MAGG
Open bankruptcyOverview
Information for creditors
Open bankruptcy
Source: Belgian Official Gazette
Declared bankrupt on 24 June 2020 · trustee Christophe Gasia · a claim can no longer be filed
Creditor guide for this companyThe procedure
- Court
- French-language Enterprise Court of Brussels
- Supervising judge
- Aymon Detroch
- Official Gazette
- 01-07-2020search the document for 2020/123871
Deadlines
- Appeal or third-party opposition until
- passed on 16 July 2020That is fifteen days after the publication in the Official Gazette.art. XX.108, Code of Economic Law
- File the claim in RegSol, the Belgian insolvency register, until
- passed on 24 July 2020art. XX.104 and XX.155, Code of Economic Law
- First verification report
- passed on 5 August 2020Reclaim goods that are still yours, such as goods delivered under retention of title, before this day.art. XX.104 and XX.194, Code of Economic Law
- Late claim until
- passed on 24 June 2021A late claim shares only in what has not yet been paid out. You bear the costs of that claim.art. XX.165, Code of Economic Law
Trustee
- Christophe GasiaAvenue Louise 486 Bte 6, 1050 03 Ixellesgasia@belgacom.net
Steps for a creditor
- The deadlines to file your claim have passed, including for a late claim. That was possible until a year after the judgment.
- Ask the trustee whether anything will still be paid out and whether your claim was admitted.
- Follow the file in RegSol. The trustee's reports appear there.
- Ask your accountant about the VAT on the unpaid invoices. In a bankruptcy it can be recovered, subject to conditions.
A late claim was possible until a year after the judgment (art. XX.165, Code of Economic Law). That deadline has passed too.
The judgment is more than a year old. A claim can no longer be filed, not even late. The trustee knows whether anything will still be paid out.
Follow
Follow this bankruptcy and you are notified the next morning if it is closed or reversed.
This is general information, not legal advice. If in doubt, the trustee, your lawyer or your accountant can help.
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Overview
Official details
Source: KBO- Status
- Open bankruptcy registered since 22-10-2002
- Activity
- Full-service restaurants NACE 56111and 4 others
- Establishment unit
- 2.114.197.944 1050 Elsene, since 05-12-2002
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Financial position
No score
Annual accounts 2017
- Gross margin
- €290,598
- ▼ 6.4%
- Turnover
- ≈ €680,000
- estimated
- Loss
- €39,697
- ▲ 506%
- Equity
- -€176,749
- ▼ 32.8%
- Total assets
- €111,873
- ▼ 19.7%
- Staff
- 8.7 FTE
- ▲ 4.8%
Financials
Financials · financial year 2017, full format
Annual accounts 2017 filed on 19-07-2018 PDF all 14 filings
Turnover
≈ €680,000
Estimated: probably between €630,000 and €950,000
EBIT margin
Not included in this filing
Net result
-€39,697▼ 506%
2016 · -€6,554
Working capital
-€208,243▼ 20.3%
2016 · -€173,159
Multi-year overview
2013 to 2017, 5 financial yearsOperating result
-€33,663
2017
20132017
Net result
-€39,697
▼ 506%
2017
20132017
Equity
-€176,749
▼ 32.8%
2017
20132017
Total assets
€111,873
▼ 19.7%
2017
20132017
Debt
€288,622
▲ 5.9%
2017
20132017
Working capital
-€208,243
▼ 20.3%
2017
20132017
Staff (FTE)
8.7
▲ 4.8%
2017
20132017
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20132014201520162017
Operating result-€37,143-€25,659-€29,709€4,734-€33,663
Net result-€52,736--€35,150▲ 33.3%-€38,031▼ 8.2%-€6,554▲ 82.8%-€39,697▼ 506%
Equity-€58,826--€80,642▼ 37.1%-€122,614▼ 52.0%-€133,110▼ 8.6%-€176,749▼ 32.8%
Total assets€137,872-€135,636▼ 1.6%€146,482▲ 8.0%€139,305▼ 4.9%€111,873▼ 19.7%
Debt€196,698-€216,277▲ 10.0%€269,097▲ 24.4%€272,415▲ 1.2%€288,622▲ 5.9%
Working capital-€87,981--€122,242▼ 38.9%-€162,956▼ 33.3%-€173,159▼ 6.3%-€208,243▼ 20.3%
Staff (FTE)7.2-8.1▲ 12.5%8.5▲ 4.9%8.3▼ 2.4%8.7▲ 4.8%
The operating result for 2017 is a loss of €33,663, after a profit of €4,734 in 2016.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2017 in colour, 2016 as the grey bar beneath
Assets €111,873
Fixed assets
€43,117 ▼ 22.1%
Current assets
€68,755 ▼ 18.1%
Equity and liabilities
Equity-€176,749
Debt€288,622
Equity is negative. Debt (€288,622) exceeds the balance-sheet total (€111,873).
Key figures and ratios
EBITDA
-€20,286▼
2016 · €26,625
Cash flow
-€26,320▼
2016 · €15,338
Solvency
-158.0%▼
2016 · -95.6%
Current ratio
0.25▼
2016 · 0.33
Quick ratio
0.19▼
2016 · 0.25
ROA
-35.5%▼
2016 · -4.7%
Debt ≤ 1 year
€276,998▲
2016 · €257,098
Debt > 1 year
€9,247▼
2016 · €14,263
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.
Annual accounts
| Line | 2013 | 2014 | 2015 | 2016 | 2017 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,129 | €19,259 | €18,521 | €21,891 | €13,377 | ▼ 38.9% |
| Gross operating margin9900 | €263,150 | €361,565 | €278,755 | €310,401 | €290,598 | ▼ 6.4% |
| Operating profit (loss)9901 | -€37,143 | €25,659 | -€29,709 | €4,734 | -€33,663 | - |
| Recurring financial income75 | €310 | €14,123 | €6,401 | €3,942 | €9,769 | ▲ 148% |
| Recurring financial charges65 | €15,903 | €16,373 | €14,722 | €15,229 | €15,803 | ▲ 3.8% |
| Profit (loss) for the period before taxes9903 | -€52,736 | -€35,146 | -€38,031 | -€6,554 | -€39,697 | ▼ 506% |
| Income taxes67/77 | - | €4 | - | - | - | - |
| Profit (loss) for the period9904 | -€52,736 | -€35,150 | -€38,031 | -€6,554 | -€39,697 | ▼ 506% |
| Profit (loss) for the period to be appropriated9905 | -€52,736 | -€35,150 | -€38,031 | -€6,554 | -€39,697 | ▼ 506% |
| Line | 2013 | 2014 | 2015 | 2016 | 2017 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €137,872 | €135,636 | €146,482 | €139,305 | €111,873 | ▼ 19.7% |
| Fixed assets21/28 | €75,995 | €73,452 | €62,858 | €55,366 | €43,117 | ▼ 22.1% |
| Intangible fixed assets21 | €2,959 | €2,219 | €1,480 | €3,060 | €1,740 | ▼ 43.1% |
| Tangible fixed assets22/27 | €73,036 | €71,233 | €61,378 | €52,306 | €41,377 | ▼ 20.9% |
| Current assets29/58 | €61,877 | €62,184 | €83,625 | €83,940 | €68,755 | ▼ 18.1% |
| Stocks and contracts in progress3 | €19,610 | €17,086 | €18,117 | €18,572 | €17,208 | ▼ 7.3% |
| Amounts receivable within one year40/41 | €19,671 | €24,259 | €45,339 | €27,172 | €16,976 | ▼ 37.5% |
| Cash at bank and in hand54/58 | €21,186 | €19,349 | €16,662 | €30,276 | €27,163 | ▼ 10.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €137,872 | €135,636 | €146,482 | €139,305 | €111,873 | ▼ 19.7% |
| Equity10/15 | -€58,826 | -€80,642 | -€122,614 | -€133,110 | -€176,749 | ▼ 32.8% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Profit (loss) carried forward14 | -€158,826 | -€193,976 | -€232,007 | -€238,560 | -€278,258 | ▼ 16.6% |
| Amounts payable17/49 | €196,698 | €216,277 | €269,097 | €272,415 | €288,622 | ▲ 5.9% |
| Amounts payable after more than one year17 | €46,840 | €31,851 | €19,094 | €14,263 | €9,247 | ▼ 35.2% |
| Amounts payable within one year42/48 | €149,858 | €184,426 | €246,581 | €257,098 | €276,998 | ▲ 7.7% |
| Trade debts44 | €94,310 | €77,140 | €138,418 | €163,715 | €175,162 | ▲ 7.0% |
| Line | 2013 | 2014 | 2015 | 2016 | 2017 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€52,736 | -€35,150 | -€38,031 | -€6,554 | -€39,697 | ▼ 506% |
| + Depreciation and write-downs630 | €39,129 | €19,259 | €18,521 | €21,891 | €13,377 | ▼ 38.9% |
| Operating cash flow (approximation) | -€13,607 | -€15,891 | -€19,510 | €15,338 | -€26,320 | - |
| Investment in fixed assets (approximation) | - | -€16,716 | -€7,926 | -€14,399 | -€1,129 | ▲ 92.2% |
| Change in cash | - | -€1,836 | -€2,688 | €13,614 | -€3,113 | - |
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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2017 | full format | 19-07-2018 | 2018-35800260 | |
| 31-12-2016 | full format | 05-07-2017 | 2017-27800581 | |
| 31-12-2015 | full format | 13-07-2016 | 2016-31100382 | |
| 31-12-2014 | full format | 24-06-2015 | 2015-21100478 | |
| 31-12-2013 | full format | 18-06-2014 | 2014-18800314 | |
| 31-12-2012 | full format | 04-07-2013 | 2013-27000524 | |
| 31-12-2011 | full format | 14-05-2012 | 2012-11500056 | |
| 31-12-2010 | full format | 30-05-2011 | 2011-13300046 | |
| 31-12-2009 | full format | 29-07-2010 | 2010-36400233 | |
| 31-12-2008 | full format | 10-06-2009 | 2009-20500077 |
Board & ownership
Directors
Directors
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Trustee | Christophe Gasia Avenue Louise 486 Bte 6, 1050 03 Ixelles |
24-06-2020 → present |
Owners and capital
Owners
Timeline
Acts, filings and financial milestones
2020
01-07
Bankruptcy
Bankruptcy declared
French-language Enterprise Court of Brussels · judgment of 24-06-2020
2018
19-07
full format · 12 days before the deadline
2017
05-07
full format · 26 days before the deadline
2016
13-07
full format · 18 days before the deadline
2015
24-06
full format · 37 days before the deadline
2014
18-06
full format · 43 days before the deadline
2013
04-07
full format · 27 days before the deadline
2012
14-05
full format · 78 days before the deadline
2011
30-05
full format · 62 days before the deadline
2010
29-07
full format · 2 days before the deadline
2009
10-06
full format · 51 days before the deadline
2002
29-10
13 publications in the Belgian Official Gazette, the last on 22-06-2011
SignalGazette deedNBB filing
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Opening faillissement
- Last annual accounts
- financial year to 31 December 2017
- Legal form
- Private limited company (pre-2019)
- Active since
- 22 October 2002
Register details
Identity
Name
MAGG in French
Enterprise number
0478.636.404
Entity type
Legal entity
Registered office and establishments
Registered office
Heilig-Kruisplein 4, 1050 Elsene, Belgium
Establishment unit
M.C.R., Heilig-Kruisplein 4, 1050 Elsene since 05-12-2002 · unit number 2.114.197.944
Activities
NACEBEL 202556111
Full-service restaurants main activity
46190
Agents in non-specialised wholesale trade
47252
Retail sale of beverages, general range
56210
Event catering
56220
Contract catering and other food service activities
Codes under NACEBEL 2008
56101
Full-service restaurants main activity
46190
Wholesale trade
47252
Retail trade
56210
Catering
56290
Food and beverage service activities
Codes under NACEBEL 2003
55301
main activity
51190
52250
55510
55521
55522
Invoicing and payment
VAT number
BE 0478.636.404
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the address
Ground area
4,093 m²
Building footprint
4,090 m²
Building volume
95,656 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21443C0149/00M000 | Brussels | 4,093 m² | 1 · 4,090 m² | 46.8 m · 8 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.