QUERCUS SOLUTIONS
InactiveFinancials · financial year 2023, full format
Annual accounts 2023 filed on 30-07-2024 PDF all 13 filings
Turnover
≈ €1.8m
Estimated: probably between €1.1m and €3.0m
EBIT margin
Not included in this filing
Net result
€149,315▲ 140%
2022 · €62,113
Working capital
-€92,626▲ 65.5%
2022 · -€268,740
Multi-year overview
2018 to 2023, 6 financial yearsOperating result
€235,331
▲ 93.6%
2023
20182023
Net result
€149,315
▲ 140%
2023
20182023
Equity
€264,634
▲ 129%
2023
20182023
Total assets
€2.1m
▼ 10.3%
2023
20182023
Debt
€1.8m
▼ 17.6%
2023
20182023
Working capital
-€92,626
▲ 65.5%
2023
20182023
Staff (FTE)
3.3
▼ 26.7%
2023
20182023
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192020202120222023
Operating result-€0.002m-€0.001m€0.04m▲ 25×€0.07m▲ 86.0%€0.1m▲ 80.2%€0.2m▲ 93.6%
Net result-€0.002m-€0.001m€0.02m▲ 19×€0.02m▼ 19.7%€0.06m▲ 212%€0.1m▲ 140%
Equity€0.007m-€0.009m▲ 17.9%€0.03m▲ 290%€0.05m▲ 59.8%€0.1m▲ 117%€0.3m▲ 129%
Total assets€0.01m-€0.07m▲ 503%€2.9m▲ 42×€2.6m▼ 9.6%€2.3m▼ 9.4%€2.1m▼ 10.3%
Debt€0.004m-€0.06m▲ 15×€2.8m▲ 48×€2.5m▼ 10.4%€2.2m▼ 12.0%€1.8m▼ 17.6%
Working capital€0.007m-€0.009m▲ 24.2%-€0.4m-€0.4m▲ 11.7%-€0.3m▲ 23.9%-€0.09m▲ 65.5%
Staff (FTE)4.24.5▲ 7.1%3.3▼ 26.7%
The operating result for 2023 is 94% higher than in 2022 and the highest since 2019. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €2.1m
Fixed assets
€1.8m ▼ 13.0%
Current assets
€284,873 ▲ 10.8%
Equity and liabilities €2.1m
Equity
€264,634 ▲ 129%
Debt
€1.8m ▼ 17.6%
Debt's share of the balance-sheet total falls from 95.1% to 87.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€504,719▲
2022 · €390,877
Cash flow
€418,703▲
2022 · €331,420
Current ratio
0.75▲
2022 · 0.49
Debt to equity
6.92▼
2022 · 19.27
ROE
56.4%▲
2022 · 53.9%
ROA
7.1%▲
2022 · 2.7%
Interest coverage
17.93▲
2022 · 12.95
Debt ≤ 1 year
€377,499▼
2022 · €525,927
Debt > 1 year
€1.5m▼
2022 · €1.7m
Income taxes
€57,872▲
2022 · €29,274
Staff costs
€250,827▲
2022 · €247,847
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 |
|---|---|---|
| Employees at the balance-sheet date | 5 | 5 |
| full-time | 2 | 2 |
| part-time | 3 | 3 |
| in full-time equivalents | 3.3 | 3.3 |
| Average over the year, in full-time equivalents | 4.5 | 3.3 |
| On a permanent contract | 5 | 5 |
| Joined | 4 | 1 |
| Left | 4 | 1 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 |
|---|---|---|---|
| Debts secured on the company's own assets | €2.1m | €1.9m | €1.7m |
| Pledge on other assets, amount secured | €1.3m | €1.3m | €1.3m |
| Carrying value of the other pledged assets | €2.3m | €2.0m | €1.8m |
Source: notes to the 2021 to 2023 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €32,329 | €24,611 | - |
| Depreciation and write-downs of the year | €261,773 | €269,307 | €269,388 |
Source: notes to the 2021 to 2023 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €223,746 | €247,847 | €250,827 | ▲ 1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,367 | €367 | €26,082 | €261,773 | €269,307 | €269,388 | = |
| Other operating charges640/8 | - | - | - | €1,569 | €2,391 | €1,742 | ▼ 27.1% |
| Gross operating margin9900 | €9,165 | €1,973 | €62,344 | €554,536 | €641,115 | €757,288 | ▲ 18.1% |
| Operating profit (loss)9901 | -€1,731 | €1,440 | €36,262 | €67,448 | €121,570 | €235,331 | ▲ 93.6% |
| Financial income75/76B | - | - | - | €8 | - | - | - |
| Recurring financial income75 | - | - | - | €8 | - | - | - |
| Financial charges65/66B | - | - | - | €36,793 | €30,183 | €28,144 | ▼ 6.8% |
| Recurring financial charges65 | €178 | €145 | €2,044 | €36,793 | €30,183 | €28,144 | ▼ 6.8% |
| Profit (loss) for the period before taxes9903 | -€1,909 | €1,295 | €34,218 | €30,663 | €91,387 | €207,187 | ▲ 127% |
| Income taxes67/77 | €21 | €1 | €9,447 | €10,760 | €29,274 | €57,872 | ▲ 97.7% |
| Profit (loss) for the period9904 | -€1,930 | €1,294 | €24,771 | €19,903 | €62,113 | €149,315 | ▲ 140% |
| Profit (loss) for the period to be appropriated9905 | -€1,930 | €1,294 | €24,771 | €19,903 | €62,113 | €149,315 | ▲ 140% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.01m | €0.07m | €2.9m | €2.6m | €2.3m | €2.1m | ▼ 10.3% |
| Fixed assets21/28 | €367 | - | €2.6m | €2.3m | €2.1m | €1.8m | ▼ 13.0% |
| Intangible fixed assets21 | - | - | €2.6m | €2.3m | €2.0m | €1.8m | ▼ 12.7% |
| Tangible fixed assets22/27 | €367 | - | - | €0.03m | €0.04m | €0.03m | ▼ 27.2% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.04m | €0.03m | ▼ 27.2% |
| Current assets29/58 | €0.01m | €0.07m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 10.8% |
| Amounts receivable within one year40/41 | €0.01m | €0.007m | - | €397 | €0.2m | €0.2m | ▲ 15.2% |
| Trade receivables40 | - | - | - | - | €0.01m | €0.04m | ▲ 225% |
| Other amounts receivable41 | - | - | - | €397 | €0.2m | €0.2m | ▲ 0.8% |
| Cash at bank and in hand54/58 | €0.001m | €0.06m | €0.3m | €0.2m | €0.08m | €0.06m | ▼ 23.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €446 | €0.02m | ▲ 47× |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.01m | €0.07m | €2.9m | €2.6m | €2.3m | €2.1m | ▼ 10.3% |
| Equity10/15 | €0.007m | €0.009m | €0.03m | €0.05m | €0.1m | €0.3m | ▲ 129% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.002m | - |
| Profit (loss) carried forward14 | -€0.001m | €472 | €0.03m | €0.05m | €0.1m | €0.3m | ▲ 139% |
| Amounts payable17/49 | €0.004m | €0.06m | €2.8m | €2.5m | €2.2m | €1.8m | ▼ 17.6% |
| Amounts payable after more than one year17 | - | - | €2.1m | €1.9m | €1.7m | €1.5m | ▼ 14.3% |
| Financial debts170/4 | - | - | - | €1.9m | €1.7m | €1.5m | ▼ 14.3% |
| Amounts payable within one year42/48 | €0.004m | €0.06m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 28.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | ▲ 1.4% |
| Financial debts43 | - | - | - | - | €0.03m | €0.008m | ▼ 66.1% |
| Credit institutions430/8 | - | - | - | - | €0.03m | €0.008m | ▼ 66.1% |
| Trade debts44 | €376 | €0.001m | €0.001m | €0.06m | €0.02m | €0.01m | ▼ 50.3% |
| Suppliers440/4 | - | - | - | €0.06m | €0.02m | €0.01m | ▼ 50.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.03m | €0.07m | ▲ 159% |
| Taxes450/3 | - | - | - | €0.009m | €0.004m | €0.04m | ▲ 800% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.02m | €0.03m | ▲ 39.8% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.2m | €0.05m | ▼ 78.8% |
| Accrued charges and deferred income492/3 | - | - | - | €153 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,930 | €1,294 | €24,771 | €19,903 | €62,113 | €149,315 | ▲ 140% |
| + Depreciation and write-downs630 | €10,367 | €367 | €26,082 | €261,773 | €269,307 | €269,388 | = |
| Operating cash flow (approximation) | €8,437 | €1,661 | €50,853 | €281,676 | €331,420 | €418,703 | ▲ 26.3% |
| Investment in fixed assets (approximation) | - | - | - | -€32,329 | -€24,611 | €0 | - |
| Change in cash | - | €59,328 | €239,069 | -€49,933 | -€167,104 | -€19,193 | ▲ 88.5% |
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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2023 | full format | 30-07-2024 | 2024-00301479 | |
| 31-12-2022 | full format | 05-06-2023 | 2023-00106031 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20362890 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-32300364 | |
| 31-12-2019 | micro format | 20-07-2020 | 2020-30900169 | |
| 31-12-2018 | micro format | 04-07-2019 | 2019-28500319 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-52900225 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56600011 | |
| 31-12-2015 | full format | 31-08-2016 | 2016-55600029 | |
| 31-12-2014 | full format | 31-08-2015 | 2015-54000039 |