COGEX
ActiveSummary
COGEX has been active since 1986 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €120,142 and a net result of €4,218. Equity remains stable across the filed financial years (±0.7% per year). Its solvency ranks better than 71% of 1,056 sector peers (NACE 69, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
- Staff
- 6.8 FTE
- Equity
- €120,142
- Profit
- €4,218
- Largest shareholder
- Françoise POELS · 33.33%
- CHAPELIER PierreDirector
- POELS FrançoiseDirector
Why 93lowers riskLiquidity: current ratio 1.97, cash €52,125Sector: Legal and accounting activities (NACE 69)Equity €120,142 (61.6% of total assets)Figures for financial year 2025 (filed 20-07-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 69, micro): better than 58% on solvency, 53% on liquidity, 21% on profitability and 45% on growth.
The bankruptcy probability was computed on 30-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 14 days before the deadline; the sector median (NACE 69) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Highest result from 2018 to 2025net €4,218 ▲106%
- Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 65% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 69, Legal and accounting activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 17,041 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94.4% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of < 0.1% 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 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 17,041 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €329,514 | €324,705 | €338,906 | €312,158 | €323,874 | ▲ 3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,997 | €8,765 | €5,495 | €8,771 | €11,838 | €17,578 | €14,157 | €13,436 | ▼ 5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€11,646 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €14,636 | €4,354 | €5,123 | €5,185 | €5,332 | ▲ 2.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0 | - |
| Gross operating margin9900 | €298,509 | €362,639 | €334,586 | €345,129 | €338,142 | €365,405 | €336,743 | €351,313 | ▲ 4.3% |
| Operating profit (loss)9901 | €4,562 | €6,543 | €8,704 | €3,853 | -€2,755 | €3,797 | €5,243 | €8,671 | ▲ 65.4% |
| Financial income75/76B | - | - | - | - | - | - | €858 | €239 | ▼ 72.1% |
| Recurring financial income75 | €28 | - | - | - | - | - | €858 | €239 | ▼ 72.1% |
| Financial charges65/66B | - | - | - | €541 | €706 | €881 | €677 | €492 | ▼ 27.3% |
| Recurring financial charges65 | €1,006 | €1,084 | €727 | €541 | €706 | €881 | €677 | €492 | ▼ 27.3% |
| Profit (loss) for the period before taxes9903 | €3,584 | €5,459 | €7,977 | €3,313 | -€3,461 | €2,917 | €5,424 | €8,418 | ▲ 55.2% |
| Income taxes67/77 | €3,479 | €4,849 | €4,177 | €1,811 | €0 | €2,472 | €3,372 | €4,200 | ▲ 24.5% |
| Profit (loss) for the period9904 | €105 | €610 | €3,800 | €1,501 | -€3,461 | €444 | €2,052 | €4,218 | ▲ 106% |
| Profit (loss) for the period to be appropriated9905 | €105 | €610 | €3,800 | €1,501 | -€3,461 | €444 | €2,052 | €4,218 | ▲ 106% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €179,892 | €201,854 | €185,184 | €206,217 | €221,795 | €200,427 | €184,036 | €194,996 | ▲ 6.0% |
| Fixed assets21/28 | €47,148 | €52,224 | €48,808 | €63,117 | €86,527 | €70,774 | €59,063 | €47,865 | ▼ 19.0% |
| Intangible fixed assets21 | €0 | €0 | €0 | €2,262 | €1,340 | €417 | €0 | €0 | - |
| Tangible fixed assets22/27 | €46,988 | €52,064 | €48,648 | €60,695 | €85,027 | €70,197 | €58,903 | €47,705 | ▼ 19.0% |
| Land and buildings22 | - | - | - | €37,874 | €57,109 | €51,544 | €45,979 | €40,413 | ▼ 12.1% |
| Plant, machinery and equipment23 | - | - | - | €11,478 | €9,372 | €7,266 | €5,450 | €5,543 | ▲ 1.7% |
| Furniture and vehicles24 | - | - | - | €11,343 | €18,546 | €11,387 | €7,474 | €1,749 | ▼ 76.6% |
| Financial fixed assets28 | €160 | €160 | €160 | €160 | €160 | €160 | €160 | €160 | = |
| Current assets29/58 | €132,743 | €149,630 | €136,376 | €143,100 | €135,269 | €129,653 | €124,973 | €147,131 | ▲ 17.7% |
| Amounts receivable within one year40/41 | €103,747 | €118,900 | €97,185 | €93,709 | €80,780 | €90,232 | €87,485 | €65,070 | ▼ 25.6% |
| Trade receivables40 | - | - | - | €89,697 | €73,241 | €86,232 | €86,408 | €63,178 | ▼ 26.9% |
| Other amounts receivable41 | - | - | - | €4,011 | €7,539 | €4,000 | €1,077 | €1,892 | ▲ 75.7% |
| Current investments50/53 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,600 | €25,837 | ▲ 0.9% |
| Cash at bank and in hand54/58 | €3,117 | €4,343 | €14,191 | €20,327 | €25,252 | €8,664 | €5,414 | €52,125 | ▲ 863% |
| Deferred charges and accrued income490/1 | - | - | - | €4,065 | €4,236 | €5,757 | €6,474 | €4,100 | ▼ 36.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €179,892 | €201,854 | €185,184 | €206,217 | €221,795 | €200,427 | €184,036 | €194,996 | ▲ 6.0% |
| Equity10/15 | €110,979 | €111,589 | €115,389 | €116,890 | €113,428 | €113,873 | €115,925 | €120,142 | ▲ 3.6% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €42,779 | €43,389 | €47,189 | €48,690 | €45,228 | €45,673 | €47,725 | €51,942 | ▲ 8.8% |
| Amounts payable17/49 | €68,913 | €90,265 | €69,795 | €89,328 | €108,367 | €86,555 | €68,111 | €74,854 | ▲ 9.9% |
| Amounts payable after more than one year17 | €13,870 | €14,744 | €7,711 | €14,648 | €7,345 | €8,834 | €1,633 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €14,648 | €7,345 | €8,834 | €1,633 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €55,043 | €75,521 | €62,084 | €74,679 | €101,022 | €77,721 | €66,478 | €74,854 | ▲ 12.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,365 | €7,303 | €7,001 | €7,201 | €1,633 | ▼ 77.3% |
| Trade debts44 | €4,663 | €3,942 | €3,059 | €4,364 | €20,486 | €5,687 | €4,873 | €6,725 | ▲ 38.0% |
| Suppliers440/4 | - | - | - | €4,364 | €20,486 | €5,687 | €4,873 | €6,725 | ▲ 38.0% |
| Taxes, remuneration and social security45 | - | - | - | €59,950 | €73,233 | €63,510 | €54,404 | €65,885 | ▲ 21.1% |
| Taxes450/3 | - | - | - | €18,208 | €17,373 | €26,620 | €16,529 | €24,944 | ▲ 50.9% |
| Remuneration and social security454/9 | - | - | - | €41,743 | €55,860 | €36,890 | €37,875 | €40,941 | ▲ 8.1% |
| Other amounts payable47/48 | - | - | - | - | - | €1,523 | €0 | €611 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €105 | €610 | €3,800 | €1,501 | -€3,461 | €444 | €2,052 | €4,218 | ▲ 106% |
| + Depreciation and write-downs630 | €5,997 | €8,765 | €5,495 | €8,771 | €11,838 | €17,578 | €14,157 | €13,436 | ▼ 5.1% |
| Operating cash flow (approximation) | €6,102 | €9,375 | €9,295 | €10,273 | €8,376 | €18,022 | €16,209 | €17,654 | ▲ 8.9% |
| Investment in fixed assets (approximation) | - | -€13,841 | -€2,079 | -€23,081 | -€35,247 | -€1,825 | -€2,445 | -€2,238 | ▲ 8.5% |
| Change in cash | - | €1,226 | €9,848 | €6,136 | €4,926 | -€16,588 | -€3,250 | €46,710 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 39 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 20-07-2026 | 2026-00310518 |
| 31-12-2024 | full format | 15-07-2025 | 2025-00270268 |
| 31-12-2023 | full format | 21-06-2024 | 2024-00147607 |
| 31-12-2022 | full format | 24-07-2023 | 2023-00261263 |
| 31-12-2021 | full format | 22-06-2022 | 2022-20080816 |
| 31-12-2020 | full format | 24-07-2021 | 2021-39800033 |
| 31-12-2019 | full format | 21-08-2020 | 2020-43100337 |
| 31-12-2018 | full format | 03-07-2019 | 2019-27800541 |
| 31-12-2017 | full format | 03-07-2018 | 2018-27500185 |
| 31-12-2016 | full format | 27-07-2017 | 2017-36300078 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| CHAPELIER Pierre |
|
| POELS Françoise |
|
| Françoise POELS |
|
| Pierre CHAPELIER |
|
Owners and capital
Owners
4 ownersOwners 4
-
33.33%
-
33.33%
- Françoise POELSnatural personSourceown accounts 202516.66%
- Pierre CHAPELIERnatural personSourceown accounts 202516.66%
According to the 2025 annual accounts of COGEX and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 06-10-2023 Capital stated in the deed · €62,000 · 750 shares
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
06-10
Gazette deed
Resignations: Françoise POELS (director) and Pierre CHAPELIER (director)Reappointments: POELS Françoise (director) and CHAPELIER Pierre (director) · Amendment of the articles · Capital10 facts ▸
- General meeting, 04-10-2023
- Amendment of the articles
- Capital, €62,000
- Other provision, “On omet” (deed in French)
- Registered office clause, “4000 Liège, rue du Village”, 314 (deed in French)
- Director resignation, Françoise POELS (director)
- Director resignation, Pierre CHAPELIER (director)
- Director reappointment, POELS Françoise (director)
- Director reappointment, CHAPELIER Pierre (director)
- Other provision, “gestion journalière et représentation pour cette gestion, administrateurs-délégués” (deed in French) (2 times)
About the unread acts
Of the 6 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62087A0202/00H002 | Wallonia | 590 m² | 1 · 142 m² | 7.9 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “L’activité civile de mise à disposition de moyens d’exploitation et autres services à l’attention des professionnels de la comptabilité…” (deed in French)
3 activities (deed in French)
- L’activité civile de mise à disposition de moyens d’exploitation et autres services à l’attention des professionnels de la comptabilité exerçant en personne physique ou en société
- Faire toutes opérations commerciales,industrielles,mobilières,immobilières ou financières se rattachant directement ou indirectement à son objet
- S’intéresser par voie d’apport,de fusion,de souscription,d’intervention financière ou par tout autre mode,dans toutes sociétés ou entreprises,en Belgique ou à l’étranger,ayant en tout ou en partie,un objet similaire ou connexe au sien susceptible d’en favoriser l’extension et le développement
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- COGEX
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, Article 2” (deed in French)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “Article 20. Représentation de la société. Sans préjudice aux pouvoirs conférés aux mandataires spéciaux et à ce qui est prévu pour la…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Article 11, experts-comptables certifiés,conseillers fiscaux certifiés,experts-comptables,experts-comptables fiscalistes et stagiaires…” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Third Saturday of June at 10:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “40, dissolution ou mesures annoncées ordre du jour pour continuité” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “41, sauf liquidation en un seul acte” (deed in French)