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PROGRESO

Inactive KBO/BCE: BE 0860.498.579
PROGRESO
Financial year 2018
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Annual accounts 2018

abbreviated format, filed on 19-10-2018, 104 days before the deadline
Gross margin
€1.2m
▲ 7.3%
Operating result
€99,491
▲ 23×
EBITDA
€427,799
▲ 53.9%
Cash flow
€403,228
▲ 58.3%
Solvency
45.7%
▲ 6.6 percentage points
Current ratio
0.75
▼ 0.19

Money flows

no detail for 2018

Balance sheet

balance sheet total €1.3m on 30-06-2018
What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Staff

Staff cost per FTE€59,453

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

Joined and left-1

Training hours in 2018: 208.

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend201820172016201420132012201120102009200820072006
Balance sheet: assets
Total assets20/58 1.3m1.4m1.3m1.2m1.0m633,608469,277394,528311,127346,554333,467196,059
Fixed assets21/28 1.0m1.0m976,858411,472313,105129,959124,384139,960169,424201,279153,89054,872
Intangible fixed assets21 836,935854,321810,783261,45796,772-------
Tangible fixed assets22/27 182,289172,873166,075133,336151,06283,359107,704122,150152,744108,36467,53051,812
Plant, machinery and equipment23 182,289172,873165,857122,192128,99578,50499,815116,224136,99697,10352,66510,642
Furniture and vehicles24 -021811,14322,0684,8567,8895,92515,74811,26114,86541,170
Financial fixed assets28 --016,68065,27046,60016,68017,81016,68092,91586,3603,060
Current assets29/58 321,301346,887343,333747,703735,799503,648344,893254,568141,703145,275179,577141,187
Amounts receivable within one year40/41 273,825246,864307,644701,166698,504277,017241,962245,688140,314117,094173,134101,402
Trade receivables40 273,825246,864307,644547,345698,504248,340162,036147,45085,465101,276138,594101,402
Other amounts receivable41 ---153,820-28,67679,92698,23854,84915,81834,540-
Current investments50/53 ------1,615-----
Cash at bank and in hand54/58 42,71691,20532,88246,53727,57044,560-8,8801,38928,1815,44339,785
Deferred charges and accrued income490/1 4,7608,8182,806-9,725182,072101,316---1,000-
Balance sheet: equity and liabilities
Total equity and liabilities10/49 1.3m1.4m1.3m1.2m1.0m633,608469,277394,528311,127346,554333,467196,059
Equity10/15 612,652537,732556,668585,307475,941412,982212,141167,771119,382169,581157,674129,303
Contributions10/11 550,000550,000550,000300,000300,000300,00018,60018,60018,6006,2006,2006,200
Issued capital100 550,000550,000550,000300,000300,000300,00018,60018,60018,60018,60018,60018,600
Uncalled capital101 ---------12,40012,40012,400
Reserves13 79,72479,72479,72479,72479,72479,72451,58451,58451,58451,58451,58446,909
Legal reserve130 30,00030,00030,00030,00030,00030,0001,8601,8601,8601,8601,8601,860
Tax-exempt reserves132 45,05045,05045,05045,05045,05045,05045,05045,05045,04945,04945,04945,049
Distributable reserves133 4,6744,6744,6744,6744,6744,6744,6744,6744,6754,6754,675-
Profit (loss) carried forward14 -17,072-91,992-73,056205,58396,21733,258141,95797,58749,198111,79799,89076,194
Amounts payable17/49 727,873836,349763,523573,868572,962220,626257,136226,756191,745176,973175,79366,756
Amounts payable after more than one year17 299,145466,724409,61121,79233,31644,21056,64471,97687,439102,06745,937-
Financial debts170/4 299,145466,724409,61121,79233,31644,21056,64471,97687,439102,06745,937-
Amounts payable within one year42/48 428,728369,625353,912552,076539,647176,416200,492154,780104,30674,90698,05244,180
Current portion of amounts payable after more than one year42 204,490233,370105,03311,52410,89411,43515,33215,46214,62913,840--
Financial debts43 25,00050,000150,000150,000175,0008,50472,779---3,333-
Credit institutions430/8 25,00050,000150,000150,000175,0008,50472,779---3,333-
Trade debts44 34,96072,38959,87686,91081,93441,01148,60795,17737,72237,25629,9024,578
Suppliers440/4 34,96072,38959,87686,91081,93441,01148,60795,17737,72237,25629,9024,578
Taxes, remuneration and social security45 6065,43630,483302,641219,755115,46763,77344,14151,95523,81064,81730,186
Taxes450/3 6065,43630,483202,900137,927115,46763,77344,14146,00417,85864,81730,186
Remuneration and social security454/9 ---99,74181,828---5,9515,952--
Other amounts payable47/48 163,6738,4308,5211,00152,063------9,416
Accrued charges and deferred income492/3 ----------31,80422,576
Income statement
Turnover70 --1.9m1.7m1.4m-------
Non-recurring operating income76A -----332-2,214-2,0003,500-
Gross operating margin9900 1.2m1.1m1.7m1.4m1.0m680,047329,789198,40572,448126,95386,62886,291
Goods, raw materials, services and sundry goods60/61 501,961516,0661.0m781,585668,754-------
Remuneration, social security and pensions62 755,053827,1361.6m1.0m758,880564,401221,91098,46483,62449,46838,7100
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 328,308273,679142,314123,67685,69035,07731,19140,43139,94924,50116,25213,767
Other operating charges640/8 18,97114,86518,17110,45146,8857,1451,9481,8741,5571,9012,4828,485
Non-recurring operating charges66A --5,90034,084--------
Operating profit (loss)9901 99,4914,378-94,483218,847121,05973,42474,74157,636-52,68251,08329,18464,039
Financial income75/76B 114139034175,9467,6033,4623,4802,9841,875330
Recurring financial income75 114139034175,9467,6033,4623,4802,9841,875330
Financial charges65/66B 22,69423,45531,0359,42918,10811,2926,9465,3837,0236,3327681,531
Recurring financial charges65 22,69423,45525,1359,42918,10811,2926,9465,3837,0236,3327681,531
Non-recurring financial charges66B --5,900---------
Profit (loss) for the period before taxes9903 76,798-18,936-125,128175,675102,95768,40975,39857,929-56,22549,73533,79162,838
Income taxes67/77 1,878-153,51266,30939,99817,56831,0299,5406,37437,82810,09516,513
Profit (loss) for the period9904 74,920-18,936-278,639109,36662,96050,84144,36948,389-62,59911,90723,69646,325
Transfer to tax-exempt reserves689 -----------18,750
Profit (loss) for the period to be appropriated9905 74,920-18,936-278,639109,36662,96050,84144,36948,389-62,59911,90723,69627,575
Appropriation of the result
Profit (loss) to be appropriated9906 -17,072-91,992-73,056205,58396,21761,398141,95797,58749,198111,79799,89076,194
Transfer to equity691/2 -----28,140------
To the legal reserve6920 -----28,140------
Social balance sheet
Average staff (FTE)9087 12.71422.217.514.49.74.61.81.71.10.90
Hours worked1013 21,05223,05959,91329,28924,85817,0578,1303,4643,1161,8321,6980
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 2 older financial years (2004-2005) were filed as documents without figures as data, scans for example.

Source: Annual accounts 2018 (PDF), filed on 19-10-2018.

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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
30-06-2018 abbreviated format 19-10-2018 2018-69500590 PDF
30-06-2017 abbreviated format 18-05-2018 2018-13000316 PDF
30-06-2016 abbreviated format 02-08-2017 2017-39700200 PDF
31-12-2014 abbreviated format 19-08-2015 2015-43600562 PDF
31-12-2013 abbreviated format 18-08-2014 2014-42800139 PDF
31-12-2012 abbreviated format 18-09-2013 2013-58800046 PDF
31-12-2011 abbreviated format 31-08-2012 2012-49400517 PDF
31-12-2010 abbreviated format 18-09-2011 2011-55000507 PDF
31-12-2009 abbreviated format 31-01-2011 2011-02000174 PDF
31-12-2008 abbreviated format 11-10-2009 2009-81100016 PDF
31-12-2007 abbreviated format 29-09-2008 2008-74800120 PDF
31-12-2006 abbreviated format 16-08-2007 2007-56300225 PDF
31-12-2005 abbreviated format 31-08-2006 2006-75703867 PDF
31-12-2004 abbreviated format 12-08-2005 2005-64301134 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend201820172016201420132012201120102009200820072006
EBITDA 427,799278,05747,831342,524206,749108,501105,93298,067-12,73375,58445,43677,806
Cash flow 403,228254,743-136,325233,042148,64985,91875,56088,820-22,65036,40839,94860,092
Investment in fixed assets 320,338324,015724,380304,718268,83540,65216,74525,07384,32971,890138,34763,897
Change in cash -48,48958,323-18,967-16,990--7,491-26,79222,738-34,342-
Working capital -107,427-22,738-10,579195,626196,152327,232144,40199,78837,39770,36981,52597,007
EBIT margin ---4.9%13.1%8.4%-------
Solvency 45.7%39.1%42.2%50.5%45.4%65.2%45.2%42.5%38.4%48.9%47.3%66.0%
Current ratio 0.750.940.971.351.362.851.721.641.361.941.833.20
Debt to equity 1.191.561.370.981.200.531.211.351.611.041.110.52
ROE 12.2%-3.5%-50.1%18.7%13.2%12.3%20.9%28.8%-52.4%7.0%15.0%35.8%
ROA 5.6%-1.4%-21.1%9.4%6.0%8.0%9.5%12.3%-20.1%3.4%7.1%23.6%
Customer credit --58 days119 days176 days-------
Supplier credit 25 days51 days21 days41 days45 days-------

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 PROGRESO

The operating result for 2018 is nearly 23 times that of 2017 and the highest since 2014. It is the second rise in a row.

Debt's share of the balance-sheet total falls from 60.9% to 54.3%. Equity is higher and debt is lower.

Large changes and their cause
  • 2017 Net result +93% on 2016. The previous financial year ran 18 months, this one 12.

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