COEBA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00495072.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 23 filings
Equity
€119,146▼ 24.5%
2024 · €157,722
Total assets
€515,759▲ 92.9%
2024 · €267,363
Net result
-€38,576
2024 · €111,490
Working capital
-€34,337
2024 · €56,878
In the rankings
#7 oldest company in Zuienkerke, Wholesale and retail trade sector#10 company by total assets in Zuienkerke, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€36,363
2025
20182025
Net result
-€38,576
2025
lowest quarter of the sector
20182025
Equity
€119,146
▼ 24.5%
2025
middle half of the sector
20182025
Total assets
€515,759
▲ 92.9%
2025
middle half of the sector
20182025
Debt
€348,849
▲ 475%
2025
20182025
Working capital
-€34,337
2025
lowest quarter of the sector
20182025
Solvency
23.1%
▼ 35.9pp
2025
middle half of the sector
20182025
Current ratio
0.65
▼ 1.59
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-7.5%
▼ 49.2pp
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€5,651-€10,785▲ 90.8%-€34,693€2,366-€2,897€13,099€160,847▲ 12×-€36,363
Net result€501-€4,402▲ 778%-€38,055below the sector's middle half-€1,963below the sector's middle half▲ 94.8%-€3,375below the sector's middle half▼ 72.0%€11,729within the sector's middle half€111,490within the sector's middle half▲ 851%-€38,576below the sector's middle half
Equity€73,495-€77,896▲ 6.0%€39,842below the sector's middle half▼ 48.9%€37,879below the sector's middle half▼ 4.9%€34,504below the sector's middle half▼ 8.9%€46,233below the sector's middle half▲ 34.0%€157,722within the sector's middle half▲ 241%€119,146within the sector's middle half▼ 24.5%
Total assets€212,881-€212,338▼ 0.3%€189,747below the sector's middle half▼ 10.6%€177,658below the sector's middle half▼ 6.4%€162,014below the sector's middle half▼ 8.8%€156,197below the sector's middle half▼ 3.6%€267,363below the sector's middle half▲ 71.2%€515,759within the sector's middle half▲ 92.9%
Debt€139,386-€134,441▼ 3.5%€149,906▲ 11.5%€139,779▼ 6.8%€127,511▼ 8.8%€109,965▼ 13.8%€60,688▼ 44.8%€348,849▲ 475%
Working capital€28,695-€30,147▲ 5.1%-€31,177below the sector's middle half-€17,003below the sector's middle half▲ 45.5%-€26,929below the sector's middle half▼ 58.4%-€24,438below the sector's middle half▲ 9.3%€56,878within the sector's middle half-€34,337below the sector's middle half
Solvency34.5%-36.7%▲ 2.2pp21.0%within the sector's middle half▼ 15.7pp21.3%within the sector's middle half▲ 0.3pp21.3%within the sector's middle half=29.6%within the sector's middle half▲ 8.3pp59.0%within the sector's middle half▲ 29.4pp23.1%within the sector's middle half▼ 35.9pp
Current ratio1.48-1.45▼ 0.030.67below the sector's middle half▼ 0.780.78below the sector's middle half▲ 0.110.67below the sector's middle half▼ 0.110.70below the sector's middle half▲ 0.022.24within the sector's middle half▲ 1.540.65below the sector's middle half▼ 1.59
Return on assets (ROA)0.2%-2.1%▲ 1.8pp-20.1%below the sector's middle half▼ 22.1pp-1.1%below the sector's middle half▲ 19.0pp-2.1%below the sector's middle half▼ 1.0pp7.5%within the sector's middle half▲ 9.6pp41.7%above the sector's middle half▲ 34.2pp-7.5%below the sector's middle half▼ 49.2pp
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 a loss of €36,363, after a profit of €160,847 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €515,759
Fixed assets
€451,753 ▲ 174%
Current assets
€64,006 ▼ 37.7%
Equity and liabilities €515,759
Equity
€119,146 ▼ 24.5%
Provisions
€47,763 ▼ 2.4%
Debt
€348,849 ▲ 475%
Debt's share of the balance-sheet total rises from 22.7% to 67.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€27,837▼
2024 · €167,457
Cash flow
-€30,050▼
2024 · €118,100
Debt to equity
2.93▲
2024 · 0.38
ROE
-32.4%▼
2024 · 70.7%
Interest coverage
-6.95▼
2024 · over 100
Debt ≤ 1 year
€98,343▲
2024 · €45,883
Debt > 1 year
€250,507▲
2024 · €14,805
Income taxes
€185
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €261,122 |
| Mortgages, amount registered | - | - | - | - | €250,000 |
| Carrying value of the mortgaged assets | - | - | - | - | €340,005 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,661 | - | - | €152,623 | €295,677 |
| Depreciation and write-downs of the year | €11,919 | €9,930 | €6,819 | €6,610 | €8,526 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €128 | €196,506 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,678 | €17,085 | €11,461 | €11,919 | €9,930 | €6,819 | €6,610 | €8,526 | ▲ 29.0% |
| Other operating charges640/8 | - | - | - | - | €4,130 | €307 | €143 | €1,357 | ▲ 849% |
| Non-recurring operating charges66A | - | - | - | - | - | €4,737 | - | - | - |
| Gross operating margin9900 | €21,434 | €28,041 | -€20,388 | €14,285 | €11,163 | €24,963 | €167,600 | -€26,480 | - |
| Operating profit (loss)9901 | €5,651 | €10,785 | -€34,693 | €2,366 | -€2,897 | €13,099 | €160,847 | -€36,363 | - |
| Financial income75/76B | - | - | - | €2 | €1,629 | €1,233 | €1,059 | €786 | ▼ 25.8% |
| Recurring financial income75 | €191 | €0 | €727 | €2 | €1,629 | €1,233 | €1,059 | €786 | ▼ 25.8% |
| Financial charges65/66B | - | - | - | €4,331 | €2,107 | €2,603 | €1,464 | €4,003 | ▲ 173% |
| Recurring financial charges65 | €4,656 | €4,506 | €4,089 | €4,331 | €2,107 | €2,603 | €1,464 | €4,003 | ▲ 173% |
| Profit (loss) for the period before taxes9903 | €1,186 | €6,279 | -€38,055 | -€1,963 | -€3,375 | €11,729 | €160,442 | -€39,580 | - |
| Transfer from deferred taxes780 | - | - | - | - | - | - | - | €1,189 | - |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €48,953 | - | - |
| Income taxes67/77 | €685 | €1,877 | - | - | - | - | - | €185 | - |
| Profit (loss) for the period9904 | €501 | €4,402 | -€38,055 | -€1,963 | -€3,375 | €11,729 | €111,490 | -€38,576 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €3,567 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €146,858 | - | - |
| Profit (loss) for the period to be appropriated9905 | €501 | €4,402 | -€38,055 | -€1,963 | -€3,375 | €11,729 | -€35,368 | -€35,009 | ▲ 1.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €212,881 | €212,338 | €189,747 | €177,658 | €162,014 | €156,197 | €267,363 | €515,759 | ▲ 92.9% |
| Fixed assets21/28 | €124,458 | €115,163 | €125,636 | €116,378 | €106,448 | €99,629 | €164,602 | €451,753 | ▲ 174% |
| Tangible fixed assets22/27 | €124,408 | €115,114 | €125,587 | €116,328 | €106,399 | €99,579 | €164,553 | €451,704 | ▲ 175% |
| Land and buildings22 | - | - | - | €109,444 | €103,662 | €98,524 | €164,112 | €448,213 | ▲ 173% |
| Plant, machinery and equipment23 | - | - | - | €3,586 | €1,269 | €576 | €195 | €1,702 | ▲ 774% |
| Furniture and vehicles24 | - | - | - | €3,298 | €1,467 | €479 | €246 | €1,788 | ▲ 628% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €88,423 | €97,175 | €64,111 | €61,280 | €55,566 | €56,568 | €102,761 | €64,006 | ▼ 37.7% |
| Amounts receivable within one year40/41 | €79,950 | €42,081 | €22,835 | €41,489 | €25,343 | €40,604 | €57,142 | €46,000 | ▼ 19.5% |
| Trade receivables40 | - | - | - | €7,613 | €11,302 | €22,260 | €4,338 | €29,690 | ▲ 584% |
| Other amounts receivable41 | - | - | - | €33,875 | €14,041 | €18,344 | €52,803 | €16,310 | ▼ 69.1% |
| Cash at bank and in hand54/58 | €8,011 | €46,713 | €40,731 | €12,221 | €21,596 | €13,329 | €36,905 | €8,853 | ▼ 76.0% |
| Deferred charges and accrued income490/1 | - | - | - | €7,570 | €8,628 | €2,635 | €8,714 | €9,153 | ▲ 5.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €212,881 | €212,338 | €189,747 | €177,658 | €162,014 | €156,197 | €267,363 | €515,759 | ▲ 92.9% |
| Equity10/15 | €73,495 | €77,896 | €39,842 | €37,879 | €34,504 | €46,233 | €157,722 | €119,146 | ▼ 24.5% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €6,797 | €6,797 | €6,797 | €6,797 | €6,797 | €6,797 | €153,654 | €150,087 | ▼ 2.3% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €4,937 | €4,937 | €4,937 | €151,795 | €148,228 | ▼ 2.3% |
| Distributable reserves133 | - | - | - | - | - | - | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | €60,501 | €64,902 | €26,848 | €24,885 | €21,510 | €33,239 | -€2,129 | -€37,138 | ▼ 1,644% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €48,953 | €47,763 | ▼ 2.4% |
| Deferred taxes168 | - | - | - | - | - | - | €48,953 | €47,763 | ▼ 2.4% |
| Amounts payable17/49 | €139,386 | €134,441 | €149,906 | €139,779 | €127,511 | €109,965 | €60,688 | €348,849 | ▲ 475% |
| Amounts payable after more than one year17 | €79,659 | €67,414 | €54,618 | €60,415 | €45,016 | €28,959 | €14,805 | €250,507 | ▲ 17× |
| Financial debts170/4 | - | - | - | €60,415 | €45,016 | €28,959 | €14,805 | €250,507 | ▲ 17× |
| Amounts payable within one year42/48 | €59,728 | €67,028 | €95,288 | €78,283 | €82,495 | €81,006 | €45,883 | €98,343 | ▲ 114% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,545 | €15,399 | €16,416 | €1,843 | €10,615 | ▲ 476% |
| Trade debts44 | €42,017 | €45,855 | €33,272 | €51,833 | €63,383 | €58,722 | €43,745 | €47,079 | ▲ 7.6% |
| Suppliers440/4 | - | - | - | €51,833 | €63,383 | €58,722 | €43,745 | €47,079 | ▲ 7.6% |
| Advances received on contracts in progress46 | - | - | - | - | - | €2,893 | - | €11,891 | - |
| Taxes, remuneration and social security45 | - | - | - | €9,536 | €3,391 | €2,653 | - | €28,757 | - |
| Taxes450/3 | - | - | - | €2,536 | €3,391 | €2,653 | - | €28,757 | - |
| Remuneration and social security454/9 | - | - | - | €7,000 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €1,370 | €323 | €323 | €295 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €1,081 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €501 | €4,402 | -€38,055 | -€1,963 | -€3,375 | €11,729 | €111,490 | -€38,576 | - |
| + Depreciation and write-downs630 | €15,678 | €17,085 | €11,461 | €11,919 | €9,930 | €6,819 | €6,610 | €8,526 | ▲ 29.0% |
| Operating cash flow (approximation) | €16,180 | €21,486 | -€26,593 | €9,956 | €6,554 | €18,548 | €118,100 | -€30,050 | - |
| Investment in fixed assets (approximation) | - | -€7,790 | -€21,934 | -€2,661 | €0 | €0 | -€71,583 | -€295,677 | ▼ 313% |
| Change in cash | - | €38,703 | -€5,983 | -€28,509 | €9,375 | -€8,267 | €23,576 | -€28,053 | - |
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, 2,507 companies had the same profile as COEBA has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
96.4%
was still going
1.8%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COEBA itself: 1.5% 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 2,507 companies, not a prediction for COEBA. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00495072 | |
| 31-12-2024 | abbreviated format | 31-08-2025 | 2025-00481836 | |
| 31-12-2023 | abbreviated format | 29-08-2024 | 2024-00443995 | |
| 31-12-2022 | abbreviated format | 27-08-2023 | 2023-00376225 | |
| 31-12-2021 | abbreviated format | 29-08-2022 | 2022-20377341 | |
| 31-12-2020 | abbreviated format | 24-08-2021 | 2021-53000172 | |
| 31-12-2019 | abbreviated format | 17-09-2020 | 2020-53600501 | |
| 31-12-2018 | abbreviated format | 17-09-2020 | 2020-53600500 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-58400563 | |
| 31-12-2016 | abbreviated format | 30-09-2017 | 2017-65500430 |