COORDINATES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-04-2026 PDF all 21 filings
Turnover
≈ €150,000
Estimated: probably between €70,000 and €370,000
Total assets
€208,199▲ 1.4%
2024 · €205,295
Net result
-€1,062▼ 523%
2024 · -€171
Working capital
€153,638▼ 12.1%
2024 · €174,867
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€666
▼ 56.2%
2025
20182025
Net result
-€1,062
▼ 523%
2025
middle half of the sector
20182025
Equity
€128,774
▼ 14.7%
2025
middle half of the sector
20182025
Total assets
€208,199
▲ 1.4%
2025
middle half of the sector
20182025
Debt
€54,425
▲ 85.7%
2025
20182025
Working capital
€153,638
▼ 12.1%
2025
highest quarter of the sector
20182025
Solvency
61.9%
▼ 11.7pp
2025
middle half of the sector
20182025
Current ratio
3.86
▼ 3.26
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.5%
▼ 0.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,385-€14,709▲ 173%€15,022▲ 2.1%€32,778▲ 118%€10,424▼ 68.2%-€8,135€1,523€666▼ 56.2%
Net result€2,569-€14,146▲ 451%€9,603within the sector's middle half▼ 32.1%€20,250within the sector's middle half▲ 111%€6,254within the sector's middle half▼ 69.1%-€10,133below the sector's middle half-€171within the sector's middle half▲ 98.3%-€1,062within the sector's middle half▼ 523%
Equity€116,037-€130,184▲ 12.2%€134,787within the sector's middle half▲ 3.5%€155,037within the sector's middle half▲ 15.0%€161,291above the sector's middle half▲ 4.0%€151,158within the sector's middle half▼ 6.3%€150,987within the sector's middle half▼ 0.1%€128,774within the sector's middle half▼ 14.7%
Total assets€199,765-€187,845▼ 6.0%€183,183within the sector's middle half▼ 2.5%€193,836within the sector's middle half▲ 5.8%€207,475within the sector's middle half▲ 7.0%€198,518within the sector's middle half▼ 4.3%€205,295within the sector's middle half▲ 3.4%€208,199within the sector's middle half▲ 1.4%
Debt€58,727-€32,661▼ 44.4%€23,396▼ 28.4%€13,800▼ 41.0%€21,184▲ 53.5%€22,360▲ 5.6%€29,308▲ 31.1%€54,425▲ 85.7%
Working capital€145,126-€155,859▲ 7.4%€160,936above the sector's middle half▲ 3.3%€176,959above the sector's middle half▲ 10.0%€182,124above the sector's middle half▲ 2.9%€178,801above the sector's middle half▼ 1.8%€174,867above the sector's middle half▼ 2.2%€153,638above the sector's middle half▼ 12.1%
Solvency58.1%-69.3%▲ 11.2pp73.6%above the sector's middle half▲ 4.3pp80.0%above the sector's middle half▲ 6.4pp77.7%above the sector's middle half▼ 2.2pp76.1%above the sector's middle half▼ 1.6pp73.5%above the sector's middle half▼ 2.6pp61.9%within the sector's middle half▼ 11.7pp
Current ratio3.66-5.87▲ 2.228.64above the sector's middle half▲ 2.7714.29above the sector's middle half▲ 5.659.60above the sector's middle half▼ 4.6911.60above the sector's middle half▲ 2.007.12above the sector's middle half▼ 4.483.86above the sector's middle half▼ 3.26
Return on assets (ROA)1.3%-7.5%▲ 6.2pp5.2%within the sector's middle half▼ 2.3pp10.4%within the sector's middle half▲ 5.2pp3.0%within the sector's middle half▼ 7.4pp-5.1%below the sector's middle half▼ 8.1pp-0.1%within the sector's middle half▲ 5.0pp-0.5%within the sector's middle half▼ 0.4pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 56% lower than in 2024.
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 €208,199
Fixed assets
€855 ▼ 53.9%
Current assets
€207,344 ▲ 1.9%
Equity and liabilities €208,199
Equity
€128,774 ▼ 14.7%
Provisions
€25,000 =
Debt
€54,425 ▲ 85.7%
Debt's share of the balance-sheet total rises from 14.3% to 26.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1,665▼
2024 · €2,521
Cash flow
-€64▼
2024 · €828
Debt to equity
0.42▲
2024 · 0.19
ROE
-0.8%▼
2024 · -0.1%
Interest coverage
1.07▼
2024 · 1.60
Debt ≤ 1 year
€53,706▲
2024 · €28,576
Income taxes
€171▼
2024 · €175
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 | €2,974 | €2,018 | - | - | - |
| Depreciation and write-downs of the year | €598 | €1,410 | €1,315 | €998 | €998 |
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 | - | - | - | - | €9,000 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €116 | €598 | €1,410 | €1,315 | €998 | €998 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €23,519 | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €20,191 | €10,425 | €9,507 | €10,317 | €10,134 | ▼ 1.8% |
| Gross operating margin9900 | €19,305 | €26,708 | €54,459 | €77,085 | €22,259 | €2,687 | €12,837 | €11,798 | ▼ 8.1% |
| Operating profit (loss)9901 | €5,385 | €14,709 | €15,022 | €32,778 | €10,424 | -€8,135 | €1,523 | €666 | ▼ 56.2% |
| Financial income75/76B | - | - | - | €199 | €370 | €0 | €59 | €0 | ▼ 100.0% |
| Recurring financial income75 | €1,258 | €7,936 | €6 | €199 | €370 | €0 | €59 | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | - | €6,134 | €1,900 | €1,822 | €1,577 | €1,558 | ▼ 1.2% |
| Recurring financial charges65 | €1,491 | €2,277 | €945 | €6,134 | €1,900 | €1,822 | €1,577 | €1,558 | ▼ 1.2% |
| Profit (loss) for the period before taxes9903 | €5,152 | €20,368 | €14,083 | €26,843 | €8,894 | -€9,957 | €5 | -€891 | - |
| Income taxes67/77 | €2,582 | €6,222 | €4,480 | €6,593 | €2,640 | €176 | €175 | €171 | ▼ 2.2% |
| Profit (loss) for the period9904 | €2,569 | €14,146 | €9,603 | €20,250 | €6,254 | -€10,133 | -€171 | -€1,062 | ▼ 523% |
| Profit (loss) for the period to be appropriated9905 | €2,569 | €14,146 | €9,603 | €20,250 | €6,254 | -€10,133 | -€171 | -€1,062 | ▼ 523% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €199,765 | €187,845 | €183,183 | €193,836 | €207,475 | €198,518 | €205,295 | €208,199 | ▲ 1.4% |
| Fixed assets21/28 | - | - | €1,183 | €3,559 | €4,167 | €2,851 | €1,853 | €855 | ▼ 53.9% |
| Tangible fixed assets22/27 | - | - | €1,183 | €3,559 | €4,167 | €2,851 | €1,853 | €855 | ▼ 53.9% |
| Plant, machinery and equipment23 | - | - | - | €750 | €1,952 | €1,232 | €828 | €425 | ▼ 48.7% |
| Furniture and vehicles24 | - | - | - | €2,809 | €2,214 | €1,620 | €1,025 | €430 | ▼ 58.0% |
| Current assets29/58 | €199,765 | €187,845 | €182,000 | €190,277 | €203,308 | €195,666 | €203,442 | €207,344 | ▲ 1.9% |
| Amounts receivable after more than one year29 | - | - | - | €0 | €25,083 | €0 | - | - | - |
| Trade receivables290 | - | - | - | €0 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | - | €25,083 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €16,886 | €7,898 | €107,593 | €104,414 | €100,247 | €114,591 | €112,054 | €100,357 | ▼ 10.4% |
| Trade receivables40 | - | - | - | €104,400 | €100,247 | €114,591 | €112,054 | €100,357 | ▼ 10.4% |
| Other amounts receivable41 | - | - | - | €14 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €34,193 | €26,169 | €52,003 | €85,864 | €77,978 | €81,075 | €91,388 | €106,782 | ▲ 16.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | €206 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €199,765 | €187,845 | €183,183 | €193,836 | €207,475 | €198,518 | €205,295 | €208,199 | ▲ 1.4% |
| Equity10/15 | €116,037 | €130,184 | €134,787 | €155,037 | €161,291 | €151,158 | €150,987 | €128,774 | ▼ 14.7% |
| Contributions10/11 | €65,000 | €65,000 | - | €65,000 | €65,000 | €65,000 | €65,000 | €65,000 | = |
| Reserves13 | €51,037 | €65,184 | €55,180 | €75,430 | €81,684 | €81,684 | €81,684 | €60,533 | ▼ 25.9% |
| Non-distributable reserves130/1 | - | - | - | €7,710 | €7,710 | €7,710 | €7,710 | €7,710 | = |
| Reserves not available under the articles1311 | - | - | - | €7,710 | €7,710 | €7,710 | €7,710 | €7,710 | = |
| Distributable reserves133 | - | - | - | €67,720 | €73,974 | €73,974 | €73,974 | €52,823 | ▼ 28.6% |
| Profit (loss) carried forward14 | - | - | €14,607 | €14,607 | €14,607 | €4,474 | €4,303 | €3,241 | ▼ 24.7% |
| Provisions and deferred taxes16 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Pensions and similar obligations160 | - | - | - | €25,000 | €25,000 | €0 | - | - | - |
| Other liabilities and charges164/5 | - | - | - | - | - | €25,000 | €25,000 | €25,000 | = |
| Amounts payable17/49 | €58,727 | €32,661 | €23,396 | €13,800 | €21,184 | €22,360 | €29,308 | €54,425 | ▲ 85.7% |
| Amounts payable within one year42/48 | €54,639 | €31,986 | €21,064 | €13,319 | €21,184 | €16,866 | €28,576 | €53,706 | ▲ 87.9% |
| Trade debts44 | €4,324 | €0 | €2,995 | €2,995 | €12,555 | €1,500 | €1,388 | €45 | ▼ 96.8% |
| Suppliers440/4 | - | - | - | €2,995 | €12,555 | €1,500 | €1,388 | €45 | ▼ 96.8% |
| Taxes, remuneration and social security45 | - | - | - | €9,202 | €3,935 | €5,566 | €3,681 | €8,321 | ▲ 126% |
| Taxes450/3 | - | - | - | €9,202 | €3,935 | €5,566 | €3,681 | €8,321 | ▲ 126% |
| Other amounts payable47/48 | - | - | - | €1,122 | €4,694 | €9,800 | €23,507 | €45,340 | ▲ 92.9% |
| Accrued charges and deferred income492/3 | - | - | - | €481 | €0 | €5,494 | €733 | €719 | ▼ 1.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,569 | €14,146 | €9,603 | €20,250 | €6,254 | -€10,133 | -€171 | -€1,062 | ▼ 523% |
| + Depreciation and write-downs630 | - | - | €116 | €598 | €1,410 | €1,315 | €998 | €998 | = |
| Operating cash flow (approximation) | €2,569 | €14,146 | €9,719 | €20,847 | €7,665 | -€8,818 | €828 | -€64 | - |
| Investment in fixed assets (approximation) | - | - | - | -€2,974 | -€2,018 | €0 | €0 | €0 | - |
| Change in cash | - | -€8,024 | €25,834 | €33,861 | -€7,886 | €3,097 | €10,313 | €15,393 | ▲ 49.3% |
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, 12,322 companies had the same profile as COORDINATES has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COORDINATES itself: 0.1% 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 12,322 companies, not a prediction for COORDINATES. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-04-2026 | 2026-00070934 | |
| 31-12-2024 | micro format | 14-07-2025 | 2025-00264090 | |
| 31-12-2023 | micro format | 23-09-2024 | 2024-00467985 | |
| 31-12-2022 | micro format | 18-07-2023 | 2023-00259692 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20150220 | |
| 31-12-2020 | micro format | 16-07-2021 | 2021-38100080 | |
| 31-12-2019 | micro format | 28-10-2020 | 2020-65300020 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-54200146 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57000263 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-58300595 |