Flemac
Open bankruptcyFinancials · financial year 2023, abbreviated format
Annual accounts 2023 filed on 31-07-2024 PDF all 13 filings
Turnover
≈ €750,000
Estimated: probably between €380,000 and €1.3m
Total assets
€1.4m▼ 2.0%
2022 · €1.4m
Net result
-€202,698
2022 · €3,048
Working capital
€102,581▼ 80.0%
2022 · €512,715
Multi-year overview
2018 to 2023, 6 financial yearsOperating result
-€139,698
2023
20182023
Net result
-€202,698
2023
lowest quarter of the sector
20182023
Equity
€41,116
▼ 83.1%
2023
lowest quarter of the sector
20182023
Total assets
€1.4m
▼ 2.0%
2023
middle half of the sector
20182023
Debt
€1.3m
▲ 15.0%
2023
20182023
Working capital
€102,581
▼ 80.0%
2023
middle half of the sector
20182023
Solvency
3.0%
▼ 14.3pp
2023
lowest quarter of the sector
20182023
Current ratio
1.09
▼ 0.54
2023
lowest quarter of the sector
20182023
Return on assets (ROA)
-14.7%
▼ 14.9pp
2023
lowest quarter of the sector
20182023
Staff (FTE)
3
=
2023
middle half of the sector
20182023
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192020202120222023
Operating result-€0.06m-€0.06m€0.01m▼ 79.2%€0.04m▲ 219%€0.02m▼ 51.4%-€0.1m
Net result-€0.07m-€0.04m€0.01mwithin the sector's middle half▼ 69.5%€0.02mwithin the sector's middle half▲ 94.2%€0.003mbelow the sector's middle half▼ 85.5%-€0.2mbelow the sector's middle half
Equity€0.2m-€0.2m▲ 20.6%€0.2mwithin the sector's middle half▲ 5.2%€0.2mwithin the sector's middle half▲ 9.6%€0.2mwithin the sector's middle half▲ 1.3%€0.04mbelow the sector's middle half▼ 83.1%
Total assets€0.7m-€1.3m▲ 79.7%€1.3mwithin the sector's middle half▲ 2.7%€1.4mwithin the sector's middle half▲ 6.8%€1.4mwithin the sector's middle half▲ 2.3%€1.4mwithin the sector's middle half▼ 2.0%
Debt€0.5m-€1.0m▲ 99.2%€1.1m▲ 2.1%€1.1m▲ 6.3%€1.2m▲ 2.5%€1.3m▲ 15.0%
Working capital€0.2m-€0.4m▲ 114%€0.4mwithin the sector's middle half▲ 24.8%€0.6mwithin the sector's middle half▲ 33.3%€0.5mwithin the sector's middle half▼ 13.3%€0.1mwithin the sector's middle half▼ 80.0%
Solvency24.8%-16.6%▼ 8.2pp17.0%below the sector's middle half▲ 0.4pp17.5%below the sector's middle half▲ 0.4pp17.3%below the sector's middle half▼ 0.2pp3.0%below the sector's middle half▼ 14.3pp
Current ratio1.37-1.43▲ 0.061.61within the sector's middle half▲ 0.181.88within the sector's middle half▲ 0.271.64within the sector's middle half▼ 0.241.09below the sector's middle half▼ 0.54
Return on assets (ROA)-9.4%-2.8%▲ 12.3pp0.8%within the sector's middle half▼ 2.0pp1.5%within the sector's middle half▲ 0.7pp0.2%below the sector's middle half▼ 1.3pp-14.7%below the sector's middle half▼ 14.9pp
Staff (FTE)1-3.4▲ 240%3.8within the sector's middle half▲ 11.8%3within the sector's middle half▼ 21.1%3within the sector's middle half=3within the sector's middle half=
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 2023 is a loss of €139,698, after a profit of €20,330 in 2022. It is the lowest result since 2018.
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
2023 in colour, 2022 as the grey bar beneath
Assets €1.4m
Fixed assets
€177,720 ▲ 96.8%
Current assets
€1.2m ▼ 8.7%
Equity and liabilities €1.4m
Equity
€41,116 ▼ 83.1%
Debt
€1.3m ▲ 15.0%
Debt's share of the balance-sheet total rises from 82.7% to 97.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€120,046▼
2022 · €44,939
Cash flow
-€183,045▼
2022 · €27,657
Quick ratio
0.63▼
2022 · 1.48
Debt to equity
32.60▲
2022 · 4.78
ROE
-493.0%▼
2022 · 1.2%
Interest coverage
-1.76▼
2022 · 3.41
Debt ≤ 1 year
€1.1m▲
2022 · €806,077
Debt > 1 year
€239,185▼
2022 · €359,185
Income taxes
€1,004▼
2022 · €4,469
Staff costs
€258,732▲
2022 · €175,119
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 |
| full-time | 3 | 3 | 3 |
| in full-time equivalents | 3 | 3 | 3 |
| Average over the year, in full-time equivalents | 3 | 3 | 3 |
| On a permanent contract | 3 | 3 | 3 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €2,188 | - | €2,089 |
| Intangible fixed assets | €19,688 | - | €105,000 |
| Depreciation and write-downs of the year | €21,588 | €24,609 | €19,653 |
Source: notes to the 2021 to 2023 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €131,912 | €175,119 | €258,732 | ▲ 47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41,264 | €44,341 | €39,789 | €21,588 | €24,609 | €19,653 | ▼ 20.1% |
| Other operating charges640/8 | - | - | - | €4,343 | €5,055 | €7,800 | ▲ 54.3% |
| Gross operating margin9900 | €40,445 | €248,789 | €287,768 | €199,648 | €225,113 | €146,486 | ▼ 34.9% |
| Operating profit (loss)9901 | -€56,601 | €63,115 | €13,122 | €41,804 | €20,330 | -€139,698 | - |
| Financial income75/76B | - | - | - | €6,780 | €353 | €6,329 | ▲ 18× |
| Recurring financial income75 | €850 | €771 | €1,327 | €1,780 | €353 | €6,329 | ▲ 18× |
| Non-recurring financial income76B | - | - | - | €5,000 | - | - | - |
| Financial charges65/66B | - | - | - | €20,614 | €13,167 | €68,325 | ▲ 419% |
| Recurring financial charges65 | €10,171 | €28,077 | €22,785 | €20,614 | €13,167 | €68,325 | ▲ 419% |
| Profit (loss) for the period before taxes9903 | -€65,923 | €35,809 | €11,664 | €27,971 | €7,517 | -€201,694 | - |
| Income taxes67/77 | €0 | €201 | €821 | €6,912 | €4,469 | €1,004 | ▼ 77.5% |
| Profit (loss) for the period9904 | -€65,923 | €35,608 | €10,843 | €21,060 | €3,048 | -€202,698 | - |
| Profit (loss) for the period to be appropriated9905 | -€65,923 | €35,608 | €10,843 | €21,060 | €3,048 | -€202,698 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.7m | €1.3m | €1.3m | €1.4m | €1.4m | €1.4m | ▼ 2.0% |
| Fixed assets21/28 | €0.09m | €0.07m | €0.1m | €0.1m | €0.09m | €0.2m | ▲ 96.8% |
| Intangible fixed assets21 | €0.04m | €0.03m | €0.08m | €0.09m | €0.05m | €0.1m | ▲ 181% |
| Tangible fixed assets22/27 | €0.05m | €0.04m | €0.03m | €0.03m | €0.04m | €0.03m | ▼ 23.4% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.04m | €0.03m | ▼ 20.8% |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.001m | - | - |
| Financial fixed assets28 | - | €0.001m | €0.001m | - | - | - | - |
| Current assets29/58 | €0.6m | €1.2m | €1.2m | €1.3m | €1.3m | €1.2m | ▼ 8.7% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | - | - | - |
| Trade receivables290 | - | - | - | €0.2m | - | - | - |
| Stocks and contracts in progress3 | €0.06m | €0.06m | €0.09m | €0.3m | €0.1m | €0.5m | ▲ 314% |
| Stocks30/36 | - | - | - | €0.09m | €0.09m | €0.1m | ▲ 34.4% |
| Contracts in progress37 | - | - | - | €0.2m | €0.04m | €0.4m | ▲ 11× |
| Amounts receivable within one year40/41 | €0.4m | €1.0m | €0.7m | €0.7m | €1.2m | €0.7m | ▼ 42.2% |
| Trade receivables40 | - | - | - | €0.7m | €0.8m | €0.3m | ▼ 58.2% |
| Other amounts receivable41 | - | - | - | €0.005m | €0.4m | €0.4m | ▼ 10.5% |
| Cash at bank and in hand54/58 | €0.007m | €0.04m | €0.04m | €0.09m | - | €152 | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €28 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.7m | €1.3m | €1.3m | €1.4m | €1.4m | €1.4m | ▼ 2.0% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.04m | ▼ 83.1% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.01m | €0.05m | €0.06m | €0.08m | €0.09m | €0.09m | = |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | = |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | = |
| Distributable reserves133 | - | - | - | €0.08m | €0.08m | €0.08m | = |
| Profit (loss) carried forward14 | - | - | - | - | - | -€0.2m | - |
| Amounts payable17/49 | €0.5m | €1.0m | €1.1m | €1.1m | €1.2m | €1.3m | ▲ 15.0% |
| Amounts payable after more than one year17 | €0.08m | €0.2m | €0.3m | €0.5m | €0.4m | €0.2m | ▼ 33.4% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.2m | ▼ 33.4% |
| Amounts payable within one year42/48 | €0.4m | €0.8m | €0.7m | €0.7m | €0.8m | €1.1m | ▲ 36.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.07m | €0.09m | ▲ 36.0% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | €0.2m | ▼ 0.9% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | €0.2m | = |
| Other loans439 | - | - | - | - | €0.001m | - | - |
| Trade debts44 | €0.2m | €0.5m | €0.5m | €0.3m | €0.4m | €0.5m | ▲ 28.1% |
| Suppliers440/4 | - | - | - | €0.3m | €0.4m | €0.5m | ▲ 28.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.2m | ▲ 17.8% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.1m | ▲ 16.5% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.03m | €0.04m | ▲ 22.3% |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.05m | €0.2m | ▲ 297% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€65,923 | €35,608 | €10,843 | €21,060 | €3,048 | -€202,698 | - |
| + Depreciation and write-downs630 | €41,264 | €44,341 | €39,789 | €21,588 | €24,609 | €19,653 | ▼ 20.1% |
| Operating cash flow (approximation) | -€24,659 | €79,949 | €50,631 | €42,647 | €27,657 | -€183,045 | - |
| Investment in fixed assets (approximation) | - | -€31,358 | -€82,505 | -€21,375 | -€0 | -€107,089 | ▼ 1,070,891,200% |
| Change in cash | - | €33,322 | -€3,713 | €52,140 | - | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00311385 | |
| 31-12-2022 | abbreviated format | 11-10-2023 | 2023-00485944 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20422742 | |
| 31-12-2020 | abbreviated format | 19-05-2021 | 2021-14400582 | |
| 31-12-2019 | abbreviated format | 19-11-2020 | 2020-71700569 | |
| 31-12-2018 | abbreviated format | 14-10-2019 | 2019-70400136 | |
| 31-12-2017 | abbreviated format | 08-11-2018 | 2018-71900519 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-59400090 | |
| 31-12-2015 | abbreviated format | 28-07-2016 | 2016-39200509 | |
| 31-12-2014 | abbreviated format | 11-07-2015 | 2015-29700164 |