MULTISEPA
Open bankruptcyFinancials · financial year 2024, micro format
2024 annual accounts filed 29 days after the deadline Filed on 29 August 2025, deadline 31 July 2025 (7 months after the close on 31 December 2024, Companies Code art. 3:10). Source: NBB, 2025-00443272.
Annual accounts 2024 filed on 29-08-2025 PDF all 4 filings
Turnover
≈ €610,000
Estimated: probably between €410,000 and €950,000
EBIT margin
Not included in this filing
Net result
-€3,724
2023 · €14,301
Working capital
€51,665▼ 16.4%
2023 · €61,791
Multi-year overview
2021 to 2024, 4 financial yearsOperating result
-€777
2024
20212024
Net result
-€3,724
2024
middle half of the sector
20212024
Equity
€36,689
▼ 9.2%
2024
middle half of the sector
20212024
Total assets
€231,739
▼ 16.5%
2024
middle half of the sector
20212024
Debt
€195,050
▼ 17.7%
2024
20212024
Working capital
€51,665
▼ 16.4%
2024
middle half of the sector
20212024
Solvency
15.8%
▲ 1.3pp
2024
middle half of the sector
20212024
Current ratio
1.41
▲ 0.03
2024
middle half of the sector
20212024
Return on assets (ROA)
-1.6%
▼ 6.8pp
2024
middle half of the sector
20212024
Staff (FTE)
no figure
2024
20212024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2021202220232024
Operating result€3,535-€27,521▲ 679%€14,999▼ 45.5%-€777
Net result€1,657within the sector's middle half-€19,455within the sector's middle half▲ 12×€14,301within the sector's middle half▼ 26.5%-€3,724within the sector's middle half
Equity€6,657below the sector's middle half-€26,112within the sector's middle half▲ 292%€40,413below the sector's middle half▲ 54.8%€36,689within the sector's middle half▼ 9.2%
Total assets€291,052within the sector's middle half-€272,975within the sector's middle half▼ 6.2%€277,421below the sector's middle half▲ 1.6%€231,739within the sector's middle half▼ 16.5%
Debt€284,395-€246,863▼ 13.2%€237,008▼ 4.0%€195,050▼ 17.7%
Working capital-€52,880below the sector's middle half--€15,550within the sector's middle half▲ 70.6%€61,791within the sector's middle half€51,665within the sector's middle half▼ 16.4%
Solvency2.3%below the sector's middle half-9.6%below the sector's middle half▲ 7.3pp14.6%below the sector's middle half▲ 5.0pp15.8%within the sector's middle half▲ 1.3pp
Current ratio0.79within the sector's middle half-0.93within the sector's middle half▲ 0.141.38within the sector's middle half▲ 0.451.41within the sector's middle half▲ 0.03
Return on assets (ROA)0.6%within the sector's middle half-7.1%within the sector's middle half▲ 6.6pp5.2%within the sector's middle half▼ 2.0pp-1.6%within the sector's middle half▼ 6.8pp
Staff (FTE)7.1-5.7▼ 19.7%4.9within the sector's middle half▼ 14.0%
above
within
below
The sector band is the middle half of the companies in Forestry and logging (NACE 02). 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 2024 is a loss of €777, after a profit of €14,999 in 2023. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €231,739
Fixed assets
€53,373 ▲ 3.9%
Current assets
€178,366 ▼ 21.1%
Equity and liabilities €231,739
Equity
€36,689 ▼ 9.2%
Debt
€195,050 ▼ 17.7%
Debt's share of the balance-sheet total falls from 85.4% to 84.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€27,387▼
2023 · €43,792
Cash flow
€24,440▼
2023 · €43,093
Quick ratio
0.95▼
2023 · 1.12
Debt to equity
5.32▼
2023 · 5.86
ROE
-10.1%▼
2023 · 35.4%
Interest coverage
10.81▼
2023 · 16.51
Debt ≤ 1 year
€126,701▼
2023 · €164,277
Debt > 1 year
€14,603▲
2023 · €13,886
Income taxes
€436▼
2023 · €3,584
Staff costs
€212,999▲
2023 · €209,847
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 7 | 6 | 6 |
| full-time | 5 | 5 | 5 |
| part-time | 2 | 1 | 1 |
| in full-time equivalents | 5.7 | 5.7 | 5.5 |
| Average over the year, in full-time equivalents | 7.1 | 5.7 | 4.9 |
| On a permanent contract | 4 | 6 | 6 |
| Joined | 14 | 4 | 2 |
| Left | 7 | 4 | 2 |
| Training hours | 133 | - | - |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €145,048 | €3,293 | €17,195 | €30,184 |
| Intangible fixed assets | - | - | €5,472 | - |
| Financial fixed assets | €175 | - | - | - |
| Depreciation and write-downs of the year | €40,154 | €26,688 | €28,792 | €28,164 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €286,561 | €222,969 | €209,847 | €212,999 | ▲ 1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,154 | €26,688 | €28,792 | €28,164 | ▼ 2.2% |
| Other operating charges640/8 | €13,841 | €4,294 | €3,694 | €3,935 | ▲ 6.5% |
| Non-recurring operating charges66A | - | - | €1,510 | €469 | ▼ 68.9% |
| Gross operating margin9900 | €344,091 | €281,472 | €258,843 | €244,790 | ▼ 5.4% |
| Operating profit (loss)9901 | €3,535 | €27,521 | €14,999 | -€777 | - |
| Financial income75/76B | €61 | €131 | €5,539 | €23 | ▼ 99.6% |
| Recurring financial income75 | €61 | €131 | €5,539 | €23 | ▼ 99.6% |
| Financial charges65/66B | €1,851 | €2,947 | €2,653 | €2,534 | ▼ 4.5% |
| Recurring financial charges65 | €1,851 | €2,947 | €2,653 | €2,534 | ▼ 4.5% |
| Profit (loss) for the period before taxes9903 | €1,745 | €24,706 | €17,885 | -€3,288 | - |
| Income taxes67/77 | €88 | €5,251 | €3,584 | €436 | ▼ 87.8% |
| Profit (loss) for the period9904 | €1,657 | €19,455 | €14,301 | -€3,724 | - |
| Profit (loss) for the period to be appropriated9905 | €1,657 | €19,455 | €14,301 | -€3,724 | - |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €291,052 | €272,975 | €277,421 | €231,739 | ▼ 16.5% |
| Fixed assets21/28 | €93,475 | €70,080 | €51,352 | €53,373 | ▲ 3.9% |
| Intangible fixed assets21 | - | - | €4,820 | €3,726 | ▼ 22.7% |
| Tangible fixed assets22/27 | €93,300 | €69,905 | €46,357 | €49,472 | ▲ 6.7% |
| Land and buildings22 | - | - | €9,976 | €8,875 | ▼ 11.0% |
| Plant, machinery and equipment23 | €89,929 | €64,520 | €33,583 | €25,726 | ▼ 23.4% |
| Furniture and vehicles24 | €3,371 | €5,385 | €2,798 | €14,872 | ▲ 431% |
| Financial fixed assets28 | €175 | €175 | €175 | €175 | = |
| Current assets29/58 | €197,577 | €202,895 | €226,068 | €178,366 | ▼ 21.1% |
| Stocks and contracts in progress3 | €44,652 | €23,703 | €42,237 | €57,604 | ▲ 36.4% |
| Stocks30/36 | €44,652 | €23,703 | €42,237 | €57,604 | ▲ 36.4% |
| Amounts receivable within one year40/41 | €89,450 | €98,569 | €143,343 | €75,779 | ▼ 47.1% |
| Trade receivables40 | €79,019 | €92,433 | €129,927 | €31,997 | ▼ 75.4% |
| Other amounts receivable41 | €10,431 | €6,136 | €13,416 | €43,782 | ▲ 226% |
| Cash at bank and in hand54/58 | €52,842 | €75,809 | €37,003 | €40,757 | ▲ 10.1% |
| Deferred charges and accrued income490/1 | €10,633 | €4,814 | €3,486 | €4,226 | ▲ 21.2% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €291,052 | €272,975 | €277,421 | €231,739 | ▼ 16.5% |
| Equity10/15 | €6,657 | €26,112 | €40,413 | €36,689 | ▼ 9.2% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €1,657 | €21,112 | €35,413 | €31,689 | ▼ 10.5% |
| Amounts payable17/49 | €284,395 | €246,863 | €237,008 | €195,050 | ▼ 17.7% |
| Amounts payable after more than one year17 | €33,938 | €28,418 | €13,886 | €14,603 | ▲ 5.2% |
| Financial debts170/4 | €33,938 | €28,418 | €13,886 | €14,603 | ▲ 5.2% |
| Amounts payable within one year42/48 | €250,457 | €218,445 | €164,277 | €126,701 | ▼ 22.9% |
| Current portion of amounts payable after more than one year42 | €27,571 | €31,714 | €25,992 | €12,981 | ▼ 50.1% |
| Financial debts43 | €3,942 | €7,159 | €4,520 | €4,316 | ▼ 4.5% |
| Other loans439 | €3,942 | €7,159 | €4,520 | €4,316 | ▼ 4.5% |
| Trade debts44 | €22,750 | €84,750 | €103,302 | €92,868 | ▼ 10.1% |
| Suppliers440/4 | €22,750 | €84,750 | €103,302 | €92,868 | ▼ 10.1% |
| Advances received on contracts in progress46 | €52,504 | €40,505 | - | - | - |
| Taxes, remuneration and social security45 | €51,203 | €27,896 | €30,291 | €16,364 | ▼ 46.0% |
| Taxes450/3 | €14,065 | €3,116 | €4,148 | €4,454 | ▲ 7.4% |
| Remuneration and social security454/9 | €37,137 | €24,780 | €26,143 | €11,910 | ▼ 54.4% |
| Other amounts payable47/48 | €92,487 | €26,421 | €172 | €172 | = |
| Accrued charges and deferred income492/3 | - | - | €58,845 | €53,746 | ▼ 8.7% |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,657 | €19,455 | €14,301 | -€3,724 | - |
| + Depreciation and write-downs630 | €40,154 | €26,688 | €28,792 | €28,164 | ▼ 2.2% |
| Operating cash flow (approximation) | €41,810 | €46,144 | €43,093 | €24,440 | ▼ 43.3% |
| Investment in fixed assets (approximation) | - | -€3,293 | -€10,065 | -€30,184 | ▼ 200% |
| Change in cash | - | €22,967 | -€38,806 | €3,754 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.