COSPAIA
ActiveThe file of COSPAIA contains 2 judicial reorganisation notices, as published in the Belgian State Gazette.
Summary
The computed 12-month bankruptcy probability is ≥ 25% (high). The 2025 annual accounts show negative equity (-€479,316) and a net result of -€160,383. Equity remains stable across the filed fiscal years (±0.6% per year). Its solvency ranks better than 10% of 826 sector peers (fiscal year 2025).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-82
Solvency0=
Growth32▼-46
Track record60
Bankruptcy probability, 12 months
≥ 25%
High
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.44 against 0.54 in 2024; short-term debt: 156.4% and cash: 5% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Nine signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% more 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 2025Solvency, return and age of the figures
Solvency
-99.7%
Return on assets
-33.4%
Age of the figures
15 mo
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
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year -€479,316
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 15-04-2026, 74 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
74 d late
2024
107 d late
2023
29 d late
2022
1 d early
2021
10 d late
2020
12 d late
2019
16 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 31 days after the deadline; the sector median for financial year 2024 is 6 days after the deadline, and 52% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 1 March (4 of the last 5 filed years within 45 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€160,383
2024 · €44,109
Working capital
-€424,489▼ 112%
2024 · -€199,847
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 56, Food and beverage service activities, 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
Line20212022202320242025
Operating result€73,515▲ 59.5%€185,678▲ 153%-€214,435€62,512-€127,305
Net result€55,096within the sector's middle half▲ 135%€169,976above the sector's middle half▲ 209%-€218,317below the sector's middle half€44,109within the sector's middle half-€160,383
Equity-€314,701below the sector's middle half▲ 14.9%-€144,725below the sector's middle half▲ 54.0%-€363,042below the sector's middle half▼ 151%-€318,933below the sector's middle half▲ 12.1%-€479,316▼ 50.3%
Total assets€210,357within the sector's middle half▲ 6.3%€366,472within the sector's middle half▲ 74.2%€350,752within the sector's middle half▼ 4.3%€416,377within the sector's middle half▲ 18.7%€480,625▲ 15.4%
Debt€525,058▼ 7.5%€511,197▼ 2.6%€713,794▲ 39.6%€735,311▲ 3.0%€959,941▲ 30.5%
Working capital-€42,732below the sector's middle half▲ 62.4%€133,901above the sector's middle half-€193,890below the sector's middle half-€199,847below the sector's middle half▼ 3.1%-€424,489▼ 112%
Solvency-149.6%below the sector's middle half▲ 37.2pp-39.5%below the sector's middle half▲ 110.1pp-103.5%below the sector's middle half▼ 64.0pp-76.6%below the sector's middle half▲ 26.9pp-99.7%▼ 23.1pp
Current ratio0.76within the sector's middle half▲ 0.251.82above the sector's middle half▲ 1.050.51below the sector's middle half▼ 1.310.54below the sector's middle half▲ 0.030.44▼ 0.10
Return on assets (ROA)26.2%above the sector's middle half▲ 14.4pp46.4%above the sector's middle half▲ 20.2pp-62.2%below the sector's middle half▼ 108.6pp10.6%within the sector's middle half▲ 72.8pp-33.4%▼ 44.0pp
Staff (FTE)11.1within the sector's middle half▲ 68.2%11.1within the sector's middle half=19.7above the sector's middle half19.7=
above
within
below
the middle half (P25 to P75) of NACE 56, Food and beverage service activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €127,305 after €62,512 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €480,625
Fixed assets
€153,386 ▼ 16.9%
Current assets
€327,239 ▲ 41.1%
Key figures and ratios
EBITDA
-€72,572▼
2024 · €123,491
Cash flow
-€105,650▼
2024 · €105,088
Quick ratio
0.37▼
2024 · 0.46
Debt to equity
-2.00▲
2024 · -2.31
Interest coverage
-2.19▼
2024 · 6.54
Debt ≤ 1 year
€751,727▲
2024 · €431,727
Debt > 1 year
€208,213▼
2024 · €293,583
Staff costs
€298,561▲
2024 · €269,215
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 685 companies that looked in July 2024 the way this one looks now, 6.3% went bankrupt within 24 months and 84% are still going.
- Small
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
6.3%
went bankrupt
6.1%
stopped otherwise
84%
still going
A further 3.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: ≥ 25% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 685 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,152 | €3,282 | ▲ 4.1% |
| Remuneration, social security and pensions62 | - | €407,047 | €32,975 | €269,215 | €298,561 | ▲ 10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,840 | €24,563 | €45,875 | €60,979 | €54,733 | ▼ 10.2% |
| Other operating charges640/8 | - | €8,415 | €291 | €164 | - | - |
| Gross operating margin9900 | €285,494 | €625,703 | -€135,293 | €392,870 | €225,990 | ▼ 42.5% |
| Operating profit (loss)9901 | €73,515 | €185,678 | -€214,435 | €62,512 | -€127,305 | ▼ 304% |
| Financial income75/76B | - | €732 | €22 | €475 | - | - |
| Recurring financial income75 | €1,293 | €732 | €22 | €475 | - | - |
| Non-recurring financial income76B | - | - | - | €475 | - | - |
| Financial charges65/66B | - | €4,426 | €3,627 | €18,878 | €33,078 | ▲ 75.2% |
| Recurring financial charges65 | €19,372 | €4,426 | €3,627 | €18,878 | €33,078 | ▲ 75.2% |
| Profit (loss) for the period before taxes9903 | €55,436 | €181,984 | -€218,040 | €44,109 | -€160,383 | ▼ 464% |
| Income taxes67/77 | €340 | €12,008 | €277 | - | - | - |
| Profit (loss) for the period9904 | €55,096 | €169,976 | -€218,317 | €44,109 | -€160,383 | ▼ 464% |
| Profit (loss) for the period to be appropriated9905 | €55,096 | €169,976 | -€218,317 | €44,109 | -€160,383 | ▼ 464% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €210,357 | €366,472 | €350,752 | €416,377 | €480,625 | ▲ 15.4% |
| Fixed assets21/28 | €74,442 | €68,315 | €149,105 | €184,498 | €153,386 | ▼ 16.9% |
| Intangible fixed assets21 | - | - | - | - | €2,256 | - |
| Tangible fixed assets22/27 | €74,442 | €68,315 | €149,105 | €184,498 | €151,130 | ▼ 18.1% |
| Plant, machinery and equipment23 | - | €25,952 | €25,292 | €14,767 | €7,548 | ▼ 48.9% |
| Furniture and vehicles24 | - | €1,686 | €101,541 | €138,897 | €114,883 | ▼ 17.3% |
| Leasing and similar rights25 | - | €12,002 | - | - | - | - |
| Other tangible fixed assets26 | - | €28,675 | €22,272 | €30,834 | €28,700 | ▼ 6.9% |
| Current assets29/58 | €135,915 | €298,157 | €201,647 | €231,880 | €327,239 | ▲ 41.1% |
| Stocks and contracts in progress3 | €13,749 | €8,659 | - | €34,715 | €49,715 | ▲ 43.2% |
| Stocks30/36 | - | €8,659 | - | €34,715 | €49,715 | ▲ 43.2% |
| Amounts receivable within one year40/41 | €45,637 | €123,827 | €172,539 | €135,736 | €253,531 | ▲ 86.8% |
| Trade receivables40 | - | €76,832 | €41,181 | €14,834 | €7,877 | ▼ 46.9% |
| Other amounts receivable41 | - | €46,995 | €131,358 | €120,901 | €245,654 | ▲ 103% |
| Cash at bank and in hand54/58 | €49,587 | €142,546 | €9,047 | €56,800 | €23,992 | ▼ 57.8% |
| Deferred charges and accrued income490/1 | - | €23,125 | €20,060 | €4,629 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €210,357 | €366,472 | €350,752 | €416,377 | €480,625 | ▲ 15.4% |
| Equity10/15 | -€314,701 | -€144,725 | -€363,042 | -€318,933 | -€479,316 | ▼ 50.3% |
| Contributions10/11 | €310,000 | €310,000 | €310,000 | €310,000 | €310,000 | = |
| Capital10 | - | €310,000 | €310,000 | €310,000 | €310,000 | = |
| Issued capital100 | - | €310,000 | €310,000 | €310,000 | €310,000 | = |
| Profit (loss) carried forward14 | -€624,701 | -€454,725 | -€673,042 | -€628,933 | -€789,316 | ▼ 25.5% |
| Amounts payable17/49 | €525,058 | €511,197 | €713,794 | €735,311 | €959,941 | ▲ 30.5% |
| Amounts payable after more than one year17 | €310,000 | €314,000 | €299,417 | €293,583 | €208,213 | ▼ 29.1% |
| Financial debts170/4 | - | - | €20,417 | €14,583 | €62,744 | ▲ 330% |
| Other amounts payable178/9 | - | €314,000 | €279,000 | €279,000 | €145,469 | ▼ 47.9% |
| Amounts payable within one year42/48 | €178,647 | €164,256 | €395,537 | €431,727 | €751,727 | ▲ 74.1% |
| Current portion of amounts payable after more than one year42 | - | €11,736 | €11,839 | €7,950 | €31,916 | ▲ 301% |
| Financial debts43 | - | €4,279 | - | €105,040 | - | - |
| Credit institutions430/8 | - | €4,279 | - | €105,040 | - | - |
| Trade debts44 | €78,361 | €74,509 | €155,809 | €172,487 | €248,902 | ▲ 44.3% |
| Suppliers440/4 | - | €74,509 | €155,809 | €172,487 | €248,902 | ▲ 44.3% |
| Taxes, remuneration and social security45 | - | €73,732 | €31,086 | €139,058 | €266,609 | ▲ 91.7% |
| Taxes450/3 | - | €36,226 | €12,277 | €99,306 | €128,452 | ▲ 29.4% |
| Remuneration and social security454/9 | - | €37,506 | €18,809 | €39,752 | €138,156 | ▲ 248% |
| Other amounts payable47/48 | - | - | €196,803 | €7,192 | €204,301 | ▲ 2,741% |
| Accrued charges and deferred income492/3 | - | €32,941 | €18,841 | €10,000 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €55,096 | €169,976 | -€218,317 | €44,109 | -€160,383 | ▼ 464% |
| + Depreciation and write-downs630 | €25,840 | €24,563 | €45,875 | €60,979 | €54,733 | ▼ 10.2% |
| Operating cash flow (approximation) | €80,936 | €194,539 | -€172,442 | €105,088 | -€105,650 | ▼ 201% |
| Investment in fixed assets (approximation) | - | -€18,436 | -€126,665 | -€96,371 | -€23,622 | ▲ 75.5% |
| Change in cash | - | €92,959 | -€133,499 | €47,752 | -€32,807 | ▼ 169% |
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
Next filing, fiscal year 2026, expected by
2026
15-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 74 days late
2025
09-10
Judicial reorganisation
Plan homologation
Tribunal de l’entreprise francophone de Bruxelles · event 01-10-2025
04-07
Judicial reorganisation
Opening
Tribunal de l’entreprise francophone de Bruxelles · collective agreement · event 25-06-2025
18-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 107 days late
2024
30-06
Financial
Back to profitnet €44,109
Net result €44,109 after one loss-making year.
29-02
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
30-06
Financial
Weakest financial yearnet -€218,317
Net result drops to -€218,317, the lowest in the series; recovery starts the following year.
30-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-06
Financial
Highest result since 2019net €169,976 ▲209%
Operating result €185,678, net result €169,976, both a record.
30-06
Financial
Liquidity doublescurrent ratio 1.82
Current ratio from 0.76 to 1.82; short-term debt falls from €178,647 to €164,256.
10-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 10 days late
2021
12-02
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 12 days late
Show earlier events
2020
30-06
Financial
Back to profitnet €23,418
Net result €23,418 after one loss-making year.
15-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
14-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
03-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
23-12
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
6 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, Elsene · 1 establishment unit since 2005
Ground area
899 m²
Building footprint
224 m²
Volume, LiDAR
3,318 m³
Parcel 21009A0376/00C010, Brussels · tallest building 20.4 m, ±5 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
COSPAIA
since 20052.148.014.223
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21009A0376/00C010 | Brussels | 899 m² | 1 · 224 m² | 20.4 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 ownersChain of control
- MB Brussels
- COSPAIA
Highest known parent: MB Brussels. The sources do not say who stands above it.
Owners 2
- MB Brusselsparent60%
-
40%
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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteElsene2.148.014.223
Similar companies · same sector, comparable size
Associatie voor Logistieke en Economische Activiteiten
BE 0446.084.093
Leuven · FTE 19.7
MING & PARTNERS
BE 0845.324.910
Leuven · FTE 19.7
THE NEW FOX
BE 0459.286.387
Aalst · FTE 19.8
ALTHOKA
BE 0738.504.550
Brugge · FTE 19.8
HET ZOMERHUIS
BE 0751.772.863
Stekene · FTE 19.8
Of 20,509 companies in sector 56111 we hold annual accounts for 11,464. 2,392 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded13-04-2005
Fiscal year end30-06
Activities, NACEBEL 2025
56111Full-service restaurants
56301Cafés and bars
E-invoicing
Reachable via Peppol
Peppol ID
0208:0873168264
Also
9925:BE0873168264
Registered
08-04-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.