COSAPACK
ActiveSummary
COSAPACK has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €1.6m and a net result of -€201,525. Equity is growing by ~22.9% per year across the filed fiscal years. Its solvency ranks better than 23% of 300 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability30▼-43
Solvency41▼-4
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity short (current ratio 0.74 against 0.85 in 2023; short-term debt: 37.3% and cash: 0.1% of total assets), and 84.2% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 18
Relative position
BE, all sectors
reference
Printing and reproduction of recorded media (NACE 18)
about 11% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
15.8%
Return on assets
-2%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 300 sector peers (2024).
NBB · sector comparisonPosition among 300 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 16-06-2025, 45 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
45 d early
2023
61 d early
2022
17 d early
2021
20 d early
2020
36 d early
2019
14 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 28 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
In the rankings
#7 company by total assets in Hooglede, Manufacturing sector#9 company by equity in Hooglede, Manufacturing sector
Equity
€1.6m▲ 71.5%
2023 · €908,869
Total assets
€9.9m▲ 117%
2023 · €4.6m
Net result
-€201,525
2023 · €223,110
Working capital
-€967,797▼ 231%
2023 · -€292,260
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 18, Printing and reproduction of recorded media, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€114,154▲ 2.4%€339,231▲ 197%€104,639▼ 69.2%€385,052▲ 268%€12,566▼ 96.7%
Net result€56,606above the sector's middle half▼ 40.6%€232,898above the sector's middle half▲ 311%€55,765within the sector's middle half▼ 76.1%€223,110above the sector's middle half▲ 300%-€201,525below the sector's middle half
Equity€397,097within the sector's middle half▲ 16.6%€629,994within the sector's middle half▲ 58.7%€685,759within the sector's middle half▲ 8.9%€908,869above the sector's middle half▲ 32.5%€1.6mabove the sector's middle half▲ 71.5%
Total assets€1.2mwithin the sector's middle half▼ 5.0%€1.5mwithin the sector's middle half▲ 27.6%€2.4mabove the sector's middle half▲ 62.4%€4.6mabove the sector's middle half▲ 88.9%€9.9mabove the sector's middle half▲ 117%
Debt€766,148▼ 13.3%€779,381▲ 1.7%€1.6m▲ 112%€3.6m▲ 117%€8.2m▲ 130%
Working capital€676,783▲ 40.3%€969,292▲ 43.2%€998,499▲ 3.0%-€292,260-€967,797▼ 231%
Solvency34.1%within the sector's middle half▲ 6.3pp42.4%within the sector's middle half▲ 8.3pp28.5%within the sector's middle half▼ 14.0pp20.0%below the sector's middle half▼ 8.5pp15.8%below the sector's middle half▼ 4.1pp
Staff (FTE)6within the sector's middle half=6.1within the sector's middle half▲ 1.7%6.2within the sector's middle half▲ 1.6%9.1within the sector's middle half▲ 46.8%13within the sector's middle half▲ 42.9%
above
within
below
the middle half (P25 to P75) of NACE 18, Printing and reproduction of recorded media, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 97% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €9.9m
Fixed assets
€7.2m ▲ 142%
Current assets
€2.7m ▲ 69.8%
Equity and liabilities €9.9m
Equity
€1.6m ▲ 71.5%
Provisions
€68,897 ▼ 4.2%
Debt
€8.2m ▲ 130%
Debt's share of the balance-sheet total rises from 78.5% to 83.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€389,226▼
2023 · €555,758
Cash flow
€175,135▼
2023 · €393,815
Current ratio
0.74▼
2023 · 0.85
Quick ratio
0.50▼
2023 · 0.53
Debt to equity
5.28▲
2023 · 3.93
ROE
-12.9%▼
2023 · 24.5%
ROA
-2.0%▼
2023 · 4.9%
Interest coverage
1.65▼
2023 · 5.80
Debt ≤ 1 year
€3.7m▲
2023 · €1.9m
Debt > 1 year
€4.6m▲
2023 · €1.7m
Income taxes
€335▼
2023 · €80,980
Staff costs
€903,328▲
2023 · €660,963
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,419 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
0.8%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,419 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €300,000 | €3,489 | €0 | €15,165 | - |
| Remuneration, social security and pensions62 | - | €350,326 | €409,102 | €660,963 | €903,328 | ▲ 36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €157,150 | €17,456 | €22,406 | €170,705 | €376,660 | ▲ 121% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €0 | - | -€3,063 | €0 | ▲ 100% |
| Other operating charges640/8 | - | €1,689 | €841 | €5,783 | €3,498 | ▼ 39.5% |
| Gross operating margin9900 | €658,021 | €708,703 | €536,989 | €1.2m | €1.3m | ▲ 6.3% |
| Operating profit (loss)9901 | €114,154 | €339,231 | €104,639 | €385,052 | €12,566 | ▼ 96.7% |
| Financial income75/76B | - | €1,622 | €15,003 | €11,834 | €18,860 | ▲ 59.4% |
| Recurring financial income75 | €8,040 | €1,622 | €15,003 | €11,834 | €18,860 | ▲ 59.4% |
| Financial charges65/66B | - | €26,346 | €41,375 | €95,848 | €235,667 | ▲ 146% |
| Recurring financial charges65 | €38,367 | €26,346 | €41,375 | €95,848 | €235,667 | ▲ 146% |
| Profit (loss) for the period before taxes9903 | €83,827 | €314,507 | €78,267 | €301,038 | -€204,241 | ▼ 168% |
| Transfer from deferred taxes780 | - | - | - | €3,051 | €3,051 | = |
| Transfer to deferred taxes680 | - | €75,000 | €0 | - | - | - |
| Income taxes67/77 | €27,221 | €6,610 | €22,502 | €80,980 | €335 | ▼ 99.6% |
| Profit (loss) for the period9904 | €56,606 | €232,898 | €55,765 | €223,110 | -€201,525 | ▼ 190% |
| Transfer from tax-exempt reserves789 | - | - | - | €9,154 | €9,154 | = |
| Transfer to tax-exempt reserves689 | - | €225,000 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €56,606 | €7,898 | €55,765 | €232,264 | -€192,371 | ▼ 183% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.5m | €2.4m | €4.6m | €9.9m | ▲ 117% |
| Fixed assets21/28 | €33,841 | €36,491 | €72,449 | €3.0m | €7.2m | ▲ 142% |
| Intangible fixed assets21 | - | - | €7,563 | €29,627 | €26,123 | ▼ 11.8% |
| Tangible fixed assets22/27 | €33,828 | €36,479 | €64,874 | €2.9m | €7.1m | ▲ 143% |
| Plant, machinery and equipment23 | - | €30,192 | €49,648 | €64,185 | €460,483 | ▲ 617% |
| Furniture and vehicles24 | - | €4,718 | €15,226 | €12,968 | €13,038 | ▲ 0.5% |
| Leasing and similar rights25 | - | - | - | €2.8m | €6.6m | ▲ 134% |
| Other tangible fixed assets26 | - | €1,569 | €0 | €44,331 | €91,525 | ▲ 106% |
| Financial fixed assets28 | €13 | €13 | €13 | €13 | €13 | = |
| Current assets29/58 | €1.1m | €1.4m | €2.3m | €1.6m | €2.7m | ▲ 69.8% |
| Stocks and contracts in progress3 | €292,191 | €450,031 | €551,314 | €588,300 | €882,191 | ▲ 50.0% |
| Stocks30/36 | - | €450,031 | €551,314 | €588,300 | €882,191 | ▲ 50.0% |
| Amounts receivable within one year40/41 | €721,502 | €935,532 | €1.8m | €646,367 | €1.7m | ▲ 168% |
| Trade receivables40 | - | €416,098 | €793,314 | €519,871 | €844,956 | ▲ 62.5% |
| Other amounts receivable41 | - | €519,434 | €988,067 | €126,496 | €885,611 | ▲ 600% |
| Current investments50/53 | - | - | - | €250,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €115,712 | €62,320 | €5,100 | €92,643 | €11,763 | ▼ 87.3% |
| Deferred charges and accrued income490/1 | - | - | - | €18,134 | €84,135 | ▲ 364% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.5m | €2.4m | €4.6m | €9.9m | ▲ 117% |
| Equity10/15 | €397,097 | €629,994 | €685,759 | €908,869 | €1.6m | ▲ 71.5% |
| Contributions10/11 | €300,000 | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Capital10 | - | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Issued capital100 | - | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Reserves13 | €97,097 | €329,994 | €385,759 | €608,869 | €407,344 | ▼ 33.1% |
| Non-distributable reserves130/1 | - | €6,162 | €8,950 | €30,000 | €30,000 | = |
| Legal reserve130 | - | €6,162 | €8,950 | €30,000 | €30,000 | = |
| Tax-exempt reserves132 | - | €225,000 | €225,000 | €215,846 | €206,692 | ▼ 4.2% |
| Distributable reserves133 | - | €98,832 | €151,809 | €363,023 | €170,652 | ▼ 53.0% |
| Investment grants15 | - | - | - | - | €851,514 | - |
| Provisions and deferred taxes16 | - | €75,000 | €75,000 | €71,949 | €68,897 | ▼ 4.2% |
| Deferred taxes168 | - | €75,000 | €75,000 | €71,949 | €68,897 | ▼ 4.2% |
| Amounts payable17/49 | €766,148 | €779,381 | €1.6m | €3.6m | €8.2m | ▲ 130% |
| Amounts payable after more than one year17 | €313,527 | €300,789 | €300,000 | €1.7m | €4.6m | ▲ 173% |
| Financial debts170/4 | - | €789 | €0 | €1.4m | €4.3m | ▲ 211% |
| Other amounts payable178/9 | - | €300,000 | €300,000 | €300,000 | €300,000 | = |
| Amounts payable within one year42/48 | €452,621 | €478,592 | €1.3m | €1.9m | €3.7m | ▲ 94.8% |
| Current portion of amounts payable after more than one year42 | - | €12,738 | €789 | €566,024 | €835,384 | ▲ 47.6% |
| Financial debts43 | - | €125,000 | €855,756 | €0 | €1.3m | - |
| Credit institutions430/8 | - | €125,000 | €855,756 | €0 | €1.3m | - |
| Trade debts44 | €252,731 | €261,406 | €402,883 | €521,308 | €639,044 | ▲ 22.6% |
| Suppliers440/4 | - | €261,406 | €402,883 | €521,308 | €639,044 | ▲ 22.6% |
| Taxes, remuneration and social security45 | - | €73,680 | €79,869 | €150,373 | €155,680 | ▲ 3.5% |
| Taxes450/3 | - | €21,604 | €36,881 | €44,798 | €19,102 | ▼ 57.4% |
| Remuneration and social security454/9 | - | €52,076 | €42,988 | €105,575 | €136,578 | ▲ 29.4% |
| Other amounts payable47/48 | - | €5,767 | €0 | €650,000 | €738,999 | ▲ 13.7% |
| Accrued charges and deferred income492/3 | - | - | €10,189 | €15,511 | €0 | ▼ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €56,606 | €232,898 | €55,765 | €223,110 | -€201,525 | ▼ 190% |
| + Depreciation and write-downs630 | €157,150 | €17,456 | €22,406 | €170,705 | €376,660 | ▲ 121% |
| Operating cash flow (approximation) | €213,757 | €250,354 | €78,171 | €393,815 | €175,135 | ▼ 55.5% |
| Investment in fixed assets (approximation) | - | -€20,107 | -€58,364 | -€3.1m | -€4.6m | ▼ 49.5% |
| Change in cash | - | -€53,392 | -€57,220 | €87,543 | -€80,880 | ▼ 192% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
16-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet -€201,525
Net result drops to -€201,525, the lowest in the series.
31-12
Financial
Equity above €1mEq €1.6m ▲71.5%
Equity rises from €908,869 to €1.6m.
31-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
14-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €232,898 ▲311%
Net result €232,898, the highest in the series.
31-12
Financial
Equity above €500,000Eq €629,994 ▲58.7%
3 profitable years in a row build equity to €629,994.
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
14-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 14 days late
2019
31-12
Financial
Back to profitnet €95,366
Net result €95,366 after one loss-making year.
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Show earlier events
2018
01-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
02-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
07-04
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Hooglede · 2 establishment units since 2011
Ground area
2.5 ha
Building footprint
9,659 m²
Volume, LiDAR
64,582 m³
2 parcels, Flanders · tallest building 12.3 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
2 establishment units
Grote Noordstraat 77, 8830 Hooglede
since 20112.197.326.251
Grijspeerdstraat 71, 8830 Hooglede
since 20162.269.148.615
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36005D0475/00M003 | Flanders | 1.9 ha | 1 · 9,376 m² | 12.3 m · 2 fl. |
| 36006B0319/00R000 | Flanders | 6,524 m² | 1 · 283 m² | 9.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- ARGOLIS
- COSAPACK
Highest known parent: ARGOLIS. The sources do not say who stands above it.
Owners 1
- ARGOLISparentSourceaccounts ARGOLIS 202599.67%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2024 to 2025 · 4 entries · 851,904 EUR awarded · 851,709 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 3 | 390 EUR | 851,709 EUR |
| 2024 | 1 | 851,514 EUR | 0 EUR |
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Of 1,597 companies in sector 18120 we hold annual accounts for 807. 390 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded14-03-2011
Fiscal year end31-12
Activities, NACEBEL 2025
18120Other printing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0834604034
Registered
16-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.