PASEC
Absorbed by PALETCOFinancials · financial year 2021, full format, standalone accounts
Annual accounts 2021 filed on 23-05-2022 PDF all 55 filings
Turnover
€20.2m▲ 11.2%
2019 · €18.2m
EBIT margin
18.3%▲ 36.6pp
2019 · -18.3%
Net result
€3.5m▲ 122%
2019 · €1.6m
Working capital
€6.6m▲ 130%
2019 · €2.9m
Multi-year overview
2018 to 2021, 3 financial yearsTurnover
€20.2m
2021
20182021
Operating result
€3.7m
2021
20182021
Net result
€3.5m
2021
20182021
EBIT margin
18.3%
2021
20182021
Equity
€6.9m
2021
20182021
Total assets
€8.5m
2021
20182021
Debt
€1.6m
2021
20182021
Working capital
€6.6m
2021
20182021
Staff (FTE)
30.8
2021
20182021
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192021
Turnover€30.7m-€18.2m▼ 40.7%€20.2m-
Operating result-€2.5m--€3.3m▼ 34.6%€3.7m-
Net result-€2.4m-€1.6m€3.5m-
EBIT margin-8.1%--18.3%▼ 10.3pp18.3%-
Equity€4.0m-€3.5m▼ 12.7%€6.9m-
Total assets€15.4m-€12.7m▼ 17.9%€8.5m-
Debt€11.2m-€8.4m▼ 25.0%€1.6m-
Working capital€0.4m-€2.9m▲ 590%€6.6m-
Staff (FTE)145.1-83.6▼ 42.4%30.8-
The operating result for 2021 is €3.7m, against a loss of €3.3m in 2019. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2021 in colour, 2019 as the grey bar beneath
Assets €8.5m
Fixed assets
€282,442 ▼ 79.6%
Current assets
€8.3m ▼ 26.8%
Equity and liabilities €8.5m
Equity
€6.9m ▲ 96.5%
Provisions
€19,191 ▼ 97.5%
Debt
€1.6m ▼ 80.6%
Debt's share of the balance-sheet total falls from 66.3% to 19.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€3.9m▲
2019 · -€3.0m
Cash flow
€3.7m▲
2019 · €2.0m
Current ratio
5.05▲
2019 · 1.34
Quick ratio
3.75▲
2019 · 1.19
Debt to equity
0.24
ROE
51.1%▲
2019 · 45.3%
ROA
41.2%▲
2019 · 12.5%
Interest coverage
over 100▲
2019 · -38.65
Debt ≤ 1 year
€1.6m▼
2019 · €8.4m
Income taxes
€222,877▲
2019 · €785
Customer credit
48 days▼
2019 · 200 days
Supplier credit
25 days
Staff costs
€2.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 31 |
| full-time | 28 |
| part-time | 3 |
| in full-time equivalents | 30.1 |
| Average over the year, in full-time equivalents | 30.8 |
| On a permanent contract | 31 |
| Joined | 6 |
| Left | 5 |
| Agency workers, average number | 7.3 |
| Training hours | 1,055 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 |
|---|---|
| Tangible fixed assets | €88,461 |
| Depreciation and write-downs of the year | €206,236 |
Source: notes to the 2021 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 |
|---|---|
| Fee for the audit | €15,450 |
Source: notes to the 2021 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2021 | Change |
|---|---|---|---|---|
| Operating income70/76A | - | - | €21.0m | - |
| Turnover70 | €30.7m | €18.2m | €20.2m | - |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | €0.5m | - |
| Other operating income74 | - | - | €0.2m | - |
| Non-recurring operating income76A | - | - | €0.04m | - |
| Operating charges60/66A | - | - | €17.3m | - |
| Goods for resale, raw materials and consumables60 | - | - | €12.3m | - |
| Purchases600/8 | - | - | €12.6m | - |
| Change in stocks: decrease (increase)609 | - | - | -€0.3m | - |
| Services and other goods61 | - | - | €2.8m | - |
| Remuneration, social security and pensions62 | - | - | €2.0m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.4m | €0.2m | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€0.002m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | -€0.03m | - |
| Other operating charges640/8 | - | - | €0.04m | - |
| Non-recurring operating charges66A | - | - | €0.01m | - |
| Operating profit (loss)9901 | -€2.5m | -€3.3m | €3.7m | - |
| Financial income75/76B | - | - | €0.09m | - |
| Recurring financial income75 | €0.1m | €1.0m | €0.09m | - |
| Income from current assets751 | - | - | €0.02m | - |
| Other financial income752/9 | - | - | €0.07m | - |
| Financial charges65/66B | - | - | €0.04m | - |
| Recurring financial charges65 | €0.07m | €0.09m | €0.04m | - |
| Debt charges650 | €0.06m | €0.08m | €1 | - |
| Other financial charges652/9 | - | - | €0.04m | - |
| Profit (loss) for the period before taxes9903 | -€2.4m | €1.6m | €3.7m | - |
| Income taxes67/77 | -€0.01m | €0.001m | €0.2m | - |
| Taxes670/3 | - | - | €0.2m | - |
| Tax adjustments and reversals of tax provisions77 | - | - | €0.02m | - |
| Profit (loss) for the period9904 | -€2.4m | €1.6m | €3.5m | - |
| Transfer to tax-exempt reserves689 | - | - | €0.2m | - |
| Profit (loss) for the period to be appropriated9905 | -€2.4m | €1.6m | €3.4m | - |
| Line | 2018 | 2019 | 2021 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €15.4m | €12.7m | €8.5m | - |
| Fixed assets21/28 | €3.8m | €1.4m | €0.3m | - |
| Tangible fixed assets22/27 | €1.9m | €1.4m | €0.3m | - |
| Land and buildings22 | - | - | €0.03m | - |
| Plant, machinery and equipment23 | - | - | €0.08m | - |
| Furniture and vehicles24 | - | - | €0.2m | - |
| Financial fixed assets28 | €1.9m | €87 | €87 | - |
| Other financial fixed assets284/8 | - | - | €87 | - |
| Amounts receivable and cash guarantees285/8 | - | - | €87 | - |
| Current assets29/58 | €11.6m | €11.3m | €8.3m | - |
| Stocks and contracts in progress3 | €4.2m | €1.3m | €2.1m | - |
| Stocks30/36 | - | - | €2.1m | - |
| Raw materials and consumables30/31 | - | - | €1.0m | - |
| Work in progress32 | - | - | €0.4m | - |
| Finished goods33 | - | - | €0.6m | - |
| Goods purchased for resale34 | - | - | €0.06m | - |
| Amounts receivable within one year40/41 | €6.2m | €9.9m | €5.5m | - |
| Trade receivables40 | - | - | €2.6m | - |
| Other amounts receivable41 | - | - | €2.9m | - |
| Cash at bank and in hand54/58 | €1.1m | €0.02m | €0.6m | - |
| Deferred charges and accrued income490/1 | - | - | €0.06m | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €15.4m | €12.7m | €8.5m | - |
| Equity10/15 | €4.0m | €3.5m | €6.9m | - |
| Contributions10/11 | €2.0m | €2.0m | €2.0m | - |
| Capital10 | - | - | €2.0m | - |
| Issued capital100 | - | - | €2.0m | - |
| Contributions outside capital11 | - | - | €0.001m | - |
| Share premium1100/10 | - | - | €0.001m | - |
| Reserves13 | €1.3m | €1.3m | €1.5m | - |
| Non-distributable reserves130/1 | - | - | €0.2m | - |
| Legal reserve130 | - | - | €0.2m | - |
| Tax-exempt reserves132 | - | - | €0.2m | - |
| Distributable reserves133 | - | - | €1.2m | - |
| Profit (loss) carried forward14 | €0.5m | €0.01m | €3.4m | - |
| Provisions and deferred taxes16 | €0.2m | €0.8m | €0.02m | - |
| Provisions for liabilities and charges160/5 | - | - | €0.02m | - |
| Pensions and similar obligations160 | - | - | €0.02m | - |
| Amounts payable17/49 | €11.2m | €8.4m | €1.6m | - |
| Amounts payable within one year42/48 | €11.2m | €8.4m | €1.6m | - |
| Trade debts44 | €4.3m | €1.4m | €1.0m | - |
| Suppliers440/4 | - | - | €1.0m | - |
| Taxes, remuneration and social security45 | - | - | €0.5m | - |
| Taxes450/3 | - | - | €0.3m | - |
| Remuneration and social security454/9 | - | - | €0.3m | - |
| Other amounts payable47/48 | - | - | €0.06m | - |
| Line | 2018 | 2019 | 2021 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2.4m | €1.6m | €3.5m | - |
| + Depreciation and write-downs630 | €0.4m | €0.4m | €0.2m | - |
| Operating cash flow (approximation) | -€2.0m | €2.0m | €3.7m | - |
| Investment in fixed assets (approximation) | - | €2.1m | - | - |
| Change in cash | - | -€1.1m | - | - |
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 55 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2021 | full format | 23-05-2022 | 2022-20032644 | |
| 31-12-2020 | full format | 28-07-2021 | 2021-41400593 | |
| 31-12-2019 | full format | 28-04-2020 | 2020-10200521 | |
| 31-12-2018 | consolidated | 04-06-2019 | 2019-16200145 | |
| 31-12-2018 | full format | 03-06-2019 | 2019-16100555 | |
| 31-12-2017 | consolidated | 24-07-2018 | 2018-38400501 | |
| 31-12-2017 | full format | 13-06-2018 | 2018-19500239 | |
| 31-12-2016 | consolidated | 20-07-2017 | 2017-33700581 | |
| 31-12-2016 | full format | 30-05-2017 | 2017-14300144 | |
| 31-12-2015 | consolidated | 20-07-2016 | 2016-34500054 |