CONNECTSYSTEMS
InactiveInactive; last annual accounts for fiscal year 2021.
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2022, 4 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2022 close31-07-2023 deadline27-09-2026 today
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 11-07-2022, 20 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
not filed
2021
20 d early
2020
6 d early
2019
25 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 3 accounts on average 17 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
Financials · fiscal year 2021, full schema
Turnover
€65.8m▲ 16.4%
2020 · €56.5m
EBIT margin
4.9%▲ 3.9pp
2020 · 1.0%
Net result
€2.5m▲ 283%
2020 · €641,447
Working capital
€14.9m▼ 39.2%
2020 · €24.5m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2018201920202021
Turnover€51.9m-€61.5m▲ 18.5%€56.5m▼ 8.1%€65.8m▲ 16.4%
Operating result€3.0m-€2.9m▼ 0.5%€563,463▼ 80.8%€3.2m▲ 469%
Net result€1.3m-€5.5m▲ 330%€641,447▼ 88.4%€2.5m▲ 283%
EBIT margin5.7%-4.8%▼ 0.9pp1.0%▼ 3.8pp4.9%▲ 3.9pp
Equity€19.1m-€24.7m▲ 29.0%€25.3m▲ 2.6%€15.7m▼ 38.1%
Total assets€70.7m-€45.1m▼ 36.2%€41.8m▼ 7.5%€37.9m▼ 9.1%
Debt€50.9m-€19.7m▼ 61.3%€15.8m▼ 19.8%€21.6m▲ 36.9%
Working capital€12.2m-€24.1m▲ 98.1%€24.5m▲ 1.5%€14.9m▼ 39.2%
Staff (FTE)125.7-126.9▲ 1.0%127.8▲ 0.7%126.6▼ 0.9%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2021; 2021 is 469% above 2020 and is the highest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €37.9m
Fixed assets
€2.1m ▲ 13.5%
Current assets
€35.8m ▼ 10.2%
Equity and liabilities €37.9m
Equity
€15.7m ▼ 38.1%
Provisions
€676,378 ▲ 2.5%
Debt
€21.6m ▲ 36.9%
Debt's share of the balance-sheet total rises from 37.8% to 56.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3.6m▲
2020 · €850,742
Cash flow
€2.8m▲
2020 · €928,726
Current ratio
1.71▼
2020 · 2.59
Quick ratio
0.80▼
2020 · 1.73
Debt to equity
1.38
ROE
15.7%▲
2020 · 2.5%
ROA
6.5%▲
2020 · 1.5%
Interest coverage
29.43▲
2020 · 8.06
Debt ≤ 1 year
€21.0m▲
2020 · €15.4m
Debt > 1 year
€225,000
Income taxes
€874,694▲
2020 · €93,324
Staff costs
€6.9m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €66.1m | - |
| Turnover70 | €51.9m | €61.5m | €56.5m | €65.8m | ▲ 16.4% |
| Other operating income74 | - | - | - | €290,829 | - |
| Non-recurring operating income76A | - | - | - | €15,500 | - |
| Operating charges60/66A | - | - | - | €62.9m | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €50.0m | - |
| Purchases600/8 | - | - | - | €56.1m | - |
| Change in stocks: decrease (increase)609 | - | - | - | -€6.1m | - |
| Services and other goods61 | - | - | - | €5.2m | - |
| Remuneration, social security and pensions62 | - | - | - | €6.9m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €312,620 | €287,073 | €287,279 | €355,505 | ▲ 23.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €263,506 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €16,250 | - |
| Other operating charges640/8 | - | - | - | €123,763 | - |
| Operating profit (loss)9901 | €3.0m | €2.9m | €563,463 | €3.2m | ▲ 469% |
| Financial income75/76B | - | - | - | €315,089 | - |
| Recurring financial income75 | €160,256 | €693,139 | €315,140 | €315,089 | = |
| Income from current assets751 | - | - | - | €304,064 | - |
| Other financial income752/9 | - | - | - | €11,025 | - |
| Financial charges65/66B | - | - | - | €193,848 | - |
| Recurring financial charges65 | €1.8m | €1.8m | €143,832 | €193,848 | ▲ 34.8% |
| Debt charges650 | €1.7m | €1.7m | €105,490 | €121,106 | ▲ 14.8% |
| Other financial charges652/9 | - | - | - | €72,742 | - |
| Profit (loss) for the period before taxes9903 | €1.3m | €5.5m | €734,771 | €3.3m | ▲ 353% |
| Income taxes67/77 | €45,318 | €504 | €93,324 | €874,694 | ▲ 837% |
| Taxes670/3 | - | - | - | €875,000 | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €306 | - |
| Profit (loss) for the period9904 | €1.3m | €5.5m | €641,447 | €2.5m | ▲ 283% |
| Profit (loss) for the period to be appropriated9905 | €1.3m | €5.5m | €641,447 | €2.5m | ▲ 283% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €70.7m | €45.1m | €41.8m | €37.9m | ▼ 9.1% |
| Fixed assets21/28 | €36.7m | €1.7m | €1.9m | €2.1m | ▲ 13.5% |
| Intangible fixed assets21 | €17,197 | €10,119 | €3,422 | €12,362 | ▲ 261% |
| Tangible fixed assets22/27 | €1.8m | €1.7m | €1.8m | €2.1m | ▲ 13.4% |
| Land and buildings22 | - | - | - | €1.5m | - |
| Plant, machinery and equipment23 | - | - | - | €427,242 | - |
| Furniture and vehicles24 | - | - | - | €158,289 | - |
| Financial fixed assets28 | €34.9m | €7,225 | €7,225 | - | - |
| Current assets29/58 | €34.0m | €43.4m | €39.9m | €35.8m | ▼ 10.2% |
| Stocks and contracts in progress3 | €15.5m | €15.0m | €13.1m | €19.0m | ▲ 44.5% |
| Stocks30/36 | - | - | - | €19.0m | - |
| Raw materials and consumables30/31 | - | - | - | €19.0m | - |
| Amounts receivable within one year40/41 | €18.5m | €28.4m | €24.6m | €16.8m | ▼ 32.0% |
| Trade receivables40 | - | - | - | €10.6m | - |
| Other amounts receivable41 | - | - | - | €6.2m | - |
| Cash at bank and in hand54/58 | €4,635 | €5,377 | €2.0m | €847 | ▼ 100.0% |
| Deferred charges and accrued income490/1 | - | - | - | €63,534 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €70.7m | €45.1m | €41.8m | €37.9m | ▼ 9.1% |
| Equity10/15 | €19.1m | €24.7m | €25.3m | €15.7m | ▼ 38.1% |
| Contributions10/11 | €11.2m | €11.2m | €11.2m | €11.2m | = |
| Capital10 | - | - | - | €11.2m | - |
| Issued capital100 | - | - | - | €11.2m | - |
| Reserves13 | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Non-distributable reserves130/1 | - | - | - | €1.1m | - |
| Legal reserve130 | - | - | - | €1.1m | - |
| Profit (loss) carried forward14 | €6.8m | €12.3m | €13.0m | €3.3m | ▼ 74.5% |
| Provisions and deferred taxes16 | €696,655 | €778,426 | €660,128 | €676,378 | ▲ 2.5% |
| Provisions for liabilities and charges160/5 | - | - | - | €676,378 | - |
| Pensions and similar obligations160 | - | - | - | €176,378 | - |
| Other liabilities and charges164/5 | - | - | - | €500,000 | - |
| Amounts payable17/49 | €50.9m | €19.7m | €15.8m | €21.6m | ▲ 36.9% |
| Amounts payable after more than one year17 | €29.0m | - | - | €225,000 | - |
| Financial debts170/4 | - | - | - | €225,000 | - |
| Credit institutions173 | - | - | - | €225,000 | - |
| Amounts payable within one year42/48 | €21.8m | €19.3m | €15.4m | €21.0m | ▲ 35.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €439,573 | - |
| Financial debts43 | - | - | - | €3.3m | - |
| Credit institutions430/8 | - | - | - | €3.3m | - |
| Trade debts44 | €12.2m | €10.3m | €14.0m | €15.5m | ▲ 10.8% |
| Suppliers440/4 | - | - | - | €15.5m | - |
| Taxes, remuneration and social security45 | - | - | - | €1.5m | - |
| Taxes450/3 | - | - | - | €252,555 | - |
| Remuneration and social security454/9 | - | - | - | €1.3m | - |
| Other amounts payable47/48 | - | - | - | €202,663 | - |
| Accrued charges and deferred income492/3 | - | - | - | €412,275 | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.3m | €5.5m | €641,447 | €2.5m | ▲ 283% |
| + Depreciation and write-downs630 | €312,620 | €287,073 | €287,279 | €355,505 | ▲ 23.7% |
| Operating cash flow (approximation) | €1.6m | €5.8m | €928,726 | €2.8m | ▲ 203% |
| Investment in fixed assets (approximation) | - | €34.7m | -€405,643 | -€605,223 | ▼ 49.2% |
| Change in cash | - | €742 | €2.0m | -€2.0m | ▼ 200% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
25-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet €641,447 ▼88.4%
Net result drops to €641,447, the lowest in the series.
31-12
Financial
Equity above €25mEq €25.3m ▲2.6%
3 profitable years in a row build equity to €25.3m.
06-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Highest result since 2018net €5.5m ▲330%
Net result €5.5m, the highest in the series.
12-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
20-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
06-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
11-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
2015
08-07
NBB filing
Annual accounts filed
fiscal year 2014 · full schema
2014
02-07
NBB filing
Annual accounts filed
fiscal year 2013 · full schema
2013
03-07
NBB filing
Annual accounts filed
fiscal year 2012 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 17 acts read
About the unread acts
We know of 17 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Structure & network
Owners and holdings
1 holdingOwners 0
No owner stated in the accounts, acts or LEI register we read.
Stated earlier (1)
An older source named these owners; newer accounts no longer list them.
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100%
Holdings 1
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100%
According to the 2021 annual accounts of CONNECTSYSTEMS and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.