Checked.be
Active
BE 0425.052.020Private limited companyOpen bankruptcy
WORKFORCE SOLUTIONS
· 42 yrs active
Sector: Employment placement agencies
(78100)
Conclusion
A bankruptcy procedure is open for WORKFORCE SOLUTIONS according to publications in the Belgian State Gazette. The 2020 annual accounts show negative equity (€-235) and a net result of €-97k.
Based on the State Gazette, CBE and 3 annual accounts.
Key figures
| Equity | €-235 |
| Net result | €-97k |
| Better than sector | 5% |
| Active | 42 yrs |
Financial profile
26
/ 100
Fragile profile, watch health in particular.
All 5 axes are computed from data Checked has read.
Health
0
Profitability
100
Solvency
0
Growth
32
Stability
0
Bankruptcy probability (12 mo)
Bankruptcy opened
A bankruptcy procedure is already open, a probability score is no longer meaningful. See the insolvency timeline for the state of the procedure.
Risk Assessment
50 / 100
High riskRegister: open bankruptcyThis score counts publications in the Belgian State Gazette only. The KBO register additionally records legal situation 050 for this company; it does not feed the figure above.
Components
· Open bankruptcy (+50)
Trust signals
Register: open bankruptcy
The KBO register records legal situation 050 for this company. This is today's state according to the register itself; the register carries no start date.
Open bankruptcy
Active bankruptcy procedure in the Belgisch Staatsblad. Claims are handled by the appointed curator.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
0
/ 100
Critical
Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
No credit
open bankruptcy
Score history
55
2018
52
2019
17
2020
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.49 (< 1.0)
-10
Quick ratio
Quick ratio 0.49 (< 0.6)
-5
Equity
Negative equity
-25
Profitability
ROE 41014% (≥ 10%)
+10
Profit trend
Net profit down YoY
-3
Bankruptcy
Open bankruptcy
-60
Computed by Checked from the NBB filing for FY 2020 and an insolvency signal from the Belgian State Gazette. Indicative, not credit advice.
Financial overview
Annual accounts filed on 25-06-2021 with the NBB · fiscal year 2020 · micro schema
Sector comparison
Fiscal year 2020 · NACE 78, Employment activities · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -104.6% | 43.0% | |
| Net result | €-24k | €10k | |
| Equity | €-235 | €32k | |
| Gross operating margin | €-4k | €43k | |
| Total assets | €225 | €101k |
€-97k
-33.4%
18-20
€225
-99.2%
18-20
€-235
-
18-20
€-235
-
18-20
€4k
-
18-20
€460
-90.8%
18-20
€460
-90.8%
18-20
0.49
-90.5%
18-20
0.49
-90.5%
18-20
-104.6%
-
18-20
41014.5%
-
18-20
-42902.6%
-17030.5%
18-20
Figures by fiscal year and ratios
Change versus the prior fiscal year, coloured by direction (green = favourable).
| Fiscal year | 2020 Δ | 2019 Δ | 2018 Δ |
|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema |
| Revenue | - | - | - |
| EBITDA | - | - | - |
| Net profit | -33.4% | -110.9% | - |
| Cash flow | - | - | - |
| Staff costs | - | - | - |
| Income taxes | - | - | - |
| Dividends | - | - | - |
| Total assets | -99.2% | -54.8% | - |
| Equity | - | -61.4% | - |
| Debt | -90.8% | +161.5% | - |
| of which ≤ 1y | -90.8% | +161.5% | - |
| of which > 1y | - | - | - |
| Working capital | - | -64.8% | - |
| Employees (FTE) | - | - | - |
Ratios (computed)
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Current ratio | 0.49 | 5.16 | 31.87 |
| Quick ratio | 0.49 | 5.16 | 31.87 |
| Working capital ratio | -104.6% | 71.7% | 92.0% |
| Solvency | -104.6% | 82.8% | 97.0% |
| Debt / equity | - | - | - |
| Long-term debt ratio | - | - | - |
| Interest coverage | - | - | - |
| Gross margin | - | - | - |
| Net margin | - | - | - |
| ROA | -42902.6% | -250.4% | -53.7% |
| ROE | 41014.5% | -302.6% | -55.4% |
| EBITDA margin | - | - | - |
| Days sales outstanding | - | - | - |
| Days payable outstanding | - | - | - |
| Inventory turnover | - | - | - |
| Days inventory (DSI) | - | - | - |
Full annual accounts (21 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2020 | 2019 | 2018 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €225 | €29k | €64k |
| Fixed assets | 21/28 | - | €3k | €3k |
| Financial fixed assets | 28 | - | €3k | €3k |
| Current assets | 29/58 | €225 | €26k | €61k |
| Amounts receivable within one year | 40/41 | - | €23k | €23k |
| Cash & bank | 54/58 | €225 | €87 | €872 |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €225 | €29k | €64k |
| Equity | 10/15 | €-235 | €24k | €62k |
| Contributions / capital | 10/11 | - | €19k | €19k |
| Reserves | 13 | €78k | €78k | €78k |
| Accumulated profits (losses) | 14 | €-97k | €-72k | €-34k |
| Amounts payable | 17/49 | €460 | €5k | €2k |
| Amounts payable within one year | 42/48 | €460 | €5k | €2k |
| Trade debts payable within one year | 44 | - | €5k | €1k |
| Income statement | ||||
| Gross operating margin | 9900 | €-4k | €2k | €-4k |
| Operating result | 9901 | €-20k | €-37k | €-9k |
| Financial charges | 65 | €115 | €967 | €714 |
| Result before taxes | 9903 | €-20k | €-38k | €-10k |
| Income taxes | 67/77 | €4k | - | - |
| Net result for the period | 9904 | €-24k | €-38k | €-10k |
| Result to be appropriated | 9905 | €-24k | €-38k | €-10k |
Directors & mandates
| Role | Name | Tenure |
|---|---|---|
| Curator | WERENFRIED SCHWAGTEN PRINS BOUDEWIJN-
LAAN 177-179, 2610 WILRIJK (ANTWERPEN)- |
27-07-2023 → present |
Legal Structure
| NACE primary | Employment placement agencies(78100) |
| Legal form | Private limited company(610) |
| Incorporation | 17-10-1983 |
| Status | Active |
| Postal code | - |
| First insolvency signal | 02-08-2023 |
| Latest insolvency signal | 02-08-2023 |
Establishment units
HET VADERLAND
since 19832.023.538.477
Real-estate footprint
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11808H1298/00C000 | Flanders | 3,154 m² | 1 · 897 m² | 25.8 m · 8 fl. |
| 31813R0628/00E009 | Flanders | 1,316 m² | 1 · 664 m² | 15.1 m · 3 fl. |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
2023
02-08
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · WORKFORCE SOLUTIONS BV DE KEYSERLEI 58-60/19, 2018 ANTWERPEN 1 · event 27-07-2023
11-05
State Gazette act
Registered-office change
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €-97k
Net result drops to €-97k, the lowest in the series.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
2018
31-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 153 days late
2017
27-10
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 88 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 31 days late
2015
31-08
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema · 31 days late
2014
25-10
NBB filing
Annual accounts filed
fiscal year 2013 · abbreviated schema · 86 days late
2013
19-11
NBB filing
Annual accounts filed
fiscal year 2012 · abbreviated schema · 111 days late
2012
29-08
NBB filing
Annual accounts filed
fiscal year 2011 · abbreviated schema · 29 days late
SignalFinancial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Lifecycle & Insolvency Signals
02-08-2023
Bankruptcy
Opening
Time machine, BS events + macro context
Macro context
2020-Q2/Q3 COVID lockdown
2022 energy crisis
2023-2024 ECB rate hikes
Legend
Bankruptcy
Interim / reorg
KBO event
Belgian State Gazette reading coverage
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Belgisch Staatsblad, acts
Address history · 1
11-05-2023
Registered-office move
All acts · 1
updated 3 years ago
2023
11-05-2023 Registered office moved from Hasselt to Antwerpen
- Demerstraat 73 bus 302 te 3500 Hasselt → De Keyserlei 58-60 bus 19 te 2018 Antwerpen
Technical details
{
"events": [
{
"kind": "zetel_transfer",
"seat_type": "siege_social",
"new_address": {
"raw": "De Keyserlei 58-60 bus 19 te 2018 Antwerpen",
"city": "Antwerpen",
"region": "vlaams_gewest",
"street": "De Keyserlei",
"country": "BE",
"postcode": "2018",
"box_number": "19",
"street_number": "58-60",
"locality_suffix": null
},
"old_address": {
"raw": "Demerstraat 73 bus 302 te 3500 Hasselt",
"city": "Hasselt",
"region": "vlaams_gewest",
"street": "Demerstraat",
"country": "BE",
"postcode": "3500",
"box_number": "302",
"street_number": "73",
"locality_suffix": null
},
"effective_date": "2023-04-17",
"evidence_quote": "",
"region_changed": false,
"is_statute_change": true,
"nationality_change": false,
"old_address_source": "header_volledig_adres",
"statute_clause_text": null,
"statute_article_number": null,
"effective_date_qualifier": "absolute",
"statutaire_vs_werkelijke": null,
"linguistic_region_changed": false,
"court_jurisdiction_changed": false,
"effective_date_is_approximate": false
}
],
"notary": {
"name": null,
"firm_city": null,
"firm_name": null,
"office_city": null,
"is_associated": false
},
"act_meta": {
"language": "nl",
"pub_date": "2023-05-11",
"filing_date": "2023-04-28",
"act_kind_objet": "Uittreksel uit het verslag van de zaakvoerder van 1 februari 2023"
},
"decision": {
"body": "enig_aandeelhouder_schriftelijk",
"date": "2023-04-17",
"unanimous": null
},
"subject_company": {
"kbo": "0425.052.020",
"name_full": "Workforce Solution",
"legal_form": "BV",
"_kbo_filled_from_list": true
},
"publication_proxy": {
"kind": "person",
"org_kbo": null,
"org_name": null,
"person_name": "Illya Ignoul",
"org_rep_person_name": null,
"person_role_at_subject": "Zaakvoerder"
},
"co_filed_documents": []
}Credit advice
No credit: a bankruptcy procedure is open.
Company registry (CBE)
Activities
Employment placement agencies78100Holdings64200Activities of holding companies64210
Names & trade names
| Legal nameNL | WORKFORCE SOLUTIONS |
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