Cotragim
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-05-2026 PDF all 13 filings
Turnover
≈ €250,000
Estimated: probably between €130,000 and €610,000
Total assets
€113,513▼ 7.4%
2024 · €122,582
Net result
€12,115
2024 · -€23,693
Working capital
€69,901▲ 5.3%
2024 · €66,400
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€16,484
2025
20182025
Net result
€12,115
2025
middle half of the sector
20182025
Equity
€75,947
▼ 1.6%
2025
middle half of the sector
20182025
Total assets
€113,513
▼ 7.4%
2025
middle half of the sector
20182025
Debt
€37,566
▼ 17.3%
2025
20182025
Working capital
€69,901
▲ 5.3%
2025
middle half of the sector
20182025
Solvency
66.9%
▲ 4.0pp
2025
highest quarter of the sector
20182025
Current ratio
2.91
▲ 0.41
2025
highest quarter of the sector
20182025
Return on assets (ROA)
10.7%
▲ 30.0pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€34,114-€50,230▲ 47.2%€62,008▲ 23.4%€59,150▼ 4.6%€14,775▼ 75.0%€69,346▲ 369%-€20,853€16,484
Net result€15,174-€26,348▲ 73.6%€41,909above the sector's middle half▲ 59.1%€34,057above the sector's middle half▼ 18.7%€3,805within the sector's middle half▼ 88.8%€41,009above the sector's middle half▲ 978%-€23,693below the sector's middle half€12,115within the sector's middle half
Equity€23,431-€49,779▲ 112%€63,117within the sector's middle half▲ 26.8%€97,175within the sector's middle half▲ 54.0%€100,979within the sector's middle half▲ 3.9%€127,211above the sector's middle half▲ 26.0%€77,170within the sector's middle half▼ 39.3%€75,947within the sector's middle half▼ 1.6%
Total assets€69,031-€87,246▲ 26.4%€135,576within the sector's middle half▲ 55.4%€165,358within the sector's middle half▲ 22.0%€154,196within the sector's middle half▼ 6.8%€194,501within the sector's middle half▲ 26.1%€122,582within the sector's middle half▼ 37.0%€113,513within the sector's middle half▼ 7.4%
Debt€45,600-€37,467▼ 17.8%€72,459▲ 93.4%€68,183▼ 5.9%€53,217▼ 21.9%€67,290▲ 26.4%€45,412▼ 32.5%€37,566▼ 17.3%
Working capital€23,431-€49,779▲ 112%€17,426within the sector's middle half▼ 65.0%€55,704within the sector's middle half▲ 220%€67,771within the sector's middle half▲ 21.7%€99,301above the sector's middle half▲ 46.5%€66,400within the sector's middle half▼ 33.1%€69,901within the sector's middle half▲ 5.3%
Solvency33.9%-57.1%▲ 23.1pp46.6%within the sector's middle half▼ 10.5pp58.8%within the sector's middle half▲ 12.2pp65.5%above the sector's middle half▲ 6.7pp65.4%above the sector's middle half▼ 0.1pp63.0%above the sector's middle half▼ 2.4pp66.9%above the sector's middle half▲ 4.0pp
Current ratio1.51-2.33▲ 0.811.24within the sector's middle half▼ 1.091.84within the sector's middle half▲ 0.602.31within the sector's middle half▲ 0.472.51within the sector's middle half▲ 0.192.50within the sector's middle half▼ 0.012.91above the sector's middle half▲ 0.41
Return on assets (ROA)22.0%-30.2%▲ 8.2pp30.9%above the sector's middle half▲ 0.7pp20.6%above the sector's middle half▼ 10.3pp2.5%within the sector's middle half▼ 18.1pp21.1%above the sector's middle half▲ 18.6pp-19.3%below the sector's middle half▼ 40.4pp10.7%within the sector's middle half▲ 30.0pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 a profit of €16,484, after a loss of €20,853 in 2024.
Turnover and EBIT margin are not published. The micro 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 €113,513
Fixed assets
€7,098 ▼ 40.5%
Current assets
€106,415 ▼ 3.8%
Equity and liabilities €113,513
Equity
€75,947 ▼ 1.6%
Debt
€37,566 ▼ 17.3%
Debt's share of the balance-sheet total falls from 37.0% to 33.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€21,312▲
2024 · -€7,629
Cash flow
€16,943▲
2024 · -€10,469
Quick ratio
2.02▲
2024 · 1.66
Debt to equity
0.49▼
2024 · 0.59
ROE
16.0%▲
2024 · -30.7%
Interest coverage
9.49▲
2024 · -4.08
Debt ≤ 1 year
€36,514▼
2024 · €44,256
Income taxes
€2,342▲
2024 · €613
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,716 | €4,297 | €8,705 | €2,136 | - |
| Financial fixed assets | €1,050 | - | - | - | - |
| Depreciation and write-downs of the year | €11,783 | €13,125 | €14,293 | €13,224 | €4,828 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €9,082 | €11,783 | €13,125 | €14,293 | €13,224 | €4,828 | ▼ 63.5% |
| Other operating charges640/8 | - | - | - | €3,438 | €11,597 | €3,342 | €4,863 | €2,615 | ▼ 46.2% |
| Gross operating margin9900 | €43,819 | €57,783 | €74,429 | €74,371 | €39,497 | €86,981 | -€2,766 | €23,927 | - |
| Operating profit (loss)9901 | €34,114 | €50,230 | €62,008 | €59,150 | €14,775 | €69,346 | -€20,853 | €16,484 | - |
| Financial income75/76B | - | - | - | €81 | €1 | €118 | €385 | €218 | ▼ 43.4% |
| Recurring financial income75 | €13 | €103 | €69 | €81 | €1 | €118 | €385 | €218 | ▼ 43.4% |
| Financial charges65/66B | - | - | - | €5,022 | €5,243 | €2,580 | €2,612 | €2,245 | ▼ 14.1% |
| Recurring financial charges65 | €6,940 | €7,550 | €3,890 | €5,022 | €5,243 | €2,580 | €1,868 | €2,245 | ▲ 20.2% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €744 | - | - |
| Profit (loss) for the period before taxes9903 | €27,187 | €42,783 | €60,502 | €54,209 | €9,533 | €66,884 | -€23,080 | €14,457 | - |
| Income taxes67/77 | €12,013 | €16,435 | €18,593 | €20,152 | €5,728 | €25,875 | €613 | €2,342 | ▲ 282% |
| Profit (loss) for the period9904 | €15,174 | €26,348 | €41,909 | €34,057 | €3,805 | €41,009 | -€23,693 | €12,115 | - |
| Profit (loss) for the period to be appropriated9905 | €15,174 | €26,348 | €41,909 | €34,057 | €3,805 | €41,009 | -€23,693 | €12,115 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €69,031 | €87,246 | €135,576 | €165,358 | €154,196 | €194,501 | €122,582 | €113,513 | ▼ 7.4% |
| Fixed assets21/28 | - | - | €45,691 | €43,674 | €34,846 | €29,258 | €11,926 | €7,098 | ▼ 40.5% |
| Tangible fixed assets22/27 | - | - | €45,691 | €42,624 | €33,796 | €28,208 | €10,876 | €6,048 | ▼ 44.4% |
| Plant, machinery and equipment23 | - | - | - | €8,888 | €12,217 | €16,557 | €9,153 | €6,014 | ▼ 34.3% |
| Furniture and vehicles24 | - | - | - | €33,736 | €21,579 | €11,651 | €1,723 | €34 | ▼ 98.0% |
| Financial fixed assets28 | - | - | - | €1,050 | €1,050 | €1,050 | €1,050 | €1,050 | = |
| Current assets29/58 | €69,031 | €87,246 | €89,885 | €121,684 | €119,350 | €165,243 | €110,656 | €106,415 | ▼ 3.8% |
| Stocks and contracts in progress3 | €29,181 | €20,126 | €21,268 | €23,176 | €49,943 | €20,812 | €36,980 | €32,680 | ▼ 11.6% |
| Stocks30/36 | - | - | - | €23,176 | €49,943 | €20,812 | €36,980 | €32,680 | ▼ 11.6% |
| Amounts receivable within one year40/41 | €23,403 | €20,106 | €53,905 | €83,805 | €43,897 | €61,647 | €30,005 | €48,427 | ▲ 61.4% |
| Trade receivables40 | - | - | - | €83,805 | €42,126 | €61,162 | €30,005 | €42,730 | ▲ 42.4% |
| Other amounts receivable41 | - | - | - | - | €1,771 | €485 | - | €5,697 | - |
| Cash at bank and in hand54/58 | €15,585 | €46,562 | €14,159 | €13,227 | €23,985 | €81,035 | €41,861 | €23,418 | ▼ 44.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,476 | €1,525 | €1,749 | €1,810 | €1,890 | ▲ 4.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €69,031 | €87,246 | €135,576 | €165,358 | €154,196 | €194,501 | €122,582 | €113,513 | ▼ 7.4% |
| Equity10/15 | €23,431 | €49,779 | €63,117 | €97,175 | €100,979 | €127,211 | €77,170 | €75,947 | ▼ 1.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €17,231 | €43,579 | €56,917 | €90,975 | €94,779 | €121,011 | €94,663 | €81,325 | ▼ 14.1% |
| Distributable reserves133 | - | - | - | €90,975 | €94,779 | €121,011 | €94,663 | €81,325 | ▼ 14.1% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€23,693 | -€11,578 | ▲ 51.1% |
| Amounts payable17/49 | €45,600 | €37,467 | €72,459 | €68,183 | €53,217 | €67,290 | €45,412 | €37,566 | ▼ 17.3% |
| Amounts payable within one year42/48 | €45,600 | €37,467 | €72,459 | €65,980 | €51,579 | €65,942 | €44,256 | €36,514 | ▼ 17.5% |
| Trade debts44 | €8,089 | €2,136 | €2,006 | €2,448 | €14,839 | €26,176 | €7,450 | €825 | ▼ 88.9% |
| Suppliers440/4 | - | - | - | €2,448 | €14,839 | €26,176 | €7,450 | €825 | ▼ 88.9% |
| Taxes, remuneration and social security45 | - | - | - | €16,410 | €3,377 | €4,414 | €2,203 | €887 | ▼ 59.7% |
| Taxes450/3 | - | - | - | €16,410 | €3,127 | €4,414 | €2,203 | €887 | ▼ 59.7% |
| Remuneration and social security454/9 | - | - | - | - | €250 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €47,122 | €33,363 | €35,352 | €34,603 | €34,802 | ▲ 0.6% |
| Accrued charges and deferred income492/3 | - | - | - | €2,203 | €1,638 | €1,348 | €1,156 | €1,052 | ▼ 9.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,174 | €26,348 | €41,909 | €34,057 | €3,805 | €41,009 | -€23,693 | €12,115 | - |
| + Depreciation and write-downs630 | - | - | €9,082 | €11,783 | €13,125 | €14,293 | €13,224 | €4,828 | ▼ 63.5% |
| Operating cash flow (approximation) | €15,174 | €26,348 | €50,991 | €45,840 | €16,930 | €55,302 | -€10,469 | €16,943 | - |
| Investment in fixed assets (approximation) | - | - | - | -€9,766 | -€4,297 | -€8,705 | €4,108 | €0 | ▼ 100% |
| Change in cash | - | €30,977 | -€32,403 | -€932 | €10,758 | €57,050 | -€39,174 | -€18,443 | ▲ 52.9% |
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, 34,693 companies had the same profile as Cotragim has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Cotragim 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 34,693 companies, not a prediction for Cotragim. 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.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-05-2026 | 2026-00114676 | |
| 31-12-2024 | micro format | 15-05-2025 | 2025-00096558 | |
| 31-12-2023 | micro format | 04-06-2024 | 2024-00111347 | |
| 31-12-2022 | micro format | 26-05-2023 | 2023-00096766 | |
| 31-12-2021 | micro format | 12-05-2022 | 2022-20026485 | |
| 31-12-2020 | micro format | 07-05-2021 | 2021-13600156 | |
| 31-12-2019 | micro format | 20-05-2020 | 2020-12600458 | |
| 31-12-2018 | micro format | 05-06-2019 | 2019-16100117 | |
| 31-12-2017 | micro format | 06-06-2018 | 2018-16100424 | |
| 31-12-2016 | micro format | 05-05-2017 | 2017-11300205 |