WESS
Open bankruptcyFinancials · financial year 2022, abbreviated format
2022 annual accounts filed 66 days after the deadline Filed on 5 October 2023, deadline 31 July 2023 (7 months after the close on 31 December 2022, Companies Code art. 3:10). Source: NBB, 2023-00472169.
Annual accounts 2022 filed on 05-10-2023 PDF all 5 filings
Turnover
≈ €1.2m
Estimated: probably between €940,000 and €1.5m
Total assets
€647,453▲ 82.6%
2021 · €354,501
Net result
€761▼ 97.2%
2021 · €27,296
Working capital
-€72,350▼ 279%
2021 · -€19,083
Multi-year overview
2018 to 2022, 5 financial yearsOperating result
€26,983
2022
20182022
Net result
€761
▼ 97.2%
2022
middle half of the sector
20182022
Equity
-€117,851
▼ 196%
2022
lowest quarter of the sector
20182022
Total assets
€647,453
▲ 82.6%
2022
middle half of the sector
20182022
Debt
€765,304
▲ 94.1%
2022
20182022
Working capital
-€72,350
▼ 279%
2022
middle half of the sector
20182022
Solvency
-18.2%
▼ 7.0pp
2022
lowest quarter of the sector
20182022
Current ratio
0.88
▼ 0.04
2022
middle half of the sector
20182022
Return on assets (ROA)
0.1%
▼ 7.6pp
2022
middle half of the sector
20182022
Staff (FTE)
8.3
▼ 2.4%
2022
middle half of the sector
20182022
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022
Operating result€33,525--€135,784-€83,081▲ 38.8%-€671,007▼ 708%€26,983
Net result€22,302--€183,237-€106,132below the sector's middle half▲ 42.1%€27,296within the sector's middle half€761within the sector's middle half▼ 97.2%
Equity€422,302-€39,064▼ 90.7%-€67,068below the sector's middle half-€39,772below the sector's middle half▲ 40.7%-€117,851below the sector's middle half▼ 196%
Total assets€747,530-€525,697▼ 29.7%€343,096below the sector's middle half▼ 34.7%€354,501below the sector's middle half▲ 3.3%€647,453within the sector's middle half▲ 82.6%
Debt€325,229-€486,632▲ 49.6%€410,164▼ 15.7%€394,272▼ 3.9%€765,304▲ 94.1%
Working capital€61,120--€293,775-€115,263within the sector's middle half▲ 60.8%-€19,083within the sector's middle half▲ 83.4%-€72,350within the sector's middle half▼ 279%
Solvency56.5%-7.4%▼ 49.1pp-19.5%below the sector's middle half▼ 27.0pp-11.2%below the sector's middle half▲ 8.3pp-18.2%below the sector's middle half▼ 7.0pp
Current ratio1.19-0.29▼ 0.900.64within the sector's middle half▲ 0.350.91within the sector's middle half▲ 0.270.88within the sector's middle half▼ 0.04
Return on assets (ROA)3.0%--34.9%▼ 37.8pp-30.9%below the sector's middle half▲ 3.9pp7.7%above the sector's middle half▲ 38.6pp0.1%within the sector's middle half▼ 7.6pp
Staff (FTE)10-9.3▼ 7.0%8.3within the sector's middle half▼ 10.8%8.5within the sector's middle half▲ 2.4%8.3within the sector's middle half▼ 2.4%
above
within
below
The sector band is the middle half of the companies in Accommodation (NACE 55). 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 2022 is a profit of €26,983, after a loss of €671,007 in 2021.
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
2022 in colour, 2021 as the grey bar beneath
Assets €647,453
Fixed assets
€135,474 ▼ 12.7%
Current assets
€511,979 ▲ 158%
Equity and liabilities
Equity-€117,851
Debt€765,304
Equity is negative. Debt (€765,304) exceeds the balance-sheet total (€647,453).
Key figures and ratios
EBITDA
€53,978▲
2021 · -€641,999
Cash flow
€27,756▼
2021 · €56,305
Quick ratio
0.87▼
2021 · 0.90
Interest coverage
1.98▲
2021 · -26.72
Debt ≤ 1 year
€584,329▲
2021 · €217,768
Debt > 1 year
€30,000=
2021 · €30,000
Income taxes
€287▼
2021 · €7,425
Staff costs
€392,848▲
2021 · €218,568
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 |
|---|---|---|
| Employees at the balance-sheet date | 10 | 10 |
| full-time | 8 | 7 |
| part-time | 2 | 3 |
| in full-time equivalents | 9 | 8.8 |
| Average over the year, in full-time equivalents | 8.5 | 8.3 |
| On a permanent contract | 9 | 7 |
| Joined | 5 | 8 |
| Left | 3 | 8 |
| Training hours | - | 0 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 |
|---|---|---|
| Tangible fixed assets | €46,117 | €6,653 |
| Depreciation and write-downs of the year | €29,008 | €26,995 |
Source: notes to the 2021 to 2022 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €1,250 awarded · €1,250 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €218,568 | €392,848 | ▲ 79.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,914 | €23,656 | €28,522 | €29,008 | €26,995 | ▼ 6.9% |
| Other operating charges640/8 | - | - | - | €150,391 | €168,504 | ▲ 12.0% |
| Gross operating margin9900 | €761,278 | €469,716 | €233,480 | -€273,040 | €615,330 | - |
| Operating profit (loss)9901 | €33,525 | -€135,784 | -€83,081 | -€671,007 | €26,983 | - |
| Financial income75/76B | - | - | - | €729,756 | €1,339 | ▼ 99.8% |
| Recurring financial income75 | €199 | €807 | €1,286 | €578 | €1,339 | ▲ 131% |
| Non-recurring financial income76B | - | - | - | €729,178 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €24,029 | €27,273 | ▲ 13.5% |
| Recurring financial charges65 | €1,722 | €46,338 | €23,863 | €24,029 | €27,273 | ▲ 13.5% |
| Profit (loss) for the period before taxes9903 | €32,002 | -€181,315 | -€105,658 | €34,721 | €1,048 | ▼ 97.0% |
| Income taxes67/77 | €9,700 | €1,922 | €475 | €7,425 | €287 | ▼ 96.1% |
| Profit (loss) for the period9904 | €22,302 | -€183,237 | -€106,132 | €27,296 | €761 | ▼ 97.2% |
| Profit (loss) for the period to be appropriated9905 | €22,302 | -€183,237 | -€106,132 | €27,296 | €761 | ▼ 97.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €747,530 | €525,697 | €343,096 | €354,501 | €647,453 | ▲ 82.6% |
| Formation expenses20 | €8,021 | €5,553 | €3,085 | €617 | €0 | ▼ 100% |
| Fixed assets21/28 | €356,917 | €401,475 | €135,622 | €155,199 | €135,474 | ▼ 12.7% |
| Tangible fixed assets22/27 | €56,917 | €76,475 | €135,622 | €155,199 | €135,474 | ▼ 12.7% |
| Plant, machinery and equipment23 | - | - | - | €11,719 | €10,540 | ▼ 10.1% |
| Furniture and vehicles24 | - | - | - | €3,076 | €1,656 | ▼ 46.2% |
| Other tangible fixed assets26 | - | - | - | €140,404 | €123,278 | ▼ 12.2% |
| Financial fixed assets28 | €300,000 | €325,000 | €0 | - | - | - |
| Current assets29/58 | €382,593 | €118,668 | €204,389 | €198,685 | €511,979 | ▲ 158% |
| Stocks and contracts in progress3 | €3,112 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Stocks30/36 | - | - | - | €3,000 | €3,000 | = |
| Amounts receivable within one year40/41 | €132,288 | €64,489 | €167,092 | €136,789 | €272,363 | ▲ 99.1% |
| Trade receivables40 | - | - | - | €125,559 | €244,981 | ▲ 95.1% |
| Other amounts receivable41 | - | - | - | €11,231 | €27,382 | ▲ 144% |
| Cash at bank and in hand54/58 | €213,643 | €24,780 | €5,552 | €13,422 | €5,030 | ▼ 62.5% |
| Deferred charges and accrued income490/1 | - | - | - | €45,474 | €231,585 | ▲ 409% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €747,530 | €525,697 | €343,096 | €354,501 | €647,453 | ▲ 82.6% |
| Equity10/15 | €422,302 | €39,064 | -€67,068 | -€39,772 | -€117,851 | ▼ 196% |
| Contributions10/11 | €400,000 | €200,000 | - | €200,000 | €200,000 | = |
| Reserves13 | €1,115 | €1,115 | €1,115 | €1,115 | €1,115 | = |
| Non-distributable reserves130/1 | - | - | - | €1,115 | €1,115 | = |
| Reserves not available under the articles1311 | - | - | - | - | €1,115 | - |
| Other1319 | - | - | - | €1,115 | - | - |
| Profit (loss) carried forward14 | €21,186 | -€162,051 | -€268,183 | -€240,887 | -€318,966 | ▼ 32.4% |
| Amounts payable17/49 | €325,229 | €486,632 | €410,164 | €394,272 | €765,304 | ▲ 94.1% |
| Amounts payable after more than one year17 | - | - | - | €30,000 | €30,000 | = |
| Financial debts170/4 | - | - | - | €30,000 | €30,000 | = |
| Amounts payable within one year42/48 | €321,473 | €412,443 | €319,651 | €217,768 | €584,329 | ▲ 168% |
| Trade debts44 | €140,798 | €148,113 | €50,775 | €105,869 | €151,352 | ▲ 43.0% |
| Suppliers440/4 | - | - | - | €105,869 | €151,352 | ▲ 43.0% |
| Advances received on contracts in progress46 | - | - | - | €0 | €108,781 | - |
| Taxes, remuneration and social security45 | - | - | - | €77,484 | €81,225 | ▲ 4.8% |
| Taxes450/3 | - | - | - | €27,668 | €8,518 | ▼ 69.2% |
| Remuneration and social security454/9 | - | - | - | €49,816 | €72,708 | ▲ 46.0% |
| Other amounts payable47/48 | - | - | - | €34,414 | €242,970 | ▲ 606% |
| Accrued charges and deferred income492/3 | - | - | - | €146,505 | €150,975 | ▲ 3.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,302 | -€183,237 | -€106,132 | €27,296 | €761 | ▼ 97.2% |
| + Depreciation and write-downs630 | €29,914 | €23,656 | €28,522 | €29,008 | €26,995 | ▼ 6.9% |
| Operating cash flow (approximation) | €52,216 | -€159,581 | -€77,610 | €56,305 | €27,756 | ▼ 50.7% |
| Investment in fixed assets (approximation) | - | -€68,215 | €237,331 | -€48,585 | -€7,270 | ▲ 85.0% |
| Change in cash | - | -€188,863 | -€19,228 | €7,870 | -€8,391 | - |
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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2022 | abbreviated format | 05-10-2023 | 2023-00472169 | |
| 31-12-2021 | abbreviated format | 11-07-2022 | 2022-20168743 | |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-24900458 | |
| 31-12-2019 | abbreviated format | 14-09-2020 | 2020-52600288 | |
| 31-12-2018 | abbreviated format | 18-09-2019 | 2019-64600169 |