COUDENYS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-04-2026 PDF all 49 filings
Turnover
≈ €5.7m
Estimated: probably between €3.8m and €9.3m
Total assets
€4.9m▲ 11.3%
2024 · €4.4m
Net result
€1.2m▲ 11.0%
2024 · €1.1m
Working capital
€3.9m▲ 18.6%
2024 · €3.3m
In the rankings
#3 oldest company in West Flanders, Water transport sector#6 company by total assets in West Flanders, Water transport sector#6 company by equity in West Flanders, Water transport sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1.8m
▲ 11.2%
2025
20182025
Net result
€1.2m
▲ 11.0%
2025
highest quarter of the sector
20182025
Equity
€4.3m
▲ 15.7%
2025
highest quarter of the sector
20182025
Total assets
€4.9m
▲ 11.3%
2025
highest quarter of the sector
20182025
Debt
€645,624
▼ 11.1%
2025
20182025
Working capital
€3.9m
▲ 18.6%
2025
highest quarter of the sector
20182025
Solvency
86.9%
▲ 3.3pp
2025
highest quarter of the sector
20182025
Current ratio
7.95
▲ 1.35
2025
highest quarter of the sector
20182025
Return on assets (ROA)
25.1%
▼ 0.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
6.2
=
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.9m-€0.9m▼ 6.2%-€0.06m€0.7m€1.1m▲ 52.2%€1.3m▲ 17.6%€1.6m▲ 26.0%€1.8m▲ 11.2%
Net result€0.6m-€0.6m▼ 9.1%-€0.02mbelow the sector's middle half€0.5mabove the sector's middle half€0.7mabove the sector's middle half▲ 49.0%€0.8mabove the sector's middle half▲ 14.8%€1.1mabove the sector's middle half▲ 31.0%€1.2mabove the sector's middle half▲ 11.0%
Equity€1.8m-€2.3m▲ 28.4%€1.1mwithin the sector's middle half▼ 49.6%€1.6mabove the sector's middle half▲ 38.3%€2.2mabove the sector's middle half▲ 42.6%€3.1mabove the sector's middle half▲ 37.8%€3.7mabove the sector's middle half▲ 19.3%€4.3mabove the sector's middle half▲ 15.7%
Total assets€2.0m-€2.7m▲ 36.3%€1.5mwithin the sector's middle half▼ 45.5%€1.9mwithin the sector's middle half▲ 27.2%€2.9mwithin the sector's middle half▲ 54.7%€3.9mwithin the sector's middle half▲ 32.5%€4.4mwithin the sector's middle half▲ 13.3%€4.9mabove the sector's middle half▲ 11.3%
Debt€0.2m-€0.4m▲ 154%€0.4m▼ 10.1%€0.3m▼ 8.0%€0.7m▲ 112%€0.8m▲ 15.4%€0.7m▼ 10.1%€0.6m▼ 11.1%
Working capital€1.5m-€2.2m▲ 47.1%€0.8mabove the sector's middle half▼ 61.8%€1.5mabove the sector's middle half▲ 83.8%€2.1mabove the sector's middle half▲ 35.4%€2.8mabove the sector's middle half▲ 37.6%€3.3mabove the sector's middle half▲ 15.7%€3.9mabove the sector's middle half▲ 18.6%
Solvency87.3%-82.3%▼ 5.1pp76.1%above the sector's middle half▼ 6.2pp82.7%above the sector's middle half▲ 6.6pp76.2%above the sector's middle half▼ 6.5pp79.3%above the sector's middle half▲ 3.1pp83.6%above the sector's middle half▲ 4.3pp86.9%above the sector's middle half▲ 3.3pp
Current ratio10.36-11.87▲ 1.515.25above the sector's middle half▼ 6.628.55above the sector's middle half▲ 3.295.70above the sector's middle half▼ 2.855.65above the sector's middle half▼ 0.046.60above the sector's middle half▲ 0.947.95above the sector's middle half▲ 1.35
Return on assets (ROA)30.6%-20.4%▼ 10.2pp-1.5%within the sector's middle half▼ 21.8pp26.1%above the sector's middle half▲ 27.5pp25.1%above the sector's middle half▼ 1.0pp21.8%above the sector's middle half▼ 3.3pp25.2%above the sector's middle half▲ 3.4pp25.1%above the sector's middle half▼ 0.1pp
Staff (FTE)4-5.3▲ 32.5%4.6within the sector's middle half▼ 13.2%2.7within the sector's middle half▼ 41.3%4.5within the sector's middle half▲ 66.7%5.8within the sector's middle half▲ 28.9%6.2above the sector's middle half▲ 6.9%6.2above the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Water transport (NACE 50). 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 11% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €4.9m
Fixed assets
€483,581 ▼ 14.6%
Current assets
€4.4m ▲ 15.1%
Equity and liabilities €4.9m
Equity
€4.3m ▲ 15.7%
Debt
€645,624 ▼ 11.1%
Debt's share of the balance-sheet total falls from 16.4% to 13.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.9m▲
2024 · €1.7m
Cash flow
€1.3m▲
2024 · €1.2m
Debt to equity
0.15▼
2024 · 0.20
ROE
28.9%▼
2024 · 30.1%
Interest coverage
81.33▲
2024 · 58.92
Debt ≤ 1 year
€557,960▼
2024 · €584,083
Debt > 1 year
€87,664▼
2024 · €142,248
Income taxes
€564,537▲
2024 · €490,492
Staff costs
€376,720▼
2024 · €397,952
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 4 | 5 | 6 | 6 |
| full-time | 3 | 4 | 5 | 6 | 6 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 3 | 4 | 5 | 6 | 6 |
| Average over the year, in full-time equivalents | 2.7 | 4.5 | 5.8 | 6.2 | 5.7 |
| Joined | 18 | 39 | 47 | 50 | 81 |
| Left | 18 | 38 | 46 | 41 | 81 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €297,918 | €78,073 | €180,258 | - |
| Depreciation and write-downs of the year | €31,562 | €29,033 | €62,421 | €83,605 | €82,974 |
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 | - | - | - | €0.6m | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.05m | €0.06m | €0.03m | €0.03m | €0.06m | €0.08m | €0.08m | ▼ 0.8% |
| Other operating charges640/8 | - | - | - | €0.006m | €0.7m | €0.8m | €1.0m | €1.1m | ▲ 6.1% |
| Gross operating margin9900 | €1.2m | €1.2m | €0.1m | €0.9m | €2.1m | €2.5m | €3.1m | €3.3m | ▲ 7.1% |
| Operating profit (loss)9901 | €0.9m | €0.9m | -€0.06m | €0.7m | €1.1m | €1.3m | €1.6m | €1.8m | ▲ 11.2% |
| Financial income75/76B | - | - | - | €43 | €0 | €73 | €0.04m | €0.05m | ▲ 31.4% |
| Recurring financial income75 | €32 | €16 | €0.001m | €43 | €0 | €73 | €0.04m | €0.05m | ▲ 31.4% |
| Financial charges65/66B | - | - | - | €0.006m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 19.9% |
| Recurring financial charges65 | €272 | €0.002m | €0.004m | €0.006m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 19.9% |
| Profit (loss) for the period before taxes9903 | €0.9m | €0.9m | -€0.06m | €0.7m | €1.1m | €1.2m | €1.6m | €1.8m | ▲ 12.3% |
| Transfer from deferred taxes780 | - | - | - | €0 | - | - | - | - | - |
| Income taxes67/77 | €0.2m | €0.3m | €0.05m | €0.2m | €0.3m | €0.4m | €0.5m | €0.6m | ▲ 15.1% |
| Profit (loss) for the period9904 | €0.6m | €0.6m | -€0.02m | €0.5m | €0.7m | €0.8m | €1.1m | €1.2m | ▲ 11.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.6m | €0.2m | €0.5m | €0.7m | €0.8m | €1.1m | €1.2m | ▲ 11.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €2.7m | €1.5m | €1.9m | €2.9m | €3.9m | €4.4m | €4.9m | ▲ 11.3% |
| Fixed assets21/28 | €0.4m | €0.4m | €0.5m | €0.2m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 14.6% |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.5m | €0.2m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 14.6% |
| Land and buildings22 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 0.6% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 13.7% |
| Furniture and vehicles24 | - | - | - | - | - | €0.07m | €0.06m | €0.04m | ▼ 29.7% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0 | - | - | - |
| Current assets29/58 | €1.6m | €2.4m | €1.0m | €1.7m | €2.5m | €3.4m | €3.9m | €4.4m | ▲ 15.1% |
| Amounts receivable within one year40/41 | €0.02m | €0.001m | €20 | €0.002m | €0.01m | €0.04m | €0.07m | €0.08m | ▲ 11.6% |
| Trade receivables40 | - | - | - | €0.002m | €0.01m | €0.04m | €0.06m | €0.08m | ▲ 24.5% |
| Other amounts receivable41 | - | - | - | - | €6 | €0 | €0.007m | €0 | ▼ 100% |
| Current investments50/53 | - | - | - | - | - | €1.0m | €1.5m | €2.0m | ▲ 33.3% |
| Cash at bank and in hand54/58 | €1.6m | €2.4m | €0.9m | €1.7m | €2.5m | €2.4m | €2.3m | €2.3m | ▲ 2.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.001m | €0.002m | €0.002m | €0.01m | ▲ 563% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €2.7m | €1.5m | €1.9m | €2.9m | €3.9m | €4.4m | €4.9m | ▲ 11.3% |
| Equity10/15 | €1.8m | €2.3m | €1.1m | €1.6m | €2.2m | €3.1m | €3.7m | €4.3m | ▲ 15.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €1.5m | €2.0m | €1.1m | €1.5m | €2.2m | €3.0m | €3.6m | €4.2m | ▲ 16.0% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €1.5m | €2.2m | €3.0m | €3.6m | €4.2m | ▲ 16.1% |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €251 | €251 | €251 | €251 | €251 | €251 | = |
| Provisions and deferred taxes16 | €0.1m | €0.09m | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.2m | €0.4m | €0.4m | €0.3m | €0.7m | €0.8m | €0.7m | €0.6m | ▼ 11.1% |
| Amounts payable after more than one year17 | - | €0.2m | €0.2m | €0.1m | €0.3m | €0.2m | €0.1m | €0.09m | ▼ 38.4% |
| Financial debts170/4 | - | - | - | €0.1m | €0.3m | €0.2m | €0.1m | €0.09m | ▼ 38.4% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.6m | €0.6m | €0.6m | ▼ 4.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.06m | €0.06m | €0.06m | €0.05m | ▼ 6.4% |
| Trade debts44 | €0.004m | €0.04m | €0.001m | €0.01m | €0.1m | €0.3m | €0.3m | €0.1m | ▼ 63.1% |
| Suppliers440/4 | - | - | - | €0.01m | €0.1m | €0.3m | €0.3m | €0.1m | ▼ 63.1% |
| Advances received on contracts in progress46 | - | - | - | €399 | €399 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.2m | €0.3m | €0.1m | €0.3m | ▲ 212% |
| Taxes450/3 | - | - | - | €0.07m | €0.2m | €0.2m | €0.04m | €0.3m | ▲ 509% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.03m | €0.02m | €0.05m | €0.03m | ▼ 35.6% |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.07m | €0.005m | €0.1m | €0.08m | ▼ 19.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.6m | €0.6m | -€0.02m | €0.5m | €0.7m | €0.8m | €1.1m | €1.2m | ▲ 11.0% |
| + Depreciation and write-downs630 | €0.06m | €0.05m | €0.06m | €0.03m | €0.03m | €0.06m | €0.08m | €0.08m | ▼ 0.8% |
| Operating cash flow (approximation) | €0.7m | €0.6m | €0.04m | €0.5m | €0.8m | €0.9m | €1.2m | €1.3m | ▲ 10.2% |
| Investment in fixed assets (approximation) | - | -€0.05m | -€0.1m | €0.3m | -€0.3m | -€0.08m | -€0.2m | €0 | - |
| Change in cash | - | €0.8m | -€1.5m | €0.8m | €0.8m | -€0.09m | -€0.1m | €0.06m | - |
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, 31,368 companies had the same profile as COUDENYS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COUDENYS 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 31,368 companies, not a prediction for COUDENYS. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-04-2026 | 2026-00096471 | |
| 31-12-2024 | abbreviated format | 25-04-2025 | 2025-00075600 | |
| 31-12-2023 | abbreviated format | 08-05-2024 | 2024-00084411 | |
| 31-12-2022 | abbreviated format | 10-05-2023 | 2023-00084310 | |
| 31-12-2021 | abbreviated format | 29-04-2022 | 2022-20013260 | |
| 31-12-2020 | abbreviated format | 18-06-2021 | 2021-22300263 | |
| 31-12-2019 | abbreviated format | 01-04-2020 | 2020-08300456 | |
| 31-12-2018 | abbreviated format | 10-07-2019 | 2019-31300212 | |
| 31-12-2017 | micro format | 17-05-2018 | 2018-13200258 | |
| 31-12-2016 | abbreviated format | 31-05-2017 | 2017-14000527 |