COFYNA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-12-2025 PDF all 21 filings
Turnover
≈ €310,000
Estimated: probably between €210,000 and €450,000
Total assets
€23.5m▲ 2.2%
2024 · €23.0m
Net result
€60,834
2024 · -€129,916
Working capital
-€540,133▼ 0.6%
2024 · -€536,945
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€74,975
2025
20182025
Net result
€60,834
2025
middle half of the sector
20182025
Equity
-€475,292
▲ 11.3%
2025
lowest quarter of the sector
20182025
Total assets
€23.5m
▲ 2.2%
2025
highest quarter of the sector
20182025
Debt
€24.0m
▲ 1.9%
2025
20182025
Working capital
-€540,133
▼ 0.6%
2025
lowest quarter of the sector
20182025
Solvency
-2.0%
▲ 0.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.98
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.3%
▲ 0.8pp
2025
middle half of the sector
20182025
Staff (FTE)
0
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220242025
Operating result€0.03m--€0.02m€0.1m-€0.3m€0.1m-€0.05m-€0.07m
Net result€0.06m-€0.01m▼ 83.1%€0.2mabove the sector's middle half▲ 19×-€0.2mbelow the sector's middle half€0.1mabove the sector's middle half-€0.1mbelow the sector's middle half-€0.06mwithin the sector's middle half
Equity-€0.5m--€0.5m▲ 2.1%-€0.3mbelow the sector's middle half▲ 40.7%-€0.5mbelow the sector's middle half▼ 86.2%-€0.4mbelow the sector's middle half▲ 22.7%-€0.5mbelow the sector's middle half--€0.5mbelow the sector's middle half▲ 11.3%
Total assets€15.6m-€19.5m▲ 25.1%€23.4mabove the sector's middle half▲ 19.7%€24.1mabove the sector's middle half▲ 3.2%€23.8mabove the sector's middle half▼ 1.3%€23.0mabove the sector's middle half-€23.5mabove the sector's middle half▲ 2.2%
Debt€16.1m-€20.0m▲ 24.3%€23.7m▲ 18.3%€24.6m▲ 4.2%€24.2m▼ 1.8%€23.6m-€24.0m▲ 1.9%
Working capital€1.3m-€1.9m▲ 52.8%€2.0mabove the sector's middle half▲ 3.0%€1.8mabove the sector's middle half▼ 11.5%€1.3mabove the sector's middle half▼ 29.5%-€0.5mbelow the sector's middle half--€0.5mbelow the sector's middle half▼ 0.6%
Solvency-3.1%--2.4%▲ 0.7pp-1.2%below the sector's middle half▲ 1.2pp-2.2%below the sector's middle half▼ 1.0pp-1.7%below the sector's middle half▲ 0.5pp-2.3%below the sector's middle half--2.0%below the sector's middle half▲ 0.3pp
Current ratio1.09-1.11▲ 0.021.09below the sector's middle half▼ 0.021.08below the sector's middle half▼ 0.011.06below the sector's middle half▼ 0.020.98below the sector's middle half-0.98below the sector's middle half=
Return on assets (ROA)0.4%-0.1%▼ 0.3pp0.8%within the sector's middle half▲ 0.8pp-1.0%below the sector's middle half▼ 1.8pp0.5%within the sector's middle half▲ 1.5pp-0.6%below the sector's middle half-0.3%within the sector's middle half▲ 0.8pp
Staff (FTE)0.3-0below the sector's middle half-0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 profit of €74,975, after a loss of €54,641 in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €23.5m
Fixed assets
€65,004 ▲ 50×
Current assets
€23.5m ▲ 1.9%
Equity and liabilities
Equity-€475,292
Debt€24.0m
Equity is negative. Debt (€24.0m) exceeds the balance-sheet total (€23.5m).
Key figures and ratios
Quick ratio
0.02▲
2024 · 0.01
Debt ≤ 1 year
€24.0m▲
2024 · €23.6m
Income taxes
€3,929
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 | 2021 | 2022 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Financial fixed assets | - | - | - | €63,704 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | €6,804 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €352 | - | - | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €291,491 | €0 | -€4,957 | €0 | - |
| Other operating charges640/8 | - | - | - | €10,049 | €1,140 | €3,548 | €1,273 | ▼ 64.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €206,400 | €0 | ▼ 100% |
| Gross operating margin9900 | €51,792 | -€14,575 | €117,965 | €46,872 | €117,272 | €150,349 | €76,249 | ▼ 49.3% |
| Operating profit (loss)9901 | €28,603 | -€21,164 | €116,865 | -€254,668 | €116,132 | -€54,641 | €74,975 | - |
| Financial income75/76B | - | - | - | €13,783 | €6,006 | €9,498 | €1,330 | ▼ 86.0% |
| Recurring financial income75 | €35,040 | €34,444 | €79,195 | €13,783 | €6,006 | €9,498 | €1,330 | ▼ 86.0% |
| Financial charges65/66B | - | - | - | €2,257 | €3,154 | €84,773 | €11,542 | ▼ 86.4% |
| Recurring financial charges65 | €4,645 | €3,297 | €2,240 | €2,257 | €3,154 | €84,773 | €11,542 | ▼ 86.4% |
| Profit (loss) for the period before taxes9903 | €58,997 | €9,983 | €193,820 | -€243,143 | €118,984 | -€129,916 | €64,763 | - |
| Income taxes67/77 | - | - | - | - | - | - | €3,929 | - |
| Profit (loss) for the period9904 | €58,997 | €9,983 | €193,820 | -€243,143 | €118,984 | -€129,916 | €60,834 | - |
| Profit (loss) for the period to be appropriated9905 | €58,997 | €9,983 | €193,820 | -€243,143 | €118,984 | -€129,916 | €60,834 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €15.6m | €19.5m | €23.4m | €24.1m | €23.8m | €23.0m | €23.5m | ▲ 2.2% |
| Fixed assets21/28 | €0.7m | €0.002m | €0.002m | €0.002m | €0.002m | €0.001m | €0.07m | ▲ 50× |
| Financial fixed assets28 | €0.7m | €0.002m | €0.002m | €0.002m | €0.002m | €0.001m | €0.07m | ▲ 50× |
| Current assets29/58 | €15.0m | €19.5m | €23.4m | €24.1m | €23.8m | €23.0m | €23.5m | ▲ 1.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.4m | €0.4m | €0 | - | - |
| Other amounts receivable291 | - | - | - | €0.4m | €0.4m | €0 | - | - |
| Stocks and contracts in progress3 | €11.7m | €17.4m | €20.6m | €22.1m | €22.4m | €22.7m | €23.0m | ▲ 1.1% |
| Contracts in progress37 | - | - | - | €22.1m | €22.4m | €22.7m | €23.0m | ▲ 1.1% |
| Amounts receivable within one year40/41 | €3.2m | €1.6m | €1.8m | €1.5m | €0.8m | €0.2m | €0.2m | ▲ 6.3% |
| Trade receivables40 | - | - | - | €0.4m | €0.5m | €0.2m | €0.2m | ▼ 2.6% |
| Other amounts receivable41 | - | - | - | €1.1m | €0.4m | €0 | €0.02m | - |
| Current investments50/53 | - | - | - | - | - | - | €0.2m | - |
| Cash at bank and in hand54/58 | €0.1m | €0.08m | €0.5m | €0.1m | €0.1m | €0.08m | €0.05m | ▼ 37.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €72 | €311 | €0.002m | ▲ 388% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €15.6m | €19.5m | €23.4m | €24.1m | €23.8m | €23.0m | €23.5m | ▲ 2.2% |
| Equity10/15 | -€0.5m | -€0.5m | -€0.3m | -€0.5m | -€0.4m | -€0.5m | -€0.5m | ▲ 11.3% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.006m | ▼ 69.2% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.01m | €0.01m | €0.01m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | -€0.6m | -€0.6m | -€0.4m | -€0.6m | -€0.5m | -€0.6m | -€0.5m | ▲ 12.1% |
| Amounts payable17/49 | €16.1m | €20.0m | €23.7m | €24.6m | €24.2m | €23.6m | €24.0m | ▲ 1.9% |
| Amounts payable after more than one year17 | €2.4m | €2.4m | €2.3m | €2.3m | €1.7m | €0 | - | - |
| Other amounts payable178/9 | - | - | - | €2.3m | €1.7m | €0 | - | - |
| Amounts payable within one year42/48 | €13.7m | €17.6m | €21.4m | €22.3m | €22.6m | €23.6m | €24.0m | ▲ 1.9% |
| Financial debts43 | - | - | - | €3.5m | €1.9m | €0 | €192 | - |
| Credit institutions430/8 | - | - | - | €3.5m | €1.9m | €0 | €192 | - |
| Trade debts44 | €0.7m | €0.4m | €1.4m | €0.06m | €0.06m | €0.03m | €0.004m | ▼ 88.1% |
| Suppliers440/4 | - | - | - | €0.06m | €0.06m | €0.03m | €0.004m | ▼ 88.1% |
| Advances received on contracts in progress46 | - | - | - | €14.3m | €15.7m | €17.2m | €17.6m | ▲ 1.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0 | €0.05m | €0.006m | ▼ 87.4% |
| Taxes450/3 | - | - | - | €0.02m | €0 | €0.05m | €0.006m | ▼ 87.4% |
| Other amounts payable47/48 | - | - | - | €4.5m | €5.0m | €6.2m | €6.4m | ▲ 3.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.003m | €481 | €163 | ▼ 66.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €58,997 | €9,983 | €193,820 | -€243,143 | €118,984 | -€129,916 | €60,834 | - |
| + Depreciation and write-downs630 | €352 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €59,349 | €9,983 | €193,820 | -€243,143 | €118,984 | -€129,916 | €60,834 | - |
| Investment in fixed assets (approximation) | - | €658,771 | €0 | €0 | €0 | - | -€63,704 | - |
| Change in cash | - | -€32,464 | €442,200 | -€404,966 | -€1,079 | - | -€31,817 | - |
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, 133 companies had the same profile as COFYNA has now. Two years later, 94.7% were still going and 0.8% had gone bankrupt.
- Medium-sized
- negative equity
- a profit under 5% of the balance sheet
- without age
94.7%
was still going
3.8%
stopped otherwise
0.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COFYNA itself: 0.8% 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 133 companies, not a prediction for COFYNA. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 23-12-2025 | 2025-00588596 | |
| 30-06-2024 | abbreviated format | 17-01-2025 | 2025-00007862 | |
| 31-12-2022 | abbreviated format | 10-07-2023 | 2023-00228762 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20362639 | |
| 31-12-2020 | abbreviated format | 27-07-2021 | 2021-40800025 | |
| 31-12-2019 | abbreviated format | 20-10-2020 | 2020-62000434 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-57300242 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-57300266 | |
| 31-12-2016 | abbreviated format | 28-08-2017 | 2017-50000308 | |
| 31-12-2015 | abbreviated format | 30-08-2016 | 2016-53200208 |