COBEA
InactiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 39 filings
Equity
€56,736▼ 37.0%
2024 · €90,038
Total assets
€117,436▼ 3.6%
2024 · €121,781
Net result
-€33,301▼ 136%
2024 · -€14,124
Working capital
-€8,777
2024 · €16,653
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €35,214, larger than the loss of €14,955 in 2024. It is the lowest result since 2021.
Operating result-€35,214
2025
Net result-€33,301
2025
Total assets€117,436
2025
Equity€56,736
2025
Debt€60,700
2025
Working capital-€8,777
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3,173--€3,033€10,401€3,566▼ 65.7%€2,293▼ 35.7%€5,569▲ 143%-€14,955-€35,214▼ 135%
Net result€4,563--€1,473€10,364€3,732▼ 64.0%€2,523▼ 32.4%€5,311▲ 111%-€14,124-€33,301▼ 136%
Equity€92,994-€82,231▼ 11.6%€92,596▲ 12.6%€96,327▲ 4.0%€98,851▲ 2.6%€104,162▲ 5.4%€90,038▼ 13.6%€56,736▼ 37.0%
Total assets€127,879-€116,793▼ 8.7%€123,889▲ 6.1%€129,333▲ 4.4%€134,255▲ 3.8%€137,724▲ 2.6%€121,781▼ 11.6%€117,436▼ 3.6%
Debt€34,885-€34,562▼ 0.9%€31,293▼ 9.5%€33,006▲ 5.5%€35,404▲ 7.3%€33,562▼ 5.2%€31,743▼ 5.4%€60,700▲ 91.2%
Working capital-€2,869-€8,179€23,834▲ 191%€19,435▼ 18.5%€24,382▲ 25.5%€35,980▲ 47.6%€16,653▼ 53.7%-€8,777
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €117,436
Fixed assets
€65,816 ▼ 10.3%
Current assets
€51,620 ▲ 6.7%
Equity and liabilities €117,436
Equity
€56,736 ▼ 37.0%
Debt
€60,700 ▲ 91.2%
Debt's share of the balance-sheet total rises from 26.1% to 51.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€27,646▼
2024 · -€7,113
Cash flow
-€25,733▼
2024 · -€6,281
Current ratio
0.85▼
2024 · 1.52
Debt to equity
1.07▲
2024 · 0.35
ROE
-58.7%▼
2024 · -15.7%
ROA
-28.4%▼
2024 · -11.6%
Interest coverage
-232.28▼
2024 · -59.81
Debt ≤ 1 year
€60,397▲
2024 · €31,743
Income taxes
€139▼
2024 · €1,222
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 | €19,587 | €6,015 | €1,696 | €12,317 | - |
| Depreciation and write-downs of the year | €11,433 | €7,733 | €7,984 | €7,842 | €7,568 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,651 | €19,320 | €9,569 | €11,433 | €7,733 | €7,984 | €7,842 | €7,568 | ▼ 3.5% |
| Other operating charges640/8 | - | - | - | €7,381 | €9,110 | €8,641 | €9,081 | €10,678 | ▲ 17.6% |
| Gross operating margin9900 | €28,238 | €22,827 | €26,647 | €22,380 | €19,136 | €22,194 | €1,968 | -€16,968 | - |
| Operating profit (loss)9901 | €3,173 | -€3,033 | €10,401 | €3,566 | €2,293 | €5,569 | -€14,955 | -€35,214 | ▼ 135% |
| Financial income75/76B | - | - | - | €1,864 | €1,934 | €2,183 | €2,172 | €2,171 | = |
| Recurring financial income75 | €2,122 | €1,774 | €1,777 | €1,864 | €1,934 | €2,183 | €2,172 | €2,171 | = |
| Financial charges65/66B | - | - | - | €118 | €188 | €120 | €119 | €119 | ▲ 0.1% |
| Recurring financial charges65 | €169 | €88 | €58 | €118 | €188 | €120 | €119 | €119 | ▲ 0.1% |
| Profit (loss) for the period before taxes9903 | €5,126 | -€1,347 | €12,120 | €5,312 | €4,039 | €7,632 | -€12,902 | -€33,162 | ▼ 157% |
| Income taxes67/77 | €563 | €126 | €1,756 | €1,580 | €1,516 | €2,321 | €1,222 | €139 | ▼ 88.6% |
| Profit (loss) for the period9904 | €4,563 | -€1,473 | €10,364 | €3,732 | €2,523 | €5,311 | -€14,124 | -€33,301 | ▼ 136% |
| Profit (loss) for the period to be appropriated9905 | €4,563 | -€1,473 | €10,364 | €3,732 | €2,523 | €5,311 | -€14,124 | -€33,301 | ▼ 136% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €127,879 | €116,793 | €123,889 | €129,333 | €134,255 | €137,724 | €121,781 | €117,436 | ▼ 3.6% |
| Fixed assets21/28 | €95,971 | €74,052 | €68,762 | €76,916 | €75,198 | €68,910 | €73,385 | €65,816 | ▼ 10.3% |
| Tangible fixed assets22/27 | €59,011 | €46,382 | €41,092 | €49,246 | €47,528 | €41,240 | €45,715 | €38,147 | ▼ 16.6% |
| Land and buildings22 | - | - | - | €7,279 | €7,279 | €7,279 | €7,279 | €7,279 | = |
| Plant, machinery and equipment23 | - | - | - | €41,967 | €40,249 | €33,620 | €38,236 | €30,809 | ▼ 19.4% |
| Furniture and vehicles24 | - | - | - | - | - | €341 | €200 | €58 | ▼ 70.7% |
| Financial fixed assets28 | €36,960 | €27,670 | €27,670 | €27,670 | €27,670 | €27,670 | €27,670 | €27,670 | = |
| Current assets29/58 | €31,908 | €42,741 | €55,127 | €52,417 | €59,057 | €68,814 | €48,396 | €51,620 | ▲ 6.7% |
| Amounts receivable within one year40/41 | €4,552 | - | - | - | - | - | €11,390 | €8,036 | ▼ 29.4% |
| Trade receivables40 | - | - | - | - | - | - | €1,560 | €5,335 | ▲ 242% |
| Other amounts receivable41 | - | - | - | - | - | - | €9,830 | €2,701 | ▼ 72.5% |
| Cash at bank and in hand54/58 | €25,275 | €40,504 | €53,857 | €46,883 | €53,367 | €62,880 | €33,953 | €41,113 | ▲ 21.1% |
| Deferred charges and accrued income490/1 | - | - | - | €5,534 | €5,690 | €5,934 | €3,053 | €2,471 | ▼ 19.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €127,879 | €116,793 | €123,889 | €129,333 | €134,255 | €137,724 | €121,781 | €117,436 | ▼ 3.6% |
| Equity10/15 | €92,994 | €82,231 | €92,596 | €96,327 | €98,851 | €104,162 | €90,038 | €56,736 | ▼ 37.0% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | - | - | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €55,156 | €55,156 | €65,521 | €69,252 | €71,776 | €77,087 | €77,087 | €77,087 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €67,393 | €69,917 | €75,228 | €75,228 | €75,228 | = |
| Profit (loss) carried forward14 | €9,956 | €8,483 | €8,483 | €8,483 | €8,483 | €8,483 | -€5,641 | -€38,942 | ▼ 590% |
| Amounts payable17/49 | €34,885 | €34,562 | €31,293 | €33,006 | €35,404 | €33,562 | €31,743 | €60,700 | ▲ 91.2% |
| Amounts payable within one year42/48 | €34,777 | €34,562 | €31,293 | €32,982 | €34,675 | €32,834 | €31,743 | €60,397 | ▲ 90.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €325 | €1,725 | €1,725 | €1,725 | €1,400 | ▼ 18.8% |
| Trade debts44 | €445 | - | €3,234 | €2,245 | €1,898 | €2,944 | €528 | €1,979 | ▲ 275% |
| Suppliers440/4 | - | - | - | €2,245 | €1,898 | €2,944 | €528 | €1,979 | ▲ 275% |
| Taxes, remuneration and social security45 | - | - | - | €3,535 | €3,185 | €4,074 | €1,162 | €100 | ▼ 91.4% |
| Taxes450/3 | - | - | - | €3,535 | €3,185 | €4,074 | €1,162 | €100 | ▼ 91.4% |
| Other amounts payable47/48 | - | - | - | €26,877 | €27,867 | €24,091 | €28,328 | €56,918 | ▲ 101% |
| Accrued charges and deferred income492/3 | - | - | - | €24 | €729 | €728 | - | €303 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,563 | -€1,473 | €10,364 | €3,732 | €2,523 | €5,311 | -€14,124 | -€33,301 | ▼ 136% |
| + Depreciation and write-downs630 | €18,651 | €19,320 | €9,569 | €11,433 | €7,733 | €7,984 | €7,842 | €7,568 | ▼ 3.5% |
| Operating cash flow (approximation) | €23,214 | €17,847 | €19,933 | €15,165 | €10,256 | €13,295 | -€6,281 | -€25,733 | ▼ 310% |
| Investment in fixed assets (approximation) | - | €2,599 | -€4,279 | -€19,587 | -€6,015 | -€1,696 | -€12,317 | €0 | - |
| Change in cash | - | €15,229 | €13,353 | -€6,974 | €6,484 | €9,513 | -€28,927 | €7,159 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 39 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00265546 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00230802 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00445063 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00181360 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20361640 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-65700092 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-67500405 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-43300481 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-53400529 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59300182 |