Network Group
Open bankruptcyFinancials · financial year 2022, micro format
2022 annual accounts filed 256 days after the deadline Filed on 12 April 2024, deadline 31 July 2023 (7 months after the close on 31 December 2022, Companies Code art. 3:10). Source: NBB, 2024-00062094.
Annual accounts 2022 filed on 12-04-2024 PDF all 5 filings
Equity
-€446,598▼ 250%
2021 · -€127,549
Total assets
€184,158▼ 27.5%
2021 · €254,060
Net result
-€319,049▼ 2,083%
2021 · -€14,615
Working capital
-€463,929▼ 225%
2021 · -€142,603
Multi-year overview
2018 to 2022, 5 financial yearsOperating result
-€301,072
▼ 2,498%
2022
20182022
Net result
-€319,049
▼ 2,083%
2022
lowest quarter of the sector
20182022
Equity
-€446,598
▼ 250%
2022
lowest quarter of the sector
20182022
Total assets
€184,158
▼ 27.5%
2022
middle half of the sector
20182022
Debt
€630,757
▲ 65.3%
2022
20182022
Working capital
-€463,929
▼ 225%
2022
lowest quarter of the sector
20182022
Solvency
-242.5%
▼ 192.3pp
2022
lowest quarter of the sector
20182022
Current ratio
0.26
▼ 0.36
2022
lowest quarter of the sector
20182022
Return on assets (ROA)
-173.2%
▼ 167.5pp
2022
lowest quarter of the sector
20182022
Staff (FTE)
3.6
▲ 38.5%
2022
20182022
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022
Operating result-€43,153--€12,955▲ 70.0%-€11,589-€301,072▼ 2,498%
Net result-€46,688--€18,147▲ 61.1%-€14,615below the sector's middle half-€319,049below the sector's middle half▼ 2,083%
Equity-€36,688--€54,835▼ 49.5%-€54,835below the sector's middle half=-€127,549below the sector's middle half▼ 133%-€446,598below the sector's middle half▼ 250%
Total assets€71,428-€86,693▲ 21.4%€86,693within the sector's middle half=€254,060within the sector's middle half▲ 193%€184,158within the sector's middle half▼ 27.5%
Debt€108,116-€141,528▲ 30.9%€141,528=€381,609▲ 170%€630,757▲ 65.3%
Working capital-€25,155--€50,162▼ 99.4%-€50,162below the sector's middle half=-€142,603below the sector's middle half▼ 184%-€463,929below the sector's middle half▼ 225%
Solvency-51.4%--63.3%▼ 11.9pp-63.3%below the sector's middle half=-50.2%below the sector's middle half▲ 13.0pp-242.5%below the sector's middle half▼ 192.3pp
Current ratio0.71-0.61▼ 0.100.61below the sector's middle half=0.63below the sector's middle half▲ 0.010.26below the sector's middle half▼ 0.36
Return on assets (ROA)-65.4%--20.9%▲ 44.4pp-5.8%below the sector's middle half-173.2%below the sector's middle half▼ 167.5pp
Staff (FTE)0.9-2.63.6▲ 38.5%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2022 is a loss of €301,072, larger than the loss of €11,589 in 2021. It is the lowest result since 2018.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2022 in colour, 2021 as the grey bar beneath
Assets €184,158
Fixed assets
€17,331 ▲ 8.8%
Current assets
€166,827 ▼ 29.9%
Equity and liabilities
Equity-€446,598
Debt€630,757
Equity is negative. Debt (€630,757) exceeds the balance-sheet total (€184,158).
Key figures and ratios
EBITDA
-€297,252▼
2021 · -€9,873
Cash flow
-€315,228▼
2021 · -€12,898
Quick ratio
0.06▼
2021 · 0.13
Interest coverage
-55.56▼
2021 · -8.26
Debt ≤ 1 year
€630,757▲
2021 · €380,737
Income taxes
€9,391
Staff costs
€122,122▲
2021 · €64,842
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 | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 5 | 5 |
| full-time | 1 | 1 |
| part-time | 4 | 4 |
| in full-time equivalents | 3.4 | 3.9 |
| Average over the year, in full-time equivalents | 2.6 | 3.6 |
| On a permanent contract | 2 | 5 |
| Joined | 4 | 4 |
| Left | 1 | 4 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 |
|---|---|---|
| Tangible fixed assets | €9,912 | €5,227 |
| Depreciation and write-downs of the year | €1,716 | €3,821 |
Source: notes to the 2021 to 2022 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €29 | - |
| Remuneration, social security and pensions62 | - | - | - | €64,842 | €122,122 | ▲ 88.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,003 | €669 | - | €1,716 | €3,821 | ▲ 123% |
| Other operating charges640/8 | - | - | - | €310 | €327 | ▲ 5.3% |
| Gross operating margin9900 | €5,763 | €36,472 | - | €55,279 | -€174,803 | - |
| Operating profit (loss)9901 | -€43,153 | -€12,955 | - | -€11,589 | -€301,072 | ▼ 2,498% |
| Financial income75/76B | - | - | - | €5,550 | €2,352 | ▼ 57.6% |
| Recurring financial income75 | €57 | €1 | - | €1,504 | €2,185 | ▲ 45.3% |
| Non-recurring financial income76B | - | - | - | €4,046 | €167 | ▼ 95.9% |
| Financial charges65/66B | - | - | - | €8,576 | €10,938 | ▲ 27.6% |
| Recurring financial charges65 | €3,593 | €2,153 | - | €1,195 | €5,350 | ▲ 348% |
| Non-recurring financial charges66B | - | - | - | €7,380 | €5,588 | ▼ 24.3% |
| Profit (loss) for the period before taxes9903 | -€46,688 | -€18,147 | - | -€14,615 | -€309,658 | ▼ 2,019% |
| Income taxes67/77 | - | - | - | - | €9,391 | - |
| Profit (loss) for the period9904 | -€46,688 | -€18,147 | - | -€14,615 | -€319,049 | ▼ 2,083% |
| Profit (loss) for the period to be appropriated9905 | -€46,688 | -€18,147 | - | -€14,615 | -€319,049 | ▼ 2,083% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €71,428 | €86,693 | €86,693 | €254,060 | €184,158 | ▼ 27.5% |
| Fixed assets21/28 | €8,341 | €7,672 | €7,672 | €15,925 | €17,331 | ▲ 8.8% |
| Tangible fixed assets22/27 | €2,341 | €1,672 | €1,672 | €9,199 | €10,605 | ▲ 15.3% |
| Plant, machinery and equipment23 | - | - | - | €7,896 | €6,125 | ▼ 22.4% |
| Furniture and vehicles24 | - | - | - | €1,303 | €4,480 | ▲ 244% |
| Financial fixed assets28 | €6,000 | €6,000 | €6,000 | €6,726 | €6,726 | = |
| Current assets29/58 | €63,087 | €79,020 | €79,020 | €238,135 | €166,827 | ▼ 29.9% |
| Stocks and contracts in progress3 | €31,320 | €57,826 | €57,826 | €190,264 | €130,264 | ▼ 31.5% |
| Stocks30/36 | - | - | - | €190,264 | €130,264 | ▼ 31.5% |
| Amounts receivable within one year40/41 | €18,057 | €7,695 | €7,695 | €2,056 | €2,912 | ▲ 41.6% |
| Other amounts receivable41 | - | - | - | €2,056 | €2,912 | ▲ 41.6% |
| Current investments50/53 | - | - | - | €23,651 | €23,651 | = |
| Cash at bank and in hand54/58 | €10,238 | €12,841 | €12,841 | €6,396 | €8,710 | ▲ 36.2% |
| Deferred charges and accrued income490/1 | - | - | - | €15,767 | €1,290 | ▼ 91.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €71,428 | €86,693 | €86,693 | €254,060 | €184,158 | ▼ 27.5% |
| Equity10/15 | -€36,688 | -€54,835 | -€54,835 | -€127,549 | -€446,598 | ▼ 250% |
| Contributions10/11 | €10,000 | €10,000 | - | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | -€46,688 | -€64,835 | -€64,835 | -€137,549 | -€456,598 | ▼ 232% |
| Amounts payable17/49 | €108,116 | €141,528 | €141,528 | €381,609 | €630,757 | ▲ 65.3% |
| Amounts payable after more than one year17 | €19,874 | €12,345 | €12,345 | €872 | - | - |
| Financial debts170/4 | - | - | - | €872 | - | - |
| Amounts payable within one year42/48 | €88,242 | €129,183 | €129,183 | €380,737 | €630,757 | ▲ 65.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,048 | €872 | ▼ 87.6% |
| Financial debts43 | - | - | - | - | €87,904 | - |
| Credit institutions430/8 | - | - | - | - | €87,904 | - |
| Trade debts44 | €65,551 | €15,324 | €15,324 | €43,809 | €196,236 | ▲ 348% |
| Suppliers440/4 | - | - | - | €43,809 | €196,236 | ▲ 348% |
| Taxes, remuneration and social security45 | - | - | - | €17,350 | €95,155 | ▲ 448% |
| Taxes450/3 | - | - | - | €8,017 | €68,210 | ▲ 751% |
| Remuneration and social security454/9 | - | - | - | €9,334 | €26,945 | ▲ 189% |
| Other amounts payable47/48 | - | - | - | €312,530 | €250,590 | ▼ 19.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€46,688 | -€18,147 | - | -€14,615 | -€319,049 | ▼ 2,083% |
| + Depreciation and write-downs630 | €1,003 | €669 | - | €1,716 | €3,821 | ▲ 123% |
| Operating cash flow (approximation) | -€45,685 | -€17,478 | - | -€12,898 | -€315,228 | ▼ 2,344% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€9,969 | -€5,227 | ▲ 47.6% |
| Change in cash | - | €2,603 | €0 | -€6,444 | €2,313 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2022 | micro format | 12-04-2024 | 2024-00062094 | |
| 31-12-2021 | micro format | 25-02-2023 | 2023-00033016 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64400497 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-65500120 | |
| 31-12-2018 | micro format | 31-10-2019 | 2019-73400026 |