GECOM

Inactive KBO/BCE: BE 0449.298.357

GECOM

Financial year 2017

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Annual accounts 2017

abbreviated format, filed on 26-06-2018, 35 days before the deadline

Gross margin

€394,888

▲ 159%

Operating result

€349,506

▲ 302%

Profit

€216,204

▲ 481%

Working capital

€275,255

▲ €286,113

Solvency

66.3%

▲ 15.3 percentage points

Current ratio

2.99

▲ 2.03

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 ≈ €930,000. Estimated: probably between €560,000 and €1.6m.

Balance sheet

balance sheet total €1.1m on 31-12-2017

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Staff

Staff cost per FTE

Staff costs divided by the average number of full-time equivalents.

Joined and left

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	1.1m	1.3m	2.4m	1.7m	2.0m	2.3m	1.8m	2.4m	2.4m	2.4m	2.4m	3.0m
Fixed assets`21/28`	665,479	1.1m	1.1m	1.2m	1.2m	1.2m	928,933	847,221	1.5m	1.6m	1.7m	1.8m
Tangible fixed assets`22/27`	665,255	1.1m	1.1m	1.2m	1.2m	1.2m	928,709	846,998	1.5m	1.6m	1.7m	1.8m
Land and buildings`22`	622,648	1.0m	1.0m	1.1m	1.1m	1.2m	882,971	793,106	1.4m	1.5m	1.5m	1.6m
Plant, machinery and equipment`23`	35,474	46,922	56,860	53,302	54,928	30,895	36,996	39,200	46,119	56,476	69,378	73,219
Furniture and vehicles`24`	7,133	2,298	3,516	1,955	2,932	2,601	8,742	14,692	46,841	80,122	100,618	149,771
Financial fixed assets`28`	224	224	224	224	224	224	224	224	224	224	224	224
Current assets`29/58`	413,829	222,009	1.3m	544,158	782,948	1.1m	876,604	1.6m	924,287	777,507	681,776	1.2m
Stocks and contracts in progress`3`	-	-	-	-	-	-	-	31,937	-	-	-	-
Stocks`30/36`	-	-	-	-	-	-	-	31,937	-	-	-	-
Amounts receivable within one year`40/41`	38,808	78,455	1.1m	423,335	633,875	787,066	725,474	978,276	605,341	698,135	460,507	1.1m
Trade receivables`40`	24,139	32,210	1.0m	393,164	619,552	668,170	678,705	838,708	440,920	538,528	380,848	1.1m
Other amounts receivable`41`	14,669	46,246	34,997	30,171	14,323	118,896	46,768	139,568	164,421	159,607	79,659	14,906
Current investments`50/53`	100,000	102,635	102,548	2,434	2,431	142,130	150,000	415,000	-	-	140,000	-
Cash at bank and in hand`54/58`	275,021	40,919	69,455	116,813	145,060	134,574	821	164,807	318,491	64,522	67,242	114,431
Deferred charges and accrued income`490/1`	-	-	-	1,577	1,583	1,594	309	1,051	455	14,851	14,027	11,167
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.1m	1.3m	2.4m	1.7m	2.0m	2.3m	1.8m	2.4m	2.4m	2.4m	2.4m	3.0m
Equity`10/15`	715,310	649,106	611,910	535,744	476,469	462,941	555,060	520,088	595,796	587,938	608,928	579,622
Contributions`10/11`	62,000	62,000	62,000	62,000	62,000	62,000	62,000	105,355	105,355	105,355	105,355	105,355
Issued capital`100`	62,000	62,000	62,000	62,000	62,000	62,000	62,000	117,749	117,749	117,749	117,749	117,749
Uncalled capital`101`	-	-	-	-	-	-	-	12,395	12,395	12,395	12,395	12,395
Reserves`13`	653,310	587,106	549,910	473,744	414,469	400,941	493,060	414,733	490,441	494,032	503,574	474,268
Legal reserve`130`	11,775	11,775	11,775	11,775	11,775	11,775	11,775	11,775	11,775	11,775	11,775	11,775
Tax-exempt reserves`132`	-	130,179	135,714	141,570	140,524	146,375	153,040	143,171	157,689	167,373	176,914	167,520
Distributable reserves`133`	641,535	445,152	402,421	320,399	262,170	242,791	328,245	259,787	320,977	314,885	314,885	294,973
Profit (loss) carried forward`14`	-	-	-	-	-	-	-	-	-	-11,449	-	-
Provisions and deferred taxes`16`	-	67,323	70,174	73,190	72,653	75,667	79,100	74,016	81,495	86,484	91,399	86,563
Deferred taxes`168`	-	67,323	70,174	73,190	72,653	75,667	79,100	74,016	81,495	86,484	91,399	86,563
Amounts payable`17/49`	363,998	556,383	1.7m	1.1m	1.4m	1.7m	1.2m	1.8m	1.7m	1.7m	1.7m	2.4m
Amounts payable after more than one year`17`	219,897	314,221	404,236	440,144	585,454	610,992	573,889	689,319	805,450	931,571	1.1m	1.2m
Financial debts`170/4`	119,897	214,221	304,236	390,144	485,454	610,992	573,889	689,319	805,450	931,571	1.1m	1.2m
Other amounts payable`178/9`	100,000	100,000	100,000	50,000	100,000	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	138,574	232,867	1.3m	643,831	832,865	1.1m	597,488	1.2m	919,509	786,399	646,974	1.2m
Current portion of amounts payable after more than one year`42`	94,324	90,015	85,908	98,965	125,538	122,897	115,431	116,130	126,121	120,978	120,414	114,502
Financial debts`43`	-	-	-	-	-	-	7,520	-	-	-	-	-
Credit institutions`430/8`	-	-	-	-	-	-	7,520	-	-	-	-	-
Trade debts`44`	2,925	33,219	1.1m	440,512	614,946	874,117	410,489	773,782	787,370	661,003	489,631	726,725
Suppliers`440/4`	2,925	33,219	1.1m	440,512	614,946	874,117	410,489	773,782	787,370	661,003	489,631	726,725
Advances received on contracts in progress`46`	-	-	-	-	-	-	-	-	-	-	-	319,201
Taxes, remuneration and social security`45`	38,826	9,267	31,602	20,863	16,669	55,185	64,048	89,955	6,018	4,417	36,364	42,364
Taxes`450/3`	38,826	9,267	31,602	20,863	16,669	55,185	64,048	89,955	6,018	2,147	36,364	42,364
Remuneration and social security`454/9`	-	-	-	-	-	-	-	-	-	2,271	-	-
Other amounts payable`47/48`	2,500	100,366	65,391	83,491	75,712	57,376	-	175,000	-	-	565	565
Accrued charges and deferred income`492/3`	5,527	9,295	4,500	3,425	5,171	5,020	-	-	-	-	-	-
Income statement
Non-recurring operating income`76A`	371,231	-	-	-	-	-	-	-	-	-	27,000	23,618
Gross operating margin`9900`	394,888	152,485	221,417	220,885	148,675	197,243	186,061	426,842	256,468	226,015	295,083	318,363
Remuneration, social security and pensions`62`	-	-	-	-	-	-	-	-	-	26,806	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	36,448	59,839	61,365	68,209	80,056	80,327	97,295	170,873	139,909	141,509	162,730	155,267
Other operating charges`640/8`	8,935	5,771	6,338	8,720	7,879	9,953	13,662	19,651	21,331	21,179	21,797	25,829
Non-recurring operating charges`66A`	-	-	-	-	-	-	27,000	-	-	-	-	-
Operating profit (loss)`9901`	349,506	86,875	153,715	143,957	60,740	106,963	75,104	236,318	95,229	36,521	110,557	137,267
Financial income`75/76B`	134	1,958	109,878	110,458	125,767	128,271	154,014	105,244	114,572	147,056	148,085	131,130
Recurring financial income`75`	134	1,958	109,878	110,458	125,767	128,271	154,014	105,244	114,572	147,056	148,085	131,130
Financial charges`65/66B`	18,702	33,437	146,925	163,569	158,346	156,615	163,338	181,501	187,490	201,318	225,508	217,333
Recurring financial charges`65`	18,702	33,437	146,925	163,569	158,346	156,615	163,338	181,501	187,490	201,318	225,508	217,333
Profit (loss) for the period before taxes`9903`	330,937	55,397	116,668	90,845	28,161	78,619	38,780	160,061	22,311	-17,741	60,133	74,682
Income taxes`67/77`	182,056	21,052	43,519	31,032	17,647	34,171	48,116	68,248	19,441	8,165	25,992	35,938
Profit (loss) for the period`9904`	216,204	37,196	76,165	59,276	13,528	47,881	-5,240	99,292	7,858	-20,990	29,306	42,376
Transfer from tax-exempt reserves`789`	130,179	5,535	5,856	6,000	5,851	6,665	7,951	14,518	9,683	9,541	8,429	7,567
Transfer to tax-exempt reserves`689`	-	-	-	7,046	-	-	-	-	-	-	17,823	-
Profit (loss) for the period to be appropriated`9905`	346,383	42,731	82,022	58,230	19,379	54,546	2,711	113,811	17,541	-11,449	19,912	49,943
Appropriation of the result
Profit (loss) to be appropriated`9906`	346,383	42,731	82,022	58,230	19,379	54,546	2,711	113,811	6,092	-11,449	19,912	49,943
Transfer from equity`791/2`	150,000	-	-	-	-	140,000	-	175,000	-	-	-	-
Transfer to equity`691/2`	346,383	42,731	82,022	58,230	19,379	54,546	2,711	113,811	6,092	-	19,912	49,943
To other reserves`6921`	346,383	42,731	82,022	58,230	19,379	54,546	2,711	113,811	6,092	-	19,912	49,943
Profit to be distributed`694/7`	150,000	-	-	-	-	140,000	-	175,000	-	-	-	-
Return on contributions (dividend)`694`	150,000	-	-	-	-	140,000	-	175,000	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	-	-	-	-	-	-	-	-	-	0.3	-	-
Hours worked`1013`	-	-	-	-	-	-	-	-	-	160	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for 13 older financial years (1993-2005) were filed as documents without figures as data, scans for example.

Source: Annual accounts 2017 (PDF), filed on 26-06-2018.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2017	abbreviated format	26-06-2018	2018-24100147	PDF
31-12-2016	abbreviated format	28-06-2017	2017-24100061	PDF
31-12-2015	abbreviated format	30-06-2016	2016-27000084	PDF
31-12-2014	abbreviated format	29-06-2015	2015-23500593	PDF
31-12-2013	abbreviated format	31-08-2014	2014-57400023	PDF
31-12-2012	abbreviated format	31-08-2013	2013-55900344	PDF
31-12-2011	abbreviated format	27-06-2012	2012-24200321	PDF
31-12-2010	abbreviated format	30-06-2011	2011-25500040	PDF
31-12-2009	abbreviated format	30-06-2010	2010-26000334	PDF
31-12-2008	abbreviated format	10-08-2009	2009-55900233	PDF
31-12-2007	abbreviated format	28-07-2008	2008-49500051	PDF
31-12-2006	abbreviated format	30-08-2007	2007-70100291	PDF
31-12-2005	abbreviated format	20-07-2006	2006-50601548	PDF
31-12-2004	abbreviated format	19-07-2005	2005-52004640	PDF
31-12-2003	abbreviated format	30-06-2004	2004-36601035	PDF
31-12-2002	abbreviated format	01-07-2003	2003-36300722	PDF
31-12-2001	abbreviated format	01-07-2002	2002-31301505	PDF
31-12-2000	abbreviated format	02-07-2001	2001-31701862	PDF
31-12-1999	abbreviated format	03-07-2000	2000-35703870	PDF
31-12-1998	abbreviated format	01-07-1999	1999-28401593	PDF
31-12-1997	abbreviated format	01-07-1998	1998-27305102	PDF
31-12-1996	abbreviated format	01-07-1997	1997-26805039	PDF
31-12-1995	abbreviated format	01-07-1996	1996-29000055	PDF
31-12-1994	abbreviated format	30-06-1995	1995-35004846	PDF
31-12-1993	abbreviated format	30-06-1994	1994-23505242	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	385,953	146,715	215,080	212,166	140,796	187,290	172,399	407,192	235,138	178,030	273,286	292,534
Cash flow	252,652	97,036	137,530	127,485	93,583	128,208	92,056	270,166	147,767	120,518	192,036	197,643
Investment in fixed assets	6,893	1,590	18,239	30,723	70,888	350,225	179,007	469,881	3,930	38,318	56,464	143,484
Change in cash	234,102	-28,536	-47,358	-28,247	10,486	133,752	-163,985	-153,684	253,969	-2,720	-47,189	-
Working capital	275,255	-10,858	-18,232	-99,673	-49,917	-44,211	279,116	436,203	4,779	-8,891	34,801	14,808
Solvency	66.3%	51.0%	25.9%	31.6%	24.2%	20.4%	30.7%	21.3%	24.8%	24.6%	25.4%	19.1%
Current ratio	2.99	0.95	0.99	0.85	0.94	0.96	1.47	1.38	1.01	0.99	1.05	1.01
Quick ratio	2.99	0.95	0.99	0.85	0.94	0.96	1.47	1.35	1.01	0.99	1.05	1.01
Debt to equity	0.51	0.86	2.75	2.03	2.99	3.73	2.11	3.55	2.90	2.92	2.79	4.10
ROE	30.2%	5.7%	12.4%	11.1%	2.8%	10.3%	-0.9%	19.1%	1.3%	-3.6%	4.8%	7.3%
ROA	20.0%	2.9%	3.2%	3.5%	0.7%	2.1%	-0.3%	4.1%	0.3%	-0.9%	1.2%	1.4%

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.

Insights on GECOM

The operating result for 2017 is over 4 times that of 2016 and the highest since 2006. It is a recovery after the fall in 2016.

Debt's share of the balance-sheet total falls from 43.7% to 33.7%. Equity is higher and debt is lower.