COTOPAXI
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-03-2026 PDF all 4 filings
Turnover
≈ €610,000
Estimated: probably between €480,000 and €1.1m
Total assets
€867,923▲ 52.4%
2024 · €569,617
Net result
€261,631▲ 5.8%
2024 · €247,404
Working capital
€613,993▲ 83.8%
2024 · €334,049
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€381,719
▲ 6.4%
2025
20222025
Net result
€261,631
▲ 5.8%
2025
highest quarter of the sector
20222025
Equity
€667,682
▲ 64.4%
2025
middle half of the sector
20222025
Total assets
€867,923
▲ 52.4%
2025
middle half of the sector
20222025
Debt
€200,241
▲ 22.4%
2025
20222025
Working capital
€613,993
▲ 83.8%
2025
highest quarter of the sector
20222025
Solvency
76.9%
▲ 5.6pp
2025
middle half of the sector
20222025
Current ratio
4.07
▲ 1.02
2025
highest quarter of the sector
20222025
Return on assets (ROA)
30.1%
▼ 13.3pp
2025
highest quarter of the sector
20222025
Staff (FTE)
no figure
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€135,372-€70,674▼ 47.8%€358,783▲ 408%€381,719▲ 6.4%
Net result€105,456within the sector's middle half-€50,191within the sector's middle half▼ 52.4%€247,404above the sector's middle half▲ 393%€261,631above the sector's middle half▲ 5.8%
Equity€108,456below the sector's middle half-€158,647within the sector's middle half▲ 46.3%€406,051within the sector's middle half▲ 156%€667,682within the sector's middle half▲ 64.4%
Total assets€140,053below the sector's middle half-€185,673below the sector's middle half▲ 32.6%€569,617within the sector's middle half▲ 207%€867,923within the sector's middle half▲ 52.4%
Debt€31,597-€27,026▼ 14.5%€163,566▲ 505%€200,241▲ 22.4%
Working capital€72,814within the sector's middle half-€130,845within the sector's middle half▲ 79.7%€334,049within the sector's middle half▲ 155%€613,993above the sector's middle half▲ 83.8%
Solvency77.4%within the sector's middle half-85.4%above the sector's middle half▲ 8.0pp71.3%within the sector's middle half▼ 14.2pp76.9%within the sector's middle half▲ 5.6pp
Current ratio3.30within the sector's middle half-5.84above the sector's middle half▲ 2.543.04within the sector's middle half▼ 2.804.07above the sector's middle half▲ 1.02
Return on assets (ROA)75.3%above the sector's middle half-27.0%above the sector's middle half▼ 48.3pp43.4%above the sector's middle half▲ 16.4pp30.1%above the sector's middle half▼ 13.3pp
Staff (FTE)0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 6% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €867,923
Fixed assets
€53,689 ▼ 25.4%
Current assets
€814,235 ▲ 63.6%
Equity and liabilities €867,923
Equity
€667,682 ▲ 64.4%
Debt
€200,241 ▲ 22.4%
Debt's share of the balance-sheet total falls from 28.7% to 23.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€400,876▲
2024 · €368,259
Cash flow
€280,787▲
2024 · €256,880
Debt to equity
0.30▼
2024 · 0.40
ROE
39.2%▼
2024 · 60.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€200,241▲
2024 · €163,566
Income taxes
€120,007▲
2024 · €111,354
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €39,487 | €1,295 | €53,675 | €843 |
| Depreciation and write-downs of the year | €6,009 | €9,135 | €9,475 | €19,156 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,009 | €9,135 | €9,475 | €19,156 | ▲ 102% |
| Other operating charges640/8 | €406 | €384 | €90 | €799 | ▲ 788% |
| Gross operating margin9900 | €141,787 | €80,194 | €368,349 | €401,675 | ▲ 9.0% |
| Operating profit (loss)9901 | €135,372 | €70,674 | €358,783 | €381,719 | ▲ 6.4% |
| Financial income75/76B | - | €218 | €33 | €9 | ▼ 73.9% |
| Recurring financial income75 | - | €218 | €33 | €9 | ▼ 73.9% |
| Financial charges65/66B | €17 | €54 | €59 | €90 | ▲ 54.0% |
| Recurring financial charges65 | €17 | €54 | €59 | €90 | ▲ 54.0% |
| Profit (loss) for the period before taxes9903 | €135,356 | €70,838 | €358,758 | €381,638 | ▲ 6.4% |
| Income taxes67/77 | €29,900 | €20,647 | €111,354 | €120,007 | ▲ 7.8% |
| Profit (loss) for the period9904 | €105,456 | €50,191 | €247,404 | €261,631 | ▲ 5.8% |
| Profit (loss) for the period to be appropriated9905 | €105,456 | €50,191 | €247,404 | €261,631 | ▲ 5.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €140,053 | €185,673 | €569,617 | €867,923 | ▲ 52.4% |
| Formation expenses20 | €880 | €0 | - | - | - |
| Fixed assets21/28 | €34,762 | €27,802 | €72,002 | €53,689 | ▼ 25.4% |
| Tangible fixed assets22/27 | €34,762 | €27,802 | €72,002 | €53,689 | ▼ 25.4% |
| Furniture and vehicles24 | €34,762 | €27,802 | €72,002 | €53,689 | ▼ 25.4% |
| Current assets29/58 | €104,411 | €157,871 | €497,615 | €814,235 | ▲ 63.6% |
| Amounts receivable within one year40/41 | €5,190 | €18,298 | €282,315 | €102,084 | ▼ 63.8% |
| Trade receivables40 | - | €9,075 | €61,546 | €68,106 | ▲ 10.7% |
| Other amounts receivable41 | €5,190 | €9,223 | €220,769 | €33,978 | ▼ 84.6% |
| Cash at bank and in hand54/58 | €98,223 | €139,000 | €210,828 | €706,675 | ▲ 235% |
| Deferred charges and accrued income490/1 | €998 | €573 | €4,473 | €5,476 | ▲ 22.4% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €140,053 | €185,673 | €569,617 | €867,923 | ▲ 52.4% |
| Equity10/15 | €108,456 | €158,647 | €406,051 | €667,682 | ▲ 64.4% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €105,450 | €155,600 | €403,000 | €664,600 | ▲ 64.9% |
| Distributable reserves133 | €105,450 | €155,600 | €403,000 | €664,600 | ▲ 64.9% |
| Profit (loss) carried forward14 | €6 | €47 | €51 | €82 | ▲ 60.1% |
| Amounts payable17/49 | €31,597 | €27,026 | €163,566 | €200,241 | ▲ 22.4% |
| Amounts payable within one year42/48 | €31,597 | €27,026 | €163,566 | €200,241 | ▲ 22.4% |
| Trade debts44 | €1,697 | €278 | €1,292 | €2,918 | ▲ 126% |
| Suppliers440/4 | €1,697 | €278 | €1,292 | €2,918 | ▲ 126% |
| Taxes, remuneration and social security45 | €29,900 | €26,748 | €162,274 | €197,323 | ▲ 21.6% |
| Taxes450/3 | €29,900 | €26,748 | €162,274 | €197,323 | ▲ 21.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €105,456 | €50,191 | €247,404 | €261,631 | ▲ 5.8% |
| + Depreciation and write-downs630 | €6,009 | €9,135 | €9,475 | €19,156 | ▲ 102% |
| Operating cash flow (approximation) | €111,465 | €59,326 | €256,880 | €280,787 | ▲ 9.3% |
| Investment in fixed assets (approximation) | - | -€2,175 | -€53,675 | -€843 | ▲ 98.4% |
| Change in cash | - | €40,778 | €71,828 | €495,847 | ▲ 590% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,127 companies had the same profile as COTOPAXI has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.2%
was still going
1.9%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of COTOPAXI itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,127 companies, not a prediction for COTOPAXI. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.