COPILOT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 36 filings
Turnover
≈ €610,000
Estimated: probably between €470,000 and €1.1m
EBIT margin
Not included in this filing
Net result
€85,565▼ 44.7%
2024 · €154,743
Working capital
€219,957▼ 0.1%
2024 · €220,118
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€162,378
▼ 40.3%
2025
20182025
Net result
€85,565
▼ 44.7%
2025
middle half of the sector
20182025
Equity
€331,055
▲ 8.4%
2025
middle half of the sector
20182025
Total assets
€904,337
▼ 21.5%
2025
middle half of the sector
20182025
Debt
€573,281
▼ 32.2%
2025
20182025
Working capital
€219,957
▼ 0.1%
2025
middle half of the sector
20182025
Solvency
36.6%
▲ 10.1pp
2025
middle half of the sector
20182025
Current ratio
1.42
▲ 0.12
2025
middle half of the sector
20182025
Return on assets (ROA)
9.5%
▼ 4.0pp
2025
middle half of the sector
20182025
Staff (FTE)
2.4
▲ 4.3%
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
Operating result€0.05m-€0.07m▲ 46.4%€0.04m▼ 37.6%€0.06m▲ 34.2%€0.1m▲ 71.1%€0.1m▲ 27.1%€0.3m▲ 121%€0.2m▼ 40.3%
Net result€0.001m-€0.02m▲ 13×€0.001mwithin the sector's middle half▼ 93.0%€0.01mwithin the sector's middle half▲ 854%€0.05mwithin the sector's middle half▲ 381%€0.07mwithin the sector's middle half▲ 30.5%€0.2mwithin the sector's middle half▲ 133%€0.09mwithin the sector's middle half▼ 44.7%
Equity€0.2m-€0.2m▲ 7.1%€0.2mwithin the sector's middle half▲ 0.5%€0.3mwithin the sector's middle half▲ 4.4%€0.3mwithin the sector's middle half▲ 5.6%€0.3mwithin the sector's middle half▲ 1.7%€0.3mwithin the sector's middle half▲ 13.3%€0.3mwithin the sector's middle half▲ 8.4%
Total assets€0.8m-€0.8m▼ 7.9%€0.8mwithin the sector's middle half▲ 4.8%€0.8mwithin the sector's middle half▼ 1.4%€0.9mwithin the sector's middle half▲ 10.6%€0.9mwithin the sector's middle half▼ 3.1%€1.2mwithin the sector's middle half▲ 33.4%€0.9mwithin the sector's middle half▼ 21.5%
Debt€0.6m-€0.5m▼ 13.3%€0.6m▲ 6.7%€0.6m▼ 3.8%€0.6m▲ 12.8%€0.6m▼ 5.1%€0.8m▲ 42.5%€0.6m▼ 32.2%
Working capital€0.09m-€0.2m▲ 119%€0.2mwithin the sector's middle half▲ 4.2%€0.2mwithin the sector's middle half▼ 3.2%€0.2mwithin the sector's middle half▼ 7.3%€0.2mwithin the sector's middle half▲ 17.2%€0.2mwithin the sector's middle half▲ 7.3%€0.2mwithin the sector's middle half▼ 0.1%
Solvency26.4%-30.7%▲ 4.3pp29.4%within the sector's middle half▼ 1.3pp31.2%within the sector's middle half▲ 1.7pp29.8%within the sector's middle half▼ 1.4pp31.2%within the sector's middle half▲ 1.5pp26.5%within the sector's middle half▼ 4.7pp36.6%within the sector's middle half▲ 10.1pp
Current ratio1.15-1.41▲ 0.261.38within the sector's middle half▼ 0.031.36within the sector's middle half▼ 0.011.31within the sector's middle half▼ 0.061.44within the sector's middle half▲ 0.131.30within the sector's middle half▼ 0.141.42within the sector's middle half▲ 0.12
Return on assets (ROA)0.1%-2.0%▲ 1.9pp0.1%within the sector's middle half▼ 1.9pp1.3%within the sector's middle half▲ 1.2pp5.7%within the sector's middle half▲ 4.4pp7.7%within the sector's middle half▲ 2.0pp13.4%above the sector's middle half▲ 5.7pp9.5%within the sector's middle half▼ 4.0pp
Staff (FTE)1.4-1.5▲ 7.1%1.4within the sector's middle half▼ 6.7%1.4within the sector's middle half=1.4within the sector's middle half=1.7within the sector's middle half▲ 21.4%2.3within the sector's middle half▲ 35.3%2.4above the sector's middle half▲ 4.3%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 40% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €904,337
Fixed assets
€166,746 ▼ 16.3%
Current assets
€737,591 ▼ 22.5%
Equity and liabilities €904,337
Equity
€331,055 ▲ 8.4%
Debt
€573,281 ▼ 32.2%
Debt's share of the balance-sheet total falls from 73.5% to 63.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€201,455▼
2024 · €306,862
Cash flow
€124,643▼
2024 · €189,793
Debt to equity
1.73▼
2024 · 2.77
ROE
25.8%▼
2024 · 50.7%
Interest coverage
7.06▲
2024 · 6.10
Debt ≤ 1 year
€517,633▼
2024 · €732,037
Debt > 1 year
€50,347▼
2024 · €88,692
Income taxes
€51,797▼
2024 · €68,043
Staff costs
€183,501▲
2024 · €174,589
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 | 2 | 2 | 3 | 3 | 3 |
| full-time | - | - | - | 1 | 1 |
| part-time | 2 | 2 | 3 | 2 | 2 |
| in full-time equivalents | 1.4 | 1.4 | 2.2 | 2.3 | 2.4 |
| Average over the year, in full-time equivalents | 1.4 | 1.4 | 1.7 | 2.3 | 2.4 |
| On a permanent contract | 2 | 2 | 3 | 3 | 3 |
| Joined | - | 1 | 5 | - | 3 |
| Left | - | 1 | 4 | - | 3 |
| Training hours | - | - | - | 1 | 8 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €79,522 | €79,212 | €28,659 | €96,990 | €9,969 |
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 | €15,894 | €5,536 | - | - | - |
| Debts guaranteed by Belgian public bodies | €23,822 | €23,822 | - | - | - |
| Pledge on other assets, amount secured | €15,894 | €5,536 | - | - | - |
| Carrying value of the other pledged assets | €11,632 | - | - | - | - |
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 | €11,112 | €53,903 | €72,027 | €82,594 | €7,133 |
| Intangible fixed assets | - | €17,810 | €865 | - | - |
| Depreciation and write-downs of the year | €16,208 | €25,349 | €24,565 | €35,050 | €39,078 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €12,579 | €6,749 | €16,000 | €11,693 | €5,651 | ▼ 51.7% |
| Remuneration, social security and pensions62 | - | - | - | €91,702 | €97,237 | €120,225 | €174,589 | €183,501 | ▲ 5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €54,007 | €52,004 | €31,317 | €16,208 | €25,349 | €24,565 | €35,050 | €39,078 | ▲ 11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €19,814 | €18,683 | €4,132 | -€4,132 | €7,809 | - |
| Other operating charges640/8 | - | - | - | €14,632 | €1,928 | €8,731 | €17,759 | €7,168 | ▼ 59.6% |
| Non-recurring operating charges66A | - | - | - | - | €6,455 | €2,835 | €2,777 | - | - |
| Gross operating margin9900 | €199,357 | €220,808 | €170,011 | €198,859 | €246,309 | €283,294 | €497,854 | €399,934 | ▼ 19.7% |
| Operating profit (loss)9901 | €46,054 | €67,441 | €42,096 | €56,502 | €96,657 | €122,806 | €271,812 | €162,378 | ▼ 40.3% |
| Financial income75/76B | - | - | - | €1 | €2,482 | €1,856 | €1,287 | €3,501 | ▲ 172% |
| Recurring financial income75 | - | €4 | - | €1 | €2,482 | €1,856 | €1,287 | €3,501 | ▲ 172% |
| Financial charges65/66B | - | - | - | €26,596 | €22,782 | €24,246 | €50,313 | €28,516 | ▼ 43.3% |
| Recurring financial charges65 | €24,302 | €32,373 | €27,022 | €26,596 | €22,782 | €24,246 | €50,313 | €28,516 | ▼ 43.3% |
| Profit (loss) for the period before taxes9903 | €21,752 | €35,072 | €15,073 | €29,907 | €76,357 | €100,417 | €222,786 | €137,362 | ▼ 38.3% |
| Income taxes67/77 | €20,566 | €19,249 | €13,964 | €19,319 | €25,421 | €33,940 | €68,043 | €51,797 | ▼ 23.9% |
| Profit (loss) for the period9904 | €1,186 | €15,823 | €1,110 | €10,588 | €50,937 | €66,477 | €154,743 | €85,565 | ▼ 44.7% |
| Profit (loss) for the period to be appropriated9905 | €1,186 | €15,823 | €1,110 | €10,588 | €50,937 | €66,477 | €154,743 | €85,565 | ▼ 44.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | €1.2m | €0.9m | ▼ 21.5% |
| Fixed assets21/28 | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 16.3% |
| Intangible fixed assets21 | €0.04m | €0.02m | €0.002m | €0.001m | €0.01m | €0.009m | €0.003m | €219 | ▼ 92.5% |
| Tangible fixed assets22/27 | €0.07m | €0.05m | €0.03m | €0.03m | €0.06m | €0.1m | €0.1m | €0.09m | ▼ 23.9% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.04m | €0.04m | €0.03m | €0.01m | ▼ 44.8% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.006m | €0.07m | €0.09m | €0.07m | ▼ 17.9% |
| Other tangible fixed assets26 | - | - | - | €0.004m | €0.007m | €0.007m | €0.01m | €0.008m | ▼ 24.1% |
| Financial fixed assets28 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Current assets29/58 | €0.7m | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €1.0m | €0.7m | ▼ 22.5% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.5m | €0.5m | ▼ 1.8% |
| Trade receivables40 | - | - | - | €0.1m | €0.08m | €0.09m | €0.3m | €0.3m | ▲ 13.8% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 22.8% |
| Current investments50/53 | €4 | - | - | - | €0.07m | - | - | - | - |
| Cash at bank and in hand54/58 | €0.004m | €0.01m | €0.01m | €0.02m | - | €0.2m | €0.3m | €0.1m | ▼ 55.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.4m | €0.4m | €0.2m | €0.1m | €0.1m | ▼ 35.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | €1.2m | €0.9m | ▼ 21.5% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 8.4% |
| Contributions10/11 | €0.08m | €0.08m | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.001m | €0.02m | €0.02m | €0.03m | €0.04m | €0.05m | €0.08m | €0.1m | ▲ 30.7% |
| Investment grants15 | - | - | - | - | €0.003m | €0.001m | - | - | - |
| Amounts payable17/49 | €0.6m | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.8m | €0.6m | ▼ 32.2% |
| Amounts payable after more than one year17 | €0.04m | €0.08m | €0.05m | €0.03m | €0.05m | €0.1m | €0.09m | €0.05m | ▼ 43.2% |
| Financial debts170/4 | - | - | - | €0.03m | €0.05m | €0.1m | €0.09m | €0.05m | ▼ 43.2% |
| Amounts payable within one year42/48 | €0.6m | €0.5m | €0.5m | €0.5m | €0.6m | €0.5m | €0.7m | €0.5m | ▼ 29.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.04m | €0.05m | €0.04m | €0.04m | ▼ 4.5% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 33.4% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 33.4% |
| Trade debts44 | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | €0.07m | €0.1m | €0.09m | ▼ 40.9% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.07m | €0.1m | €0.09m | ▼ 40.9% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.02m | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.1m | €0.3m | €0.1m | ▼ 49.4% |
| Taxes450/3 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 56.1% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.04m | €0.03m | ▼ 10.5% |
| Other amounts payable47/48 | - | - | - | - | €0.06m | €0.06m | €0.1m | €0.06m | ▼ 49.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.003m | €0.03m | €0.03m | €0.005m | ▼ 78.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,186 | €15,823 | €1,110 | €10,588 | €50,937 | €66,477 | €154,743 | €85,565 | ▼ 44.7% |
| + Depreciation and write-downs630 | €54,007 | €52,004 | €31,317 | €16,208 | €25,349 | €24,565 | €35,050 | €39,078 | ▲ 11.5% |
| Operating cash flow (approximation) | €55,193 | €67,827 | €32,426 | €26,797 | €76,286 | €91,042 | €189,793 | €124,643 | ▼ 34.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€11,112 | -€68,462 | -€72,458 | -€44,028 | -€6,584 | ▲ 85.0% |
| Change in cash | - | €8,428 | €321 | €6,799 | - | - | €117,172 | -€152,386 | - |
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, 31,368 companies had the same profile as COPILOT has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COPILOT itself: 0.1% 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 31,368 companies, not a prediction for COPILOT. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 06-07-2026 | 2026-00256443 | |
| 31-12-2024 | full format | 25-07-2025 | 2025-00311499 | |
| 31-12-2023 | full format | 30-07-2024 | 2024-00305932 | |
| 31-12-2022 | full format | 06-07-2023 | 2023-00209876 | |
| 31-12-2021 | full format | 28-07-2022 | 2022-20237767 | |
| 31-12-2020 | full format | 27-07-2021 | 2021-41200066 | |
| 31-12-2019 | full format | 26-08-2020 | 2020-44900049 | |
| 31-12-2018 | full format | 25-07-2019 | 2019-37800597 | |
| 31-12-2017 | full format | 27-07-2018 | 2018-39600546 | |
| 31-12-2016 | full format | 10-08-2017 | 2017-42800453 |