COFITEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-12-2025 PDF all 32 filings
Equity
-€227,360▼ 43.2%
2024 · -€158,773
Total assets
€27,748▼ 69.4%
2024 · €90,708
Net result
-€68,587▼ 62.3%
2024 · -€42,263
Working capital
-€237,300▼ 25.6%
2024 · -€188,889
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€68,265
▼ 62.7%
2025
20192025
Net result
-€68,587
▼ 62.3%
2025
lowest quarter of the sector
20192025
Equity
-€227,360
▼ 43.2%
2025
lowest quarter of the sector
20192025
Total assets
€27,748
▼ 69.4%
2025
lowest quarter of the sector
20192025
Debt
€255,108
▲ 2.3%
2025
20192025
Working capital
-€237,300
▼ 25.6%
2025
lowest quarter of the sector
20192025
Solvency
-819.4%
▼ 644.3pp
2025
lowest quarter of the sector
20192025
Current ratio
0.07
▼ 0.17
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-247.2%
▼ 200.6pp
2025
lowest 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€12,659--€19,691-€45,969▼ 133%-€35,350▲ 23.1%-€53,856▼ 52.4%-€41,961▲ 22.1%-€68,265▼ 62.7%
Net result€7,531--€20,331below the sector's middle half-€46,772below the sector's middle half▼ 130%-€35,998below the sector's middle half▲ 23.0%-€54,512below the sector's middle half▼ 51.4%-€42,263below the sector's middle half▲ 22.5%-€68,587below the sector's middle half▼ 62.3%
Equity€41,102-€20,772within the sector's middle half▼ 49.5%-€26,000below the sector's middle half-€61,997below the sector's middle half▼ 138%-€116,509below the sector's middle half▼ 87.9%-€158,773below the sector's middle half▼ 36.3%-€227,360below the sector's middle half▼ 43.2%
Total assets€94,286-€66,601below the sector's middle half▼ 29.4%€67,810below the sector's middle half▲ 1.8%€48,484below the sector's middle half▼ 28.5%€77,746within the sector's middle half▲ 60.4%€90,708within the sector's middle half▲ 16.7%€27,748below the sector's middle half▼ 69.4%
Debt€53,184-€45,829▼ 13.8%€93,810▲ 105%€110,481▲ 17.8%€194,255▲ 75.8%€249,481▲ 28.4%€255,108▲ 2.3%
Working capital-€21,182--€42,551below the sector's middle half▼ 101%-€88,873below the sector's middle half▼ 109%-€78,718below the sector's middle half▲ 11.4%-€154,367below the sector's middle half▼ 96.1%-€188,889below the sector's middle half▼ 22.4%-€237,300below the sector's middle half▼ 25.6%
Solvency43.6%-31.2%within the sector's middle half▼ 12.4pp-38.3%below the sector's middle half▼ 69.5pp-127.9%below the sector's middle half▼ 89.5pp-149.9%below the sector's middle half▼ 22.0pp-175.0%below the sector's middle half▼ 25.2pp-819.4%below the sector's middle half▼ 644.3pp
Current ratio0.60-0.07below the sector's middle half▼ 0.530.05below the sector's middle half▼ 0.020.29below the sector's middle half▲ 0.230.21below the sector's middle half▼ 0.080.24below the sector's middle half▲ 0.040.07below the sector's middle half▼ 0.17
Return on assets (ROA)8.0%--30.5%below the sector's middle half▼ 38.5pp-69.0%below the sector's middle half▼ 38.4pp-74.2%below the sector's middle half▼ 5.3pp-70.1%below the sector's middle half▲ 4.1pp-46.6%below the sector's middle half▲ 23.5pp-247.2%below the sector's middle half▼ 200.6pp
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 €68,265, larger than the loss of €41,961 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €27,748
Fixed assets
€10,375 ▼ 65.5%
Current assets
€17,373 ▼ 71.3%
Equity and liabilities
Equity-€227,360
Debt€255,108
Equity is negative. Debt (€255,108) exceeds the balance-sheet total (€27,748).
Key figures and ratios
EBITDA
-€48,525▼
2024 · -€21,677
Cash flow
-€48,847▼
2024 · -€21,979
Interest coverage
-150.70▼
2024 · -71.78
Debt ≤ 1 year
€254,673▲
2024 · €249,481
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €23,750 | €40,000 | €12,542 | - |
| Depreciation and write-downs of the year | €7,717 | €18,862 | €20,284 | €19,740 |
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 | €50 | - | €450 | €7,717 | €18,862 | €20,284 | €19,740 | ▼ 2.7% |
| Other operating charges640/8 | - | - | - | €102 | €1,478 | €393 | €682 | ▲ 73.5% |
| Non-recurring operating charges66A | - | - | - | €775 | - | - | - | - |
| Gross operating margin9900 | €14,364 | -€18,997 | -€45,519 | -€26,756 | -€33,516 | -€21,284 | -€47,843 | ▼ 125% |
| Operating profit (loss)9901 | €12,659 | -€19,691 | -€45,969 | -€35,350 | -€53,856 | -€41,961 | -€68,265 | ▼ 62.7% |
| Financial income75/76B | - | - | - | - | €5 | - | - | - |
| Recurring financial income75 | - | - | - | - | €5 | - | - | - |
| Financial charges65/66B | - | - | - | €648 | €661 | €302 | €322 | ▲ 6.6% |
| Recurring financial charges65 | €478 | €640 | €803 | €648 | €661 | €302 | €322 | ▲ 6.6% |
| Profit (loss) for the period before taxes9903 | €12,182 | -€20,331 | -€46,772 | -€35,998 | -€54,512 | -€42,263 | -€68,587 | ▼ 62.3% |
| Income taxes67/77 | €4,650 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €7,531 | -€20,331 | -€46,772 | -€35,998 | -€54,512 | -€42,263 | -€68,587 | ▼ 62.3% |
| Profit (loss) for the period to be appropriated9905 | €7,531 | -€20,331 | -€46,772 | -€35,998 | -€54,512 | -€42,263 | -€68,587 | ▼ 62.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €94,286 | €66,601 | €67,810 | €48,484 | €77,746 | €90,708 | €27,748 | ▼ 69.4% |
| Fixed assets21/28 | €62,285 | €63,323 | €62,873 | €16,721 | €37,858 | €30,116 | €10,375 | ▼ 65.5% |
| Tangible fixed assets22/27 | €62,285 | €63,323 | €62,873 | €16,721 | €37,858 | €30,116 | €10,375 | ▼ 65.5% |
| Plant, machinery and equipment23 | - | - | - | €288 | - | €8,101 | €5,907 | ▼ 27.1% |
| Furniture and vehicles24 | - | - | - | €16,433 | €37,858 | €22,015 | €4,468 | ▼ 79.7% |
| Current assets29/58 | €32,001 | €3,278 | €4,937 | €31,763 | €39,888 | €60,592 | €17,373 | ▼ 71.3% |
| Amounts receivable within one year40/41 | €27,333 | €2,096 | €4,937 | €1,783 | €32,537 | €59,996 | €12,337 | ▼ 79.4% |
| Trade receivables40 | - | - | - | €1,245 | €30,517 | €59,996 | €4,822 | ▼ 92.0% |
| Other amounts receivable41 | - | - | - | €538 | €2,020 | - | €7,515 | - |
| Cash at bank and in hand54/58 | €2,082 | - | - | €29,980 | €7,351 | €596 | €36 | ▼ 94.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €5,000 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €94,286 | €66,601 | €67,810 | €48,484 | €77,746 | €90,708 | €27,748 | ▼ 69.4% |
| Equity10/15 | €41,102 | €20,772 | -€26,000 | -€61,997 | -€116,509 | -€158,773 | -€227,360 | ▼ 43.2% |
| Contributions10/11 | €106,594 | €106,594 | €106,595 | €106,595 | €106,595 | €106,594 | €106,594 | = |
| Capital10 | - | - | - | €106,595 | €106,595 | €106,594 | €106,594 | = |
| Issued capital100 | - | - | - | €106,595 | €106,595 | €106,594 | €106,594 | = |
| Reserves13 | €17,724 | €17,724 | €17,724 | €17,724 | €17,724 | €17,724 | €17,724 | = |
| Non-distributable reserves130/1 | - | - | - | €17,724 | €17,724 | €17,724 | €17,724 | = |
| Legal reserve130 | - | - | - | €17,724 | €17,724 | €17,724 | €17,724 | = |
| Profit (loss) carried forward14 | -€83,216 | -€103,546 | -€150,319 | -€186,316 | -€240,828 | -€283,091 | -€351,678 | ▼ 24.2% |
| Amounts payable17/49 | €53,184 | €45,829 | €93,810 | €110,481 | €194,255 | €249,481 | €255,108 | ▲ 2.3% |
| Amounts payable within one year42/48 | €53,184 | €45,829 | €93,810 | €110,481 | €194,255 | €249,481 | €254,673 | ▲ 2.1% |
| Trade debts44 | €19,974 | €2,561 | €872 | €4,948 | €8,002 | €13,753 | - | - |
| Suppliers440/4 | - | - | - | €4,948 | €8,002 | €13,753 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €82 | - | €507 | - | - |
| Taxes450/3 | - | - | - | €82 | - | €507 | - | - |
| Other amounts payable47/48 | - | - | - | €105,451 | €186,253 | €235,221 | €254,673 | ▲ 8.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €435 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,531 | -€20,331 | -€46,772 | -€35,998 | -€54,512 | -€42,263 | -€68,587 | ▼ 62.3% |
| + Depreciation and write-downs630 | €50 | - | €450 | €7,717 | €18,862 | €20,284 | €19,740 | ▼ 2.7% |
| Operating cash flow (approximation) | €7,581 | -€20,331 | -€46,322 | -€28,281 | -€35,650 | -€21,979 | -€48,847 | ▼ 122% |
| Investment in fixed assets (approximation) | - | -€1,038 | €0 | €38,435 | -€39,999 | -€12,542 | €1 | - |
| Change in cash | - | - | - | - | -€22,629 | -€6,755 | -€560 | ▲ 91.7% |
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, 6,619 companies had the same profile as COFITEC has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COFITEC itself: 4.3% 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 6,619 companies, not a prediction for COFITEC. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-12-2025 | 2025-00591399 | |
| 30-06-2024 | micro format | 23-12-2024 | 2024-00622899 | |
| 30-06-2023 | micro format | 11-01-2024 | 2024-00001152 | |
| 30-06-2022 | micro format | 12-12-2022 | 2022-20536723 | |
| 30-06-2021 | micro format | 17-12-2021 | 2021-81300397 | |
| 30-06-2020 | micro format | 21-01-2021 | 2021-01400272 | |
| 30-06-2019 | micro format | 18-02-2020 | 2020-05200390 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04200080 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-04400348 | |
| 30-06-2016 | abbreviated format | 16-01-2017 | 2017-01400559 |