THE ENGINEERING NETWORK
InactiveFinancials · financial year 2023, abbreviated format
Annual accounts 2023 filed on 29-01-2024 PDF all 13 filings
Turnover
€5.2m
EBIT margin
-5.4%
Net result
€328,849
2022 · -€363,766
Working capital
-€103,787▲ 75.9%
2022 · -€429,779
Multi-year overview
2019 to 2023, 5 financial yearsTurnover
no figure
2023
20192023
Operating result
€425,346
2023
20192023
Net result
€328,849
2023
20192023
EBIT margin
no figure
2023
20192023
Equity
-€18,730
▲ 94.6%
2023
20192023
Total assets
€1.6m
▼ 6.7%
2023
20192023
Debt
€1.7m
▼ 21.3%
2023
20192023
Working capital
-€103,787
▲ 75.9%
2023
20192023
Staff (FTE)
41.2
▼ 24.0%
2023
20192023
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023
Turnover€5.2m
Operating result€0.1m-€0.007m▼ 95.1%-€0.1m-€0.3m▼ 185%€0.4m
Net result€0.008m--€0.09m-€0.2m▼ 156%-€0.4m▼ 64.7%€0.3m
EBIT margin-5.4%
Equity€0.3m-€0.3m▼ 24.8%€0.04m▼ 84.7%-€0.3m-€0.02m▲ 94.6%
Total assets€3.5m-€3.6m▲ 5.0%€3.4m▼ 6.1%€1.8m▼ 48.6%€1.6m▼ 6.7%
Debt€3.1m-€3.4m▲ 8.3%€3.4m=€2.1m▼ 37.7%€1.7m▼ 21.3%
Working capital-€0.08m--€0.4m▼ 426%-€0.5m▼ 22.8%-€0.4m▲ 20.7%-€0.1m▲ 75.9%
Staff (FTE)64.3-64.7▲ 0.6%59.6▼ 7.9%54.2▼ 9.1%41.2▼ 24.0%
The operating result for 2023 is a profit of €425,346, after a loss of €281,610 in 2022. It is the highest result since 2019.
Large changes and their cause
- 2022 Net result -65% on 2021. Partial demerger to ONIKI STUDIOS, Official Gazette 13-09-2022. The previous financial year ran 15 months, this one 12.
- 2021 Net result -156% on 2020. This financial year ran 15 months, the previous one 12.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €1.6m
Fixed assets
€163,975 ▼ 16.6%
Current assets
€1.5m ▼ 5.5%
Equity and liabilities
Equity-€18,730
Debt€1.7m
Equity is negative. Debt (€1.7m) exceeds the balance-sheet total (€1.6m).
Key figures and ratios
EBITDA
€459,408▲
2022 · -€216,400
Cash flow
€362,910▲
2022 · -€298,557
Solvency
-1.1%▲
2022 · -19.8%
Current ratio
0.93▲
2022 · 0.78
Quick ratio
0.89▲
2022 · 0.77
ROA
20.1%▲
2022 · -20.7%
Interest coverage
13.59▲
2022 · -2.84
Debt ≤ 1 year
€1.6m▼
2022 · €2.0m
Debt > 1 year
€70,741=
2022 · €70,741
Income taxes
€65,250▲
2022 · €11,679
Staff costs
€1.8m▼
2022 · €3.7m
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 30-06-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 66 | 45 | 34 |
| full-time | 55 | 37 | 29 |
| part-time | 11 | 8 | 5 |
| in full-time equivalents | 63.4 | 43.3 | 32.9 |
| Average over the year, in full-time equivalents | 59.6 | 54.2 | 41.2 |
| On a permanent contract | 66 | 45 | 34 |
| Joined | 15 | 3 | 0 |
| Left | 12 | 24 | 11 |
| Training hours | 2,384 | 974 | - |
Source: social balance sheet in the 2021 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 30-06-2023 |
|---|---|---|---|
| Debts secured on the company's own assets | €1.3m | €502,521 | €494,316 |
| Mortgages, amount registered | €55,000 | - | - |
| Mortgage mandates | €1.1m | - | - |
| Carrying value of the mortgaged assets | €802,471 | - | - |
| Pledge on the business | - | €110,000 | €110,000 |
| Mandates to pledge the business | €110,000 | - | - |
Source: notes to the 2021 to 2023 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 30-06-2023 |
|---|---|---|---|
| Tangible fixed assets | €22,516 | €9,981 | €2,301 |
| Intangible fixed assets | €0 | - | - |
| Financial fixed assets | €0 | €15,000 | - |
| Depreciation and write-downs of the year | €226,388 | €65,209 | €34,061 |
Source: notes to the 2021 to 2023 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 4 entries · €10,356 awarded · €10,345 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 2 | €2,365 | €2,354 |
| 2022 | 2 | €7,991 | €7,991 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €5.2m | - | - |
| Non-recurring operating income76A | - | - | €0.002m | €0.03m | €0.2m | ▲ 584% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €1.3m | - | - |
| Remuneration, social security and pensions62 | - | - | €4.6m | €3.7m | €1.8m | ▼ 50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.1m | €0.2m | €0.07m | €0.03m | ▼ 47.8% |
| Other operating charges640/8 | - | - | €0.03m | €0.5m | €0.02m | ▼ 94.8% |
| Non-recurring operating charges66A | - | - | €0 | - | - | - |
| Gross operating margin9900 | €4.0m | €3.6m | €4.7m | €3.9m | €2.3m | ▼ 41.7% |
| Operating profit (loss)9901 | €0.1m | €0.007m | -€0.1m | -€0.3m | €0.4m | - |
| Financial income75/76B | - | - | €0.008m | €0.006m | €0.003m | ▼ 54.9% |
| Recurring financial income75 | €0.004m | €0.006m | €0.008m | €0.006m | €0.003m | ▼ 54.9% |
| Financial charges65/66B | - | - | €0.1m | €0.08m | €0.03m | ▼ 55.6% |
| Recurring financial charges65 | €0.08m | €0.08m | €0.09m | €0.08m | €0.03m | ▼ 55.6% |
| Non-recurring financial charges66B | - | - | €0.03m | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.06m | -€0.07m | -€0.2m | -€0.4m | €0.4m | - |
| Income taxes67/77 | €0.05m | €0.02m | €0.01m | €0.01m | €0.07m | ▲ 459% |
| Profit (loss) for the period9904 | €0.008m | -€0.09m | -€0.2m | -€0.4m | €0.3m | - |
| Profit (loss) for the period to be appropriated9905 | €0.008m | -€0.09m | -€0.2m | -€0.4m | €0.3m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.5m | €3.6m | €3.4m | €1.8m | €1.6m | ▼ 6.7% |
| Formation expenses20 | - | - | - | €0 | - | - |
| Fixed assets21/28 | €1.1m | €1.5m | €1.2m | €0.2m | €0.2m | ▼ 16.6% |
| Intangible fixed assets21 | €0.02m | €0.4m | €0.3m | €0.1m | €0.1m | ▼ 19.9% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €0.9m | €0.04m | €0.04m | ▼ 20.2% |
| Land and buildings22 | - | - | €0.8m | €0.01m | €0.009m | ▼ 13.3% |
| Plant, machinery and equipment23 | - | - | €0.02m | €0.002m | €0.002m | ▼ 17.1% |
| Furniture and vehicles24 | - | - | €0.06m | €0.03m | €0.03m | ▼ 22.5% |
| Financial fixed assets28 | €0.05m | €0.05m | €0.02m | €0.03m | €0.03m | = |
| Current assets29/58 | €2.3m | €2.2m | €2.2m | €1.6m | €1.5m | ▼ 5.5% |
| Stocks and contracts in progress3 | - | - | - | €0.03m | €0.06m | ▲ 114% |
| Contracts in progress37 | - | - | - | €0.03m | €0.06m | ▲ 114% |
| Amounts receivable within one year40/41 | €2.3m | €1.8m | €1.7m | €1.1m | €1.1m | ▼ 4.6% |
| Trade receivables40 | - | - | €1.6m | €1.0m | €0.9m | ▼ 7.9% |
| Other amounts receivable41 | - | - | €0.07m | €0.2m | €0.2m | ▲ 13.5% |
| Cash at bank and in hand54/58 | €0.001m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 11.8% |
| Deferred charges and accrued income490/1 | - | - | €0.2m | €0.06m | €0.03m | ▼ 44.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.5m | €3.6m | €3.4m | €1.8m | €1.6m | ▼ 6.7% |
| Equity10/15 | €0.3m | €0.3m | €0.04m | -€0.3m | -€0.02m | ▲ 94.6% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.008m | €0.008m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.007m | €0.007m | = |
| Non-distributable reserves130/1 | - | - | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | €0.02m | €0.007m | €0.007m | = |
| Distributable reserves133 | - | - | €0.002m | €0.001m | €0.001m | = |
| Profit (loss) carried forward14 | €0.3m | €0.2m | €0.003m | -€0.4m | -€0.03m | ▲ 90.7% |
| Amounts payable17/49 | €3.1m | €3.4m | €3.4m | €2.1m | €1.7m | ▼ 21.3% |
| Amounts payable after more than one year17 | €0.7m | €0.8m | €0.7m | €0.07m | €0.07m | = |
| Financial debts170/4 | - | - | €0.7m | €0.07m | €0.07m | = |
| Amounts payable within one year42/48 | €2.4m | €2.6m | €2.7m | €2.0m | €1.6m | ▼ 20.7% |
| Current portion of amounts payable after more than one year42 | - | - | €0.08m | €0.02m | €0.01m | ▼ 49.8% |
| Financial debts43 | - | - | €0.5m | €0.4m | €0.4m | ▼ 2.3% |
| Credit institutions430/8 | - | - | €0.5m | €0.4m | €0.4m | ▼ 2.3% |
| Trade debts44 | €0.7m | €0.1m | €0.6m | €0.2m | €0.2m | ▲ 29.1% |
| Suppliers440/4 | - | - | €0.6m | €0.2m | €0.2m | ▲ 29.1% |
| Advances received on contracts in progress46 | - | - | - | €0.05m | €0.03m | ▼ 32.8% |
| Taxes, remuneration and social security45 | - | - | €0.9m | €0.7m | €0.8m | ▲ 5.0% |
| Taxes450/3 | - | - | €0.2m | €0.1m | €0.2m | ▲ 18.5% |
| Remuneration and social security454/9 | - | - | €0.8m | €0.6m | €0.6m | ▲ 1.5% |
| Other amounts payable47/48 | - | - | €0.6m | €0.6m | €0.1m | ▼ 78.2% |
| Accrued charges and deferred income492/3 | - | - | €52 | €0.04m | €0.008m | ▼ 81.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,990 | -€86,115 | -€220,874 | -€363,766 | €328,849 | - |
| + Depreciation and write-downs630 | €205,024 | €121,061 | €226,388 | €65,209 | €34,061 | ▼ 47.8% |
| Operating cash flow (approximation) | €213,014 | €34,946 | €5,514 | -€298,557 | €362,910 | - |
| Investment in fixed assets (approximation) | - | -€484,923 | €2,581 | €985,531 | -€1,338 | - |
| Change in cash | - | €254,305 | €6,244 | €79,294 | -€40,196 | - |
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 |
|---|---|---|---|---|
| 30-06-2023 | abbreviated format | 29-01-2024 | 2024-00010015 | |
| 31-12-2022 | abbreviated format | 23-06-2023 | 2023-00158992 | |
| 31-12-2021 | abbreviated format | 09-08-2022 | 2022-20281947 | |
| 30-09-2020 | abbreviated format | 31-05-2021 | 2021-16200538 | |
| 30-09-2019 | abbreviated format | 19-05-2020 | 2020-12600113 | |
| 30-09-2018 | abbreviated format | 08-04-2019 | 2019-09900216 | |
| 30-09-2017 | abbreviated format | 27-04-2018 | 2018-11300135 | |
| 30-09-2016 | abbreviated format | 07-03-2017 | 2017-05900316 | |
| 30-09-2015 | abbreviated format | 15-03-2016 | 2016-06800296 | |
| 30-09-2014 | abbreviated format | 28-04-2015 | 2015-10700415 |