COPINI
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 38 days after the deadline Filed on 7 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00509747.
Annual accounts 2025 filed on 07-09-2026 at the NBB all 18 filings
Turnover
≈ €150,000
Estimated: probably between €80,000 and €470,000
Total assets
€152,707▼ 4.1%
2024 · €159,278
Net result
€1,509
2024 · -€13,347
Working capital
€95,233▲ 7.8%
2024 · €88,308
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,785
2025
20182025
Net result
€1,509
2025
middle half of the sector
20182025
Equity
€127,574
▲ 1.2%
2025
middle half of the sector
20182025
Total assets
€152,707
▼ 4.1%
2025
lowest quarter of the sector
20182025
Debt
€25,133
▼ 24.3%
2025
20182025
Working capital
€95,233
▲ 7.8%
2025
middle half of the sector
20182025
Solvency
83.5%
▲ 4.4pp
2025
highest quarter of the sector
20182025
Current ratio
15.34
▲ 4.24
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.0%
▲ 9.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€43,052--€8,062€7,686€3,202▼ 58.3%€5,675▲ 77.2%-€1,621-€12,839▼ 692%€1,785
Net result€31,482--€7,128€6,981within the sector's middle half€1,257within the sector's middle half▼ 82.0%€2,092within the sector's middle half▲ 66.4%-€2,871within the sector's middle half-€13,347below the sector's middle half▼ 365%€1,509within the sector's middle half
Equity€139,081-€131,953▼ 5.1%€138,935within the sector's middle half▲ 5.3%€140,192within the sector's middle half▲ 0.9%€142,283within the sector's middle half▲ 1.5%€139,412within the sector's middle half▼ 2.0%€126,066within the sector's middle half▼ 9.6%€127,574within the sector's middle half▲ 1.2%
Total assets€217,657-€196,669▼ 9.6%€202,830within the sector's middle half▲ 3.1%€205,998within the sector's middle half▲ 1.6%€193,894within the sector's middle half▼ 5.9%€183,309within the sector's middle half▼ 5.5%€159,278within the sector's middle half▼ 13.1%€152,707below the sector's middle half▼ 4.1%
Debt€78,576-€64,716▼ 17.6%€63,895▼ 1.3%€65,806▲ 3.0%€51,611▼ 21.6%€43,897▼ 14.9%€33,212▼ 24.3%€25,133▼ 24.3%
Working capital€81,390-€75,319▼ 7.5%€96,861within the sector's middle half▲ 28.6%€110,795above the sector's middle half▲ 14.4%€108,501within the sector's middle half▼ 2.1%€103,881within the sector's middle half▼ 4.3%€88,308within the sector's middle half▼ 15.0%€95,233within the sector's middle half▲ 7.8%
Solvency63.9%-67.1%▲ 3.2pp68.5%above the sector's middle half▲ 1.4pp68.1%above the sector's middle half▼ 0.4pp73.4%above the sector's middle half▲ 5.3pp76.1%above the sector's middle half▲ 2.7pp79.1%above the sector's middle half▲ 3.1pp83.5%above the sector's middle half▲ 4.4pp
Current ratio6.39-6.28▼ 0.118.49above the sector's middle half▲ 2.219.95above the sector's middle half▲ 1.468.96above the sector's middle half▼ 0.9913.24above the sector's middle half▲ 4.2811.10above the sector's middle half▼ 2.1415.34above the sector's middle half▲ 4.24
Return on assets (ROA)14.5%--3.6%▼ 18.1pp3.4%within the sector's middle half▲ 7.1pp0.6%within the sector's middle half▼ 2.8pp1.1%within the sector's middle half▲ 0.5pp-1.6%within the sector's middle half▼ 2.6pp-8.4%below the sector's middle half▼ 6.8pp1.0%within the sector's middle half▲ 9.4pp
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 a profit of €1,785, after a loss of €12,839 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €152,707
Fixed assets
€50,835 ▼ 18.3%
Current assets
€101,872 ▲ 5.0%
Equity and liabilities €152,707
Equity
€127,574 ▲ 1.2%
Debt
€25,133 ▼ 24.3%
Debt's share of the balance-sheet total falls from 20.9% to 16.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€15,354▲
2024 · €810
Cash flow
€15,078▲
2024 · €302
Quick ratio
11.33▲
2024 · 8.50
Debt to equity
0.20▼
2024 · 0.26
ROE
1.2%▲
2024 · -10.6%
Interest coverage
25.21▲
2024 · 0.92
Debt ≤ 1 year
€6,639▼
2024 · €8,743
Debt > 1 year
€18,494▼
2024 · €24,469
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,373 | €4,120 | €11,715 | €4,934 | €2,177 |
| Depreciation and write-downs of the year | €14,586 | €15,185 | €12,530 | €13,649 | €13,569 |
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 | - | - | - | - | - | - | €1,000 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,456 | €14,646 | €14,058 | €14,586 | €15,185 | €12,530 | €13,649 | €13,569 | ▼ 0.6% |
| Other operating charges640/8 | - | - | - | €1,059 | €294 | €2,369 | €594 | €429 | ▼ 27.8% |
| Non-recurring operating charges66A | - | - | - | €2,457 | - | - | - | - | - |
| Gross operating margin9900 | €63,939 | €8,514 | €22,496 | €21,304 | €21,154 | €13,278 | €1,404 | €15,783 | ▲ 11× |
| Operating profit (loss)9901 | €43,052 | -€8,062 | €7,686 | €3,202 | €5,675 | -€1,621 | -€12,839 | €1,785 | - |
| Financial income75/76B | - | - | - | €652 | - | €214 | €452 | €333 | ▼ 26.3% |
| Recurring financial income75 | €78 | €3,308 | €756 | €652 | - | €214 | €452 | €333 | ▼ 26.3% |
| Financial charges65/66B | - | - | - | €1,660 | €1,977 | €1,332 | €883 | €609 | ▼ 31.0% |
| Recurring financial charges65 | €10,105 | €2,257 | €1,345 | €1,660 | €1,977 | €1,332 | €883 | €609 | ▼ 31.0% |
| Profit (loss) for the period before taxes9903 | €33,025 | -€7,011 | €7,097 | €2,194 | €3,698 | -€2,739 | -€13,270 | €1,509 | - |
| Income taxes67/77 | €1,543 | €117 | €116 | €937 | €1,606 | €132 | €77 | - | - |
| Profit (loss) for the period9904 | €31,482 | -€7,128 | €6,981 | €1,257 | €2,092 | -€2,871 | -€13,347 | €1,509 | - |
| Profit (loss) for the period to be appropriated9905 | €31,482 | -€7,128 | €6,981 | €1,257 | €2,092 | -€2,871 | -€13,347 | €1,509 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €217,657 | €196,669 | €202,830 | €205,998 | €193,894 | €183,309 | €159,278 | €152,707 | ▼ 4.1% |
| Fixed assets21/28 | €121,170 | €107,093 | €93,035 | €82,822 | €71,757 | €70,942 | €62,227 | €50,835 | ▼ 18.3% |
| Tangible fixed assets22/27 | €121,170 | €107,093 | €93,035 | €82,822 | €71,757 | €70,942 | €62,227 | €50,835 | ▼ 18.3% |
| Land and buildings22 | - | - | - | €67,470 | €59,036 | €50,602 | €42,169 | €33,735 | ▼ 20.0% |
| Plant, machinery and equipment23 | - | - | - | €8,540 | €9,551 | €17,843 | €18,235 | €15,950 | ▼ 12.5% |
| Furniture and vehicles24 | - | - | - | €6,812 | €3,170 | €2,497 | €1,823 | €1,150 | ▼ 36.9% |
| Current assets29/58 | €96,487 | €89,576 | €109,795 | €123,176 | €122,137 | €112,367 | €97,051 | €101,872 | ▲ 5.0% |
| Stocks and contracts in progress3 | €16,074 | €16,943 | €21,044 | €28,051 | €29,418 | €26,492 | €22,735 | €26,674 | ▲ 17.3% |
| Stocks30/36 | - | - | - | €28,051 | €29,418 | €26,492 | €22,735 | €26,674 | ▲ 17.3% |
| Amounts receivable within one year40/41 | €1,490 | €4,396 | €91 | €6,679 | €1,004 | €1,000 | €3,976 | €13,343 | ▲ 236% |
| Trade receivables40 | - | - | - | €678 | - | - | €550 | - | - |
| Other amounts receivable41 | - | - | - | €6,001 | €1,004 | €1,000 | €3,426 | €13,343 | ▲ 289% |
| Cash at bank and in hand54/58 | €78,923 | €68,237 | €88,149 | €88,446 | €91,715 | €84,875 | €70,340 | €61,855 | ▼ 12.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €217,657 | €196,669 | €202,830 | €205,998 | €193,894 | €183,309 | €159,278 | €152,707 | ▼ 4.1% |
| Equity10/15 | €139,081 | €131,953 | €138,935 | €140,192 | €142,283 | €139,412 | €126,066 | €127,574 | ▲ 1.2% |
| Contributions10/11 | €122,100 | €122,100 | €122,100 | €122,100 | €122,100 | €122,100 | €122,100 | €122,100 | = |
| Capital10 | - | - | - | €122,100 | €122,100 | €122,100 | €122,100 | €122,100 | = |
| Issued capital100 | - | - | - | €122,100 | €122,100 | €122,100 | €122,100 | €122,100 | = |
| Reserves13 | €16,981 | €9,853 | €16,835 | €18,092 | €20,183 | €17,312 | €3,966 | €5,474 | ▲ 38.0% |
| Non-distributable reserves130/1 | - | - | - | €2,272 | €2,376 | - | - | - | - |
| Legal reserve130 | - | - | - | €2,272 | €2,376 | - | - | - | - |
| Distributable reserves133 | - | - | - | €15,820 | €17,807 | €17,312 | €3,966 | €5,474 | ▲ 38.0% |
| Amounts payable17/49 | €78,576 | €64,716 | €63,895 | €65,806 | €51,611 | €43,897 | €33,212 | €25,133 | ▼ 24.3% |
| Amounts payable after more than one year17 | €63,479 | €50,459 | €50,961 | €53,425 | €37,975 | €35,411 | €24,469 | €18,494 | ▼ 24.4% |
| Financial debts170/4 | - | - | - | €39,252 | €34,204 | €29,062 | €23,826 | €18,494 | ▼ 22.4% |
| Other amounts payable178/9 | - | - | - | €14,173 | €3,771 | €6,349 | €643 | - | - |
| Amounts payable within one year42/48 | €15,097 | €14,257 | €12,934 | €12,381 | €13,636 | €8,486 | €8,743 | €6,639 | ▼ 24.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,957 | €5,048 | €5,141 | €5,236 | €5,332 | ▲ 1.8% |
| Financial debts43 | - | - | - | €3,737 | €4,116 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €3,737 | €4,116 | - | - | - | - |
| Trade debts44 | €939 | €1,046 | €2,319 | - | €721 | €1,905 | €2,509 | €272 | ▼ 89.2% |
| Suppliers440/4 | - | - | - | - | €721 | €1,905 | €2,509 | €272 | ▼ 89.2% |
| Taxes, remuneration and social security45 | - | - | - | €3,687 | €3,751 | €1,440 | €998 | €1,035 | ▲ 3.7% |
| Taxes450/3 | - | - | - | €3,687 | €3,751 | €1,440 | €998 | €1,035 | ▲ 3.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,482 | -€7,128 | €6,981 | €1,257 | €2,092 | -€2,871 | -€13,347 | €1,509 | - |
| + Depreciation and write-downs630 | €14,456 | €14,646 | €14,058 | €14,586 | €15,185 | €12,530 | €13,649 | €13,569 | ▼ 0.6% |
| Operating cash flow (approximation) | €45,938 | €7,518 | €21,039 | €15,843 | €17,277 | €9,659 | €302 | €15,078 | ▲ 50× |
| Investment in fixed assets (approximation) | - | -€569 | €0 | -€4,373 | -€4,120 | -€11,715 | -€4,934 | -€2,177 | ▲ 55.9% |
| Change in cash | - | -€10,686 | €19,912 | €297 | €3,269 | -€6,840 | -€14,535 | -€8,485 | ▲ 41.6% |
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, 10,904 companies had the same profile as COPINI has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of COPINI 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 10,904 companies, not a prediction for COPINI. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-09-2026 | 2026-00509747 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00441481 | |
| 31-12-2023 | micro format | 13-06-2024 | 2024-00128050 | |
| 31-12-2022 | micro format | 14-06-2023 | 2023-00125632 | |
| 31-12-2021 | micro format | 14-06-2022 | 2022-20064209 | |
| 31-12-2020 | micro format | 14-06-2021 | 2021-19800436 | |
| 31-12-2019 | micro format | 08-10-2020 | 2020-60000111 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-27000180 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-26100085 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-53300401 |