CORNET & CO
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 4 days after the deadline Filed on 4 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00378893.
Annual accounts 2025 filed on 04-08-2026 at the NBB all 31 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€210,155▼ 449%
2024 · -€38,308
Working capital
€325,596▼ 35.6%
2024 · €505,803
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€197,072
▼ 794%
2025
20182025
Net result
-€210,155
▼ 449%
2025
lowest quarter of the sector
20182025
Equity
€225,957
▼ 48.2%
2025
middle half of the sector
20182025
Total assets
€609,875
▼ 21.8%
2025
middle half of the sector
20182025
Debt
€383,917
▲ 11.7%
2025
20182025
Working capital
€325,596
▼ 35.6%
2025
middle half of the sector
20182025
Solvency
37.0%
▼ 18.9pp
2025
middle half of the sector
20182025
Current ratio
2.78
▼ 1.55
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-34.5%
▼ 29.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2.3
▼ 36.1%
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€0.1m-€0.08m▼ 33.2%-€0.01m€0.06m€0.04m▼ 37.2%€0.001m▼ 96.4%-€0.02m-€0.2m▼ 794%
Net result€0.07m-€0.04m▼ 39.8%-€0.03mbelow the sector's middle half€0.03mwithin the sector's middle half€0.005mwithin the sector's middle half▼ 83.1%-€0.02mbelow the sector's middle half-€0.04mbelow the sector's middle half▼ 155%-€0.2mbelow the sector's middle half▼ 449%
Equity€0.4m-€0.5m▲ 9.5%€0.5mwithin the sector's middle half▼ 6.7%€0.5mwithin the sector's middle half▲ 6.3%€0.5mwithin the sector's middle half▲ 0.9%€0.5mwithin the sector's middle half▼ 3.2%€0.4mwithin the sector's middle half▼ 8.1%€0.2mwithin the sector's middle half▼ 48.2%
Total assets€1.6m-€0.9m▼ 41.0%€0.9mwithin the sector's middle half▼ 7.5%€0.9mwithin the sector's middle half▲ 2.4%€0.8mwithin the sector's middle half▼ 12.8%€0.7mwithin the sector's middle half▼ 5.9%€0.8mwithin the sector's middle half▲ 6.3%€0.6mwithin the sector's middle half▼ 21.8%
Debt€1.2m-€0.5m▼ 60.6%€0.4m▼ 8.4%€0.4m▼ 1.9%€0.3m▼ 29.2%€0.3m▼ 10.4%€0.3m▲ 32.5%€0.4m▲ 11.7%
Working capital€0.7m-€0.7m▲ 1.1%€0.7mabove the sector's middle half▼ 6.3%€0.7mabove the sector's middle half▼ 1.5%€0.6mabove the sector's middle half▼ 3.1%€0.6mabove the sector's middle half▼ 3.6%€0.5mwithin the sector's middle half▼ 17.3%€0.3mwithin the sector's middle half▼ 35.6%
Solvency28.0%-51.9%▲ 23.9pp52.3%within the sector's middle half▲ 0.5pp54.3%within the sector's middle half▲ 2.0pp62.9%above the sector's middle half▲ 8.6pp64.7%above the sector's middle half▲ 1.8pp55.9%within the sector's middle half▼ 8.7pp37.0%within the sector's middle half▼ 18.9pp
Current ratio1.94-7.60▲ 5.668.84above the sector's middle half▲ 1.256.15above the sector's middle half▼ 2.708.42above the sector's middle half▲ 2.2810.24above the sector's middle half▲ 1.824.33above the sector's middle half▼ 5.912.78above the sector's middle half▼ 1.55
Return on assets (ROA)4.4%-4.5%▲ 0.1pp-3.7%below the sector's middle half▼ 8.2pp3.3%within the sector's middle half▲ 7.0pp0.6%within the sector's middle half▼ 2.6pp-2.0%below the sector's middle half▼ 2.7pp-4.9%below the sector's middle half▼ 2.9pp-34.5%below the sector's middle half▼ 29.5pp
Staff (FTE)4.2-5.7▲ 35.7%6.2within the sector's middle half▲ 8.8%3.6within the sector's middle half▼ 41.9%2.7within the sector's middle half▼ 25.0%3.1within the sector's middle half▲ 14.8%3.6within the sector's middle half▲ 16.1%2.3within the sector's middle half▼ 36.1%
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 2025 is a loss of €197,072, larger than the loss of €22,054 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Net result -449% on 2024. The accounts now follow the abbreviated format, last year the full format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €609,875
Fixed assets
€101,419 ▼ 16.8%
Current assets
€508,456 ▼ 22.7%
Equity and liabilities €609,875
Equity
€225,957 ▼ 48.2%
Debt
€383,917 ▲ 11.7%
Debt's share of the balance-sheet total rises from 44.1% to 63.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€182,113▼
2024 · -€18,637
Cash flow
-€195,196▼
2024 · -€34,891
Quick ratio
0.87▲
2024 · 0.66
Debt to equity
1.70▲
2024 · 0.79
ROE
-93.0%▼
2024 · -8.8%
Interest coverage
-15.88▼
2024 · -1.09
Debt ≤ 1 year
€182,859▲
2024 · €151,996
Debt > 1 year
€49,511=
2024 · €49,511
Income taxes
€2,831
Staff costs
€147,228▼
2024 · €200,945
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 4 | 7 | 4 | 3 |
| full-time | 2 | 2 | 3 | 2 | 2 |
| part-time | 3 | 2 | 4 | 2 | 1 |
| in full-time equivalents | 2.8 | 2.6 | 4.4 | 2.6 | 2.3 |
| Average over the year, in full-time equivalents | 3.6 | 2.7 | 3.1 | 3.6 | 2.3 |
| On a permanent contract | 5 | 4 | 6 | 3 | 3 |
| Joined | 1 | - | 3 | 0 | 0 |
| Left | 4 | - | 0 | 3 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,048 | €2,755 | €1,630 | €69,954 | €29,570 |
| Financial fixed assets | - | - | €2,690 | - | - |
| Depreciation and write-downs of the year | €14,784 | €7,750 | €7,790 | €3,417 | €14,959 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Public contracts
2 awards · 2020 to 2023
Raamovereenkomst wapengordels en toebehoren.: webbing en toebehoren
Raamovereenkomst voor de aankoop van verschillende interventielampen: Individuele interventielamp
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €157,318 | €119,498 | €165,847 | €200,945 | €147,228 | ▼ 26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,123 | €26,176 | €22,088 | €14,784 | €7,750 | €7,790 | €3,417 | €14,959 | ▲ 338% |
| Other operating charges640/8 | - | - | - | €4,631 | €13,553 | €3,249 | €3,529 | €5,798 | ▲ 64.3% |
| Gross operating margin9900 | €364,174 | €393,605 | €266,848 | €240,095 | €180,617 | €178,309 | €185,837 | -€29,087 | - |
| Operating profit (loss)9901 | €127,099 | €84,867 | -€14,280 | €63,362 | €39,816 | €1,424 | -€22,054 | -€197,072 | ▼ 794% |
| Financial income75/76B | - | - | - | €5,611 | €1,572 | €756 | €904 | €1,214 | ▲ 34.4% |
| Recurring financial income75 | €939 | €15,175 | €6,954 | €5,611 | €1,572 | €756 | €904 | €1,214 | ▲ 34.4% |
| Financial charges65/66B | - | - | - | €18,384 | €24,485 | €11,817 | €17,158 | €11,467 | ▼ 33.2% |
| Recurring financial charges65 | €28,005 | €35,702 | €25,016 | €18,384 | €24,485 | €11,817 | €17,158 | €11,467 | ▼ 33.2% |
| Profit (loss) for the period before taxes9903 | €100,033 | €64,339 | -€32,343 | €50,590 | €16,903 | -€9,638 | -€38,308 | -€207,324 | ▼ 441% |
| Income taxes67/77 | €28,850 | €21,468 | - | €21,252 | €11,951 | €5,371 | - | €2,831 | - |
| Profit (loss) for the period9904 | €71,183 | €42,872 | -€32,343 | €29,338 | €4,952 | -€15,008 | -€38,308 | -€210,155 | ▼ 449% |
| Profit (loss) for the period to be appropriated9905 | €71,183 | €42,872 | -€32,343 | €29,338 | €4,952 | -€15,008 | -€38,308 | -€210,155 | ▼ 449% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.6m | €0.9m | €0.9m | €0.9m | €0.8m | €0.7m | €0.8m | €0.6m | ▼ 21.8% |
| Fixed assets21/28 | €0.2m | €0.1m | €0.1m | €0.1m | €0.06m | €0.06m | €0.1m | €0.1m | ▼ 16.8% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €0.001m | - |
| Tangible fixed assets22/27 | €0.07m | €0.05m | €0.03m | €0.03m | €0.01m | €0.008m | €0.07m | €0.09m | ▲ 18.8% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.006m | €0.005m | €0.003m | €0.03m | ▲ 692% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.007m | €0.002m | €0.07m | €0.06m | ▼ 11.6% |
| Financial fixed assets28 | €0.09m | €0.08m | €0.09m | €0.08m | €0.05m | €0.05m | €0.05m | €0.01m | ▼ 72.8% |
| Current assets29/58 | €1.4m | €0.8m | €0.7m | €0.8m | €0.7m | €0.7m | €0.7m | €0.5m | ▼ 22.7% |
| Stocks and contracts in progress3 | €0.6m | €0.7m | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | €0.3m | ▼ 37.5% |
| Stocks30/36 | - | - | - | €0.6m | €0.6m | €0.5m | €0.6m | €0.3m | ▼ 37.5% |
| Amounts receivable within one year40/41 | €0.8m | €0.1m | €0.1m | €0.2m | €0.05m | €0.1m | €0.05m | €0.05m | ▲ 8.2% |
| Trade receivables40 | - | - | - | €0.2m | €0.04m | €0.09m | €0.04m | €0.04m | ▲ 4.4% |
| Other amounts receivable41 | - | - | - | €0.001m | €0.008m | €0.02m | €0.009m | €0.01m | ▲ 24.4% |
| Cash at bank and in hand54/58 | €0.04m | €0.01m | €0.02m | €0.009m | €0.02m | €0.02m | €0.05m | €0.1m | ▲ 121% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.008m | €0.003m | €0.004m | €0.004m | ▼ 15.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.6m | €0.9m | €0.9m | €0.9m | €0.8m | €0.7m | €0.8m | €0.6m | ▼ 21.8% |
| Equity10/15 | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.2m | ▼ 48.2% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| 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 | = |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.2m | ▼ 54.3% |
| Investment grants15 | - | - | - | €0.001m | €0.001m | - | - | - | - |
| Amounts payable17/49 | €1.2m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 11.7% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.2m | €0.1m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Financial debts170/4 | - | - | - | - | - | €0.05m | €0.05m | €0.05m | = |
| Other amounts payable178/9 | - | - | - | €0.1m | €0.05m | - | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €0.1m | €0.08m | €0.1m | €0.09m | €0.07m | €0.2m | €0.2m | ▲ 20.3% |
| Trade debts44 | €0.5m | €0.02m | €0.01m | €0.08m | €0.04m | €0.04m | €0.07m | €0.05m | ▼ 25.5% |
| Suppliers440/4 | - | - | - | €0.08m | €0.04m | €0.04m | €0.07m | €0.05m | ▼ 25.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.05m | €0.02m | €0.02m | €0.05m | ▲ 122% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.008m | €0.02m | €0.04m | ▲ 175% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.01m | €0.009m | €0.01m | ▲ 33.6% |
| Other amounts payable47/48 | - | - | - | €0.006m | - | €0.005m | €0.06m | €0.08m | ▲ 33.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 6.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €71,183 | €42,872 | -€32,343 | €29,338 | €4,952 | -€15,008 | -€38,308 | -€210,155 | ▼ 449% |
| + Depreciation and write-downs630 | €29,123 | €26,176 | €22,088 | €14,784 | €7,750 | €7,790 | €3,417 | €14,959 | ▲ 338% |
| Operating cash flow (approximation) | €100,306 | €69,048 | -€10,255 | €44,122 | €12,702 | -€7,219 | -€34,891 | -€195,196 | ▼ 459% |
| Investment in fixed assets (approximation) | - | -€746 | -€18,454 | -€2,828 | €44,630 | -€4,319 | -€69,477 | €5,490 | - |
| Change in cash | - | -€21,778 | €5,646 | -€11,182 | €12,391 | -€5,672 | €31,300 | €56,670 | ▲ 81.1% |
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, 5,831 companies had the same profile as CORNET & CO has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CORNET & CO itself: 1.2% 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 5,831 companies, not a prediction for CORNET & CO. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 04-08-2026 | 2026-00378893 | |
| 31-12-2024 | full format | 08-07-2025 | 2025-00242594 | |
| 31-12-2023 | full format | 14-08-2024 | 2024-00345012 | |
| 31-12-2022 | full format | 29-08-2023 | 2023-00365628 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20347193 | |
| 31-12-2020 | full format | 09-08-2021 | 2021-47000377 | |
| 31-12-2019 | full format | 12-10-2020 | 2020-60600065 | |
| 31-12-2018 | full format | 29-06-2019 | 2019-25000397 | |
| 31-12-2017 | full format | 17-08-2018 | 2018-46100154 | |
| 31-12-2016 | full format | 27-07-2017 | 2017-35900106 |