VORTEX 2020
ActiveFinancials · financial year 2021, micro format
2022 annual accounts not yet filed, deadline passed on 31 July 2023 The financial year closed on 31 December 2022. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). 4 financial years without a filing since the last one filed. Source: NBB filings, as of 3 November 2026.
Annual accounts 2021 filed on 13-06-2023 PDF all 10 filings
Equity
-€172,733▼ 74.5%
2020 · -€98,974
Total assets
€385,169▲ 34.3%
2020 · €286,719
Net result
-€73,760▼ 67.7%
2020 · -€43,983
Working capital
-€89,894▲ 55.8%
2020 · -€203,419
Multi-year overview
2018 to 2021, 4 financial yearsOperating result
-€68,150
▼ 55.4%
2021
20182021
Net result
-€73,760
▼ 67.7%
2021
lowest quarter of the sector
20182021
Equity
-€172,733
▼ 74.5%
2021
lowest quarter of the sector
20182021
Total assets
€385,169
▲ 34.3%
2021
middle half of the sector
20182021
Debt
€557,902
▲ 44.6%
2021
20182021
Working capital
-€89,894
▲ 55.8%
2021
lowest quarter of the sector
20182021
Solvency
-44.8%
▼ 10.3pp
2021
lowest quarter of the sector
20182021
Current ratio
0.77
▲ 0.30
2021
middle half of the sector
20182021
Return on assets (ROA)
-19.1%
▼ 3.8pp
2021
lowest quarter of the sector
20182021
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021
Operating result-€9,634-€76,390-€43,855-€68,150▼ 55.4%
Net result-€13,681-€72,973-€43,983below the sector's middle half-€73,760below the sector's middle half▼ 67.7%
Equity-€127,964--€54,990▲ 57.0%-€98,974below the sector's middle half▼ 80.0%-€172,733below the sector's middle half▼ 74.5%
Total assets€274,049-€96,016▼ 65.0%€286,719within the sector's middle half▲ 199%€385,169within the sector's middle half▲ 34.3%
Debt€402,012-€151,006▼ 62.4%€385,693▲ 155%€557,902▲ 44.6%
Working capital-€119,964--€51,657▲ 56.9%-€203,419below the sector's middle half▼ 294%-€89,894below the sector's middle half▲ 55.8%
Solvency-46.7%--57.3%▼ 10.6pp-34.5%below the sector's middle half▲ 22.8pp-44.8%below the sector's middle half▼ 10.3pp
Current ratio0.70-0.65▼ 0.050.47within the sector's middle half▼ 0.180.77within the sector's middle half▲ 0.30
Return on assets (ROA)-5.0%-76.0%▲ 81.0pp-15.3%below the sector's middle half▼ 91.3pp-19.1%below the sector's middle half▼ 3.8pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 2021 is a loss of €68,150, larger than the loss of €43,855 in 2020. It is the lowest result since 2018.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €385,169
Fixed assets
€76,660 ▼ 26.6%
Current assets
€308,508 ▲ 69.3%
Equity and liabilities
Equity-€172,733
Debt€557,902
Equity is negative. Debt (€557,902) exceeds the balance-sheet total (€385,169).
Key figures and ratios
EBITDA
-€28,572▲
2020 · -€31,978
Cash flow
-€34,181▼
2020 · -€32,106
Quick ratio
0.22▲
2020 · 0.10
Interest coverage
-2.17
Debt ≤ 1 year
€398,402▲
2020 · €385,693
Debt > 1 year
€159,500
Income taxes
€1,588
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 | €11,794 |
| Depreciation and write-downs of the year | €39,579 |
Source: notes to the 2021 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €51,197 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €11,877 | €39,579 | ▲ 233% |
| Other operating charges640/8 | - | - | - | €321 | - |
| Gross operating margin9900 | -€9,634 | €76,670 | -€31,978 | -€28,251 | ▲ 11.7% |
| Operating profit (loss)9901 | -€9,634 | €76,390 | -€43,855 | -€68,150 | ▼ 55.4% |
| Financial income75/76B | - | - | - | €9,125 | - |
| Recurring financial income75 | - | - | €6 | €500 | ▲ 89× |
| Non-recurring financial income76B | - | - | - | €8,625 | - |
| Financial charges65/66B | - | - | - | €13,146 | - |
| Recurring financial charges65 | €4,048 | €3,417 | €134 | €13,146 | ▲ 98× |
| Profit (loss) for the period before taxes9903 | -€13,681 | €72,973 | -€43,983 | -€72,171 | ▼ 64.1% |
| Income taxes67/77 | - | - | - | €1,588 | - |
| Profit (loss) for the period9904 | -€13,681 | €72,973 | -€43,983 | -€73,760 | ▼ 67.7% |
| Profit (loss) for the period to be appropriated9905 | -€13,681 | €72,973 | -€43,983 | -€73,760 | ▼ 67.7% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €274,049 | €96,016 | €286,719 | €385,169 | ▲ 34.3% |
| Fixed assets21/28 | - | - | €104,445 | €76,660 | ▼ 26.6% |
| Tangible fixed assets22/27 | - | - | €104,445 | €76,660 | ▼ 26.6% |
| Plant, machinery and equipment23 | - | - | - | €2,698 | - |
| Furniture and vehicles24 | - | - | - | €73,963 | - |
| Current assets29/58 | €274,049 | €96,016 | €182,274 | €308,508 | ▲ 69.3% |
| Stocks and contracts in progress3 | €221,602 | - | €144,803 | €221,414 | ▲ 52.9% |
| Stocks30/36 | - | - | - | €221,414 | - |
| Amounts receivable within one year40/41 | €47,284 | €43,874 | €36,460 | €81,002 | ▲ 122% |
| Trade receivables40 | - | - | - | €34,636 | - |
| Other amounts receivable41 | - | - | - | €46,366 | - |
| Cash at bank and in hand54/58 | €5,163 | €52,142 | €1,011 | €6,092 | ▲ 502% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €274,049 | €96,016 | €286,719 | €385,169 | ▲ 34.3% |
| Equity10/15 | -€127,964 | -€54,990 | -€98,974 | -€172,733 | ▼ 74.5% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | - | - | - | €100,000 | - |
| Issued capital100 | - | - | - | €100,000 | - |
| Profit (loss) carried forward14 | -€227,964 | -€154,990 | -€198,974 | -€272,733 | ▼ 37.1% |
| Amounts payable17/49 | €402,012 | €151,006 | €385,693 | €557,902 | ▲ 44.6% |
| Amounts payable after more than one year17 | - | - | - | €159,500 | - |
| Financial debts170/4 | - | - | - | €159,500 | - |
| Amounts payable within one year42/48 | €394,012 | €147,673 | €385,693 | €398,402 | ▲ 3.3% |
| Trade debts44 | €21,959 | €2,650 | €26,396 | €21,055 | ▼ 20.2% |
| Suppliers440/4 | - | - | - | €21,055 | - |
| Taxes, remuneration and social security45 | - | - | - | €1,785 | - |
| Taxes450/3 | - | - | - | €1,785 | - |
| Other amounts payable47/48 | - | - | - | €375,562 | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€13,681 | €72,973 | -€43,983 | -€73,760 | ▼ 67.7% |
| + Depreciation and write-downs630 | - | - | €11,877 | €39,579 | ▲ 233% |
| Operating cash flow (approximation) | -€13,681 | €72,973 | -€32,106 | -€34,181 | ▼ 6.5% |
| Investment in fixed assets (approximation) | - | - | - | -€11,794 | - |
| Change in cash | - | €46,979 | -€51,130 | €5,081 | - |
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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2021 | micro format | 13-06-2023 | 2023-00122357 | |
| 31-12-2020 | micro format | 30-11-2021 | 2021-79100214 | |
| 31-12-2019 | micro format | 07-09-2020 | 2020-51800271 | |
| 31-12-2018 | micro format | 30-04-2019 | 2019-11500142 | |
| 31-12-2017 | micro format | 17-07-2018 | 2018-34600076 | |
| 31-12-2016 | micro format | 28-04-2017 | 2017-10500584 | |
| 31-12-2015 | full format | 17-06-2016 | 2016-18300096 | |
| 31-12-2014 | full format | 21-09-2015 | 2015-59000326 | |
| 31-12-2013 | full format | 29-08-2014 | 2014-49900288 | |
| 31-12-2012 | full format | 04-07-2013 | 2013-25900082 |