MA
Open bankruptcyFinancials · financial year 2021, micro format
2021 annual accounts filed 189 days after the deadline Filed on 8 August 2022, deadline 31 January 2022 (7 months after the close on 30 June 2021, Companies Code art. 3:10). Source: NBB, 2022-20274914.
Annual accounts 2021 filed on 08-08-2022 PDF all 13 filings
Turnover
≈ €370,000
Estimated: probably between €280,000 and €460,000
Total assets
€35,315▼ 68.9%
2020 · €113,486
Net result
-€49,822
2020 · €27,254
Working capital
-€122,664▼ 97.7%
2020 · -€62,050
Multi-year overview
2019 to 2021, 3 financial yearsOperating result
-€43,906
2021
20192021
Net result
-€49,822
2021
lowest quarter of the sector
20192021
Equity
-€134,076
▼ 59.1%
2021
lowest quarter of the sector
20192021
Total assets
€35,315
▼ 68.9%
2021
lowest quarter of the sector
20192021
Debt
€169,391
▼ 14.3%
2021
20192021
Working capital
-€122,664
▼ 97.7%
2021
lowest quarter of the sector
20192021
Solvency
-379.7%
▼ 305.4pp
2021
lowest quarter of the sector
20192021
Current ratio
0.16
▼ 0.46
2021
lowest quarter of the sector
20192021
Return on assets (ROA)
-141.1%
▼ 165.1pp
2021
lowest quarter of the sector
20192021
Staff (FTE)
4
=
2021
20192021
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021
Operating result-€37,512-€29,288-€43,906
Net result€4,786-€27,254above the sector's middle half▲ 469%-€49,822below the sector's middle half
Equity-€111,508--€84,254below the sector's middle half▲ 24.4%-€134,076below the sector's middle half▼ 59.1%
Total assets€131,176-€113,486within the sector's middle half▼ 13.5%€35,315below the sector's middle half▼ 68.9%
Debt€242,684-€197,740▼ 18.5%€169,391▼ 14.3%
Working capital-€116,475--€62,050below the sector's middle half▲ 46.7%-€122,664below the sector's middle half▼ 97.7%
Solvency-85.0%--74.2%below the sector's middle half▲ 10.8pp-379.7%below the sector's middle half▼ 305.4pp
Current ratio0.48-0.62within the sector's middle half▲ 0.140.16below the sector's middle half▼ 0.46
Return on assets (ROA)3.6%-24.0%above the sector's middle half▲ 20.4pp-141.1%below the sector's middle half▼ 165.1pp
Staff (FTE)4.3-4above the sector's middle half▼ 7.0%4=
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2021 is a loss of €43,906, after a profit of €29,288 in 2020. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €35,315
Fixed assets
€11,671 ▼ 5.0%
Current assets
€23,644 ▼ 76.6%
Equity and liabilities
Equity-€134,076
Debt€169,391
Equity is negative. Debt (€169,391) exceeds the balance-sheet total (€35,315).
Key figures and ratios
EBITDA
-€34,571▼
2020 · €42,037
Cash flow
-€40,487▼
2020 · €40,003
Quick ratio
0.15▼
2020 · 0.60
Interest coverage
-5.84
Debt ≤ 1 year
€146,308▼
2020 · €163,250
Staff costs
€99,123
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2021 |
|---|---|
| Employees at the balance-sheet date | 4 |
| full-time | 4 |
| part-time | 0 |
| in full-time equivalents | 4 |
| Average over the year, in full-time equivalents | 4 |
| Joined | 1,166 |
| Left | 1,166 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 30-06-2021 |
|---|---|
| Tangible fixed assets | €8,000 |
| Financial fixed assets | €720 |
| Depreciation and write-downs of the year | €9,335 |
Source: notes to the 2021 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €99,123 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,026 | €12,749 | €9,335 | ▼ 26.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €49,350 | - |
| Other operating charges640/8 | - | - | €7,099 | - |
| Gross operating margin9900 | €79,472 | €132,060 | €121,001 | ▼ 8.4% |
| Operating profit (loss)9901 | -€37,512 | €29,288 | -€43,906 | - |
| Recurring financial income75 | €92 | €4 | - | - |
| Financial charges65/66B | - | - | €5,916 | - |
| Recurring financial charges65 | €219 | €2,038 | €5,916 | ▲ 190% |
| Profit (loss) for the period before taxes9903 | €4,786 | €27,254 | -€49,822 | - |
| Profit (loss) for the period9904 | €4,786 | €27,254 | -€49,822 | - |
| Profit (loss) for the period to be appropriated9905 | €2,281 | €27,254 | -€49,822 | - |
| Line | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €131,176 | €113,486 | €35,315 | ▼ 68.9% |
| Fixed assets21/28 | €24,035 | €12,286 | €11,671 | ▼ 5.0% |
| Tangible fixed assets22/27 | €23,535 | €11,786 | €10,451 | ▼ 11.3% |
| Plant, machinery and equipment23 | - | - | €1,834 | - |
| Furniture and vehicles24 | - | - | €5,360 | - |
| Other tangible fixed assets26 | - | - | €3,257 | - |
| Financial fixed assets28 | €500 | €500 | €1,220 | ▲ 144% |
| Current assets29/58 | €107,141 | €101,200 | €23,644 | ▼ 76.6% |
| Stocks and contracts in progress3 | €1,785 | €3,098 | €1,500 | ▼ 51.6% |
| Stocks30/36 | - | - | €1,500 | - |
| Amounts receivable within one year40/41 | €92,093 | €93,873 | €21,876 | ▼ 76.7% |
| Trade receivables40 | - | - | €15,115 | - |
| Other amounts receivable41 | - | - | €6,761 | - |
| Cash at bank and in hand54/58 | €6,201 | €2,823 | €268 | ▼ 90.5% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €131,176 | €113,486 | €35,315 | ▼ 68.9% |
| Equity10/15 | -€111,508 | -€84,254 | -€134,076 | ▼ 59.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €18,600 | - |
| Issued capital100 | - | - | €18,600 | - |
| Reserves13 | €67,376 | €67,376 | €67,376 | = |
| Non-distributable reserves130/1 | - | - | €1,242 | - |
| Legal reserve130 | - | - | €1,242 | - |
| Tax-exempt reserves132 | - | - | €62,251 | - |
| Distributable reserves133 | - | - | €3,883 | - |
| Profit (loss) carried forward14 | -€197,484 | -€170,230 | -€220,052 | ▼ 29.3% |
| Amounts payable17/49 | €242,684 | €197,740 | €169,391 | ▼ 14.3% |
| Amounts payable within one year42/48 | €223,616 | €163,250 | €146,308 | ▼ 10.4% |
| Trade debts44 | €151,980 | €117,348 | €83,119 | ▼ 29.2% |
| Suppliers440/4 | - | - | €83,119 | - |
| Taxes, remuneration and social security45 | - | - | €18,551 | - |
| Taxes450/3 | - | - | €1,869 | - |
| Remuneration and social security454/9 | - | - | €16,682 | - |
| Other amounts payable47/48 | - | - | €44,638 | - |
| Accrued charges and deferred income492/3 | - | - | €23,083 | - |
| Line | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,786 | €27,254 | -€49,822 | - |
| + Depreciation and write-downs630 | €14,026 | €12,749 | €9,335 | ▼ 26.8% |
| Operating cash flow (approximation) | €18,812 | €40,003 | -€40,487 | - |
| Investment in fixed assets (approximation) | - | -€1,000 | -€8,720 | ▼ 772% |
| Change in cash | - | -€3,378 | -€2,555 | ▲ 24.4% |
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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2021 | micro format | 08-08-2022 | 2022-20274914 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-03800086 | |
| 30-06-2019 | micro format | 05-02-2020 | 2020-04500561 | |
| 30-06-2018 | micro format | 02-01-2019 | 2019-00100375 | |
| 30-06-2017 | micro format | 26-02-2018 | 2018-05700142 | |
| 30-06-2016 | abbreviated format | 10-01-2017 | 2017-00500441 | |
| 30-06-2015 | abbreviated format | 15-01-2016 | 2016-01400233 | |
| 30-06-2014 | abbreviated format | 09-01-2015 | 2015-00400594 | |
| 30-06-2013 | abbreviated format | 07-02-2014 | 2014-02800465 | |
| 30-06-2012 | abbreviated format | 13-02-2013 | 2013-03200559 |