COBEPI
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 21-06-2026 at the NBB all 35 filings
Turnover
€52,727▲ 0.5%
2024 · €52,477
EBIT margin
5.1%▼ 3.7pp
2024 · 8.9%
Net result
€2,186▼ 41.4%
2024 · €3,727
Working capital
€272,823▲ 11.9%
2024 · €243,804
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€52,727
▲ 0.5%
2025
20182025
Operating result
€2,712
▼ 41.7%
2025
20182025
Net result
€2,186
▼ 41.4%
2025
20182025
EBIT margin
5.1%
▼ 3.7pp
2025
20182025
Equity
€1.5m
▲ 0.1%
2025
20182025
Total assets
€1.5m
▲ 0.1%
2025
20182025
Debt
€1,385
▲ 60.8%
2025
20182025
Working capital
€272,823
▲ 11.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.05m-€0.05m▲ 0.2%€0.05m▼ 3.0%€0.05m▲ 3.6%€0.05m▲ 4.9%€0.04m▼ 11.1%€0.05m▲ 20.2%€0.05m▲ 0.5%
Operating result€0.01m-€0.01m▲ 41.3%€0.005m▼ 68.8%€0.005m▼ 0.1%€0.008m▲ 66.7%€488▼ 93.5%€0.005m▲ 854%€0.003m▼ 41.7%
Net result€0.007m-€0.01m▲ 44.0%€0.003m▼ 66.0%€0.004m▲ 3.3%€0.006m▲ 63.8%€0.001m▼ 87.8%€0.004m▲ 427%€0.002m▼ 41.4%
EBIT margin22.0%-31.0%▲ 9.0pp10.0%▼ 21.0pp9.6%▼ 0.4pp15.3%▲ 5.7pp1.1%▼ 14.2pp8.9%▲ 7.8pp5.1%▼ 3.7pp
Equity€1.5m-€1.5m▲ 0.7%€1.5m▲ 0.2%€1.5m▲ 0.2%€1.5m▲ 0.4%€1.5m=€1.5m▲ 0.2%€1.5m▲ 0.1%
Total assets€2.5m-€2.5m▲ 0.2%€2.5m▲ 0.2%€1.5m▼ 38.3%€1.5m▲ 0.4%€1.5m▼ 0.1%€1.5m▲ 0.2%€1.5m▲ 0.1%
Debt€1.0m-€1.0m▼ 0.4%€1.0m▲ 0.2%€0.002m▼ 99.8%€0.003m▲ 46.2%€0.001m▼ 70.9%€0.001m▲ 5.8%€0.001m▲ 60.8%
Working capital€0.1m-€0.1m▲ 11.2%€0.2m▲ 18.1%€0.2m▲ 15.3%€0.2m▲ 4.8%€0.2m▲ 12.1%€0.2m▲ 2.8%€0.3m▲ 11.9%
The operating result for 2025 is 42% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€1.3m ▼ 2.1%
Current assets
€274,208 ▲ 12.1%
Equity and liabilities €1.5m
Equity
€1.5m ▲ 0.1%
Provisions
€1,073 ▼ 43.7%
Debt
€1,385 ▲ 60.8%
Debt's share of the balance-sheet total stays at 0.1%.
Key figures and ratios
EBITDA
€30,379▼
2024 · €31,736
Cash flow
€29,852▼
2024 · €30,810
Debt to equity
0.00▲
2024 · 0.00
ROE
0.1%▼
2024 · 0.2%
ROA
0.1%▼
2024 · 0.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€1,385▲
2024 · €861
Income taxes
€1,385▼
2024 · €1,913
Customer credit
34 days▼
2024 · 51 days
A ratio outside any meaningful range has been withheld (balance sheet total €1.5m, equity €1.5m).
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 | - | €19,398 | - | €23,312 | - |
| Depreciation and write-downs of the year | €24,121 | €24,199 | €25,685 | €27,083 | €27,667 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €46,454 | €46,541 | €45,162 | €46,798 | €49,103 | €43,663 | €52,477 | €52,727 | ▲ 0.5% |
| Non-recurring operating income76A | - | - | - | - | €8,522 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €10,445 | €18,017 | €8,833 | €11,757 | €13,086 | ▲ 11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,390 | €22,923 | €24,121 | €24,121 | €24,199 | €25,685 | €27,083 | €27,667 | ▲ 2.2% |
| Other operating charges640/8 | - | - | - | €7,728 | €7,902 | €8,657 | €8,984 | €9,261 | ▲ 3.1% |
| Gross operating margin9900 | €40,040 | €44,927 | €36,306 | €36,353 | €39,608 | €34,830 | €40,720 | €39,640 | ▼ 2.7% |
| Operating profit (loss)9901 | €10,204 | €14,423 | €4,506 | €4,503 | €7,507 | €488 | €4,653 | €2,712 | ▼ 41.7% |
| Financial income75/76B | - | - | - | €50 | €118 | €299 | €323 | €100 | ▼ 69.0% |
| Recurring financial income75 | €18 | €51 | - | €50 | €118 | €299 | €323 | €100 | ▼ 69.0% |
| Financial charges65/66B | - | - | - | €68 | €76 | €69 | €170 | €75 | ▼ 55.8% |
| Recurring financial charges65 | €54 | €56 | €70 | €68 | €76 | €69 | €170 | €75 | ▼ 55.8% |
| Profit (loss) for the period before taxes9903 | €10,168 | €14,417 | €4,437 | €4,485 | €7,550 | €718 | €4,807 | €2,737 | ▼ 43.1% |
| Transfer from deferred taxes780 | - | - | - | €833 | €833 | €833 | €833 | €833 | = |
| Income taxes67/77 | €3,985 | €5,146 | €1,838 | €1,775 | €2,579 | €844 | €1,913 | €1,385 | ▼ 27.6% |
| Profit (loss) for the period9904 | €7,016 | €10,104 | €3,432 | €3,544 | €5,804 | €707 | €3,727 | €2,186 | ▼ 41.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €1,618 | €1,618 | €1,618 | €1,618 | €1,618 | = |
| Profit (loss) for the period to be appropriated9905 | €8,634 | €11,722 | €5,050 | €5,162 | €7,422 | €2,325 | €5,345 | €3,804 | ▼ 28.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.5m | €2.5m | €2.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | ▲ 0.1% |
| Fixed assets21/28 | €1.4m | €1.4m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | ▼ 2.1% |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 4.0% |
| Land and buildings22 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 4.0% |
| Financial fixed assets28 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Current assets29/58 | €1.1m | €1.1m | €1.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 12.1% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 2.3% |
| Trade receivables40 | - | - | - | €0.005m | €0.006m | €0.006m | €0.007m | €0.005m | ▼ 32.7% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Cash at bank and in hand54/58 | €1.0m | €1.0m | €1.0m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 23.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.5m | €2.5m | €2.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | ▲ 0.1% |
| Equity10/15 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | ▲ 0.1% |
| Contributions10/11 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Capital10 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Issued capital100 | - | - | - | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Reserves13 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 0.3% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | - | €0.009m | €0.007m | €0.005m | €0.004m | €0.002m | ▼ 43.7% |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | -€0.6m | -€0.5m | -€0.5m | -€0.5m | -€0.5m | -€0.5m | -€0.5m | -€0.5m | ▲ 0.7% |
| Provisions and deferred taxes16 | €0.007m | €0.006m | €0.005m | €0.004m | €0.004m | €0.003m | €0.002m | €0.001m | ▼ 43.7% |
| Deferred taxes168 | - | - | - | €0.004m | €0.004m | €0.003m | €0.002m | €0.001m | ▼ 43.7% |
| Amounts payable17/49 | €1.0m | €1.0m | €1.0m | €0.002m | €0.003m | €0.001m | €0.001m | €0.001m | ▲ 60.8% |
| Amounts payable within one year42/48 | €1.0m | €1.0m | €1.0m | €0.002m | €0.003m | €0.001m | €0.001m | €0.001m | ▲ 60.8% |
| Trade debts44 | €0.001m | - | - | - | €0.002m | - | - | - | - |
| Suppliers440/4 | - | - | - | - | €0.002m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 60.8% |
| Taxes450/3 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 60.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,016 | €10,104 | €3,432 | €3,544 | €5,804 | €707 | €3,727 | €2,186 | ▼ 41.4% |
| + Depreciation and write-downs630 | €22,390 | €22,923 | €24,121 | €24,121 | €24,199 | €25,685 | €27,083 | €27,667 | ▲ 2.2% |
| Operating cash flow (approximation) | €29,406 | €33,027 | €27,553 | €27,665 | €30,003 | €26,393 | €30,810 | €29,852 | ▼ 3.1% |
| Investment in fixed assets (approximation) | - | -€17,310 | €91 | €0 | -€19,398 | €0 | -€23,312 | €0 | - |
| Change in cash | - | €8,617 | €28,637 | -€924,332 | €8,943 | €24,166 | €5,084 | €31,964 | ▲ 529% |
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 COBEPI 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 COBEPI 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 COBEPI. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 21-06-2026 | 2026-00179582 | |
| 31-12-2024 | full format | 21-06-2025 | 2025-00161006 | |
| 31-12-2023 | full format | 22-06-2024 | 2024-00151151 | |
| 31-12-2022 | full format | 05-06-2023 | 2023-00106138 | |
| 31-12-2021 | full format | 06-06-2022 | 2022-20047183 | |
| 31-12-2020 | full format | 20-06-2021 | 2021-22100418 | |
| 31-12-2019 | full format | 01-07-2020 | 2020-23400161 | |
| 31-12-2018 | full format | 27-06-2019 | 2019-23100451 | |
| 31-12-2017 | full format | 29-06-2018 | 2018-23800487 | |
| 31-12-2016 | full format | 28-06-2017 | 2017-23600170 |