SOUTH RESEARCH
Open bankruptcySummary
A bankruptcy procedure is open for SOUTH RESEARCH according to publications in the Belgian State Gazette. The 2022 annual accounts show equity of €71k and a net result of €-97k.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2022 was due by 31-07-2023 and was filed on 28-08-2023, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
28 d late
2021
31 d late
2020
33 d early
2019
30 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2022, micro schema
Equity
€71k▼ 57.9%
2021 · €168k
2018: €252k
2019: €243k
2020: €163k
2021: €168k
2018 → 2022
Total assets
€124k▼ 50.4%
2021 · €250k
2018: €373k
2019: €345k
2020: €185k
2021: €250k
2018 → 2022
Net result
€-97k
2021 · €5k
2018: €-68k
2019: €-9k
2020: €-80k
2021: €5k
2018 → 2022
Working capital
€68k▼ 60.6%
2021 · €173k
2018: €271k
2019: €242k
2020: €163k
2021: €173k
2018 → 2022
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20182019202020212022Trend
Equity€252k-€243k▼ 3.7%€163k▼ 33.0%€168k▲ 3.3%€71k▼ 57.9%
Operating result€-72k-€-12k▲ 83.8%€-77k▼ 562%€2k€-106k
Net result€-68k-€-9k▲ 86.1%€-80k▼ 753%€5k€-97k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2022: a loss of €106k after €2k in 2021, the lowest result in the available series.
Balance-sheet composition
2022 in colour, 2021 as the grey bar beneath
Assets €124k
Fixed assets
€6k ▲ 238%
Current assets
€118k ▼ 52.5%
Equity and liabilities €124k
Equity
€71k ▼ 57.9%
Debt
€53k ▼ 34.9%
Debt's share of the balance-sheet total rises from 32.7% to 42.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-104k▼
2021 · €2k
Cash flow
€-95k▼
2021 · €6k
Current ratio
2.37▼
2021 · 3.31
Debt to equity
0.75▲
2021 · 0.49
ROE
-137.8%▼
2021 · 3.1%
ROA
-78.6%▼
2021 · 2.1%
Interest coverage
-520.98▼
2021 · 6.76
Debt ≤ 1 year
€50k▼
2021 · €75k
Staff costs
€224k▲
2021 · €194k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2022 against 2021 · 49 lines
Balance sheet
Code20212022
Assets
Total assets20/58€250k€124k▼
Fixed assets21/28€2k€6k▲
Tangible fixed assets22/27€107€4k▲
Furniture and vehicles24€107€4k▲
Financial fixed assets28€2k€2k=
Current assets29/58€248k€118k▼
Stocks and contracts in progress3€115-
Stocks30/36€115-
Amounts receivable within one year40/41€94k€10k▼
Trade receivables40€86k€10k▼
Other amounts receivable41€8k€199▼
Cash at bank and in hand54/58€149k€100k▼
Deferred charges and accrued income490/1€4k€8k▲
Equity and liabilities
Total equity and liabilities10/49€250k€124k▼
Equity10/15€168k€71k▼
Contributions10/11€13k€13k=
Capital10€13k€13k=
Issued capital100€13k€13k=
Reserves13€435k€435k=
Non-distributable reserves130/1€435k€435k=
Legal reserve130€1k€1k=
Other1319€434k€434k=
Profit (loss) carried forward14€-280k€-377k▼
Amounts payable17/49€82k€53k▼
Amounts payable within one year42/48€75k€50k▼
Trade debts44€38k€8k▼
Suppliers440/4€38k€8k▼
Taxes, remuneration and social security45€37k€40k▲
Taxes450/3€11k€7k▼
Remuneration and social security454/9€26k€33k▲
Other amounts payable47/48€350€2k▲
Accrued charges and deferred income492/3€7k€4k▼
Income statement
Code20212022
Non-recurring operating income76A€28k€25k▼
Remuneration, social security and pensions62€194k€224k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€479€2k▲
Other operating charges640/8€1k€2k▲
Gross operating margin9900€197k€122k▼
Operating profit (loss)9901€2k€-106k▼
Financial income75/76B€4k€9k▲
Recurring financial income75€4k€9k▲
Financial charges65/66B€299€200▼
Recurring financial charges65€299€200▼
Profit (loss) for the period before taxes9903€5k€-97k▼
Profit (loss) for the period9904€5k€-97k▼
Profit (loss) for the period to be appropriated9905€5k€-97k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-279k€-377k▼
Profit (loss) brought forward from the previous period14P€-285k€-280k▲
Transfer to equity691/2€543-
To the legal reserve6920€543-
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2023
06-10
Bankruptcy
Opening
Ondernemingsrechtbank Leuven · SOUTH RESEARCH CVBA (SO) LEUVENSESTRAAT 5/2, 3010 KESSEL-LO · event 28-09-2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
31-12
Financial
Weakest financial yearnet €-97k ▼1940%
Net result drops to €-97k, the lowest in the series.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Back to profitnet €5k
Net result €5k after 3 loss-making years.
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity triplescurrent ratio 9.41
Current ratio from 3.47 to 9.41; short-term debt falls from €98k to €19k.
30-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 30 days late
2019
22-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
24-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
23-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
25-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
2015
27-07
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema
2014
09-09
NBB filing
Annual accounts filed
fiscal year 2013 · abbreviated schema · 40 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
10 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Leuven · 1 establishment unit since 2010
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Leuvensestraat 53010 LeuvenGround area
380 m²
Building footprint
203 m²
Volume, LiDAR
1,398 m³
Parcel 24482F0260/00B004, Flanders · tallest building 11.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Leuvensestraat 5, 3010 Leuven
since 20102.232.480.536
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24482F0260/00B004 | Flanders | 380 m² | 1 · 203 m² | 11.0 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
2 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | JACQUES ARNAUTS-SMEETS HERSELTSE-
STEENWEG 5, 3200 AARSCHOT |
28-09-2023 → present |
| Curator | GUNTHER PEETERS HERSELTSESTEENWEG 5, 3200 AARSCHOT- |
28-09-2023 → present |
Company data · Crossroads Bank
Identification
Legal formCoöperatieve vennootschap met beperkte aansprakelijkheid met een sociaal oogmerk
Founded06-08-1984
Fiscal year end31-12
Sources
Crossroads Bank for EnterprisesNational Bank · 13 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.