Cojacks
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 20 days after the deadline Filed on 20 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00410175.
Annual accounts 2025 filed on 20-08-2026 at the NBB all 12 filings
Turnover
≈ €11,000
Estimated: probably between €5,500 and €23,000
Total assets
€176,152▼ 8.1%
2024 · €191,581
Net result
-€48,614
2024 · €2,647
Working capital
€141,233▼ 3.6%
2024 · €146,463
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€50,029
▼ 2,852%
2025
20182025
Net result
-€48,614
2025
lowest quarter of the sector
20182025
Equity
€112,821
▼ 30.1%
2025
middle half of the sector
20182025
Total assets
€176,152
▼ 8.1%
2025
middle half of the sector
20182025
Debt
€20,895
▼ 30.7%
2025
20182025
Working capital
€141,233
▼ 3.6%
2025
highest quarter of the sector
20182025
Solvency
64.0%
▼ 20.2pp
2025
middle half of the sector
20182025
Current ratio
8.22
▲ 2.18
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-27.6%
▼ 29.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0.3
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€58,249-€36,823▼ 36.8%€25,448▼ 30.9%€31,663▲ 24.4%€13,498▼ 57.4%€4,795▼ 64.5%-€1,695-€50,029▼ 2,852%
Net result€40,697-€26,176▼ 35.7%€18,400within the sector's middle half▼ 29.7%-€37,661below the sector's middle half€11,488within the sector's middle half€14,307within the sector's middle half▲ 24.5%€2,647within the sector's middle half▼ 81.5%-€48,614below the sector's middle half
Equity€126,078-€152,253▲ 20.8%€170,654within the sector's middle half▲ 12.1%€132,993within the sector's middle half▼ 22.1%€144,481within the sector's middle half▲ 8.6%€158,788within the sector's middle half▲ 9.9%€161,435within the sector's middle half▲ 1.7%€112,821within the sector's middle half▼ 30.1%
Total assets€165,716-€180,146▲ 8.7%€195,772within the sector's middle half▲ 8.7%€151,805within the sector's middle half▼ 22.5%€162,936within the sector's middle half▲ 7.3%€179,901within the sector's middle half▲ 10.4%€191,581within the sector's middle half▲ 6.5%€176,152within the sector's middle half▼ 8.1%
Debt€39,638-€27,893▼ 29.6%€25,119▼ 9.9%€18,812▼ 25.1%€18,455▼ 1.9%€21,113▲ 14.4%€30,146▲ 42.8%€20,895▼ 30.7%
Working capital€90,711-€121,324▲ 33.7%€143,818above the sector's middle half▲ 18.5%€110,694within the sector's middle half▼ 23.0%€126,231within the sector's middle half▲ 14.0%€140,725above the sector's middle half▲ 11.5%€146,463above the sector's middle half▲ 4.1%€141,233above the sector's middle half▼ 3.6%
Solvency76.1%-84.5%▲ 8.4pp87.2%above the sector's middle half▲ 2.7pp87.6%above the sector's middle half▲ 0.4pp88.7%above the sector's middle half▲ 1.1pp88.3%above the sector's middle half▼ 0.4pp84.3%above the sector's middle half▼ 4.0pp64.0%within the sector's middle half▼ 20.2pp
Current ratio4.23-6.96▲ 2.737.65above the sector's middle half▲ 0.686.88above the sector's middle half▼ 0.768.26above the sector's middle half▲ 1.388.02above the sector's middle half▼ 0.246.04above the sector's middle half▼ 1.988.22above the sector's middle half▲ 2.18
Return on assets (ROA)24.6%-14.5%▼ 10.0pp9.4%within the sector's middle half▼ 5.1pp-24.8%below the sector's middle half▼ 34.2pp7.1%within the sector's middle half▲ 31.9pp8.0%within the sector's middle half▲ 0.9pp1.4%below the sector's middle half▼ 6.6pp-27.6%below the sector's middle half▼ 29.0pp
Staff (FTE)0.3
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €50,029, larger than the loss of €1,695 in 2024. It is the lowest 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €176,152
Fixed assets
€15,354 ▼ 4.3%
Current assets
€160,798 ▼ 8.4%
Equity and liabilities €176,152
Equity
€112,821 ▼ 30.1%
Provisions
€42,436
Debt
€20,895 ▼ 30.7%
Debt's share of the balance-sheet total falls from 15.7% to 11.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€47,412▼
2024 · €1,087
Cash flow
-€45,998▼
2024 · €5,428
Debt to equity
0.19▼
2024 · 0.19
ROE
-43.1%▼
2024 · 1.6%
Interest coverage
-21.59▼
2024 · 0.44
Debt ≤ 1 year
€19,565▼
2024 · €29,076
Income taxes
€147▼
2024 · €444
Staff costs
€5,971
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Average over the year, in full-time equivalents | 0.2 |
| Joined | 1 |
| Left | 1 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,511 | €1,375 | €391 | - | €1,929 |
| Financial fixed assets | - | - | €3,101 | - | - |
| Depreciation and write-downs of the year | €9,530 | €4,353 | €3,213 | €2,781 | €2,616 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €5,114 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €5,971 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,483 | €16,631 | €17,101 | €9,530 | €4,353 | €3,213 | €2,781 | €2,616 | ▼ 5.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | - | €42,436 | - |
| Other operating charges640/8 | - | - | - | €1,397 | €983 | €1,096 | €1,216 | €1,443 | ▲ 18.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €1 | - |
| Gross operating margin9900 | €75,929 | €54,681 | €43,532 | €42,591 | €18,833 | €9,104 | €2,302 | €2,439 | ▲ 5.9% |
| Operating profit (loss)9901 | €58,249 | €36,823 | €25,448 | €31,663 | €13,498 | €4,795 | -€1,695 | -€50,029 | ▼ 2,852% |
| Financial income75/76B | - | - | - | €1,213 | €1,610 | €12,773 | €7,260 | €3,757 | ▼ 48.2% |
| Recurring financial income75 | €223 | €925 | €1,711 | €1,213 | €1,610 | €12,773 | €7,260 | €3,757 | ▼ 48.2% |
| Financial charges65/66B | - | - | - | €70,917 | €781 | €3,111 | €2,475 | €2,196 | ▼ 11.3% |
| Recurring financial charges65 | €329 | €347 | €363 | €70,917 | €781 | €3,111 | €2,475 | €2,196 | ▼ 11.3% |
| Profit (loss) for the period before taxes9903 | €58,142 | €37,401 | €26,796 | -€38,041 | €14,326 | €14,457 | €3,091 | -€48,467 | - |
| Income taxes67/77 | €17,445 | €11,225 | €8,395 | -€380 | €2,838 | €150 | €444 | €147 | ▼ 67.0% |
| Profit (loss) for the period9904 | €40,697 | €26,176 | €18,400 | -€37,661 | €11,488 | €14,307 | €2,647 | -€48,614 | - |
| Profit (loss) for the period to be appropriated9905 | €40,697 | €26,176 | €18,400 | -€37,661 | €11,488 | €14,307 | €2,647 | -€48,614 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €165,716 | €180,146 | €195,772 | €151,805 | €162,936 | €179,901 | €191,581 | €176,152 | ▼ 8.1% |
| Fixed assets21/28 | €46,938 | €38,477 | €30,318 | €22,298 | €19,320 | €19,133 | €16,042 | €15,354 | ▼ 4.3% |
| Intangible fixed assets21 | €16,607 | €8,621 | €635 | €330 | €25 | €0 | - | - | - |
| Tangible fixed assets22/27 | €30,332 | €23,906 | €23,732 | €16,018 | €13,345 | €10,547 | €7,766 | €7,079 | ▼ 8.8% |
| Plant, machinery and equipment23 | - | - | - | €340 | €219 | €137 | €59 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €1,869 | €2,504 | €1,569 | €557 | €1,661 | ▲ 198% |
| Other tangible fixed assets26 | - | - | - | €13,809 | €10,622 | €8,841 | €7,150 | €5,418 | ▼ 24.2% |
| Financial fixed assets28 | - | €5,950 | €5,950 | €5,950 | €5,950 | €8,586 | €8,276 | €8,275 | = |
| Current assets29/58 | €118,778 | €141,669 | €165,455 | €129,506 | €143,616 | €160,767 | €175,539 | €160,798 | ▼ 8.4% |
| Amounts receivable after more than one year29 | - | - | - | €46,085 | €47,237 | €69,087 | €95,351 | €98,298 | ▲ 3.1% |
| Other amounts receivable291 | - | - | - | €46,085 | €47,237 | €69,087 | €95,351 | €98,298 | ▲ 3.1% |
| Stocks and contracts in progress3 | €9,972 | €4,886 | €3,420 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €45,989 | €49,788 | €31,923 | €61,787 | €53,549 | €68,832 | €61,679 | €39,225 | ▼ 36.4% |
| Trade receivables40 | - | - | - | €53,816 | €38,521 | €42,259 | €33,569 | €34,618 | ▲ 3.1% |
| Other amounts receivable41 | - | - | - | €7,971 | €15,028 | €26,573 | €28,111 | €4,607 | ▼ 83.6% |
| Current investments50/53 | - | - | - | - | - | - | - | €50 | - |
| Cash at bank and in hand54/58 | €38,938 | €40,594 | €33,344 | €21,591 | €36,740 | €21,518 | €17,350 | €23,047 | ▲ 32.8% |
| Deferred charges and accrued income490/1 | - | - | - | €44 | €6,090 | €1,331 | €1,159 | €177 | ▼ 84.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €165,716 | €180,146 | €195,772 | €151,805 | €162,936 | €179,901 | €191,581 | €176,152 | ▼ 8.1% |
| Equity10/15 | €126,078 | €152,253 | €170,654 | €132,993 | €144,481 | €158,788 | €161,435 | €112,821 | ▼ 30.1% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €106,078 | €132,253 | €150,654 | €150,654 | €155,767 | €155,767 | €155,767 | €155,767 | = |
| Non-distributable reserves130/1 | - | - | - | €2,014 | €2,014 | €2,014 | €2,014 | €2,014 | = |
| Reserves not available under the articles1311 | - | - | - | €2,014 | €2,014 | €2,014 | €2,014 | €2,014 | = |
| Distributable reserves133 | - | - | - | €148,640 | €153,753 | €153,753 | €153,753 | €153,753 | = |
| Profit (loss) carried forward14 | - | - | - | -€37,661 | -€31,287 | -€16,979 | -€14,333 | -€62,947 | ▼ 339% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €42,436 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €42,436 | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | - | €42,436 | - |
| Amounts payable17/49 | €39,638 | €27,893 | €25,119 | €18,812 | €18,455 | €21,113 | €30,146 | €20,895 | ▼ 30.7% |
| Amounts payable after more than one year17 | €10,522 | €6,497 | €2,412 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €28,067 | €20,345 | €21,637 | €18,812 | €17,385 | €20,043 | €29,076 | €19,565 | ▼ 32.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,412 | - | - | - | - | - |
| Trade debts44 | €5,140 | €10,156 | €6,745 | €5,688 | €8,837 | €7,687 | €17,902 | €2,852 | ▼ 84.1% |
| Suppliers440/4 | - | - | - | €5,688 | €8,837 | €7,687 | €17,902 | €2,852 | ▼ 84.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €70 | €8,964 | ▲ 128× |
| Taxes, remuneration and social security45 | - | - | - | €9,549 | €7,574 | €12,004 | €10,601 | €6,336 | ▼ 40.2% |
| Taxes450/3 | - | - | - | €6,068 | €7,574 | €8,072 | €6,669 | €6,336 | ▼ 5.0% |
| Remuneration and social security454/9 | - | - | - | €3,481 | - | €3,932 | €3,932 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €1,163 | €974 | €352 | €503 | €1,412 | ▲ 181% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,070 | €1,070 | €1,070 | €1,330 | ▲ 24.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,697 | €26,176 | €18,400 | -€37,661 | €11,488 | €14,307 | €2,647 | -€48,614 | - |
| + Depreciation and write-downs630 | €16,483 | €16,631 | €17,101 | €9,530 | €4,353 | €3,213 | €2,781 | €2,616 | ▼ 5.9% |
| Operating cash flow (approximation) | €57,180 | €42,807 | €35,502 | -€28,131 | €15,841 | €17,520 | €5,428 | -€45,998 | - |
| Investment in fixed assets (approximation) | - | -€8,170 | -€8,942 | -€1,511 | -€1,375 | -€3,027 | €310 | -€1,928 | - |
| Change in cash | - | €1,657 | -€7,250 | -€11,753 | €15,149 | -€15,222 | -€4,168 | €5,698 | - |
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, 4,805 companies had the same profile as Cojacks has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Cojacks itself is lower: 0.2% within 12 months. It rests on far more data about Cojacks than the profile alone.
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 4,805 companies, not a prediction for Cojacks. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-08-2026 | 2026-00410175 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00403447 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00445893 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00268973 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20388391 | |
| 31-12-2020 | micro format | 03-08-2021 | 2021-45700429 | |
| 31-12-2019 | micro format | 07-09-2020 | 2020-51400118 | |
| 31-12-2018 | micro format | 19-08-2019 | 2019-47200247 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41000282 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-49900229 |