GL DEVELOPMENT

Inactive KBO/BCE: BE 0477.873.666 subsidiary of Retail Estates NV

GL DEVELOPMENT

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Overview

Lifetime

6 annual accounts with figures on one time axis, 9 filings since 2003

Gross marginpeak €850,581 (2009)

-not published

Resultlowest -€63,874 (2007)

-€14,906▼ €267,017

Equitypeak €2.3m (2011)

€2.3m▲ 18.4%

Debts

€573,972▼ 9.1%

Owners3 names in the annual accounts

consolidatesRETAIL ESTATES

Documentsfilings and deeds

02-12-2011filed

2011financial year

Turnover from €345,234 to €122,810Loss of €14,906Deed on restructuring 30-03Equity from €2.0m to €2.3mInvestments €378,919

Key points

from the 2011 annual accounts, the last ones filed

Result

-€14,906 -€14,906

From profit to loss in 2011, after a profit of €252,111 in 2010.

Payment terms

139 days from customers

Customers

47 to 139

Customers pay 92 days later.

Filings

9 annual accounts 2 late

The 2009 accounts came latest: 31 days after the end of the period.

No scoreTurnover -64%: 6-month year

Board and ownership

Retail Estates NV consolidatesannual accounts 30-06-2011

Board & ownership

Recent changes

30-03-2011

Deed on restructuring Capital €1,584,000, annual accounts 2011 · Gazette deed

13-07-2002

Incorporation 15 publications in the Belgian Official Gazette, the last on 30-03-2011 · Gazette deed

All 15 events

Official details

Source: KBO

Status: Inactivedeed of incorporation of 13-07-2002 · last publication under the heading Restructuring on 30-03-2011
Activity: No activity registered in the KBO
Financial year end: 30 June
Peppol: Not found in the Peppol Directory

Company details

Annual accounts to 30-06-2011

Turnover: €122,810▼ 64.4%
Loss: €14,906
Equity: €2.3m▲ 18.4%
Total assets: €2.9m▲ 11.7%
Filing: Filed on 02-12-2011

Financials

Insights on GL DEVELOPMENT

Inactive. The last annual accounts are for financial year 2011.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2011

full format, filed on 02-12-2011, 60 days before the deadline

Turnover

€122,810

▼ 64.4%

Operating result

€35,197

▼ 74.1%

EBITDA

€95,467

▼ 63.7%

Cash flow

€45,364

▼ 88.0%

Solvency

80.3%

▲ 4.5 percentage points

Current ratio

0.66

▲ 0.04

Money flows

of every €100 of turnover, €12.14 was lost in 2011

Balance sheet

balance sheet total €2.9m on 30-06-2011

What the company ownsHow it is paid for

Change in equityin €m

Change in cashin euro

Filed annual accounts

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

Line	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	2.9m	2.6m	4.9m	5.2m	4.6m	3.5m
Fixed assets`21/28`	2.7m	2.4m	3.6m	3.3m	2.4m	1.3m
Tangible fixed assets`22/27`	2.7m	2.4m	3.6m	3.3m	2.4m	1.3m
Land and buildings`22`	2.7m	2.4m	3.6m	3.3m	2.4m	1.3m
Financial fixed assets`28`	-	-	-	744	743	744
Current assets`29/58`	229,740	242,080	1.3m	1.9m	2.2m	2.2m
Stocks and contracts in progress`3`	-	-	10,000	1.2m	1.8m	1.6m
Stocks`30/36`	-	-	10,000	1.2m	1.8m	1.6m
Amounts receivable within one year`40/41`	46,657	44,331	1.2m	743,096	404,566	611,379
Trade receivables`40`	35,818	33,517	870,240	106,090	33,639	19,333
Other amounts receivable`41`	10,839	10,814	288,375	637,006	370,927	592,045
Cash at bank and in hand`54/58`	180,984	195,468	80,071	2,636	-	11,347
Deferred charges and accrued income`490/1`	2,099	2,281	2,831	47	20	61
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	2.9m	2.6m	4.9m	5.2m	4.6m	3.5m
Equity`10/15`	2.3m	2.0m	1.7m	1.8m	1.7m	1.8m
Contributions`10/11`	1.6m	1.6m	1.6m	1.6m	1.6m	1.6m
Issued capital`100`	1.6m	1.6m	1.6m	1.6m	1.6m	1.6m
Revaluation surpluses`12`	378,920	-	-	-	-	-
Reserves`13`	158,400	158,400	158,400	158,400	158,400	158,400
Legal reserve`130`	158,400	158,400	158,400	158,400	158,400	158,400
Profit (loss) carried forward`14`	223,862	238,768	-13,343	44,693	-47,657	16,217
Amounts payable`17/49`	573,972	631,677	3.2m	3.4m	2.9m	1.7m
Amounts payable after more than one year`17`	226,313	236,313	541,989	635,411	725,084	811,201
Financial debts`170/4`	150,000	160,000	541,989	635,411	725,084	811,201
Credit institutions`173`	150,000	160,000	-	-	-	-
Other amounts payable`178/9`	76,313	76,313	-	-	-	-
Amounts payable within one year`42/48`	345,754	388,060	2.6m	2.8m	2.2m	929,100
Current portion of amounts payable after more than one year`42`	20,000	20,000	93,422	96,907	86,117	550,744
Financial debts`43`	-	-	2.1m	2.2m	1.2m	-
Credit institutions`430/8`	-	-	2.1m	2.2m	1.2m	-
Trade debts`44`	56,313	48,649	316,791	443,596	833,625	325,736
Suppliers`440/4`	56,313	48,649	316,791	443,596	833,625	325,736
Advances received on contracts in progress`46`	-	-	1,634	-	10,000	-
Taxes, remuneration and social security`45`	39,972	-	99,109	47,636	80,447	52,620
Taxes`450/3`	39,972	-	99,109	47,636	80,447	47,366
Remuneration and social security`454/9`	-	-	-	-	-	5,255
Other amounts payable`47/48`	229,469	319,411	-	-	3,332	-
Accrued charges and deferred income`492/3`	1,905	7,304	8,558	8,192	5,614	-
Income statement
Operating income`70/76A`	137,757	297,241	-	-	-	-
Turnover`70`	122,810	345,234	-	-	-	-
Change in stocks of work in progress, finished goods and contracts in progress`71`	-	-125,000	-	-	-	-
Non-recurring operating income`76A`	-	228,045	-	-	-	-
Gross operating margin`9900`	-	-	850,581	509,244	159,532	614,064
Operating charges`60/66A`	102,560	161,447	-	-	-	-
Services and other goods`61`	34,514	105,093	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	60,270	127,425	195,279	155,538	134,402	100,328
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-2,604	-112,396	115,000	-	-	-
Other operating charges`640/8`	10,380	41,325	579,271	41,086	41,366	48,692
Non-recurring operating charges`66A`	-	-	-	223	-	-
Operating profit (loss)`9901`	35,197	135,794	-38,969	312,620	-16,236	465,043
Financial income`75/76B`	216	2,854	6,936	19,931	19,082	5,942
Recurring financial income`75`	216	2,854	6,936	19,931	19,082	5,942
Income from current assets`751`	216	2,124	-	-	-	-
Other financial income`752/9`	-	730	-	-	-	-
Financial charges`65/66B`	10,347	114,589	111,005	154,969	109,582	76,718
Recurring financial charges`65`	10,347	114,589	111,005	154,969	109,582	76,718
Debt charges`650`	9,900	105,281	-	-	-	-
Other financial charges`652/9`	447	9,308	-	-	-	-
Profit (loss) for the period before taxes`9903`	25,066	252,104	-143,038	177,359	-106,736	394,268
Income taxes`67/77`	39,972	-7	-85,002	85,009	-42,862	135,019
Taxes`670/3`	39,972	-	-	-	-	-
Tax adjustments and reversals of tax provisions`77`	-	7	-	-	-	-
Profit (loss) for the period`9904`	-14,906	252,111	-58,036	92,350	-63,874	259,249
Profit (loss) for the period to be appropriated`9905`	-14,906	252,111	-58,036	92,350	-63,874	259,249
Appropriation of the result
Profit (loss) to be appropriated`9906`	223,862	238,768	-13,343	44,693	-47,657	174,617
Transfer to equity`691/2`	-	-	-	-	-	158,400
To the legal reserve`6920`	-	-	-	-	-	158,400
Document	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for 3 older financial years (2003-2005) were filed as documents without figures as data, scans for example.

Source: Annual accounts 2011 (PDF), filed on 02-12-2011.

Download as CSV

Filings

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

Financial year	Type	Filed	Reference	Document
30-06-2011	full format	02-12-2011	2011-62800291	PDF
31-12-2010	full format	17-06-2011	2011-17700291	PDF
31-12-2009	abbreviated format	31-08-2010	2010-51600529	PDF
31-12-2008	abbreviated format	30-06-2009	2009-34200106	PDF
31-12-2007	abbreviated format	09-07-2008	2008-39100021	PDF
31-12-2006	abbreviated format	25-07-2007	2007-47800321	PDF
31-12-2005	abbreviated format	21-08-2006	2006-64802062	PDF
31-12-2004	abbreviated format	29-07-2005	2005-61103244	PDF
31-12-2003	abbreviated format	30-07-2004	2004-56401988	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2011	2010	2009	2008	2007	2006
EBITDA	95,467	263,219	156,310	468,158	118,166	565,372
Cash flow	45,364	379,536	137,243	247,888	70,528	359,577
Investment in fixed assets (approximation)	378,919	-1.1m	665,919	1.0m	1.2m	605,068
Change in cash	-14,484	115,397	77,435	-	-	-
Working capital	-116,014	-145,980	-1.4m	-832,896	32,168	1.3m
EBIT margin	28.7%	39.3%	-	-	-	-
Solvency	80.3%	75.8%	35.4%	34.4%	36.9%	50.3%
Current ratio	0.66	0.62	0.48	0.70	1.01	2.38
Quick ratio	0.66	0.62	0.48	0.27	0.19	0.67
Debt to equity	0.24	0.32	1.82	1.90	1.71	0.99
ROE	-0.6%	12.7%	-3.4%	5.2%	-3.8%	14.7%
ROA	-0.5%	9.6%	-1.2%	1.8%	-1.4%	7.4%
Interest coverage	9.64	2.50	-	-	-	-
Customer credit	106 days	35 days	-	-	-	-
Supplier credit	596 days	169 days	-	-	-	-

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 GL DEVELOPMENT

The operating result for 2011 is 74% lower than in 2010.

Debt's share of the balance-sheet total falls from 24.2% to 19.7%. Equity is higher and debt is lower.

Large changes and their cause

2011 Turnover -64% on 2010. This financial year ran 6 months, the previous one 12.

Board & ownership

Control

Consolidating parent

Retail Estates NV

Source: parent in own accounts 30-06-2011

consolidates

This company

GL DEVELOPMENT

Equity €2.3m

Loss €14,906 in 2011

Capital

Capital: €1,584,000
Source: 2011 annual accounts

Owners through the years

as the annual accounts name them

95.33% until 2009

GROUP GL International

4.67%

4.67% until 2009

Owners as a list

RETAIL ESTATES
- 2010 to 2011: consolidates
GL-PARTICIPATIONS
- 2007 to 2009: 95.33%
GROUP GL International
- 2008 to 2009: 4.67%

Source: parent in its own accounts, lists of holdings in the owners' accounts

Office holders in the KBO →

Network & group

Parent

Retail Estates NV

0434.797.847

Connections & network

Depth

The network starts from the shareholders of GL DEVELOPMENT. Every company they also own or run is a node.

This company Company Director Shareholding +N: links not shown yet

Timeline

15 events since 2002

Capital

Filings

Financial

20052010201520202025

2011

02-12-2011

Annual accounts 2011 filed PDFfull format · 60 days before the deadline

30-06-2011

Equity above €2m equity €2.3m ▲18.4% Equity rises from €2.0m to €2.3m.

17-06-2011

Annual accounts 2010 filed PDFfull format · 44 days before the deadline

30-03-2011

Deed on restructuring Capital €1,584,000, annual accounts 2011

2010

31-12-2010

Back to profit net €252,111 The net result is €252,111, after one loss-making year.

31-08-2010

Annual accounts 2009 filed PDFabbreviated format · 31 days late

2009

30-06-2009

Annual accounts 2008 filed PDFabbreviated format · 31 days before the deadline

2008

31-12-2008

Back to profit net €92,350 The net result is €92,350, after one loss-making year.

09-07-2008

Annual accounts 2007 filed PDFabbreviated format · 22 days before the deadline

2007

31-12-2007

Weakest financial year net -€63,874 The net result drops to -€63,874, the lowest from 2006 to 2011.

25-07-2007

Annual accounts 2006 filed PDFabbreviated format · 6 days before the deadline

2006

21-08-2006

Annual accounts 2005 filed PDFabbreviated format · 21 days late

2005

29-07-2005

Annual accounts 2004 filed PDFabbreviated format · 2 days before the deadline

2004

30-07-2004

Annual accounts 2003 filed PDFabbreviated format · 1 day before the deadline

2002

13-07-2002

Incorporation 15 publications in the Belgian Official Gazette, the last on 30-03-2011

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official Gazette Filings with the National Bank

Company details

Inactive

GL DEVELOPMENT is no longer in the KBO register.

Last annual accounts: financial year to 30 June 2011
Last registered office: Industrielaan 6, 1740 Ternatas published on 30 March 2011
Legal form: Public limited company
First annual accounts: financial year 2003

Official KBO record