COBOCO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 11 filings
Turnover
≈ €270,000
Estimated: probably between €110,000 and €840,000
Total assets
€197,287▼ 53.9%
2024 · €427,929
Net result
€26,126▲ 13.7%
2024 · €22,980
Working capital
€96,930▼ 70.0%
2024 · €322,995
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€30,065
▲ 24.1%
2025
20192025
Net result
€26,126
▲ 13.7%
2025
highest quarter of the sector
20192025
Equity
€128,695
▼ 64.4%
2025
highest quarter of the sector
20192025
Total assets
€197,287
▼ 53.9%
2025
middle half of the sector
20192025
Debt
€68,592
▲ 3.8%
2025
20192025
Working capital
€96,930
▼ 70.0%
2025
highest quarter of the sector
20192025
Solvency
65.2%
▼ 19.3pp
2025
highest quarter of the sector
20192025
Current ratio
2.41
▼ 3.48
2025
middle half of the sector
20192025
Return on assets (ROA)
13.2%
▲ 7.9pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€10,293-€5,959▼ 42.1%-€2,611€4,094€11,017▲ 169%€24,225▲ 120%€30,065▲ 24.1%
Net result€6,703-€3,275within the sector's middle half▼ 51.1%€198,267above the sector's middle half▲ 61×€3,031within the sector's middle half▼ 98.5%€9,330within the sector's middle half▲ 208%€22,980above the sector's middle half▲ 146%€26,126above the sector's middle half▲ 13.7%
Equity€122,495-€125,771above the sector's middle half▲ 2.7%€320,329above the sector's middle half▲ 155%€323,361above the sector's middle half▲ 0.9%€338,891above the sector's middle half▲ 4.8%€361,870above the sector's middle half▲ 6.8%€128,695above the sector's middle half▼ 64.4%
Total assets€147,009-€159,405within the sector's middle half▲ 8.4%€853,843above the sector's middle half▲ 436%€402,626above the sector's middle half▼ 52.8%€399,081above the sector's middle half▼ 0.9%€427,929above the sector's middle half▲ 7.2%€197,287within the sector's middle half▼ 53.9%
Debt€24,513-€33,634▲ 37.2%€533,514▲ 16×€79,266▼ 85.1%€60,191▼ 24.1%€66,059▲ 9.7%€68,592▲ 3.8%
Working capital€109,090-€116,108above the sector's middle half▲ 6.4%€320,091above the sector's middle half▲ 176%€321,367above the sector's middle half▲ 0.4%€346,598above the sector's middle half▲ 7.9%€322,995above the sector's middle half▼ 6.8%€96,930above the sector's middle half▼ 70.0%
Solvency83.3%-78.9%above the sector's middle half▼ 4.4pp37.5%within the sector's middle half▼ 41.4pp80.3%above the sector's middle half▲ 42.8pp84.9%above the sector's middle half▲ 4.6pp84.6%above the sector's middle half▼ 0.4pp65.2%above the sector's middle half▼ 19.3pp
Current ratio5.45-4.45above the sector's middle half▼ 1.001.60within the sector's middle half▼ 2.855.05above the sector's middle half▲ 3.457.84above the sector's middle half▲ 2.785.89above the sector's middle half▼ 1.952.41within the sector's middle half▼ 3.48
Return on assets (ROA)4.6%-2.1%within the sector's middle half▼ 2.5pp23.2%above the sector's middle half▲ 21.2pp0.8%within the sector's middle half▼ 22.5pp2.3%within the sector's middle half▲ 1.6pp5.4%within the sector's middle half▲ 3.0pp13.2%above the sector's middle half▲ 7.9pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 24% 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 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 €197,287
Fixed assets
€31,765 ▼ 18.3%
Current assets
€165,521 ▼ 57.5%
Equity and liabilities €197,287
Equity
€128,695 ▼ 64.4%
Debt
€68,592 ▲ 3.8%
Debt's share of the balance-sheet total rises from 15.4% to 34.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€38,261▲
2024 · €26,713
Cash flow
€34,323▲
2024 · €25,467
Debt to equity
0.53▲
2024 · 0.18
ROE
20.3%▲
2024 · 6.4%
Interest coverage
25.60▲
2024 · 19.07
Debt ≤ 1 year
€68,592▲
2024 · €66,059
Income taxes
€6,662▲
2024 · €6,369
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,100 | - | €39,579 | €1,086 |
| Depreciation and write-downs of the year | €4,537 | €210 | €2,487 | €8,197 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,356 | €5,903 | €5,232 | €4,537 | €210 | €2,487 | €8,197 | ▲ 230% |
| Other operating charges640/8 | - | - | - | €3,380 | €2,107 | €3,795 | €786 | ▼ 79.3% |
| Gross operating margin9900 | €19,945 | €14,389 | €22,162 | €12,011 | €13,334 | €30,508 | €39,048 | ▲ 28.0% |
| Operating profit (loss)9901 | €10,293 | €5,959 | -€2,611 | €4,094 | €11,017 | €24,225 | €30,065 | ▲ 24.1% |
| Financial income75/76B | - | - | - | €1,147 | €2,160 | €6,524 | €4,218 | ▼ 35.3% |
| Recurring financial income75 | €623 | €481 | €1,393 | €1,147 | €2,160 | €2,224 | €3,718 | ▲ 67.2% |
| Non-recurring financial income76B | - | - | - | - | - | €4,300 | €500 | ▼ 88.4% |
| Financial charges65/66B | - | - | - | €649 | €1,032 | €1,401 | €1,495 | ▲ 6.7% |
| Recurring financial charges65 | €700 | €1,108 | €4,911 | €649 | €1,032 | €1,401 | €1,495 | ▲ 6.7% |
| Profit (loss) for the period before taxes9903 | €10,217 | €5,332 | €257,677 | €4,592 | €12,145 | €29,349 | €32,788 | ▲ 11.7% |
| Income taxes67/77 | €3,514 | €2,057 | €59,410 | €1,560 | €2,815 | €6,369 | €6,662 | ▲ 4.6% |
| Profit (loss) for the period9904 | €6,703 | €3,275 | €198,267 | €3,031 | €9,330 | €22,980 | €26,126 | ▲ 13.7% |
| Profit (loss) for the period to be appropriated9905 | €6,703 | €3,275 | €198,267 | €3,031 | €9,330 | €22,980 | €26,126 | ▲ 13.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €147,009 | €159,405 | €853,843 | €402,626 | €399,081 | €427,929 | €197,287 | ▼ 53.9% |
| Fixed assets21/28 | €13,406 | €9,662 | €4,431 | €1,994 | €1,784 | €38,876 | €31,765 | ▼ 18.3% |
| Tangible fixed assets22/27 | €13,406 | €9,662 | €4,431 | €1,994 | €1,784 | €38,876 | €31,765 | ▼ 18.3% |
| Plant, machinery and equipment23 | - | - | - | €1,994 | €1,784 | €1,574 | €1,364 | ▼ 13.3% |
| Furniture and vehicles24 | - | - | - | - | - | €37,302 | €30,402 | ▼ 18.5% |
| Current assets29/58 | €133,603 | €149,742 | €849,412 | €400,633 | €397,298 | €389,054 | €165,521 | ▼ 57.5% |
| Stocks and contracts in progress3 | €4,919 | €28,015 | €14,219 | €6,238 | - | - | - | - |
| Stocks30/36 | - | - | - | €6,238 | - | - | - | - |
| Amounts receivable within one year40/41 | €27,349 | €32,078 | €790,571 | €109,184 | €117,604 | €106,522 | €64,455 | ▼ 39.5% |
| Trade receivables40 | - | - | - | €95,126 | €111,894 | €105,693 | €46,568 | ▼ 55.9% |
| Other amounts receivable41 | - | - | - | €14,058 | €5,710 | €828 | €17,887 | ▲ 22× |
| Cash at bank and in hand54/58 | €97,998 | €87,356 | €43,395 | €284,243 | €278,999 | €280,546 | €100,391 | ▼ 64.2% |
| Deferred charges and accrued income490/1 | - | - | - | €967 | €695 | €1,986 | €675 | ▼ 66.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €147,009 | €159,405 | €853,843 | €402,626 | €399,081 | €427,929 | €197,287 | ▼ 53.9% |
| Equity10/15 | €122,495 | €125,771 | €320,329 | €323,361 | €338,891 | €361,870 | €128,695 | ▼ 64.4% |
| Contributions10/11 | €12,400 | - | - | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €110,095 | €110,095 | €307,929 | €310,961 | €320,291 | €343,270 | €110,095 | ▼ 67.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Other1319 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €309,101 | €318,431 | €343,270 | €110,095 | ▼ 67.9% |
| Profit (loss) carried forward14 | - | €3,275 | - | - | - | - | - | - |
| Amounts payable17/49 | €24,513 | €33,634 | €533,514 | €79,266 | €60,191 | €66,059 | €68,592 | ▲ 3.8% |
| Amounts payable within one year42/48 | €24,513 | €33,634 | €529,322 | €79,266 | €50,700 | €66,059 | €68,592 | ▲ 3.8% |
| Trade debts44 | €4,015 | €9,407 | €2,241 | €33,141 | €973 | €11,198 | €5,450 | ▼ 51.3% |
| Suppliers440/4 | - | - | - | €33,141 | €973 | €11,198 | €5,450 | ▼ 51.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,089 | €8,685 | €18,380 | €3,108 | ▼ 83.1% |
| Taxes450/3 | - | - | - | €1,089 | €8,685 | €18,380 | €3,108 | ▼ 83.1% |
| Other amounts payable47/48 | - | - | - | €45,036 | €41,042 | €36,481 | €60,033 | ▲ 64.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €9,491 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,703 | €3,275 | €198,267 | €3,031 | €9,330 | €22,980 | €26,126 | ▲ 13.7% |
| + Depreciation and write-downs630 | €5,356 | €5,903 | €5,232 | €4,537 | €210 | €2,487 | €8,197 | ▲ 230% |
| Operating cash flow (approximation) | €12,059 | €9,178 | €203,499 | €7,569 | €9,540 | €25,467 | €34,323 | ▲ 34.8% |
| Investment in fixed assets (approximation) | - | -€2,159 | €0 | -€2,100 | €0 | -€39,579 | -€1,086 | ▲ 97.3% |
| Change in cash | - | -€10,642 | -€43,961 | €240,848 | -€5,245 | €1,547 | -€180,155 | - |
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 COBOCO 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 COBOCO 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 34,693 companies, not a prediction for COBOCO. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00017898 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00022653 | |
| 30-06-2023 | micro format | 26-02-2024 | 2024-00034215 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00013764 | |
| 30-06-2021 | micro format | 28-02-2022 | 2022-07200277 | |
| 30-06-2020 | micro format | 14-01-2021 | 2021-00800463 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-02700399 | |
| 30-06-2018 | micro format | 24-01-2019 | 2019-02000535 | |
| 30-06-2017 | micro format | 09-01-2018 | 2018-00600168 | |
| 30-06-2016 | abbreviated format | 29-12-2016 | 2016-71800099 |