COTIMA
Judicial reorganisationSummary
The file of COTIMA contains 1 judicial reorganisation, as published in the Belgian Official Gazette. During the judicial reorganisation Checked does not compute a bankruptcy probability from the figures: of the Belgian companies that opened one in 2023 and 2024, about one in four went bankrupt within twelve months. The 2025 annual accounts show equity of €37,596 and a net result of €35,611. Equity is shrinking by about 18% per year across the filed financial years. Its solvency ranks better than 16% of 2,310 sector peers (NACE 25, financial year 2025).
Financials · financial year 2025, micro format
Turnover
€343,069▲ 86.8%
2024 · €183,669
EBIT margin
10.4%▲ 16.6pp
2024 · -6.2%
Net result
€35,611
2024 · -€11,706
Working capital
-€15,410▲ 47.1%
2024 · -€29,117
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result returns to profit in 2025: €35,693 after a loss of €11,456 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€343,069
2025
Operating result€35,693
2025
Net result€35,611
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€344,592
2025
Equity€37,596
2025
Debt€306,996
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€15,410
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin10.4%
2025
Return on assets (ROA)10.3%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency10.9%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.95
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)1.3
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 25, Manufacture of fabricated metal products, except machinery and equipment: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€280,041-€262,765▼ 6.2%€433,471▲ 65.0%€215,879▼ 50.2%€528,432▲ 145%€214,289▼ 59.4%€183,669▼ 14.3%€343,069▲ 86.8%
Operating result€31,581-€32,102▲ 1.6%-€27,417-€5,169▲ 81.1%€134,552-€81,099-€11,456▲ 85.9%€35,693
Net result€30,609-€32,554▲ 6.4%-€32,206below the sector's middle half-€7,723below the sector's middle half▲ 76.0%€22,171within the sector's middle half-€80,319below the sector's middle half-€11,706below the sector's middle half▲ 85.4%€35,611above the sector's middle half
EBIT margin11.3%-12.2%▲ 0.9pp-6.3%▼ 18.5pp-2.4%▲ 3.9pp25.5%▲ 27.9pp-37.8%▼ 63.3pp-6.2%▲ 31.6pp10.4%▲ 16.6pp
Equity€82,241-€114,363▲ 39.1%€81,724within the sector's middle half▼ 28.5%€73,569within the sector's middle half▼ 10.0%€95,307within the sector's middle half▲ 29.5%€14,556below the sector's middle half▼ 84.7%€2,418below the sector's middle half▼ 83.4%€37,596within the sector's middle half▲ 1,455%
Total assets€422,058-€373,861▼ 11.4%€379,539within the sector's middle half▲ 1.5%€359,472within the sector's middle half▼ 5.3%€403,152within the sector's middle half▲ 12.2%€336,275within the sector's middle half▼ 16.6%€291,791within the sector's middle half▼ 13.2%€344,592within the sector's middle half▲ 18.1%
Debt€339,817-€259,498▼ 23.6%€297,815▲ 14.8%€285,903▼ 4.0%€307,845▲ 7.7%€321,719▲ 4.5%€289,373▼ 10.1%€306,996▲ 6.1%
Working capital-€3,559-€35,445-€417below the sector's middle half-€6,089below the sector's middle half▼ 1,360%€75,190within the sector's middle half-€20,944below the sector's middle half-€29,117below the sector's middle half▼ 39.0%-€15,410below the sector's middle half▲ 47.1%
Solvency19.5%-30.6%▲ 11.1pp21.5%within the sector's middle half▼ 9.1pp20.5%within the sector's middle half▼ 1.1pp23.6%within the sector's middle half▲ 3.2pp4.3%below the sector's middle half▼ 19.3pp0.8%below the sector's middle half▼ 3.5pp10.9%below the sector's middle half▲ 10.1pp
Current ratio0.99-1.15▲ 0.161.00below the sector's middle half▼ 0.150.98below the sector's middle half▼ 0.021.24within the sector's middle half▲ 0.270.93below the sector's middle half▼ 0.310.90below the sector's middle half▼ 0.040.95below the sector's middle half▲ 0.05
Return on assets (ROA)7.3%-8.7%▲ 1.5pp-8.5%below the sector's middle half▼ 17.2pp-2.1%below the sector's middle half▲ 6.3pp5.5%within the sector's middle half▲ 7.6pp-23.9%below the sector's middle half▼ 29.4pp-4.0%below the sector's middle half▲ 19.9pp10.3%within the sector's middle half▲ 14.3pp
Staff (FTE)0.3-0.6▲ 100%1.6within the sector's middle half▲ 167%1.1▼ 31.3%1.1=1.1=1.2▲ 9.1%1.3▲ 8.3%
above
within
below
the middle half of NACE 25, Manufacture of fabricated metal products, except machinery and equipment: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €344,592
Fixed assets
€53,006 ▲ 68.1%
Current assets
€291,586 ▲ 12.0%
Equity and liabilities €344,592
Equity
€37,596 ▲ 1,455%
Debt
€306,996 ▲ 6.1%
Debt's share of the balance-sheet total falls from 99.2% to 89.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€44,391▲
2024 · -€3,901
Cash flow
€44,309▲
2024 · -€4,151
Quick ratio
0.70▲
2024 · 0.64
Debt to equity
8.17
ROE
94.7%▲
2024 · -484.1%
Interest coverage
42.68▲
2024 · -4.16
Debt ≤ 1 year
€306,996▲
2024 · €289,373
Staff costs
€53,741▲
2024 · €42,990
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €280,041 | €262,765 | €433,471 | €215,879 | €528,432 | €214,289 | €183,669 | €343,069 | ▲ 86.8% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €173,471 | €317,083 | €257,981 | €134,741 | €261,700 | ▲ 94.2% |
| Remuneration, social security and pensions62 | - | - | - | €44,345 | €53,435 | €33,539 | €42,990 | €53,741 | ▲ 25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,634 | €14,480 | €15,029 | €16,742 | €3,053 | €5,488 | €7,555 | €8,698 | ▲ 15.1% |
| Other operating charges640/8 | - | - | - | €3,722 | €5,100 | €3,434 | €4,844 | €1,553 | ▼ 67.9% |
| Gross operating margin9900 | €55,342 | €73,572 | €49,862 | €59,640 | €196,140 | -€38,638 | €43,933 | €99,685 | ▲ 127% |
| Operating profit (loss)9901 | €31,581 | €32,102 | -€27,417 | -€5,169 | €134,552 | -€81,099 | -€11,456 | €35,693 | - |
| Financial income75/76B | - | - | - | €2,520 | €1,663 | €1,145 | €688 | €958 | ▲ 39.2% |
| Recurring financial income75 | €435 | €1,474 | €2,657 | €2,520 | €1,663 | €1,145 | €688 | €810 | ▲ 17.7% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €148 | - |
| Financial charges65/66B | - | - | - | €1,188 | €114,044 | €365 | €938 | €1,040 | ▲ 10.9% |
| Recurring financial charges65 | €1,407 | €1,022 | €2,946 | €1,188 | €45,658 | €365 | €938 | €1,040 | ▲ 10.9% |
| Non-recurring financial charges66B | - | - | - | - | €68,386 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €30,609 | €32,554 | -€27,706 | -€3,837 | €22,171 | -€80,319 | -€11,706 | €35,611 | - |
| Income taxes67/77 | - | - | €4,500 | €3,886 | - | - | - | - | - |
| Profit (loss) for the period9904 | €30,609 | €32,554 | -€32,206 | -€7,723 | €22,171 | -€80,319 | -€11,706 | €35,611 | - |
| Profit (loss) for the period to be appropriated9905 | €30,609 | €32,554 | -€32,206 | -€7,723 | €22,171 | -€80,319 | -€11,706 | €35,611 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €422,058 | €373,861 | €379,539 | €359,472 | €403,152 | €336,275 | €291,791 | €344,592 | ▲ 18.1% |
| Fixed assets21/28 | €108,986 | €94,506 | €90,001 | €79,658 | €20,373 | €35,500 | €31,535 | €53,006 | ▲ 68.1% |
| Tangible fixed assets22/27 | €108,986 | €94,506 | €90,001 | €78,783 | €19,498 | €34,625 | €30,660 | €52,131 | ▲ 70.0% |
| Land and buildings22 | - | - | - | €68,386 | €9,700 | €16,426 | €18,019 | €19,870 | ▲ 10.3% |
| Plant, machinery and equipment23 | - | - | - | €10,397 | €9,798 | €18,199 | €12,641 | €7,530 | ▼ 40.4% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €24,731 | - |
| Financial fixed assets28 | - | - | - | €875 | €875 | €875 | €875 | €875 | = |
| Current assets29/58 | €313,072 | €279,355 | €289,538 | €279,814 | €382,779 | €300,775 | €260,256 | €291,586 | ▲ 12.0% |
| Stocks and contracts in progress3 | €55,133 | €75,275 | €93,960 | €119,528 | €112,289 | €80,124 | €75,677 | €76,546 | ▲ 1.1% |
| Stocks30/36 | - | - | - | €102,874 | €112,289 | €75,095 | €75,677 | €63,030 | ▼ 16.7% |
| Contracts in progress37 | - | - | - | €16,654 | - | €5,029 | - | €13,516 | - |
| Amounts receivable within one year40/41 | €233,938 | €170,636 | €178,643 | €138,812 | €205,864 | €152,376 | €126,203 | €159,035 | ▲ 26.0% |
| Trade receivables40 | - | - | - | €117,529 | €188,888 | €129,168 | €108,411 | €142,691 | ▲ 31.6% |
| Other amounts receivable41 | - | - | - | €21,283 | €16,976 | €23,208 | €17,792 | €16,344 | ▼ 8.1% |
| Cash at bank and in hand54/58 | €24,001 | €33,444 | €16,935 | €21,474 | €64,525 | €68,275 | €58,376 | €56,005 | ▼ 4.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €101 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €422,058 | €373,861 | €379,539 | €359,472 | €403,152 | €336,275 | €291,791 | €344,592 | ▲ 18.1% |
| Equity10/15 | €82,241 | €114,363 | €81,724 | €73,569 | €95,307 | €14,556 | €2,418 | €37,596 | ▲ 1,455% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €72,359 | €91,829 | €59,623 | €51,900 | €74,071 | €13,859 | €13,859 | €17,359 | ▲ 25.3% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Distributable reserves133 | - | - | - | €38,041 | €60,212 | - | - | €3,500 | - |
| Profit (loss) carried forward14 | -€13,084 | -€43,693 | -€13,084 | - | - | -€20,107 | -€31,813 | €298 | - |
| Investment grants15 | - | - | - | €3,077 | €2,644 | €2,212 | €1,780 | €1,347 | ▼ 24.3% |
| Amounts payable17/49 | €339,817 | €259,498 | €297,815 | €285,903 | €307,845 | €321,719 | €289,373 | €306,996 | ▲ 6.1% |
| Amounts payable after more than one year17 | €23,186 | €15,588 | €7,860 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €316,631 | €243,910 | €289,955 | €285,903 | €307,589 | €321,719 | €289,373 | €306,996 | ▲ 6.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €198,885 | €68,112 | €68,112 | €68,112 | €68,112 | = |
| Financial debts43 | - | - | - | €25,786 | €9,119 | €8,150 | €6,541 | €918 | ▼ 86.0% |
| Credit institutions430/8 | - | - | - | €25,786 | €9,119 | €8,150 | €6,541 | €918 | ▼ 86.0% |
| Trade debts44 | €34,553 | €5,569 | €14,973 | €23,364 | €208,171 | €237,928 | €194,160 | €220,473 | ▲ 13.6% |
| Suppliers440/4 | - | - | - | €23,364 | €208,171 | €237,928 | €194,160 | €220,473 | ▲ 13.6% |
| Taxes, remuneration and social security45 | - | - | - | €11,784 | €10,755 | €6,682 | €7,838 | €10,957 | ▲ 39.8% |
| Taxes450/3 | - | - | - | €4,320 | €2,828 | €1,304 | €2,252 | €4,113 | ▲ 82.6% |
| Remuneration and social security454/9 | - | - | - | €7,464 | €7,927 | €5,378 | €5,586 | €6,844 | ▲ 22.5% |
| Other amounts payable47/48 | - | - | - | €26,084 | €11,432 | €847 | €12,722 | €6,536 | ▼ 48.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €256 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,609 | €32,554 | -€32,206 | -€7,723 | €22,171 | -€80,319 | -€11,706 | €35,611 | - |
| + Depreciation and write-downs630 | €14,634 | €14,480 | €15,029 | €16,742 | €3,053 | €5,488 | €7,555 | €8,698 | ▲ 15.1% |
| Operating cash flow (approximation) | €45,243 | €47,034 | -€17,177 | €9,019 | €25,224 | -€74,831 | -€4,151 | €44,309 | - |
| Investment in fixed assets (approximation) | - | €0 | -€10,524 | -€6,399 | €56,232 | -€20,615 | -€3,590 | -€30,169 | ▼ 740% |
| Change in cash | - | €9,443 | -€16,509 | €4,539 | €43,051 | €3,750 | -€9,899 | -€2,371 | ▲ 76.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 26 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00209285 |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00186390 |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00185023 |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00189733 |
| 31-12-2021 | micro format | 01-09-2022 | 2022-20390433 |
| 31-12-2020 | micro format | 27-08-2021 | 2021-55200215 |
| 31-12-2019 | micro format | 17-06-2020 | 2020-17900065 |
| 31-12-2018 | micro format | 17-09-2019 | 2019-64500500 |
| 31-12-2017 | micro format | 01-07-2018 | 2018-26900572 |
| 31-12-2016 | micro format | 21-06-2017 | 2017-19300422 |
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Of the 962 active companies whose main activity is forging of metal (NACE 25401), figures are known for 400. 281 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.