COTTAGE
ActiveSummary
COTTAGE has been active since 1990 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €34,418 and a net result of -€11,325. Equity has been shrinking by about 18% per year since 2018. If that trend continues, it turns negative around financial year 2028. The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 15-06-1990 Normal situation
- Activity
- No activity registered in the KBO
- Establishment unit
- 2.251.279.631 2470 Retie, since 15-06-1990
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.4%
- Gross margin
- -€1,762
- ▼ 58.7%
- Loss
- €11,325
- ▲ 6.1%
- Equity
- €34,418
- ▼ 24.8%
- Total assets
- €178,866
- ▼ 4.7%
Score breakdownraises riskLiquiditeit niet neergelegdLoss of €11,325, the second in a row (financial year 2025)lowers riskSize: total assets €178,866Founded in 1990Show the evidence
Checked score
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, micro). It does better than 27% of them on solvency, 9% on liquidity, 18% on profitability and 15% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 8 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 35 filings
Every figure per financial year
The operating result for 2025 is a loss of €11,325, larger than the loss of €10,674 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €231,000 | €3,900 | - | - | - |
| Depreciation and write-downs of the year | €21,066 | €8,628 | €8,780 | €8,780 | €8,780 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €69,058 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,426 | €16,798 | €16,829 | €21,066 | €8,628 | €8,780 | €8,780 | €8,780 | = |
| Other operating charges640/8 | - | - | - | €3,009 | €548 | €700 | €783 | €783 | = |
| Gross operating margin9900 | €7,870 | €3,807 | €11,604 | €63,534 | €1,634 | -€1,027 | -€1,111 | -€1,762 | ▼ 58.7% |
| Operating profit (loss)9901 | -€9,775 | -€13,779 | -€5,326 | €39,459 | -€7,541 | -€10,507 | -€10,674 | -€11,325 | ▼ 6.1% |
| Financial income75/76B | - | - | - | €0 | €1 | €0 | - | - | - |
| Recurring financial income75 | €7,544 | €7,145 | €6,529 | €0 | €1 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €98,738 | €1,483 | €5,594 | €0 | - | - |
| Recurring financial charges65 | €4,454 | €5,398 | €4,217 | €98,738 | €1,483 | €5,594 | €0 | - | - |
| Profit (loss) for the period before taxes9903 | -€6,686 | -€12,032 | -€3,013 | -€59,279 | -€9,024 | -€16,101 | -€10,674 | -€11,325 | ▼ 6.1% |
| Transfer from deferred taxes780 | - | - | - | €29,837 | €0 | - | - | - | - |
| Income taxes67/77 | - | - | - | €4,968 | €0 | - | - | - | - |
| Profit (loss) for the period9904 | -€4,821 | -€10,167 | -€1,149 | -€34,410 | -€9,024 | -€16,101 | -€10,674 | -€11,325 | ▼ 6.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €57,945 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€1,199 | -€6,545 | €2,473 | €23,535 | -€9,024 | -€16,101 | -€10,674 | -€11,325 | ▼ 6.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €476,383 | €472,721 | €425,141 | €242,109 | €205,232 | €196,426 | €187,646 | €178,866 | ▼ 4.7% |
| Fixed assets21/28 | €331,844 | €320,271 | €305,942 | €209,934 | €205,206 | €196,426 | €187,646 | €178,866 | ▼ 4.7% |
| Tangible fixed assets22/27 | €331,844 | €320,271 | €305,942 | €209,934 | €205,206 | €196,426 | €187,646 | €178,866 | ▼ 4.7% |
| Land and buildings22 | - | - | - | €209,934 | €205,206 | €196,426 | €187,646 | €178,866 | ▼ 4.7% |
| Current assets29/58 | €144,540 | €152,450 | €119,200 | €32,174 | €26 | €0 | - | - | - |
| Amounts receivable after more than one year29 | - | - | - | €0 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | - | €31,183 | €0 | - | - | - | - |
| Trade receivables40 | - | - | - | €31,183 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €434 | €3,439 | €205 | €822 | €26 | €0 | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €170 | €0 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €476,383 | €472,721 | €425,141 | €242,109 | €205,232 | €196,426 | €187,646 | €178,866 | ▼ 4.7% |
| Equity10/15 | €127,268 | €117,101 | €115,953 | €81,543 | €72,519 | €56,417 | €45,743 | €34,418 | ▼ 24.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €108,668 | €98,501 | €97,353 | €62,943 | €53,919 | €53,919 | €53,919 | €53,919 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €61,083 | €52,059 | €52,059 | €52,059 | €52,059 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | -€16,101 | -€26,775 | -€38,101 | ▼ 42.3% |
| Provisions and deferred taxes16 | €33,567 | €31,702 | €29,837 | €0 | - | - | - | - | - |
| Deferred taxes168 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable17/49 | €315,549 | €323,918 | €279,352 | €160,566 | €132,714 | €140,009 | €141,903 | €144,448 | ▲ 1.8% |
| Amounts payable after more than one year17 | €284,720 | €289,604 | €245,638 | €47,511 | €44,483 | €0 | - | - | - |
| Financial debts170/4 | - | - | - | €47,511 | €44,483 | €0 | - | - | - |
| Other amounts payable178/9 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €30,829 | €34,314 | €33,713 | €113,055 | €88,231 | €140,009 | €141,903 | €144,448 | ▲ 1.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,489 | €3,529 | €36,583 | €0 | - | - |
| Trade debts44 | €2,601 | €690 | €112 | €0 | €169 | €169 | €0 | - | - |
| Suppliers440/4 | - | - | - | €0 | €169 | €169 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,968 | €4,968 | €4,968 | €0 | - | - |
| Taxes450/3 | - | - | - | €4,968 | €4,968 | €4,968 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €105,598 | €79,565 | €98,288 | €141,903 | €144,448 | ▲ 1.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,821 | -€10,167 | -€1,149 | -€34,410 | -€9,024 | -€16,101 | -€10,674 | -€11,325 | ▼ 6.1% |
| + Depreciation and write-downs630 | €16,426 | €16,798 | €16,829 | €21,066 | €8,628 | €8,780 | €8,780 | €8,780 | = |
| Operating cash flow (approximation) | €11,605 | €6,631 | €15,681 | -€13,344 | -€396 | -€7,321 | -€1,894 | -€2,545 | ▼ 34.4% |
| Investment in fixed assets (approximation) | - | -€5,226 | -€2,499 | €74,942 | -€3,900 | €0 | €0 | €0 | ▼ 100% |
| Change in cash | - | €3,005 | -€3,234 | €616 | -€796 | -€26 | - | - | - |
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, 2,450 companies had the same profile as COTTAGE has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COTTAGE itself: 0.4% 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 2,450 companies, not a prediction for COTTAGE. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-04-2026 | 2026-00092102 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00387953 | |
| 31-12-2023 | micro format | 09-08-2024 | 2024-00336590 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00388294 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20360403 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-27000310 | |
| 31-12-2019 | micro format | 03-07-2020 | 2020-25100250 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-36500429 | |
| 31-12-2017 | micro format | 22-06-2018 | 2018-21000143 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-37500510 |
Board & ownership
Directors
Owners and capital
Owners
Network & group
COTTAGE shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of COTTAGE. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
07-02
Gazette deed
Registered office moved from Antwerpen to RetieNew seat: 2470 Retie, Asberg 1 · Previous seat: 2610 Antwerpen, Spoorweglaan 2692 points ▸
- General meeting, 07-01-2022
- Registered-office move, 2470 Retie, Asberg 1
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
1 former office
- 2610 Antwerpen until 07-01-2022 · act of 07-02-2022
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 13036B0097/00S000 | Flanders | 200 m² | 1 · 78 m² | 8.7 m · 2 |