Target
Open bankruptcyFinancials · financial year 2023, abbreviated format
2023 annual accounts filed 61 days after the deadline Filed on 30 September 2024, deadline 31 July 2024 (7 months after the close on 31 December 2023, Companies Code art. 3:10). Source: NBB, 2024-00489025.
Annual accounts 2023 filed on 30-09-2024 PDF all 7 filings
Turnover
≈ €1.3m
Estimated: probably between €780,000 and €2.2m
Total assets
€1.0m▲ 23.8%
2022 · €841,277
Net result
-€77,792
2022 · €9,502
Working capital
-€110,126
2022 · €10,763
Multi-year overview
2018 to 2023, 6 financial yearsOperating result
-€36,226
2023
20182023
Net result
-€77,792
2023
lowest quarter of the sector
20182023
Equity
€219,157
▼ 26.2%
2023
middle half of the sector
20182023
Total assets
€1.0m
▲ 23.8%
2023
middle half of the sector
20182023
Debt
€822,685
▲ 51.1%
2023
20182023
Working capital
-€110,126
2023
lowest quarter of the sector
20182023
Solvency
21.0%
▼ 14.3pp
2023
middle half of the sector
20182023
Current ratio
0.76
▼ 0.28
2023
lowest quarter of the sector
20182023
Return on assets (ROA)
-7.5%
▼ 8.6pp
2023
lowest quarter of the sector
20182023
Staff (FTE)
5.3
▲ 17.8%
2023
middle half of the sector
20182023
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192020202120222023
Operating result€0.03m-€0.05m▲ 59.8%€0.1m▲ 162%€0.2m▲ 35.8%€0.02m▼ 91.1%-€0.04m
Net result€0.03m-€0.03m▼ 6.2%€0.07mabove the sector's middle half▲ 140%€0.1mwithin the sector's middle half▲ 52.1%€0.01mwithin the sector's middle half▼ 91.4%-€0.08mbelow the sector's middle half
Equity€0.07m-€0.1m▲ 40.3%€0.2mwithin the sector's middle half▲ 68.8%€0.3mwithin the sector's middle half▲ 62.1%€0.3mwithin the sector's middle half▲ 3.3%€0.2mwithin the sector's middle half▼ 26.2%
Total assets€0.5m-€0.7m▲ 41.3%€0.5mabove the sector's middle half▼ 19.7%€0.7mwithin the sector's middle half▲ 35.4%€0.8mwithin the sector's middle half▲ 14.0%€1.0mwithin the sector's middle half▲ 23.8%
Debt€0.4m-€0.6m▲ 41.5%€0.4m▼ 35.9%€0.5m▲ 22.5%€0.5m▲ 20.9%€0.8m▲ 51.1%
Working capital-€0.1m--€0.1m▼ 19.0%-€0.03mbelow the sector's middle half▲ 80.0%€0.05mwithin the sector's middle half€0.01mwithin the sector's middle half▼ 78.4%-€0.1mbelow the sector's middle half
Solvency15.6%-15.5%▼ 0.1pp32.5%within the sector's middle half▲ 17.1pp39.0%within the sector's middle half▲ 6.4pp35.3%within the sector's middle half▼ 3.7pp21.0%within the sector's middle half▼ 14.3pp
Current ratio0.65-0.66▲ 0.010.88within the sector's middle half▲ 0.231.16within the sector's middle half▲ 0.271.03within the sector's middle half▼ 0.130.76below the sector's middle half▼ 0.28
Return on assets (ROA)6.7%-4.4%▼ 2.3pp13.3%above the sector's middle half▲ 8.8pp14.9%above the sector's middle half▲ 1.6pp1.1%within the sector's middle half▼ 13.8pp-7.5%below the sector's middle half▼ 8.6pp
Staff (FTE)1.4-1.9▲ 35.7%1.2within the sector's middle half▼ 36.8%1.7below the sector's middle half▲ 41.7%4.5within the sector's middle half▲ 165%5.3within the sector's middle half▲ 17.8%
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2023 is a loss of €36,226, after a profit of €16,561 in 2022. It is the lowest result since 2019.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €1.0m
Fixed assets
€700,474 ▲ 41.0%
Current assets
€341,369 ▼ 0.9%
Equity and liabilities €1.0m
Equity
€219,157 ▼ 26.2%
Debt
€822,685 ▲ 51.1%
Debt's share of the balance-sheet total rises from 64.7% to 79.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€148,145▲
2022 · €139,845
Cash flow
€106,579▼
2022 · €132,785
Debt to equity
3.75▲
2022 · 1.83
ROE
-35.5%▼
2022 · 3.2%
Interest coverage
3.56▼
2022 · 13.07
Debt ≤ 1 year
€451,494▲
2022 · €333,559
Debt > 1 year
€363,941▲
2022 · €203,519
Income taxes
€1,260▲
2022 · -€2,506
Staff costs
€381,162▲
2022 · €301,560
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 5 | 6 |
| full-time | 3 | 5 | 5 |
| part-time | 0 | 0 | 1 |
| in full-time equivalents | 3 | 5 | 5.6 |
| Average over the year, in full-time equivalents | 1.7 | 4.5 | 5.3 |
| On a permanent contract | 3 | 5 | 6 |
| Joined | 4 | 7 | 4 |
| Left | 2 | 5 | 3 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €125,037 | €233,408 | €387,890 |
| Financial fixed assets | €5,000 | €15,100 | - |
| Depreciation and write-downs of the year | €98,404 | €123,283 | €184,372 |
Source: notes to the 2021 to 2023 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 4 entries · €6,610 awarded · €6,574 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €569 | €569 |
| 2023 | 2 | €5,291 | €5,255 |
| 2022 | 1 | €750 | €750 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €105,549 | €301,560 | €381,162 | ▲ 26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €116,129 | €143,518 | €91,828 | €98,404 | €123,283 | €184,372 | ▲ 49.6% |
| Other operating charges640/8 | - | - | - | €12,569 | €20,266 | €23,402 | ▲ 15.5% |
| Gross operating margin9900 | €222,022 | €337,953 | €315,595 | €402,631 | €461,671 | €552,708 | ▲ 19.7% |
| Operating profit (loss)9901 | €32,741 | €52,320 | €136,998 | €186,109 | €16,561 | -€36,226 | - |
| Financial income75/76B | - | - | - | €2,123 | €1,133 | €1,299 | ▲ 14.6% |
| Recurring financial income75 | €13,256 | €2,168 | €2,261 | €2,123 | €1,133 | €1,299 | ▲ 14.6% |
| Financial charges65/66B | - | - | - | €21,632 | €10,699 | €41,604 | ▲ 289% |
| Recurring financial charges65 | €8,120 | €19,600 | €24,569 | €21,632 | €10,699 | €41,604 | ▲ 289% |
| Profit (loss) for the period before taxes9903 | €37,877 | €34,888 | €114,690 | €166,601 | €6,996 | -€76,532 | - |
| Income taxes67/77 | €5,711 | €4,730 | €42,265 | €56,477 | -€2,506 | €1,260 | - |
| Profit (loss) for the period9904 | €32,166 | €30,158 | €72,425 | €110,124 | €9,502 | -€77,792 | - |
| Profit (loss) for the period to be appropriated9905 | €32,166 | €30,158 | €72,425 | €110,124 | €9,502 | -€77,792 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.5m | €0.7m | €0.5m | €0.7m | €0.8m | €1.0m | ▲ 23.8% |
| Fixed assets21/28 | €0.3m | €0.4m | €0.3m | €0.4m | €0.5m | €0.7m | ▲ 41.0% |
| Tangible fixed assets22/27 | €0.3m | €0.4m | €0.3m | €0.4m | €0.5m | €0.7m | ▲ 42.9% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.004m | - |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.03m | €0.04m | ▲ 17.5% |
| Leasing and similar rights25 | - | - | - | €0.2m | €0.4m | €0.6m | ▲ 57.2% |
| Other tangible fixed assets26 | - | - | - | €0.1m | €0.09m | €0.08m | ▼ 9.8% |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.01m | €0.02m | €0.02m | = |
| Current assets29/58 | €0.2m | €0.3m | €0.2m | €0.4m | €0.3m | €0.3m | ▼ 0.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.04m | €0.04m | €0.04m | = |
| Other amounts receivable291 | - | - | - | €0.04m | €0.04m | €0.04m | = |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.1m | €0.3m | €0.3m | €0.3m | ▲ 0.6% |
| Trade receivables40 | - | - | - | €0.3m | €0.2m | €0.2m | ▼ 6.5% |
| Other amounts receivable41 | - | - | - | €0.001m | €0.001m | €0.02m | ▲ 15× |
| Cash at bank and in hand54/58 | €0.008m | €65 | €0.02m | €0.005m | €0.04m | €0.02m | ▼ 46.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.03m | ▲ 68.4% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.5m | €0.7m | €0.5m | €0.7m | €0.8m | €1.0m | ▲ 23.8% |
| Equity10/15 | €0.07m | €0.1m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 26.2% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.06m | €0.09m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 19.1% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.2m | ▼ 20.0% |
| Profit (loss) carried forward14 | - | - | €0 | - | - | -€0.02m | - |
| Amounts payable17/49 | €0.4m | €0.6m | €0.4m | €0.5m | €0.5m | €0.8m | ▲ 51.1% |
| Amounts payable after more than one year17 | €0.09m | €0.2m | €0.1m | €0.1m | €0.2m | €0.4m | ▲ 78.8% |
| Financial debts170/4 | - | - | - | €0.1m | €0.2m | €0.4m | ▲ 78.8% |
| Amounts payable within one year42/48 | €0.3m | €0.4m | €0.2m | €0.3m | €0.3m | €0.5m | ▲ 35.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.1m | €0.1m | ▲ 24.8% |
| Trade debts44 | €0.07m | €0.2m | €0.03m | €0.04m | €0.06m | €0.02m | ▼ 70.7% |
| Suppliers440/4 | - | - | - | €0.04m | €0.06m | €0.02m | ▼ 70.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.3m | ▲ 102% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.2m | ▲ 72.2% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.04m | €0.1m | ▲ 181% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.02m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.007m | €0.007m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,166 | €30,158 | €72,425 | €110,124 | €9,502 | -€77,792 | - |
| + Depreciation and write-downs630 | €116,129 | €143,518 | €91,828 | €98,404 | €123,283 | €184,372 | ▲ 49.6% |
| Operating cash flow (approximation) | €148,295 | €173,675 | €164,253 | €208,527 | €132,785 | €106,579 | ▼ 19.7% |
| Investment in fixed assets (approximation) | - | -€294,613 | -€9,763 | -€130,037 | -€246,008 | -€387,890 | ▼ 57.7% |
| Change in cash | - | -€8,220 | €15,047 | -€9,790 | €30,294 | -€16,640 | - |
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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2023 | abbreviated format | 30-09-2024 | 2024-00489025 | |
| 31-12-2022 | abbreviated format | 27-10-2023 | 2023-00502375 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20411889 | |
| 31-12-2020 | micro format | 10-12-2021 | 2021-79900580 | |
| 31-12-2019 | micro format | 18-11-2020 | 2020-71600001 | |
| 31-12-2018 | abbreviated format | 08-10-2019 | 2019-68800078 | |
| 31-12-2017 | abbreviated format | 06-07-2018 | 2018-29000367 |