Summary
COPAGEST is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €291.8m and a net result of -€1.8m. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 20% of 2451 sector peers (fiscal year 2025). The company has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 2451 sector peers (2025).
NBB · sector comparisonPosition among 2451 sector peers
Solvency
better than 20%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 08-12-2025, 54 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
54 d early
2024
80 d early
2023
61 d early
2022
40 d early
2021
on the day
2020
131 d late
2019
16 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 17 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 8 December (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close01-10-2026 today31-01-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check Which other companies belong to the same group?SOCIETE COOPERATIVE AGRICOLE AXEREAL · 6 companies What changed in the latest annual accounts?What changed
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
Equity
€291.8m▼ 44.0%
2024 · €521.2m
Net result
-€1.8m
2024 · €24.9m
Total assets
€1.21bn▲ 10.2%
2024 · €1.09bn
Solvency
24.2%▼ 23.4pp
2024 · 47.6%
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€1.1m▼ 4,755%-€2.0m▼ 81.0%-€142,590▲ 93.0%-€256,246▼ 79.7%-€47,405▲ 81.5%
Net result€4.9mabove the sector's middle half▼ 46.1%-€921,173below the sector's middle half€16.0mabove the sector's middle half€24.9mabove the sector's middle half▲ 55.4%-€1.8mbelow the sector's middle half
Equity€510.8mabove the sector's middle half=€509.9mabove the sector's middle half▼ 0.2%€510.7mabove the sector's middle half▲ 0.2%€521.2mabove the sector's middle half▲ 2.1%€291.8mabove the sector's middle half▼ 44.0%
Total assets€1.16bnabove the sector's middle half▲ 5.2%€1.11bnabove the sector's middle half▼ 4.1%€1.11bnabove the sector's middle half▼ 0.4%€1.09bnabove the sector's middle half▼ 1.2%€1.21bnabove the sector's middle half▲ 10.2%
Debt€648.9m▲ 9.6%€602.1m▼ 7.2%€596.8m▼ 0.9%€573.0m▼ 4.0%€913.6m▲ 59.5%
Working capital-€83.6mbelow the sector's middle half-€27.8mbelow the sector's middle half▲ 66.8%-€40.9mbelow the sector's middle half▼ 47.2%-€50.4mbelow the sector's middle half▼ 23.4%€109.9mabove the sector's middle half
Solvency44.0%within the sector's middle half▼ 2.3pp45.9%within the sector's middle half▲ 1.8pp46.1%within the sector's middle half▲ 0.3pp47.6%within the sector's middle half▲ 1.5pp24.2%below the sector's middle half▼ 23.4pp
Current ratio0.05below the sector's middle half▼ 3.220.18below the sector's middle half▲ 0.130.17below the sector's middle half▼ 0.010.15below the sector's middle half▼ 0.029.86above the sector's middle half▲ 9.71
Return on assets (ROA)0.4%within the sector's middle half▼ 0.4pp-0.1%below the sector's middle half▼ 0.5pp1.4%within the sector's middle half▲ 1.5pp2.3%within the sector's middle half▲ 0.8pp-0.1%below the sector's middle half▼ 2.4pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €47,405 in 2025 against €256,246 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.21bn
Fixed assets
€1.08bn ▼ 0.2%
Current assets
€122.3m ▲ 1,263%
Equity and liabilities €1.21bn
Equity
€291.8m ▼ 44.0%
Provisions
€0 ▼ 100%
Debt
€913.6m ▲ 59.5%
Debt's share of the balance-sheet total rises from 52.4% to 75.8%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-0.6%▼
2024 · 4.8%
Debt ≤ 1 year
€12.4m▼
2024 · €59.4m
Debt > 1 year
€900.0m▲
2024 · €484.0m
Income taxes
€1.3m▼
2024 · €2.9m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €338,523 | - | - | - |
| Other operating income74 | - | - | €239,710 | - | - | - |
| Non-recurring operating income76A | - | - | €98,813 | - | - | - |
| Operating charges60/66A | - | €2.0m | €481,114 | €256,246 | €47,405 | ▼ 81.5% |
| Services and other goods61 | - | €321,546 | €186,902 | €116,760 | €47,287 | ▼ 59.5% |
| Other operating charges640/8 | - | €4,321 | €1,845 | €10,680 | €118 | ▼ 98.9% |
| Non-recurring operating charges66A | - | €1.7m | €292,367 | €128,805 | - | - |
| Operating profit (loss)9901 | -€1.1m | -€2.0m | -€142,590 | -€256,246 | -€47,405 | ▲ 81.5% |
| Financial income75/76B | - | - | €58.1m | €75.8m | €69.2m | ▼ 8.8% |
| Recurring financial income75 | €41.5m | €35.3m | €58.1m | €75.8m | €54.5m | ▼ 28.1% |
| Income from financial fixed assets750 | - | €35.3m | €44.3m | €61.7m | €47.1m | ▼ 23.6% |
| Income from current assets751 | - | - | €13.8m | €14.2m | €7.4m | ▼ 47.7% |
| Other financial income752/9 | - | - | - | €10 | - | - |
| Non-recurring financial income76B | - | - | - | - | €14.7m | - |
| Financial charges65/66B | - | €32.3m | €39.2m | €47.8m | €69.6m | ▲ 45.7% |
| Recurring financial charges65 | €32.7m | €32.3m | €39.2m | €47.8m | €46.8m | ▼ 2.0% |
| Debt charges650 | €32.7m | €32.3m | €39.2m | €47.8m | €46.8m | ▼ 2.0% |
| Other financial charges652/9 | - | €602 | €2,158 | €796 | €579 | ▼ 27.3% |
| Non-recurring financial charges66B | - | - | - | - | €22.8m | - |
| Profit (loss) for the period before taxes9903 | €7.6m | €990,065 | €18.8m | €27.8m | -€506,592 | ▼ 102% |
| Income taxes67/77 | €2.7m | €1.9m | €2.8m | €2.9m | €1.3m | ▼ 55.9% |
| Taxes670/3 | - | €1.9m | €2.8m | €3.3m | €2.4m | ▼ 27.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €409,472 | €1.1m | ▲ 174% |
| Profit (loss) for the period9904 | €4.9m | -€921,173 | €16.0m | €24.9m | -€1.8m | ▼ 107% |
| Profit (loss) for the period to be appropriated9905 | €4.9m | -€921,173 | €16.0m | €24.9m | -€1.8m | ▼ 107% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.16bn | €1.11bn | €1.11bn | €1.09bn | €1.21bn | ▲ 10.2% |
| Fixed assets21/28 | €1.16bn | €1.11bn | €1.10bn | €1.09bn | €1.08bn | ▼ 0.2% |
| Financial fixed assets28 | €1.16bn | €1.11bn | €1.10bn | €1.09bn | €1.08bn | ▼ 0.2% |
| Affiliated companies280/1 | - | €1.11bn | €1.10bn | €1.09bn | €1.08bn | ▼ 0.2% |
| Participating interests280 | - | €313.8m | €313.9m | €313.9m | €313.9m | = |
| Amounts receivable281 | - | €792.3m | €785.4m | €771.4m | €769.2m | ▼ 0.3% |
| Other financial fixed assets284/8 | - | €100 | €100 | €100 | - | - |
| Shares284 | - | €100 | €100 | €100 | - | - |
| Current assets29/58 | €4.2m | €6.0m | €8.3m | €9.0m | €122.3m | ▲ 1,263% |
| Amounts receivable within one year40/41 | €4.1m | €2,931 | €2,931 | €328,098 | €120.4m | ▲ 36,609% |
| Trade receivables40 | - | - | - | - | €292,620 | - |
| Other amounts receivable41 | - | €2,931 | €2,931 | €328,098 | €120.1m | ▲ 36,519% |
| Cash at bank and in hand54/58 | €75,314 | €347,911 | - | - | - | - |
| Deferred charges and accrued income490/1 | - | €5.6m | €8.3m | €8.6m | €1.8m | ▼ 78.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.16bn | €1.11bn | €1.11bn | €1.09bn | €1.21bn | ▲ 10.2% |
| Equity10/15 | €510.8m | €509.9m | €510.7m | €521.2m | €291.8m | ▼ 44.0% |
| Contributions10/11 | €193.5m | €396.1m | €396.1m | €396.1m | €284.0m | ▼ 28.3% |
| Capital10 | - | €193.5m | €193.5m | €193.5m | €193.5m | = |
| Issued capital100 | - | €193.5m | €193.5m | €193.5m | €193.5m | = |
| Outside capital11 | - | €202.6m | €202.6m | €202.6m | €90.5m | ▼ 55.3% |
| Share premium1100/10 | - | €202.6m | €202.6m | €202.6m | €90.5m | ▼ 55.3% |
| Reserves13 | €4.9m | €4.9m | €5.7m | €6.9m | €7.8m | ▲ 12.3% |
| Non-distributable reserves130/1 | - | €4.9m | €5.7m | €6.9m | €7.8m | ▲ 12.3% |
| Legal reserve130 | - | €4.9m | €5.7m | €6.9m | €7.8m | ▲ 12.3% |
| Profit (loss) carried forward14 | €109.8m | €108.9m | €108.9m | €118.2m | - | - |
| Provisions and deferred taxes16 | €72,960 | €72,960 | €72,960 | €72,960 | - | - |
| Provisions for liabilities and charges160/5 | - | €72,960 | €72,960 | €72,960 | - | - |
| Taxes161 | - | €72,960 | €72,960 | €72,960 | - | - |
| Amounts payable17/49 | €648.9m | €602.1m | €596.8m | €573.0m | €913.6m | ▲ 59.5% |
| Amounts payable after more than one year17 | €550.9m | €553.2m | €524.4m | €484.0m | €900.0m | ▲ 85.9% |
| Financial debts170/4 | - | €553.2m | €524.4m | €484.0m | €900.0m | ▲ 85.9% |
| Subordinated loans170 | - | €553.2m | €524.4m | €484.0m | - | - |
| Credit institutions173 | - | - | - | - | €900.0m | - |
| Amounts payable within one year42/48 | €87.8m | €33.8m | €49.2m | €59.4m | €12.4m | ▼ 79.1% |
| Current portion of amounts payable after more than one year42 | - | €28.8m | €28.8m | €40.4m | - | - |
| Trade debts44 | €298,385 | €258,392 | €180,337 | €59,003 | €45,306 | ▼ 23.2% |
| Suppliers440/4 | - | €258,392 | €180,337 | €59,003 | €45,306 | ▼ 23.2% |
| Taxes, remuneration and social security45 | - | €5,075 | €265,658 | - | - | - |
| Taxes450/3 | - | €5,075 | €265,658 | - | - | - |
| Other amounts payable47/48 | - | €4.7m | €19.9m | €19.0m | €12.3m | ▼ 35.0% |
| Accrued charges and deferred income492/3 | - | €15.1m | €23.3m | €29.5m | €1.2m | ▼ 95.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4.9m | -€921,173 | €16.0m | €24.9m | -€1.8m | ▼ 107% |
| Operating cash flow (approximation) | €4.9m | -€921,173 | €16.0m | €24.9m | -€1.8m | ▼ 107% |
| Investment in fixed assets (approximation) | - | €49.6m | €6.8m | €14.0m | €2.2m | ▼ 84.3% |
| Change in cash | - | €272,597 | - | - | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
11-08
State Gazette act
Resignations: Bruno Bouvat-Martin, Bruce Jolly and 2 othersAppointments: Olivier Legrand, Vincent Michelet and 4 others · Power of attorney19 facts ▸
State Gazette act
Resignations: Bruno Bouvat-Martin, Bruce Jolly and 2 others
Appointments: Olivier Legrand, Vincent Michelet and 4 others · Power of attorney19 facts ▸
- General meeting, 29-06-2026
- Director resignation, Bruno Bouvat-Martin (director)
- Director resignation, Bruce Jolly (director)
- Director resignation, Dominique Jacquet (director)
- Director resignation, Jean-François Loiseau (director)
- Board composition, Olivier Legrand (director)
- Board composition, Vincent Michelet (director)
- Board composition, Guillaume Perdereau (director)
- Board composition, Bernard Poncelet (director)
- Board composition, Yvan Schaepman (director)
- Director appointment, Olivier Legrand (director)
- Director appointment, Vincent Michelet (director)
- +7 further facts in this act
2025
08-12
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
30-06
Financial
Weakest financial yearnet -€1.8m
Net result drops to -€1.8m, the lowest in the series.
30-06
Financial
Liquidity times 65current ratio 9.86
Current ratio from 0.15 to 9.86; short-term debt falls from €59.4m to €12.4m.
2024
12-11
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
30-06
Financial
Highest result since 2020net €24.9m ▲55.4%
Net result €24.9m, the highest in the series.
2023
01-12
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
30-06
Financial
Back to profitnet €16.0m
Net result €16.0m after one loss-making year.
2022
22-12
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
11-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 131 days late
2020
15-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
26-02
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 26 days late
2017
19-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 15 acts read
About the unread acts
Of the 15 Belgian State Gazette acts we know for this company, 1 has been read. The other 14 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26102961). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Bernard Poncelet
CurrentDirector · since 29-06-2026
Guillaume Perdereau
CurrentDirector · since 29-06-2026
Jean-François Loiseau
CurrentDirector · since 29-06-2026
Olivier Legrand
CurrentDirector · since 29-06-2026
Vincent Michelet
CurrentDirector · since 29-06-2026
Yvan Schaepman
CurrentDirector · since 29-06-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
14 of this company's 15 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2017
Ground area
4.8 ha
Building footprint
1,031 m²
Volume, LiDAR
18,555 m³
Parcel 11815A0263/00P000, Flanders · tallest building 33.9 m, ±8 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
COPAGEST
since 20172.265.577.926
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11815A0263/00P000 | Flanders | 4.8 ha | 1 · 1,031 m² | 33.9 m · 8 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
9 people since 2023, 6 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Bernard Poncelet |
|
| Guillaume Perdereau |
|
| Jean-François Loiseau |
|
| Olivier Legrand |
|
| Vincent Michelet |
|
| Yvan Schaepman |
|
| Bruce Jolly |
|
| Bruno Bouvat-Martin |
|
| Dominique Jacquet |
|
Structure & network
Part of the group
SOCIETE COOPERATIVE AGRICOLE AXEREAL
6 companies
Group, risk and exposure
Owners and holdings
1 owner · 4 holdings · 19 subsidiaries in the treeChain of control
- SOCIETE COOPERATIVE AGRICOLE AXEREALFR
- COPAGEST
Highest known parent: SOCIETE COOPERATIVE AGRICOLE AXEREAL (France). The sources do not say who stands above it.
Owners 1
- SOCIETE COOPERATIVE AGRICOLE AXEREALFRparentSourceLEI registerconsolidated
Holdings 4
-
100%
-
100%
-
99.99%
-
0.07%
All subsidiaries, including indirect ones 19
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- Boortmalt Finance Ireland LTDIE 100%
- Boortmalt Ireland LTDIE 100%
BOORTMALT 99.99%16 subsidiaries
- Boortmalt AustraliaAU 100%
- Boortmalt CanadaCA 100%
- Boortmalt GermanyDE 100%
- Boortmalt Herent 100%
- Boortmalt India Holdings Pvt. Ltd.IN 100%
- Boortmalt Latin AmericaUY 100%
- Boortmalt Magyarovszag KftHU 100%
- Boortmalt Netherlands BVNL 100%
- Boortmalt SpainES 100%
- Boortmalt USAUS 100%
- ESCO AL.P.A.C.FR 100%
- Boormalt Ethiopia PLCET 99.99%
BOORTMALT INTERNATIONAL 99.99%1 subsidiary
- SLAVONIJA SLADHR 95%
- BELGOMALT 99.96%
- Malterie Franco SuisseFR 99.77%
According to the annual accounts to 30-06-2025 of COPAGEST and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 connected companiesThe connected companies are in the list below.
This company
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Linked via shared directors
Recognitions · licences · registrations
Legal Entity Identifier
5493003H6WHQZ3APOI86
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Company details
Identification
Legal formPublic limited company
Founded21-12-1990
Fiscal year end30-06
Activities, NACEBEL 2025
64190Financial service activities, except insurance and pension funding
E-invoicing
Reachable via Peppol
Peppol ID
0208:0674749519
Also
9925:BE0674749519
Registered
18-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.