COPS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 18 filings
Turnover
≈ €620,000
Estimated: probably between €410,000 and €1.1m
Total assets
€529,795▲ 21.1%
2024 · €437,402
Net result
€84,922▲ 19.3%
2024 · €71,173
Working capital
€151,232▼ 33.0%
2024 · €225,757
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€124,699
▲ 23.6%
2025
20182025
Net result
€84,922
▲ 19.3%
2025
highest quarter of the sector
20182025
Equity
€261,397
▼ 15.4%
2025
highest quarter of the sector
20182025
Total assets
€529,795
▲ 21.1%
2025
highest quarter of the sector
20182025
Debt
€268,398
▲ 109%
2025
20182025
Working capital
€151,232
▼ 33.0%
2025
highest quarter of the sector
20182025
Solvency
49.3%
▼ 21.3pp
2025
middle half of the sector
20182025
Current ratio
1.67
▼ 1.09
2025
middle half of the sector
20182025
Return on assets (ROA)
16.0%
▼ 0.2pp
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€77,180-€33,317▼ 56.8%€29,773▼ 10.6%€9,515▼ 68.0%€12,558▲ 32.0%€36,893▲ 194%€100,926▲ 174%€124,699▲ 23.6%
Net result€54,875-€21,793▼ 60.3%€16,479within the sector's middle half▼ 24.4%€4,909within the sector's middle half▼ 70.2%€6,436within the sector's middle half▲ 31.1%€25,935within the sector's middle half▲ 303%€71,173above the sector's middle half▲ 174%€84,922above the sector's middle half▲ 19.3%
Equity€178,752-€200,545▲ 12.2%€217,024above the sector's middle half▲ 8.2%€221,932above the sector's middle half▲ 2.3%€228,368above the sector's middle half▲ 2.9%€237,803above the sector's middle half▲ 4.1%€308,975above the sector's middle half▲ 29.9%€261,397above the sector's middle half▼ 15.4%
Total assets€288,913-€452,510▲ 56.6%€355,853above the sector's middle half▼ 21.4%€265,661within the sector's middle half▼ 25.3%€319,785above the sector's middle half▲ 20.4%€272,661within the sector's middle half▼ 14.7%€437,402above the sector's middle half▲ 60.4%€529,795above the sector's middle half▲ 21.1%
Debt€110,161-€251,965▲ 129%€138,829▼ 44.9%€43,729▼ 68.5%€91,417▲ 109%€34,858▼ 61.9%€128,426▲ 268%€268,398▲ 109%
Working capital€75,761-€60,983▼ 19.5%€104,377above the sector's middle half▲ 71.2%€128,989above the sector's middle half▲ 23.6%€153,282above the sector's middle half▲ 18.8%€202,328above the sector's middle half▲ 32.0%€225,757above the sector's middle half▲ 11.6%€151,232above the sector's middle half▼ 33.0%
Solvency61.9%-44.3%▼ 17.6pp61.0%within the sector's middle half▲ 16.7pp83.5%above the sector's middle half▲ 22.6pp71.4%above the sector's middle half▼ 12.1pp87.2%above the sector's middle half▲ 15.8pp70.6%above the sector's middle half▼ 16.6pp49.3%within the sector's middle half▼ 21.3pp
Current ratio2.01-1.25▼ 0.751.85within the sector's middle half▲ 0.604.06above the sector's middle half▲ 2.212.69within the sector's middle half▼ 1.376.83above the sector's middle half▲ 4.142.76within the sector's middle half▼ 4.071.67within the sector's middle half▼ 1.09
Return on assets (ROA)19.0%-4.8%▼ 14.2pp4.6%within the sector's middle half▼ 0.2pp1.8%within the sector's middle half▼ 2.8pp2.0%within the sector's middle half▲ 0.2pp9.5%within the sector's middle half▲ 7.5pp16.3%within the sector's middle half▲ 6.8pp16.0%within the sector's middle half▼ 0.2pp
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 24% higher than in 2024 and the highest since 2018. It is the fourth rise in a row, after the fall in 2021.
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 €529,795
Fixed assets
€152,199 ▲ 82.9%
Current assets
€377,595 ▲ 6.6%
Equity and liabilities €529,795
Equity
€261,397 ▼ 15.4%
Debt
€268,398 ▲ 109%
Debt's share of the balance-sheet total rises from 29.4% to 50.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€146,007▲
2024 · €110,276
Cash flow
€106,230▲
2024 · €80,523
Debt to equity
1.03▲
2024 · 0.42
ROE
32.5%▲
2024 · 23.0%
Interest coverage
34.16▼
2024 · over 100
Debt ≤ 1 year
€226,363▲
2024 · €128,414
Debt > 1 year
€35,509
Income taxes
€37,238▲
2024 · €29,720
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 | €16,931 | €4,761 | €416 | €24,883 | €113,388 |
| Financial fixed assets | €4 | €15,988 | €2,586 | €90,767 | €16,919 |
| Depreciation and write-downs of the year | €40,547 | €39,715 | €19,660 | €9,350 | €21,308 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €421 awarded · €421 paidPublic contracts
2 awards · 2024
Inrichting van een theaterzaal, een filmstudio en 12 studio's: EHB-PAT-2023-005 - 1
Inrichting van een theaterzaal, een filmstudio en 12 studio's: EHB-PAT-2023-005 - 2
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,636 | €43,620 | €45,135 | €40,547 | €39,715 | €19,660 | €9,350 | €21,308 | ▲ 128% |
| Other operating charges640/8 | - | - | - | €2,233 | €2,911 | €1,879 | €3,142 | €3,693 | ▲ 17.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €7,288 | - | - |
| Gross operating margin9900 | €112,389 | €79,503 | €78,136 | €52,295 | €55,184 | €58,432 | €120,706 | €149,700 | ▲ 24.0% |
| Operating profit (loss)9901 | €77,180 | €33,317 | €29,773 | €9,515 | €12,558 | €36,893 | €100,926 | €124,699 | ▲ 23.6% |
| Financial income75/76B | - | - | - | €3,163 | €1,514 | €1,087 | €953 | €1,735 | ▲ 82.1% |
| Recurring financial income75 | €503 | €4,733 | €1,391 | €3,163 | €1,514 | €1,087 | €953 | €1,735 | ▲ 82.1% |
| Financial charges65/66B | - | - | - | €4,978 | €3,670 | €707 | €987 | €4,275 | ▲ 333% |
| Recurring financial charges65 | €2,948 | €5,527 | €4,719 | €4,978 | €3,670 | €707 | €987 | €4,275 | ▲ 333% |
| Profit (loss) for the period before taxes9903 | €74,734 | €32,522 | €26,445 | €7,699 | €10,402 | €37,273 | €100,892 | €122,159 | ▲ 21.1% |
| Income taxes67/77 | €19,859 | €10,729 | €9,967 | €2,790 | €3,966 | €11,338 | €29,720 | €37,238 | ▲ 25.3% |
| Profit (loss) for the period9904 | €54,875 | €21,793 | €16,479 | €4,909 | €6,436 | €25,935 | €71,173 | €84,922 | ▲ 19.3% |
| Profit (loss) for the period to be appropriated9905 | €54,875 | €21,793 | €29,479 | €4,909 | €6,436 | €25,935 | €71,173 | €84,922 | ▲ 19.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €288,913 | €452,510 | €355,853 | €265,661 | €319,785 | €272,661 | €437,402 | €529,795 | ▲ 21.1% |
| Fixed assets21/28 | €137,973 | €151,083 | €128,830 | €94,514 | €75,548 | €35,600 | €83,230 | €152,199 | ▲ 82.9% |
| Tangible fixed assets22/27 | €110,001 | €127,643 | €103,268 | €79,652 | €44,697 | €20,844 | €29,088 | €121,168 | ▲ 317% |
| Land and buildings22 | - | - | - | €8,083 | €7,686 | €7,288 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €44,477 | €28,618 | €13,360 | €13,023 | €8,940 | ▼ 31.4% |
| Furniture and vehicles24 | - | - | - | €27,091 | €8,393 | €195 | €14,770 | €110,615 | ▲ 649% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €1,295 | €1,613 | ▲ 24.6% |
| Financial fixed assets28 | €27,972 | €23,440 | €25,562 | €14,863 | €30,851 | €14,757 | €54,142 | €31,031 | ▼ 42.7% |
| Current assets29/58 | €150,940 | €301,427 | €227,023 | €171,147 | €244,237 | €237,060 | €354,172 | €377,595 | ▲ 6.6% |
| Stocks and contracts in progress3 | €20,000 | €100,000 | €40,000 | €73,000 | €10,000 | €30,000 | €20,000 | - | - |
| Contracts in progress37 | - | - | - | €73,000 | €10,000 | €30,000 | €20,000 | - | - |
| Amounts receivable within one year40/41 | €93,813 | €150,815 | €166,998 | €57,619 | €184,187 | €81,364 | €84,719 | €119,755 | ▲ 41.4% |
| Trade receivables40 | - | - | - | €34,830 | €130,449 | €53,697 | €21,958 | €85,412 | ▲ 289% |
| Other amounts receivable41 | - | - | - | €22,789 | €53,738 | €27,667 | €62,761 | €34,343 | ▼ 45.3% |
| Current investments50/53 | €30,012 | €46,531 | €20,025 | €20,025 | €50,050 | €109,254 | €133,833 | €250,337 | ▲ 87.1% |
| Cash at bank and in hand54/58 | €7,116 | - | - | €16,378 | - | €11,497 | €115,193 | €6,904 | ▼ 94.0% |
| Deferred charges and accrued income490/1 | - | - | - | €4,125 | - | €4,945 | €427 | €600 | ▲ 40.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €288,913 | €452,510 | €355,853 | €265,661 | €319,785 | €272,661 | €437,402 | €529,795 | ▲ 21.1% |
| Equity10/15 | €178,752 | €200,545 | €217,024 | €221,932 | €228,368 | €237,803 | €308,975 | €261,397 | ▼ 15.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €159,360 | €180,860 | €196,860 | €201,760 | €208,160 | €217,560 | €288,660 | €240,960 | ▼ 16.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €199,900 | €206,300 | €217,560 | €288,660 | €240,960 | ▼ 16.5% |
| Profit (loss) carried forward14 | €792 | €1,085 | €1,564 | €1,572 | €1,608 | €1,643 | €1,715 | €1,837 | ▲ 7.1% |
| Amounts payable17/49 | €110,161 | €251,965 | €138,829 | €43,729 | €91,417 | €34,858 | €128,426 | €268,398 | ▲ 109% |
| Amounts payable after more than one year17 | €34,982 | €11,521 | €16,183 | €952 | - | - | - | €35,509 | - |
| Financial debts170/4 | - | - | - | €952 | - | - | - | €35,509 | - |
| Amounts payable within one year42/48 | €75,179 | €240,445 | €122,646 | €42,158 | €90,955 | €34,733 | €128,414 | €226,363 | ▲ 76.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,242 | €952 | - | - | €21,646 | - |
| Financial debts43 | - | - | - | - | €30,342 | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €30,342 | - | - | - | - |
| Trade debts44 | €52,856 | €102,085 | €71,129 | €23,916 | €56,662 | €29,653 | €105,827 | €122,045 | ▲ 15.3% |
| Suppliers440/4 | - | - | - | €23,916 | €56,662 | €29,653 | €105,827 | €122,045 | ▲ 15.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €55,800 | - |
| Taxes, remuneration and social security45 | - | - | - | €3,000 | €3,000 | €5,080 | €22,587 | €24,995 | ▲ 10.7% |
| Taxes450/3 | - | - | - | €3,000 | €3,000 | €5,080 | €22,587 | €24,995 | ▲ 10.7% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €1,878 | - |
| Accrued charges and deferred income492/3 | - | - | - | €619 | €462 | €125 | €12 | €6,525 | ▲ 544× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,875 | €21,793 | €16,479 | €4,909 | €6,436 | €25,935 | €71,173 | €84,922 | ▲ 19.3% |
| + Depreciation and write-downs630 | €33,636 | €43,620 | €45,135 | €40,547 | €39,715 | €19,660 | €9,350 | €21,308 | ▲ 128% |
| Operating cash flow (approximation) | €88,510 | €65,413 | €61,613 | €45,456 | €46,151 | €45,595 | €80,523 | €106,230 | ▲ 31.9% |
| Investment in fixed assets (approximation) | - | -€56,730 | -€22,882 | -€6,231 | -€20,749 | €20,287 | -€56,980 | -€90,278 | ▼ 58.4% |
| Change in cash | - | - | - | - | - | - | €103,696 | -€108,289 | - |
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, 17,811 companies had the same profile as COPS has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of COPS itself: 0.3% 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 17,811 companies, not a prediction for COPS. 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 | micro format | 29-06-2026 | 2026-00215123 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00198389 | |
| 31-12-2023 | micro format | 27-06-2024 | 2024-00182253 | |
| 31-12-2022 | micro format | 28-06-2023 | 2023-00176378 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20116493 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-27700596 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-23300455 | |
| 31-12-2018 | micro format | 29-06-2019 | 2019-26000377 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-25400139 | |
| 31-12-2016 | micro format | 27-06-2017 | 2017-22400563 |