M & A DISTRIBUTION
InactiveM & A DISTRIBUTION was declared bankrupt on 23-01-2023 (Tribunal de l’entreprise de Liège, division Liège); the bankruptcy was closed by liquidation by judgment of 04-03-2025, published in the Belgian State Gazette on 10-03-2025.
Summary
Inactive; last annual accounts for fiscal year 2021.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2022, 4 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2022 close31-07-2023 deadline29-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 25-08-2022, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
not filed
2021
25 d late
2020
27 d late
2019
7 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 3 accounts on average 15 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Financials · fiscal year 2021, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€2,818▼ 82.1%
2020 · €15,733
Working capital
€4,414
2020 · -€613
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2018201920202021
Operating result€25,008-€17,282▼ 30.9%€23,936▲ 38.5%€5,906▼ 75.3%
Net result€17,250-€9,396▼ 45.5%€15,733▲ 67.5%€2,818▼ 82.1%
Equity-€19,637--€10,241▲ 47.8%€5,492€8,310▲ 51.3%
Total assets€42,101-€60,407▲ 43.5%€46,122▼ 23.6%€43,160▼ 6.4%
Debt€61,737-€70,648▲ 14.4%€40,630▼ 42.5%€34,850▼ 14.2%
Working capital-€1,301--€12,508▼ 862%-€613▲ 95.1%€4,414
Staff (FTE)0.1-0.4▲ 300%0.4=0.3▼ 25.0%
Result per fiscal year
Operating resultNet result
The operating result falls in 2021; 2021 is 75% below 2020 and is the lowest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €43,160
Fixed assets
€5,550 ▼ 9.1%
Current assets
€37,610 ▼ 6.0%
Equity and liabilities €43,160
Equity
€8,310 ▲ 51.3%
Debt
€34,850 ▼ 14.2%
Debt's share of the balance-sheet total falls from 88.1% to 80.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€6,461▼
2020 · €24,671
Cash flow
€3,373▼
2020 · €16,468
Current ratio
1.13▲
2020 · 0.98
Quick ratio
0.66▲
2020 · 0.53
Debt to equity
4.19▲
2020 · 0.00
ROE
33.9%▼
2020 · 286.5%
ROA
6.5%▼
2020 · 34.1%
Interest coverage
2.30
Debt ≤ 1 year
€33,197▼
2020 · €40,630
Income taxes
€483▼
2020 · €3,966
Staff costs
€4,881
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €4,881 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €179 | €734 | €734 | €555 | ▼ 24.4% |
| Other operating charges640/8 | - | - | - | €942 | - |
| Gross operating margin9900 | €30,335 | €28,017 | €29,331 | €12,284 | ▼ 58.1% |
| Operating profit (loss)9901 | €25,008 | €17,282 | €23,936 | €5,906 | ▼ 75.3% |
| Financial income75/76B | - | - | - | €206 | - |
| Recurring financial income75 | - | €15 | - | €206 | - |
| Financial charges65/66B | - | - | - | €2,810 | - |
| Recurring financial charges65 | €5,898 | €4,254 | €4,237 | €2,810 | ▼ 33.7% |
| Non-recurring financial charges66B | - | - | - | €0 | - |
| Profit (loss) for the period before taxes9903 | €19,469 | €13,043 | €19,699 | €3,301 | ▼ 83.2% |
| Income taxes67/77 | €2,218 | €3,648 | €3,966 | €483 | ▼ 87.8% |
| Profit (loss) for the period9904 | €17,250 | €9,396 | €15,733 | €2,818 | ▼ 82.1% |
| Profit (loss) for the period to be appropriated9905 | €17,250 | €9,396 | €15,733 | €2,818 | ▼ 82.1% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €42,101 | €60,407 | €46,122 | €43,160 | ▼ 6.4% |
| Formation expenses20 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €4,799 | €7,089 | €6,105 | €5,550 | ▼ 9.1% |
| Tangible fixed assets22/27 | €359 | €2,399 | €1,665 | €1,110 | ▼ 33.3% |
| Plant, machinery and equipment23 | - | - | - | €0 | - |
| Other tangible fixed assets26 | - | - | - | €1,110 | - |
| Financial fixed assets28 | €4,440 | €4,690 | €4,440 | €4,440 | = |
| Current assets29/58 | €37,302 | €53,318 | €40,017 | €37,610 | ▼ 6.0% |
| Stocks and contracts in progress3 | €25,328 | €28,454 | €18,417 | €15,672 | ▼ 14.9% |
| Stocks30/36 | - | - | - | €15,672 | - |
| Amounts receivable within one year40/41 | €7,260 | €1,351 | €6,765 | €12,858 | ▲ 90.1% |
| Trade receivables40 | - | - | - | €12,858 | - |
| Other amounts receivable41 | - | - | - | €0 | - |
| Cash at bank and in hand54/58 | €4,714 | €2,769 | €14,835 | €8,836 | ▼ 40.4% |
| Deferred charges and accrued income490/1 | - | - | - | €245 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €42,101 | €60,407 | €46,122 | €43,160 | ▼ 6.4% |
| Equity10/15 | -€19,637 | -€10,241 | €5,492 | €8,310 | ▲ 51.3% |
| Contributions10/11 | €12,650 | €12,650 | €12,650 | €12,650 | = |
| Profit (loss) carried forward14 | -€32,287 | -€22,891 | -€7,158 | -€4,340 | ▲ 39.4% |
| Amounts payable17/49 | €61,737 | €70,648 | €40,630 | €34,850 | ▼ 14.2% |
| Amounts payable after more than one year17 | €23,135 | €4,822 | €0 | - | - |
| Amounts payable within one year42/48 | €38,603 | €65,826 | €40,630 | €33,197 | ▼ 18.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - |
| Trade debts44 | €7,422 | €28,121 | €9,256 | €20,194 | ▲ 118% |
| Suppliers440/4 | - | - | - | €20,194 | - |
| Taxes, remuneration and social security45 | - | - | - | €12,718 | - |
| Taxes450/3 | - | - | - | €12,415 | - |
| Remuneration and social security454/9 | - | - | - | €302 | - |
| Other amounts payable47/48 | - | - | - | €285 | - |
| Accrued charges and deferred income492/3 | - | - | - | €1,654 | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,250 | €9,396 | €15,733 | €2,818 | ▼ 82.1% |
| + Depreciation and write-downs630 | €179 | €734 | €734 | €555 | ▼ 24.4% |
| Operating cash flow (approximation) | €17,430 | €10,130 | €16,468 | €3,373 | ▼ 79.5% |
| Investment in fixed assets (approximation) | - | -€3,025 | €250 | €0 | ▼ 100% |
| Change in cash | - | -€1,945 | €12,066 | -€5,999 | ▼ 150% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
10-03
Bankruptcy
Bankruptcy closure (by liquidation)
Tribunal de l’entreprise de Liège, division Liège · event 04-03-2025
2023
02-02
Bankruptcy
Opening
Tribunal de l’entreprise de Liège, division Liège · event 23-01-2023
2022
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 25 days late
2021
31-12
Financial
Weakest financial yearnet €2,818 ▼82.1%
Net result drops to €2,818, the lowest in the series.
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 27 days late
2020
24-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
24-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
24-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
26-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
20-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
2015
02-07
NBB filing
Annual accounts filed
fiscal year 2014 · full schema
2014
18-06
NBB filing
Annual accounts filed
fiscal year 2013 · full schema
2013
19-07
NBB filing
Annual accounts filed
fiscal year 2012 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | JOSEPH GEORGE RUE DE LA MOTTE 41, 4500 HUY- |
23-01-2023 → 04-03-2025 |