COURER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 13 filings
Turnover
≈ €93,000
Estimated: probably between €80,000 and €120,000
Total assets
€485,231▼ 3.7%
2024 · €503,758
Net result
€2,039▼ 79.4%
2024 · €9,875
Working capital
€50,702▼ 17.1%
2024 · €61,181
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€12,659
▼ 45.9%
2025
20192025
Net result
€2,039
▼ 79.4%
2025
middle half of the sector
20192025
Equity
€203,694
▲ 1.0%
2025
middle half of the sector
20192025
Total assets
€485,231
▼ 3.7%
2025
middle half of the sector
20192025
Debt
€281,536
▼ 6.8%
2025
20192025
Working capital
€50,702
▼ 17.1%
2025
middle half of the sector
20192025
Solvency
42.0%
▲ 1.9pp
2025
middle half of the sector
20192025
Current ratio
1.78
▼ 0.31
2025
middle half of the sector
20192025
Return on assets (ROA)
0.4%
▼ 1.5pp
2025
middle half of the sector
20192025
Staff (FTE)
1
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€36,181-€3,205▼ 91.1%€31,684▲ 889%€19,383▼ 38.8%€8,372▼ 56.8%€23,414▲ 180%€12,659▼ 45.9%
Net result€14,331--€6,383within the sector's middle half€16,796within the sector's middle half€7,936within the sector's middle half▼ 52.7%-€1,594within the sector's middle half€9,875within the sector's middle half€2,039within the sector's middle half▼ 79.4%
Equity€175,024-€168,641within the sector's middle half▼ 3.6%€185,438within the sector's middle half▲ 10.0%€193,374within the sector's middle half▲ 4.3%€191,780within the sector's middle half▼ 0.8%€201,655within the sector's middle half▲ 5.1%€203,694within the sector's middle half▲ 1.0%
Total assets€549,025-€499,213within the sector's middle half▼ 9.1%€485,433within the sector's middle half▼ 2.8%€451,177within the sector's middle half▼ 7.1%€509,208within the sector's middle half▲ 12.9%€503,758within the sector's middle half▼ 1.1%€485,231within the sector's middle half▼ 3.7%
Debt€374,001-€330,571▼ 11.6%€299,996▼ 9.2%€257,803▼ 14.1%€317,428▲ 23.1%€302,103▼ 4.8%€281,536▼ 6.8%
Working capital-€63,456--€75,920below the sector's middle half▼ 19.6%-€67,375within the sector's middle half▲ 11.3%-€69,164within the sector's middle half▼ 2.7%€34,321within the sector's middle half€61,181within the sector's middle half▲ 78.3%€50,702within the sector's middle half▼ 17.1%
Solvency31.9%-33.8%within the sector's middle half▲ 1.9pp38.2%within the sector's middle half▲ 4.4pp42.9%within the sector's middle half▲ 4.7pp37.7%within the sector's middle half▼ 5.2pp40.0%within the sector's middle half▲ 2.4pp42.0%within the sector's middle half▲ 1.9pp
Current ratio0.33-0.11below the sector's middle half▼ 0.220.25below the sector's middle half▲ 0.140.18below the sector's middle half▼ 0.071.53within the sector's middle half▲ 1.342.09within the sector's middle half▲ 0.561.78within the sector's middle half▼ 0.31
Return on assets (ROA)2.6%--1.3%within the sector's middle half▼ 3.9pp3.5%within the sector's middle half▲ 4.7pp1.8%within the sector's middle half▼ 1.7pp-0.3%within the sector's middle half▼ 2.1pp2.0%within the sector's middle half▲ 2.3pp0.4%within the sector's middle half▼ 1.5pp
Staff (FTE)11=1=
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 46% lower than 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 €485,231
Fixed assets
€369,429 ▼ 4.3%
Current assets
€115,802 ▼ 1.5%
Equity and liabilities €485,231
Equity
€203,694 ▲ 1.0%
Debt
€281,536 ▼ 6.8%
Debt's share of the balance-sheet total falls from 60.0% to 58.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€34,747▼
2024 · €46,970
Cash flow
€24,127▼
2024 · €33,431
Debt to equity
1.38▼
2024 · 1.50
ROE
1.0%▼
2024 · 4.9%
Interest coverage
3.66▼
2024 · 4.64
Debt ≤ 1 year
€65,100▲
2024 · €56,374
Debt > 1 year
€214,610▼
2024 · €245,729
Income taxes
€1,138▼
2024 · €3,657
Staff costs
€30,905▲
2024 · €23,418
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 0 | 0 | 0 |
| part-time | 1 | 1 | 1 |
| in full-time equivalents | 0.6 | 0.7 | 0.7 |
| Average over the year, in full-time equivalents | 0.6 | 0.6 | 0.7 |
| On a permanent contract | 1 | 1 | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €5,314 |
| Depreciation and write-downs of the year | €26,936 | €25,823 | €23,556 | €22,088 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €2,000 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €26,883 | €24,692 | €23,418 | €30,905 | ▲ 32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,322 | €28,322 | €28,330 | €26,936 | €25,823 | €23,556 | €22,088 | ▼ 6.2% |
| Other operating charges640/8 | - | - | - | €3,006 | €3,863 | €6,259 | €6,361 | ▲ 1.6% |
| Gross operating margin9900 | €95,347 | €62,681 | €87,700 | €76,208 | €62,749 | €76,647 | €72,014 | ▼ 6.0% |
| Operating profit (loss)9901 | €36,181 | €3,205 | €31,684 | €19,383 | €8,372 | €23,414 | €12,659 | ▼ 45.9% |
| Financial income75/76B | - | - | - | - | - | €250 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | - | - | - | €250 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €7,482 | €9,966 | €10,131 | €9,482 | ▼ 6.4% |
| Recurring financial charges65 | €10,598 | €9,588 | €8,485 | €7,482 | €9,966 | €10,131 | €9,482 | ▼ 6.4% |
| Profit (loss) for the period before taxes9903 | €25,583 | -€6,383 | €23,199 | €11,901 | -€1,594 | €13,533 | €3,177 | ▼ 76.5% |
| Income taxes67/77 | €11,252 | - | €6,403 | €3,965 | €0 | €3,657 | €1,138 | ▼ 68.9% |
| Profit (loss) for the period9904 | €14,331 | -€6,383 | €16,796 | €7,936 | -€1,594 | €9,875 | €2,039 | ▼ 79.4% |
| Profit (loss) for the period to be appropriated9905 | €14,331 | -€6,383 | €16,796 | €7,936 | -€1,594 | €9,875 | €2,039 | ▼ 79.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €549,025 | €499,213 | €485,433 | €451,177 | €509,208 | €503,758 | €485,231 | ▼ 3.7% |
| Fixed assets21/28 | €518,102 | €489,780 | €462,518 | €435,582 | €409,759 | €386,203 | €369,429 | ▼ 4.3% |
| Tangible fixed assets22/27 | €518,102 | €489,780 | €462,518 | €435,582 | €409,759 | €386,203 | €369,429 | ▼ 4.3% |
| Land and buildings22 | - | - | - | €428,920 | €407,350 | €385,784 | €364,218 | ▼ 5.6% |
| Plant, machinery and equipment23 | - | - | - | €456 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €6,206 | €2,409 | €419 | €5,211 | ▲ 12× |
| Current assets29/58 | €30,923 | €9,433 | €22,916 | €15,595 | €99,448 | €117,555 | €115,802 | ▼ 1.5% |
| Amounts receivable within one year40/41 | - | - | - | - | - | €18,873 | €16,841 | ▼ 10.8% |
| Other amounts receivable41 | - | - | - | - | - | €18,873 | €16,841 | ▼ 10.8% |
| Current investments50/53 | - | - | - | - | €90,000 | €90,000 | €90,000 | = |
| Cash at bank and in hand54/58 | €29,777 | €8,313 | €21,572 | €14,558 | €9,448 | €8,683 | €8,961 | ▲ 3.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,037 | €0 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €549,025 | €499,213 | €485,433 | €451,177 | €509,208 | €503,758 | €485,231 | ▼ 3.7% |
| Equity10/15 | €175,024 | €168,641 | €185,438 | €193,374 | €191,780 | €201,655 | €203,694 | ▲ 1.0% |
| Contributions10/11 | €120,000 | €120,000 | - | €120,000 | €120,000 | €120,000 | €120,000 | = |
| Reserves13 | €14,331 | €14,331 | €31,127 | €39,063 | €39,063 | €48,938 | €50,978 | ▲ 4.2% |
| Non-distributable reserves130/1 | - | - | - | €0 | €784 | €784 | €784 | = |
| Reserves not available under the articles1311 | - | - | - | €0 | €784 | €784 | €784 | = |
| Distributable reserves133 | - | - | - | €39,063 | €38,279 | €48,154 | €50,193 | ▲ 4.2% |
| Profit (loss) carried forward14 | €40,694 | €34,311 | €34,311 | €34,311 | €32,717 | €32,717 | €32,717 | = |
| Amounts payable17/49 | €374,001 | €330,571 | €299,996 | €257,803 | €317,428 | €302,103 | €281,536 | ▼ 6.8% |
| Amounts payable after more than one year17 | €279,622 | €245,219 | €209,705 | €173,045 | €252,300 | €245,729 | €214,610 | ▼ 12.7% |
| Financial debts170/4 | - | - | - | €173,045 | €252,300 | €245,729 | €214,610 | ▼ 12.7% |
| Amounts payable within one year42/48 | €94,379 | €85,352 | €90,291 | €84,758 | €65,128 | €56,374 | €65,100 | ▲ 15.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €36,661 | €25,881 | €30,018 | €31,119 | ▲ 3.7% |
| Trade debts44 | €942 | €1,179 | €883 | €1,529 | €808 | €1,828 | €4,087 | ▲ 124% |
| Suppliers440/4 | - | - | - | €1,529 | €808 | €1,828 | €4,087 | ▲ 124% |
| Taxes, remuneration and social security45 | - | - | - | €7,010 | €1,163 | €3,674 | €8,630 | ▲ 135% |
| Taxes450/3 | - | - | - | €3,965 | €0 | €3,657 | €4,814 | ▲ 31.6% |
| Remuneration and social security454/9 | - | - | - | €3,045 | €1,163 | €17 | €3,816 | ▲ 224× |
| Other amounts payable47/48 | - | - | - | €39,559 | €37,276 | €20,854 | €21,264 | ▲ 2.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,826 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,331 | -€6,383 | €16,796 | €7,936 | -€1,594 | €9,875 | €2,039 | ▼ 79.4% |
| + Depreciation and write-downs630 | €28,322 | €28,322 | €28,330 | €26,936 | €25,823 | €23,556 | €22,088 | ▼ 6.2% |
| Operating cash flow (approximation) | €42,653 | €21,939 | €45,126 | €34,872 | €24,229 | €33,431 | €24,127 | ▼ 27.8% |
| Investment in fixed assets (approximation) | - | €0 | -€1,068 | €0 | €0 | €0 | -€5,314 | - |
| Change in cash | - | -€21,464 | €13,259 | -€7,014 | -€5,110 | -€766 | €278 | - |
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, 10,904 companies had the same profile as COURER has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of COURER 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 10,904 companies, not a prediction for COURER. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00023223 | |
| 30-06-2024 | micro format | 03-02-2025 | 2025-00023246 | |
| 30-06-2023 | micro format | 25-01-2024 | 2024-00006273 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00011510 | |
| 30-06-2021 | micro format | 17-03-2022 | 2022-07900401 | |
| 30-06-2020 | micro format | 25-01-2021 | 2021-01500545 | |
| 30-06-2019 | micro format | 08-01-2020 | 2020-00500247 | |
| 30-06-2018 | micro format | 24-01-2019 | 2019-02100454 | |
| 30-06-2017 | micro format | 01-02-2018 | 2018-04100433 | |
| 30-06-2016 | full format | 24-01-2017 | 2017-02000600 |