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Public limited companyfounded 1985Tunnelweg 8, 2845 Niel, BelgiumKBO/BCE: BE 0426.823.556
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Financials · financial year 2023, abbreviated format

Annual accounts 2023 filed on 28-07-2024 PDF all 39 filings

Turnover
≈ €1.0m
Estimated: probably between €600,000 and €1.7m
Total assets
€717,828▲ 11.7%
2022 · €642,790
Net result
-€139,773
2022 · €8,714
Working capital
€196,803▼ 50.2%
2022 · €395,107
Trend over the years

2019 to 2023, 5 financial years 2018 to 2023, 6 financial years

The operating result for 2023 is a loss of €139,517, after a profit of €5,710 in 2022. It is the lowest result since 2019.

Operating result-€139,517 2023 Net result-€139,773 2023

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Manufacture of furniture (NACE 31). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line201820192020202120222023
Operating result€89,259-€228,858▲ 156%€22,793▼ 90.0%€80,850▲ 255%€5,710▼ 92.9%-€139,517
Net result€90,626-€147,779▲ 63.1%€19,167within the sector's middle half▼ 87.0%€61,978within the sector's middle half▲ 223%€8,714within the sector's middle half▼ 85.9%-€139,773below the sector's middle half
Equity€169,169-€316,947▲ 87.4%€336,114within the sector's middle half▲ 6.0%€398,092within the sector's middle half▲ 18.4%€406,806within the sector's middle half▲ 2.2%€267,033within the sector's middle half▼ 34.4%
Total assets€375,924-€458,894▲ 22.1%€512,050within the sector's middle half▲ 11.6%€525,474below the sector's middle half▲ 2.6%€642,790within the sector's middle half▲ 22.3%€717,828within the sector's middle half▲ 11.7%
Debt€206,756-€141,946▼ 31.3%€175,936▲ 23.9%€127,382▼ 27.6%€235,984▲ 85.3%€450,795▲ 91.0%
Working capital€55,797-€237,682▲ 326%€284,758within the sector's middle half▲ 19.8%€372,783within the sector's middle half▲ 30.9%€395,107within the sector's middle half▲ 6.0%€196,803within the sector's middle half▼ 50.2%
Solvency45.0%-69.1%▲ 24.1pp65.6%above the sector's middle half▼ 3.4pp75.8%above the sector's middle half▲ 10.1pp63.3%above the sector's middle half▼ 12.5pp37.2%within the sector's middle half▼ 26.1pp
Current ratio1.27-2.67▲ 1.402.87above the sector's middle half▲ 0.194.59above the sector's middle half▲ 1.723.14above the sector's middle half▼ 1.461.53within the sector's middle half▼ 1.61
Return on assets (ROA)24.1%-32.2%▲ 8.1pp3.7%within the sector's middle half▼ 28.5pp11.8%above the sector's middle half▲ 8.1pp1.4%within the sector's middle half▼ 10.4pp-19.5%below the sector's middle half▼ 20.8pp
Staff (FTE)10-10.2▲ 2.0%10.4within the sector's middle half▲ 2.0%8.9within the sector's middle half▼ 14.4%9.8within the sector's middle half▲ 10.1%8.6within the sector's middle half▼ 12.2%
above within below The sector band is the middle half of the companies in Manufacture of furniture (NACE 31). 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.
Turnover and EBIT margin are not published. The abbreviated 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 €717,828
Fixed assets €146,985 ▲ 135%
Current assets €570,843 ▼ 1.6%
Equity and liabilities €717,828
Equity €267,033 ▼ 34.4%
Debt €450,795 ▲ 91.0%
Debt's share of the balance-sheet total rises from 36.7% to 62.8%. Equity is lower and debt is higher.
Key figures and ratios
2023 value · change against 2022
EBITDA
-€123,782▼
2022 · €36,062
Cash flow
-€124,038▼
2022 · €39,066
Quick ratio
1.26▼
2022 · 2.32
Debt to equity
1.69▲
2022 · 0.58
ROE
-52.3%▼
2022 · 2.1%
Interest coverage
-12.30▼
2022 · 10.17
Debt ≤ 1 year
€374,040▲
2022 · €185,059
Debt > 1 year
€76,755▲
2022 · €50,000
Staff costs
€539,394▼
2022 · €546,693
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Subsidies and aid

Flemish government

2024 to 2025 · 3 entries · €8,377 awarded · €8,377 paid
Year Entries AwardedPaid
2025 2 €1,792€1,792
2024 1 €6,585€6,585
Schemes
2 entries · €7,658 · €7,658 paid · Fonds voor Innoveren en Ondernemen
1 entry · €719 · €719 paid · Departement Werk, Economie, Wetenschap, Innovatie en Sociale Economie
Annual accounts
Filed annual accounts As filed with the NBB · 2023 against 2022 · 59 lines

Source: Annual accounts 2023 (PDF), filed on 28-07-2024.

Balance sheet Code20222023
Assets
Total assets20/58€642,790€717,828▲
Fixed assets21/28€62,624€146,985▲
Tangible fixed assets22/27€34,724€119,085▲
Plant, machinery and equipment23€9,592€6,537▼
Furniture and vehicles24€19,007€10,357▼
Leasing and similar rights25-€96,682
Other tangible fixed assets26€6,125€5,509▼
Financial fixed assets28€27,900€27,900=
Current assets29/58€580,166€570,843▼
Stocks and contracts in progress3€150,068€99,226▼
Stocks30/36€98,068€64,226▼
Contracts in progress37€52,000€35,000▼
Amounts receivable within one year40/41€373,249€447,050▲
Trade receivables40€161,253€85,084▼
Other amounts receivable41€211,996€361,966▲
Current investments50/53€720€500▼
Cash at bank and in hand54/58€50,239€11,565▼
Deferred charges and accrued income490/1€5,890€12,502▲
Equity and liabilities
Total equity and liabilities10/49€642,790€717,828▲
Equity10/15€406,806€267,033▼
Contributions10/11€62,000€62,000=
Capital10€62,000€62,000=
Issued capital100€62,000€62,000=
Reserves13€344,806€205,033▼
Non-distributable reserves130/1€6,949€6,949=
Legal reserve130€6,949€6,949=
Distributable reserves133€337,857€198,084▼
Amounts payable17/49€235,984€450,795▲
Amounts payable after more than one year17€50,000€76,755▲
Financial debts170/4€50,000€76,755▲
Amounts payable within one year42/48€185,059€374,040▲
Current portion of amounts payable after more than one year42-€17,488
Financial debts43€12,188€155,785▲
Credit institutions430/8€12,188€155,785▲
Trade debts44€79,272€133,546▲
Suppliers440/4€79,272€133,546▲
Taxes, remuneration and social security45€93,599€67,221▼
Taxes450/3€19,304€6,587▼
Remuneration and social security454/9€74,295€60,634▼
Accrued charges and deferred income492/3€925-
Income statement Code20222023
Remuneration, social security and pensions62€546,693€539,394▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€30,352€15,735▼
Other operating charges640/8€10,612€8,031▼
Non-recurring operating charges66A--€413
Gross operating margin9900€593,367€423,230▼
Operating profit (loss)9901€5,710-€139,517▼
Financial income75/76B€8,531€9,809▲
Recurring financial income75€8,531€9,809▲
Financial charges65/66B€3,546€10,065▲
Recurring financial charges65€3,546€10,065▲
Profit (loss) for the period before taxes9903€10,695-€139,773▼
Income taxes67/77€1,981-
Profit (loss) for the period9904€8,714-€139,773▼
Profit (loss) for the period to be appropriated9905€8,714-€139,773▼
Appropriation of the result
Profit (loss) to be appropriated9906€8,714-€139,773▼
Transfer from equity791/2-€139,773
Transfer to equity691/2€8,714-
To other reserves6921€8,714-
Social balance sheet
Average headcount (FTE)90879.88.6▼

The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Line201820192020202120222023Change
Non-recurring operating income76A---€2,500---
Remuneration, social security and pensions62---€486,908€546,693€539,394▼ 1.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€99,802€34,106€32,431€25,866€30,352€15,735▼ 48.2%
Other operating charges640/8---€12,152€10,612€8,031▼ 24.3%
Non-recurring operating charges66A------€413-
Gross operating margin9900€698,560€799,181€552,565€605,777€593,367€423,230▼ 28.7%
Operating profit (loss)9901€89,259€228,858€22,793€80,850€5,710-€139,517-
Financial income75/76B---€6,524€8,531€9,809▲ 15.0%
Recurring financial income75€4,910€7,636€8,986€6,524€8,531€9,809▲ 15.0%
Financial charges65/66B---€2,327€3,546€10,065▲ 184%
Recurring financial charges65€3,074€2,126€2,073€2,327€3,546€10,065▲ 184%
Profit (loss) for the period before taxes9903€91,094€234,367€29,706€85,048€10,695-€139,773-
Income taxes67/77€469€86,589€10,539€23,070€1,981--
Profit (loss) for the period9904€90,626€147,779€19,167€61,978€8,714-€139,773-
Profit (loss) for the period to be appropriated9905€90,626€147,779€19,167€61,978€8,714-€139,773-
Line201820192020202120222023Change
Assets
Total assets20/58€375,924€458,894€512,050€525,474€642,790€717,828▲ 11.7%
Fixed assets21/28€113,372€79,265€74,734€48,869€62,624€146,985▲ 135%
Tangible fixed assets22/27€113,372€79,265€46,834€20,969€34,724€119,085▲ 243%
Land and buildings22---€13,808---
Plant, machinery and equipment23----€9,592€6,537▼ 31.8%
Furniture and vehicles24---€7,161€19,007€10,357▼ 45.5%
Leasing and similar rights25-----€96,682-
Other tangible fixed assets26----€6,125€5,509▼ 10.1%
Financial fixed assets28--€27,900€27,900€27,900€27,900=
Current assets29/58€262,553€379,628€437,315€476,605€580,166€570,843▼ 1.6%
Stocks and contracts in progress3€78,337€82,285€83,306€169,419€150,068€99,226▼ 33.9%
Stocks30/36---€86,419€98,068€64,226▼ 34.5%
Contracts in progress37---€83,000€52,000€35,000▼ 32.7%
Amounts receivable within one year40/41€105,745€54,157€149,939€44,754€373,249€447,050▲ 19.8%
Trade receivables40---€39,955€161,253€85,084▼ 47.2%
Other amounts receivable41---€4,800€211,996€361,966▲ 70.7%
Current investments50/53€721€721€720€720€720€500▼ 30.6%
Cash at bank and in hand54/58€11,196€179,467€144,359€255,018€50,239€11,565▼ 77.0%
Deferred charges and accrued income490/1---€6,694€5,890€12,502▲ 112%
Equity and liabilities
Total equity and liabilities10/49€375,924€458,894€512,050€525,474€642,790€717,828▲ 11.7%
Equity10/15€169,169€316,947€336,114€398,092€406,806€267,033▼ 34.4%
Contributions10/11€62,000€62,000€62,000€62,000€62,000€62,000=
Capital10---€62,000€62,000€62,000=
Issued capital100---€62,000€62,000€62,000=
Reserves13€107,169€254,947€274,114€336,092€344,806€205,033▼ 40.5%
Non-distributable reserves130/1---€6,949€6,949€6,949=
Legal reserve130---€6,949€6,949€6,949=
Distributable reserves133---€329,143€337,857€198,084▼ 41.4%
Amounts payable17/49€206,756€141,946€175,936€127,382€235,984€450,795▲ 91.0%
Amounts payable after more than one year17----€50,000€76,755▲ 53.5%
Financial debts170/4----€50,000€76,755▲ 53.5%
Amounts payable within one year42/48€206,756€141,946€152,557€103,822€185,059€374,040▲ 102%
Current portion of amounts payable after more than one year42-----€17,488-
Financial debts43----€12,188€155,785▲ 13×
Credit institutions430/8----€12,188€155,785▲ 13×
Trade debts44€80,306€55,101€56,663€39,411€79,272€133,546▲ 68.5%
Suppliers440/4---€39,411€79,272€133,546▲ 68.5%
Taxes, remuneration and social security45---€62,354€93,599€67,221▼ 28.2%
Taxes450/3---€18,522€19,304€6,587▼ 65.9%
Remuneration and social security454/9---€43,832€74,295€60,634▼ 18.4%
Other amounts payable47/48---€2,057---
Accrued charges and deferred income492/3---€23,559€925--
Line201820192020202120222023Change
Profit (loss) for the period9904€90,626€147,779€19,167€61,978€8,714-€139,773-
+ Depreciation and write-downs630€99,802€34,106€32,431€25,866€30,352€15,735▼ 48.2%
Operating cash flow (approximation)€190,427€181,885€51,598€87,844€39,066-€124,038-
Investment in fixed assets (approximation)-€0-€27,900€0-€44,107-€100,096▼ 127%
Change in cash-€168,271-€35,107€110,658-€204,779-€38,674▲ 81.1%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Latest 10 of 39 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2023 abbreviated format 28-07-2024 2024-00305208 PDF
31-12-2022 abbreviated format 12-05-2023 2023-00086110 PDF
31-12-2021 abbreviated format 28-06-2022 2022-20115629 PDF
31-12-2020 abbreviated format 29-06-2021 2021-29100346 PDF
31-12-2019 abbreviated format 29-06-2020 2020-23600071 PDF
31-12-2018 abbreviated format 02-07-2019 2019-28100317 PDF
31-12-2017 abbreviated format 04-07-2018 2018-29300265 PDF
31-12-2016 abbreviated format 11-07-2017 2017-30900550 PDF
31-12-2015 abbreviated format 25-08-2016 2016-47700042 PDF
31-12-2014 abbreviated format 22-06-2015 2015-20300202 PDF

Show all 39 filings