GROWFORCE
InactiveFinancials · financial year 2022, abbreviated format
Annual accounts 2022 filed on 28-12-2023 PDF all 4 filings
Turnover
≈ €1.2m
Estimated: probably between €720,000 and €2.0m
Total assets
€709,421▼ 23.1%
2021 · €922,501
Net result
€181,937▼ 25.8%
2021 · €245,046
Working capital
€427,323▲ 48.0%
2021 · €288,645
Trend over the years
2019 to 2022, 4 financial years
The operating result for 2022 is 24% lower than in 2021.
Operating result€257,059
2022
Net result€181,937
2022
Total assets€709,421
2022
Equity€427,323
2022
Debt€282,098
2022
Working capital€427,323
2022
Staff (FTE)4.2
2022
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022
Operating result€36,648-€145,868▲ 298%€338,400▲ 132%€257,059▼ 24.0%
Net result€28,529-€112,109▲ 293%€245,046▲ 119%€181,937▼ 25.8%
Equity€64,730-€194,838▲ 201%€245,387▲ 25.9%€427,323▲ 74.1%
Total assets€192,380-€472,050▲ 145%€922,501▲ 95.4%€709,421▼ 23.1%
Debt€127,650-€277,212▲ 117%€677,114▲ 144%€282,098▼ 58.3%
Working capital€69,680-€219,939▲ 216%€288,645▲ 31.2%€427,323▲ 48.0%
Staff (FTE)2.56.5▲ 160%4.2▼ 35.4%
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
2022 in colour, 2021 as the grey bar beneath
Equity and liabilities €709,421
Equity
€427,323 ▲ 74.1%
Debt
€282,098 ▼ 58.3%
Debt's share of the balance-sheet total falls from 73.4% to 39.8%. Equity is higher and debt is lower.
Key figures and ratios
Current ratio
2.51▲
2021 · 1.46
Debt to equity
0.66▼
2021 · 2.76
ROE
42.6%▼
2021 · 99.9%
ROA
25.6%▼
2021 · 26.6%
Debt ≤ 1 year
€282,098▼
2021 · €633,856
Income taxes
€70,000▼
2021 · €84,775
Staff costs
€237,669▼
2021 · €241,813
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 |
|---|---|---|
| Employees at the balance-sheet date | 6 | 4 |
| full-time | 5 | 3 |
| part-time | 1 | 1 |
| in full-time equivalents | 5.8 | 3.8 |
| Average over the year, in full-time equivalents | 6.5 | 4.2 |
| On a permanent contract | 6 | 4 |
| Joined | 2 | 5 |
| Left | 2 | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 |
|---|---|---|
| Intangible fixed assets | - | €3,451 |
Source: notes to the 2021 to 2022 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €241,813 | €237,669 | ▼ 1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €8,575 | -€6,259 | - |
| Other operating charges640/8 | - | - | €2,406 | €16,473 | ▲ 585% |
| Gross operating margin9900 | €43,666 | €233,885 | €591,194 | €504,941 | ▼ 14.6% |
| Operating profit (loss)9901 | €36,648 | €145,868 | €338,400 | €257,059 | ▼ 24.0% |
| Financial income75/76B | - | - | €548 | €2,635 | ▲ 381% |
| Recurring financial income75 | €1 | €246 | €548 | €2,635 | ▲ 381% |
| Financial charges65/66B | - | - | €9,127 | €7,757 | ▼ 15.0% |
| Recurring financial charges65 | €336 | €2,476 | €9,127 | €7,757 | ▼ 15.0% |
| Profit (loss) for the period before taxes9903 | €36,313 | €143,638 | €329,822 | €251,937 | ▼ 23.6% |
| Income taxes67/77 | €7,784 | €31,529 | €84,775 | €70,000 | ▼ 17.4% |
| Profit (loss) for the period9904 | €28,529 | €112,109 | €245,046 | €181,937 | ▼ 25.8% |
| Profit (loss) for the period to be appropriated9905 | €28,529 | €112,109 | €245,046 | €181,937 | ▼ 25.8% |
| Line | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €192,380 | €472,050 | €922,501 | €709,421 | ▼ 23.1% |
| Current assets29/58 | €192,380 | €472,050 | €922,501 | €709,421 | ▼ 23.1% |
| Amounts receivable within one year40/41 | €117,877 | €404,057 | €443,192 | €487,472 | ▲ 10.0% |
| Trade receivables40 | - | - | €443,192 | €242,598 | ▼ 45.3% |
| Other amounts receivable41 | - | - | - | €244,874 | - |
| Cash at bank and in hand54/58 | €74,503 | €67,994 | €479,309 | €221,949 | ▼ 53.7% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €192,380 | €472,050 | €922,501 | €709,421 | ▼ 23.1% |
| Equity10/15 | €64,730 | €194,838 | €245,387 | €427,323 | ▲ 74.1% |
| Contributions10/11 | €36,201 | - | €111,600 | €111,600 | = |
| Reserves13 | €11,160 | €11,160 | €11,160 | €11,160 | = |
| Distributable reserves133 | - | - | €11,160 | €11,160 | = |
| Profit (loss) carried forward14 | €17,369 | €129,478 | €122,627 | €304,563 | ▲ 148% |
| Amounts payable17/49 | €127,650 | €277,212 | €677,114 | €282,098 | ▼ 58.3% |
| Amounts payable within one year42/48 | €122,700 | €252,111 | €633,856 | €282,098 | ▼ 55.5% |
| Financial debts43 | - | - | €68,666 | - | - |
| Other loans439 | - | - | €68,666 | - | - |
| Trade debts44 | €114,916 | €116,809 | €103,280 | €10,165 | ▼ 90.2% |
| Suppliers440/4 | - | - | €103,280 | €10,165 | ▼ 90.2% |
| Advances received on contracts in progress46 | - | - | - | €37,730 | - |
| Taxes, remuneration and social security45 | - | - | €210,013 | €234,203 | ▲ 11.5% |
| Taxes450/3 | - | - | €180,955 | €191,728 | ▲ 6.0% |
| Remuneration and social security454/9 | - | - | €29,058 | €42,475 | ▲ 46.2% |
| Other amounts payable47/48 | - | - | €251,898 | - | - |
| Accrued charges and deferred income492/3 | - | - | €43,258 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,529 | €112,109 | €245,046 | €181,937 | ▼ 25.8% |
| Operating cash flow (approximation) | €28,529 | €112,109 | €245,046 | €181,937 | ▼ 25.8% |
| Change in cash | - | -€6,510 | €411,316 | -€257,360 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.