-2021 · founded in 2019 · negative equity (2025) |
total assets €26.3m (2025) 0737.982.136 |
| Vlaams Bodemsaneringsfonds voor de Textielverzorging
registered office since 19-08-2007 · founded in 2007 |
3 FTE (2025) 0886.185.961 |
| SOMKO
establishment since 01-10-2023 · founded in 2015 |
35 FTE (2026) 0639.811.505 |
| ONE PARTNER
establishment since 05-06-2025 · founded in 1990 |
total assets €2.2m (2025) 0442.309.112 |
| Milgro België
registered office since 27-10-2022 · founded in 2022 · negative equity (2025) |
2.1 FTE (2025) 0792.954.313 |
| PHéNX
registered office since 03-05-2016 · founded in 2016 |
9.6 FTE (2025) 0653.751.888 |
| BETEVEST
registered office since 11-10-1990 · founded in 1990 |
total assets €1.0m (2025) 0442.198.848 |
| WB&E Metal
establishment since 01-08-2021 · founded in 2020 |
total assets €308,653 (2025) 0754.994.748 |
| Kink in the Cable
registered office since 30-05-2022 · founded in 2022 · negative equity (2025) |
total assets €64,379 (2025) 0786.647.927 |
| Name | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|
| Cloudalize Inc.US | 100% | |||||
Source: list of holdings in its own accounts
The network starts from the shareholders of CLOUDALIZE. Every company they also own or run is a node.
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
CLOUDALIZE was incorporated on 21 November 2011.1 In 2022 the capital was increased by €2.0m to €5.0m.2 The registered office was moved to Merelbeke in 2023.3 Total assets rose from €7.8m in 2018 to €14.9m in 2022 and headcount from 9.4 to 6 full-time equivalents.4 On 9 February 2024 the company was declared bankrupt.5
| Establishment | Since | Unit number |
|---|---|---|
| Cloudalize | 21-11-2011 | 2.204.708.545 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44043A0418/00R000 | 1,042 m² | 1 · 567 m² | 11.0 m · 2 |
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