Coupé
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 91 days after the deadline Filed on 30 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00597341.
Annual accounts 2025 filed on 30-10-2026 at the NBB all 10 filings
Turnover
≈ €190,000
Estimated: probably between €100,000 and €460,000
Total assets
€324,443▲ 4.3%
2024 · €311,072
Net result
-€22,411
2024 · €3,450
Working capital
-€74,607▼ 34.8%
2024 · -€55,345
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€17,738
2025
20182025
Net result
-€22,411
2025
lowest quarter of the sector
20182025
Equity
-€117,525
▼ 23.6%
2025
lowest quarter of the sector
20182025
Total assets
€324,443
▲ 4.3%
2025
middle half of the sector
20182025
Debt
€441,969
▲ 8.8%
2025
20182025
Working capital
-€74,607
▼ 34.8%
2025
lowest quarter of the sector
20182025
Solvency
-36.2%
▼ 5.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.81
▼ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-6.9%
▼ 8.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€45,726-€36,650▼ 19.8%€35,553▼ 3.0%€5,695▼ 84.0%€8,916▲ 56.6%€358▼ 96.0%€5,184▲ 14×-€17,738
Net result€39,523-€37,482▼ 5.2%€25,774above the sector's middle half▼ 31.2%€1,128within the sector's middle half▼ 95.6%€2,689within the sector's middle half▲ 138%€4,709within the sector's middle half▲ 75.1%€3,450within the sector's middle half▼ 26.7%-€22,411below the sector's middle half
Equity-€170,346--€132,864▲ 22.0%-€107,090below the sector's middle half▲ 19.4%-€105,962below the sector's middle half▲ 1.1%-€103,274below the sector's middle half▲ 2.5%-€98,565below the sector's middle half▲ 4.6%-€95,114below the sector's middle half▲ 3.5%-€117,525below the sector's middle half▼ 23.6%
Total assets€235,683-€303,097▲ 28.6%€367,525above the sector's middle half▲ 21.3%€388,085above the sector's middle half▲ 5.6%€327,648above the sector's middle half▼ 15.6%€319,922within the sector's middle half▼ 2.4%€311,072within the sector's middle half▼ 2.8%€324,443within the sector's middle half▲ 4.3%
Debt€406,029-€435,961▲ 7.4%€474,616▲ 8.9%€494,047▲ 4.1%€430,921▼ 12.8%€418,487▼ 2.9%€406,186▼ 2.9%€441,969▲ 8.8%
Working capital-€156,557--€126,808▲ 19.0%-€80,678below the sector's middle half▲ 36.4%-€82,091below the sector's middle half▼ 1.8%-€73,717below the sector's middle half▲ 10.2%-€62,816below the sector's middle half▲ 14.8%-€55,345below the sector's middle half▲ 11.9%-€74,607below the sector's middle half▼ 34.8%
Solvency-72.3%--43.8%▲ 28.4pp-29.1%below the sector's middle half▲ 14.7pp-27.3%below the sector's middle half▲ 1.8pp-31.5%below the sector's middle half▼ 4.2pp-30.8%below the sector's middle half▲ 0.7pp-30.6%below the sector's middle half▲ 0.2pp-36.2%below the sector's middle half▼ 5.6pp
Current ratio0.59-0.70▲ 0.110.80below the sector's middle half▲ 0.110.81below the sector's middle half▲ 0.010.80below the sector's middle half▼ 0.010.83below the sector's middle half▲ 0.020.85below the sector's middle half▲ 0.020.81below the sector's middle half▼ 0.03
Return on assets (ROA)16.8%-12.4%▼ 4.4pp7.0%within the sector's middle half▼ 5.4pp0.3%within the sector's middle half▼ 6.7pp0.8%within the sector's middle half▲ 0.5pp1.5%within the sector's middle half▲ 0.7pp1.1%within the sector's middle half▼ 0.4pp-6.9%below the sector's middle half▼ 8.0pp
Staff (FTE)2.4-3.4▲ 41.7%3.4above the sector's middle half=3.1▼ 8.8%2.2▼ 29.0%1.8▼ 18.2%1▼ 44.4%1=
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 loss of €17,738, after a profit of €5,184 in 2024. It is the lowest result since 2021.
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 €324,443
Fixed assets
€1,114 ▼ 86.2%
Current assets
€323,329 ▲ 6.7%
Equity and liabilities
Equity-€117,525
Debt€441,969
Equity is negative. Debt (€441,969) exceeds the balance-sheet total (€324,443).
Key figures and ratios
EBITDA
-€10,784▼
2024 · €12,780
Cash flow
-€15,457▼
2024 · €11,046
Quick ratio
0.11▲
2024 · 0.08
Interest coverage
-2.39▼
2024 · 3.58
Debt ≤ 1 year
€397,937▲
2024 · €358,349
Debt > 1 year
€44,032▼
2024 · €47,837
Income taxes
€197
Staff costs
€23,455▲
2024 · €20,669
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 2 | 3 | 1 | 1 | 1 |
| full-time | 2 | 2 | 1 | 1 | 1 |
| part-time | 0 | 1 | 0 | 0 | 0 |
| in full-time equivalents | 2 | 2.5 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 3.1 | 2.2 | 1.8 | 1 | 1 |
| On a permanent contract | 2 | 3 | 1 | 1 | 1 |
| Joined | 1 | 1 | - | - | 1 |
| Left | 2 | 0 | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,854 | €643 | €0 | - | €0 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €8,504 | €9,482 | €9,550 | €7,596 | €6,953 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €20,279 awarded · €20,279 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €7,557 | €7,557 |
| 2024 | 1 | €4,181 | €4,181 |
| 2023 | 1 | €4,440 | €4,440 |
| 2022 | 1 | €4,101 | €4,101 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €1,500 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €25,031 | €36,400 | €53,284 | €20,669 | €23,455 | ▲ 13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,634 | €9,092 | €8,535 | €8,504 | €9,482 | €9,550 | €7,596 | €6,953 | ▼ 8.5% |
| Other operating charges640/8 | - | - | - | €2,856 | €10,521 | €4,877 | €5,001 | €5,411 | ▲ 8.2% |
| Gross operating margin9900 | €106,933 | €117,046 | €80,218 | €42,086 | €65,320 | €68,070 | €38,450 | €18,082 | ▼ 53.0% |
| Operating profit (loss)9901 | €45,726 | €36,650 | €35,553 | €5,695 | €8,916 | €358 | €5,184 | -€17,738 | - |
| Financial income75/76B | - | - | - | €552 | €4 | €9,380 | €1,835 | €30 | ▼ 98.3% |
| Recurring financial income75 | €182 | €2,780 | €925 | €552 | €4 | €9,380 | €1,835 | €30 | ▼ 98.3% |
| Financial charges65/66B | - | - | - | €4,957 | €6,060 | €5,029 | €3,569 | €4,506 | ▲ 26.3% |
| Recurring financial charges65 | €6,386 | €1,947 | €10,705 | €4,957 | €6,060 | €5,029 | €3,569 | €4,506 | ▲ 26.3% |
| Profit (loss) for the period before taxes9903 | €39,523 | €37,482 | €25,774 | €1,290 | €2,860 | €4,709 | €3,450 | -€22,214 | - |
| Income taxes67/77 | - | - | - | €162 | €172 | €0 | - | €197 | - |
| Profit (loss) for the period9904 | €39,523 | €37,482 | €25,774 | €1,128 | €2,689 | €4,709 | €3,450 | -€22,411 | - |
| Profit (loss) for the period to be appropriated9905 | €39,523 | €37,482 | €25,774 | €1,128 | €2,689 | €4,709 | €3,450 | -€22,411 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €235,683 | €303,097 | €367,525 | €388,085 | €327,648 | €319,922 | €311,072 | €324,443 | ▲ 4.3% |
| Fixed assets21/28 | €12,848 | €13,528 | €34,475 | €34,053 | €25,214 | €15,663 | €8,068 | €1,114 | ▼ 86.2% |
| Tangible fixed assets22/27 | €12,848 | €13,528 | €34,475 | €34,053 | €25,214 | €15,663 | €8,068 | €1,114 | ▼ 86.2% |
| Plant, machinery and equipment23 | - | - | - | €5,540 | €4,276 | €2,301 | €1,418 | €535 | ▼ 62.3% |
| Furniture and vehicles24 | - | - | - | €28,513 | €20,938 | €13,362 | €6,649 | €579 | ▼ 91.3% |
| Current assets29/58 | €222,835 | €289,569 | €333,050 | €354,032 | €302,434 | €304,259 | €303,004 | €323,329 | ▲ 6.7% |
| Stocks and contracts in progress3 | €195,481 | €230,381 | €281,445 | €280,635 | €286,555 | €275,481 | €272,614 | €280,254 | ▲ 2.8% |
| Stocks30/36 | - | - | - | €280,635 | €286,555 | €275,481 | €272,614 | €280,254 | ▲ 2.8% |
| Amounts receivable within one year40/41 | €14,777 | €54,577 | €24,783 | €48,176 | €1,560 | €13,191 | €7,218 | €33,564 | ▲ 365% |
| Trade receivables40 | - | - | - | €47,500 | €0 | €11,466 | €5,589 | €27,866 | ▲ 399% |
| Other amounts receivable41 | - | - | - | €676 | €1,560 | €1,725 | €1,629 | €5,698 | ▲ 250% |
| Cash at bank and in hand54/58 | €8,037 | €1,386 | €26,822 | €21,942 | €11,263 | €12,471 | €23,172 | €9,511 | ▼ 59.0% |
| Deferred charges and accrued income490/1 | - | - | - | €3,279 | €3,056 | €3,116 | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €235,683 | €303,097 | €367,525 | €388,085 | €327,648 | €319,922 | €311,072 | €324,443 | ▲ 4.3% |
| Equity10/15 | -€170,346 | -€132,864 | -€107,090 | -€105,962 | -€103,274 | -€98,565 | -€95,114 | -€117,525 | ▼ 23.6% |
| Contributions10/11 | €56,200 | €56,200 | - | €56,200 | €56,200 | €56,200 | €56,200 | €56,200 | = |
| Profit (loss) carried forward14 | -€226,546 | -€189,064 | -€163,290 | -€162,162 | -€159,474 | -€154,765 | -€151,314 | -€173,725 | ▼ 14.8% |
| Amounts payable17/49 | €406,029 | €435,961 | €474,616 | €494,047 | €430,921 | €418,487 | €406,186 | €441,969 | ▲ 8.8% |
| Amounts payable after more than one year17 | €26,637 | €19,585 | €60,888 | €57,925 | €54,770 | €51,412 | €47,837 | €44,032 | ▼ 8.0% |
| Financial debts170/4 | - | - | - | €57,925 | €54,770 | €51,412 | €47,837 | €44,032 | ▼ 8.0% |
| Amounts payable within one year42/48 | €379,393 | €416,376 | €413,728 | €436,122 | €376,151 | €367,075 | €358,349 | €397,937 | ▲ 11.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,963 | €3,155 | €3,358 | €3,575 | €3,805 | ▲ 6.4% |
| Financial debts43 | - | - | - | - | - | - | - | €11,090 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €11,090 | - |
| Trade debts44 | €87,756 | €56,282 | €37,028 | €109,041 | €33,731 | €75,007 | €51,672 | €59,703 | ▲ 15.5% |
| Suppliers440/4 | - | - | - | €109,041 | €33,731 | €75,007 | €51,672 | €59,703 | ▲ 15.5% |
| Advances received on contracts in progress46 | - | - | - | €83,649 | €101,542 | €84,579 | €142,477 | €144,880 | ▲ 1.7% |
| Taxes, remuneration and social security45 | - | - | - | €4,163 | €27,590 | €14,779 | €12,862 | €10,254 | ▼ 20.3% |
| Taxes450/3 | - | - | - | €547 | €27,590 | €13,028 | €12,752 | €10,254 | ▼ 19.6% |
| Remuneration and social security454/9 | - | - | - | €3,617 | €0 | €1,751 | €110 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €236,306 | €210,133 | €189,352 | €147,763 | €168,204 | ▲ 13.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,523 | €37,482 | €25,774 | €1,128 | €2,689 | €4,709 | €3,450 | -€22,411 | - |
| + Depreciation and write-downs630 | €13,634 | €9,092 | €8,535 | €8,504 | €9,482 | €9,550 | €7,596 | €6,953 | ▼ 8.5% |
| Operating cash flow (approximation) | €53,157 | €46,574 | €34,309 | €9,632 | €12,171 | €14,259 | €11,046 | -€15,457 | - |
| Investment in fixed assets (approximation) | - | -€9,772 | -€29,482 | -€8,082 | -€643 | €0 | €0 | €0 | - |
| Change in cash | - | -€6,651 | €25,435 | -€4,880 | -€10,679 | €1,208 | €10,700 | -€13,661 | - |
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, 2,333 companies had the same profile as Coupé has now. Two years later, 90.5% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.5%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Coupé itself: 3.3% 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 2,333 companies, not a prediction for Coupé. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-10-2026 | 2026-00597341 | |
| 31-12-2024 | micro format | 27-02-2026 | 2026-00045224 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00407862 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00379090 | |
| 31-12-2021 | micro format | 16-12-2022 | 2022-20538621 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-56200269 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-23500008 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-53500464 | |
| 31-12-2017 | abbreviated format | 27-09-2018 | 2018-64500254 | |
| 31-12-2016 | abbreviated format | 02-11-2017 | 2017-69200323 |