COPAGRO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 49 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€37.9m▲ 2.6%
2024 · €36.9m
EBIT margin
1.1%▲ 0.2pp
2024 · 1.0%
Net result
€110,258
2024 · -€225,622
Working capital
€1.9m▲ 19.4%
2024 · €1.6m
In the rankings
#2 oldest company in Temse, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€37.9m
▲ 2.6%
2025
20182025
Operating result
€428,698
▲ 20.9%
2025
20182025
Net result
€110,258
2025
middle half of the sector
20182025
EBIT margin
1.1%
▲ 0.2pp
2025
20182025
Equity
€6.3m
▲ 2.7%
2025
highest quarter of the sector
20182025
Total assets
€14.7m
▲ 2.5%
2025
highest quarter of the sector
20182025
Debt
€7.9m
▲ 3.4%
2025
20182025
Working capital
€1.9m
▲ 19.4%
2025
middle half of the sector
20182025
Solvency
42.7%
▲ 0.1pp
2025
middle half of the sector
20182025
Current ratio
1.25
▲ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
0.7%
▲ 2.3pp
2025
middle half of the sector
20182025
Staff (FTE)
39.7
▼ 5.9%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€34.9m-€38.0m▲ 9.0%€40.7m▲ 7.1%€38.4m▼ 5.6%€38.6m▲ 0.6%€39.7m▲ 2.7%€36.9m▼ 6.9%€37.9m▲ 2.6%
Operating result€0.3m-€0.2m▼ 11.1%€0.4m▲ 41.8%€0.3m▼ 13.9%€0.3m▲ 13.4%€0.4m▲ 17.4%€0.4m▼ 12.4%€0.4m▲ 20.9%
Net result€0.1m-€0.1m▼ 0.7%€0.1mwithin the sector's middle half▲ 1.6%€0.1mwithin the sector's middle half▼ 3.1%€0.1mwithin the sector's middle half=€0.1mwithin the sector's middle half=-€0.2mbelow the sector's middle half€0.1mwithin the sector's middle half
EBIT margin0.8%-0.7%▼ 0.1pp0.9%▲ 0.2pp0.8%▼ 0.1pp0.9%▲ 0.1pp1.0%▲ 0.1pp1.0%▼ 0.1pp1.1%▲ 0.2pp
Equity€3.8m-€4.1m▲ 8.2%€6.7mabove the sector's middle half▲ 63.4%€6.6mabove the sector's middle half▼ 1.4%€6.6mabove the sector's middle half=€6.6mabove the sector's middle half=€6.1mabove the sector's middle half▼ 7.7%€6.3mabove the sector's middle half▲ 2.7%
Total assets€13.9m-€13.4m▼ 3.9%€18.2mabove the sector's middle half▲ 36.0%€16.3mabove the sector's middle half▼ 10.5%€15.7mabove the sector's middle half▼ 3.5%€15.9mabove the sector's middle half▲ 1.0%€14.4mabove the sector's middle half▼ 9.5%€14.7mabove the sector's middle half▲ 2.5%
Debt€10.0m-€9.2m▼ 8.3%€10.6m▲ 15.3%€8.8m▼ 16.8%€8.4m▼ 4.8%€8.6m▲ 2.6%€7.7m▼ 10.8%€7.9m▲ 3.4%
Working capital€1.8m-€1.4m▼ 17.9%€1.5mwithin the sector's middle half▲ 2.0%€1.6mwithin the sector's middle half▲ 8.1%€1.5mwithin the sector's middle half▼ 3.8%€1.3mwithin the sector's middle half▼ 15.4%€1.6mwithin the sector's middle half▲ 21.9%€1.9mwithin the sector's middle half▲ 19.4%
Solvency27.3%-30.8%▲ 3.4pp36.9%within the sector's middle half▲ 6.2pp40.7%within the sector's middle half▲ 3.7pp42.2%within the sector's middle half▲ 1.5pp41.8%within the sector's middle half▼ 0.4pp42.6%within the sector's middle half▲ 0.8pp42.7%within the sector's middle half▲ 0.1pp
Current ratio1.22-1.20▼ 0.031.17within the sector's middle half▼ 0.031.22within the sector's middle half▲ 0.051.22within the sector's middle half=1.17within the sector's middle half▼ 0.051.23within the sector's middle half▲ 0.061.25within the sector's middle half▲ 0.02
Return on assets (ROA)0.9%-0.9%=0.7%within the sector's middle half▼ 0.2pp0.7%below the sector's middle half▲ 0.1pp0.8%within the sector's middle half=0.7%within the sector's middle half=-1.6%below the sector's middle half▼ 2.3pp0.7%within the sector's middle half▲ 2.3pp
Staff (FTE)39-40.3above the sector's middle half43.9above the sector's middle half▲ 8.9%39.7above the sector's middle half▼ 9.6%41.7above the sector's middle half▲ 5.0%42.2above the sector's middle half▲ 1.2%39.7above the sector's middle half▼ 5.9%
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 21% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €14.7m
Fixed assets
€5.4m ▼ 9.4%
Current assets
€9.3m ▲ 11.0%
Equity and liabilities €14.7m
Equity
€6.3m ▲ 2.7%
Provisions
€492,695 ▼ 11.3%
Debt
€7.9m ▲ 3.4%
Debt's share of the balance-sheet total rises from 53.5% to 54.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.1m▲
2024 · €1.1m
Cash flow
€824,222▲
2024 · €555,935
Quick ratio
0.36▼
2024 · 0.38
Debt to equity
1.27▲
2024 · 1.26
ROE
1.8%▲
2024 · -3.7%
Interest coverage
5.46▲
2024 · 4.39
Debt ≤ 1 year
€7.4m▲
2024 · €6.8m
Debt > 1 year
€510,787▼
2024 · €807,404
Income taxes
€174,788▲
2024 · €63,661
Customer credit
19 days▲
2024 · 18 days
Supplier credit
7 days▼
2024 · 12 days
Staff costs
€3.4m▼
2024 · €3.5m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 47 | 41 | 47 | 43 | 41 |
| full-time | 35 | 29 | 35 | 34 | 27 |
| part-time | 12 | 12 | 12 | 9 | 14 |
| in full-time equivalents | 43.8 | 38.7 | 44.6 | 40.3 | 37.2 |
| Average over the year, in full-time equivalents | 43.9 | 39.7 | 41.7 | 42.2 | 39.7 |
| On a permanent contract | 47 | 41 | 47 | 43 | 41 |
| Joined | 13 | 9 | 13 | 7 | 3 |
| Left | 10 | 15 | 7 | 11 | 5 |
| Agency workers, average number | 3.6 | 4.1 | 2.9 | 2.4 | 1.8 |
| Training hours | 765 | 771 | 736 | 537 | 491 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €36,499 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €5.2m | €5.0m | €6.0m | €5.9m | €5.7m |
| Mortgages, amount registered | €55,000 | €55,000 | €55,000 | €55,000 | €55,000 |
| Mortgage mandates | €5.8m | €5.8m | €5.8m | €5.8m | €5.8m |
| Carrying value of the mortgaged assets | €5.9m | €5.6m | €5.4m | €4.9m | €4.5m |
| Pledge on the business | €660,000 | €660,000 | €660,000 | €660,000 | €660,000 |
| Mandates to pledge the business | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m |
| Guarantees given for others' debts | - | €120,000 | €120,000 | €120,000 | €120,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €295,971 | €376,543 | €398,295 | €188,464 | €149,652 |
| Intangible fixed assets | €22,172 | €4,089 | €35,208 | €9,240 | €9,053 |
| Financial fixed assets | - | - | €150,000 | - | - |
| Depreciation and write-downs of the year | €901,895 | €783,876 | €746,895 | €781,557 | €713,964 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is CALLENS VANDELANOTTE.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €15,032 | €15,324 | €15,467 | €17,330 | €17,246 |
| Other work by the auditor | €1,200 | €1,200 | €1,200 | - | - |
| Work by persons linked to the auditor | €9,350 | €16,180 | €14,255 | €11,788 | €1,948 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 6 entries · €8,717 awarded · €7,457 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,993 | €1,811 |
| 2024 | 2 | €2,011 | €1,774 |
| 2023 | 2 | €3,033 | €3,240 |
| 2022 | 1 | €680 | €632 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | €39.2m | - | €39.5m | €39.8m | €41.1m | €38.1m | €39.0m | ▲ 2.4% |
| Turnover70 | €34.9m | €38.0m | €40.7m | €38.4m | €38.6m | €39.7m | €36.9m | €37.9m | ▲ 2.6% |
| Other operating income74 | - | €1.2m | - | €1.1m | €1.1m | €1.4m | €1.1m | €1.1m | ▼ 2.2% |
| Non-recurring operating income76A | - | €0.002m | - | €0.006m | €0.009m | €374 | €0.03m | €0.006m | ▼ 81.4% |
| Operating charges60/66A | - | €39.0m | - | €39.2m | €39.4m | €40.7m | €37.7m | €38.6m | ▲ 2.2% |
| Goods for resale, raw materials and consumables60 | - | €32.7m | - | €32.5m | €32.4m | €33.3m | €30.5m | €31.8m | ▲ 4.1% |
| Purchases600/8 | - | €32.8m | - | €33.0m | €32.3m | €33.8m | €29.8m | €32.6m | ▲ 9.2% |
| Change in stocks: decrease (increase)609 | - | -€0.1m | - | -€0.4m | €0.1m | -€0.5m | €0.7m | -€0.8m | - |
| Services and other goods61 | - | €3.1m | - | €2.7m | €3.1m | €3.2m | €2.7m | €2.7m | ▼ 1.3% |
| Remuneration, social security and pensions62 | - | €2.6m | - | €2.9m | €3.1m | €3.3m | €3.5m | €3.4m | ▼ 2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.6m | €0.5m | €0.9m | €0.9m | €0.8m | €0.7m | €0.8m | €0.7m | ▼ 8.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €0.02m | - | €0.01m | €0.02m | €0.01m | -€0.003m | -€0.05m | ▼ 1,646% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | -€0.02m | - | €0.03m | -€0.09m | €0 | - | - | - |
| Other operating charges640/8 | - | €0.08m | - | €0.1m | €0.07m | €0.06m | €0.2m | €0.06m | ▼ 60.0% |
| Non-recurring operating charges66A | - | - | - | €0.03m | €0.008m | €0 | €0.1m | - | - |
| Operating profit (loss)9901 | €0.3m | €0.2m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 20.9% |
| Financial income75/76B | - | €0.9m | - | €0.8m | €0.9m | €0.9m | €0.8m | €0.8m | ▲ 0.6% |
| Recurring financial income75 | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | €0.8m | €0.8m | ▲ 0.6% |
| Income from financial fixed assets750 | - | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.06m | ▼ 36.1% |
| Income from current assets751 | - | €0 | - | - | - | - | - | - | - |
| Other financial income752/9 | - | €0.7m | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 6.1% |
| Non-recurring financial income76B | - | €0.04m | - | €0 | - | - | - | - | - |
| Financial charges65/66B | - | €0.9m | - | €0.9m | €0.9m | €1.0m | €1.3m | €1.0m | ▼ 27.4% |
| Recurring financial charges65 | €0.8m | €0.9m | €1.0m | €0.9m | €0.9m | €1.0m | €1.0m | €1.0m | ▼ 2.0% |
| Debt charges650 | €0.1m | €0.1m | €0.1m | €0.09m | €0.1m | €0.2m | €0.3m | €0.2m | ▼ 19.1% |
| Other financial charges652/9 | - | €0.8m | - | €0.8m | €0.8m | €0.8m | €0.7m | €0.8m | ▲ 4.1% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €0.3m | - | - |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | -€0.2m | €0.2m | - |
| Transfer from deferred taxes780 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Income taxes67/77 | €0.09m | €0.09m | €0.2m | €0.2m | €0.2m | €0.2m | €0.06m | €0.2m | ▲ 175% |
| Taxes670/3 | - | €0.09m | - | €0.2m | €0.2m | €0.2m | €0.06m | €0.2m | ▲ 175% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0 | €0.001m | €0 | - | - | - |
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | -€0.2m | €0.1m | - |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | -€0.2m | €0.1m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €13.9m | €13.4m | €18.2m | €16.3m | €15.7m | €15.9m | €14.4m | €14.7m | ▲ 2.5% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €4.3m | €4.6m | €8.1m | €7.5m | €7.2m | €7.0m | €6.0m | €5.4m | ▼ 9.4% |
| Intangible fixed assets21 | €0 | - | - | €0.02m | €0.02m | €0.04m | €0.07m | €0.06m | ▼ 14.6% |
| Tangible fixed assets22/27 | €4.1m | €4.1m | €7.6m | €7.0m | €6.6m | €6.3m | €5.7m | €5.1m | ▼ 9.7% |
| Land and buildings22 | - | - | - | €5.9m | €5.6m | €5.4m | €4.9m | €4.5m | ▼ 9.4% |
| Plant, machinery and equipment23 | - | €0.1m | - | €0.7m | €0.6m | €0.5m | €0.4m | €0.4m | ▼ 1.1% |
| Furniture and vehicles24 | - | - | - | €0.5m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 37.7% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €0.05m | - |
| Assets under construction and advance payments27 | - | €0.2m | - | €0 | - | €0.05m | - | - | - |
| Financial fixed assets28 | €0.3m | €0.5m | €0.5m | €0.5m | €0.5m | €0.7m | €0.2m | €0.2m | = |
| Affiliated companies280/1 | - | €0.2m | - | €0.2m | €0.2m | €0.4m | - | - | - |
| Participating interests280 | - | €0.2m | - | €0.2m | €0.2m | €0.4m | - | - | - |
| Companies linked by participating interests282/3 | - | €0.3m | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | = |
| Participating interests282 | - | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Amounts receivable283 | - | €0.09m | - | €0.1m | €0.1m | €0.1m | €0.06m | €0.06m | = |
| Other financial fixed assets284/8 | - | €305 | - | €305 | €305 | €305 | €305 | €305 | = |
| Amounts receivable and cash guarantees285/8 | - | €305 | - | €305 | €305 | €305 | €305 | €305 | = |
| Current assets29/58 | €9.6m | €8.8m | €10.1m | €8.7m | €8.6m | €8.9m | €8.4m | €9.3m | ▲ 11.0% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €0.2m | - |
| Trade receivables290 | - | - | - | - | - | - | - | €0.1m | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €0.06m | - |
| Stocks and contracts in progress3 | €5.7m | €5.8m | €5.6m | €6.1m | €5.9m | €6.4m | €5.8m | €6.6m | ▲ 14.4% |
| Stocks30/36 | - | €5.8m | - | €6.1m | €5.9m | €6.4m | €5.8m | €6.6m | ▲ 14.4% |
| Goods purchased for resale34 | - | €5.8m | - | €6.1m | €5.9m | €6.4m | €5.8m | €6.6m | ▲ 14.4% |
| Amounts receivable within one year40/41 | €2.0m | €2.5m | €2.9m | €2.0m | €1.8m | €2.0m | €2.1m | €2.0m | ▼ 1.2% |
| Trade receivables40 | - | €2.4m | - | €1.9m | €1.7m | €2.0m | €1.9m | €2.0m | ▲ 7.0% |
| Other amounts receivable41 | - | €0.1m | - | €0.03m | €0.06m | €0.05m | €0.2m | €0.05m | ▼ 75.7% |
| Cash at bank and in hand54/58 | €1.7m | €0.4m | €1.5m | €0.7m | €0.8m | €0.4m | €0.5m | €0.3m | ▼ 42.1% |
| Deferred charges and accrued income490/1 | - | €0.05m | - | €0.04m | €0.06m | €0.03m | €0.03m | €0.2m | ▲ 599% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €13.9m | €13.4m | €18.2m | €16.3m | €15.7m | €15.9m | €14.4m | €14.7m | ▲ 2.5% |
| Equity10/15 | €3.8m | €4.1m | €6.7m | €6.6m | €6.6m | €6.6m | €6.1m | €6.3m | ▲ 2.7% |
| Contributions10/11 | €2.8m | €4.0m | - | €3.9m | €3.9m | €3.9m | €3.6m | €3.8m | ▲ 4.6% |
| Revaluation surpluses12 | - | - | - | €2.2m | €2.0m | €1.9m | €1.7m | €1.5m | ▼ 11.3% |
| Reserves13 | €0.3m | €0.005m | €0.2m | €0.4m | €0.6m | €0.8m | €0.8m | €1.0m | ▲ 22.4% |
| Non-distributable reserves130/1 | - | €0.005m | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Reserves not available under the articles1311 | - | €0.005m | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.6m | €0.8m | €0.8m | €1.0m | ▲ 22.5% |
| Profit (loss) carried forward14 | €0 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | - | - | - |
| Provisions and deferred taxes16 | €0.08m | €0.07m | €0.9m | €0.8m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 11.3% |
| Provisions for liabilities and charges160/5 | - | €0.07m | - | €0.09m | €0 | - | - | - | - |
| Other liabilities and charges164/5 | - | €0.07m | - | €0.09m | €0 | - | - | - | - |
| Deferred taxes168 | - | - | - | €0.7m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 11.3% |
| Amounts payable17/49 | €10.0m | €9.2m | €10.6m | €8.8m | €8.4m | €8.6m | €7.7m | €7.9m | ▲ 3.4% |
| Amounts payable after more than one year17 | €2.2m | €1.8m | €1.9m | €1.6m | €1.4m | €1.0m | €0.8m | €0.5m | ▼ 36.7% |
| Financial debts170/4 | - | €1.8m | - | €1.6m | €1.4m | €1.0m | €0.8m | €0.5m | ▼ 36.7% |
| Credit institutions173 | - | €1.8m | - | €1.6m | €1.4m | €1.0m | €0.8m | €0.5m | ▼ 36.7% |
| Amounts payable within one year42/48 | €7.8m | €7.3m | €8.6m | €7.1m | €7.0m | €7.6m | €6.8m | €7.4m | ▲ 9.1% |
| Current portion of amounts payable after more than one year42 | - | €0.6m | - | €0.7m | €0.6m | €0.4m | €0.4m | €0.6m | ▲ 51.3% |
| Financial debts43 | - | €3.5m | - | €3.0m | €3.0m | €4.6m | €4.7m | €4.6m | ▼ 2.5% |
| Credit institutions430/8 | - | €3.5m | - | €3.0m | €3.0m | €4.6m | €4.7m | €4.6m | ▼ 2.5% |
| Trade debts44 | €1.5m | €1.2m | €0.9m | €1.4m | €1.5m | €1.2m | €1.0m | €0.6m | ▼ 40.1% |
| Suppliers440/4 | - | €1.2m | - | €1.4m | €1.5m | €1.2m | €1.0m | €0.6m | ▼ 40.1% |
| Taxes, remuneration and social security45 | - | €0.3m | - | €0.5m | €0.5m | €0.4m | €0.5m | €0.5m | ▼ 0.6% |
| Taxes450/3 | - | €0.05m | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.09m | ▼ 29.3% |
| Remuneration and social security454/9 | - | €0.2m | - | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 8.3% |
| Other amounts payable47/48 | - | €1.7m | - | €1.6m | €1.4m | €0.9m | €0.1m | €1.1m | ▲ 617% |
| Accrued charges and deferred income492/3 | - | €0.01m | - | €0.06m | €0.02m | €0.05m | €0.09m | €0.03m | ▼ 66.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | -€0.2m | €0.1m | - |
| + Depreciation and write-downs630 | €0.6m | €0.5m | €0.9m | €0.9m | €0.8m | €0.7m | €0.8m | €0.7m | ▼ 8.6% |
| Operating cash flow (approximation) | €0.7m | €0.7m | €1.0m | €1.0m | €0.9m | €0.9m | €0.6m | €0.8m | ▲ 48.3% |
| Investment in fixed assets (approximation) | - | -€0.8m | -€4.4m | -€0.3m | -€0.4m | -€0.6m | €0.2m | -€0.2m | - |
| Change in cash | - | -€1.4m | €1.1m | -€0.8m | €0.09m | -€0.4m | €0.1m | -€0.2m | - |
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 COPAGRO 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 COPAGRO itself: 0.4% 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 COPAGRO. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-06-2026 | 2026-00235339 | |
| 31-12-2024 | full format | 02-06-2025 | 2025-00116496 | |
| 31-12-2023 | full format | 12-06-2024 | 2024-00131385 | |
| 31-12-2022 | full format | 04-07-2023 | 2023-00225075 | |
| 31-12-2021 | full format | 30-06-2022 | 2022-20129990 | |
| 31-12-2020 | full format | 21-06-2021 | 2021-22700032 | |
| 31-12-2019 | full format | 25-06-2020 | 2020-21700051 | |
| 31-12-2018 | full format | 21-05-2019 | 2019-14000093 | |
| 31-12-2017 | full format | 06-08-2018 | 2018-43500186 | |
| 31-12-2016 | full format | 08-05-2017 | 2017-11400286 |