WILLOW (0897.992.445), Inactive: financials and annual accounts

Annual accounts 2019

full format, filed on 17-04-2020, 13 days before the deadline

Turnover

€2.0m

▲ 1.9%

Operating result

€934,715

▲ 4.5%

EBITDA

€1.9m

▲ 2.1%

Cash flow

€1.6m

▲ 4.8%

Solvency

15.3%

▲ 4.1 percentage points

Current ratio

0.10

▼ 0.47

Money flows

of every €100 of turnover, €28.17 remains as profit in 2019

Balance sheet

balance sheet total €17.7m on 30-09-2019

What the company ownsHow it is paid for

Change in equityin €m

Change in cashin €m

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2019	2018	2017	2015	2014	2013	2012	2011	2010	2009
Balance sheet: assets
Total assets`20/58`	17.7m	19.1m	20.2m	22.8m	23.5m	24.0m	25.8m	26.2m	26.8m	32.6m
Fixed assets`21/28`	16.9m	17.9m	19.0m	21.0m	22.0m	23.0m	24.0m	25.0m	26.1m	26.9m
Tangible fixed assets`22/27`	16.9m	17.9m	19.0m	21.0m	22.0m	23.0m	24.0m	25.0m	26.1m	26.9m
Other tangible fixed assets`26`	16.9m	17.9m	19.0m	21.0m	22.0m	23.0m	24.0m	25.0m	26.1m	26.9m
Current assets`29/58`	717,503	1.1m	1.2m	1.8m	1.5m	1.0m	1.7m	1.2m	780,169	5.8m
Amounts receivable within one year`40/41`	150,000	77,908	243,861	8,647	128,312	0	158	84	16	5.3m
Trade receivables`40`	-	77,908	243,861	-	119,664	0	0	0	0	0
Other amounts receivable`41`	150,000	-	-	8,647	8,647	0	158	84	16	5.3m
Cash at bank and in hand`54/58`	540,565	1.0m	966,548	1.8m	1.3m	993,479	1.7m	1.1m	724,760	482,121
Deferred charges and accrued income`490/1`	26,938	26,186	25,438	24,807	24,724	20,079	19,525	18,857	55,393	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	17.7m	19.1m	20.2m	22.8m	23.5m	24.0m	25.8m	26.2m	26.8m	32.6m
Equity`10/15`	2.7m	2.1m	1.7m	787,929	448,278	149,903	-180,554	-370,017	-473,204	-476,410
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Issued capital`100`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Reserves`13`	1,860	1,860	1,860	-	-	-	-	-	-	-
Legal reserve`130`	1,860	1,860	1,860	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	2.7m	2.1m	1.6m	769,329	429,678	131,303	-199,154	-388,617	-491,804	-495,010
Amounts payable`17/49`	15.0m	16.9m	18.5m	22.0m	23.0m	23.9m	25.9m	26.6m	27.3m	33.1m
Amounts payable after more than one year`17`	7.5m	14.9m	16.5m	19.8m	21.6m	22.6m	23.5m	25.8m	26.4m	18.2m
Financial debts`170/4`	-	6.8m	8.4m	11.2m	13.0m	14.0m	14.9m	17.2m	17.8m	18.2m
Credit institutions`173`	-	6.8m	8.4m	11.2m	13.0m	14.0m	14.9m	17.2m	17.8m	18.2m
Other amounts payable`178/9`	7.5m	8.1m	8.1m	8.6m	8.6m	8.6m	8.6m	8.6m	8.6m	-
Amounts payable within one year`42/48`	7.4m	2.0m	2.0m	2.0m	1.2m	1.0m	2.3m	622,273	749,854	14.7m
Current portion of amounts payable after more than one year`42`	6.8m	1.6m	1.5m	1.8m	1.0m	922,500	2.3m	587,500	537,500	5.8m
Financial debts`43`	-	-	-	-	-	-	-	-	0	0
Credit institutions`430/8`	-	-	-	-	-	-	-	-	0	0
Trade debts`44`	209,097	18,647	10,366	11,140	126,156	14,550	12,938	4,433	12,511	397,411
Suppliers`440/4`	209,097	18,647	10,366	11,140	126,156	14,550	12,938	4,433	12,511	397,411
Advances received on contracts in progress`46`	-	-	-	-	-	-	-	-	170,456	-
Taxes, remuneration and social security`45`	379,763	359,036	449,976	223,835	52,686	101,004	30,650	30,335	29,269	0
Taxes`450/3`	379,763	359,036	449,976	223,835	52,686	101,004	30,650	30,335	29,269	0
Other amounts payable`47/48`	14	184	197	80	132	68	6	5	118	8.5m
Accrued charges and deferred income`492/3`	44,953	22,517	55,244	221,809	263,809	261,094	88,441	125,702	146,890	156,306
Income statement
Operating income`70/76A`	2.1m	2.1m	2.0m	1.9m	1.9m	1.9m	1.9m	1.8m	1.3m	381,719
Turnover`70`	2.0m	1.9m	1.9m	1.8m	1.8m	1.8m	1.8m	1.7m	1.3m	381,719
Operating charges`60/66A`	1.2m	1.2m	1.1m	1.1m	1.2m	1.1m	1.1m	1.1m	884,719	626,607
Services and other goods`61`	38,317	41,481	34,343	34,570	43,982	43,928	37,758	28,957	30,008	432,043
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	1.0m	798,656	193,541
Other operating charges`640/8`	106,128	103,997	102,129	100,152	95,208	80,719	78,388	75,977	56,056	1,023
Operating profit (loss)`9901`	934,715	894,586	867,692	800,460	790,638	770,954	734,434	690,615	438,526	-244,888
Financial income`75/76B`	-	-	54	607	420	1,370	1,052	561	-	104
Recurring financial income`75`	-	-	54	607	420	1,370	1,052	561	-	104
Income from current assets`751`	-	-	-	607	420	1,370	1,052	561	-	104
Other financial income`752/9`	-	-	54	-	-	-	-	-	-	-
Financial charges`65/66B`	123,784	149,260	186,087	287,944	340,797	372,581	546,022	587,988	435,320	250,226
Recurring financial charges`65`	123,784	149,260	186,087	287,944	340,797	372,581	546,022	587,988	435,320	250,226
Debt charges`650`	123,043	148,647	185,404	287,663	340,611	372,359	545,850	587,810	435,245	249,906
Other financial charges`652/9`	741	613	683	281	187	222	172	178	75	320
Profit (loss) for the period before taxes`9903`	810,931	745,326	681,659	513,123	450,261	399,744	189,463	103,187	3,205	-495,010
Income taxes`67/77`	251,333	257,969	227,609	173,473	151,885	69,288	0	0	-	0
Taxes`670/3`	254,499	257,969	227,609	173,473	151,885	69,288	0	0	-	0
Tax adjustments and reversals of tax provisions`77`	3,166	-	-	-	-	-	-	-	-	-
Profit (loss) for the period`9904`	559,598	487,357	454,050	339,651	298,375	330,456	189,463	103,187	3,205	-495,010
Profit (loss) for the period to be appropriated`9905`	559,598	487,357	454,050	339,651	298,375	330,456	189,463	103,187	3,205	-495,010
Appropriation of the result
Profit (loss) to be appropriated`9906`	2.7m	2.1m	1.6m	769,329	429,678	131,303	-199,154	-388,617	-491,804	-495,010
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Source: Annual accounts 2019 (PDF), filed on 17-04-2020.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
30-09-2019	full format	17-04-2020	2020-09800492	PDF
30-09-2018	full format	23-04-2019	2019-10500384	PDF
30-09-2017	full format	03-04-2018	2018-09000474	PDF
30-09-2016	full format	10-04-2017	2017-09300418	PDF
30-09-2015	full format	27-04-2016	2016-11300341	PDF
30-09-2014	full format	26-05-2015	2015-13900246	PDF
30-09-2013	full format	21-03-2014	2014-07100404	PDF
30-09-2012	full format	24-04-2013	2013-10100001	PDF
30-09-2011	full format	30-05-2012	2012-13800017	PDF
30-09-2010	full format	26-04-2011	2011-09400187	PDF
31-12-2009	full format	06-07-2010	2010-28100387	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2019	2018	2017	2015	2014	2013	2012	2011	2010	2009
EBITDA	1.9m	1.9m	1.9m	1.8m	1.8m	1.8m	1.7m	1.7m	1.2m	-51,347
Cash flow	1.6m	1.5m	1.5m	1.4m	1.3m	1.3m	1.2m	1.1m	801,861	-301,469
Investment in fixed assets (approximation)	0	0	-	0	0	0	0	0	-3,301	27.0m
Change in cash	-473,849	47,867	-	486,267	321,939	-714,807	567,186	416,339	242,639	-
Working capital	-6.7m	-866,358	-726,942	-164,916	289,479	-24,564	-618,126	537,768	30,315	-9.0m
EBIT margin	47.0%	45.9%	45.3%	43.3%	42.8%	42.2%	41.1%	39.8%	34.6%	-64.2%
Solvency	15.3%	11.2%	8.2%	3.5%	1.9%	0.6%	-0.7%	-1.4%	-1.8%	-1.5%
Current ratio	0.10	0.56	0.63	0.92	1.25	0.98	0.74	1.86	1.04	0.39
Debt to equity	5.54	7.91	11.22	27.97	51.35	-	-	-	-	-
ROE	20.7%	22.8%	27.5%	43.1%	66.6%	220.4%	-	-	-	-
ROA	3.2%	2.6%	2.2%	1.5%	1.3%	1.4%	0.7%	0.4%	0.0%	-1.5%
Interest coverage	15.83	12.83	10.14	6.30	5.30	4.79	3.20	2.90	2.84	-0.21
Customer credit	28 days	15 days	46 days	2 days	24 days	0 days	0 days	0 days	0 days	0 days
Supplier credit	1992 days	164 days	110 days	118 days	1047 days	121 days	125 days	56 days	152 days	336 days

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Insights on WILLOW

The operating result for 2019 is 4% higher than in 2018 and the highest since 2009. It is the second rise in a row.

Debt's share of the balance-sheet total falls from 88.8% to 84.7%. Equity is higher and debt is lower.