COOSECO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 39 days after the deadline Filed on 8 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00507311.
Annual accounts 2025 filed on 08-09-2026 at the NBB all 15 filings
Turnover
€396,061
EBIT margin
40.6%
Net result
€41,661▼ 62.0%
2024 · €109,705
Working capital
€317,392▲ 14.8%
2024 · €276,373
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€55,688
▼ 65.4%
2025
20182025
Net result
€41,661
▼ 62.0%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€349,362
▲ 13.5%
2025
highest quarter of the sector
20182025
Total assets
€377,181
▲ 9.6%
2025
highest quarter of the sector
20182025
Debt
€27,819
▼ 23.7%
2025
20182025
Working capital
€317,392
▲ 14.8%
2025
highest quarter of the sector
20182025
Solvency
92.6%
▲ 3.2pp
2025
highest quarter of the sector
20182025
Current ratio
12.41
▲ 3.81
2025
highest quarter of the sector
20182025
Return on assets (ROA)
11.0%
▼ 20.8pp
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
Turnover€396,061
Operating result€9,523--€375€38,818€57,540▲ 48.2%€15,417▼ 73.2%€49,665▲ 222%€160,961▲ 224%€55,688▼ 65.4%
Net result€9,557--€1,913€27,519within the sector's middle half€40,370within the sector's middle half▲ 46.7%€9,790within the sector's middle half▼ 75.7%€32,075within the sector's middle half▲ 228%€109,705above the sector's middle half▲ 242%€41,661within the sector's middle half▼ 62.0%
EBIT margin40.6%
Equity€80,155-€78,241▼ 2.4%€105,761within the sector's middle half▲ 35.2%€157,731within the sector's middle half▲ 49.1%€166,721within the sector's middle half▲ 5.7%€197,997above the sector's middle half▲ 18.8%€307,702above the sector's middle half▲ 55.4%€349,362above the sector's middle half▲ 13.5%
Total assets€97,903-€98,540▲ 0.7%€141,838within the sector's middle half▲ 43.9%€188,890within the sector's middle half▲ 33.2%€198,036within the sector's middle half▲ 4.8%€240,495within the sector's middle half▲ 21.4%€344,176above the sector's middle half▲ 43.1%€377,181above the sector's middle half▲ 9.6%
Debt€17,749-€20,299▲ 14.4%€36,077▲ 77.7%€31,159▼ 13.6%€31,314▲ 0.5%€42,499▲ 35.7%€36,475▼ 14.2%€27,819▼ 23.7%
Working capital€77,205-€75,287▼ 2.5%€103,268above the sector's middle half▲ 37.2%€146,891above the sector's middle half▲ 42.2%€147,506above the sector's middle half▲ 0.4%€182,249above the sector's middle half▲ 23.6%€276,373above the sector's middle half▲ 51.6%€317,392above the sector's middle half▲ 14.8%
Solvency81.9%-79.4%▼ 2.5pp74.6%within the sector's middle half▼ 4.8pp83.5%above the sector's middle half▲ 8.9pp84.2%above the sector's middle half▲ 0.7pp82.3%above the sector's middle half▼ 1.9pp89.4%above the sector's middle half▲ 7.1pp92.6%above the sector's middle half▲ 3.2pp
Current ratio5.35-4.71▼ 0.643.86within the sector's middle half▼ 0.855.71above the sector's middle half▲ 1.855.71above the sector's middle half=5.29above the sector's middle half▼ 0.428.60above the sector's middle half▲ 3.3112.41above the sector's middle half▲ 3.81
Return on assets (ROA)9.8%--1.9%▼ 11.7pp19.4%within the sector's middle half▲ 21.3pp21.4%within the sector's middle half▲ 2.0pp4.9%within the sector's middle half▼ 16.4pp13.3%within the sector's middle half▲ 8.4pp31.9%above the sector's middle half▲ 18.5pp11.0%within the sector's middle half▼ 20.8pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 65% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €377,181
Fixed assets
€31,971 ▲ 1.7%
Current assets
€345,211 ▲ 10.4%
Equity and liabilities €377,181
Equity
€349,362 ▲ 13.5%
Debt
€27,819 ▼ 23.7%
Debt's share of the balance-sheet total falls from 10.6% to 7.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€61,375▼
2024 · €165,346
Cash flow
€47,347▼
2024 · €114,090
Debt to equity
0.08▼
2024 · 0.12
ROE
11.9%▼
2024 · 35.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€27,819▼
2024 · €36,378
Income taxes
€22,200▼
2024 · €58,240
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 | €16,877 | €11,875 | €412 | €20,063 | €6,232 |
| Depreciation and write-downs of the year | €1,747 | €3,499 | €3,880 | €4,386 | €5,687 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €396,061 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €231,333 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €5,254 | €5,318 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,607 | €1,621 | €1,590 | €1,747 | €3,499 | €3,880 | €4,386 | €5,687 | ▲ 29.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €2,085 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | - | €958 | €742 | €1,074 | €862 | ▼ 19.7% |
| Gross operating margin9900 | €44,894 | €26,530 | €74,967 | €66,626 | €25,193 | €54,287 | €166,420 | €62,237 | ▼ 62.6% |
| Operating profit (loss)9901 | €9,523 | -€375 | €38,818 | €57,540 | €15,417 | €49,665 | €160,961 | €55,688 | ▼ 65.4% |
| Financial income75/76B | - | - | - | - | - | €356 | €7,120 | €8,373 | ▲ 17.6% |
| Recurring financial income75 | €5,017 | €2 | - | - | - | €356 | €7,120 | €8,373 | ▲ 17.6% |
| Financial charges65/66B | - | - | - | €197 | €467 | €235 | €137 | €200 | ▲ 46.4% |
| Recurring financial charges65 | €566 | €122 | €100 | €197 | €467 | €235 | €137 | €200 | ▲ 46.4% |
| Profit (loss) for the period before taxes9903 | €13,974 | -€494 | €38,718 | €57,343 | €14,951 | €49,786 | €167,944 | €63,860 | ▼ 62.0% |
| Income taxes67/77 | €4,417 | €1,419 | €11,198 | €16,972 | €5,160 | €17,711 | €58,240 | €22,200 | ▼ 61.9% |
| Profit (loss) for the period9904 | €9,557 | -€1,913 | €27,519 | €40,370 | €9,790 | €32,075 | €109,705 | €41,661 | ▼ 62.0% |
| Profit (loss) for the period to be appropriated9905 | €9,557 | -€1,913 | €27,519 | €40,370 | €9,790 | €32,075 | €109,705 | €41,661 | ▼ 62.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €97,903 | €98,540 | €141,838 | €188,890 | €198,036 | €240,495 | €344,176 | €377,181 | ▲ 9.6% |
| Fixed assets21/28 | €2,950 | €2,955 | €2,493 | €10,840 | €19,215 | €15,747 | €31,425 | €31,971 | ▲ 1.7% |
| Tangible fixed assets22/27 | €2,950 | €2,955 | €2,493 | €10,840 | €19,215 | €15,747 | €31,425 | €31,971 | ▲ 1.7% |
| Land and buildings22 | - | - | - | €3,006 | €8,131 | €7,246 | €23,920 | €21,093 | ▼ 11.8% |
| Plant, machinery and equipment23 | - | - | - | €6,395 | €6,585 | €5,642 | €4,803 | €4,828 | ▲ 0.5% |
| Furniture and vehicles24 | - | - | - | €1,439 | €4,500 | €2,859 | €1,001 | €4,745 | ▲ 374% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €1,701 | €1,304 | ▼ 23.3% |
| Current assets29/58 | €94,954 | €95,586 | €139,344 | €178,050 | €178,820 | €224,748 | €312,751 | €345,211 | ▲ 10.4% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €154,672 | €154,298 | ▼ 0.2% |
| Other amounts receivable291 | - | - | - | - | - | - | €154,672 | €154,298 | ▼ 0.2% |
| Amounts receivable within one year40/41 | €59,643 | €67,202 | €71,712 | €93,421 | €88,616 | €152,512 | €81,973 | €103,849 | ▲ 26.7% |
| Trade receivables40 | - | - | - | €82,718 | €71,672 | €63,825 | €81,973 | €81,749 | ▼ 0.3% |
| Other amounts receivable41 | - | - | - | €10,703 | €16,944 | €88,687 | - | €22,100 | - |
| Current investments50/53 | - | - | - | - | - | - | €2,597 | €4,994 | ▲ 92.3% |
| Cash at bank and in hand54/58 | €33,776 | €26,764 | €66,118 | €84,534 | €89,199 | €70,456 | €72,935 | €80,066 | ▲ 9.8% |
| Deferred charges and accrued income490/1 | - | - | - | €95 | €1,005 | €1,780 | €575 | €2,002 | ▲ 248% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €97,903 | €98,540 | €141,838 | €188,890 | €198,036 | €240,495 | €344,176 | €377,181 | ▲ 9.6% |
| Equity10/15 | €80,155 | €78,241 | €105,761 | €157,731 | €166,721 | €197,997 | €307,702 | €349,362 | ▲ 13.5% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Reserves13 | €16,360 | €16,360 | €44,360 | €89,360 | €98,360 | €179,397 | €289,102 | €330,762 | ▲ 14.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Tax-exempt reserves132 | - | - | - | €87,500 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €96,500 | €177,537 | €287,242 | €330,762 | ▲ 15.2% |
| Profit (loss) carried forward14 | €57,595 | €55,681 | €55,201 | €49,771 | €49,761 | - | - | - | - |
| Amounts payable17/49 | €17,749 | €20,299 | €36,077 | €31,159 | €31,314 | €42,499 | €36,475 | €27,819 | ▼ 23.7% |
| Amounts payable within one year42/48 | €17,749 | €20,299 | €36,077 | €31,159 | €31,314 | €42,499 | €36,378 | €27,819 | ▼ 23.5% |
| Trade debts44 | €6,062 | €7,999 | €18,811 | €10,187 | €12,192 | €3,844 | €6,621 | €165 | ▼ 97.5% |
| Suppliers440/4 | - | - | - | €10,187 | €12,192 | €3,844 | €6,621 | €165 | ▼ 97.5% |
| Taxes, remuneration and social security45 | - | - | - | €14,708 | €5,425 | €14,875 | €29,757 | €27,654 | ▼ 7.1% |
| Taxes450/3 | - | - | - | €14,708 | €5,425 | €14,875 | €29,757 | €27,654 | ▼ 7.1% |
| Other amounts payable47/48 | - | - | - | €6,263 | €13,697 | €23,779 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €97 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,557 | -€1,913 | €27,519 | €40,370 | €9,790 | €32,075 | €109,705 | €41,661 | ▼ 62.0% |
| + Depreciation and write-downs630 | €1,607 | €1,621 | €1,590 | €1,747 | €3,499 | €3,880 | €4,386 | €5,687 | ▲ 29.7% |
| Operating cash flow (approximation) | €11,164 | -€293 | €29,109 | €42,118 | €13,289 | €35,956 | €114,090 | €47,347 | ▼ 58.5% |
| Investment in fixed assets (approximation) | - | -€1,626 | -€1,128 | -€10,094 | -€11,875 | -€412 | -€20,063 | -€6,232 | ▲ 68.9% |
| Change in cash | - | -€7,012 | €39,354 | €18,416 | €4,666 | -€18,744 | €2,479 | €7,132 | ▲ 188% |
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, 34,693 companies had the same profile as COOSECO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of COOSECO 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 34,693 companies, not a prediction for COOSECO. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-09-2026 | 2026-00507311 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00398189 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00396851 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00379374 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20335907 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-66200303 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-49200285 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-62600067 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58500528 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59800556 |