M1
InactiveM1 was declared bankrupt on 20-12-2024 (Tribunal de l’entreprise de Liège, division Neufchâteau); the bankruptcy was closed for insufficient assets by judgment of 13-03-2026, published in the Belgian State Gazette on 19-03-2026.
Summary
Inactive; last annual accounts for fiscal year 2022.
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 31-12-2023, 3 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 · 6 filingsPosition against the passed deadline
31-12-2023 close31-07-2024 deadline28-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 31-12-2022 was due by 31-07-2023 and was filed on 05-10-2023, 66 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 · 6 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
66 d late
2021
30 d late
2020
20 d late
2019
18 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 4 accounts on average 34 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 2022, full schema
Turnover
€459,130▲ 7,148%
2019 · €6,335
EBIT margin
54.6%▲ 180.7pp
2019 · -126.1%
Net result
€171,249▲ 6.6%
2021 · €160,701
Working capital
€441,095▲ 48.8%
2021 · €296,377
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
Line20182019202020212022
Turnover€6,335€459,130▲ 7,148%
Operating result-€7,227--€7,991▼ 10.6%€250,686€221,168▼ 11.8%€204,762▼ 7.4%
Net result-€16,795--€6,291▲ 62.5%€196,476€160,701▼ 18.2%€171,249▲ 6.6%
EBIT margin-126.1%54.6%▲ 180.7pp
Equity-€2,567--€8,859▼ 245%€187,617€348,318▲ 85.7%€519,567▲ 49.2%
Total assets€1.0m-€1.1m▲ 12.8%€1.5m▲ 29.1%€1.7m▲ 15.7%€1.0m▼ 39.6%
Debt€1.0m-€1.2m▲ 13.4%€1.3m▲ 11.8%€1.4m▲ 5.5%€511,070▼ 62.3%
Working capital-€5,049--€10,300▼ 104%€149,650€296,377▲ 98.0%€441,095▲ 48.8%
Staff (FTE)0
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2022 is 7% below 2021.
Balance-sheet composition
2022 in colour, 2021 as the grey bar beneath
Assets €1.0m
Fixed assets
€81,722 ▼ 21.7%
Current assets
€948,915 ▼ 40.7%
Equity and liabilities €1.0m
Equity
€519,567 ▲ 49.2%
Debt
€511,070 ▼ 62.3%
Debt's share of the balance-sheet total falls from 79.6% to 49.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€227,711▼
2021 · €265,199
Cash flow
€194,198▼
2021 · €204,732
Current ratio
1.87▲
2021 · 1.23
Quick ratio
1.72▲
2021 · 0.78
Debt to equity
0.98▼
2021 · 3.90
ROE
33.0%▼
2021 · 46.1%
ROA
16.6%▲
2021 · 9.4%
Interest coverage
34.75▼
2021 · 89.28
Debt ≤ 1 year
€507,820▼
2021 · €1.3m
Income taxes
€57,950▼
2021 · €62,311
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 | 2022 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | €6,335 | €459,130 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,245 | €1,445 | €4,726 | €44,031 | €22,949 | ▼ 47.9% |
| Other operating charges640/8 | - | - | - | €3,852 | €1,420 | ▼ 63.1% |
| Non-recurring operating charges66A | - | - | - | - | €2,380 | - |
| Gross operating margin9900 | -€5,981 | -€6,545 | €256,492 | €269,052 | €231,511 | ▼ 14.0% |
| Operating profit (loss)9901 | -€7,227 | -€7,991 | €250,686 | €221,168 | €204,762 | ▼ 7.4% |
| Financial income75/76B | - | - | - | €4,813 | €30,990 | ▲ 544% |
| Recurring financial income75 | €351 | €2,396 | €4,854 | €4,813 | €30,990 | ▲ 544% |
| Financial charges65/66B | - | - | - | €2,970 | €6,553 | ▲ 121% |
| Recurring financial charges65 | €9,920 | €697 | €3,579 | €2,970 | €6,553 | ▲ 121% |
| Profit (loss) for the period before taxes9903 | -€16,795 | -€6,291 | €251,961 | €223,011 | €229,199 | ▲ 2.8% |
| Income taxes67/77 | - | - | €55,485 | €62,311 | €57,950 | ▼ 7.0% |
| Profit (loss) for the period9904 | -€16,795 | -€6,291 | €196,476 | €160,701 | €171,249 | ▲ 6.6% |
| Profit (loss) for the period to be appropriated9905 | -€16,795 | -€6,291 | €196,476 | €160,701 | €171,249 | ▲ 6.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €1.1m | €1.5m | €1.7m | €1.0m | ▼ 39.6% |
| Formation expenses20 | €2,448 | €1,695 | €941 | €188 | €0 | ▼ 100% |
| Fixed assets21/28 | €984 | €892 | €38,900 | €104,376 | €81,722 | ▼ 21.7% |
| Tangible fixed assets22/27 | €984 | €892 | €7,924 | €69,900 | €47,139 | ▼ 32.6% |
| Plant, machinery and equipment23 | - | - | - | €65,761 | €44,710 | ▼ 32.0% |
| Furniture and vehicles24 | - | - | - | €4,139 | €2,430 | ▼ 41.3% |
| Financial fixed assets28 | - | - | €30,976 | €34,476 | €34,582 | ▲ 0.3% |
| Current assets29/58 | €1.0m | €1.1m | €1.4m | €1.6m | €948,915 | ▼ 40.7% |
| Amounts receivable after more than one year29 | - | - | - | €421,981 | €647,402 | ▲ 53.4% |
| Other amounts receivable291 | - | - | - | €421,981 | €647,402 | ▲ 53.4% |
| Stocks and contracts in progress3 | €900,088 | €1.1m | €1.2m | €583,969 | €74,244 | ▼ 87.3% |
| Stocks30/36 | - | - | - | €583,969 | €74,244 | ▼ 87.3% |
| Amounts receivable within one year40/41 | €33,574 | €51,861 | €223,016 | €425,820 | €220,377 | ▼ 48.2% |
| Trade receivables40 | - | - | - | €415,717 | €162,210 | ▼ 61.0% |
| Other amounts receivable41 | - | - | - | €10,103 | €58,167 | ▲ 476% |
| Cash at bank and in hand54/58 | €74,489 | €2,502 | €1,016 | €168,245 | €6,893 | ▼ 95.9% |
| Deferred charges and accrued income490/1 | - | - | - | €730 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €1.1m | €1.5m | €1.7m | €1.0m | ▼ 39.6% |
| Equity10/15 | -€2,567 | -€8,859 | €187,617 | €348,318 | €519,567 | ▲ 49.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€21,167 | -€27,459 | €169,017 | €329,718 | €500,967 | ▲ 51.9% |
| Amounts payable17/49 | €1.0m | €1.2m | €1.3m | €1.4m | €511,070 | ▼ 62.3% |
| Amounts payable within one year42/48 | €1.0m | €1.1m | €1.3m | €1.3m | €507,820 | ▼ 61.1% |
| Financial debts43 | - | - | - | €0 | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - |
| Trade debts44 | €81,565 | €10,346 | €84,066 | €455,178 | €313,752 | ▼ 31.1% |
| Suppliers440/4 | - | - | - | €455,178 | €313,752 | ▼ 31.1% |
| Taxes, remuneration and social security45 | - | - | - | €303,436 | €120,288 | ▼ 60.4% |
| Taxes450/3 | - | - | - | €303,436 | €120,288 | ▼ 60.4% |
| Other amounts payable47/48 | - | - | - | €545,754 | €73,780 | ▼ 86.5% |
| Accrued charges and deferred income492/3 | - | - | - | €52,624 | €3,250 | ▼ 93.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,795 | -€6,291 | €196,476 | €160,701 | €171,249 | ▲ 6.6% |
| + Depreciation and write-downs630 | €1,245 | €1,445 | €4,726 | €44,031 | €22,949 | ▼ 47.9% |
| Operating cash flow (approximation) | -€15,550 | -€4,846 | €201,201 | €204,732 | €194,198 | ▼ 5.1% |
| Investment in fixed assets (approximation) | - | -€1,353 | -€42,734 | -€109,507 | -€294 | ▲ 99.7% |
| Change in cash | - | -€71,987 | -€1,486 | €167,229 | -€161,352 | ▼ 196% |
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
2026
19-03
Bankruptcy
Bankruptcy closure (insufficient assets)
Tribunal de l’entreprise de Liège, division Neufchâteau · event 13-03-2026
2024
27-12
Bankruptcy
Opening
Tribunal de l’entreprise de Liège, division Neufchâteau · event 20-12-2024
2023
05-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 66 days late
2022
31-12
Financial
Equity above €500,000Eq €519,567 ▲49.2%
3 profitable years in a row build equity to €519,567.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2021
31-12
Financial
Equity above €200,000Eq €348,318 ▲85.7%
2 profitable years in a row build equity to €348,318.
20-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 20 days late
2020
31-12
Financial
Back to profitnet €196,476
Net result €196,476 after 2 loss-making years.
31-12
Financial
Equity above €150,000Eq €187,617
Equity rises from -€8,859 to €187,617.
18-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 18 days late
2019
07-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 7 days late
2018
22-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 22 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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 | JEAN CHARLES MOTTET PLACE DU FAYS 12,
6870 SAINT-HUBERT |
20-12-2024 → 13-03-2026 |