COMICEN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 19 filings
Turnover
≈ €170,000
Estimated: probably between €130,000 and €250,000
Total assets
€828,641▼ 2.0%
2024 · €845,539
Net result
€16,708▲ 456%
2024 · €3,005
Working capital
-€102,328▼ 202%
2024 · -€33,920
In the rankings
#9 oldest company in Ravels, Transport and storage sector#10 company by equity in Ravels, Transport and storage sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€31,993
▲ 126%
2025
20192025
Net result
€16,708
▲ 456%
2025
middle half of the sector
20192025
Equity
€300,046
▲ 5.9%
2025
highest quarter of the sector
20192025
Total assets
€828,641
▼ 2.0%
2025
highest quarter of the sector
20192025
Debt
€528,595
▼ 6.0%
2025
20192025
Working capital
-€102,328
▼ 202%
2025
lowest quarter of the sector
20192025
Solvency
36.2%
▲ 2.7pp
2025
middle half of the sector
20192025
Current ratio
0.21
▼ 0.24
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
2.0%
▲ 1.7pp
2025
middle half of the sector
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€0.06m-€0.04m▼ 42.6%€0.06m▲ 55.4%€0.05m▼ 10.4%€0.07m▲ 26.9%€0.01m▼ 78.5%€0.03m▲ 126%
Net result-€0.03m-€0.02mabove the sector's middle half€0.03mwithin the sector's middle half▲ 28.7%€0.03mabove the sector's middle half▼ 9.0%€0.04mabove the sector's middle half▲ 25.5%€0.003mwithin the sector's middle half▼ 91.5%€0.02mwithin the sector's middle half▲ 456%
Equity€0.2m-€0.2mabove the sector's middle half▲ 11.2%€0.2mwithin the sector's middle half▼ 9.3%€0.2mabove the sector's middle half▲ 13.0%€0.3mabove the sector's middle half▲ 14.4%€0.3mabove the sector's middle half▲ 1.1%€0.3mabove the sector's middle half▲ 5.9%
Total assets€1.4m-€1.0mabove the sector's middle half▼ 24.3%€1.0mwithin the sector's middle half▼ 2.2%€1.0mabove the sector's middle half▼ 0.5%€1.0mabove the sector's middle half▼ 0.9%€0.8mabove the sector's middle half▼ 15.3%€0.8mabove the sector's middle half▼ 2.0%
Debt€1.2m-€0.8m▼ 31.0%€0.8m=€0.8m▼ 4.2%€0.7m▼ 5.9%€0.6m▼ 21.7%€0.5m▼ 6.0%
Working capital€0.03m-€0.04mwithin the sector's middle half▲ 19.4%-€0.03mbelow the sector's middle half-€0.07mbelow the sector's middle half▼ 96.1%-€0.05mbelow the sector's middle half▲ 22.2%-€0.03mbelow the sector's middle half▲ 35.7%-€0.1mbelow the sector's middle half▼ 202%
Solvency15.7%-23.1%within the sector's middle half▲ 7.4pp21.4%within the sector's middle half▼ 1.7pp24.3%within the sector's middle half▲ 2.9pp28.1%within the sector's middle half▲ 3.8pp33.5%within the sector's middle half▲ 5.4pp36.2%within the sector's middle half▲ 2.7pp
Current ratio1.07-1.29within the sector's middle half▲ 0.220.80below the sector's middle half▼ 0.490.57below the sector's middle half▼ 0.230.76below the sector's middle half▲ 0.180.45below the sector's middle half▼ 0.310.21below the sector's middle half▼ 0.24
Return on assets (ROA)-2.5%-2.3%within the sector's middle half▲ 4.8pp3.1%within the sector's middle half▲ 0.7pp2.8%within the sector's middle half▼ 0.3pp3.5%within the sector's middle half▲ 0.7pp0.4%within the sector's middle half▼ 3.2pp2.0%within the sector's middle half▲ 1.7pp
Staff (FTE)3.1-2.8within the sector's middle half▼ 9.7%3.9below the sector's middle half▲ 39.3%3.1▼ 20.5%3▼ 3.2%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 126% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €828,641
Fixed assets
€801,749 ▼ 2.0%
Current assets
€26,892 ▼ 3.3%
Equity and liabilities €828,641
Equity
€300,046 ▲ 5.9%
Debt
€528,595 ▼ 6.0%
Debt's share of the balance-sheet total falls from 66.5% to 63.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€47,985▲
2024 · €30,160
Cash flow
€32,700▲
2024 · €18,997
Debt to equity
1.76▼
2024 · 1.98
ROE
5.6%▲
2024 · 1.1%
Interest coverage
5.19▲
2024 · 2.97
Debt ≤ 1 year
€129,221▲
2024 · €61,718
Debt > 1 year
€399,374▼
2024 · €500,483
Income taxes
€6,038▲
2024 · €1,002
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | - |
| full-time | 2 | 1 | - |
| part-time | 2 | 3 | - |
| in full-time equivalents | 2.9 | 2.9 | - |
| Average over the year, in full-time equivalents | 3.1 | 3 | - |
| On a permanent contract | 3 | 4 | - |
| Joined | 14 | 3 | 0 |
| Left | 14 | 3 | 4 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 30-06-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €69,516 | - | - | - |
| Depreciation and write-downs of the year | €26,220 | €23,988 | €15,992 | €15,992 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €344 awarded · €344 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €116 |
| 2023 | 1 | €116 | €0 |
| 2022 | 1 | €228 | €228 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €211,570 | €356,726 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,262 | €29,262 | €15,860 | €26,220 | €23,988 | €15,992 | €15,992 | = |
| Other operating charges640/8 | - | - | - | €5,133 | €7,791 | €1,204 | €1,292 | ▲ 7.3% |
| Gross operating margin9900 | €243,310 | €217,432 | €307,527 | €294,748 | €454,270 | €31,364 | €49,277 | ▲ 57.1% |
| Operating profit (loss)9901 | €64,852 | €37,250 | €57,870 | €51,826 | €65,765 | €14,168 | €31,993 | ▲ 126% |
| Financial income75/76B | - | - | - | €0 | - | €1 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | €29 | €0 | - | €1 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €12,552 | €17,366 | €10,163 | €9,247 | ▼ 9.0% |
| Recurring financial charges65 | €24,088 | €13,221 | €13,632 | €12,552 | €17,366 | €10,163 | €9,247 | ▼ 9.0% |
| Profit (loss) for the period before taxes9903 | -€34,236 | €24,029 | €44,267 | €39,274 | €48,399 | €4,007 | €22,746 | ▲ 468% |
| Income taxes67/77 | - | - | €13,336 | €11,126 | €13,088 | €1,002 | €6,038 | ▲ 503% |
| Profit (loss) for the period9904 | -€34,236 | €24,029 | €30,930 | €28,148 | €35,312 | €3,005 | €16,708 | ▲ 456% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€34,236 | €24,029 | €42,050 | €28,148 | €35,312 | €3,005 | €16,708 | ▲ 456% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.4m | €1.0m | €1.0m | €1.0m | €1.0m | €0.8m | €0.8m | ▼ 2.0% |
| Fixed assets21/28 | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | ▼ 2.0% |
| Tangible fixed assets22/27 | €0.9m | €0.8m | €0.8m | €0.9m | €0.8m | €0.8m | €0.8m | ▼ 2.0% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Furniture and vehicles24 | - | - | - | €0.06m | €0 | - | - | - |
| Leasing and similar rights25 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 7.3% |
| Financial fixed assets28 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Current assets29/58 | €0.5m | €0.2m | €0.1m | €0.09m | €0.2m | €0.03m | €0.03m | ▼ 3.3% |
| Amounts receivable within one year40/41 | €0.4m | €0.07m | €0.02m | €0.03m | €0.1m | €0.02m | €0.02m | ▼ 17.7% |
| Trade receivables40 | - | - | - | €0.03m | €0.1m | €0.02m | €0.02m | ▼ 13.2% |
| Other amounts receivable41 | - | - | - | €0.001m | €0.007m | €0.001m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.08m | €0.01m | €0.1m | €0.06m | €0.05m | €0.009m | €0.01m | ▲ 27.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €83 | €0 | €87 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.4m | €1.0m | €1.0m | €1.0m | €1.0m | €0.8m | €0.8m | ▼ 2.0% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 5.9% |
| Contributions10/11 | €0.1m | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 8.9% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 8.9% |
| Profit (loss) carried forward14 | - | - | - | €0 | - | - | - | - |
| Amounts payable17/49 | €1.2m | €0.8m | €0.8m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 6.0% |
| Amounts payable after more than one year17 | €0.7m | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 20.2% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 11.3% |
| Other amounts payable178/9 | - | - | - | - | - | €0.05m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.4m | €0.1m | €0.2m | €0.2m | €0.2m | €0.06m | €0.1m | ▲ 109% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.05m | €0.05m | ▲ 1.8% |
| Trade debts44 | €0.4m | €0.05m | €0.04m | €0.02m | €0.05m | €0.007m | €0.02m | ▲ 170% |
| Suppliers440/4 | - | - | - | €0.02m | €0.05m | €0.007m | €0.02m | ▲ 170% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.05m | €0.003m | €0.007m | ▲ 115% |
| Taxes450/3 | - | - | - | €0.004m | €0.01m | €0.003m | €0.007m | ▲ 120% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.04m | €121 | €121 | = |
| Other amounts payable47/48 | - | - | - | €0.05m | €0.05m | €0.001m | €0.05m | ▲ 81× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€34,236 | €24,029 | €30,930 | €28,148 | €35,312 | €3,005 | €16,708 | ▲ 456% |
| + Depreciation and write-downs630 | €29,262 | €29,262 | €15,860 | €26,220 | €23,988 | €15,992 | €15,992 | = |
| Operating cash flow (approximation) | -€4,974 | €53,291 | €46,790 | €54,367 | €59,299 | €18,997 | €32,700 | ▲ 72.1% |
| Investment in fixed assets (approximation) | - | €0 | -€17,196 | -€69,516 | €59,288 | €0 | €0 | - |
| Change in cash | - | -€66,227 | €102,601 | -€53,516 | -€5,902 | -€44,560 | €2,386 | - |
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, 14,766 companies had the same profile as COMICEN has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COMICEN 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 14,766 companies, not a prediction for COMICEN. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-06-2026 | 2026-00189619 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00305685 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00174798 | |
| 30-06-2022 | micro format | 18-11-2022 | 2022-20521764 | |
| 30-06-2021 | abbreviated format | 13-12-2021 | 2021-79800334 | |
| 30-06-2020 | micro format | 23-11-2020 | 2020-71300480 | |
| 30-06-2019 | micro format | 20-12-2019 | 2019-76700192 | |
| 30-06-2018 | micro format | 08-01-2019 | 2019-00500298 | |
| 30-06-2017 | abbreviated format | 28-11-2017 | 2017-70300421 | |
| 30-06-2016 | abbreviated format | 12-01-2017 | 2017-00800081 |