COGEFA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 24 filings
Turnover
≈ €48,000
Estimated: probably between €26,000 and €110,000
EBIT margin
Not included in this filing
Net result
-€87,179
2024 · €151
Working capital
-€63,779
2024 · €23,400
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
-€80,777
2025
20182025
Net result
-€87,179
2025
lowest quarter of the sector
20182025
Equity
-€63,613
2025
lowest quarter of the sector
20182025
Total assets
€62,257
▼ 48.6%
2025
lowest quarter of the sector
20182025
Debt
€125,870
▲ 29.1%
2025
20182025
Working capital
-€63,779
2025
lowest quarter of the sector
20182025
Solvency
-102.2%
▼ 121.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.49
▼ 0.75
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-140.0%
▼ 140.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018202020212022202320242025
Operating result€3,993-€3,474-€2,781▼ 20.0%€4,160▲ 49.6%€4,379▲ 5.3%€4,150▼ 5.2%-€80,777
Net result€723-€935below the sector's middle half-€131below the sector's middle half▼ 86.0%€577below the sector's middle half▲ 342%€678below the sector's middle half▲ 17.5%€151below the sector's middle half▼ 77.7%-€87,179below the sector's middle half
Equity€20,153-€22,030below the sector's middle half-€22,160below the sector's middle half▲ 0.6%€22,737below the sector's middle half▲ 2.6%€23,414below the sector's middle half▲ 3.0%€23,566below the sector's middle half▲ 0.6%-€63,613below the sector's middle half
Total assets€45,970-€72,947below the sector's middle half-€76,759below the sector's middle half▲ 5.2%€84,975below the sector's middle half▲ 10.7%€107,669below the sector's middle half▲ 26.7%€121,067below the sector's middle half▲ 12.4%€62,257below the sector's middle half▼ 48.6%
Debt€25,817-€50,917-€54,599▲ 7.2%€62,239▲ 14.0%€84,255▲ 35.4%€97,501▲ 15.7%€125,870▲ 29.1%
Working capital€19,987-€21,864within the sector's middle half-€21,994within the sector's middle half▲ 0.6%€22,571within the sector's middle half▲ 2.6%€23,248within the sector's middle half▲ 3.0%€23,400within the sector's middle half▲ 0.7%-€63,779below the sector's middle half
Solvency43.8%-30.2%within the sector's middle half-28.9%within the sector's middle half▼ 1.3pp26.8%within the sector's middle half▼ 2.1pp21.7%within the sector's middle half▼ 5.0pp19.5%below the sector's middle half▼ 2.3pp-102.2%below the sector's middle half▼ 121.6pp
Current ratio1.77-1.43within the sector's middle half-1.40within the sector's middle half▼ 0.031.36within the sector's middle half▼ 0.041.28within the sector's middle half▼ 0.091.24within the sector's middle half▼ 0.040.49below the sector's middle half▼ 0.75
Return on assets (ROA)1.6%-1.3%within the sector's middle half-0.2%below the sector's middle half▼ 1.1pp0.7%below the sector's middle half▲ 0.5pp0.6%within the sector's middle half=0.1%below the sector's middle half▼ 0.5pp-140.0%below the sector's middle half▼ 140.2pp
Staff (FTE)4.5within the sector's middle half-2below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €80,777, after a profit of €4,150 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €62,257
Fixed assets
€166 =
Current assets
€62,091 ▼ 48.6%
Equity and liabilities
Equity-€63,613
Debt€125,870
Equity is negative. Debt (€125,870) exceeds the balance-sheet total (€62,257).
Key figures and ratios
Debt ≤ 1 year
€125,870▲
2024 · €97,501
Income taxes
€181▼
2024 · €378
Staff costs
€56,121▲
2024 · €26,117
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.
Staff
| Item | 31-12-2022 |
|---|---|
| Employees at the balance-sheet date | 3 |
| full-time | 1 |
| part-time | 2 |
| in full-time equivalents | 1.7 |
| Average over the year, in full-time equivalents | 1.7 |
| On a permanent contract | 3 |
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2022 annual accounts
Annual accounts
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €11,643 | €9,743 | €11,606 | €26,117 | €56,121 | ▲ 115% |
| Other operating charges640/8 | - | - | - | €194 | €258 | - | €259 | - |
| Non-recurring operating charges66A | - | - | - | - | - | - | €29,310 | - |
| Gross operating margin9900 | €8,468 | €7,782 | €14,424 | €14,096 | €16,243 | €30,267 | €4,913 | ▼ 83.8% |
| Operating profit (loss)9901 | €3,993 | €3,474 | €2,781 | €4,160 | €4,379 | €4,150 | -€80,777 | - |
| Financial charges65/66B | - | - | €2,650 | €3,457 | €3,637 | €3,621 | €6,222 | ▲ 71.8% |
| Recurring financial charges65 | €3,271 | €2,539 | €2,650 | €3,457 | €3,637 | €3,621 | €6,222 | ▲ 71.8% |
| Profit (loss) for the period before taxes9903 | €723 | €935 | €131 | €703 | €741 | €529 | -€86,998 | - |
| Income taxes67/77 | - | - | - | €126 | €64 | €378 | €181 | ▼ 52.1% |
| Profit (loss) for the period9904 | €723 | €935 | €131 | €577 | €678 | €151 | -€87,179 | - |
| Profit (loss) for the period to be appropriated9905 | €723 | €935 | €131 | €577 | €678 | €151 | -€87,179 | - |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €45,970 | €72,947 | €76,759 | €84,975 | €107,669 | €121,067 | €62,257 | ▼ 48.6% |
| Fixed assets21/28 | €166 | €166 | €166 | €166 | €166 | €166 | €166 | = |
| Financial fixed assets28 | €166 | €166 | €166 | €166 | €166 | €166 | €166 | = |
| Current assets29/58 | €45,804 | €72,781 | €76,593 | €84,809 | €107,503 | €120,901 | €62,091 | ▼ 48.6% |
| Stocks and contracts in progress3 | €2,200 | €1,200 | €5,900 | €5,620 | €9,340 | €9,230 | - | - |
| Stocks30/36 | - | - | €900 | €620 | €840 | €730 | - | - |
| Contracts in progress37 | - | - | €5,000 | €5,000 | €8,500 | €8,500 | - | - |
| Amounts receivable within one year40/41 | €35,080 | €65,556 | €70,669 | €79,165 | €98,138 | €111,646 | €62,066 | ▼ 44.4% |
| Trade receivables40 | - | - | €27,878 | €28,378 | €45,178 | €50,328 | €33,788 | ▼ 32.9% |
| Other amounts receivable41 | - | - | €42,791 | €50,787 | €52,960 | €61,318 | €28,278 | ▼ 53.9% |
| Cash at bank and in hand54/58 | €25 | €25 | €25 | €25 | €25 | €25 | €25 | = |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €45,970 | €72,947 | €76,759 | €84,975 | €107,669 | €121,067 | €62,257 | ▼ 48.6% |
| Equity10/15 | €20,153 | €22,030 | €22,160 | €22,737 | €23,414 | €23,566 | -€63,613 | - |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Capital10 | - | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Issued capital100 | - | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Non-distributable reserves130/1 | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Legal reserve130 | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Profit (loss) carried forward14 | -€7,347 | -€5,470 | -€5,340 | -€4,763 | -€4,086 | -€3,934 | -€91,113 | ▼ 2,216% |
| Amounts payable17/49 | €25,817 | €50,917 | €54,599 | €62,239 | €84,255 | €97,501 | €125,870 | ▲ 29.1% |
| Amounts payable within one year42/48 | €25,817 | €50,917 | €54,599 | €62,239 | €84,255 | €97,501 | €125,870 | ▲ 29.1% |
| Financial debts43 | - | - | €21,881 | €23,658 | €24,339 | €18,526 | €11,682 | ▼ 36.9% |
| Credit institutions430/8 | - | - | €21,881 | €23,658 | €24,339 | €18,526 | €11,682 | ▼ 36.9% |
| Trade debts44 | €364 | €8,755 | €7,093 | €4,686 | €4,115 | €13,545 | €7,173 | ▼ 47.0% |
| Suppliers440/4 | - | - | €7,093 | €4,686 | €4,115 | €13,545 | €7,173 | ▼ 47.0% |
| Taxes, remuneration and social security45 | - | - | - | €894 | - | €6,280 | €32,865 | ▲ 423% |
| Remuneration and social security454/9 | - | - | - | €894 | - | €6,280 | €32,865 | ▲ 423% |
| Other amounts payable47/48 | - | - | €25,626 | €33,000 | €55,800 | €59,150 | €74,150 | ▲ 25.4% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €723 | €935 | €131 | €577 | €678 | €151 | -€87,179 | - |
| Operating cash flow (approximation) | €723 | €935 | €131 | €577 | €678 | €151 | -€87,179 | - |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | - | €0 | €0 | €0 | €0 | €0 | - |
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 COGEFA 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 COGEFA itself: 2.8% 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 6,619 companies, not a prediction for COGEFA. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-07-2026 | 2026-00322351 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00480401 | |
| 31-12-2023 | full format | 21-08-2024 | 2024-00356672 | |
| 31-12-2022 | full format | 27-10-2023 | 2023-00506810 | |
| 31-12-2021 | full format | 12-12-2022 | 2022-20536705 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-60700075 | |
| 31-12-2018 | full format | 26-08-2019 | 2019-55700440 | |
| 31-12-2017 | full format | 27-08-2018 | 2018-51100338 | |
| 31-12-2016 | full format | 05-10-2017 | 2017-66600384 | |
| 31-12-2015 | full format | 15-12-2016 | 2016-70500331 |