COGAR
ActiveSummary
COGAR has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €20,349 and a net result of -€2,145. Equity is growing by ~3.2% per year across the filed fiscal years. Its solvency ranks better than 44% of 18973 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability65▼-6
Solvency52▲+1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity tight (current ratio 1.03 against 1.01 in 2024; short-term debt: 72.3% and cash: 15% of total assets), and 73% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
27%
Return on assets
-2.8%
Age of the figures
14 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-07-2025 was due by 28-02-2026 and was filed on 19-12-2025, 71 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
71 d early
2024
81 d early
2023
94 d early
2022
90 d early
2021
75 d early
2020
87 d early
2019
86 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 83 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 47% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-07-2026 and is due by 28-02-2027. Nothing is late today. Usually files around 9 December (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-07-2026 close01-10-2026 today28-02-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€2,145
2024 · €1,811
Working capital
€1,549▲ 171%
2024 · €573
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€4,410€17,783€2,851▼ 84.0%€5,474▲ 92.0%€1,516▼ 72.3%
Net result-€5,565below the sector's middle half▼ 3,164%€10,982within the sector's middle half-€2,830within the sector's middle half€1,811within the sector's middle half-€2,145within the sector's middle half
Equity€12,530within the sector's middle half▼ 30.8%€23,512within the sector's middle half▲ 87.6%€20,683within the sector's middle half▼ 12.0%€22,494within the sector's middle half▲ 8.8%€20,349within the sector's middle half▼ 9.5%
Total assets€73,468within the sector's middle half▼ 15.4%€68,360within the sector's middle half▼ 7.0%€79,497within the sector's middle half▲ 16.3%€85,181within the sector's middle half▲ 7.2%€75,477within the sector's middle half▼ 11.4%
Debt€60,938▼ 11.4%€44,847▼ 26.4%€58,814▲ 31.1%€62,687▲ 6.6%€55,128▼ 12.1%
Working capital€6,142within the sector's middle half▼ 33.1%€12,738within the sector's middle half▲ 107%€10,323within the sector's middle half▼ 19.0%€573within the sector's middle half▼ 94.5%€1,549within the sector's middle half▲ 171%
Solvency17.1%within the sector's middle half▼ 3.8pp34.4%within the sector's middle half▲ 17.3pp26.0%within the sector's middle half▼ 8.4pp26.4%within the sector's middle half▲ 0.4pp27.0%within the sector's middle half▲ 0.6pp
Current ratio1.12within the sector's middle half▼ 0.061.28within the sector's middle half▲ 0.161.22within the sector's middle half▼ 0.061.01within the sector's middle half▼ 0.211.03within the sector's middle half▲ 0.02
Return on assets (ROA)-7.6%below the sector's middle half▼ 7.4pp16.1%above the sector's middle half▲ 23.6pp-3.6%within the sector's middle half▼ 19.6pp2.1%within the sector's middle half▲ 5.7pp-2.8%within the sector's middle half▼ 5.0pp
Staff (FTE)1.5▼ 16.7%2.2▲ 46.7%2.2=2.1▼ 4.5%2.1=
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 72% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €75,477
Fixed assets
€19,389 ▼ 41.7%
Current assets
€56,088 ▲ 8.0%
Equity and liabilities €75,477
Equity
€20,349 ▼ 9.5%
Debt
€55,128 ▼ 12.1%
Debt's share of the balance-sheet total falls from 73.6% to 73.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€15,368▼
2024 · €18,288
Cash flow
€11,707▼
2024 · €14,625
Quick ratio
0.27▲
2024 · 0.20
Debt to equity
2.71▼
2024 · 2.79
ROE
-10.5%▼
2024 · 8.1%
Interest coverage
10.11▲
2024 · 8.42
Debt ≤ 1 year
€54,539▲
2024 · €51,368
Debt > 1 year
€590▼
2024 · €11,320
Income taxes
€2,144▲
2024 · €1,495
Staff costs
€55,798▲
2024 · €53,486
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,450 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
1.5%
went bankrupt
5.0%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,450 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €49,592 | €55,037 | €53,486 | €55,798 | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,053 | €5,808 | €11,944 | €12,814 | €13,852 | ▲ 8.1% |
| Other operating charges640/8 | - | €1,871 | €2,758 | €1,779 | €1,513 | ▼ 14.9% |
| Gross operating margin9900 | €54,867 | €75,054 | €72,589 | €73,552 | €72,679 | ▼ 1.2% |
| Operating profit (loss)9901 | -€4,410 | €17,783 | €2,851 | €5,474 | €1,516 | ▼ 72.3% |
| Financial income75/76B | - | €1 | - | €5 | €2 | ▼ 60.7% |
| Recurring financial income75 | €48 | €1 | - | €5 | €2 | ▼ 60.7% |
| Financial charges65/66B | - | €2,455 | €1,847 | €2,173 | €1,520 | ▼ 30.1% |
| Recurring financial charges65 | €712 | €2,455 | €1,847 | €2,173 | €1,520 | ▼ 30.1% |
| Profit (loss) for the period before taxes9903 | -€5,074 | €15,329 | €1,003 | €3,306 | -€2 | ▼ 100% |
| Income taxes67/77 | €491 | €4,347 | €3,833 | €1,495 | €2,144 | ▲ 43.4% |
| Profit (loss) for the period9904 | -€5,565 | €10,982 | -€2,830 | €1,811 | -€2,145 | ▼ 218% |
| Profit (loss) for the period to be appropriated9905 | -€5,565 | €10,982 | -€2,830 | €1,811 | -€2,145 | ▼ 218% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €73,468 | €68,360 | €79,497 | €85,181 | €75,477 | ▼ 11.4% |
| Fixed assets21/28 | €16,173 | €10,774 | €23,173 | €33,241 | €19,389 | ▼ 41.7% |
| Tangible fixed assets22/27 | €11,524 | €6,126 | €18,524 | €28,592 | €14,740 | ▼ 48.4% |
| Plant, machinery and equipment23 | - | €364 | €701 | €372 | €88 | ▼ 76.3% |
| Furniture and vehicles24 | - | €59 | - | - | - | - |
| Leasing and similar rights25 | - | €5,703 | €17,824 | €28,221 | €14,652 | ▼ 48.1% |
| Financial fixed assets28 | €4,649 | €4,649 | €4,649 | €4,649 | €4,649 | = |
| Current assets29/58 | €57,295 | €57,585 | €56,324 | €51,940 | €56,088 | ▲ 8.0% |
| Stocks and contracts in progress3 | €35,902 | €35,153 | €39,351 | €41,828 | €41,279 | ▼ 1.3% |
| Stocks30/36 | - | €35,153 | €39,351 | €41,828 | €41,279 | ▼ 1.3% |
| Amounts receivable within one year40/41 | €2,703 | €4,701 | €3,054 | €2,203 | €617 | ▼ 72.0% |
| Trade receivables40 | - | €3,645 | €2,651 | €121 | - | - |
| Other amounts receivable41 | - | €1,057 | €403 | €2,082 | €617 | ▼ 70.4% |
| Cash at bank and in hand54/58 | €15,967 | €14,891 | €10,745 | €4,501 | €11,313 | ▲ 151% |
| Deferred charges and accrued income490/1 | - | €2,840 | €3,174 | €3,408 | €2,879 | ▼ 15.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €73,468 | €68,360 | €79,497 | €85,181 | €75,477 | ▼ 11.4% |
| Equity10/15 | €12,530 | €23,512 | €20,683 | €22,494 | €20,349 | ▼ 9.5% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€7,930 | €3,052 | €223 | €2,034 | -€111 | ▼ 105% |
| Amounts payable17/49 | €60,938 | €44,847 | €58,814 | €62,687 | €55,128 | ▼ 12.1% |
| Amounts payable after more than one year17 | €9,785 | - | €12,814 | €11,320 | €590 | ▼ 94.8% |
| Financial debts170/4 | - | - | €12,814 | €11,320 | €590 | ▼ 94.8% |
| Amounts payable within one year42/48 | €51,153 | €44,847 | €46,000 | €51,368 | €54,539 | ▲ 6.2% |
| Current portion of amounts payable after more than one year42 | - | €6,484 | €5,767 | €9,722 | €10,730 | ▲ 10.4% |
| Trade debts44 | €32,633 | €30,679 | €34,617 | €35,597 | €39,050 | ▲ 9.7% |
| Suppliers440/4 | - | €30,679 | €34,617 | €35,597 | €39,050 | ▲ 9.7% |
| Taxes, remuneration and social security45 | - | €7,683 | €5,615 | €6,030 | €4,739 | ▼ 21.4% |
| Taxes450/3 | - | €3,653 | €1,262 | €801 | €522 | ▼ 34.8% |
| Remuneration and social security454/9 | - | €4,030 | €4,353 | €5,229 | €4,217 | ▼ 19.4% |
| Other amounts payable47/48 | - | €1 | €1 | €20 | €20 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,565 | €10,982 | -€2,830 | €1,811 | -€2,145 | ▼ 218% |
| + Depreciation and write-downs630 | €11,053 | €5,808 | €11,944 | €12,814 | €13,852 | ▲ 8.1% |
| Operating cash flow (approximation) | €5,488 | €16,790 | €9,114 | €14,625 | €11,707 | ▼ 20.0% |
| Investment in fixed assets (approximation) | - | -€409 | -€24,343 | -€22,882 | €0 | ▲ 100% |
| Change in cash | - | -€1,077 | -€4,146 | -€6,244 | €6,812 | ▲ 209% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-09
State Gazette act
Resignations & appointmentsDirector in office3 facts ▸
State Gazette act
Resignations & appointments
Director in office3 facts ▸
- General meeting, 04-05-2026
- Director in office, Michel GARWIG (director)
- Director in office, Pascal GARWIG (director)
2025
19-12
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
09-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-07
Financial
Back to profitnet €1,811
Net result €1,811 after one loss-making year.
2023
27-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
30-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-07
Financial
Back to profitnet €10,982
Net result €10,982 after 2 loss-making years.
2021
15-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-07
Financial
Weakest financial yearnet -€5,565
Net result drops to -€5,565, the lowest in the series; recovery starts the following year.
2020
03-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
05-12
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
07-12
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
17-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
03-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 2 acts read
About the unread acts
Of the 2 Belgian State Gazette acts we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 1 of 2 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Ecaussinnes · 1 establishment unit since 1988
Ground area
4,196 m²
Building footprint
285 m²
Volume, LiDAR
767 m³
2 parcels, Wallonia · tallest building 12.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
JET
since 19882.038.892.290
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25076F0006/00S005 | Wallonia | 3,200 m² | 1 · 156 m² | 12.8 m · 2 fl. |
| 55024C0427/00W000 | Wallonia | 996 m² | 1 · 129 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 1,265 companies in this sector we hold annual accounts for 952. 545 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company (pre-2019)
Founded10-06-1988
Fiscal year end31-07
Activities, NACEBEL 2025
47300Retail sale of automotive fuel
47521Retail sale of hardware, building materials, paint and glass (general range)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0434568809
Also
9925:BE0434568809
Registered
30-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.