COHESION
InactiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 7 filings
Turnover
≈ €150,000
Estimated: probably between €93,000 and €280,000
Total assets
€227,812▼ 38.2%
2024 · €368,863
Net result
€26,904
2024 · -€33,552
Working capital
€147,119
2024 · -€96,053
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€33,149
2025
20192025
Net result
€26,904
2025
20192025
Equity
-€7,163
▲ 79.0%
2025
20192025
Total assets
€227,812
▼ 38.2%
2025
20192025
Debt
€234,976
▼ 41.7%
2025
20192025
Working capital
€147,119
2025
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€10,854--€10,179▲ 6.2%-€824▲ 91.9%€11,921€12,442▲ 4.4%-€27,514€33,149
Net result-€12,503--€17,275▼ 38.2%-€9,326▲ 46.0%€4,113€4,475▲ 8.8%-€33,552€26,904
Equity€17,497-€122▼ 99.3%-€9,204-€5,091▲ 44.7%-€516▲ 89.9%-€34,067▼ 6,506%-€7,163▲ 79.0%
Total assets€444,144-€419,956▼ 5.4%€408,224▼ 2.8%€397,116▼ 2.7%€380,357▼ 4.2%€368,863▼ 3.0%€227,812▼ 38.2%
Debt€426,647-€419,834▼ 1.6%€417,428▼ 0.6%€402,207▼ 3.6%€380,873▼ 5.3%€402,930▲ 5.8%€234,976▼ 41.7%
Working capital-€13,068--€16,516▼ 26.4%-€47,884▼ 190%-€45,367▲ 5.3%-€50,814▼ 12.0%-€96,053▼ 89.0%€147,119
Staff (FTE)0.5-0.7▲ 40.0%
The operating result for 2025 is a profit of €33,149, after a loss of €27,514 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Key figures and ratios
Solvency
-3.1%▲
2024 · -9.2%
Current ratio
2.82▲
2024 · 0.01
ROA
11.8%▲
2024 · -9.1%
Debt ≤ 1 year
€80,693▼
2024 · €97,472
Debt > 1 year
€154,283▼
2024 · €305,458
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 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,700 | - | - | - | - |
| Depreciation and write-downs of the year | €13,335 | €12,049 | €13,797 | €12,564 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €114 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,617 | €13,335 | €13,335 | €12,049 | €13,797 | €12,564 | - | - |
| Other operating charges640/8 | - | - | €1,934 | €3,456 | €5,265 | €3,276 | €5,269 | ▲ 60.8% |
| Gross operating margin9900 | €17,159 | €12,531 | €14,559 | €27,426 | €31,504 | -€11,675 | €38,418 | - |
| Operating profit (loss)9901 | -€10,854 | -€10,179 | -€824 | €11,921 | €12,442 | -€27,514 | €33,149 | - |
| Financial charges65/66B | - | - | €8,502 | €7,808 | €7,967 | €6,038 | €6,245 | ▲ 3.4% |
| Recurring financial charges65 | €1,649 | €7,096 | €8,502 | €7,808 | €7,967 | €6,038 | €6,245 | ▲ 3.4% |
| Profit (loss) for the period before taxes9903 | -€12,503 | -€17,275 | -€9,326 | €4,113 | €4,475 | -€33,552 | €26,904 | - |
| Profit (loss) for the period9904 | -€12,503 | -€17,275 | -€9,326 | €4,113 | €4,475 | -€33,552 | €26,904 | - |
| Profit (loss) for the period to be appropriated9905 | -€12,503 | -€17,275 | -€9,326 | €4,113 | €4,475 | -€33,552 | €26,904 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €444,144 | €419,956 | €408,224 | €397,116 | €380,357 | €368,863 | €227,812 | ▼ 38.2% |
| Fixed assets21/28 | €426,668 | €415,488 | €405,853 | €393,804 | €380,007 | €367,444 | - | - |
| Tangible fixed assets22/27 | €426,668 | €415,488 | €405,853 | €393,804 | €380,007 | €367,444 | - | - |
| Land and buildings22 | - | - | €401,434 | €390,104 | €378,774 | €367,444 | - | - |
| Plant, machinery and equipment23 | - | - | €4,418 | €3,700 | €1,233 | €0 | - | - |
| Current assets29/58 | €17,475 | €4,468 | €2,372 | €3,312 | €350 | €1,419 | €227,812 | ▲ 161× |
| Stocks and contracts in progress3 | €30 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €14,377 | €3,544 | €146 | - | €350 | €652 | €222,310 | ▲ 341× |
| Trade receivables40 | - | - | €146 | - | €350 | €652 | €500 | ▼ 23.4% |
| Other amounts receivable41 | - | - | - | - | - | - | €221,810 | - |
| Cash at bank and in hand54/58 | €3,069 | - | €2,226 | €3,312 | - | €767 | €5,502 | ▲ 617% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €444,144 | €419,956 | €408,224 | €397,116 | €380,357 | €368,863 | €227,812 | ▼ 38.2% |
| Equity10/15 | €17,497 | €122 | -€9,204 | -€5,091 | -€516 | -€34,067 | -€7,163 | ▲ 79.0% |
| Contributions10/11 | €30,000 | - | €29,900 | €29,900 | €30,000 | €30,000 | €30,000 | = |
| Profit (loss) carried forward14 | -€12,503 | -€29,778 | -€39,103 | -€34,990 | -€30,516 | -€64,067 | -€37,163 | ▲ 42.0% |
| Amounts payable17/49 | €426,647 | €419,834 | €417,428 | €402,207 | €380,873 | €402,930 | €234,976 | ▼ 41.7% |
| Amounts payable after more than one year17 | €396,104 | €398,851 | €367,172 | €353,528 | €329,709 | €305,458 | €154,283 | ▼ 49.5% |
| Financial debts170/4 | - | - | €367,172 | €353,528 | €329,709 | €305,458 | €154,283 | ▼ 49.5% |
| Amounts payable within one year42/48 | €30,543 | €20,984 | €50,256 | €48,679 | €51,163 | €97,472 | €80,693 | ▼ 17.2% |
| Current portion of amounts payable after more than one year42 | - | - | €32,727 | €24,640 | €25,460 | €28,945 | €17,873 | ▼ 38.3% |
| Trade debts44 | €3,761 | €4,735 | €14,472 | €11,900 | €10,845 | €12,901 | €8,414 | ▼ 34.8% |
| Suppliers440/4 | - | - | €14,472 | €11,900 | €10,845 | €12,901 | €8,414 | ▼ 34.8% |
| Taxes, remuneration and social security45 | - | - | €2,218 | €5,034 | €4,800 | €6,635 | €5,576 | ▼ 16.0% |
| Taxes450/3 | - | - | €2,218 | €5,034 | €4,800 | €6,635 | €5,576 | ▼ 16.0% |
| Other amounts payable47/48 | - | - | €839 | €7,105 | €10,058 | €48,992 | €48,830 | ▼ 0.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,503 | -€17,275 | -€9,326 | €4,113 | €4,475 | -€33,552 | €26,904 | - |
| + Depreciation and write-downs630 | €12,617 | €13,335 | €13,335 | €12,049 | €13,797 | €12,564 | - | - |
| Operating cash flow (approximation) | €114 | -€3,939 | €4,010 | €16,161 | €18,272 | -€20,988 | €26,904 | - |
| Investment in fixed assets (approximation) | - | -€2,155 | -€3,700 | €0 | €0 | €0 | - | - |
| Change in cash | - | - | - | €1,087 | - | - | €4,735 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-07-2026 | 2026-00280975 | |
| 31-12-2024 | micro format | 11-08-2025 | 2025-00372550 | |
| 31-12-2023 | micro format | 20-08-2024 | 2024-00357369 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00185209 | |
| 31-12-2021 | micro format | 05-08-2022 | 2022-20271528 | |
| 31-12-2020 | micro format | 24-06-2021 | 2021-23900390 | |
| 31-12-2019 | micro format | 10-10-2020 | 2020-60800371 |