COPAC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-06-2026 PDF all 7 filings
Equity
€3.2m▲ 7.5%
2024 · €2.9m
Total assets
€6.1m▲ 26.0%
2024 · €4.8m
Net result
€220,852▼ 51.6%
2024 · €456,503
Working capital
€5.6m▲ 17.6%
2024 · €4.7m
In the rankings
#8 company by equity in Hoogstraten, Construction sector#10 company by total assets in Hoogstraten, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€51,907
2025
20192025
Net result
€220,852
▼ 51.6%
2025
highest quarter of the sector
20192025
Equity
€3.2m
▲ 7.5%
2025
highest quarter of the sector
20192025
Total assets
€6.1m
▲ 26.0%
2025
highest quarter of the sector
20192025
Debt
€2.9m
▲ 55.0%
2025
20192025
Working capital
€5.6m
▲ 17.6%
2025
highest quarter of the sector
20192025
Solvency
52.1%
▼ 9.0pp
2025
middle half of the sector
20192025
Current ratio
11.85
▼ 40.51
2025
highest quarter of the sector
20192025
Return on assets (ROA)
3.6%
▼ 5.8pp
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
Operating result-€0.004m--€0.002m▲ 42.4%-€0.03m▼ 1,059%-€0.02m▲ 7.5%-€0.1m▼ 369%€0.3m-€0.05m
Net result-€0.003m-€0.003mwithin the sector's middle half-€0.02mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 1.1%€2.5mabove the sector's middle half€0.5mabove the sector's middle half▼ 81.9%€0.2mabove the sector's middle half▼ 51.6%
Equity€0.002m-€0.005mbelow the sector's middle half▲ 120%-€0.02mbelow the sector's middle half-€0.04mbelow the sector's middle half▼ 130%€2.5mabove the sector's middle half€2.9mabove the sector's middle half▲ 18.4%€3.2mabove the sector's middle half▲ 7.5%
Total assets€0.5m-€0.5mabove the sector's middle half▲ 5.1%€0.6mabove the sector's middle half▲ 2.8%€0.5mabove the sector's middle half▼ 7.7%€5.4mabove the sector's middle half▲ 940%€4.8mabove the sector's middle half▼ 10.3%€6.1mabove the sector's middle half▲ 26.0%
Debt€0.5m-€0.5m▲ 4.5%€0.6m▲ 7.0%€0.6m▼ 3.7%€2.9m▲ 420%€1.9m▼ 35.0%€2.9m▲ 55.0%
Working capital€0.5m-€0.5mabove the sector's middle half▲ 4.2%€0.5mabove the sector's middle half▼ 2.0%€0.5mabove the sector's middle half▼ 1.1%€5.0mabove the sector's middle half▲ 865%€4.7mabove the sector's middle half▼ 4.6%€5.6mabove the sector's middle half▲ 17.6%
Solvency0.5%-1.0%below the sector's middle half▲ 0.5pp-3.0%below the sector's middle half▼ 4.0pp-7.6%below the sector's middle half▼ 4.5pp46.2%within the sector's middle half▲ 53.8pp61.0%within the sector's middle half▲ 14.8pp52.1%within the sector's middle half▼ 9.0pp
Current ratio51.85-36.04above the sector's middle half▼ 15.8113.65above the sector's middle half▼ 22.3912.73above the sector's middle half52.36above the sector's middle half▲ 39.6311.85above the sector's middle half▼ 40.51
Return on assets (ROA)-0.5%-0.5%within the sector's middle half▲ 1.0pp-4.0%below the sector's middle half▼ 4.5pp-4.3%below the sector's middle half▼ 0.3pp47.0%above the sector's middle half▲ 51.3pp9.5%within the sector's middle half▼ 37.5pp3.6%within the sector's middle half▼ 5.8pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 €51,907, after a profit of €262,047 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €6.1m
Equity
€3.2m ▲ 7.5%
Debt
€2.9m ▲ 55.0%
Debt's share of the balance-sheet total rises from 39.0% to 47.9%. Equity and debt are higher.
Key figures and ratios
Quick ratio
9.51▼
2024 · 44.43
Debt to equity
0.92▲
2024 · 0.64
ROE
7.0%▼
2024 · 15.5%
Debt ≤ 1 year
€512,570▲
2024 · €92,054
Debt > 1 year
€2.0m▲
2024 · €1.7m
Income taxes
€87,355▼
2024 · €141,435
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | €0.001m | €0.001m | €0.03m | €0.007m | €0.03m | ▲ 331% |
| Gross operating margin9900 | -€0.003m | -€0.002m | -€0.02m | -€0.02m | -€0.08m | €0.3m | -€0.02m | - |
| Operating profit (loss)9901 | -€0.004m | -€0.002m | -€0.03m | -€0.02m | -€0.1m | €0.3m | -€0.05m | - |
| Financial income75/76B | - | - | €0.03m | €0.02m | €2.7m | €0.4m | €0.5m | ▲ 8.7% |
| Recurring financial income75 | €0.008m | €0.03m | €0.03m | €0.02m | €0.2m | €0.4m | €0.5m | ▲ 8.7% |
| Non-recurring financial income76B | - | - | - | - | €2.5m | €0 | - | - |
| Financial charges65/66B | - | - | €0.02m | €0.02m | €0.05m | €0.1m | €0.1m | ▲ 13.7% |
| Recurring financial charges65 | €0.006m | €0.02m | €0.02m | €0.02m | €0.05m | €0.1m | €0.1m | ▲ 13.7% |
| Profit (loss) for the period before taxes9903 | -€0.003m | €0.003m | -€0.02m | -€0.02m | €2.5m | €0.6m | €0.3m | ▼ 48.5% |
| Income taxes67/77 | - | €116 | €142 | €148 | €130 | €0.1m | €0.09m | ▼ 38.2% |
| Profit (loss) for the period9904 | -€0.003m | €0.003m | -€0.02m | -€0.02m | €2.5m | €0.5m | €0.2m | ▼ 51.6% |
| Profit (loss) for the period to be appropriated9905 | -€0.003m | €0.003m | -€0.02m | -€0.02m | €2.5m | €0.5m | €0.2m | ▼ 51.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.5m | €0.5m | €0.6m | €0.5m | €5.4m | €4.8m | €6.1m | ▲ 26.0% |
| Fixed assets21/28 | €100 | €100 | €100 | €100 | €0 | - | - | - |
| Financial fixed assets28 | €100 | €100 | €100 | €100 | €0 | - | - | - |
| Current assets29/58 | €0.5m | €0.5m | €0.6m | €0.5m | €5.4m | €4.8m | €6.1m | ▲ 26.0% |
| Amounts receivable after more than one year29 | - | - | €0.5m | €0.5m | €3.6m | €3.6m | €3.3m | ▼ 7.0% |
| Other amounts receivable291 | - | - | €0.5m | €0.5m | €3.6m | €3.6m | €3.3m | ▼ 7.0% |
| Stocks and contracts in progress3 | - | - | - | - | €0.7m | €0.7m | €1.2m | ▲ 64.1% |
| Stocks30/36 | - | - | - | - | €0.7m | €0.7m | €1.2m | ▲ 64.1% |
| Amounts receivable within one year40/41 | €492 | €0.001m | €0.004m | €0.006m | €0.06m | €0.4m | €1.5m | ▲ 255% |
| Trade receivables40 | - | - | - | - | €0.05m | €0.4m | €0.7m | ▲ 61.8% |
| Other amounts receivable41 | - | - | €0.004m | €0.006m | €0.009m | €0.009m | €0.8m | ▲ 91× |
| Current investments50/53 | - | - | - | - | €1.0m | €0 | - | - |
| Cash at bank and in hand54/58 | €0.009m | €0.005m | €0.01m | €0.02m | €0.05m | €0.1m | €0.09m | ▼ 25.8% |
| Deferred charges and accrued income490/1 | - | - | €0.03m | €0.002m | €0.002m | €448 | €470 | ▲ 4.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.6m | €0.5m | €5.4m | €4.8m | €6.1m | ▲ 26.0% |
| Equity10/15 | €0.002m | €0.005m | -€0.02m | -€0.04m | €2.5m | €2.9m | €3.2m | ▲ 7.5% |
| Contributions10/11 | €0.005m | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Reserves13 | - | €349 | €349 | €349 | €2.5m | €2.9m | €3.2m | ▲ 7.5% |
| Distributable reserves133 | - | - | €349 | €349 | €2.5m | €2.9m | €3.2m | ▲ 7.5% |
| Profit (loss) carried forward14 | -€0.003m | €0 | -€0.02m | -€0.04m | €0 | - | - | - |
| Amounts payable17/49 | €0.5m | €0.5m | €0.6m | €0.6m | €2.9m | €1.9m | €2.9m | ▲ 55.0% |
| Amounts payable after more than one year17 | €0.5m | €0.5m | €0.5m | €0.5m | €2.0m | €1.7m | €2.0m | ▲ 15.5% |
| Financial debts170/4 | - | - | €0.5m | €0.5m | €2.0m | €1.7m | €2.0m | ▲ 15.5% |
| Amounts payable within one year42/48 | €0.01m | €0.02m | €0.04m | €0.004m | €0.4m | €0.09m | €0.5m | ▲ 457% |
| Trade debts44 | - | - | €318 | €0.002m | €0.002m | €445 | €0.007m | ▲ 17× |
| Suppliers440/4 | - | - | €318 | €0.002m | €0.002m | €445 | €0.007m | ▲ 17× |
| Taxes, remuneration and social security45 | - | - | €0.001m | €0.001m | €0.001m | €0.06m | €0 | ▼ 100% |
| Taxes450/3 | - | - | €0.001m | €0.001m | €0.001m | €0.06m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | €0.04m | €0.001m | €0.4m | €0.03m | €0.5m | ▲ 17× |
| Accrued charges and deferred income492/3 | - | - | €0.02m | €0.02m | €0.4m | €0.09m | €0.4m | ▲ 372% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.003m | €0.003m | -€0.02m | -€0.02m | €2.5m | €0.5m | €0.2m | ▼ 51.6% |
| Operating cash flow (approximation) | -€0.003m | €0.003m | -€0.02m | -€0.02m | €2.5m | €0.5m | €0.2m | ▼ 51.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €100 | - | - | - |
| Change in cash | - | -€0.004m | €0.01m | €0.01m | €0.03m | €0.07m | -€0.03m | - |
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, 175 companies had the same profile as COPAC has now. Two years later, 95.4% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.4%
was still going
4.6%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of COPAC itself: 0.3% 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 175 companies, not a prediction for COPAC. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-06-2026 | 2026-00137158 | |
| 31-12-2024 | micro format | 05-06-2025 | 2025-00120083 | |
| 31-12-2023 | micro format | 07-06-2024 | 2024-00114048 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00106154 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20060846 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-42600495 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-23400584 |