FLEX MS
Open bankruptcyFinancials · financial year 2022, micro format
2022 annual accounts filed 30 days after the deadline Filed on 30 August 2023, deadline 31 July 2023 (7 months after the close on 31 December 2022, Companies Code art. 3:10). Source: NBB, 2023-00432313.
Annual accounts 2022 filed on 30-08-2023 PDF all 6 filings
Turnover
≈ €59,000
Estimated: probably between €31,000 and €110,000
Total assets
€123,917▲ 310%
2021 · €30,226
Net result
€2,776▼ 11.0%
2021 · €3,119
Working capital
€20,731▼ 7.8%
2021 · €22,484
Multi-year overview
2018 to 2022, 5 financial yearsOperating result
€4,228
▼ 5.4%
2022
20182022
Net result
€2,776
▼ 11.0%
2022
middle half of the sector
20182022
Equity
€26,801
▲ 11.6%
2022
middle half of the sector
20182022
Total assets
€123,917
▲ 310%
2022
middle half of the sector
20182022
Debt
€97,116
▲ 16×
2022
20182022
Working capital
€20,731
▼ 7.8%
2022
middle half of the sector
20182022
Solvency
21.6%
▼ 57.9pp
2022
middle half of the sector
20182022
Current ratio
1.21
▼ 3.41
2022
middle half of the sector
20182022
Return on assets (ROA)
2.2%
▼ 8.1pp
2022
middle half of the sector
20182022
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022
Operating result€410--€11,502€17,032€4,468▼ 73.8%€4,228▼ 5.4%
Net result€422--€11,532€15,750within the sector's middle half€3,119within the sector's middle half▼ 80.2%€2,776within the sector's middle half▼ 11.0%
Equity€4,589-€5,156▲ 12.4%€20,906within the sector's middle half▲ 305%€24,025within the sector's middle half▲ 14.9%€26,801within the sector's middle half▲ 11.6%
Total assets€43,251-€43,319▲ 0.2%€27,372below the sector's middle half▼ 36.8%€30,226below the sector's middle half▲ 10.4%€123,917within the sector's middle half▲ 310%
Debt€38,662-€38,162▼ 1.3%€6,466▼ 83.1%€6,201▼ 4.1%€97,116▲ 16×
Working capital€17,239-€28,587▲ 65.8%€23,086within the sector's middle half▼ 19.2%€22,484within the sector's middle half▼ 2.6%€20,731within the sector's middle half▼ 7.8%
Solvency10.6%-11.9%▲ 1.3pp76.4%above the sector's middle half▲ 64.5pp79.5%above the sector's middle half▲ 3.1pp21.6%within the sector's middle half▼ 57.9pp
Current ratio1.80-3.14▲ 1.3411.59above the sector's middle half▲ 8.454.63above the sector's middle half▼ 6.961.21within the sector's middle half▼ 3.41
Return on assets (ROA)1.0%--26.6%▼ 27.6pp57.5%above the sector's middle half▲ 84.2pp10.3%within the sector's middle half▼ 47.2pp2.2%within the sector's middle half▼ 8.1pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 2022 is 5% lower than in 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2022 in colour, 2021 as the grey bar beneath
Assets €123,917
Fixed assets
€6,070 ▲ 294%
Current assets
€117,847 ▲ 311%
Equity and liabilities €123,917
Equity
€26,801 ▲ 11.6%
Debt
€97,116 ▲ 16×
Debt's share of the balance-sheet total rises from 20.5% to 78.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€4,698▼
2021 · €5,032
Cash flow
€3,246▼
2021 · €3,684
Quick ratio
0.48▼
2021 · 4.63
Debt to equity
3.62▲
2021 · 0.26
ROE
10.4%▼
2021 · 13.0%
Interest coverage
6.73▼
2021 · 86.05
Debt ≤ 1 year
€97,116▲
2021 · €6,201
Income taxes
€754▼
2021 · €1,291
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 |
|---|---|---|
| Financial fixed assets | - | €5,000 |
| Depreciation and write-downs of the year | €564 | €470 |
Source: notes to the 2021 to 2022 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,000 | €3,000 | €938 | €564 | €470 | ▼ 16.7% |
| Other operating charges640/8 | - | - | - | €1,821 | €245 | ▼ 86.5% |
| Gross operating margin9900 | €4,176 | -€6,924 | €18,989 | €6,853 | €4,943 | ▼ 27.9% |
| Operating profit (loss)9901 | €410 | -€11,502 | €17,032 | €4,468 | €4,228 | ▼ 5.4% |
| Financial income75/76B | - | - | - | €0 | - | - |
| Recurring financial income75 | €17 | €0 | €2 | €0 | - | - |
| Financial charges65/66B | - | - | - | €58 | €698 | ▲ 12× |
| Recurring financial charges65 | €4 | €30 | €54 | €58 | €698 | ▲ 12× |
| Profit (loss) for the period before taxes9903 | €422 | -€11,532 | €16,980 | €4,410 | €3,530 | ▼ 20.0% |
| Income taxes67/77 | - | - | €1,230 | €1,291 | €754 | ▼ 41.6% |
| Profit (loss) for the period9904 | €422 | -€11,532 | €15,750 | €3,119 | €2,776 | ▼ 11.0% |
| Profit (loss) for the period to be appropriated9905 | €422 | -€11,532 | €15,750 | €3,119 | €2,776 | ▼ 11.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €43,251 | €43,319 | €27,372 | €30,226 | €123,917 | ▲ 310% |
| Fixed assets21/28 | €4,350 | €1,350 | €2,105 | €1,541 | €6,070 | ▲ 294% |
| Tangible fixed assets22/27 | €3,750 | €750 | €1,505 | €941 | €470 | ▼ 50.0% |
| Plant, machinery and equipment23 | - | - | - | €941 | €470 | ▼ 50.0% |
| Financial fixed assets28 | €600 | €600 | €600 | €600 | €5,600 | ▲ 833% |
| Current assets29/58 | €38,901 | €41,969 | €25,267 | €28,685 | €117,847 | ▲ 311% |
| Stocks and contracts in progress3 | - | - | - | - | €71,396 | - |
| Stocks30/36 | - | - | - | - | €71,396 | - |
| Amounts receivable within one year40/41 | €37,823 | €33,910 | €20,296 | €25,641 | €42,482 | ▲ 65.7% |
| Trade receivables40 | - | - | - | €23,569 | €34,256 | ▲ 45.3% |
| Other amounts receivable41 | - | - | - | €2,071 | €8,226 | ▲ 297% |
| Cash at bank and in hand54/58 | €637 | €1,868 | €3,777 | €2,963 | €3,887 | ▲ 31.2% |
| Deferred charges and accrued income490/1 | - | - | - | €82 | €82 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €43,251 | €43,319 | €27,372 | €30,226 | €123,917 | ▲ 310% |
| Equity10/15 | €4,589 | €5,156 | €20,906 | €24,025 | €26,801 | ▲ 11.6% |
| Contributions10/11 | €6,500 | €18,600 | - | €18,600 | €18,600 | = |
| Reserves13 | €21 | €21 | €21 | €21 | €21 | = |
| Non-distributable reserves130/1 | - | - | - | €21 | €21 | = |
| Reserves not available under the articles1311 | - | - | - | €21 | €21 | = |
| Profit (loss) carried forward14 | -€1,932 | -€13,465 | €2,285 | €5,404 | €8,180 | ▲ 51.4% |
| Amounts payable17/49 | €38,662 | €38,162 | €6,466 | €6,201 | €97,116 | ▲ 16× |
| Amounts payable after more than one year17 | €17,000 | €17,000 | - | - | - | - |
| Amounts payable within one year42/48 | €21,662 | €13,381 | €2,180 | €6,201 | €97,116 | ▲ 16× |
| Trade debts44 | €1,233 | €414 | €950 | €1,878 | €42,810 | ▲ 23× |
| Suppliers440/4 | - | - | - | €1,878 | €42,810 | ▲ 23× |
| Taxes, remuneration and social security45 | - | - | - | €2,521 | €3,275 | ▲ 29.9% |
| Taxes450/3 | - | - | - | €2,521 | €3,275 | ▲ 29.9% |
| Other amounts payable47/48 | - | - | - | €1,802 | €51,032 | ▲ 28× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €422 | -€11,532 | €15,750 | €3,119 | €2,776 | ▼ 11.0% |
| + Depreciation and write-downs630 | €3,000 | €3,000 | €938 | €564 | €470 | ▼ 16.7% |
| Operating cash flow (approximation) | €3,422 | -€8,532 | €16,688 | €3,684 | €3,246 | ▼ 11.9% |
| Investment in fixed assets (approximation) | - | €0 | -€1,693 | €0 | -€5,000 | - |
| Change in cash | - | €1,231 | €1,909 | -€814 | €924 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2022 | micro format | 30-08-2023 | 2023-00432313 | |
| 31-12-2021 | micro format | 10-10-2022 | 2022-20458401 | |
| 31-12-2020 | micro format | 26-10-2021 | 2021-74300463 | |
| 31-12-2019 | micro format | 23-12-2020 | 2020-76800218 | |
| 31-12-2018 | micro format | 18-12-2020 | 2020-76100126 | |
| 31-12-2017 | micro format | 25-09-2018 | 2018-64700443 |