COGENFIN
ActiveSummary
COGENFIN has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €216,175 and a net result of €82,102. Equity is growing by ~33% per year across the filed fiscal years. Its solvency ranks better than 15% of 2300 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▼-3
Solvency26=
Growth85=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13,000 at 30 days acceptable
Liquidity tight (current ratio 1.43 against 1.65 in 2024; short-term debt: 13.6% and cash: 1% of total assets), and 98.5% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 82
Relative position
BE, all sectors
reference
Office administrative, office support and other business support activities (NACE 82)
about 37% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
1.5%
Return on assets
0.6%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 2300 sector peers (2025).
NBB · sector comparisonPosition among 2300 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
29 d early
2024
21 d early
2023
37 d early
2022
39 d early
2021
on the day
2020
6 d early
2019
14 d late
← 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 17 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
€4.1m▲ 14.9%
2024 · €3.6m
EBIT margin
14.9%▲ 4.1pp
2024 · 10.8%
Net result
€82,102▲ 80.9%
2024 · €45,382
Working capital
€866,282▼ 30.9%
2024 · €1.3m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€291,745▲ 118%€1.2m▲ 321%€2.4m▲ 98.1%€3.6m▲ 47.9%€4.1m▲ 14.9%
Operating result€36,771▼ 2.9%-€42,545€379,928€388,734▲ 2.3%€614,870▲ 58.2%
Net result€31,872▼ 0.8%-€147,405€128,160€45,382▼ 64.6%€82,102▲ 80.9%
EBIT margin12.6%▼ 15.7pp-3.5%▼ 16.1pp15.6%▲ 19.1pp10.8%▼ 4.8pp14.9%▲ 4.1pp
Equity€101,736▲ 45.6%-€39,469€88,691€134,073▲ 51.2%€216,175▲ 61.2%
Total assets€852,707▲ 228%€7.5m▲ 784%€9.7m▲ 28.4%€15.4m▲ 58.7%€14.8m▼ 3.4%
Debt€750,971▲ 294%€7.6m▲ 909%€9.6m▲ 26.5%€15.2m▲ 58.8%€14.6m▼ 3.9%
Working capital-€384,555-€1.9m▼ 389%-€402,091▲ 78.6%€1.3m€866,282▼ 30.9%
Why a figure moved sharply
- 2023 Turnover +98% on 2022. The previous fiscal year ran 18 months, this one 12.
- 2022 Turnover +321% on 2021. This fiscal year ran 18 months, the previous one 12.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 58% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14.8m
Fixed assets
€12.0m ▼ 1.8%
Current assets
€2.9m ▼ 9.6%
Equity and liabilities €14.8m
Equity
€216,175 ▲ 61.2%
Debt
€14.6m ▼ 3.9%
Debt's share of the balance-sheet total falls from 99.1% to 98.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.9m▲
2024 · €1.4m
Cash flow
€1.4m▲
2024 · €1.1m
Current ratio
1.43▼
2024 · 1.65
Debt to equity
67.64
ROE
38.0%▲
2024 · 33.8%
ROA
0.6%▲
2024 · 0.3%
Interest coverage
3.62▼
2024 · 4.17
Debt ≤ 1 year
€2.0m▲
2024 · €1.9m
Debt > 1 year
€12.3m▼
2024 · €13.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 142 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 96% are still going.
- Medium-sized
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
1.4%
went bankrupt
2.1%
stopped otherwise
96%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 142 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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €2.4m | - | - | - |
| Turnover70 | €291,745 | €1.2m | €2.4m | €3.6m | €4.1m | ▲ 14.9% |
| Non-recurring operating income76A | - | €2,000 | - | - | - | - |
| Operating charges60/66A | - | - | €2.1m | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €2.2m | - |
| Goods for resale, raw materials and consumables60 | - | - | €119,978 | - | - | - |
| Purchases600/8 | - | - | €119,978 | - | - | - |
| Services and other goods61 | - | - | €1.1m | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,292 | €422,933 | €868,161 | €1.0m | €1.3m | ▲ 26.1% |
| Other operating charges640/8 | - | €348 | €960 | €960 | €1,006 | ▲ 4.7% |
| Non-recurring operating charges66A | - | €124 | - | €1,256 | €19 | ▼ 98.5% |
| Gross operating margin9900 | €72,411 | €380,859 | - | €1.4m | €1.9m | ▲ 34.7% |
| Operating profit (loss)9901 | €36,771 | -€42,545 | €379,928 | €388,734 | €614,870 | ▲ 58.2% |
| Financial income75/76B | - | - | - | - | €1 | - |
| Recurring financial income75 | - | - | - | - | €1 | - |
| Financial charges65/66B | - | €104,860 | €251,768 | €343,352 | €532,769 | ▲ 55.2% |
| Recurring financial charges65 | €4,899 | €104,860 | €251,768 | €343,352 | €532,769 | ▲ 55.2% |
| Debt charges650 | - | - | €251,768 | - | - | - |
| Profit (loss) for the period before taxes9903 | €31,872 | -€147,405 | €128,160 | €45,382 | €82,102 | ▲ 80.9% |
| Profit (loss) for the period9904 | €31,872 | -€147,405 | €128,160 | €45,382 | €82,102 | ▲ 80.9% |
| Profit (loss) for the period to be appropriated9905 | €31,872 | -€147,405 | €128,160 | €45,382 | €82,102 | ▲ 80.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €852,707 | €7.5m | €9.7m | €15.4m | €14.8m | ▼ 3.4% |
| Fixed assets21/28 | €565,436 | €6.7m | €8.5m | €12.2m | €12.0m | ▼ 1.8% |
| Tangible fixed assets22/27 | €565,436 | €6.7m | €8.5m | €12.2m | €12.0m | ▼ 1.8% |
| Plant, machinery and equipment23 | - | €6.7m | €8.5m | €9.5m | €11.7m | ▲ 24.1% |
| Furniture and vehicles24 | - | €3,262 | €2,406 | €1,550 | €737 | ▼ 52.5% |
| Assets under construction and advance payments27 | - | - | - | €2.7m | €205,301 | ▼ 92.4% |
| Current assets29/58 | €287,271 | €837,213 | €1.1m | €3.2m | €2.9m | ▼ 9.6% |
| Amounts receivable within one year40/41 | €130,453 | €555,541 | €1.1m | €2.1m | €2.7m | ▲ 27.4% |
| Trade receivables40 | - | €554,918 | €1.1m | €2.1m | €2.7m | ▲ 28.0% |
| Other amounts receivable41 | - | €623 | €5,467 | €12,473 | €5,124 | ▼ 58.9% |
| Cash at bank and in hand54/58 | €156,818 | €281,672 | €9,692 | €726,932 | €149,189 | ▼ 79.5% |
| Deferred charges and accrued income490/1 | - | - | - | €318,531 | €2,839 | ▼ 99.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €852,707 | €7.5m | €9.7m | €15.4m | €14.8m | ▼ 3.4% |
| Equity10/15 | €101,736 | -€39,469 | €88,691 | €134,073 | €216,175 | ▲ 61.2% |
| 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 | €87,476 | -€59,929 | €68,231 | €113,613 | €195,715 | ▲ 72.3% |
| Amounts payable17/49 | €750,971 | €7.6m | €9.6m | €15.2m | €14.6m | ▼ 3.9% |
| Amounts payable after more than one year17 | €75,652 | €4.9m | €8.1m | €13.0m | €12.3m | ▼ 5.3% |
| Financial debts170/4 | - | €4.9m | €6.5m | €10.0m | €9.6m | ▼ 3.9% |
| Other loans174 | - | - | €6.5m | - | - | - |
| Other amounts payable178/9 | - | - | €1.5m | €3.0m | €2.7m | ▼ 10.0% |
| Amounts payable within one year42/48 | €671,826 | €2.7m | €1.5m | €1.9m | €2.0m | ▲ 4.3% |
| Current portion of amounts payable after more than one year42 | - | €679,167 | €1.0m | €1.2m | €1.5m | ▲ 29.3% |
| Trade debts44 | €332,844 | €849,442 | €422,583 | €624,798 | €442,688 | ▼ 29.1% |
| Suppliers440/4 | - | €849,442 | €422,583 | €624,798 | €442,688 | ▼ 29.1% |
| Taxes, remuneration and social security45 | - | €51,789 | €63,522 | €157,206 | €84,092 | ▼ 46.5% |
| Taxes450/3 | - | €51,789 | €63,522 | €157,206 | €84,092 | ▼ 46.5% |
| Other amounts payable47/48 | - | €1.1m | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €318,531 | €325,325 | ▲ 2.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,872 | -€147,405 | €128,160 | €45,382 | €82,102 | ▲ 80.9% |
| + Depreciation and write-downs630 | €35,292 | €422,933 | €868,161 | €1.0m | €1.3m | ▲ 26.1% |
| Operating cash flow (approximation) | €67,164 | €275,528 | €996,321 | €1.1m | €1.4m | ▲ 28.4% |
| Investment in fixed assets (approximation) | - | -€6.6m | -€2.7m | -€4.7m | -€1.1m | ▲ 76.4% |
| Change in cash | - | €124,853 | -€271,979 | €717,239 | -€577,742 | ▼ 181% |
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
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
16-01
State Gazette act
RestructuringMerger · Accounting effect · Power of attorney7 facts ▸
State Gazette act
Restructuring
Merger · Accounting effect · Power of attorney7 facts ▸
- Merger, transfert par suite d'une dissolution sans liquidation, l'intégralité du patrimoine actif et passif de la société SOLFIN à la société COGENFIN
- Accounting effect, 01-01-2026
- Power of attorney, FISCOGED
- Shareholding, 100%
- Accounting regime, neutralité comptable sur base des états comptables intermédiaires des deux sociétés arrêtés au 31 décembre 2025
- New shares, none
- Cost bearer, COGENFIN SRL
2025
31-12
Financial
Equity above €200,000Eq €216,175 ▲61.2%
3 profitable years in a row build equity to €216,175.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Liquidity doublescurrent ratio 1.65
Current ratio from 0.74 to 1.65.
31-12
Financial
Equity above €100,000Eq €134,073 ▲51.2%
2 profitable years in a row build equity to €134,073.
24-06
NBB filing
Annual accounts filed
fiscal year 2023 · unclassified schema
2023
31-12
Financial
Back to profitnet €128,160
Net result €128,160 after one loss-making year.
22-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet -€147,405
Net result drops to -€147,405, the lowest in the series; recovery starts the following year.
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-06
Financial
Equity above €100,000Eq €101,736 ▲45.6%
3 profitable years in a row build equity to €101,736.
25-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
14-02
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 14 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 10 acts read
About the unread acts
Of the 10 Belgian State Gazette acts we know for this company, 1 has been read. The other 9 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
10 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Awans · 1 establishment unit since 2018
Ground area
4,223 m²
Building footprint
1,337 m²
Volume, LiDAR
8,107 m³
Parcel 62006B0355/00G000, Wallonia · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
9
companies at this address
See who is registered here
1 establishment unit
COGENFIN
since 20182.273.675.050
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62006B0355/00G000 | Wallonia | 4,223 m² | 1 · 1,337 m² | 7.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 owner · 1 holdingChain of control
- BLUE PEARL ENERGYLU
- COGENFIN
Highest known parent: BLUE PEARL ENERGY (Luxembourg). The sources do not say who stands above it.
Owners 1
- BLUE PEARL ENERGYLUparentSourceown accounts 2024100%
Holdings 1
- SOLFINsubsidiarySourceact 16-01-2026100%
According to the 2024 annual accounts of COGENFIN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionTook over:SOLFIN
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Of 24,517 companies in sector 82990 we hold annual accounts for 9,415. 6,857 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-03-2018
Fiscal year end31-12
Activities, NACEBEL 2025
82990Other business support services
71121Engineering and related technical consultancy, excluding land surveyors
E-invoicing
Reachable via Peppol
Peppol ID
0208:0691652164
Also
9925:BE0691652164
Registered
12-08-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.