CORCOOL
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 34 days after the deadline Filed on 3 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00497661.
Annual accounts 2025 filed on 03-09-2026 at the NBB all 13 filings
Turnover
€409,171
EBIT margin
19.1%
Net result
€63,843▲ 37.8%
2024 · €46,346
Working capital
-€15,496▲ 92.6%
2024 · -€208,898
In the rankings
#7 company by total assets in Berloz
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€79,986
▲ 27.5%
2025
20182025
Net result
€63,843
▲ 37.8%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€237,769
▲ 33.5%
2025
middle half of the sector
20182025
Total assets
€1.6m
▲ 48.9%
2025
middle half of the sector
20182025
Debt
€1.3m
▲ 52.0%
2025
20182025
Working capital
-€15,496
▲ 92.6%
2025
middle half of the sector
20182025
Solvency
15.0%
▼ 1.7pp
2025
middle half of the sector
20182025
Current ratio
0.94
▲ 0.47
2025
middle half of the sector
20182025
Return on assets (ROA)
4.0%
▼ 0.3pp
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
Turnover€0.4m
Operating result€0.01m-€0.006m▼ 52.6%€0.03m▲ 293%€0.03m▲ 6.3%€0.08m▲ 188%€0.03m▼ 57.8%€0.06m▲ 90.9%€0.08m▲ 27.5%
Net result-€0.009m--€0.01m▼ 57.5%€0.009mwithin the sector's middle half€0.01mwithin the sector's middle half▲ 44.1%€0.05mwithin the sector's middle half▲ 268%€0.03mwithin the sector's middle half▼ 36.8%€0.05mwithin the sector's middle half▲ 49.7%€0.06mwithin the sector's middle half▲ 37.8%
EBIT margin19.1%
Equity€0.08m-€0.06m▼ 27.0%€0.06mwithin the sector's middle half▲ 3.3%€0.07mbelow the sector's middle half▲ 8.5%€0.1mbelow the sector's middle half▲ 66.9%€0.1mbelow the sector's middle half▲ 24.6%€0.2mbelow the sector's middle half▲ 31.1%€0.2mwithin the sector's middle half▲ 33.5%
Total assets€1.3m-€1.2m▼ 8.0%€1.1mabove the sector's middle half▼ 7.2%€1.2mbelow the sector's middle half▲ 5.9%€1.2mbelow the sector's middle half▲ 3.5%€1.1mbelow the sector's middle half▼ 12.1%€1.1mbelow the sector's middle half▲ 0.3%€1.6mwithin the sector's middle half▲ 48.9%
Debt€1.2m-€1.1m▼ 6.8%€1.0m▼ 7.7%€1.1m▲ 5.7%€1.1m▼ 0.2%€0.9m▼ 15.8%€0.9m▼ 4.2%€1.3m▲ 52.0%
Working capital-€0.09m--€0.1m▼ 27.8%-€0.1mbelow the sector's middle half▼ 3.2%-€0.1mbelow the sector's middle half▼ 1.3%-€0.08mwithin the sector's middle half▲ 36.7%-€0.09mwithin the sector's middle half▼ 14.3%-€0.2mbelow the sector's middle half▼ 134%-€0.02mwithin the sector's middle half▲ 92.6%
Solvency6.2%-4.9%▼ 1.3pp5.5%below the sector's middle half▲ 0.6pp5.6%below the sector's middle half▲ 0.1pp9.0%below the sector's middle half▲ 3.4pp12.8%below the sector's middle half▲ 3.8pp16.7%within the sector's middle half▲ 3.9pp15.0%within the sector's middle half▼ 1.7pp
Current ratio0.65-0.62▼ 0.030.62below the sector's middle half=0.67below the sector's middle half▲ 0.040.80below the sector's middle half▲ 0.140.73below the sector's middle half▼ 0.070.47below the sector's middle half▼ 0.260.94within the sector's middle half▲ 0.47
Return on assets (ROA)-0.7%--1.2%▼ 0.5pp0.8%within the sector's middle half▲ 2.0pp1.1%within the sector's middle half▲ 0.3pp4.1%within the sector's middle half▲ 2.9pp2.9%within the sector's middle half▼ 1.1pp4.3%within the sector's middle half▲ 1.4pp4.0%within the sector's middle half▼ 0.3pp
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 27% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.3m ▲ 53.3%
Current assets
€240,188 ▲ 28.2%
Equity and liabilities €1.6m
Equity
€237,769 ▲ 33.5%
Debt
€1.3m ▲ 52.0%
Debt's share of the balance-sheet total rises from 83.3% to 85.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€240,180▲
2024 · €175,316
Cash flow
€224,037▲
2024 · €158,908
Debt to equity
5.67▲
2024 · 4.99
ROE
26.9%▲
2024 · 26.0%
Interest coverage
15.48▲
2024 · 11.47
Debt ≤ 1 year
€255,684▼
2024 · €396,256
Debt > 1 year
€1.1m▲
2024 · €491,374
Income taxes
€4,759▼
2024 · €5,246
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 | €139,551 | €80,547 | €39,418 | €169,114 | €628,500 |
| Depreciation and write-downs of the year | €119,465 | €109,680 | €109,702 | €112,562 | €160,194 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €409,171 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €272,660 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €150,905 | €147,712 | €119,497 | €119,465 | €109,680 | €109,702 | €112,562 | €160,194 | ▲ 42.3% |
| Other operating charges640/8 | - | - | - | €14,068 | €15,118 | €15,119 | €15,483 | €17,737 | ▲ 14.6% |
| Gross operating margin9900 | €172,666 | €166,851 | €159,308 | €160,641 | €202,788 | €157,700 | €190,799 | €257,917 | ▲ 35.2% |
| Operating profit (loss)9901 | €13,719 | €6,496 | €25,506 | €27,108 | €77,990 | €32,879 | €62,754 | €79,986 | ▲ 27.5% |
| Financial income75/76B | - | - | - | €8,174 | €5,287 | €4,119 | €4,120 | €4,129 | ▲ 0.2% |
| Recurring financial income75 | €7,634 | €7,326 | €7,825 | €8,174 | €5,287 | €4,119 | €4,120 | €4,129 | ▲ 0.2% |
| Financial charges65/66B | - | - | - | €21,575 | €20,331 | €18,816 | €15,282 | €15,513 | ▲ 1.5% |
| Recurring financial charges65 | €29,974 | €27,676 | €23,759 | €21,575 | €20,331 | €18,816 | €15,282 | €15,513 | ▲ 1.5% |
| Profit (loss) for the period before taxes9903 | -€8,621 | -€13,854 | €9,572 | €13,707 | €62,946 | €18,182 | €51,592 | €68,602 | ▲ 33.0% |
| Income taxes67/77 | €415 | €381 | €337 | €400 | €13,962 | -€12,784 | €5,246 | €4,759 | ▼ 9.3% |
| Profit (loss) for the period9904 | -€9,036 | -€14,235 | €9,235 | €13,307 | €48,984 | €30,966 | €46,346 | €63,843 | ▲ 37.8% |
| Profit (loss) for the period to be appropriated9905 | -€9,036 | -€14,235 | €9,235 | €13,307 | €48,984 | €30,966 | €46,346 | €63,843 | ▲ 37.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.2m | €1.1m | €1.2m | €1.2m | €1.1m | €1.1m | €1.6m | ▲ 48.9% |
| Fixed assets21/28 | €1.1m | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | €0.9m | €1.3m | ▲ 53.3% |
| Tangible fixed assets22/27 | €1.1m | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | €0.9m | €1.3m | ▲ 53.3% |
| Land and buildings22 | - | - | - | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | ▼ 9.7% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.8m | ▲ 177% |
| Furniture and vehicles24 | - | - | - | €0.07m | €0.09m | €0.07m | €0.05m | €0.02m | ▼ 50.3% |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 28.2% |
| Amounts receivable within one year40/41 | €0.03m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.1m | €0.1m | ▲ 16.8% |
| Trade receivables40 | - | - | - | €0.2m | €0.3m | €0.2m | €0.1m | €0.1m | ▲ 36.8% |
| Other amounts receivable41 | - | - | - | - | - | - | €0.02m | - | - |
| Cash at bank and in hand54/58 | €0.1m | €0.005m | €0.03m | €0.02m | €0.05m | €0.01m | €0.07m | €0.1m | ▲ 50.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.003m | €0.004m | €0.002m | ▼ 48.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.2m | €1.1m | €1.2m | €1.2m | €1.1m | €1.1m | €1.6m | ▲ 48.9% |
| Equity10/15 | €0.08m | €0.06m | €0.06m | €0.07m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 33.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.07m | €0.1m | €0.2m | ▲ 45.7% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | - | - | €0.07m | €0.1m | €0.2m | ▲ 46.4% |
| Profit (loss) carried forward14 | -€0.007m | -€0.02m | -€0.01m | €0.001m | €0.05m | €0.01m | €0.006m | €0.01m | ▲ 118% |
| Investment grants15 | - | - | - | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | ▼ 13.8% |
| Amounts payable17/49 | €1.2m | €1.1m | €1.0m | €1.1m | €1.1m | €0.9m | €0.9m | €1.3m | ▲ 52.0% |
| Amounts payable after more than one year17 | €0.9m | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | €0.5m | €1.1m | ▲ 123% |
| Financial debts170/4 | - | - | - | €0.7m | €0.7m | €0.6m | €0.5m | €1.1m | ▲ 123% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | €0.4m | €0.3m | ▼ 35.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 66.2% |
| Trade debts44 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.04m | ▼ 85.9% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.04m | ▼ 85.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.008m | €0.05m | €0.02m | €0.008m | €0.04m | ▲ 430% |
| Taxes450/3 | - | - | - | €0.008m | €0.05m | €0.02m | €0.008m | €0.04m | ▲ 430% |
| Other amounts payable47/48 | - | - | - | €0.01m | €0.007m | €0.001m | - | €29 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,036 | -€14,235 | €9,235 | €13,307 | €48,984 | €30,966 | €46,346 | €63,843 | ▲ 37.8% |
| + Depreciation and write-downs630 | €150,905 | €147,712 | €119,497 | €119,465 | €109,680 | €109,702 | €112,562 | €160,194 | ▲ 42.3% |
| Operating cash flow (approximation) | €141,869 | €133,477 | €128,732 | €132,772 | €158,664 | €140,668 | €158,908 | €224,037 | ▲ 41.0% |
| Investment in fixed assets (approximation) | - | -€21,489 | -€27,506 | -€139,550 | -€80,547 | -€39,418 | -€169,114 | -€628,500 | ▼ 272% |
| Change in cash | - | -€137,381 | €20,668 | -€3,364 | €23,772 | -€32,923 | €58,378 | €35,665 | ▼ 38.9% |
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, 4,107 companies had the same profile as CORCOOL has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CORCOOL 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 4,107 companies, not a prediction for CORCOOL. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-09-2026 | 2026-00497661 | |
| 31-12-2024 | full format | 07-08-2025 | 2025-00363632 | |
| 31-12-2023 | full format | 29-08-2024 | 2024-00397335 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00401004 | |
| 31-12-2021 | full format | 01-09-2022 | 2022-20399824 | |
| 31-12-2020 | micro format | 28-09-2021 | 2021-68900590 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-57600262 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-42000357 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-52200317 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-49600328 |