PROGRESO

Inactive KBO/BCE: BE 0860.498.579

PROGRESO

Follow Report

Overview

Information for creditors

Enterprise Court of Antwerp · Official Gazette of 27-09-2019

Opened on 20 September 2019 · moratorium passed on 30 November 2019

Creditor guide for this company

Steps, deadlines and articles of law

The procedure

Court: Enterprise Court of Antwerp
Track: Reorganisation by amicable settlement
Docket number: 20190041
Moratorium until: 30 November 2019 (passed, unless a later judgment extended it)
Delegated judge: Eric Jonkers
Official Gazette: 27-09-2019search the document for 2019/148296

Steps for a creditor

Do not attach assets or start enforcement for debts from before the opening while the moratorium runs.
An amicable settlement binds only the creditors who sign it. You decide whether you sign.
What you deliver after the opening is not covered by the moratorium. Agree clear payment terms for it.
The file is in RegSol, where you can read the documents of the procedure.

The judgment sets how long the moratorium runs. That date is in RegSol and in the publication in the Official Gazette.

Your claim still exists, but while the moratorium runs you cannot enforce it. What you do now depends on the track of the reorganisation.

Follow Follow this reorganisation and you are notified of an extension, the court's approval, the closure or a bankruptcy.

This is general information, not legal advice. If in doubt, your lawyer or your accountant can help.

Lifetime

12 annual accounts with figures on one time axis, 14 filings since 2004

Gross marginpeak €1.7m (2016)

€1.2m▲ 7.3%

Resultlowest -€278,639 (2016)

€74,920▲ €93,855

Equitypeak €612,652 (2018)

€612,652▲ 13.9%

Debts

€727,873▼ 13.0%

Staffpeak 22.2 FTE (2016)

12.7 FTE▼ 9.3%

Owners

4.95%ELEA HR

Documentsfilings and deeds

19-10-2018104 days before the deadline

2018abbreviated format

Back to profit: €74,920Staff from 14 FTE to 12.7 FTEEquity from €537,732 to €612,652Cash from €91,205 to €42,716

Key points

from the 2018 annual accounts, the last ones filed

Staff

12.7 FTE from 22.2 in 2016

Between 2016 and 2018, 43% of the full-time equivalents disappeared.

Filings

14 annual accounts since 2004

Nine of the last ten came late. The 2009 accounts came latest: 184 days after the end of the period.

Final months

223 days from reorganisation to bankruptcy

20-09-2019 reorganisation opened
30-04-2020 declared bankrupt
06-05-2020 published in the Official Gazette

No annual accounts were filed for 2019.

No score

Board and ownership

Luc Christiaens 90.1%annual accounts 30-06-2016
ELEA-PROPERTIES BVBA 4.95%equity €1.1m (2025) · annual accounts 30-06-2016
Marianne Dobbels 4.95%annual accounts 30-06-2016

Board & ownership

Recent changes

30-01-2025

Listed in the Peppol Directory

14-05-2024

Bankruptcy closure (by liquidation) Enterprise Court of Antwerp, Antwerp division · judgment of 07-05-2024 · Bankruptcy

17-12-2021

Supervising judge replaced Enterprise Court of Antwerp, Antwerp division · judgment of 19-10-2021 · Bankruptcy

06-05-2020

Bankruptcy published Enterprise Court of Antwerp, Antwerp division · judgment of 30-04-2020 · Bankruptcy

All 28 events

Official details

Source: KBO

Status: Inactivedeed of incorporation of 23-09-2003 · bankruptcy closed on 07-05-2024
Activity: No activity registered in the KBO
Financial year end: 30 June
Peppol: Reachable since 30-01-2025

Company details

Annual accounts to 30-06-2018

Gross margin: €1.2m▲ 7.3%
Turnover: ≈ €2.1mestimated
Profit: €74,920
Equity: €612,652▲ 13.9%
Total assets: €1.3m▼ 2.4%
Staff: 12.7 FTE▼ 9.3%
Filing: Filed on 19-10-2018

Financials

Insights on PROGRESO

On 20 September 2019 the court opened a judicial reorganisation. 223 days later came the bankruptcy.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

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	2018	2017	2016	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	1.3m	1.4m	1.3m	1.2m	1.0m	633,608	469,277	394,528	311,127	346,554	333,467	196,059
Fixed assets`21/28`	1.0m	1.0m	976,858	411,472	313,105	129,959	124,384	139,960	169,424	201,279	153,890	54,872
Intangible fixed assets`21`	836,935	854,321	810,783	261,457	96,772	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	182,289	172,873	166,075	133,336	151,062	83,359	107,704	122,150	152,744	108,364	67,530	51,812
Plant, machinery and equipment`23`	182,289	172,873	165,857	122,192	128,995	78,504	99,815	116,224	136,996	97,103	52,665	10,642
Furniture and vehicles`24`	-	0	218	11,143	22,068	4,856	7,889	5,925	15,748	11,261	14,865	41,170
Financial fixed assets`28`	-	-	0	16,680	65,270	46,600	16,680	17,810	16,680	92,915	86,360	3,060
Current assets`29/58`	321,301	346,887	343,333	747,703	735,799	503,648	344,893	254,568	141,703	145,275	179,577	141,187
Amounts receivable within one year`40/41`	273,825	246,864	307,644	701,166	698,504	277,017	241,962	245,688	140,314	117,094	173,134	101,402
Trade receivables`40`	273,825	246,864	307,644	547,345	698,504	248,340	162,036	147,450	85,465	101,276	138,594	101,402
Other amounts receivable`41`	-	-	-	153,820	-	28,676	79,926	98,238	54,849	15,818	34,540	-
Current investments`50/53`	-	-	-	-	-	-	1,615	-	-	-	-	-
Cash at bank and in hand`54/58`	42,716	91,205	32,882	46,537	27,570	44,560	-	8,880	1,389	28,181	5,443	39,785
Deferred charges and accrued income`490/1`	4,760	8,818	2,806	-	9,725	182,072	101,316	-	-	-	1,000	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.3m	1.4m	1.3m	1.2m	1.0m	633,608	469,277	394,528	311,127	346,554	333,467	196,059
Equity`10/15`	612,652	537,732	556,668	585,307	475,941	412,982	212,141	167,771	119,382	169,581	157,674	129,303
Contributions`10/11`	550,000	550,000	550,000	300,000	300,000	300,000	18,600	18,600	18,600	6,200	6,200	6,200
Issued capital`100`	550,000	550,000	550,000	300,000	300,000	300,000	18,600	18,600	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	-	-	-	12,400	12,400	12,400
Reserves`13`	79,724	79,724	79,724	79,724	79,724	79,724	51,584	51,584	51,584	51,584	51,584	46,909
Legal reserve`130`	30,000	30,000	30,000	30,000	30,000	30,000	1,860	1,860	1,860	1,860	1,860	1,860
Tax-exempt reserves`132`	45,050	45,050	45,050	45,050	45,050	45,050	45,050	45,050	45,049	45,049	45,049	45,049
Distributable reserves`133`	4,674	4,674	4,674	4,674	4,674	4,674	4,674	4,674	4,675	4,675	4,675	-
Profit (loss) carried forward`14`	-17,072	-91,992	-73,056	205,583	96,217	33,258	141,957	97,587	49,198	111,797	99,890	76,194
Amounts payable`17/49`	727,873	836,349	763,523	573,868	572,962	220,626	257,136	226,756	191,745	176,973	175,793	66,756
Amounts payable after more than one year`17`	299,145	466,724	409,611	21,792	33,316	44,210	56,644	71,976	87,439	102,067	45,937	-
Financial debts`170/4`	299,145	466,724	409,611	21,792	33,316	44,210	56,644	71,976	87,439	102,067	45,937	-
Amounts payable within one year`42/48`	428,728	369,625	353,912	552,076	539,647	176,416	200,492	154,780	104,306	74,906	98,052	44,180
Current portion of amounts payable after more than one year`42`	204,490	233,370	105,033	11,524	10,894	11,435	15,332	15,462	14,629	13,840	-	-
Financial debts`43`	25,000	50,000	150,000	150,000	175,000	8,504	72,779	-	-	-	3,333	-
Credit institutions`430/8`	25,000	50,000	150,000	150,000	175,000	8,504	72,779	-	-	-	3,333	-
Trade debts`44`	34,960	72,389	59,876	86,910	81,934	41,011	48,607	95,177	37,722	37,256	29,902	4,578
Suppliers`440/4`	34,960	72,389	59,876	86,910	81,934	41,011	48,607	95,177	37,722	37,256	29,902	4,578
Taxes, remuneration and social security`45`	606	5,436	30,483	302,641	219,755	115,467	63,773	44,141	51,955	23,810	64,817	30,186
Taxes`450/3`	606	5,436	30,483	202,900	137,927	115,467	63,773	44,141	46,004	17,858	64,817	30,186
Remuneration and social security`454/9`	-	-	-	99,741	81,828	-	-	-	5,951	5,952	-	-
Other amounts payable`47/48`	163,673	8,430	8,521	1,001	52,063	-	-	-	-	-	-	9,416
Accrued charges and deferred income`492/3`	-	-	-	-	-	-	-	-	-	-	31,804	22,576
Income statement
Turnover`70`	-	-	1.9m	1.7m	1.4m	-	-	-	-	-	-	-
Non-recurring operating income`76A`	-	-	-	-	-	332	-	2,214	-	2,000	3,500	-
Gross operating margin`9900`	1.2m	1.1m	1.7m	1.4m	1.0m	680,047	329,789	198,405	72,448	126,953	86,628	86,291
Goods, raw materials, services and sundry goods`60/61`	501,961	516,066	1.0m	781,585	668,754	-	-	-	-	-	-	-
Remuneration, social security and pensions`62`	755,053	827,136	1.6m	1.0m	758,880	564,401	221,910	98,464	83,624	49,468	38,710	0
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	328,308	273,679	142,314	123,676	85,690	35,077	31,191	40,431	39,949	24,501	16,252	13,767
Other operating charges`640/8`	18,971	14,865	18,171	10,451	46,885	7,145	1,948	1,874	1,557	1,901	2,482	8,485
Non-recurring operating charges`66A`	-	-	5,900	34,084	-	-	-	-	-	-	-	-
Operating profit (loss)`9901`	99,491	4,378	-94,483	218,847	121,059	73,424	74,741	57,636	-52,682	51,083	29,184	64,039
Financial income`75/76B`	1	141	390	341	7	5,946	7,603	3,462	3,480	2,984	1,875	330
Recurring financial income`75`	1	141	390	341	7	5,946	7,603	3,462	3,480	2,984	1,875	330
Financial charges`65/66B`	22,694	23,455	31,035	9,429	18,108	11,292	6,946	5,383	7,023	6,332	768	1,531
Recurring financial charges`65`	22,694	23,455	25,135	9,429	18,108	11,292	6,946	5,383	7,023	6,332	768	1,531
Non-recurring financial charges`66B`	-	-	5,900	-	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	76,798	-18,936	-125,128	175,675	102,957	68,409	75,398	57,929	-56,225	49,735	33,791	62,838
Income taxes`67/77`	1,878	-	153,512	66,309	39,998	17,568	31,029	9,540	6,374	37,828	10,095	16,513
Profit (loss) for the period`9904`	74,920	-18,936	-278,639	109,366	62,960	50,841	44,369	48,389	-62,599	11,907	23,696	46,325
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	-	-	-	-	18,750
Profit (loss) for the period to be appropriated`9905`	74,920	-18,936	-278,639	109,366	62,960	50,841	44,369	48,389	-62,599	11,907	23,696	27,575
Appropriation of the result
Profit (loss) to be appropriated`9906`	-17,072	-91,992	-73,056	205,583	96,217	61,398	141,957	97,587	49,198	111,797	99,890	76,194
Transfer to equity`691/2`	-	-	-	-	-	28,140	-	-	-	-	-	-
To the legal reserve`6920`	-	-	-	-	-	28,140	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	12.7	14	22.2	17.5	14.4	9.7	4.6	1.8	1.7	1.1	0.9	0
Hours worked`1013`	21,052	23,059	59,913	29,289	24,858	17,057	8,130	3,464	3,116	1,832	1,698	0
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

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.

Download as CSV

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	2018	2017	2016	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	427,799	278,057	47,831	342,524	206,749	108,501	105,932	98,067	-12,733	75,584	45,436	77,806
Cash flow	403,228	254,743	-136,325	233,042	148,649	85,918	75,560	88,820	-22,650	36,408	39,948	60,092
Investment in fixed assets	320,338	324,015	724,380	304,718	268,835	40,652	16,745	25,073	84,329	71,890	138,347	63,897
Change in cash	-48,489	58,323	-	18,967	-16,990	-	-	7,491	-26,792	22,738	-34,342	-
Working capital	-107,427	-22,738	-10,579	195,626	196,152	327,232	144,401	99,788	37,397	70,369	81,525	97,007
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	0.75	0.94	0.97	1.35	1.36	2.85	1.72	1.64	1.36	1.94	1.83	3.20
Debt to equity	1.19	1.56	1.37	0.98	1.20	0.53	1.21	1.35	1.61	1.04	1.11	0.52
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 days	119 days	176 days	-	-	-	-	-	-	-
Supplier credit	25 days	51 days	21 days	41 days	45 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.

Board & ownership

Curator

1 mandate

Thomas Niclaes

Curator, Brusselstraat 7, 2000 Antwerpen 1

from 30-04-2020 to 07-05-2024

Also on 89 other cases

Control

Shareholder

Luc Christiaens

90.1%

This company

PROGRESO

Equity €612,652

Profit €74,920 in 2018

and 2 other shareholders

Capital

Capital: €550,000
Source: 2018 annual accounts

Owners through the years

as the annual accounts name them

ELEA HR

9%4.95%

4.95%

Owners as a list

ELEA HR
- 2012 to 2014: 9%
- 2015 to 2019: 4.95%

Older annual accounts also name 2 natural persons.

Source: lists of holdings in the owners' accounts

Shareholders

3 owners

Luc Christiaensnatural person
Sourceown accounts 30-06-2016

90.1%
ELEA-PROPERTIES BVBA
Equity €1.1m Profit of €95,155 in 2025 (profit of €772,237 in 2024)
Sourceown accounts 30-06-2016

4.95%
Marianne Dobbelsnatural person
Sourceown accounts 30-06-2016

4.95%

Office holders in the KBO →

Network & group

Holdings

own 2014 accounts, the bar shows equity in euros

This companyPROGRESO1 holding, 1 country 2014 accounts

Belgium 1 Equity Result

BE ELEA-PROPERTIES11.9% €1.1m result €95,155

Source: list of holdings in its own 2014 accounts. Every holding stands with its own latest accounts.

Holdings through the years

2007 to 2014

Holdings through the years
Name	2007	2008	2009	2010	2011	2012	2013	2014
ELEA HR 2007 to 2008: 50% 2009 to 2014: 11.9%	50%		11.9%

Source: list of holdings in its own accounts

Connections & network

Depth

The network starts from the shareholders of PROGRESO. Every company they also own or run is a node.

This company Company Director Shareholding +N: links not shown yet

Timeline

28 events since 2003

Filings

Financial

End and insolvency

200420062008201020122014201620182020202220242026

2025

30-01-2025

Listed in the Peppol Directory

2024

14-05-2024

Bankruptcy closure (by liquidation) Enterprise Court of Antwerp, Antwerp division · judgment of 07-05-2024

2021

17-12-2021

Supervising judge replaced Enterprise Court of Antwerp, Antwerp division · judgment of 19-10-2021

2020

06-05-2020

Bankruptcy published Enterprise Court of Antwerp, Antwerp division · judgment of 30-04-2020

2019

04-12-2019

Deed on the end

27-09-2019

Judicial reorganisation opened Enterprise Court of Antwerp · amicable agreement · judgment of 20-09-2019

2018

19-10-2018

Annual accounts 2018 filed PDFabbreviated format · 104 days before the deadline

30-06-2018

Back to profit net €74,920 The net result is €74,920, after 2 loss-making years.

18-05-2018

Annual accounts 2017 filed PDFabbreviated format · 107 days late

2017

02-08-2017

Annual accounts 2016 filed PDFabbreviated format · 183 days late

2016

30-06-2016

Weakest financial year net -€278,639 The net result drops to -€278,639, the lowest from 2006 to 2018.

2015

19-08-2015

Annual accounts 2014 filed PDFabbreviated format · 19 days late

2014

31-12-2014

Highest result from 2006 to 2018 net €109,366 ▲73.7% The operating result of €218,847 and the net result of €109,366 are both a record.

31-12-2014

Equity above €500,000 equity €585,307 ▲23% After 5 profitable years in a row, equity reaches €585,307.

18-08-2014

Annual accounts 2013 filed PDFabbreviated format · 18 days late

2013

18-09-2013

Annual accounts 2012 filed PDFabbreviated format · 49 days late

2012

31-08-2012

Annual accounts 2011 filed PDFabbreviated format · 31 days late

2011

31-12-2011

Equity above €200,000 equity €212,141 ▲26.4% After 2 profitable years in a row, equity reaches €212,141.

18-09-2011

Annual accounts 2010 filed PDFabbreviated format · 49 days late

31-01-2011

Annual accounts 2009 filed PDFabbreviated format · 184 days late

2010

31-12-2010

Back to profit net €48,389 The net result is €48,389, after one loss-making year.

2009

11-10-2009

Annual accounts 2008 filed PDFabbreviated format · 72 days late

2008

29-09-2008

Annual accounts 2007 filed PDFabbreviated format · 60 days late

2007

31-12-2007

Equity above €150,000 equity €157,674 ▲21.9% With a profit in every financial year since 2006, equity grows to €157,674.

16-08-2007

Annual accounts 2006 filed PDFabbreviated format · 16 days late

2006

31-08-2006

Annual accounts 2005 filed PDFabbreviated format

2005

12-08-2005

Annual accounts 2004 filed PDFabbreviated format

2003

23-09-2003

Incorporation PDF15 publications in the Belgian Official Gazette, the last on 16-03-2020

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official Gazette Filings with the National Bank

History

Turnover went from €1.7m in 2014 to €1.9m in 2016 and headcount from 17.5 full-time equivalents in 2014 to 12.7 in 2018.¹ PROGRESO was declared bankrupt on 30 April 2020. The bankruptcy was closed on 7 May 2024.²³

Company details

Inactive

PROGRESO is no longer in the KBO register.

Last annual accounts: financial year to 30 June 2018
Last registered office: Lange Lozanastraat 258, Bus 17, 2018 Antwerpen 1as published on 16 March 2020
Legal form: Private limited company (pre-2019)
First annual accounts: financial year 2004

Official KBO record

Overview

Information for creditors

The procedure

Steps for a creditor

Lifetime

Key points

Staff

Filings

Final months

Board and ownership

Recent changes

Official details

Annual accounts to 30-06-2018

Insights on PROGRESO

Financials

Annual accounts 2018

Money flows

Balance sheet

Change in equityin euro

Change in cashin euro

Staff

Staff cost per FTE€59,453

Joined and left-1

Filed annual accounts

Filings

Key figures and ratios

Insights on PROGRESO

Board & ownership

Curator

Control

Capital

Owners through the years

Shareholders

Owners 3

Network & group

Holdings

Belgium 1 Equity Result

Holdings through the years

Connections & network

Timeline

Timeline

History

Company details

Inactive