COMASE SERVICES
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 17 filings
Turnover
€915,636▼ 13.9%
2024 · €1.1m
EBIT margin
11.0%▼ 6.8pp
2024 · 17.8%
Net result
€74,080▼ 45.1%
2024 · €134,841
Working capital
€341,826▲ 62.7%
2024 · €210,099
In the rankings
#8 company by equity in Charleroi, Telecoms and IT sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€915,636
▼ 13.9%
2025
20192025
Operating result
€100,395
▼ 47.0%
2025
20192025
Net result
€74,080
▼ 45.1%
2025
middle half of the sector
20192025
EBIT margin
11.0%
▼ 6.8pp
2025
20192025
Equity
€1.2m
▲ 5.9%
2025
middle half of the sector
20192025
Total assets
€1.8m
▲ 19.1%
2025
middle half of the sector
20192025
Debt
€589,288
▲ 61.5%
2025
20192025
Working capital
€341,826
▲ 62.7%
2025
middle half of the sector
20192025
Solvency
67.8%
▼ 8.4pp
2025
highest quarter of the sector
20192025
Current ratio
1.74
▼ 0.26
2025
middle half of the sector
20192025
Return on assets (ROA)
4.0%
▼ 4.7pp
2025
middle half of the sector
20192025
Staff (FTE)
9.6
▲ 20.0%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0.5m-€0.5m▼ 10.9%€0.5m▲ 0.8%€0.5m▲ 6.4%€0.5m▼ 2.7%€1.1m▲ 114%€0.9m▼ 13.9%
Operating result€0.07m-€0.1m▲ 115%€0.2m▲ 34.4%€0.2m▲ 22.5%€0.2m▼ 24.4%€0.2m▲ 4.3%€0.1m▼ 47.0%
Net result€0.03m-€0.09mwithin the sector's middle half▲ 186%€0.1mwithin the sector's middle half▲ 54.6%€0.2mabove the sector's middle half▲ 20.9%€0.1mwithin the sector's middle half▼ 18.7%€0.1mwithin the sector's middle half▼ 6.6%€0.07mwithin the sector's middle half▼ 45.1%
EBIT margin12.7%-30.6%▲ 17.9pp40.8%▲ 10.2pp46.9%▲ 6.2pp36.5%▼ 10.5pp17.8%▼ 18.7pp11.0%▼ 6.8pp
Equity€0.5m-€0.6mwithin the sector's middle half▲ 17.5%€0.7mwithin the sector's middle half▲ 24.3%€0.9mwithin the sector's middle half▲ 23.8%€1.0mwithin the sector's middle half▲ 15.5%€1.2mwithin the sector's middle half▲ 12.5%€1.2mwithin the sector's middle half▲ 5.9%
Total assets€1.5m-€1.5mwithin the sector's middle half▲ 0.3%€1.4mwithin the sector's middle half▼ 7.0%€1.3mwithin the sector's middle half▼ 5.5%€1.5mwithin the sector's middle half▲ 18.1%€1.5mwithin the sector's middle half▲ 1.8%€1.8mwithin the sector's middle half▲ 19.1%
Debt€1.0m-€0.9m▼ 8.7%€0.6m▼ 28.1%€0.4m▼ 39.7%€0.5m▲ 24.2%€0.4m▼ 22.1%€0.6m▲ 61.5%
Working capital-€0.2m--€0.2mbelow the sector's middle half▼ 2.0%-€0.2mbelow the sector's middle half▲ 33.4%-€0.07mbelow the sector's middle half▲ 58.1%€0.09mwithin the sector's middle half€0.2mwithin the sector's middle half▲ 137%€0.3mwithin the sector's middle half▲ 62.7%
Solvency34.4%-40.3%within the sector's middle half▲ 5.9pp53.8%within the sector's middle half▲ 13.5pp70.5%above the sector's middle half▲ 16.7pp69.0%above the sector's middle half▼ 1.5pp76.3%above the sector's middle half▲ 7.3pp67.8%above the sector's middle half▼ 8.4pp
Current ratio0.55-0.55below the sector's middle half=0.63below the sector's middle half▲ 0.080.76below the sector's middle half▲ 0.131.47within the sector's middle half▲ 0.722.00within the sector's middle half▲ 0.531.74within the sector's middle half▼ 0.26
Return on assets (ROA)2.3%-6.5%within the sector's middle half▲ 4.2pp10.9%within the sector's middle half▲ 4.3pp13.9%within the sector's middle half▲ 3.0pp9.6%within the sector's middle half▼ 4.3pp8.8%within the sector's middle half▼ 0.8pp4.0%within the sector's middle half▼ 4.7pp
Staff (FTE)3-2.6below the sector's middle half▼ 13.3%2.3below the sector's middle half▼ 11.5%2.1below the sector's middle half▼ 8.7%2.5below the sector's middle half▲ 19.0%8within the sector's middle half▲ 220%9.6within the sector's middle half▲ 20.0%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 47% lower than in 2024 and the lowest since 2021.
Large changes and their cause
- 2024 Turnover +114% on 2023. This financial year ran 15 months, the previous one 12.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.0m ▼ 8.0%
Current assets
€803,075 ▲ 91.6%
Equity and liabilities €1.8m
Equity
€1.2m ▲ 5.9%
Debt
€589,288 ▲ 61.5%
Debt's share of the balance-sheet total rises from 23.7% to 32.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€201,923▼
2024 · €320,508
Cash flow
€175,608▼
2024 · €266,030
Debt to equity
0.47▲
2024 · 0.31
ROE
6.0%▼
2024 · 11.5%
Interest coverage
28.41▲
2024 · 26.01
Debt ≤ 1 year
€461,249▲
2024 · €209,124
Debt > 1 year
€125,061▼
2024 · €151,132
Income taxes
€29,876▼
2024 · €47,513
Customer credit
119 days▲
2024 · 28 days
Supplier credit
587 days▲
2024 · 38 days
Staff costs
€517,292▼
2024 · €517,794
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 5 | 11 | 10 |
| full-time | 1 | 4 | 9 | 8 |
| part-time | 1 | 1 | 2 | 2 |
| in full-time equivalents | 1.8 | 4.8 | 10.6 | 9.6 |
| Average over the year, in full-time equivalents | 2.1 | 2.5 | 8 | 9.6 |
| On a permanent contract | 2 | 5 | 11 | 10 |
| Joined | 0 | 3 | 8 | 2 |
| Left | 1 | 0 | 2 | 3 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €37,359 | €263,586 | €14,378 | €11,655 |
| Intangible fixed assets | €22,389 | - | - | - |
| Depreciation and write-downs of the year | €69,717 | €99,661 | €131,189 | €101,528 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €1.1m | €0.9m | ▼ 13.9% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 25.8% |
| Remuneration, social security and pensions62 | - | - | - | €0.1m | €0.09m | €0.5m | €0.5m | ▼ 0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.09m | €0.09m | €0.07m | €0.1m | €0.1m | €0.1m | ▼ 22.6% |
| Other operating charges640/8 | - | - | - | €0.04m | €0.04m | €0.06m | €0.05m | ▼ 17.4% |
| Gross operating margin9900 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.9m | €0.8m | ▼ 14.4% |
| Operating profit (loss)9901 | €0.07m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 47.0% |
| Financial income75/76B | - | - | - | €0.004m | €0.004m | €0.005m | €0.01m | ▲ 99.1% |
| Recurring financial income75 | €0.005m | €0.008m | €0.004m | €0.004m | €0.004m | €0.004m | €0.01m | ▲ 137% |
| Non-recurring financial income76B | - | - | - | - | - | €0.001m | - | - |
| Financial charges65/66B | - | - | - | €0.01m | €0.01m | €0.01m | €0.007m | ▼ 42.3% |
| Recurring financial charges65 | €0.03m | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.007m | ▼ 42.3% |
| Profit (loss) for the period before taxes9903 | €0.04m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 43.0% |
| Income taxes67/77 | €0.01m | €0.03m | €0.05m | €0.06m | €0.03m | €0.05m | €0.03m | ▼ 37.1% |
| Profit (loss) for the period9904 | €0.03m | €0.09m | €0.1m | €0.2m | €0.1m | €0.1m | €0.07m | ▼ 45.1% |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.09m | €0.1m | €0.2m | €0.1m | €0.1m | €0.07m | ▼ 45.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.5m | €1.5m | €1.4m | €1.3m | €1.5m | €1.5m | €1.8m | ▲ 19.1% |
| Fixed assets21/28 | €1.2m | €1.2m | €1.1m | €1.1m | €1.2m | €1.1m | €1.0m | ▼ 8.0% |
| Intangible fixed assets21 | - | €0.007m | €0.005m | €0.03m | €0.02m | €0.01m | €0.007m | ▼ 42.6% |
| Tangible fixed assets22/27 | €1.2m | €1.2m | €1.1m | €1.0m | €1.2m | €1.1m | €1.0m | ▼ 7.7% |
| Land and buildings22 | - | - | - | €1.0m | €1.1m | €1.0m | €1.0m | ▼ 6.5% |
| Plant, machinery and equipment23 | - | - | - | - | €0.009m | €0.007m | €0.005m | ▼ 30.3% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.07m | €0.05m | €0.04m | ▼ 27.3% |
| Current assets29/58 | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | €0.4m | €0.8m | ▲ 91.6% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.01m | €0.1m | €0.08m | €0.7m | ▲ 777% |
| Trade receivables40 | - | - | - | €0.01m | €0.05m | €0.08m | €0.3m | ▲ 264% |
| Other amounts receivable41 | - | - | - | €0.001m | €0.04m | €0.001m | €0.4m | ▲ 844× |
| Cash at bank and in hand54/58 | €0.05m | €0.07m | €0.09m | €0.2m | €0.1m | €0.3m | €0.08m | ▼ 76.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.03m | €0.009m | €0.002m | ▼ 81.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.5m | €1.5m | €1.4m | €1.3m | €1.5m | €1.5m | €1.8m | ▲ 19.1% |
| Equity10/15 | €0.5m | €0.6m | €0.7m | €0.9m | €1.0m | €1.2m | €1.2m | ▲ 5.9% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 2.9% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 2.9% |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 2.9% |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €0.4m | €0.6m | €0.7m | €0.8m | €0.9m | ▲ 8.8% |
| Investment grants15 | - | - | - | €0.08m | €0.08m | €0.07m | €0.07m | ▼ 6.0% |
| Amounts payable17/49 | €1.0m | €0.9m | €0.6m | €0.4m | €0.5m | €0.4m | €0.6m | ▲ 61.5% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.2m | €0.1m | €0.3m | €0.2m | €0.1m | ▼ 17.3% |
| Financial debts170/4 | - | - | - | €0.02m | €0.2m | €0.2m | €0.1m | ▼ 17.3% |
| Other amounts payable178/9 | - | - | - | €0.08m | €0.08m | - | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.4m | €0.3m | €0.2m | €0.2m | €0.5m | ▲ 121% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.04m | €0.04m | €0.03m | ▼ 34.8% |
| Trade debts44 | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | €0.03m | €0.3m | ▲ 12× |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.03m | €0.3m | ▲ 12× |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.04m | €0.1m | €0.1m | ▼ 22.2% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.07m | €0.05m | ▼ 27.9% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.07m | €0.06m | ▼ 16.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.005m | €0.003m | ▼ 35.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,243 | €94,991 | €146,879 | €177,573 | €144,324 | €134,841 | €74,080 | ▼ 45.1% |
| + Depreciation and write-downs630 | €99,402 | €87,029 | €87,908 | €69,717 | €99,661 | €131,189 | €101,528 | ▼ 22.6% |
| Operating cash flow (approximation) | €132,645 | €182,020 | €234,787 | €247,290 | €243,985 | €266,030 | €175,608 | ▼ 34.0% |
| Investment in fixed assets (approximation) | - | -€83,883 | -€4,936 | -€59,748 | -€263,586 | -€14,378 | -€11,655 | ▲ 18.9% |
| Change in cash | - | €25,927 | €14,707 | €82,050 | -€18,312 | €178,287 | -€251,386 | - |
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, 10,904 companies had the same profile as COMASE SERVICES has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of COMASE SERVICES itself: 0.2% 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 10,904 companies, not a prediction for COMASE SERVICES. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-07-2026 | 2026-00298812 | |
| 31-12-2024 | full format | 18-07-2025 | 2025-00284149 | |
| 30-09-2023 | full format | 01-02-2024 | 2024-00019999 | |
| 30-09-2022 | full format | 23-03-2023 | 2023-00043807 | |
| 30-09-2021 | full format | 18-03-2022 | 2022-07900164 | |
| 30-09-2020 | full format | 19-04-2021 | 2021-10500510 | |
| 30-09-2019 | full format | 04-02-2020 | 2020-04100186 | |
| 30-09-2018 | full format | 18-03-2019 | 2019-07100332 | |
| 30-09-2017 | full format | 09-04-2018 | 2018-09200591 | |
| 30-09-2016 | full format | 26-01-2017 | 2017-02000209 |