Equity
-€876,010
Debts exceed assets in financial year 2025.
Copains distribution
Lifetime
20 annual accounts with figures on one time axis, 35 filings since 1991peak €399,656 (2020)
€191,650▲ €211,455
lowest -€445,486 (2024)
-€314,745▲ €130,741
peak €63,943 (2022)
-€876,010▼ €314,745
€1.3m▲ 15.3%
peak 13.2 FTE (2020)
10.2 FTE▲ 9.7%
Board8 names since 2021
3 directorsCopains.group and 2 others
Owners
100%Copains.group
Documentsfilings and deeds
12-05-202680 days before the deadline
2025financial year
Gross margin from -€19,805 to €191,650Loss of €314,745Staff from 9.3 FTE to 10.2 FTE1 statutory auditor appointed, 2 directors appointed, 1 resig… 03-10Equity from -€561,265 to -€876,010Debts from €1.2m to €1.3m
Key points
from the 2025 annual accountsLosses
-€939,954 in three years
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
Debts
€1.3m 286% of the balance sheet
Financial debts 15%Suppliers 74%Taxes and wages 7%Other 4%
€252,615 of the debts are secured on the company's own assets. In 2024 that was €309,248.
Investments
€107,552 2.4 × depreciation
Green is investment, beige is depreciation. Machinery stands 23.6% higher than in 2024.
Filings
35 annual accounts since 1991
Seven of the last ten came late. The 2019 accounts came latest: 109 days after the end of the period.
Position in the sector
-185.8%
Lower solvency than 95% of companies in retail trade. Sector median 36.2% · 5,067 companies.
Checked score
33
Weak
Financially stronger than 8% of small companies in retail trade (NACE 47)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
5.7% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 3,697 companies (NACE 47, small).
About 6 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 2.3%
01-2025: 2.3%● unchanged vs 12-2024
02-2025: 2.3%● unchanged vs 01-2025
03-2025: 2.3%● unchanged vs 02-2025
04-2025: 2.3%● unchanged vs 03-2025
05-2025: 2.3%● unchanged vs 04-2025
06-2025: 2.2%▼ -0.1 percentage points vs 05-2025lowest value
07-2025: 2.3%▲ +0.1 percentage points vs 06-2025
08-2025: 6.5%▲ +4.2 percentage points vs 07-2025highest value
09-2025: 6.5%● unchanged vs 08-2025highest value
10-2025: 6.5%● unchanged vs 09-2025highest value
11-2025: 6.5%● unchanged vs 10-2025highest value
12-2025: 6.5%● unchanged vs 11-2025highest value
01-2026: 6.5%● unchanged vs 12-2025highest value
02-2026: 6.5%● unchanged vs 01-2026highest value
03-2026: 6.4%▼ -0.1 percentage points vs 02-2026
04-2026: 6.4%● unchanged vs 03-2026
05-2026: 6.4%● unchanged vs 04-2026
06-2026: 5.7%▼ -0.7 percentage points vs 05-2026
07-2026: 5.7%● unchanged vs 06-2026
08-2026: 5.7%● unchanged vs 07-2026
09-2026: 5.7%● unchanged vs 08-2026
10-2026: 5.7%● unchanged vs 09-2026
11-2026: 5.7%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Negative equity -€876,010
Loss of €314,745, the second in a row (financial year 2025)
Sector: Retail trade (NACE 47)
lowers risk
Liquidity: current ratio 0.10, cash €80,996
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, small). It does better than 2% of them on solvency, 20% on liquidity, 2% on profitability and 7% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 678 companies had the same profile as Copains distribution has now. Each dot stands for 2 companies, two years later.
84.5%
were still trading
6.2%
stopped another way
6.8%
went bankrupt
Another 2.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Copains distribution itself: 5.7% within 12 months.
Test of the method
The method was tested on the 497,447 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 678 companies, not a prediction for Copains distribution. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.1 (0.22 in 2024), below 1. Short-term debt is 250.5% and cash 17.2% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€876,010
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 12-05-2026, 80 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
80 days early
2024
15 days early
2023
5 days early
2022
31 days late
2021
29 days late
2020
61 days late
2019
109 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 19 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 27 July (4 of the last 5 accounts filed within 35 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Copains.group 100%equity €4.0m (2025) · 2025 annual accounts of Copains.group
- Copains Namurscore 31equity -€417,681 (2025) · deed of 03-01-2024
Shares in 1 company, Copains Namur
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0441517472
1 statutory auditor appointed, 2 directors appointed, 1 resignation
Appointments: RSM Interaudit SRL (statutory auditor), Olivier de Cartier and Jonathan de Cartier · Resignation: Frédéric Van Pol · Gazette deed
2 establishments registered
Villers-la-Ville and Montigny-le-Tilleul
Company renamed from CROISSANTERIE RICHARD to Copains distribution
Permanent representative: de CARTIER d’YVES Olivier · Changes of role: Copains.group (director) and VAN POL Frédéric François (director) · Resignation: EYKENS Guillaume Christine Christian (manager) · General meeting of 27-12-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Copains distribution Courcelles | €471,482 | €191,650 | -185.8% | 10.2 |
| DELI GENT Ghent | €337,721 | €233,011 | -33.2% | 6.6 |
| CONFISERIE LE VAUBAN Gerpinnes | €491,762 | €361,975 | 44.8% | 8.8 |
| SERVICES CENTER Chimay | €558,647 | €264,545 | 17.6% | 4.8 |
| BAKKERIJ CEUPPENS Antwerp | €503,964 | €280,651 | 10.3% | 6.4 |
| DELI AARSCHOT Aarschot | €372,240 | €194,349 | 29.0% | 5.1 |
| JEAN DE BACKER Wavre | €549,667 | €446,550 | 17.4% | 7.8 |
These companies have the same main activity as Copains distribution: retail sale of bread and pastry (bakery outlets) (NACE 47241). They are comparable in size and age: total assets between €338,000 and €559,000, founded between 1986 and 2000.
Official details
Source: KBO- Status
- Active since 18-07-1990Normal situation
- Activity
- Retail sale of bread and pastry (bakery outlets)NACE 47241and 1 other
- Establishment units
- 2.049.552.7886041 Charleroi, since 08-12-2000
- 2.217.547.5836180 Courcelles, since 01-05-2009and 3 others
- Financial year end
- 31 December
- Peppol
- Reachable since 23-10-2025
Annual accounts 2025
- ≈ €930,000estimated
- €471,482▼ 22.3%
- Employeeson 31-12-2025
- 12
- Filing
- Filed on 12-05-2026, 80 days before the end of the filing period
Insights on Copains distribution
Copains distribution has existed since 1990. The gross margin fell from €398,052 in 2022 to €177,963 in 2023.
Solvency fell in 2025 from -92.5% to -185.8% because of the loss and higher debts to suppliers.
Copains.group holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Copains distribution
- What is the company number of Copains distribution?
- The company number of Copains distribution is 0441.517.472. The VAT number is the same number with BE in front: BE 0441.517.472.
- Where is Copains distribution based?
- The registered office is at Rue Philippe Monnoyer 108, 6180 Courcelles.Company details
- What does Copains distribution do?
- According to the KBO register, the main activity is retail sale of bread and pastry (bakery outlets) (NACE 47241).
- What is the legal form of Copains distribution?
- Copains distribution is a private limited company (BV).
- When was Copains distribution founded?
- Copains distribution was founded on 18-07-1990.
- Is Copains distribution still active?
- Yes, Copains distribution is an active enterprise in the KBO register.
- How many employees does Copains distribution have?
- Copains distribution had an average of 10.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of Copains distribution?
- The turnover in financial year 2025 is ≈ €930,000. This figure is estimated from the gross margin of €191,650 and 30 comparable companies (NACE 472). It probably lies between €520,000 and €1.5m.
- Is Copains distribution profitable?
- In financial year 2025, Copains distribution made a loss of €314,745.
- Where can I find the annual accounts of Copains distribution?
- Copains distribution filed 35 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Copains distribution due?
- Copains distribution must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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