Copain · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of Copain is 3.7% (moderate). The 2025 annual accounts show equity of €159k and a net result of €33k. Equity is growing by ~32.7% per year across the filed fiscal years. Its solvency ranks better than 85% of 158 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 3 annual accounts.

Signals

3 signals · with evidence

Strong solvency vs sector

Solvency is in the sector's strongest quartile: better than 85% of 158 peers (2025). A comfortable equity buffer.

View the sector comparison

Consistently profitable

Positive net result in the two most recent financial years (2024 and 2025).

View the result trend

Growing equity

Equity grew over 2023-2025. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Latest accounts filed on time

The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 27-10-2025, 4 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

The next deadline is still running

The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.

How we compute the deadline

The year end is derived from 3 filed financial years, each closing on 31-03. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-03-2025, that is 31-10-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-03-2025	31-10-2025	27-10-2025	4 d early	2025-00551557
31-03-2024	31-10-2024	06-10-2024	25 d early	2024-00495243
31-03-2023	31-10-2023	27-10-2023	4 d early	2023-00497485

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2022, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

3.7% Moderate

0%0,5%1,5%4%10%≥25%

Higher-failure-rate sector +Young company +Annual accounts: healthy financial profile −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€33k-31.3%

Working capital€66k+86.0%

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 27-10-2025 with the NBB · fiscal year 2025 · verkort

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~32.7%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 56, Food & beverage service · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	66.4%	32.3%	better than 85% of 158 sector peers
Net result	€33k	€18k	better than 59% of 158 sector peers
Equity	€159k	€103k	better than 62% of 158 sector peers
Gross operating margin	€200k	€312k	better than 41% of 157 sector peers
Staff costs	€118k	€232k	higher than 31% of 131 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P85

Improving position over 2023-2025 · n=158-552

Net result P59

Stable position over 2023-2025 · n=158-551

Equity P62

Stable position over 2023-2025 · n=158-552

Gross operating margin P41

Stable position over 2023-2025 · n=157-549

Describes the position versus peers, not a forecast.

EBITDA

€79k

-17.1% 23-25

Net profit

€33k

-31.3% 23-25

Cash flow

€64k

-13.2% 23-25

Total assets

€240k

-10.3% 23-25

Equity

€159k

+26.6% 23-25

Working capital

€66k

+86.0% 23-25

Employees (FTE)

3

-3.3% 23-25

Staff costs

€118k

+11.1% 23-25

Show 11 other metrics

Income taxes

€12k

-23.1% 23-25

Debt

€81k

-43.0% 23-25

Debt ≤ 1y

€50k

-35.8% 23-25

Debt > 1y

€30k

-52.0% 23-25

Current ratio

2.32

+59.4% 23-25

Quick ratio

1.69

+33.9% 23-25

Solvency

66.4%

+41.1% 23-25

Debt / equity

0.51

-55.0% 23-25

ROE

21.0%

-45.7% 23-25

ROA

13.9%

-23.4% 23-25

Interest coverage

27.86

+44.9% 23-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	verkort
Revenue	-
EBITDA	€79k
Net profit	€33k
Cash flow	€64k
Staff costs	€118k
Income taxes	€12k
Dividends	-
Total assets	€240k
Equity	€159k
Debt	€81k
of which ≤ 1y	€50k
of which > 1y	€30k
Working capital	€66k
Employees (FTE)	2.9

Ratios (computed)

	2025
Current ratio	2.32
Quick ratio	1.69
Working capital ratio	27.6%
Solvency	66.4%
Debt / equity	0.51
Long-term debt ratio	0.19
Interest coverage	27.86
Gross margin	-
Net margin	-
ROA	13.9%
ROE	21.0%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €124k · 51.6% Current assets €116k · 48.4%

Equity & liabilities

Equity €159k · 66.4% Debt €81k · 33.6%

Full annual accounts (24 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€240k
Fixed assets	21/28	€124k
Intangible fixed assets	21	€45k
Tangible fixed assets	22/27	€79k
Current assets	29/58	€116k
Stocks & contracts in progress	3	€32k
Amounts receivable within one year	40/41	€3k
Cash & bank	54/58	€77k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€240k
Equity	10/15	€159k
Contributions / capital	10/11	€60k
Accumulated profits (losses)	14	€99k
Amounts payable	17/49	€81k
Amounts payable after one year	17	€30k
Amounts payable within one year	42/48	€50k
Trade debts payable within one year	44	€6k
Income statement
Gross operating margin	9900	€200k
Operating result	9901	€48k
Financial income	75	€718
Financial charges	65	€3k
Result before taxes	9903	€46k
Income taxes	67/77	€12k
Net result for the period	9904	€33k
Result to be appropriated	9905	€33k

This table shows the latest fiscal year. 2 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

93 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

Establishment units

1 location

De Boesjerie

Ter Voort 168, 2260 WesterloRestaurant van het traditionele type

since 20222.329.703.933

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area1,427 m²

Buildings1

Building footprint192 m²

Volume (LiDAR)1,088 m³

Tallest building7.8 m · ±2 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)