M²C
Inactive2 interim measuresInactive; last annual accounts for fiscal year 2021.
Summary
M²C was declared bankrupt on 27-06-2022 (Ondernemingsrechtbank Gent, afdeling Dendermonde); the bankruptcy was closed by liquidation by judgment of 29-01-2024, published in the Belgian State Gazette on 05-02-2024.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk
raises risk · Two or more financial years not filed
Since the financial year that closed on 30-06-2022, 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 · 7 filingsPosition against the passed deadline
30-06-2022 close31-01-2023 deadline30-09-2026 today
raises risk · Filed more than 90 days late
The financial year that closed on 30-06-2021 was due by 31-01-2022 and was filed on 24-05-2022, 113 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 7 filingsDeviation from the deadline
2025
not filed
2024
not filed
2023
not filed
2022
not filed
2021
113 d late
2020
192 d late
2019
13 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 3 accounts on average 106 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, abbreviated schema
Equity
€54,907▲ 32.2%
2020 · €41,532
Total assets
€274,550▼ 14.9%
2020 · €322,577
Net result
€13,375
2020 · -€6,306
Working capital
€93,526▼ 12.2%
2020 · €106,468
Trend over the years
In euros
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line201920202021
Operating result€16,498--€99,495€20,788
Net result€9,841--€6,306€13,375
Equity€47,838-€41,532▼ 13.2%€54,907▲ 32.2%
Total assets€573,780-€322,577▼ 43.8%€274,550▼ 14.9%
Debt€525,943-€281,046▼ 46.6%€219,643▼ 21.8%
Working capital-€11,637-€106,468€93,526▼ 12.2%
Staff (FTE)3.3-1.5▼ 54.5%1▼ 33.3%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2021: €20,788 after a loss of €99,495 in 2020, the highest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €274,550
Fixed assets
€81,807 ▲ 47.4%
Current assets
€192,743 ▼ 27.8%
Equity and liabilities €274,550
Equity
€54,907 ▲ 32.2%
Debt
€219,643 ▼ 21.8%
Debt's share of the balance-sheet total falls from 87.1% to 80.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€29,971▲
2020 · -€94,109
Cash flow
€22,558▲
2020 · -€920
Current ratio
1.94▲
2020 · 1.66
Debt to equity
4.00▲
2020 · 2.90
ROE
24.4%▲
2020 · -15.2%
ROA
4.9%▲
2020 · -2.0%
Interest coverage
25.70
Debt ≤ 1 year
€99,217▼
2020 · €160,620
Debt > 1 year
€120,426=
2020 · €120,426
Income taxes
€8,668▲
2020 · €5,746
Staff costs
€28,388
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €28,388 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,327 | €5,386 | €9,183 | ▲ 70.5% |
| Other operating charges640/8 | - | - | €212,197 | - |
| Non-recurring operating charges66A | - | - | €37,446 | - |
| Gross operating margin9900 | €287,399 | €70,213 | €308,002 | ▲ 339% |
| Operating profit (loss)9901 | €16,498 | -€99,495 | €20,788 | ▲ 121% |
| Financial income75/76B | - | - | €2,421 | - |
| Recurring financial income75 | €8 | €2,375 | €1 | ▼ 100.0% |
| Non-recurring financial income76B | - | - | €2,420 | - |
| Financial charges65/66B | - | - | €1,166 | - |
| Recurring financial charges65 | €339 | €794 | €1,166 | ▲ 46.8% |
| Profit (loss) for the period before taxes9903 | €16,167 | -€560 | €22,043 | ▲ 4,037% |
| Income taxes67/77 | €6,326 | €5,746 | €8,668 | ▲ 50.8% |
| Profit (loss) for the period9904 | €9,841 | -€6,306 | €13,375 | ▲ 312% |
| Profit (loss) for the period to be appropriated9905 | €9,841 | -€6,306 | €13,375 | ▲ 312% |
| Line | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €573,780 | €322,577 | €274,550 | ▼ 14.9% |
| Fixed assets21/28 | €59,475 | €55,489 | €81,807 | ▲ 47.4% |
| Tangible fixed assets22/27 | €9,486 | €5,500 | €21,318 | ▲ 288% |
| Plant, machinery and equipment23 | - | - | €3,518 | - |
| Furniture and vehicles24 | - | - | €17,800 | - |
| Financial fixed assets28 | €49,989 | €49,989 | €60,489 | ▲ 21.0% |
| Current assets29/58 | €514,305 | €267,088 | €192,743 | ▼ 27.8% |
| Amounts receivable within one year40/41 | €425,482 | €196,040 | €184,650 | ▼ 5.8% |
| Trade receivables40 | - | - | €125,955 | - |
| Other amounts receivable41 | - | - | €58,695 | - |
| Cash at bank and in hand54/58 | €88,823 | €71,048 | €7,884 | ▼ 88.9% |
| Deferred charges and accrued income490/1 | - | - | €209 | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €573,780 | €322,577 | €274,550 | ▼ 14.9% |
| Equity10/15 | €47,838 | €41,532 | €54,907 | ▲ 32.2% |
| Contributions10/11 | €12,400 | - | €12,400 | - |
| Reserves13 | €35,438 | €35,438 | €42,507 | ▲ 19.9% |
| Non-distributable reserves130/1 | - | - | €2,406 | - |
| Reserves not available under the articles1311 | - | - | €2,406 | - |
| Distributable reserves133 | - | - | €40,101 | - |
| Profit (loss) carried forward14 | -€268 | -€6,306 | - | - |
| Amounts payable17/49 | €525,943 | €281,046 | €219,643 | ▼ 21.8% |
| Amounts payable after more than one year17 | - | €120,426 | €120,426 | = |
| Financial debts170/4 | - | - | €120,426 | - |
| Amounts payable within one year42/48 | €525,943 | €160,620 | €99,217 | ▼ 38.2% |
| Current portion of amounts payable after more than one year42 | - | - | €32 | - |
| Trade debts44 | €242,521 | €134,149 | €82,990 | ▼ 38.1% |
| Suppliers440/4 | - | - | €82,990 | - |
| Taxes, remuneration and social security45 | - | - | €16,194 | - |
| Taxes450/3 | - | - | €14,813 | - |
| Remuneration and social security454/9 | - | - | €1,381 | - |
| Line | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,841 | -€6,306 | €13,375 | ▲ 312% |
| + Depreciation and write-downs630 | €5,327 | €5,386 | €9,183 | ▲ 70.5% |
| Operating cash flow (approximation) | €15,168 | -€920 | €22,558 | ▲ 2,551% |
| Investment in fixed assets (approximation) | - | -€1,400 | -€35,500 | ▼ 2,436% |
| Change in cash | - | -€17,776 | -€63,164 | ▼ 255% |
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
2024
05-02
Bankruptcy
Bankruptcy closure (by liquidation)
Ondernemingsrechtbank Gent, afdeling Dendermonde · event 29-01-2024
2022
01-07
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Dendermonde · event 27-06-2022
24-06
Interim measure
Provisional administrator
Ondernemingsrechtbank Gent · interim administrator: Charlotte Geeraert · event 16-06-2022
24-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 113 days late
2021
11-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 192 days late
30-06
Financial
Back to profitnet €13,375
Net result €13,375 after one loss-making year.
2020
30-06
Financial
Weakest financial yearnet -€6,306
Net result drops to -€6,306, the lowest in the series.
13-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 13 days late
2019
29-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 88 days late
2018
31-12
Interim measure
Provisional administrator
Ondernemingsrechtbank Gent
2016
30-11
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2015
14-12
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
23-02
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema · 23 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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
2 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | VINCENT VERLAECKT HOUTEN SCHOEN 54,
9100 SINT-NIKLAAS |
27-06-2022 → 29-01-2024 |
| Interim administrator | Charlotte Geeraert | 16-06-2022 → present |