CO3
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 32 filings
Turnover
≈ €120,000
Estimated: probably between €97,000 and €170,000
Total assets
€513,299▼ 3.5%
2024 · €532,077
Net result
€14,520▲ 137%
2024 · €6,120
Working capital
-€68,989▼ 38.6%
2024 · -€49,773
In the rankings
#2 oldest company in Pajottegem, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€14,612
▲ 142%
2025
20182025
Net result
€14,520
▲ 137%
2025
middle half of the sector
20182025
Equity
€120,617
▲ 7.7%
2025
middle half of the sector
20182025
Total assets
€513,299
▼ 3.5%
2025
highest quarter of the sector
20182025
Debt
€392,683
▼ 6.5%
2025
20182025
Working capital
-€68,989
▼ 38.6%
2025
lowest quarter of the sector
20182025
Solvency
23.5%
▲ 2.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.82
▼ 0.06
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.8%
▲ 1.7pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€33,566--€9,567▲ 71.5%-€21,762▼ 127%-€27,274▼ 25.3%-€7,377▲ 73.0%€11,845€6,046▼ 49.0%€14,612▲ 142%
Net result-€11,129--€4,195▲ 62.3%-€22,999below the sector's middle half▼ 448%-€30,082below the sector's middle half▼ 30.8%-€7,754below the sector's middle half▲ 74.2%€11,633within the sector's middle half€6,120within the sector's middle half▼ 47.4%€14,520within the sector's middle half▲ 137%
Equity€159,317-€155,121▼ 2.6%€132,122within the sector's middle half▼ 14.8%€102,040within the sector's middle half▼ 22.8%€94,286within the sector's middle half▼ 7.6%€105,919within the sector's middle half▲ 12.3%€112,039within the sector's middle half▲ 5.8%€120,617within the sector's middle half▲ 7.7%
Total assets€539,176-€431,097▼ 20.0%€411,200above the sector's middle half▼ 4.6%€377,010above the sector's middle half▼ 8.3%€354,985above the sector's middle half▼ 5.8%€373,015above the sector's middle half▲ 5.1%€532,077above the sector's middle half▲ 42.6%€513,299above the sector's middle half▼ 3.5%
Debt€379,859-€275,976▼ 27.3%€279,078▲ 1.1%€274,970▼ 1.5%€260,699▼ 5.2%€267,096▲ 2.5%€420,038▲ 57.3%€392,683▼ 6.5%
Working capital-€34,703--€35,998▼ 3.7%-€51,164below the sector's middle half▼ 42.1%-€73,414below the sector's middle half▼ 43.5%-€74,597below the sector's middle half▼ 1.6%-€56,393below the sector's middle half▲ 24.4%-€49,773below the sector's middle half▲ 11.7%-€68,989below the sector's middle half▼ 38.6%
Solvency29.5%-36.0%▲ 6.4pp32.1%within the sector's middle half▼ 3.9pp27.1%below the sector's middle half▼ 5.1pp26.6%below the sector's middle half▼ 0.5pp28.4%below the sector's middle half▲ 1.8pp21.1%below the sector's middle half▼ 7.3pp23.5%below the sector's middle half▲ 2.4pp
Current ratio0.91-0.87▼ 0.040.82below the sector's middle half▼ 0.050.73below the sector's middle half▼ 0.080.71below the sector's middle half▼ 0.020.79below the sector's middle half▲ 0.080.88below the sector's middle half▲ 0.090.82below the sector's middle half▼ 0.06
Return on assets (ROA)-2.1%--1.0%▲ 1.1pp-5.6%below the sector's middle half▼ 4.6pp-8.0%below the sector's middle half▼ 2.4pp-2.2%below the sector's middle half▲ 5.8pp3.1%below the sector's middle half▲ 5.3pp1.2%below the sector's middle half▼ 2.0pp2.8%below the sector's middle half▲ 1.7pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 142% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro 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 €513,299
Fixed assets
€189,606 ▲ 16.8%
Current assets
€323,694 ▼ 12.5%
Equity and liabilities €513,299
Equity
€120,617 ▲ 7.7%
Debt
€392,683 ▼ 6.5%
Debt's share of the balance-sheet total falls from 78.9% to 76.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€33,669▲
2024 · €6,546
Cash flow
€33,577▲
2024 · €6,620
Debt to equity
3.26▼
2024 · 3.75
ROE
12.0%▲
2024 · 5.5%
Interest coverage
98.74▲
2024 · 45.62
Debt ≤ 1 year
€392,683▼
2024 · €419,538
Income taxes
€836▲
2024 · €93
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €39,571 |
| Depreciation and write-downs of the year | €7,832 | €6,572 | €6,572 | €500 | €19,057 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €384 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,850 | €7,832 | €7,832 | €7,832 | €6,572 | €6,572 | €500 | €19,057 | ▲ 38× |
| Other operating charges640/8 | - | - | - | €7,320 | €5,312 | - | €4,506 | €4,286 | ▼ 4.9% |
| Gross operating margin9900 | -€21,109 | €3,434 | -€10,627 | -€12,122 | €4,506 | €18,801 | €11,052 | €37,955 | ▲ 243% |
| Operating profit (loss)9901 | -€33,566 | -€9,567 | -€21,762 | -€27,274 | -€7,377 | €11,845 | €6,046 | €14,612 | ▲ 142% |
| Financial income75/76B | - | - | - | €1,162 | €450 | - | €310 | €1,085 | ▲ 250% |
| Recurring financial income75 | €12,161 | €5,911 | €33 | €1,162 | €450 | - | €310 | €736 | ▲ 137% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €349 | - |
| Financial charges65/66B | - | - | - | €3,798 | €644 | €213 | €144 | €341 | ▲ 138% |
| Recurring financial charges65 | €331 | €369 | €1,107 | €3,798 | €644 | €213 | €144 | €341 | ▲ 138% |
| Profit (loss) for the period before taxes9903 | -€2,655 | -€4,026 | -€22,837 | -€29,910 | -€7,571 | €11,633 | €6,213 | €15,356 | ▲ 147% |
| Income taxes67/77 | €8,474 | €170 | €162 | €172 | €183 | - | €93 | €836 | ▲ 799% |
| Profit (loss) for the period9904 | -€11,129 | -€4,195 | -€22,999 | -€30,082 | -€7,754 | €11,633 | €6,120 | €14,520 | ▲ 137% |
| Profit (loss) for the period to be appropriated9905 | -€11,129 | -€4,195 | -€22,999 | -€30,082 | -€7,754 | €11,633 | €6,120 | €14,520 | ▲ 137% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €539,176 | €431,097 | €411,200 | €377,010 | €354,985 | €373,015 | €532,077 | €513,299 | ▼ 3.5% |
| Fixed assets21/28 | €194,746 | €191,119 | €183,287 | €175,454 | €168,883 | €162,311 | €162,311 | €189,606 | ▲ 16.8% |
| Tangible fixed assets22/27 | €194,196 | €190,569 | €182,737 | €174,905 | €168,333 | €161,762 | €161,762 | €189,056 | ▲ 16.9% |
| Land and buildings22 | - | - | - | €173,644 | €168,333 | €161,131 | €161,131 | €149,879 | ▼ 7.0% |
| Furniture and vehicles24 | - | - | - | - | - | €0 | €0 | €39,177 | - |
| Other tangible fixed assets26 | - | - | - | €1,260 | €0 | €630 | €630 | €0 | ▼ 100% |
| Financial fixed assets28 | €550 | €550 | €550 | €550 | €550 | €550 | €550 | €550 | = |
| Current assets29/58 | €344,430 | €239,978 | €227,913 | €201,555 | €186,103 | €210,703 | €369,765 | €323,694 | ▼ 12.5% |
| Amounts receivable after more than one year29 | - | - | - | - | €0 | - | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €46,913 | €65,527 | €47,239 | €32,847 | €31,372 | €24,411 | €154,422 | €143,543 | ▼ 7.0% |
| Trade receivables40 | - | - | - | €32,769 | €30,032 | €23,072 | €153,083 | €143,521 | ▼ 6.2% |
| Other amounts receivable41 | - | - | - | €78 | €1,339 | €1,339 | €1,339 | €22 | ▼ 98.3% |
| Current investments50/53 | €103,454 | - | - | - | €0 | €43,956 | €87,911 | €87,911 | = |
| Cash at bank and in hand54/58 | €187,982 | €171,766 | €173,894 | €165,850 | €150,965 | €138,364 | €123,139 | €85,353 | ▼ 30.7% |
| Deferred charges and accrued income490/1 | - | - | - | €2,859 | €3,766 | €3,973 | €4,293 | €6,886 | ▲ 60.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €539,176 | €431,097 | €411,200 | €377,010 | €354,985 | €373,015 | €532,077 | €513,299 | ▼ 3.5% |
| Equity10/15 | €159,317 | €155,121 | €132,122 | €102,040 | €94,286 | €105,919 | €112,039 | €120,617 | ▲ 7.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | - | - | - | - | - |
| Other1109/19 | - | - | - | €18,600 | - | - | - | - | - |
| Reserves13 | €151,845 | €151,845 | €151,845 | €151,845 | €151,845 | €151,845 | €151,845 | €151,845 | = |
| Non-distributable reserves130/1 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Legal reserve130 | - | - | - | €5,000 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Distributable reserves133 | - | - | - | €146,845 | €146,845 | €146,845 | €146,845 | €146,845 | = |
| Profit (loss) carried forward14 | -€11,129 | -€15,324 | -€38,323 | -€68,405 | -€76,159 | -€64,527 | -€58,407 | -€49,829 | ▲ 14.7% |
| Amounts payable17/49 | €379,859 | €275,976 | €279,078 | €274,970 | €260,699 | €267,096 | €420,038 | €392,683 | ▼ 6.5% |
| Amounts payable within one year42/48 | €379,133 | €275,976 | €279,078 | €274,970 | €260,699 | €267,096 | €419,538 | €392,683 | ▼ 6.4% |
| Trade debts44 | €12,950 | €16,536 | €23,004 | €19,992 | €27,120 | €39,182 | €164,382 | €146,351 | ▼ 11.0% |
| Suppliers440/4 | - | - | - | €19,992 | €27,120 | €39,182 | €164,382 | €146,351 | ▼ 11.0% |
| Advances received on contracts in progress46 | - | - | - | €7,189 | €3,006 | €3,006 | €3,006 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €103 | €6,775 | €34,074 | €21,043 | ▼ 38.2% |
| Taxes450/3 | - | - | - | - | €103 | €6,775 | €34,074 | €21,043 | ▼ 38.2% |
| Remuneration and social security454/9 | - | - | - | - | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €247,789 | €230,470 | €218,132 | €218,076 | €225,289 | ▲ 3.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €500 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,129 | -€4,195 | -€22,999 | -€30,082 | -€7,754 | €11,633 | €6,120 | €14,520 | ▲ 137% |
| + Depreciation and write-downs630 | €6,850 | €7,832 | €7,832 | €7,832 | €6,572 | €6,572 | €500 | €19,057 | ▲ 38× |
| Operating cash flow (approximation) | -€4,278 | €3,637 | -€15,167 | -€22,250 | -€1,183 | €18,204 | €6,620 | €33,577 | ▲ 407% |
| Investment in fixed assets (approximation) | - | -€4,206 | €0 | €0 | €0 | €0 | -€500 | -€46,352 | ▼ 9,170% |
| Change in cash | - | -€16,216 | €2,128 | -€8,044 | -€14,884 | -€12,602 | -€15,224 | -€37,786 | ▼ 148% |
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, 4,685 companies had the same profile as CO3 has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of CO3 itself: 0.1% 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 4,685 companies, not a prediction for CO3. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00219241 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00484823 | |
| 31-12-2023 | micro format | 31-12-2024 | 2025-00629246 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00379709 | |
| 31-12-2021 | micro format | 08-08-2022 | 2022-20275160 | |
| 31-12-2020 | micro format | 18-08-2021 | 2021-50800219 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-46700390 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-58600108 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57400118 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-52000028 |