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COTIMA

Judicial reorganisation
Private limited company (pre-2019)founded 1999active for 27 yearsLaagstraat 68, 9140 Temse, BelgiumKBO/BCE: BE 0466.424.696
Summary

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 2,318 sector peers (NACE 25, financial year 2025).

Are you a creditor?

Judicial reorganisation Source: Belgian Official Gazette

Your claim still exists, but while the moratorium runs you cannot enforce it. What you do now depends on the track of the reorganisation.

The procedure

Court
Enterprise Court of Ghent
Opened
31 October 2022
Track
Reorganisation by collective agreement
Docket number
20220012
Moratorium until
17 April 2023 (passed; an extension would be in a later judgment)
Creditors' vote
3 April 2023
Delegated judge
Peter Focke
Official Gazette
07-11-2022 (pdf) ↗search the document for 2022/140084

What to do now

  1. Do not attach assets or start enforcement for debts from before the opening while the moratorium runs.
  2. Check the amount the company lists you for: it has to tell you. If it is wrong, dispute it in writing.
  3. The company files a reorganisation plan and creditors vote on it at a hearing. A plan approved and confirmed by the court also binds those who voted against.
  4. What you deliver after the opening is not covered by the moratorium: agree clear payment terms.
  5. The file is in RegSol, where you can read the documents of the procedure.

Deadlines: the judgment sets how long the moratorium runs. That date is in RegSol and in the publication in the Official Gazette. The date of the vote on the plan is in the judgment and in RegSol.

View the file in RegSol ↗ Follow Follow this reorganisation: you are alerted to an extension, the court's approval, the closure or a bankruptcy.

General information, not legal advice. If in doubt, your lawyer or your accountant can help.Creditor guide for this company

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Overview

Activity
Forging of metal
NACE 25401Machining of metals NACE 25530
1 site
Size
€343,069turnover 2025
Staff
1.3 FTE
Equity
€37,596
Profit
€35,611
Financial health
24 Critical Checked score 2025
Reorganisation running: about 1 in 4 bankrupt within the year
Structure
2025 accounts 32 days early1 deed in the Belgian Official Gazette
Signalsraises riskWeak solvency vs sectorIn judicial reorganisationneutralLatest accounts filed on timeShow the evidence

Checked score

Score 2025
24 / 100
Critical
Without a bankruptcy probability: score from the figures alone
An ongoing judicial reorganisation from the Belgian Official Gazette caps the score at 24. Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Average
Solvency 36+10
equity 10.9% of total assets
Liquidity 21-4
short-term debt 89.1% · cash 16.3%
Profitability 78+65
return on assets 10.3%
Bankruptcy probability, 12 months

Judicial reorganisation

About 1 in 4 comparable companies went bankrupt within the year

A judicial reorganisation is open: we then compute no probability from the figures. Measured over every Belgian company in an open or failed reorganisation: 25% to 26% bankrupt within twelve months (2024 and 2025).

No credit on open account during an ongoing judicial reorganisation
Liquidity insufficient (current ratio 0.95, compared with 0.9 in 2024, below 1; short-term debt: 89.1% and cash: 16.3% of total assets), and 89.1% of the assets are financed with debt and provisions.

Signals

Three signals.
raises riskneutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 2318 sector peers (2025).
NBB · sector comparison
Position among 2318 sector peers
Solvency
better than 16%
← weakest strongest →
raises risk · In judicial reorganisation
Ongoing procedure under court protection (Book XX of the Code of Economic Law). The company is restructuring.
Belgian Official Gazette
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
32 days early
2024
34 days early
2023
30 days early
2022
28 days early
2021
32 days late
2020
27 days late
2019
44 days 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 16 days before the deadline; the sector median (NACE 25) for financial year 2024 is 7 days before the deadline, and 35% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 2 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
30-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · micro…
  2. Back to profitnet €35,611
  3. Annual accounts filedfinancial year 2024 · micro…

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

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▲ 16×
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▲ 0.161.00within 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 ▲ 16×
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
2025 value · change against 2024
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
Filed annual accounts As filed with the NBB · 2025 against 2024 · 55 lines
Balance sheet Code20242025
Assets
Total assets20/58€291,791€344,592▲
Fixed assets21/28€31,535€53,006▲
Tangible fixed assets22/27€30,660€52,131▲
Land and buildings22€18,019€19,870▲
Plant, machinery and equipment23€12,641€7,530▼
Furniture and vehicles24-€24,731
Financial fixed assets28€875€875=
Current assets29/58€260,256€291,586▲
Stocks and contracts in progress3€75,677€76,546▲
Stocks30/36€75,677€63,030▼
Contracts in progress37-€13,516
Amounts receivable within one year40/41€126,203€159,035▲
Trade receivables40€108,411€142,691▲
Other amounts receivable41€17,792€16,344▼
Cash at bank and in hand54/58€58,376€56,005▼
Equity and liabilities
Total equity and liabilities10/49€291,791€344,592▲
Equity10/15€2,418€37,596▲
Contributions10/11€18,592€18,592=
Reserves13€13,859€17,359▲
Non-distributable reserves130/1€1,859€1,859=
Reserves not available under the articles1311€1,859€1,859=
Tax-exempt reserves132€12,000€12,000=
Distributable reserves133-€3,500
Profit (loss) carried forward14-€31,813€298▲
Investment grants15€1,780€1,347▼
Amounts payable17/49€289,373€306,996▲
Amounts payable within one year42/48€289,373€306,996▲
Current portion of amounts payable after more than one year42€68,112€68,112=
Financial debts43€6,541€918▼
Credit institutions430/8€6,541€918▼
Trade debts44€194,160€220,473▲
Suppliers440/4€194,160€220,473▲
Taxes, remuneration and social security45€7,838€10,957▲
Taxes450/3€2,252€4,113▲
Remuneration and social security454/9€5,586€6,844▲
Other amounts payable47/48€12,722€6,536▼
Income statement Code20242025
Turnover70€183,669€343,069▲
Goods, raw materials, services and sundry goods60/61€134,741€261,700▲
Remuneration, social security and pensions62€42,990€53,741▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7,555€8,698▲
Other operating charges640/8€4,844€1,553▼
Gross operating margin9900€43,933€99,685▲
Operating profit (loss)9901-€11,456€35,693▲
Financial income75/76B€688€958▲
Recurring financial income75€688€810▲
Non-recurring financial income76B-€148
Financial charges65/66B€938€1,040▲
Recurring financial charges65€938€1,040▲
Profit (loss) for the period before taxes9903-€11,706€35,611▲
Profit (loss) for the period9904-€11,706€35,611▲
Profit (loss) for the period to be appropriated9905-€11,706€35,611▲
Appropriation of the result
Profit (loss) to be appropriated9906-€31,813€3,798▲
Profit (loss) brought forward from the previous period14P-€20,107-€31,813▼
Transfer to equity691/2-€3,500
To other reserves6921-€3,500

The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20182019202020212022202320242025Change
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-
Line20182019202020212022202320242025Change
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▲ 16×
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-----€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----
Line20182019202020212022202320242025Change
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.

Download as CSV

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

Show all 26 filings

Similar companies · same sector, comparable size

Of the 960 active companies whose main activity is forging of metal (NACE 25401), figures are known for 404. 285 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.

Directors

Directors
No directors read yet: 0 of 1 Gazette act processed. See the directors and other office holders in the KBO →

Owners and capital

Owners

No owners or capital events in the accounts and acts we read.

History

COTIMA was incorporated on 2 July 1999.1 Turnover grew from €280,041 in 2018 to €343,069 in 2025 and headcount from 0.3 to 1.3 full-time equivalents.2 A judicial reorganisation was opened on 31 October 2022.3

  1. 1KBO register
  2. 2National Bank, annual accounts 2018 and 2025
  3. 3Belgian Official Gazette, 07-11-2022

Acts, filings and financial milestones

Next filing, financial year 2026, expected by 31-07-2027
2026
29-06
NBB filing Annual accounts filed
financial year 2025 · micro format
2025
31-12
Financial Back to profitnet €35,611
Net result €35,611 after 2 loss-making years.
27-06
NBB filing Annual accounts filed
financial year 2024 · micro format
2024
01-07
NBB filing Annual accounts filed
financial year 2023 · micro format
2023
31-12
Financial Weakest financial yearnet -€80,319
Net result drops to -€80,319, the lowest in the series; recovery starts the following year.
03-07
NBB filing Annual accounts filed
financial year 2022 · micro format
2022
31-12
Financial Back to profitnet €22,171
Net result €22,171 after 2 loss-making years.
07-11
Judicial reorganisation Opening
Enterprise Court of Ghent · collective agreement · judgment of 31-10-2022
01-09
NBB filing Annual accounts filed
financial year 2021 · micro format · 32 days late
2021
27-08
NBB filing Annual accounts filed
financial year 2020 · micro format · 27 days late
2020
17-06
NBB filing Annual accounts filed
financial year 2019 · micro format
2019
31-12
Financial Equity above €100,000equity €114,363 ▲39.1%
A profit in every financial year since 2018 builds equity to €114,363.
Show earlier events
17-09
NBB filing Annual accounts filed
financial year 2018 · micro format · 48 days late
2018
01-07
NBB filing Annual accounts filed
financial year 2017 · micro format
2017
21-06
NBB filing Annual accounts filed
financial year 2016 · micro format
SignalFinancial milestoneNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 26 annual accounts filed, the latest 10 are here; all 26 are under Financials.
0 of 1 deed read
About the unread acts

We know of 1 Belgian Official Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.

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Register details

Identification
Legal formPrivate limited company (pre-2019)
Founded02-07-1999
Financial year end31-12
Activities, NACEBEL 2025
25401Forging of metal
25530Machining of metals
E-invoicing
Reachable via Peppol
Peppol ID 0208:0466424696
Registered 27-03-2026

If you follow this company, Checked tells you the day it leaves the Peppol register.

Register as of 29 October 2026 · Peppol Directory

Scores and ratios are computed by Checked and are not a credit decision.

Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.

Sites & property

Location & real-estate footprint
Registered office, Temse · 1 establishment unit since 1999
registered office establishment The establishment unit on the map
Ground area
730 m²
Building footprint
757 m²
Building volume
4,197 m³
Parcel 46025B0182/00C000, Flanders · tallest building 7.6 m. Linked by address, not a title deed.
1 establishment unit
Laagstraat 68, 9140 Temse
Manufacture of metal structures and parts of structures
since 1999unit no. 2.091.987.320
1 parcel
Flanders 1 (100%)
Cadastral parcel Region Area Buildings Height / floors
46025B0182/00C000 Flanders 730 m² 1 · 757 m² 7.6 m · 2
How the parcels are linked
Good to know
The parcel matches the address exactly.