COPTEX
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 25-10-2026 at the NBB all 12 filings
Turnover
≈ €290,000
Estimated: probably between €160,000 and €500,000
Total assets
€352,461▼ 7.3%
2025 · €380,247
Net result
€2,593▼ 67.2%
2025 · €7,907
Working capital
€190,272▼ 4.9%
2025 · €200,168
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€19,950
▼ 8.8%
2026
20192026
Net result
€2,593
▼ 67.2%
2026
20192026
Equity
€172,034
▲ 1.5%
2026
20192026
Total assets
€352,461
▼ 7.3%
2026
20192026
Debt
€180,427
▼ 14.4%
2026
20192026
Working capital
€190,272
▼ 4.9%
2026
20192026
Solvency
48.8%
▲ 4.2pp
2026
20192026
Current ratio
2.74
▲ 0.07
2026
20192026
Return on assets (ROA)
0.7%
▼ 1.3pp
2026
20192026
Staff (FTE)
1
▲ 42.9%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€2,917-€59,872▲ 21×€29,425▼ 50.9%€28,240▼ 4.0%€21,340▼ 24.4%€28,538▲ 33.7%€21,865▼ 23.4%€19,950▼ 8.8%
Net result€1,126-€49,937▲ 44×€23,919within the sector's middle half▼ 52.1%€15,735within the sector's middle half▼ 34.2%€23,100above the sector's middle half▲ 46.8%€24,771above the sector's middle half▲ 7.2%€7,907within the sector's middle half▼ 68.1%€2,593▼ 67.2%
Equity€44,072-€74,009▲ 67.9%€97,929within the sector's middle half▲ 32.3%€113,663within the sector's middle half▲ 16.1%€136,764above the sector's middle half▲ 20.3%€161,535above the sector's middle half▲ 18.1%€169,441above the sector's middle half▲ 4.9%€172,034▲ 1.5%
Total assets€120,855-€103,279▼ 14.5%€167,192within the sector's middle half▲ 61.9%€175,215within the sector's middle half▲ 4.8%€190,988within the sector's middle half▲ 9.0%€332,354above the sector's middle half▲ 74.0%€380,247above the sector's middle half▲ 14.4%€352,461▼ 7.3%
Debt€76,783-€29,270▼ 61.9%€69,264▲ 137%€61,552▼ 11.1%€54,225▼ 11.9%€170,819▲ 215%€210,806▲ 23.4%€180,427▼ 14.4%
Working capital€38,264-€70,540▲ 84.4%€92,362above the sector's middle half▲ 30.9%€110,677above the sector's middle half▲ 19.8%€135,127above the sector's middle half▲ 22.1%€172,069above the sector's middle half▲ 27.3%€200,168above the sector's middle half▲ 16.3%€190,272▼ 4.9%
Solvency36.5%-71.7%▲ 35.2pp58.6%within the sector's middle half▼ 13.1pp64.9%above the sector's middle half▲ 6.3pp71.6%above the sector's middle half▲ 6.7pp48.6%within the sector's middle half▼ 23.0pp44.6%within the sector's middle half▼ 4.0pp48.8%▲ 4.2pp
Current ratio1.50-3.41▲ 1.912.33within the sector's middle half▼ 1.082.80above the sector's middle half▲ 0.463.49above the sector's middle half▲ 0.692.85above the sector's middle half▼ 0.652.66within the sector's middle half▼ 0.192.74▲ 0.07
Return on assets (ROA)0.9%-48.4%▲ 47.4pp14.3%above the sector's middle half▼ 34.0pp9.0%within the sector's middle half▼ 5.3pp12.1%above the sector's middle half▲ 3.1pp7.5%within the sector's middle half▼ 4.6pp2.1%within the sector's middle half▼ 5.4pp0.7%▼ 1.3pp
Staff (FTE)0.6-0.71▲ 42.9%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2026 is 9% lower than in 2025 and the lowest since 2022. It is the second fall in a row.
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
2026 in colour, 2025 as the grey bar beneath
Assets €352,461
Fixed assets
€52,559 ▼ 11.8%
Current assets
€299,902 ▼ 6.5%
Equity and liabilities €352,461
Equity
€172,034 ▲ 1.5%
Debt
€180,427 ▼ 14.4%
Debt's share of the balance-sheet total falls from 55.4% to 51.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€26,966▼
2025 · €29,376
Cash flow
€9,608▼
2025 · €15,418
Quick ratio
0.68▼
2025 · 0.96
Debt to equity
1.05▼
2025 · 1.24
ROE
1.5%▼
2025 · 4.7%
Interest coverage
2.87▼
2025 · 3.72
Debt ≤ 1 year
€109,630▼
2025 · €120,504
Debt > 1 year
€70,797▼
2025 · €90,301
Income taxes
€8,477▲
2025 · €6,976
Staff costs
€31,332▲
2025 · €19,892
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2025 | 31-03-2026 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| part-time | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.6 | 1 |
| On a permanent contract | 1 | 1 |
| Joined | 2 | 1 |
| Left | 1 | 1 |
Source: social balance sheet in the 2025 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €70,155 | - | - |
| Depreciation and write-downs of the year | €2,580 | €1,350 | €4,706 | €7,511 | €7,016 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €19,892 | €31,332 | ▲ 57.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,270 | €6,369 | €2,961 | €2,580 | €1,350 | €4,706 | €7,511 | €7,016 | ▼ 6.6% |
| Other operating charges640/8 | - | - | - | €932 | €868 | €4,723 | €360 | €1,836 | ▲ 410% |
| Gross operating margin9900 | €13,305 | €67,282 | €35,337 | €31,752 | €23,558 | €37,967 | €49,628 | €60,134 | ▲ 21.2% |
| Operating profit (loss)9901 | €2,917 | €59,872 | €29,425 | €28,240 | €21,340 | €28,538 | €21,865 | €19,950 | ▼ 8.8% |
| Financial income75/76B | - | - | - | €254 | €2,675 | €1,530 | €910 | €514 | ▼ 43.5% |
| Recurring financial income75 | €466 | €1,737 | €2,845 | €254 | €2,675 | €1,530 | €910 | €514 | ▼ 43.5% |
| Financial charges65/66B | - | - | - | €383 | €414 | €5,297 | €7,892 | €9,394 | ▲ 19.0% |
| Recurring financial charges65 | €267 | €572 | €727 | €383 | €414 | €5,297 | €7,892 | €9,394 | ▲ 19.0% |
| Profit (loss) for the period before taxes9903 | €3,117 | €61,037 | €31,543 | €28,110 | €23,601 | €24,771 | €14,883 | €11,070 | ▼ 25.6% |
| Income taxes67/77 | €1,991 | €11,099 | €7,624 | €12,376 | €501 | - | €6,976 | €8,477 | ▲ 21.5% |
| Profit (loss) for the period9904 | €1,126 | €49,937 | €23,919 | €15,735 | €23,100 | €24,771 | €7,907 | €2,593 | ▼ 67.2% |
| Profit (loss) for the period to be appropriated9905 | €1,126 | €49,937 | €23,919 | €15,735 | €23,100 | €24,771 | €7,907 | €2,593 | ▼ 67.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €120,855 | €103,279 | €167,192 | €175,215 | €190,988 | €332,354 | €380,247 | €352,461 | ▼ 7.3% |
| Fixed assets21/28 | €5,808 | €3,469 | €5,566 | €2,986 | €1,636 | €67,085 | €59,574 | €52,559 | ▼ 11.8% |
| Tangible fixed assets22/27 | €5,808 | €3,469 | €5,566 | €2,986 | €1,636 | €67,085 | €59,574 | €52,559 | ▼ 11.8% |
| Plant, machinery and equipment23 | - | - | - | €1,487 | €991 | €67,085 | €59,574 | €52,559 | ▼ 11.8% |
| Furniture and vehicles24 | - | - | - | €1,500 | €645 | €0 | - | - | - |
| Current assets29/58 | €115,047 | €99,810 | €161,626 | €172,229 | €189,352 | €265,268 | €320,672 | €299,902 | ▼ 6.5% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €30,000 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €30,000 | - |
| Stocks and contracts in progress3 | €75,648 | €62,548 | €66,467 | €74,517 | €107,731 | €134,731 | €204,935 | €225,177 | ▲ 9.9% |
| Stocks30/36 | - | - | - | €74,517 | €107,731 | €134,731 | €204,935 | €225,177 | ▲ 9.9% |
| Amounts receivable within one year40/41 | €16,133 | €14,896 | €69,811 | €55,008 | €61,813 | €104,176 | €112,953 | €27,997 | ▼ 75.2% |
| Trade receivables40 | - | - | - | €26,147 | €30,892 | €82,361 | €112,953 | €27,997 | ▼ 75.2% |
| Other amounts receivable41 | - | - | - | €28,861 | €30,921 | €21,815 | - | - | - |
| Cash at bank and in hand54/58 | €22,167 | €20,690 | €24,086 | €41,970 | €6,493 | €25,311 | €2,026 | €8,204 | ▲ 305% |
| Deferred charges and accrued income490/1 | - | - | - | €734 | €13,316 | €1,050 | €758 | €8,525 | ▲ 11× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €120,855 | €103,279 | €167,192 | €175,215 | €190,988 | €332,354 | €380,247 | €352,461 | ▼ 7.3% |
| Equity10/15 | €44,072 | €74,009 | €97,929 | €113,663 | €136,764 | €161,535 | €169,441 | €172,034 | ▲ 1.5% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €22,072 | €52,009 | €75,929 | €91,663 | €114,764 | €139,535 | €147,441 | €150,034 | ▲ 1.8% |
| Amounts payable17/49 | €76,783 | €29,270 | €69,264 | €61,552 | €54,225 | €170,819 | €210,806 | €180,427 | ▼ 14.4% |
| Amounts payable after more than one year17 | - | - | - | - | - | €77,620 | €90,301 | €70,797 | ▼ 21.6% |
| Financial debts170/4 | - | - | - | - | - | €77,620 | €90,301 | €70,797 | ▼ 21.6% |
| Amounts payable within one year42/48 | €76,783 | €29,270 | €69,264 | €61,552 | €54,225 | €93,199 | €120,504 | €109,630 | ▼ 9.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €11,421 | €17,446 | €19,505 | ▲ 11.8% |
| Trade debts44 | €6,728 | €9,709 | €12,032 | €16,732 | €25,658 | €45,529 | €39,136 | €26,891 | ▼ 31.3% |
| Suppliers440/4 | - | - | - | €16,732 | €25,658 | €45,529 | €39,136 | €26,891 | ▼ 31.3% |
| Advances received on contracts in progress46 | - | - | - | €29,139 | €22,751 | €33,892 | €57,673 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €15,681 | €5,816 | €2,357 | €6,249 | €17,774 | ▲ 184% |
| Taxes450/3 | - | - | - | €15,681 | €5,816 | €2,357 | €6,033 | €17,774 | ▲ 195% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €216 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €45,461 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,126 | €49,937 | €23,919 | €15,735 | €23,100 | €24,771 | €7,907 | €2,593 | ▼ 67.2% |
| + Depreciation and write-downs630 | €5,270 | €6,369 | €2,961 | €2,580 | €1,350 | €4,706 | €7,511 | €7,016 | ▼ 6.6% |
| Operating cash flow (approximation) | €6,396 | €56,306 | €26,881 | €18,315 | €24,450 | €29,477 | €15,418 | €9,608 | ▼ 37.7% |
| Investment in fixed assets (approximation) | - | -€4,030 | -€5,058 | €0 | €0 | -€70,155 | €0 | €0 | - |
| Change in cash | - | -€1,477 | €3,396 | €17,885 | -€35,477 | €18,818 | -€23,286 | €6,178 | - |
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 COPTEX 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 COPTEX 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 10,904 companies, not a prediction for COPTEX. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 25-10-2026 | 2026-00567707 | |
| 31-03-2025 | micro format | 31-10-2025 | 2025-00559221 | |
| 31-03-2024 | micro format | 11-09-2024 | 2024-00460019 | |
| 31-03-2023 | micro format | 30-08-2023 | 2023-00383393 | |
| 31-03-2022 | micro format | 18-01-2023 | 2023-00002966 | |
| 31-03-2021 | micro format | 02-11-2021 | 2021-75900227 | |
| 31-03-2020 | micro format | 11-09-2020 | 2020-53300130 | |
| 31-03-2019 | micro format | 29-09-2019 | 2019-67900338 | |
| 31-03-2018 | micro format | 06-10-2018 | 2018-69100242 | |
| 31-03-2017 | full format | 10-10-2017 | 2017-66800432 |