MAPO-OPERATIONS (0432.765.894), Inactive: financials and annual accounts

Annual accounts 2010

abbreviated format, filed on 30-06-2011, 31 days before the deadline

Gross margin

€851,114

▼ 15.0%

Operating result

-€103,157

▼ €179,145

Profit

€150,967

▲ €174,099

Working capital

€1.0m

▲ 17.3%

Solvency

11.8%

▲ 5.1 percentage points

Current ratio

1.95

▲ 0.08

Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €2.0m. Estimated: probably between €1.2m and €3.4m.

Balance sheet

balance sheet total €2.8m on 31-12-2010

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Staff

Staff cost per FTE€30,126

Staff costs divided by the average number of full-time equivalents.

Joined and left

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	2.8m	2.8m	2.7m	3.1m	3.2m
Fixed assets`21/28`	713,574	856,522	1.0m	1.2m	1.3m
Tangible fixed assets`22/27`	710,584	853,532	1.0m	1.2m	1.3m
Plant, machinery and equipment`23`	44,999	100,381	167,658	232,466	246,173
Furniture and vehicles`24`	4,133	5,922	10,949	23,380	20,463
Financial fixed assets`28`	2,990	2,990	2,990	2,990	2,990
Current assets`29/58`	2.1m	1.9m	1.7m	1.9m	1.9m
Stocks and contracts in progress`3`	280,862	271,706	317,722	314,544	366,417
Stocks`30/36`	280,862	271,706	317,722	314,544	366,417
Amounts receivable within one year`40/41`	1.8m	1.6m	1.3m	1.0m	1.2m
Trade receivables`40`	455,480	461,853	1.2m	855,480	1.0m
Other amounts receivable`41`	1.3m	1.1m	113,386	169,056	179,925
Cash at bank and in hand`54/58`	42,579	23,645	54,233	547,740	334,370
Deferred charges and accrued income`490/1`	11,369	2,740	4,094	7,980	4,041
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	2.8m	2.8m	2.7m	3.1m	3.2m
Equity`10/15`	336,729	185,762	208,895	327,185	326,045
Contributions`10/11`	250,000	250,000	250,000	250,000	250,000
Issued capital`100`	250,000	250,000	250,000	250,000	250,000
Reserves`13`	25,000	25,000	25,000	75,000	75,000
Legal reserve`130`	25,000	25,000	25,000	25,000	25,000
Distributable reserves`133`	-	-	-	50,000	50,000
Profit (loss) carried forward`14`	61,729	-89,238	-66,105	2,185	1,045
Provisions and deferred taxes`16`	46,563	46,563	46,563	46,563	46,563
Provisions for liabilities and charges`160/5`	46,563	46,563	46,563	46,563	46,563
Amounts payable`17/49`	2.5m	2.5m	2.5m	2.7m	2.8m
Amounts payable after more than one year`17`	1.4m	1.5m	1.7m	1.9m	2.0m
Financial debts`170/4`	1.4m	1.5m	1.7m	1.9m	2.0m
Amounts payable within one year`42/48`	1.1m	1.0m	773,520	825,938	795,178
Current portion of amounts payable after more than one year`42`	140,545	193,118	198,117	204,929	247,947
Financial debts`43`	591,248	593,192	55,538	111,438	49,917
Credit institutions`430/8`	591,248	593,192	55,538	111,438	49,917
Trade debts`44`	271,403	79,613	361,944	247,103	421,312
Suppliers`440/4`	271,403	79,613	361,944	247,103	421,312
Taxes, remuneration and social security`45`	86,947	100,348	157,921	82,468	76,002
Taxes`450/3`	2,901	8,143	62,761	5,546	4,723
Remuneration and social security`454/9`	84,046	92,205	95,160	76,922	71,280
Other amounts payable`47/48`	-	43,190	-	180,000	-
Accrued charges and deferred income`492/3`	153	161	125	232	-
Income statement
Non-recurring operating income`76A`	350,000	-	-	-	-
Gross operating margin`9900`	851,114	1.0m	1.0m	1.5m	1.2m
Remuneration, social security and pensions`62`	671,800	717,630	803,986	822,426	746,642
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	156,318	161,313	171,110	185,482	220,254
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	64,558	-	-	75,740	-
Other operating charges`640/8`	61,595	45,953	51,019	57,981	53,496
Non-recurring operating charges`66A`	-	-	-	182	-
Operating profit (loss)`9901`	-103,157	75,988	3,889	361,976	218,486
Financial income`75/76B`	12,172	7,883	8,175	61,504	11,581
Recurring financial income`75`	12,172	7,883	8,175	61,504	11,581
Financial charges`65/66B`	108,039	107,004	130,354	150,706	148,104
Recurring financial charges`65`	108,039	107,004	130,354	150,706	148,104
Profit (loss) for the period before taxes`9903`	150,976	-23,133	-118,291	272,591	81,963
Income taxes`67/77`	9	-	-	91,451	23,894
Profit (loss) for the period`9904`	150,967	-23,133	-118,291	181,140	58,068
Profit (loss) for the period to be appropriated`9905`	150,967	-23,133	-118,291	181,140	58,068
Appropriation of the result
Profit (loss) to be appropriated`9906`	61,729	-89,238	-116,105	182,185	51,045
Transfer from equity`791/2`	-	-	50,000	-	-
Transfer to equity`691/2`	-	-	-	-	50,000
To other reserves`6921`	-	-	-	-	50,000
Profit to be distributed`694/7`	-	-	-	180,000	-
Return on contributions (dividend)`694`	-	-	-	180,000	-
Social balance sheet
Average staff (FTE)`9087`	22.3	24.1	26.4	24.8	23.2
Hours worked`1013`	27,231	28,758	35,163	38,464	35,710
Document	PDF	PDF	PDF	PDF	PDF

The accounts for 18 older financial years (1988-2005) were filed as documents without figures as data, scans for example.

Source: Annual accounts 2010 (PDF), filed on 30-06-2011.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2010	abbreviated format	30-06-2011	2011-25300306	PDF
31-12-2009	abbreviated format	08-07-2010	2010-28000543	PDF
31-12-2008	abbreviated format	16-07-2009	2009-42300259	PDF
31-12-2007	abbreviated format	10-07-2008	2008-39300376	PDF
31-12-2006	abbreviated format	04-06-2007	2007-18000127	PDF
31-12-2005	abbreviated format	11-05-2006	2006-13900044	PDF
31-12-2004	abbreviated format	07-04-2005	2005-10500162	PDF
31-12-2003	full format	02-04-2004	2004-09200245	PDF
31-12-2002	full format	07-07-2003	2003-35300279	PDF
31-12-2001	full format	13-03-2002	2002-05900243	PDF
31-12-2000	full format	18-06-2001	2001-21700127	PDF
31-12-1999	full format	06-07-2000	2000-33800262	PDF
31-12-1998	full format	15-06-1999	1999-18204011	PDF
31-12-1997	full format	02-07-1998	1998-26500368	PDF
31-12-1996	abbreviated format	30-06-1997	1997-23003506	PDF
31-12-1995	abbreviated format	12-07-1996	1996-33504470	PDF
31-12-1994	abbreviated format	06-07-1995	1995-37100093	PDF
31-12-1993	abbreviated format	13-07-1994	1994-29203933	PDF
31-12-1992	abbreviated format	02-07-1993	1993-22304120	PDF
31-12-1991	abbreviated format	13-07-1992	1992-21601991	PDF
31-12-1990	abbreviated format	01-07-1991	1991-16400530	PDF
31-12-1989	abbreviated format	19-12-1990	1990-29704001	PDF
31-12-1988	abbreviated format	10-04-1990	1990-02902099	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2010	2009	2008	2007	2006
EBITDA	53,162	237,301	174,999	547,458	438,740
Cash flow	307,285	138,180	52,819	366,622	278,323
Investment in fixed assets	13,371	2,252	38,927	71,913	24,749
Change in cash	18,934	-30,589	-493,506	213,370	-
Working capital	1.0m	886,098	943,252	1.1m	1.1m
Solvency	11.8%	6.7%	7.6%	10.6%	10.2%
Current ratio	1.95	1.88	2.22	2.29	2.39
Quick ratio	1.70	1.61	1.81	1.91	1.93
Debt to equity	7.31	13.56	11.86	8.27	8.68
ROE	44.8%	-12.5%	-56.6%	55.4%	17.8%
ROA	5.3%	-0.8%	-4.3%	5.9%	1.8%

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Insights on MAPO-OPERATIONS

The operating result for 2010 is a loss of €103,157, after a profit of €75,988 in 2009. It is the lowest result since 2006.

Debt's share of the balance-sheet total falls from 91.6% to 86.5%. Equity is higher and debt is lower.