B-COOL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 12 filings
Turnover
≈ €2.5m
Estimated: probably between €1.7m and €4.1m
Total assets
€3.2m▲ 24.3%
2024 · €2.6m
Net result
€862,752▲ 160%
2024 · €332,275
Working capital
€2.2m▲ 52.6%
2024 · €1.4m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1.1m
▲ 138%
2025
20182025
Net result
€862,752
▲ 160%
2025
highest quarter of the sector
20182025
Equity
€2.5m
▲ 52.5%
2025
highest quarter of the sector
20182025
Total assets
€3.2m
▲ 24.3%
2025
highest quarter of the sector
20182025
Debt
€733,068
▼ 23.9%
2025
20182025
Working capital
€2.2m
▲ 52.6%
2025
highest quarter of the sector
20182025
Solvency
77.4%
▲ 14.3pp
2025
highest quarter of the sector
20182025
Current ratio
7.25
▲ 2.94
2025
highest quarter of the sector
20182025
Return on assets (ROA)
26.6%
▲ 13.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
5.3
▲ 10.4%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.1m▼ 27.6%€0.2m▲ 98.7%€0.2m▼ 20.0%€0.2m▲ 1.9%€0.4m▲ 113%€0.5m▲ 7.5%€1.1m▲ 138%
Net result€0.1m-€0.1m▼ 17.8%€0.2mwithin the sector's middle half▲ 76.8%€0.1mwithin the sector's middle half▼ 18.6%€0.1mwithin the sector's middle half▼ 1.5%€0.3mabove the sector's middle half▲ 111%€0.3mabove the sector's middle half▲ 9.2%€0.9mabove the sector's middle half▲ 160%
Equity€0.4m-€0.5m▲ 23.4%€0.7mwithin the sector's middle half▲ 33.5%€0.9mwithin the sector's middle half▲ 20.4%€1.0mwithin the sector's middle half▲ 16.7%€1.3mwithin the sector's middle half▲ 30.2%€1.6mabove the sector's middle half▲ 25.3%€2.5mabove the sector's middle half▲ 52.5%
Total assets€0.6m-€1.3m▲ 129%€1.5mwithin the sector's middle half▲ 15.6%€1.6mwithin the sector's middle half▲ 8.0%€1.8mwithin the sector's middle half▲ 11.3%€2.1mwithin the sector's middle half▲ 17.3%€2.6mwithin the sector's middle half▲ 21.9%€3.2mabove the sector's middle half▲ 24.3%
Debt€0.1m-€0.8m▲ 461%€0.8m▲ 3.1%€0.8m▼ 3.1%€0.8m▲ 5.3%€0.8m▲ 1.3%€1.0m▲ 16.5%€0.7m▼ 23.9%
Working capital€0.4m-€0.2m▼ 43.6%€0.4mwithin the sector's middle half▲ 86.7%€0.5mwithin the sector's middle half▲ 26.6%€0.7mwithin the sector's middle half▲ 26.1%€1.1mwithin the sector's middle half▲ 56.8%€1.4mabove the sector's middle half▲ 31.4%€2.2mabove the sector's middle half▲ 52.6%
Solvency75.9%-40.9%▼ 35.0pp47.2%within the sector's middle half▲ 6.4pp52.7%within the sector's middle half▲ 5.4pp55.2%within the sector's middle half▲ 2.6pp61.3%within the sector's middle half▲ 6.1pp63.1%within the sector's middle half▲ 1.7pp77.4%above the sector's middle half▲ 14.3pp
Current ratio3.97-1.88▼ 2.083.26above the sector's middle half▲ 1.373.82above the sector's middle half▲ 0.563.38above the sector's middle half▼ 0.445.25above the sector's middle half▲ 1.874.31above the sector's middle half▼ 0.937.25above the sector's middle half▲ 2.94
Return on assets (ROA)21.6%-7.8%▼ 13.9pp11.9%above the sector's middle half▲ 4.1pp8.9%within the sector's middle half▼ 2.9pp7.9%within the sector's middle half▼ 1.0pp14.2%above the sector's middle half▲ 6.3pp12.7%within the sector's middle half▼ 1.5pp26.6%above the sector's middle half▲ 13.9pp
Staff (FTE)2.5-2.5=3.3below the sector's middle half▲ 32.0%4.3within the sector's middle half▲ 30.3%4.3within the sector's middle half=4.8within the sector's middle half▲ 11.6%4.8within the sector's middle half=5.3within the sector's middle half▲ 10.4%
above
within
below
The sector band is the middle half of the companies in Manufacture of machinery and equipment not elsewhere classified (NACE 28). 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 2025 is 138% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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
2025 in colour, 2024 as the grey bar beneath
Assets €3.2m
Fixed assets
€724,966 ▼ 4.3%
Current assets
€2.5m ▲ 36.0%
Equity and liabilities €3.2m
Equity
€2.5m ▲ 52.5%
Debt
€733,068 ▼ 23.9%
Debt's share of the balance-sheet total falls from 36.9% to 22.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.2m▲
2024 · €541,856
Cash flow
€954,735▲
2024 · €413,827
Quick ratio
6.64▲
2024 · 4.28
Debt to equity
0.29▼
2024 · 0.59
ROE
34.4%▲
2024 · 20.2%
Interest coverage
96.25▲
2024 · 47.09
Debt ≤ 1 year
€346,695▼
2024 · €428,517
Debt > 1 year
€386,373▼
2024 · €432,295
Income taxes
€287,692▲
2024 · €157,718
Staff costs
€337,945▲
2024 · €292,886
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 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 5 | 5 | 5 | 5 |
| full-time | 4 | 4 | 4 | 4 | 4 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 4.3 | 4.3 | 4.3 | 4.3 | 4.3 |
| Average over the year, in full-time equivalents | 4.3 | 4.3 | 4.8 | 4.8 | 5.3 |
| On a permanent contract | 5 | 5 | 5 | 5 | 5 |
| Joined | 2 | 1 | - | 3 | 2 |
| Left | 1 | 1 | - | 3 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €72,919 | €19,889 | €35,339 | €37,026 | €59,569 |
| Depreciation and write-downs of the year | €68,648 | €73,334 | €77,180 | €81,552 | €91,984 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,730 awarded · €2,730 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.009m | €0.1m | €0.05m | €0.07m | €0.07m | €0.08m | €0.08m | €0.09m | ▲ 12.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.03m | -€0.02m | -€0.01m | €0.1m | -€0.1m | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.03m | €0.01m | €0.008m | €0.01m | ▲ 27.1% |
| Gross operating margin9900 | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | €0.8m | €0.9m | €1.4m | ▲ 52.3% |
| Operating profit (loss)9901 | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | €0.5m | €1.1m | ▲ 138% |
| Financial income75/76B | - | - | - | €0.02m | €0.02m | €0.03m | €0.04m | €0.07m | ▲ 63.5% |
| Recurring financial income75 | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.03m | €0.04m | €0.07m | ▲ 63.5% |
| Financial charges65/66B | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 7.2% |
| Recurring financial charges65 | €0.002m | €0.007m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 7.2% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | €0.5m | €1.2m | ▲ 135% |
| Income taxes67/77 | €0.06m | €0.03m | €0.07m | €0.06m | €0.07m | €0.1m | €0.2m | €0.3m | ▲ 82.4% |
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | €0.3m | €0.3m | €0.9m | ▲ 160% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.06m | €0.002m | €0.07m | €0.02m | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | - | €0.4m | - |
| Profit (loss) for the period to be appropriated9905 | €0.09m | €0.05m | €0.1m | €0.2m | €0.1m | €0.4m | €0.4m | €0.5m | ▲ 42.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €1.3m | €1.5m | €1.6m | €1.8m | €2.1m | €2.6m | €3.2m | ▲ 24.3% |
| Fixed assets21/28 | €0.02m | €0.8m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 4.3% |
| Tangible fixed assets22/27 | €0.02m | €0.8m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 4.3% |
| Land and buildings22 | - | - | - | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 6.0% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | ▼ 4.5% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.03m | €0.05m | €0.06m | €0.07m | ▲ 29.2% |
| Leasing and similar rights25 | - | - | - | €0.04m | €0.03m | €0.02m | €0.01m | €0.003m | ▼ 74.3% |
| Current assets29/58 | €0.5m | €0.5m | €0.6m | €0.7m | €1.0m | €1.3m | €1.8m | €2.5m | ▲ 36.0% |
| Stocks and contracts in progress3 | €0.03m | €0.05m | €0.05m | €0.02m | €0.02m | €0.02m | €0.01m | €0.2m | ▲ 17× |
| Stocks30/36 | - | - | - | €0.02m | €0.02m | €0.02m | €0.01m | €0.2m | ▲ 17× |
| Amounts receivable within one year40/41 | €0.3m | €0.1m | €0.2m | €0.3m | €0.2m | €0.3m | €0.2m | €0.3m | ▲ 73.8% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 79.3% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.05m | €0.02m | €0.02m | €0.02m | ▲ 11.2% |
| Current investments50/53 | - | - | - | - | - | - | €0.3m | €1.4m | ▲ 323% |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.4m | €0.4m | €0.7m | €1.0m | €1.3m | €0.5m | ▼ 59.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.02m | €0.03m | €0.03m | ▲ 29.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €1.3m | €1.5m | €1.6m | €1.8m | €2.1m | €2.6m | €3.2m | ▲ 24.3% |
| Equity10/15 | €0.4m | €0.5m | €0.7m | €0.9m | €1.0m | €1.3m | €1.6m | €2.5m | ▲ 52.5% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.2m | €0.3m | €0.5m | €0.6m | €0.8m | €1.1m | €1.4m | €1.8m | ▲ 25.0% |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.06m | €0.04m | €0.4m | ▲ 954% |
| Distributable reserves133 | - | - | - | €0.5m | €0.7m | €1.0m | €1.4m | €1.4m | = |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.7m | ▲ 253% |
| Amounts payable17/49 | €0.1m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €1.0m | €0.7m | ▼ 23.9% |
| Amounts payable after more than one year17 | - | €0.5m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 10.6% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 10.6% |
| Amounts payable within one year42/48 | €0.1m | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 19.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 10.2% |
| Trade debts44 | €0.06m | €0.2m | €0.08m | €0.04m | €0.1m | €0.04m | €0.08m | €0.05m | ▼ 37.3% |
| Suppliers440/4 | - | - | - | €0.04m | €0.1m | €0.04m | €0.08m | €0.05m | ▼ 37.3% |
| Advances received on contracts in progress46 | - | - | - | €0.01m | €0.006m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.09m | €0.1m | €0.1m | ▼ 19.6% |
| Taxes450/3 | - | - | - | - | €0.003m | €0.07m | €0.1m | €0.1m | ▼ 20.6% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 14.6% |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.004m | €0.002m | €0.002m | €400 | ▼ 81.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.09m | €0.1m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €123,812 | €101,723 | €179,870 | €146,420 | €144,271 | €304,199 | €332,275 | €862,752 | ▲ 160% |
| + Depreciation and write-downs630 | €9,328 | €107,324 | €53,684 | €68,648 | €73,334 | €77,180 | €81,552 | €91,984 | ▲ 12.8% |
| Operating cash flow (approximation) | €133,141 | €209,047 | €233,555 | €215,068 | €217,605 | €381,379 | €413,827 | €954,735 | ▲ 131% |
| Investment in fixed assets (approximation) | - | -€902,087 | -€127,324 | -€72,919 | -€19,889 | -€35,339 | -€37,026 | -€59,569 | ▼ 60.9% |
| Change in cash | - | €153,075 | €67,648 | €41,283 | €309,173 | €306,474 | €234,824 | -€765,051 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as B-COOL has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of B-COOL itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for B-COOL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00298660 | |
| 31-12-2024 | abbreviated format | 17-09-2025 | 2025-00494240 | |
| 31-12-2023 | abbreviated format | 23-09-2024 | 2024-00467873 | |
| 31-12-2022 | abbreviated format | 11-09-2023 | 2023-00443260 | |
| 31-12-2021 | abbreviated format | 23-09-2022 | 2022-20434224 | |
| 31-12-2020 | abbreviated format | 25-10-2021 | 2021-72700054 | |
| 31-12-2019 | abbreviated format | 02-11-2020 | 2020-66300263 | |
| 31-12-2018 | abbreviated format | 02-10-2019 | 2019-67600470 | |
| 31-12-2017 | micro format | 27-09-2018 | 2018-65400049 | |
| 31-12-2016 | micro format | 22-09-2017 | 2017-61700402 |