COPEB (0845.790.015): financials and annual accounts

COPEB

Woluwe-Saint-Lambert ·KBO/BCE: BE 0845.790.015

Line	2025	2024	2023	2022	2021	2020	2018	2017	2016	2015	2014	2013	2012
Balance sheet: assets
Total assets`20/58`	187,468	144,093	138,574	130,911	119,662	118,027	124,406	111,986	119,416	155,180	151,968	75,976	22,969
Fixed assets`21/28`	17,745	9,920	5,951	2,830	5,349	7,893	683	1,418	3,839	4,837	7,281	9,146	458
Tangible fixed assets`22/27`	17,545	9,720	5,751	2,630	5,149	7,693	483	1,218	3,639	4,837	7,281	9,146	458
Plant, machinery and equipment`23`	4,331	4,947	5,564	-	-	-	-	536	1,072	-	-	-	-
Furniture and vehicles`24`	1,276	-	188	2,630	5,149	7,693	483	682	2,567	4,837	7,281	9,146	458
Other tangible fixed assets`26`	11,938	4,773	-	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	200	200	200	200	200	200	200	200	200	-	-	-	-
Current assets`29/58`	169,723	134,173	132,622	128,081	114,312	110,133	123,723	110,568	115,577	150,342	144,688	66,830	22,511
Amounts receivable after more than one year`29`	-	-	1,200	-	-	-	-	-	-	-	-	-	-
Other amounts receivable`291`	-	-	1,200	-	-	-	-	-	-	-	-	-	-
Stocks and contracts in progress`3`	-	-	-	-	-	-	642	-	-	-	-	-	-
Stocks`30/36`	-	-	-	-	-	-	642	-	-	-	-	-	-
Amounts receivable within one year`40/41`	102,206	92,459	92,574	89,992	87,103	70,703	67,884	61,120	67,253	64,266	50,531	13,859	14,212
Trade receivables`40`	102,206	91,459	90,374	83,992	79,059	70,703	66,241	51,120	59,889	64,266	50,531	10,599	14,212
Other amounts receivable`41`	0	1,000	2,200	6,000	8,045	-	1,643	10,000	7,364	-	-	3,259	-
Cash at bank and in hand`54/58`	65,018	39,360	38,849	38,089	27,209	39,430	55,197	49,448	48,324	86,077	94,157	52,971	8,299
Deferred charges and accrued income`490/1`	2,499	2,354	-	-	-	-	-	-	-	-	-	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	187,468	144,093	138,574	130,911	119,662	118,027	124,406	111,986	119,416	155,180	151,968	75,976	22,969
Equity`10/15`	115,181	65,153	76,734	86,369	101,058	92,845	109,346	99,853	100,087	139,256	137,243	65,416	20,243
Contributions`10/11`	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	6,200	6,200	6,200	6,200	6,200	6,200	6,200
Reserves`13`	102,781	52,753	64,334	69,360	69,360	69,360	86,860	86,860	86,860	121,860	101,860	1,860	392
Non-distributable reserves`130/1`	-	-	-	1,860	1,860	1,860	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860	392
Reserves not available under the articles`1311`	-	-	-	1,860	1,860	1,860	-	-	-	-	-	-	-
Distributable reserves`133`	102,781	52,753	64,334	67,500	67,500	67,500	85,000	85,000	85,000	120,000	100,000	-	-
Profit (loss) carried forward`14`	-	-	-	4,609	19,298	11,085	10,086	593	827	4,996	22,983	51,156	7,451
Amounts payable`17/49`	72,287	78,940	61,840	44,542	18,603	25,182	15,060	12,132	19,328	15,924	14,726	10,560	2,726
Amounts payable within one year`42/48`	71,616	69,170	61,829	44,542	18,603	25,182	15,060	12,132	19,328	15,924	14,726	10,560	2,726
Financial debts`43`	462	39	13	-	-	-	-	47	-	-	-	-	-
Credit institutions`430/8`	462	39	13	-	-	-	-	47	-	-	-	-	-
Trade debts`44`	25,951	26,068	26,725	20,805	4,431	3,082	3,074	1,757	1,790	3,488	5,533	1,929	719
Suppliers`440/4`	25,951	26,068	26,725	20,805	4,431	3,082	3,074	1,757	1,790	3,488	5,533	1,929	719
Advances received on contracts in progress`46`	-	-	-	809	-	4,234	-	-	6,537	-	-	-	-
Taxes, remuneration and social security`45`	31,120	28,303	19,865	16,596	7,653	10,994	2,811	1,267	1,272	1,700	1,114	-	1,874
Taxes`450/3`	20,886	6,224	7,817	6,247	3,952	3,314	-	810	-	1,700	1,114	-	1,874
Remuneration and social security`454/9`	10,235	22,079	12,047	10,349	3,701	7,680	2,811	457	1,272	-	-	-	-
Other amounts payable`47/48`	14,083	14,760	15,227	6,332	6,519	6,872	9,175	9,063	9,729	10,735	8,078	8,632	133
Accrued charges and deferred income`492/3`	671	9,769	12	-	-	-	-	-	-	-	-	-	-
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	341	-	-	-
Gross operating margin`9900`	78,319	27,104	28,625	18,686	35,270	41,121	32,299	19,924	-30,014	36,570	93,456	49,102	8,519
Remuneration, social security and pensions`62`	15,498	36,065	32,846	30,570	23,777	27,261	20,966	5,542	5,231	1,358	339	874	637
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	1,750	1,071	3,043	2,520	2,544	2,544	735	2,710	2,806	2,443	2,443	2,251	24
Other operating charges`640/8`	922	1,238	1,760	168	592	424	673	491	487	715	575	724	-
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	440	-	-	-	-
Operating profit (loss)`9901`	60,149	-11,271	-9,024	-14,572	8,358	10,892	9,925	11,182	-38,978	32,054	90,098	45,253	7,858
Financial income`75/76B`	19	20	0	12	24	-	2	-	18	674	-	-	-
Recurring financial income`75`	19	20	0	12	24	-	2	-	18	674	-	-	-
Financial charges`65/66B`	194	191	226	129	168	161	260	168	208	350	213	79	15
Recurring financial charges`65`	194	191	226	129	168	161	260	168	208	350	213	79	15
Profit (loss) for the period before taxes`9903`	59,974	-11,441	-9,250	-14,689	8,213	10,731	9,667	11,014	-39,168	32,720	89,884	45,173	7,843
Income taxes`67/77`	9,113	140	385	-	-	-	174	11,248	-	30,707	18,058	-	-
Profit (loss) for the period`9904`	50,861	-11,581	-9,635	-14,689	8,213	10,731	9,493	-234	-39,168	2,013	71,827	45,173	7,843
Profit (loss) for the period to be appropriated`9905`	50,861	-11,581	-9,635	-14,689	8,213	10,731	9,493	-234	-39,168	2,013	71,827	45,173	7,843
Appropriation of the result
Profit (loss) to be appropriated`9906`	50,861	-11,581	-5,026	4,609	19,298	11,085	10,086	593	-34,173	24,996	122,983	52,624	7,843
Profit (loss) brought forward from the previous period`14P`	-	-	4,609	19,298	11,085	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	11,581	5,026	-	-	-	-	-	35,000	-	-	-	-
Transfer to equity`691/2`	50,028	-	-	-	-	-	-	-	-	20,000	100,000	1,468	392
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	1,468	392
To other reserves`6921`	50,028	-	-	-	-	-	-	-	-	20,000	100,000	-	-
Profit to be distributed`694/7`	833	-	-	-	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	833	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	0.8	1	0.9	-	1	-	0.6	0.3	-	-	-	-	-
Hours worked`1013`	699	1,843	170,630	-	1,390	-	1,042	376	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	04-06-2026	2026-00137583	PDF
31-12-2024	micro format	05-06-2025	2025-00132562	PDF
31-12-2023	micro format	15-07-2024	2024-00245011	PDF
31-12-2022	micro format	07-10-2023	2023-00486110	PDF
31-12-2021	micro format	05-10-2022	2022-20452349	PDF
31-12-2020	micro format	23-11-2021	2021-78100222	PDF
31-12-2018	micro format	21-09-2019	2019-65400253	PDF
31-12-2017	micro format	31-10-2018	2018-71600263	PDF
31-12-2016	micro format	08-11-2017	2017-69500578	PDF
31-12-2015	full format	24-08-2016	2016-49800191	PDF
31-12-2014	full format	27-08-2015	2015-53000277	PDF
31-12-2013	full format	29-09-2014	2014-63000125	PDF
31-12-2012	full format	03-10-2013	2013-62100547	PDF

Line	2025	2024	2023	2022	2021	2020	2018	2017	2016	2015	2014	2013	2012
EBITDA	61,900	-10,199	-5,981	-12,052	10,902	13,436	10,659	13,891	-36,172	34,498	92,541	47,504	7,882
Cash flow	52,611	-10,509	-6,592	-12,170	10,758	13,275	10,228	2,475	-36,362	4,456	74,270	47,424	7,867
Investment in fixed assets (approximation)	9,575	5,040	6,165	0	0	938	0	288	1,808	0	578	10,939	482
Change in cash	25,658	512	759	10,880	-12,221	-	5,749	1,124	-37,753	-8,080	41,185	44,672	-
Working capital	98,106	65,002	70,794	83,539	95,709	84,951	108,663	98,436	96,249	134,419	129,962	56,270	19,785
Solvency	61.4%	45.2%	55.4%	66.0%	84.5%	78.7%	87.9%	89.2%	83.8%	89.7%	90.3%	86.1%	88.1%
Current ratio	2.37	1.94	2.15	2.88	6.14	4.37	8.22	9.11	5.98	9.44	9.83	6.33	8.26
Quick ratio	2.37	1.94	2.15	2.88	6.14	4.37	8.17	9.11	5.98	9.44	9.83	6.33	8.26
Debt to equity	0.63	1.21	0.81	0.52	0.18	0.27	0.14	0.12	0.19	0.11	0.11	0.16	0.13
ROE	44.2%	-17.8%	-12.6%	-17.0%	8.1%	11.6%	8.7%	-0.2%	-39.1%	1.4%	52.3%	69.1%	38.7%
ROA	27.1%	-8.0%	-7.0%	-11.2%	6.9%	9.1%	7.6%	-0.2%	-32.8%	1.3%	47.3%	59.5%	34.1%
Interest coverage	over 100	-53.39	-26.48	-93.47	64.78	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2021
Employees at the balance-sheet date	1	1	1	-
full-time	-	1	1	-
part-time	1	-	-	-
in full-time equivalents	0.5	1	1	-
Average over the year, in full-time equivalents	0.8	1	0.9	1
On a permanent contract	1	1	1	-
Joined	-	-	2	-
Left	-	-	2	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€9,575	€5,040	€6,165	-	-
Depreciation and write-downs of the year	€1,750	€1,071	€3,043	€2,520	€2,544

COPEB

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency61.4%

Current ratio2.37

Return on assets27.1%

Staff

Staff cost per FTE€19,372

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on COPEB

Next steps