COTRAGRI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 PDF all 42 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €210,000
Estimated: probably between €140,000 and €340,000
EBIT margin
Not included in this filing
Net result
€21,057▲ 16.8%
2024 · €18,032
Working capital
€28,854
2024 · -€18,744
In the rankings
#1 oldest company in Braine-le-Comte, Administrative and support services sector#8 company by total assets in Braine-le-Comte, Administrative and support services sector#10 company by equity in Braine-le-Comte, Administrative and support services sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€17,785
▲ 32.7%
2025
20182025
Net result
€21,057
▲ 16.8%
2025
middle half of the sector
20182025
Equity
€190,148
▲ 12.5%
2025
highest quarter of the sector
20182025
Total assets
€425,859
▲ 4.2%
2025
highest quarter of the sector
20182025
Debt
€229,499
▼ 0.7%
2025
20182025
Working capital
€28,854
2025
middle half of the sector
20182025
Solvency
44.7%
▲ 3.3pp
2025
middle half of the sector
20182025
Current ratio
1.13
▲ 0.21
2025
middle half of the sector
20182025
Return on assets (ROA)
4.9%
▲ 0.5pp
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€8,697--€17,712€6,442€19,719▲ 206%-€6,615€16,484€13,401▼ 18.7%€17,785▲ 32.7%
Net result€8,365-€52,254▲ 525%€6,557within the sector's middle half▼ 87.5%€21,750within the sector's middle half▲ 232%-€4,666below the sector's middle half€16,416within the sector's middle half€18,032within the sector's middle half▲ 9.8%€21,057within the sector's middle half▲ 16.8%
Equity€75,314-€80,345▲ 6.7%€117,560within the sector's middle half▲ 46.3%€139,310above the sector's middle half▲ 18.5%€134,643within the sector's middle half▼ 3.3%€151,060above the sector's middle half▲ 12.2%€169,092above the sector's middle half▲ 11.9%€190,148above the sector's middle half▲ 12.5%
Total assets€270,208-€296,119▲ 9.6%€256,394within the sector's middle half▼ 13.4%€315,440above the sector's middle half▲ 23.0%€357,820within the sector's middle half▲ 13.4%€393,669above the sector's middle half▲ 10.0%€408,506above the sector's middle half▲ 3.8%€425,859above the sector's middle half▲ 4.2%
Debt€194,894-€168,551▼ 13.5%€122,269▼ 27.5%€161,636▲ 32.2%€210,753▲ 30.4%€230,186▲ 9.2%€231,132▲ 0.4%€229,499▼ 0.7%
Working capital-€6,078-€15,357€36,232within the sector's middle half▲ 136%€66,683above the sector's middle half▲ 84.0%-€13,640below the sector's middle half-€45,455below the sector's middle half▼ 233%-€18,744below the sector's middle half▲ 58.8%€28,854within the sector's middle half
Solvency27.9%-27.1%▼ 0.7pp45.9%within the sector's middle half▲ 18.7pp44.2%within the sector's middle half▼ 1.7pp37.6%within the sector's middle half▼ 6.5pp38.4%within the sector's middle half▲ 0.7pp41.4%within the sector's middle half▲ 3.0pp44.7%within the sector's middle half▲ 3.3pp
Current ratio0.97-1.09▲ 0.131.30within the sector's middle half▲ 0.201.41within the sector's middle half▲ 0.120.94within the sector's middle half▼ 0.480.80below the sector's middle half▼ 0.130.92within the sector's middle half▲ 0.121.13within the sector's middle half▲ 0.21
Return on assets (ROA)3.1%-17.6%▲ 14.6pp2.6%within the sector's middle half▼ 15.1pp6.9%within the sector's middle half▲ 4.3pp-1.3%below the sector's middle half▼ 8.2pp4.2%within the sector's middle half▲ 5.5pp4.4%within the sector's middle half▲ 0.2pp4.9%within the sector's middle half▲ 0.5pp
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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 33% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €425,859
Fixed assets
€167,506 ▼ 14.6%
Current assets
€258,353 ▲ 21.6%
Equity and liabilities €425,859
Equity
€190,148 ▲ 12.5%
Provisions
€6,212 ▼ 25.0%
Debt
€229,499 ▼ 0.7%
Debt's share of the balance-sheet total falls from 56.6% to 53.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€49,546▲
2024 · €44,861
Cash flow
€52,818▲
2024 · €49,492
Debt to equity
1.21▼
2024 · 1.37
ROE
11.1%▲
2024 · 10.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€229,499▼
2024 · €231,132
Income taxes
€421▲
2024 · €135
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 | €2,810 | €100,431 | €72,349 | €18,639 | €3,149 |
| Depreciation and write-downs of the year | €13,583 | €13,470 | €24,118 | €31,460 | €31,761 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €50,814 | €59,314 | €36,607 | €13,583 | €13,470 | €24,118 | €31,460 | €31,761 | ▲ 1.0% |
| Other operating charges640/8 | - | - | - | €261 | €236 | €614 | €1,240 | €302 | ▼ 75.6% |
| Non-recurring operating charges66A | - | - | - | - | €4,873 | - | - | - | - |
| Gross operating margin9900 | €59,813 | €41,945 | €43,353 | €33,563 | €11,965 | €41,216 | €46,101 | €49,848 | ▲ 8.1% |
| Operating profit (loss)9901 | €8,697 | -€17,712 | €6,442 | €19,719 | -€6,615 | €16,484 | €13,401 | €17,785 | ▲ 32.7% |
| Financial income75/76B | - | - | - | €20 | - | - | €781 | €1,716 | ▲ 120% |
| Recurring financial income75 | €227 | €111 | €99 | €20 | - | - | €781 | €1,716 | ▲ 120% |
| Financial charges65/66B | - | - | - | €54 | €142 | €68 | €156 | €94 | ▼ 39.7% |
| Recurring financial charges65 | €540 | €123 | €40 | €54 | €142 | €68 | €156 | €94 | ▼ 39.7% |
| Profit (loss) for the period before taxes9903 | €8,384 | €52,276 | €6,501 | €19,685 | -€6,757 | €16,416 | €14,026 | €19,407 | ▲ 38.4% |
| Transfer from deferred taxes780 | - | - | - | €2,071 | €2,071 | - | €4,141 | €2,071 | ▼ 50.0% |
| Income taxes67/77 | €19 | €22 | -€56 | €6 | -€20 | - | €135 | €421 | ▲ 212% |
| Profit (loss) for the period9904 | €8,365 | €52,254 | €6,557 | €21,750 | -€4,666 | €16,416 | €18,032 | €21,057 | ▲ 16.8% |
| Transfer from tax-exempt reserves789 | - | - | - | €4,929 | €4,929 | - | €9,859 | €4,929 | ▼ 50.0% |
| Profit (loss) for the period to be appropriated9905 | €8,365 | -€10,746 | €13,557 | €26,679 | €263 | €16,416 | €27,891 | €25,986 | ▼ 6.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €270,208 | €296,119 | €256,394 | €315,440 | €357,820 | €393,669 | €408,506 | €425,859 | ▲ 4.2% |
| Fixed assets21/28 | €91,970 | €117,500 | €97,893 | €87,121 | €160,707 | €208,938 | €196,118 | €167,506 | ▼ 14.6% |
| Tangible fixed assets22/27 | €91,814 | €117,500 | €97,893 | €87,121 | €160,707 | €208,938 | €196,118 | €167,506 | ▼ 14.6% |
| Land and buildings22 | - | - | - | - | €65,318 | €66,027 | €62,495 | €58,962 | ▼ 5.7% |
| Plant, machinery and equipment23 | - | - | - | €85,093 | €91,025 | €79,835 | €85,190 | €71,653 | ▼ 15.9% |
| Furniture and vehicles24 | - | - | - | €2,028 | €4,364 | €63,076 | €48,433 | €36,891 | ▼ 23.8% |
| Financial fixed assets28 | €156 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €178,238 | €178,619 | €158,501 | €228,319 | €197,112 | €184,731 | €212,388 | €258,353 | ▲ 21.6% |
| Amounts receivable within one year40/41 | €44,725 | €19,023 | €19,412 | €10,808 | €19,252 | €19,756 | €14,914 | €4,024 | ▼ 73.0% |
| Trade receivables40 | - | - | - | €10,808 | €18,620 | €19,756 | €14,700 | €4,024 | ▼ 72.6% |
| Other amounts receivable41 | - | - | - | - | €632 | - | €214 | - | - |
| Cash at bank and in hand54/58 | €132,304 | €158,425 | €139,050 | €216,335 | €176,903 | €164,250 | €197,092 | €253,959 | ▲ 28.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,176 | €957 | €725 | €382 | €370 | ▼ 3.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €270,208 | €296,119 | €256,394 | €315,440 | €357,820 | €393,669 | €408,506 | €425,859 | ▲ 4.2% |
| Equity10/15 | €75,314 | €80,345 | €117,560 | €139,310 | €134,643 | €151,060 | €169,092 | €190,148 | ▲ 12.5% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,592 | - | - | - | - | - |
| Reserves13 | €102,632 | €118,409 | €142,067 | €137,138 | €132,208 | €132,208 | €122,350 | €117,420 | ▼ 4.0% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | - | - | - | - | - |
| Legal reserve130 | - | - | - | €1,859 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €34,506 | €29,576 | €29,576 | €19,718 | €14,788 | ▼ 25.0% |
| Distributable reserves133 | - | - | - | €100,773 | €102,632 | €102,632 | €102,632 | €102,632 | = |
| Profit (loss) carried forward14 | -€45,910 | -€56,656 | -€43,099 | -€16,420 | -€16,157 | €259 | €28,150 | €54,136 | ▲ 92.3% |
| Provisions and deferred taxes16 | - | €47,223 | €16,565 | €14,494 | €12,424 | €12,424 | €8,282 | €6,212 | ▼ 25.0% |
| Deferred taxes168 | - | - | - | €14,494 | €12,424 | €12,424 | €8,282 | €6,212 | ▼ 25.0% |
| Amounts payable17/49 | €194,894 | €168,551 | €122,269 | €161,636 | €210,753 | €230,186 | €231,132 | €229,499 | ▼ 0.7% |
| Amounts payable after more than one year17 | €10,578 | €5,289 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €184,316 | €163,262 | €122,269 | €161,636 | €210,753 | €230,186 | €231,132 | €229,499 | ▼ 0.7% |
| Trade debts44 | €42,121 | €18,522 | €18,896 | €21,842 | €6,152 | €458 | €2,812 | €318 | ▼ 88.7% |
| Suppliers440/4 | - | - | - | €21,842 | €6,152 | €458 | €2,812 | €318 | ▼ 88.7% |
| Taxes, remuneration and social security45 | - | - | - | €546 | - | €1,470 | - | €2,388 | - |
| Taxes450/3 | - | - | - | - | - | €1,470 | - | €2,388 | - |
| Remuneration and social security454/9 | - | - | - | €546 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €139,248 | €204,601 | €228,258 | €228,320 | €226,793 | ▼ 0.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,365 | €52,254 | €6,557 | €21,750 | -€4,666 | €16,416 | €18,032 | €21,057 | ▲ 16.8% |
| + Depreciation and write-downs630 | €50,814 | €59,314 | €36,607 | €13,583 | €13,470 | €24,118 | €31,460 | €31,761 | ▲ 1.0% |
| Operating cash flow (approximation) | €59,179 | €111,568 | €43,164 | €35,333 | €8,804 | €40,534 | €49,492 | €52,818 | ▲ 6.7% |
| Investment in fixed assets (approximation) | - | -€84,844 | -€17,000 | -€2,811 | -€87,057 | -€72,349 | -€18,640 | -€3,149 | ▲ 83.1% |
| Change in cash | - | €26,121 | -€19,375 | €77,285 | -€39,432 | -€12,653 | €32,842 | €56,867 | ▲ 73.2% |
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, 17,041 companies had the same profile as COTRAGRI has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COTRAGRI itself: 0.2% 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 17,041 companies, not a prediction for COTRAGRI. 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 42 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00163942 | |
| 31-12-2024 | micro format | 15-06-2026 | 2026-00163977 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00445403 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00425290 | |
| 31-12-2021 | micro format | 24-10-2022 | 2022-20479949 | |
| 31-12-2020 | full format | 20-05-2021 | 2021-15100418 | |
| 31-12-2019 | full format | 22-09-2020 | 2020-55400502 | |
| 31-12-2018 | full format | 27-05-2019 | 2019-14800183 | |
| 31-12-2017 | full format | 31-07-2018 | 2018-42200055 | |
| 31-12-2016 | full format | 16-08-2017 | 2017-44600421 |