COPPENS KEN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 4 filings
Turnover
≈ €130,000
Estimated: probably between €60,000 and €190,000
Total assets
€70,407▼ 24.9%
2024 · €93,729
Net result
-€6,896
2024 · €12,497
Working capital
€15,127▼ 4.2%
2024 · €15,798
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
-€5,516
2025
20222025
Net result
-€6,896
2025
lowest quarter of the sector
20222025
Equity
€32,201
▼ 17.6%
2025
middle half of the sector
20222025
Total assets
€70,407
▼ 24.9%
2025
middle half of the sector
20222025
Debt
€38,205
▼ 30.1%
2025
20222025
Working capital
€15,127
▼ 4.2%
2025
middle half of the sector
20222025
Solvency
45.7%
▲ 4.0pp
2025
middle half of the sector
20222025
Current ratio
1.56
▲ 0.13
2025
middle half of the sector
20222025
Return on assets (ROA)
-9.8%
▼ 23.1pp
2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€44,550--€8,510€15,489-€5,516
Net result€31,768above the sector's middle half--€10,168below the sector's middle half€12,497within the sector's middle half-€6,896below the sector's middle half
Equity€36,768within the sector's middle half-€26,600within the sector's middle half▼ 27.7%€39,097within the sector's middle half▲ 47.0%€32,201within the sector's middle half▼ 17.6%
Total assets€69,289within the sector's middle half-€84,012within the sector's middle half▲ 21.2%€93,729within the sector's middle half▲ 11.6%€70,407within the sector's middle half▼ 24.9%
Debt€32,521-€57,412▲ 76.5%€54,632▼ 4.8%€38,205▼ 30.1%
Working capital€6,295within the sector's middle half--€6,226below the sector's middle half€15,798within the sector's middle half€15,127within the sector's middle half▼ 4.2%
Solvency53.1%within the sector's middle half-31.7%within the sector's middle half▼ 21.4pp41.7%within the sector's middle half▲ 10.1pp45.7%within the sector's middle half▲ 4.0pp
Current ratio1.28within the sector's middle half-0.80below the sector's middle half▼ 0.491.43within the sector's middle half▲ 0.641.56within the sector's middle half▲ 0.13
Return on assets (ROA)45.8%above the sector's middle half--12.1%below the sector's middle half▼ 58.0pp13.3%within the sector's middle half▲ 25.4pp-9.8%below the sector's middle half▼ 23.1pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 loss of €5,516, after a profit of €15,489 in 2024.
Turnover and EBIT margin are not published. The 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 €70,407
Fixed assets
€28,440 ▼ 31.2%
Current assets
€41,967 ▼ 19.9%
Equity and liabilities €70,407
Equity
€32,201 ▼ 17.6%
Debt
€38,205 ▼ 30.1%
Debt's share of the balance-sheet total falls from 58.3% to 54.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€10,631▼
2024 · €36,610
Cash flow
€9,251▼
2024 · €33,618
Debt to equity
1.19▼
2024 · 1.40
ROE
-21.4%▼
2024 · 32.0%
Interest coverage
8.49▼
2024 · 19.27
Debt ≤ 1 year
€26,839▼
2024 · €36,594
Debt > 1 year
€11,366▼
2024 · €18,038
Income taxes
€128▼
2024 · €1,093
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €64,001 | €47,574 | €2,670 | €3,250 |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | €23,352 | €15,183 | €21,121 | €16,147 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €571 awarded · €571 paidAnnual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,352 | €15,183 | €21,121 | €16,147 | ▼ 23.6% |
| Other operating charges640/8 | €695 | €2,486 | €1,740 | €2,600 | ▲ 49.5% |
| Gross operating margin9900 | €68,597 | €9,159 | €38,349 | €13,231 | ▼ 65.5% |
| Operating profit (loss)9901 | €44,550 | -€8,510 | €15,489 | -€5,516 | - |
| Financial income75/76B | €0 | - | €1 | €1 | ▼ 31.5% |
| Recurring financial income75 | €0 | - | €1 | €1 | ▼ 31.5% |
| Financial charges65/66B | €981 | €1,658 | €1,900 | €1,253 | ▼ 34.1% |
| Recurring financial charges65 | €981 | €1,658 | €1,900 | €1,253 | ▼ 34.1% |
| Profit (loss) for the period before taxes9903 | €43,569 | -€10,168 | €13,590 | -€6,768 | - |
| Income taxes67/77 | €11,801 | €0 | €1,093 | €128 | ▼ 88.3% |
| Profit (loss) for the period9904 | €31,768 | -€10,168 | €12,497 | -€6,896 | - |
| Profit (loss) for the period to be appropriated9905 | €31,768 | -€10,168 | €12,497 | -€6,896 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €69,289 | €84,012 | €93,729 | €70,407 | ▼ 24.9% |
| Fixed assets21/28 | €40,649 | €59,788 | €41,337 | €28,440 | ▼ 31.2% |
| Tangible fixed assets22/27 | €40,649 | €59,788 | €41,337 | €28,440 | ▼ 31.2% |
| Plant, machinery and equipment23 | €4,476 | €4,577 | €5,084 | €6,001 | ▲ 18.0% |
| Furniture and vehicles24 | €36,174 | €55,211 | €12,753 | €5,714 | ▼ 55.2% |
| Leasing and similar rights25 | - | - | €23,500 | €16,725 | ▼ 28.8% |
| Current assets29/58 | €28,639 | €24,224 | €52,392 | €41,967 | ▼ 19.9% |
| Amounts receivable within one year40/41 | €17,390 | €16,084 | €48,977 | €14,195 | ▼ 71.0% |
| Trade receivables40 | €16,061 | €2,480 | €29,376 | €12,608 | ▼ 57.1% |
| Other amounts receivable41 | €1,330 | €13,604 | €19,601 | €1,588 | ▼ 91.9% |
| Cash at bank and in hand54/58 | €11,249 | €8,140 | €3,415 | €27,771 | ▲ 713% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €69,289 | €84,012 | €93,729 | €70,407 | ▼ 24.9% |
| Equity10/15 | €36,768 | €26,600 | €39,097 | €32,201 | ▼ 17.6% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €31,768 | €31,768 | €34,097 | €34,097 | = |
| Distributable reserves133 | €31,768 | €31,768 | €34,097 | €34,097 | = |
| Profit (loss) carried forward14 | - | -€10,168 | €0 | -€6,896 | - |
| Amounts payable17/49 | €32,521 | €57,412 | €54,632 | €38,205 | ▼ 30.1% |
| Amounts payable after more than one year17 | €10,176 | €26,961 | €18,038 | €11,366 | ▼ 37.0% |
| Financial debts170/4 | €10,176 | €26,961 | €18,038 | €11,366 | ▼ 37.0% |
| Amounts payable within one year42/48 | €22,345 | €30,450 | €36,594 | €26,839 | ▼ 26.7% |
| Current portion of amounts payable after more than one year42 | €7,516 | €13,683 | €8,923 | €6,672 | ▼ 25.2% |
| Trade debts44 | €356 | €12,328 | €12,647 | €14,718 | ▲ 16.4% |
| Suppliers440/4 | €356 | €12,328 | €12,647 | €14,718 | ▲ 16.4% |
| Taxes, remuneration and social security45 | €14,351 | €3,600 | €3,600 | €3,728 | ▲ 3.6% |
| Taxes450/3 | €14,351 | €3,600 | €3,600 | €3,728 | ▲ 3.6% |
| Other amounts payable47/48 | €122 | €839 | €11,424 | €1,722 | ▼ 84.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,768 | -€10,168 | €12,497 | -€6,896 | - |
| + Depreciation and write-downs630 | €23,352 | €15,183 | €21,121 | €16,147 | ▼ 23.6% |
| Operating cash flow (approximation) | €55,120 | €5,015 | €33,618 | €9,251 | ▼ 72.5% |
| Investment in fixed assets (approximation) | - | -€34,321 | -€2,670 | -€3,250 | ▼ 21.7% |
| Change in cash | - | -€3,109 | -€4,725 | €24,357 | - |
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, 3,440 companies had the same profile as COPPENS KEN has now. Two years later, 90.0% were still going and 2.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
90.0%
was still going
7.4%
stopped otherwise
2.3%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COPPENS KEN itself: 0.6% 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 3,440 companies, not a prediction for COPPENS KEN. 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.