COSABEL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 25 filings
Equity
-€65,652▼ 37.0%
2024 · -€47,924
Net result
-€17,728▲ 40.2%
2024 · -€29,638
Total assets
€192,174▼ 0.4%
2024 · €192,955
Solvency
-34.2%▼ 9.3pp
2024 · -24.8%
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€7,203
▲ 59.7%
2025
20182025
Net result
-€17,728
▲ 40.2%
2025
lowest quarter of the sector
20182025
Equity
-€65,652
▼ 37.0%
2025
lowest quarter of the sector
20182025
Total assets
€192,174
▼ 0.4%
2025
lowest quarter of the sector
20182025
Debt
€257,827
▲ 7.0%
2025
20182025
Working capital
-€63,356
▼ 38.9%
2025
middle half of the sector
20182025
Solvency
-34.2%
▼ 9.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.75
▼ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
-9.2%
▲ 6.1pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.001m€0▼ 100%
Operating result-€2.1m--€0.7m▲ 68.2%-€0.2m▲ 73.7%-€0.05m▲ 69.7%€0.2m-€0.04m-€0.02m▲ 56.2%-€0.007m▲ 59.7%
Net result-€2.5m-€0.7m-€0.2mbelow the sector's middle half-€0.03mbelow the sector's middle half▲ 80.2%€0.2mabove the sector's middle half-€0.05mbelow the sector's middle half-€0.03mbelow the sector's middle half▲ 40.9%-€0.02mbelow the sector's middle half▲ 40.2%
Equity-€0.6m-€0.08m-€0.1mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 35.2%€0.03mbelow the sector's middle half-€0.02mbelow the sector's middle half-€0.05mbelow the sector's middle half▼ 162%-€0.07mbelow the sector's middle half▼ 37.0%
Total assets€10.7m-€1.0m▼ 90.7%€0.4mbelow the sector's middle half▼ 58.0%€0.2mbelow the sector's middle half▼ 48.4%€0.2mwithin the sector's middle half▼ 9.7%€0.2mwithin the sector's middle half▲ 2.2%€0.2mwithin the sector's middle half▼ 2.8%€0.2mbelow the sector's middle half▼ 0.4%
Debt€8.8m-€0.9m▼ 89.9%€0.5m▼ 45.2%€0.3m▼ 34.4%€0.2m▼ 49.1%€0.2m▲ 33.5%€0.2m▲ 11.1%€0.3m▲ 7.0%
Working capital-€5.2m-€0.09m-€0.07mwithin the sector's middle half-€0.1mwithin the sector's middle half▼ 50.6%€0.03mwithin the sector's middle half-€0.02mwithin the sector's middle half-€0.05mbelow the sector's middle half▼ 185%-€0.06mwithin the sector's middle half▼ 38.9%
Solvency-5.8%-7.8%▲ 13.6pp-23.7%below the sector's middle half▼ 31.5pp-62.2%below the sector's middle half▼ 38.5pp16.4%below the sector's middle half▲ 78.6pp-9.2%below the sector's middle half▼ 25.6pp-24.8%below the sector's middle half▼ 15.6pp-34.2%below the sector's middle half▼ 9.3pp
Current ratio0.40-1.10▲ 0.700.86within the sector's middle half▼ 0.240.68within the sector's middle half▼ 0.181.21within the sector's middle half▲ 0.530.93within the sector's middle half▼ 0.290.81within the sector's middle half▼ 0.120.75within the sector's middle half▼ 0.06
Return on assets (ROA)-23.3%-70.4%▲ 93.7pp-42.2%below the sector's middle half▼ 112.6pp-16.2%below the sector's middle half▲ 26.0pp85.3%above the sector's middle half▲ 101.5pp-25.3%below the sector's middle half▼ 110.6pp-15.4%below the sector's middle half▲ 9.9pp-9.2%below the sector's middle half▲ 6.1pp
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 €7,203, smaller than the loss of €17,857 in 2024.
Key figures and ratios
Debt ≤ 1 year
€255,530▲
2024 · €238,582
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Revenue breakdown
By activity 2014
- Remises de fin d'année €488,708100.0%
Source: 2014 accounts, page 22, filing 2015-36300522
By geographic market 2014
- Belgique €488,708100.0%
Source: 2014 accounts, page 22, filing 2015-36300522
The 2015 accounts state only “Remises de fin d'année” in the revenue breakdown.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Carrying value of the other pledged assets | €200,000 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | €0 | - | - | €0 |
| Depreciation and write-downs of the year | €0 | - | - | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €0.05m | - | - | - | - | - |
| Turnover70 | - | €0.001m | €0 | - | - | - | - | - | - |
| Other operating income74 | - | - | - | €0 | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.05m | €0.2m | - | - | - | - |
| Operating charges60/66A | - | - | - | €0.1m | - | - | - | - | - |
| Services and other goods61 | - | - | - | €0.09m | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.004m | €0.003m | €0 | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | -€0.03m | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.003m | €0 | €384 | €387 | €397 | ▲ 2.5% |
| Non-recurring operating charges66A | - | - | - | €0.01m | €0 | - | - | - | - |
| Gross operating margin9900 | - | - | - | - | €0.1m | -€0.04m | -€0.02m | -€0.007m | ▲ 61.0% |
| Operating profit (loss)9901 | -€2.1m | -€0.7m | -€0.2m | -€0.05m | €0.2m | -€0.04m | -€0.02m | -€0.007m | ▲ 59.7% |
| Recurring financial income75 | €0.07m | €1.4m | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.008m | €0.007m | €0.009m | €0.01m | €0.01m | ▼ 10.7% |
| Recurring financial charges65 | €0.5m | €0.06m | €0.02m | €0.008m | €0.007m | €0.009m | €0.01m | €0.01m | ▼ 10.7% |
| Debt charges650 | €0.1m | €0.05m | €0.02m | €0.007m | - | - | - | - | - |
| Other financial charges652/9 | - | - | - | €0.001m | - | - | - | - | - |
| Non-recurring financial charges66B | - | - | - | €1 | €0 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€2.5m | €0.7m | -€0.2m | -€0.06m | €0.2m | -€0.05m | -€0.03m | -€0.02m | ▲ 40.2% |
| Income taxes67/77 | €0.002m | €0.009m | -€0.02m | -€0.03m | €0 | - | - | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.03m | - | - | - | - | - |
| Profit (loss) for the period9904 | -€2.5m | €0.7m | -€0.2m | -€0.03m | €0.2m | -€0.05m | -€0.03m | -€0.02m | ▲ 40.2% |
| Profit (loss) for the period to be appropriated9905 | -€2.5m | €0.7m | -€0.2m | -€0.03m | €0.2m | -€0.05m | -€0.03m | -€0.02m | ▲ 40.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10.7m | €1.0m | €0.4m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 0.4% |
| Fixed assets21/28 | €7.3m | €0.02m | €0.001m | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.2m | €0.02m | - | - | - | - | - | - | - |
| Financial fixed assets28 | €6.1m | €0.001m | €0.001m | €0 | - | - | - | - | - |
| Affiliated companies280/1 | - | - | - | €0 | - | - | - | - | - |
| Participating interests280 | - | - | - | €0 | - | - | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0 | - | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0 | - | - | - | - | - |
| Current assets29/58 | €3.4m | €1.0m | €0.4m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 0.4% |
| Stocks and contracts in progress3 | - | - | - | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.04m | €0.1m | €0.04m | €0.005m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 0.4% |
| Trade receivables40 | - | - | - | €0.005m | €0.005m | €0.02m | €0.01m | €0.01m | ▲ 4.1% |
| Other amounts receivable41 | - | - | - | €420 | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 0.7% |
| Current investments50/53 | €3.3m | €0.4m | €0.2m | €0.2m | €0 | - | - | - | - |
| Other investments51/53 | - | - | - | €0.2m | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.4m | €0.2m | €0.01m | €0.001m | €0.002m | €45 | €85 | ▲ 89.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10.7m | €1.0m | €0.4m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 0.4% |
| Equity10/15 | -€0.6m | €0.08m | -€0.1m | -€0.1m | €0.03m | -€0.02m | -€0.05m | -€0.07m | ▼ 37.0% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.4m | €0 | - | - | - | - |
| Issued capital100 | - | - | - | €0.4m | €0 | - | - | - | - |
| Contributions outside capital11 | - | - | - | €0 | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Other1109/19 | - | - | - | €0 | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Non-distributable reserves130/1 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Reserves not available under the articles1311 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | -€1.0m | -€0.3m | -€0.5m | -€0.5m | -€0.4m | -€0.4m | -€0.5m | -€0.5m | ▼ 3.9% |
| Provisions and deferred taxes16 | €2.5m | €0.03m | €0.03m | €0.03m | €0 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.03m | €0 | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.03m | €0 | - | - | - | - |
| Amounts payable17/49 | €8.8m | €0.9m | €0.5m | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 7.0% |
| Amounts payable after more than one year17 | €0.2m | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €8.5m | €0.9m | €0.5m | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 7.1% |
| Trade debts44 | €0.8m | €0.2m | €0.1m | €0.006m | €0.005m | €0.02m | €0.01m | €0.01m | ▼ 9.5% |
| Suppliers440/4 | - | - | - | €0.006m | €0.005m | €0.02m | €0.01m | €0.01m | ▼ 9.5% |
| Taxes, remuneration and social security45 | - | - | - | €0 | - | - | - | - | - |
| Taxes450/3 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 8.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2.5m | €0.7m | -€0.2m | -€0.03m | €0.2m | -€0.05m | -€0.03m | -€0.02m | ▲ 40.2% |
| + Depreciation and write-downs630 | €0.05m | €0.004m | €0.003m | €0 | - | - | - | - | - |
| Operating cash flow (approximation) | -€2.4m | €0.7m | -€0.2m | -€0.03m | €0.2m | -€0.05m | -€0.03m | -€0.02m | ▲ 40.2% |
| Investment in fixed assets (approximation) | - | €7.3m | €0.02m | €0.001m | - | - | - | - | - |
| Change in cash | - | €0.4m | -€0.3m | -€0.2m | -€0.009m | €0.001m | -€0.002m | €40 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-06-2026 | 2026-00208981 | |
| 31-12-2024 | micro format | 12-08-2025 | 2025-00382647 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00378119 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00353602 | |
| 31-12-2021 | full format | 11-10-2022 | 2022-20457222 | |
| 31-12-2020 | full format | 30-09-2021 | 2021-69600466 | |
| 31-12-2019 | full format | 09-10-2020 | 2020-60800355 | |
| 31-12-2018 | full format | 23-10-2019 | 2019-71100154 | |
| 31-12-2017 | full format | 08-11-2018 | 2018-71900181 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-57200472 |