HOF TER DENNEN
InactiveFinancials · financial year 2023, abbreviated format
Annual accounts 2023 filed on 26-06-2024 PDF all 18 filings
Turnover
€8.7m▲ 6.0%
2022 · €8.3m
EBIT margin
2.3%▼ 0.7pp
2022 · 3.0%
Net result
€282,402▲ 0.6%
2022 · €280,781
Working capital
-€1.4m▼ 82.2%
2022 · -€750,797
Multi-year overview
2018 to 2023, 6 financial yearsTurnover
€8.7m
▲ 6.0%
2023
20182023
Operating result
€197,899
▼ 20.0%
2023
20182023
Net result
€282,402
▲ 0.6%
2023
20182023
EBIT margin
2.3%
▼ 0.7pp
2023
20182023
Equity
€999,786
▲ 39.4%
2023
20182023
Total assets
€4.1m
▲ 14.2%
2023
20182023
Debt
€3.1m
▲ 8.0%
2023
20182023
Working capital
-€1.4m
▼ 82.2%
2023
20182023
Staff (FTE)
96.3
▲ 13.2%
2023
20182023
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192020202120222023
Turnover€3.1m-€7.2m▲ 135%€7.6m▲ 5.2%€7.3m▼ 3.4%€8.3m▲ 12.4%€8.7m▲ 6.0%
Operating result€0.07m-€0.2m▲ 119%€0.1m▼ 34.5%€0.3m▲ 148%€0.2m▼ 6.3%€0.2m▼ 20.0%
Net result€0.07m-€0.2m▲ 120%€0.1m▼ 25.0%€0.3m▲ 142%€0.3m▼ 0.6%€0.3m▲ 0.6%
EBIT margin2.4%-2.2%▼ 0.2pp1.4%▼ 0.8pp3.6%▲ 2.2pp3.0%▼ 0.6pp2.3%▼ 0.7pp
Equity€0.4m-€0.04m▼ 91.3%€0.2m▲ 313%€0.4m▲ 183%€0.7m▲ 64.3%€1.0m▲ 39.4%
Total assets€1.4m-€2.6m▲ 89.3%€2.7m▲ 4.6%€2.8m▲ 5.4%€3.6m▲ 28.3%€4.1m▲ 14.2%
Debt€0.9m-€2.5m▲ 173%€2.5m=€2.4m▼ 5.4%€2.9m▲ 21.7%€3.1m▲ 8.0%
Working capital-€0.002m--€1.3m▼ 78,880%-€1.2m▲ 6.4%-€1.0m▲ 17.5%-€0.8m▲ 25.7%-€1.4m▼ 82.2%
Staff (FTE)42.2-84▲ 99.1%88.8▲ 5.7%80.5▼ 9.3%85.1▲ 5.7%96.3▲ 13.2%
The operating result for 2023 is 20% lower than in 2022. It is the second fall in a row.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €3.9m
Fixed assets
€2.4m ▲ 65.8%
Current assets
€1.4m ▼ 23.4%
Equity and liabilities €4.1m
Equity
€999,786 ▲ 39.4%
Debt
€3.1m ▲ 8.0%
Debt's share of the balance-sheet total falls from 80.2% to 75.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€371,414▼
2022 · €416,573
Cash flow
€455,917▲
2022 · €449,892
Current ratio
0.51▼
2022 · 0.71
Quick ratio
0.49▼
2022 · 0.70
Debt to equity
3.14▼
2022 · 4.05
ROE
28.2%▼
2022 · 39.1%
ROA
6.8%▼
2022 · 7.8%
Interest coverage
20.86▼
2022 · over 100
Debt ≤ 1 year
€2.8m▲
2022 · €2.6m
Income taxes
€19,878▲
2022 · €11,171
Customer credit
24 days▼
2022 · 31 days
Supplier credit
916 days▼
2022 · 1287 days
Staff costs
€6.0m▲
2022 · €5.5m
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 | 109 | 119 | 128 |
| full-time | 22 | 42 | 36 |
| part-time | 87 | 77 | 92 |
| in full-time equivalents | 80.6 | 91.1 | 96.7 |
| Average over the year, in full-time equivalents | 80.5 | 85.1 | 96.3 |
| On a permanent contract | 86 | 91 | 116 |
| Joined | 278 | 306 | 82 |
| Left | 291 | 296 | 73 |
| Agency workers, average number | 0.1 | 0.1 | 0.1 |
| Training hours | 2,734 | 3,000 | 6,280 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2019 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Tangible fixed assets | €383,814 | €80,649 | €168,474 | €81,074 |
| Intangible fixed assets | €6,416 | - | - | €39,472 |
| Depreciation and write-downs of the year | €312,717 | €166,790 | €169,110 | €173,515 |
Source: notes to the 2019 to 2023 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 6 entries · €167,077 awarded · €229,685 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €1,600 | €31,840 |
| 2023 | 3 | €64,446 | €96,814 |
| 2022 | 2 | €101,031 | €101,031 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €8.5m | €9.4m | €10.1m | ▲ 7.6% |
| Turnover70 | €3.1m | €7.2m | €7.6m | €7.3m | €8.3m | €8.7m | ▲ 6.0% |
| Other operating income74 | - | €0.7m | - | €1.1m | €1.1m | €1.3m | ▲ 21.6% |
| Non-recurring operating income76A | - | - | - | €0.04m | €0.02m | €0.004m | ▼ 79.3% |
| Operating charges60/66A | - | - | - | €8.2m | €9.1m | €9.9m | ▲ 8.4% |
| Goods for resale, raw materials and consumables60 | - | €0.3m | - | €0.3m | €0.4m | €0.4m | ▲ 16.5% |
| Purchases600/8 | - | €0.3m | - | €0.3m | €0.4m | €0.4m | ▲ 18.5% |
| Change in stocks: decrease (increase)609 | - | €0.002m | - | -€0.005m | -€0.002m | -€0.01m | ▼ 416% |
| Services and other goods61 | - | €2.7m | - | €2.8m | €3.1m | €3.3m | ▲ 6.4% |
| Remuneration, social security and pensions62 | - | €4.5m | - | €4.9m | €5.5m | €6.0m | ▲ 8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€0.01m | - | -€0.001m | €0.002m | -€283 | - |
| Other operating charges640/8 | - | €0.005m | - | €0.004m | €0.003m | €0.02m | ▲ 690% |
| Non-recurring operating charges66A | - | - | - | €0.04m | €0.004m | - | - |
| Operating profit (loss)9901 | €0.07m | €0.2m | €0.1m | €0.3m | €0.2m | €0.2m | ▼ 20.0% |
| Financial income75/76B | - | - | - | €0.03m | €0.05m | €0.1m | ▲ 164% |
| Recurring financial income75 | €0 | €182 | €0.02m | €0.03m | €0.05m | €0.1m | ▲ 164% |
| Income from current assets751 | - | €181 | - | €0.03m | €0.05m | €0.1m | ▲ 164% |
| Other financial income752/9 | - | €1 | - | €42 | €4 | €1 | ▼ 84.9% |
| Financial charges65/66B | - | - | - | €0.002m | €0.002m | €0.02m | ▲ 728% |
| Recurring financial charges65 | €0.004m | €0.005m | €0.005m | €0.002m | €0.002m | €0.02m | ▲ 728% |
| Debt charges650 | €0.003m | €0.003m | €0.003m | €0.001m | €0.002m | €0.02m | ▲ 12× |
| Other financial charges652/9 | - | €0.002m | - | €0.001m | €0.001m | €0.002m | ▲ 86.6% |
| Profit (loss) for the period before taxes9903 | €0.07m | - | €0.1m | €0.3m | €0.3m | €0.3m | ▲ 3.5% |
| Income taxes67/77 | - | - | €0.007m | €0.008m | €0.01m | €0.02m | ▲ 77.9% |
| Taxes670/3 | - | - | - | €0.008m | €0.01m | €0.02m | ▲ 78.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0 | - | €43 | - |
| Profit (loss) for the period9904 | €0.07m | €0.2m | €0.1m | €0.3m | €0.3m | €0.3m | ▲ 0.6% |
| Profit (loss) for the period to be appropriated9905 | €0.07m | €0.2m | €0.1m | €0.3m | €0.3m | €0.3m | ▲ 0.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.4m | €2.6m | €2.7m | €2.8m | €3.6m | €4.1m | ▲ 14.2% |
| Formation expenses20 | €0.07m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 8.3% |
| Fixed assets21/28 | €0.6m | €1.6m | €1.3m | €1.5m | €1.5m | €2.4m | ▲ 65.8% |
| Intangible fixed assets21 | €0.004m | €0.007m | €0.003m | €270 | - | €0.03m | - |
| Tangible fixed assets22/27 | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 12.0% |
| Plant, machinery and equipment23 | - | €0.3m | - | €0.3m | €0.3m | €0.4m | ▲ 2.6% |
| Furniture and vehicles24 | - | €0.03m | - | €0.01m | €0.007m | €0.006m | ▼ 22.8% |
| Leasing and similar rights25 | - | - | - | - | - | €0 | - |
| Other tangible fixed assets26 | - | €0.2m | - | €0.1m | €0.1m | €0.06m | ▼ 35.8% |
| Assets under construction and advance payments27 | - | €0.005m | - | €0.02m | €0.03m | - | - |
| Financial fixed assets28 | - | €0.7m | €0.8m | €1.0m | €1.0m | €2.0m | ▲ 100% |
| Affiliated companies280/1 | - | €0.7m | - | €1.0m | €1.0m | €2.0m | ▲ 100% |
| Amounts receivable281 | - | €0.7m | - | €1.0m | €1.0m | €2.0m | ▲ 100% |
| Current assets29/58 | €0.8m | €0.9m | €1.0m | €1.0m | €1.8m | €1.4m | ▼ 23.4% |
| Stocks and contracts in progress3 | €0.008m | €0.02m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 29.1% |
| Stocks30/36 | - | €0.02m | - | €0.03m | €0.03m | €0.04m | ▲ 29.1% |
| Goods purchased for resale34 | - | €0.02m | - | €0.03m | €0.03m | €0.04m | ▲ 29.1% |
| Amounts receivable within one year40/41 | €0.7m | €0.8m | €0.9m | €0.9m | €1.8m | €1.2m | ▼ 30.4% |
| Trade receivables40 | - | €0.7m | - | €0.6m | €0.7m | €0.6m | ▼ 18.3% |
| Other amounts receivable41 | - | €0.2m | - | €0.3m | €1.1m | €0.7m | ▼ 38.1% |
| Cash at bank and in hand54/58 | €0.001m | €0.03m | €0.001m | €0.001m | €0.002m | €0.01m | ▲ 671% |
| Deferred charges and accrued income490/1 | - | €0.03m | - | €0.1m | €0.04m | €0.1m | ▲ 189% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.4m | €2.6m | €2.7m | €2.8m | €3.6m | €4.1m | ▲ 14.2% |
| Equity10/15 | €0.4m | €0.04m | €0.2m | €0.4m | €0.7m | €1.0m | ▲ 39.4% |
| Profit (loss) carried forward14 | €0.4m | €0.04m | €0.2m | €0.4m | €0.7m | €1.0m | ▲ 39.4% |
| Investment grants15 | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €0.9m | €2.5m | €2.5m | €2.4m | €2.9m | €3.1m | ▲ 8.0% |
| Amounts payable within one year42/48 | €0.8m | €2.2m | €2.2m | €2.1m | €2.6m | €2.8m | ▲ 7.1% |
| Financial debts43 | - | - | - | - | €0.02m | €0.4m | ▲ 23× |
| Credit institutions430/8 | - | - | - | - | €0.02m | - | - |
| Other loans439 | - | - | - | - | - | €0.4m | - |
| Trade debts44 | €0.4m | €1.2m | €1.4m | €1.2m | €1.3m | €1.1m | ▼ 17.1% |
| Suppliers440/4 | - | €1.2m | - | €1.2m | €1.3m | €1.1m | ▼ 17.1% |
| Taxes, remuneration and social security45 | - | €0.9m | - | €0.9m | €1.3m | €1.3m | ▲ 3.6% |
| Taxes450/3 | - | €0.1m | - | €0.05m | €0.2m | €0.2m | ▼ 1.4% |
| Remuneration and social security454/9 | - | €0.8m | - | €0.8m | €1.1m | €1.1m | ▲ 4.5% |
| Accrued charges and deferred income492/3 | - | €0.3m | - | €0.3m | €0.3m | €0.4m | ▲ 15.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | €0.2m | €0.1m | €0.3m | €0.3m | €0.3m | ▲ 0.6% |
| + Depreciation and write-downs630 | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 2.6% |
| Operating cash flow (approximation) | €0.3m | €0.5m | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 1.3% |
| Investment in fixed assets (approximation) | - | -€1.4m | €0.1m | -€0.3m | -€0.2m | -€1.1m | ▼ 493% |
| Change in cash | - | €0.03m | -€0.03m | -€109 | €0.001m | €0.01m | ▲ 12× |
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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2023 | abbreviated format | 26-06-2024 | 2024-00197373 | |
| 31-12-2022 | abbreviated format | 10-07-2023 | 2023-00243300 | |
| 31-12-2021 | abbreviated format | 11-07-2022 | 2022-20181890 | |
| 31-12-2020 | abbreviated format | 22-07-2021 | 2021-38700411 | |
| 31-12-2019 | abbreviated format | 13-07-2020 | 2020-29400423 | |
| 31-12-2018 | abbreviated format | 17-07-2019 | 2019-34700038 | |
| 31-12-2017 | abbreviated format | 16-07-2018 | 2018-34500492 | |
| 31-12-2016 | abbreviated format | 05-07-2017 | 2017-28800492 | |
| 31-12-2015 | abbreviated format | 11-07-2016 | 2016-32000208 | |
| 31-12-2014 | abbreviated format | 22-07-2015 | 2015-33600595 |