SERVAL
Open bankruptcyFinancials · financial year 2021, micro format
2021 annual accounts filed 4 days after the deadline Filed on 4 August 2022, deadline 31 July 2022 (7 months after the close on 31 December 2021, Companies Code art. 3:10). Source: NBB, 2022-20281967.
Annual accounts 2021 filed on 04-08-2022 PDF all 6 filings
Turnover
€150,782▼ 21.0%
2020 · €190,934
EBIT margin
14.3%▲ 9.4pp
2020 · 4.9%
Net result
€17,393▲ 252%
2020 · €4,943
Working capital
-€15,717▲ 11.5%
2020 · -€17,750
Multi-year overview
2018 to 2021, 4 financial yearsTurnover
€150,782
▼ 21.0%
2021
20182021
Operating result
€21,542
▲ 132%
2021
20182021
Net result
€17,393
▲ 252%
2021
20182021
EBIT margin
14.3%
▲ 9.4pp
2021
20182021
Equity
-€23,075
▲ 45.3%
2021
20182021
Total assets
€73,260
▼ 4.4%
2021
20182021
Debt
€96,335
▼ 18.9%
2021
20182021
Working capital
-€15,717
▲ 11.5%
2021
20182021
Staff (FTE)
no figure
2021
20182021
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021
Turnover€171,944-€294,123▲ 71.1%€190,934▼ 35.1%€150,782▼ 21.0%
Operating result-€29,988-€6,424€9,270▲ 44.3%€21,542▲ 132%
Net result-€35,541-€1,676€4,943▲ 195%€17,393▲ 252%
EBIT margin-17.4%-2.2%▲ 19.6pp4.9%▲ 2.7pp14.3%▲ 9.4pp
Equity-€48,787--€47,111▲ 3.4%-€42,168▲ 10.5%-€23,075▲ 45.3%
Total assets€80,286-€90,105▲ 12.2%€76,617▼ 15.0%€73,260▼ 4.4%
Debt€129,073-€137,216▲ 6.3%€118,784▼ 13.4%€96,335▼ 18.9%
Working capital-€5,655--€8,712▼ 54.1%-€17,750▼ 104%-€15,717▲ 11.5%
Staff (FTE)2.3
The operating result for 2021 is 132% higher than in 2020 and the highest since 2018. It is the third rise in a row.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €73,260
Fixed assets
€31,840 ▼ 22.7%
Current assets
€41,420 ▲ 16.9%
Equity and liabilities
Equity-€23,075
Debt€96,335
Equity is negative. Debt (€96,335) exceeds the balance-sheet total (€73,260).
Key figures and ratios
EBITDA
€32,315▲
2020 · €24,460
Cash flow
€28,166▲
2020 · €20,134
Solvency
-31.5%▲
2020 · -55.0%
Current ratio
0.72▲
2020 · 0.67
ROA
23.7%▲
2020 · 6.5%
Interest coverage
7.79
Debt ≤ 1 year
€57,137▲
2020 · €53,183
Debt > 1 year
€39,198▼
2020 · €65,601
Supplier credit
37 days
Staff costs
€17,748
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 |
|---|---|
| Tangible fixed assets | €1,431 |
| Depreciation and write-downs of the year | €10,773 |
Source: notes to the 2021 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Turnover70 | €171,944 | €294,123 | €190,934 | €150,782 | ▼ 21.0% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €100,718 | - |
| Remuneration, social security and pensions62 | - | - | - | €17,748 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,897 | €9,906 | €15,190 | €10,773 | ▼ 29.1% |
| Gross operating margin9900 | €9,505 | €95,630 | €57,188 | €50,064 | ▼ 12.5% |
| Operating profit (loss)9901 | -€29,988 | €6,424 | €9,270 | €21,542 | ▲ 132% |
| Financial charges65/66B | - | - | - | €4,149 | - |
| Recurring financial charges65 | €5,553 | €4,748 | €4,326 | €4,149 | ▼ 4.1% |
| Profit (loss) for the period before taxes9903 | -€35,541 | €1,676 | €4,943 | €17,393 | ▲ 252% |
| Profit (loss) for the period9904 | -€35,541 | €1,676 | €4,943 | €17,393 | ▲ 252% |
| Profit (loss) for the period to be appropriated9905 | -€35,541 | €1,676 | €4,943 | €17,393 | ▲ 252% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €80,286 | €90,105 | €76,617 | €73,260 | ▼ 4.4% |
| Fixed assets21/28 | €57,384 | €50,685 | €41,183 | €31,840 | ▼ 22.7% |
| Tangible fixed assets22/27 | €57,384 | €50,685 | €37,993 | €28,650 | ▼ 24.6% |
| Plant, machinery and equipment23 | - | - | - | €9,921 | - |
| Furniture and vehicles24 | - | - | - | €18,730 | - |
| Financial fixed assets28 | - | - | €3,190 | €3,190 | = |
| Current assets29/58 | €22,902 | €39,420 | €35,434 | €41,420 | ▲ 16.9% |
| Amounts receivable within one year40/41 | €6,709 | €7,002 | €976 | - | - |
| Cash at bank and in hand54/58 | €10,037 | €995 | €62 | €1,626 | ▲ 26× |
| Deferred charges and accrued income490/1 | - | - | - | €39,794 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €80,286 | €90,105 | €76,617 | €73,260 | ▼ 4.4% |
| Equity10/15 | -€48,787 | -€47,111 | -€42,168 | -€23,075 | ▲ 45.3% |
| Contributions10/11 | €16,900 | €16,900 | €16,900 | €18,600 | ▲ 10.1% |
| Profit (loss) carried forward14 | -€65,687 | -€64,011 | -€59,068 | -€41,675 | ▲ 29.4% |
| Amounts payable17/49 | €129,073 | €137,216 | €118,784 | €96,335 | ▼ 18.9% |
| Amounts payable after more than one year17 | €100,517 | €89,084 | €65,601 | €39,198 | ▼ 40.2% |
| Financial debts170/4 | - | - | - | €39,198 | - |
| Amounts payable within one year42/48 | €28,557 | €48,133 | €53,183 | €57,137 | ▲ 7.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €26,826 | - |
| Financial debts43 | - | - | - | €4,616 | - |
| Credit institutions430/8 | - | - | - | €4,616 | - |
| Trade debts44 | €2,253 | €4,273 | €15,772 | €10,168 | ▼ 35.5% |
| Suppliers440/4 | - | - | - | €10,168 | - |
| Taxes, remuneration and social security45 | - | - | - | €14,507 | - |
| Taxes450/3 | - | - | - | €4,862 | - |
| Remuneration and social security454/9 | - | - | - | €9,644 | - |
| Other amounts payable47/48 | - | - | - | €1,020 | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€35,541 | €1,676 | €4,943 | €17,393 | ▲ 252% |
| + Depreciation and write-downs630 | €15,897 | €9,906 | €15,190 | €10,773 | ▼ 29.1% |
| Operating cash flow (approximation) | -€19,643 | €11,582 | €20,134 | €28,166 | ▲ 39.9% |
| Investment in fixed assets (approximation) | - | -€3,207 | -€5,688 | -€1,431 | ▲ 74.8% |
| Change in cash | - | -€9,041 | -€933 | €1,563 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2021 | micro format | 04-08-2022 | 2022-20281967 | |
| 31-12-2020 | micro format | 12-08-2021 | 2021-48000053 | |
| 31-12-2019 | micro format | 28-09-2020 | 2020-56500002 | |
| 31-12-2018 | micro format | 14-10-2019 | 2019-70400117 | |
| 31-12-2017 | full format | 07-06-2018 | 2018-16400408 | |
| 31-12-2016 | full format | 09-08-2017 | 2017-43400118 |