COBEFA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-04-2026 PDF all 29 filings
Turnover
€34.1m▲ 21.2%
2024 · €28.1m
EBIT margin
5.0%▼ 3.6pp
2024 · 8.6%
Net result
€1.0m▼ 41.3%
2024 · €1.8m
Working capital
€4.8m▼ 8.2%
2024 · €5.2m
In the rankings
#6 company by total assets in Hainaut, Non-metallic mineral products sector#6 company by equity in Hainaut, Non-metallic mineral products sector#7 company by staff growth in Hainaut, Non-metallic mineral products sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€34.1m
▲ 21.2%
2025
20192025
Operating result
€1.7m
▼ 29.7%
2025
20192025
Net result
€1.0m
▼ 41.3%
2025
highest quarter of the sector
20192025
EBIT margin
5.0%
▼ 3.6pp
2025
20192025
Equity
€12.1m
▲ 7.8%
2025
highest quarter of the sector
20192025
Total assets
€32.0m
▲ 15.3%
2025
highest quarter of the sector
20192025
Debt
€19.8m
▲ 20.4%
2025
20192025
Working capital
€4.8m
▼ 8.2%
2025
highest quarter of the sector
20192025
Solvency
37.9%
▼ 2.6pp
2025
middle half of the sector
20192025
Current ratio
1.48
▼ 0.10
2025
middle half of the sector
20192025
Return on assets (ROA)
3.3%
▼ 3.1pp
2025
middle half of the sector
20192025
Staff (FTE)
39.5
▲ 15.5%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€13.4m-€18.3m▲ 36.8%€23.0m▲ 25.7%€22.4m▼ 2.3%€26.2m▲ 16.7%€28.1m▲ 7.3%€34.1m▲ 21.2%
Operating result€1.2m-€2.3m▲ 87.2%€3.2m▲ 41.1%€2.2m▼ 32.2%€3.5m▲ 58.7%€2.4m▼ 29.9%€1.7m▼ 29.7%
Net result€1.0m-€1.7mabove the sector's middle half▲ 79.5%€2.4mabove the sector's middle half▲ 39.0%€1.7mabove the sector's middle half▼ 31.7%€2.8mabove the sector's middle half▲ 68.6%€1.8mabove the sector's middle half▼ 36.5%€1.0mabove the sector's middle half▼ 41.3%
EBIT margin9.1%-12.5%▲ 3.4pp14.0%▲ 1.5pp9.7%▼ 4.3pp13.2%▲ 3.5pp8.6%▼ 4.6pp5.0%▼ 3.6pp
Equity€3.9m-€5.0mwithin the sector's middle half▲ 28.3%€6.7mabove the sector's middle half▲ 34.8%€8.1mabove the sector's middle half▲ 20.0%€9.8mabove the sector's middle half▲ 21.5%€11.2mabove the sector's middle half▲ 14.3%€12.1mabove the sector's middle half▲ 7.8%
Total assets€12.6m-€14.9mabove the sector's middle half▲ 18.3%€20.8mabove the sector's middle half▲ 39.3%€22.5mabove the sector's middle half▲ 8.1%€24.2mabove the sector's middle half▲ 7.7%€27.7mabove the sector's middle half▲ 14.4%€32.0mabove the sector's middle half▲ 15.3%
Debt€8.7m-€9.9m▲ 13.9%€14.0m▲ 41.6%€14.4m▲ 2.5%€14.4m=€16.5m▲ 14.4%€19.8m▲ 20.4%
Working capital€2.0m-€3.2mabove the sector's middle half▲ 57.9%€3.7mabove the sector's middle half▲ 14.6%€4.2mabove the sector's middle half▲ 14.1%€5.1mabove the sector's middle half▲ 22.0%€5.2mabove the sector's middle half▲ 0.7%€4.8mabove the sector's middle half▼ 8.2%
Solvency30.8%-33.4%within the sector's middle half▲ 2.6pp32.4%within the sector's middle half▼ 1.1pp35.9%within the sector's middle half▲ 3.5pp40.5%within the sector's middle half▲ 4.6pp40.5%within the sector's middle half=37.9%within the sector's middle half▼ 2.6pp
Current ratio1.44-1.62within the sector's middle half▲ 0.181.57within the sector's middle half▼ 0.051.65within the sector's middle half▲ 0.081.77within the sector's middle half▲ 0.131.58within the sector's middle half▼ 0.191.48within the sector's middle half▼ 0.10
Return on assets (ROA)7.7%-11.7%above the sector's middle half▲ 4.0pp11.6%above the sector's middle half=7.4%within the sector's middle half▼ 4.3pp11.5%above the sector's middle half▲ 4.2pp6.4%within the sector's middle half▼ 5.1pp3.3%within the sector's middle half▼ 3.1pp
Staff (FTE)30.7-32.3within the sector's middle half▲ 5.2%33.8within the sector's middle half▲ 4.6%34.2within the sector's middle half▲ 1.2%32.2within the sector's middle half▼ 5.8%34.2within the sector's middle half▲ 6.2%39.5within the sector's middle half▲ 15.5%
above
within
below
The sector band is the middle half of the companies in Manufacture of other non-metallic mineral products (NACE 23). 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 30% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Large changes and their cause
- 2023 Net result +69% on 2022. Merger absorbing COBITRAC, Official Gazette 22-07-2022, in the previous financial year. That operation now counts for a full year for the first time.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €32.0m
Fixed assets
€17.3m ▲ 27.2%
Current assets
€14.6m ▲ 3.8%
Equity and liabilities €32.0m
Equity
€12.1m ▲ 7.8%
Provisions
€35,181 =
Debt
€19.8m ▲ 20.4%
Debt's share of the balance-sheet total rises from 59.4% to 62.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€5.0m▲
2024 · €4.9m
Cash flow
€4.3m▲
2024 · €4.3m
Quick ratio
1.08▼
2024 · 1.22
Debt to equity
1.64▲
2024 · 1.47
ROE
8.6%▼
2024 · 15.8%
Interest coverage
12.58▼
2024 · 20.16
Debt ≤ 1 year
€9.9m▲
2024 · €8.9m
Debt > 1 year
€9.9m▲
2024 · €7.5m
Income taxes
€299,925▼
2024 · €535,075
Customer credit
80 days▼
2024 · 99 days
Supplier credit
159 days▼
2024 · 168 days
Staff costs
€3.1m▲
2024 · €2.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 32 | 33 | 35 | 48 |
| full-time | 31 | 32 | 34 | 47 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 31.8 | 32.8 | 34.8 | 47.8 |
| Average over the year, in full-time equivalents | 34.2 | 32.2 | 34.2 | 39.5 |
| On a permanent contract | 31 | 31 | 30 | 35 |
| Joined | 11 | 11 | 14 | 33 |
| Left | 12 | 10 | 12 | 20 |
| Agency workers, average number | 9.9 | 11 | 11.4 | 18 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €9.4m | €9.5m | €9.7m | €12.7m |
| Mortgages, amount registered | €109,157 | €109,157 | €109,157 | €5.8m |
| Mortgage mandates | €247,894 | €247,894 | €247,894 | €247,894 |
| Carrying value of the mortgaged assets | €4.7m | €4.4m | €4.5m | €4.4m |
| Mandates to pledge the business | €841,380 | €841,380 | €841,380 | €841,380 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3.5m | €3.1m | €3.5m | €6.7m |
| Intangible fixed assets | €7,115 | €7,420 | €237,751 | €269,734 |
| Depreciation and write-downs of the year | €2.3m | €2.5m | €2.5m | €3.3m |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is FIGURAD BEDRIJFSREVISOREN.
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Fee for the audit | €7,467 | €8,266 | €8,744 | €11,164 |
| Other work by the auditor | - | €1,488 | €1,660 | €1,605 |
Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €23.5m | €25.8m | €29.3m | €35.3m | ▲ 20.3% |
| Turnover70 | €13.4m | €18.3m | €23.0m | €22.4m | €26.2m | €28.1m | €34.1m | ▲ 21.2% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.7m | -€0.7m | €0.9m | €0.6m | ▼ 30.7% |
| Own construction capitalised72 | - | - | - | - | - | - | €0.1m | - |
| Other operating income74 | - | - | - | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 25.7% |
| Non-recurring operating income76A | - | - | - | €0.009m | €0.005m | €0 | €0.08m | - |
| Operating charges60/66A | - | - | - | €21.3m | €22.3m | €26.9m | €33.6m | ▲ 24.8% |
| Goods for resale, raw materials and consumables60 | - | - | - | €10.0m | €9.7m | €11.2m | €13.5m | ▲ 20.4% |
| Purchases600/8 | - | - | - | €9.9m | €9.7m | €11.4m | €13.6m | ▲ 18.9% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.03m | €0.03m | -€0.2m | -€0.1m | ▲ 57.8% |
| Services and other goods61 | - | - | - | €6.9m | €7.8m | €10.3m | €13.6m | ▲ 31.5% |
| Remuneration, social security and pensions62 | - | - | - | €2.0m | €2.2m | €2.6m | €3.1m | ▲ 22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.2m | €1.4m | €1.8m | €2.3m | €2.5m | €2.5m | €3.3m | ▲ 30.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.009m | -€0.02m | €0.1m | -€0.07m | - |
| Other operating charges640/8 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 26.6% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.06m | €0.002m | ▼ 96.7% |
| Operating profit (loss)9901 | €1.2m | €2.3m | €3.2m | €2.2m | €3.5m | €2.4m | €1.7m | ▼ 29.7% |
| Financial income75/76B | - | - | - | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 1.1% |
| Recurring financial income75 | €0.1m | €0.08m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 1.1% |
| Income from current assets751 | - | - | - | - | €0.02m | €0.01m | €0.02m | ▲ 64.8% |
| Other financial income752/9 | - | - | - | €0.2m | €0.1m | €0.2m | €0.2m | ▼ 2.7% |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.3m | €0.5m | ▲ 82.0% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.5m | ▲ 82.0% |
| Debt charges650 | €0.07m | €0.07m | €0.1m | €0.1m | €0.2m | €0.2m | €0.4m | ▲ 61.9% |
| Other financial charges652/9 | - | - | - | €0.04m | €0.04m | €0.06m | €0.2m | ▲ 170% |
| Profit (loss) for the period before taxes9903 | €1.2m | €2.3m | €3.2m | €2.2m | €3.4m | €2.3m | €1.3m | ▼ 41.9% |
| Income taxes67/77 | €0.3m | €0.5m | €0.8m | €0.5m | €0.6m | €0.5m | €0.3m | ▼ 43.9% |
| Taxes670/3 | - | - | - | €0.5m | €0.6m | €0.5m | €0.3m | ▼ 43.9% |
| Profit (loss) for the period9904 | €1.0m | €1.7m | €2.4m | €1.7m | €2.8m | €1.8m | €1.0m | ▼ 41.3% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €1.0m | - |
| Transfer to tax-exempt reserves689 | - | - | - | €0.4m | €0.6m | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €1.7m | €1.8m | €1.2m | €2.2m | €1.8m | €2.1m | ▲ 17.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €12.6m | €14.9m | €20.8m | €22.5m | €24.2m | €27.7m | €32.0m | ▲ 15.3% |
| Fixed assets21/28 | €6.0m | €6.6m | €10.6m | €11.8m | €12.4m | €13.6m | €17.3m | ▲ 27.2% |
| Intangible fixed assets21 | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | €0.2m | €0.4m | ▲ 78.5% |
| Tangible fixed assets22/27 | €5.9m | €6.5m | €10.6m | €11.7m | €12.4m | €13.4m | €16.9m | ▲ 26.3% |
| Land and buildings22 | - | - | - | €4.7m | €4.4m | €4.5m | €4.4m | ▼ 2.7% |
| Plant, machinery and equipment23 | - | - | - | €0.8m | €1.2m | €1.2m | €1.9m | ▲ 60.0% |
| Furniture and vehicles24 | - | - | - | €0.4m | €0.3m | €0.5m | €0.5m | ▲ 8.2% |
| Leasing and similar rights25 | - | - | - | €5.5m | €6.1m | €6.8m | €9.6m | ▲ 40.9% |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 23.5% |
| Current assets29/58 | €6.7m | €8.4m | €10.2m | €10.7m | €11.8m | €14.1m | €14.6m | ▲ 3.8% |
| Stocks and contracts in progress3 | €1.7m | €1.8m | €2.2m | €2.8m | €2.1m | €3.2m | €4.0m | ▲ 22.9% |
| Stocks30/36 | - | - | - | €2.8m | €2.1m | €3.2m | €4.0m | ▲ 22.9% |
| Raw materials and consumables30/31 | - | - | - | €0.2m | €0.1m | €0.4m | €0.5m | ▲ 25.7% |
| Finished goods33 | - | - | - | €2.7m | €1.9m | €2.9m | €3.5m | ▲ 22.5% |
| Amounts receivable within one year40/41 | €4.1m | €4.7m | €6.4m | €6.1m | €7.1m | €9.4m | €9.0m | ▼ 4.9% |
| Trade receivables40 | - | - | - | €5.0m | €6.3m | €7.7m | €7.5m | ▼ 2.5% |
| Other amounts receivable41 | - | - | - | €1.1m | €0.8m | €1.8m | €1.5m | ▼ 15.3% |
| Current investments50/53 | - | - | - | - | €0.6m | €0 | - | - |
| Other investments51/53 | - | - | - | - | €0.6m | €0 | - | - |
| Cash at bank and in hand54/58 | €0.8m | €1.7m | €1.3m | €1.7m | €1.8m | €1.2m | €1.3m | ▲ 4.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 96.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €12.6m | €14.9m | €20.8m | €22.5m | €24.2m | €27.7m | €32.0m | ▲ 15.3% |
| Equity10/15 | €3.9m | €5.0m | €6.7m | €8.1m | €9.8m | €11.2m | €12.1m | ▲ 7.8% |
| Contributions10/11 | €0.07m | - | - | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | €3.5m | €4.7m | €6.3m | €7.4m | €9.3m | €10.7m | €11.5m | ▲ 7.9% |
| Non-distributable reserves130/1 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Other1319 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Tax-exempt reserves132 | - | - | - | €1.1m | €1.6m | €1.6m | €0.6m | ▼ 63.6% |
| Distributable reserves133 | - | - | - | €6.3m | €7.6m | €9.0m | €10.9m | ▲ 21.0% |
| Profit (loss) carried forward14 | €0.002m | €0.005m | €119 | €0.004m | €0 | - | - | - |
| Investment grants15 | - | - | - | €0.6m | €0.5m | €0.5m | €0.5m | ▲ 6.4% |
| Provisions and deferred taxes16 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Deferred taxes168 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Amounts payable17/49 | €8.7m | €9.9m | €14.0m | €14.4m | €14.4m | €16.5m | €19.8m | ▲ 20.4% |
| Amounts payable after more than one year17 | €4.1m | €4.4m | €7.1m | €7.6m | €7.5m | €7.5m | €9.9m | ▲ 32.2% |
| Financial debts170/4 | - | - | - | €7.6m | €7.5m | €7.5m | €9.9m | ▲ 32.2% |
| Leasing and similar obligations172 | - | - | - | €4.6m | €5.0m | €5.2m | €7.4m | ▲ 41.9% |
| Credit institutions173 | - | - | - | €3.0m | €2.5m | €2.2m | €2.4m | ▲ 9.5% |
| Amounts payable within one year42/48 | €4.6m | €5.2m | €6.5m | €6.5m | €6.7m | €8.9m | €9.9m | ▲ 10.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.8m | €2.0m | €2.2m | €2.8m | ▲ 27.1% |
| Financial debts43 | - | - | - | €1.3m | €0.2m | €0.8m | €0.3m | ▼ 58.1% |
| Credit institutions430/8 | - | - | - | €1.3m | €0.2m | €0.8m | €0.3m | ▼ 58.1% |
| Trade debts44 | €2.9m | €2.8m | €3.0m | €2.6m | €3.0m | €5.1m | €5.9m | ▲ 13.9% |
| Suppliers440/4 | - | - | - | €2.6m | €3.0m | €5.1m | €5.9m | ▲ 13.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 21.3% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.01m | €0.01m | ▼ 21.7% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 22.7% |
| Other amounts payable47/48 | - | - | - | €0.5m | €1.1m | €0.4m | €0.4m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0.2m | €0.06m | €0.05m | ▼ 9.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €1.7m | €2.4m | €1.7m | €2.8m | €1.8m | €1.0m | ▼ 41.3% |
| + Depreciation and write-downs630 | €1.2m | €1.4m | €1.8m | €2.3m | €2.5m | €2.5m | €3.3m | ▲ 30.9% |
| Operating cash flow (approximation) | €2.2m | €3.2m | €4.2m | €3.9m | €5.3m | €4.3m | €4.3m | ▲ 0.9% |
| Investment in fixed assets (approximation) | - | -€2.0m | -€5.9m | -€3.4m | -€3.1m | -€3.7m | -€7.0m | ▼ 90.0% |
| Change in cash | - | €0.9m | -€0.4m | €0.3m | €0.2m | -€0.6m | €0.05m | - |
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, 14,766 companies had the same profile as COBEFA has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COBEFA 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 14,766 companies, not a prediction for COBEFA. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 24-04-2026 | 2026-00087178 | |
| 30-09-2024 | full format | 25-04-2025 | 2025-00078243 | |
| 30-09-2023 | full format | 02-04-2024 | 2024-00057387 | |
| 30-09-2022 | full format | 24-03-2023 | 2023-00049469 | |
| 30-09-2021 | full format | 28-03-2022 | 2022-08700437 | |
| 30-09-2020 | full format | 30-04-2021 | 2021-12400284 | |
| 30-09-2019 | full format | 02-04-2020 | 2020-08500252 | |
| 30-09-2018 | full format | 23-04-2019 | 2019-10400297 | |
| 30-09-2017 | full format | 16-03-2018 | 2018-07000377 | |
| 30-09-2016 | full format | 02-03-2017 | 2017-05700219 |