P.B. PROJECTS
Open bankruptcyFinancials · financial year 2023, full format
Annual accounts 2023 filed on 31-08-2023 PDF all 28 filings
Turnover
€49.3m▼ 12.8%
2022 · €56.6m
EBIT margin
2.5%▼ 1.2pp
2022 · 3.7%
Net result
€856,308▼ 40.5%
2022 · €1.4m
Working capital
€6.8m▲ 15.6%
2022 · €5.9m
Multi-year overview
2019 to 2023, 4 financial yearsTurnover
€49.3m
▼ 12.8%
2023
20192023
Operating result
€1.2m
▼ 41.0%
2023
20192023
Net result
€856,308
▼ 40.5%
2023
highest quarter of the sector
20192023
EBIT margin
2.5%
▼ 1.2pp
2023
20192023
Equity
€8.9m
▲ 10.6%
2023
highest quarter of the sector
20192023
Total assets
€19.1m
▲ 30.5%
2023
highest quarter of the sector
20192023
Debt
€10.1m
▲ 55.1%
2023
20192023
Working capital
€6.8m
▲ 15.6%
2023
highest quarter of the sector
20192023
Solvency
46.8%
▼ 8.4pp
2023
middle half of the sector
20192023
Current ratio
1.68
▼ 0.27
2023
middle half of the sector
20192023
Return on assets (ROA)
4.5%
▼ 5.4pp
2023
middle half of the sector
20192023
Staff (FTE)
32.6
▼ 14.4%
2023
highest quarter of the sector
20192023
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202120222023
Turnover€65.6m-€83.6m-€56.6m▼ 32.3%€49.3m▼ 12.8%
Operating result€1.2m-€1.9m-€2.1m▲ 7.2%€1.2m▼ 41.0%
Net result€0.8m-€1.4mabove the sector's middle half-€1.4mabove the sector's middle half▲ 0.5%€0.9mabove the sector's middle half▼ 40.5%
EBIT margin1.9%-2.3%-3.7%▲ 1.4pp2.5%▼ 1.2pp
Equity€5.7m-€7.1mabove the sector's middle half-€8.1mabove the sector's middle half▲ 12.7%€8.9mabove the sector's middle half▲ 10.6%
Total assets€18.2m-€14.5mabove the sector's middle half-€14.6mabove the sector's middle half▲ 1.0%€19.1mabove the sector's middle half▲ 30.5%
Debt€12.5m-€7.3m-€6.5m▼ 10.6%€10.1m▲ 55.1%
Working capital€2.2m-€4.5mabove the sector's middle half-€5.9mabove the sector's middle half▲ 29.2%€6.8mabove the sector's middle half▲ 15.6%
Solvency31.3%-49.4%within the sector's middle half-55.2%within the sector's middle half▲ 5.8pp46.8%within the sector's middle half▼ 8.4pp
Current ratio1.18-1.67within the sector's middle half-1.96within the sector's middle half▲ 0.291.68within the sector's middle half▼ 0.27
Return on assets (ROA)4.5%-9.9%within the sector's middle half-9.9%within the sector's middle half=4.5%within the sector's middle half▼ 5.4pp
Staff (FTE)46.7-42.7above the sector's middle half-38.1above the sector's middle half▼ 10.8%32.6above the sector's middle half▼ 14.4%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 2023 is 41% lower than in 2022 and the lowest since 2019.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €19.1m
Fixed assets
€2.4m ▼ 9.1%
Current assets
€16.7m ▲ 39.1%
Equity and liabilities €19.1m
Equity
€8.9m ▲ 10.6%
Debt
€10.1m ▲ 55.1%
Debt's share of the balance-sheet total rises from 44.8% to 53.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.7m▼
2022 · €2.9m
Cash flow
€1.3m▼
2022 · €2.2m
Quick ratio
1.33▼
2022 · 1.45
Debt to equity
1.14▲
2022 · 0.81
ROE
9.6%▼
2022 · 17.9%
Interest coverage
83.41▼
2022 · over 100
Debt ≤ 1 year
€9.9m▲
2022 · €6.1m
Debt > 1 year
€201,586▼
2022 · €362,637
Income taxes
€330,629▼
2022 · €609,421
Customer credit
63 days▲
2022 · 47 days
Supplier credit
72 days▲
2022 · 33 days
Staff costs
€2.1m▼
2022 · €2.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 |
|---|---|---|
| Employees at the balance-sheet date | 34 | 34 |
| full-time | 28 | 23 |
| part-time | 6 | 11 |
| in full-time equivalents | 33 | 32.2 |
| Average over the year, in full-time equivalents | 38.1 | 32.6 |
| On a permanent contract | 34 | 34 |
| Joined | 4 | 5 |
| Left | 11 | 5 |
| Agency workers, average number | 3.4 | 5.6 |
| Training hours | 7 | 66 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 |
|---|---|---|
| Debts secured on the company's own assets | €548,848 | €362,637 |
| Mortgages, amount registered | €232,500 | €232,500 |
| Mortgage mandates | €1.9m | €1.9m |
| Carrying value of the mortgaged assets | €1.5m | €1.4m |
| Pledge on the business | €5.5m | €5.5m |
| Guarantees given for others' debts | €7.3m | - |
Source: notes to the 2022 to 2023 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 |
|---|---|---|
| Tangible fixed assets | €210,197 | €211,126 |
| Intangible fixed assets | €3,285 | - |
| Depreciation and write-downs of the year | €771,218 | €446,920 |
Source: notes to the 2022 to 2023 annual accounts (statement of fixed assets)
Auditor
| Item | 31-03-2022 | 31-03-2023 |
|---|---|---|
| Fee for the audit | €13,130 | €16,108 |
Source: notes to the 2022 to 2023 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €512 awarded · €512 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €99 | €99 |
| 2023 | 1 | €0 | €190 |
| 2022 | 1 | €413 | €223 |
Annual accounts
| Line | 2019 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|
| Operating income70/76A | - | - | €59.7m | €52.2m | ▼ 12.5% |
| Turnover70 | €65.6m | €83.6m | €56.6m | €49.3m | ▼ 12.8% |
| Other operating income74 | - | - | €3.1m | €2.9m | ▼ 6.6% |
| Operating charges60/66A | - | - | €57.6m | €51.0m | ▼ 11.5% |
| Goods for resale, raw materials and consumables60 | - | - | €51.7m | €45.1m | ▼ 12.7% |
| Purchases600/8 | - | - | €52.4m | €45.5m | ▼ 13.1% |
| Change in stocks: decrease (increase)609 | - | - | -€0.7m | -€0.4m | ▲ 44.8% |
| Services and other goods61 | - | - | €3.1m | €3.3m | ▲ 7.9% |
| Remuneration, social security and pensions62 | - | - | €2.1m | €2.1m | ▼ 2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.0m | €1.6m | €0.8m | €0.4m | ▼ 42.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€4.0m | €0.03m | - |
| Other operating charges640/8 | - | - | €4.0m | €0.03m | ▼ 99.3% |
| Non-recurring operating charges66A | - | - | - | €0.001m | - |
| Operating profit (loss)9901 | €1.2m | €1.9m | €2.1m | €1.2m | ▼ 41.0% |
| Financial income75/76B | - | - | €0.007m | €0.01m | ▲ 45.9% |
| Recurring financial income75 | €0.03m | €0.05m | €0.007m | €0.008m | ▲ 7.2% |
| Income from financial fixed assets750 | - | - | €450 | €150 | ▼ 66.7% |
| Other financial income752/9 | - | - | €0.007m | €0.008m | ▲ 12.2% |
| Non-recurring financial income76B | - | - | - | €0.003m | - |
| Financial charges65/66B | - | - | €0.05m | €0.06m | ▲ 19.8% |
| Recurring financial charges65 | €0.06m | €0.1m | €0.05m | €0.06m | ▲ 19.8% |
| Debt charges650 | €0.04m | €0.07m | €0.02m | €0.02m | ▼ 4.5% |
| Other financial charges652/9 | - | - | €0.02m | €0.03m | ▲ 40.3% |
| Profit (loss) for the period before taxes9903 | €1.2m | €1.9m | €2.0m | €1.2m | ▼ 42.1% |
| Income taxes67/77 | €0.4m | €0.5m | €0.6m | €0.3m | ▼ 45.7% |
| Taxes670/3 | - | - | €0.6m | €0.3m | ▼ 45.7% |
| Profit (loss) for the period9904 | €0.8m | €1.4m | €1.4m | €0.9m | ▼ 40.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.008m | - |
| Transfer to tax-exempt reserves689 | - | - | €0.4m | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.8m | €1.4m | €1.0m | €0.9m | ▼ 15.1% |
| Line | 2019 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €18.2m | €14.5m | €14.6m | €19.1m | ▲ 30.5% |
| Fixed assets21/28 | €3.7m | €3.2m | €2.6m | €2.4m | ▼ 9.1% |
| Intangible fixed assets21 | €0.03m | €0.01m | €0.01m | €0.006m | ▼ 43.2% |
| Tangible fixed assets22/27 | €3.6m | €3.1m | €2.6m | €2.3m | ▼ 9.0% |
| Land and buildings22 | - | - | €1.5m | €1.4m | ▼ 6.0% |
| Plant, machinery and equipment23 | - | - | €1.0m | €0.9m | ▼ 13.6% |
| Other tangible fixed assets26 | - | - | €0.03m | €0.03m | ▼ 1.8% |
| Financial fixed assets28 | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Other financial fixed assets284/8 | - | - | €0.006m | €0.006m | = |
| Shares284 | - | - | €0.003m | €0.003m | = |
| Amounts receivable and cash guarantees285/8 | - | - | €0.003m | €0.003m | = |
| Current assets29/58 | €14.6m | €11.3m | €12.0m | €16.7m | ▲ 39.1% |
| Stocks and contracts in progress3 | €2.8m | €2.4m | €3.1m | €3.5m | ▲ 11.1% |
| Stocks30/36 | - | - | €3.1m | €3.5m | ▲ 11.1% |
| Goods purchased for resale34 | - | - | €3.1m | €3.5m | ▲ 11.1% |
| Amounts receivable within one year40/41 | €9.6m | €7.6m | €8.5m | €10.4m | ▲ 22.1% |
| Trade receivables40 | - | - | €7.3m | €8.5m | ▲ 16.5% |
| Other amounts receivable41 | - | - | €1.2m | €1.9m | ▲ 55.3% |
| Cash at bank and in hand54/58 | €2.0m | €1.1m | €0.2m | €2.7m | ▲ 12× |
| Deferred charges and accrued income490/1 | - | - | €0.1m | €0.1m | ▼ 17.4% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €18.2m | €14.5m | €14.6m | €19.1m | ▲ 30.5% |
| Equity10/15 | €5.7m | €7.1m | €8.1m | €8.9m | ▲ 10.6% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | €0.1m | €0.1m | = |
| Issued capital100 | - | - | €0.1m | €0.1m | = |
| Revaluation surpluses12 | - | - | €0.7m | €0.7m | ▼ 2.0% |
| Reserves13 | €1.5m | €1.5m | €2.0m | €2.0m | ▲ 0.3% |
| Non-distributable reserves130/1 | - | - | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | €0.7m | €0.4m | ▼ 35.6% |
| Distributable reserves133 | - | - | €1.3m | €1.5m | ▲ 18.5% |
| Profit (loss) carried forward14 | €3.4m | €4.8m | €5.3m | €6.2m | ▲ 16.2% |
| Amounts payable17/49 | €12.5m | €7.3m | €6.5m | €10.1m | ▲ 55.1% |
| Amounts payable after more than one year17 | €0.2m | €0.5m | €0.4m | €0.2m | ▼ 44.4% |
| Financial debts170/4 | - | - | €0.4m | €0.2m | ▼ 44.4% |
| Credit institutions173 | - | - | €0.4m | €0.2m | ▼ 44.4% |
| Amounts payable within one year42/48 | €12.3m | €6.8m | €6.1m | €9.9m | ▲ 61.6% |
| Current portion of amounts payable after more than one year42 | - | - | €0.2m | €0.2m | ▲ 0.6% |
| Financial debts43 | - | - | €0.03m | €0.3m | ▲ 11× |
| Credit institutions430/8 | - | - | €0.03m | €0.3m | ▲ 11× |
| Trade debts44 | €11.2m | €5.5m | €4.6m | €8.8m | ▲ 91.2% |
| Suppliers440/4 | - | - | €4.6m | €8.8m | ▲ 91.2% |
| Advances received on contracts in progress46 | - | - | €0.1m | €0.1m | ▼ 8.6% |
| Taxes, remuneration and social security45 | - | - | €0.5m | €0.5m | ▼ 12.9% |
| Taxes450/3 | - | - | €0.2m | €0.1m | ▼ 42.3% |
| Remuneration and social security454/9 | - | - | €0.3m | €0.3m | ▲ 11.8% |
| Other amounts payable47/48 | - | - | €0.6m | €0.006m | ▼ 99.1% |
| Accrued charges and deferred income492/3 | - | - | €0.04m | €0.03m | ▼ 39.9% |
| Line | 2019 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.8m | €1.4m | €1.4m | €0.9m | ▼ 40.5% |
| + Depreciation and write-downs630 | €1.0m | €1.6m | €0.8m | €0.4m | ▼ 42.1% |
| Operating cash flow (approximation) | €1.8m | €3.0m | €2.2m | €1.3m | ▼ 41.0% |
| Investment in fixed assets (approximation) | - | - | -€0.2m | -€0.2m | ▲ 1.6% |
| Change in cash | - | - | -€0.9m | €2.5m | - |
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 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2023 | full format | 31-08-2023 | 2023-00414622 | |
| 31-03-2022 | full format | 16-08-2022 | 2022-20294927 | |
| 31-03-2021 | full format | 06-09-2021 | 2021-66700112 | |
| 30-09-2019 | full format | 24-02-2020 | 2020-05700242 | |
| 30-09-2018 | full format | 21-02-2019 | 2019-05600086 | |
| 30-09-2017 | full format | 27-02-2018 | 2018-05800347 | |
| 30-09-2016 | full format | 21-02-2017 | 2017-04800585 | |
| 30-09-2015 | full format | 21-12-2015 | 2015-70200235 | |
| 30-09-2014 | full format | 18-02-2015 | 2015-04400378 | |
| 30-09-2013 | full format | 19-12-2013 | 2013-69400152 |