Dutch Green Business Group suffered a loss in 2020, yet it is smaller than expected

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DGB suffered a loss in 2020, although the loss was much smaller than in 2019. This was demonstrated by the annual figures presented this weekend.

On a turnover of 1.7 million euros, a profit after tax was recorded of 308,000 euros. Taking into account the share of the result of the participation, DGB suffered a net loss of 12,000 euros. A year earlier, DGB suffered a loss of nearly 3.4 million euros. DGB also reported that an impairment of 2.9 million euros was included in the 2019 annual figures.

The figures also showed that DGB has a claim on former CEO Mark Logtenberg of almost 5.7 million euros. The interest rate on this loan is 3 percent on an annual basis and has been paid in full by 2020.

The loan was granted on 4 September last year for the acquisition of DGB’s activities by Logtenberg. These activities were valued at 14.7 million euros.

The figures have not been audited by an auditor. Like a group of other small companies, DGB is also struggling to find a so-called Pie accountant. “Given the relatively small size of DGB, it is difficult to find an audit firm willing to carry out the statutory audit,” wrote DGB.

Stock Exchange Company Euronext has recently warned that it will monitor its compliance with its rules more closely. Companies that are not able to provide an approved audit opinion in time will be put in the penalty box, and may sit there for a maximum of 24 months, after which their listing can be withdrawn.

About the author

Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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