Summary
COVACO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €2.0m and a net result of €1.8m. Equity is growing by ~27.3% per year across the filed fiscal years. Its solvency ranks better than 22% of 1505 sector peers (fiscal year 2025). The company has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 1505 sector peers (2025).
NBB · sector comparisonPosition among 1505 sector peers
Solvency
better than 22%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
8 d early
2023
7 d early
2022
31 d late
2021
78 d late
2020
59 d late
2019
42 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 27 days after the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 25 July (4 of the last 5 filed years within 37 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Subsidies
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#1 company by staff growth in Zandhoven#2 oldest company in Zandhoven, Finance and insurance sector#5 company by total assets in Zandhoven, Finance and insurance sector
Equity
€2.0m▲ 39.6%
2024 · €1.5m
Net result
€1.8m▲ 1.7%
2024 · €1.8m
Total assets
€15.3m▲ 25.8%
2024 · €12.1m
Solvency
13.4%▲ 1.3pp
2024 · 12.0%
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€1.0m▲ 26.5%€885,054▼ 13.3%€1.1m▲ 26.7%€1.4m▲ 23.2%€1.9m▲ 40.5%
Net result€995,023above the sector's middle half▲ 21.7%€520,148above the sector's middle half▼ 47.7%€1.1mabove the sector's middle half▲ 102%€1.8mabove the sector's middle half▲ 71.1%€1.8mabove the sector's middle half▲ 1.7%
Equity€743,017above the sector's middle half▲ 19.3%€763,165above the sector's middle half▲ 2.7%€914,463above the sector's middle half▲ 19.8%€1.5mabove the sector's middle half▲ 60.0%€2.0mabove the sector's middle half▲ 39.6%
Total assets€4.2mabove the sector's middle half▲ 18.2%€4.1mabove the sector's middle half▼ 0.7%€7.5mabove the sector's middle half▲ 81.7%€12.1mabove the sector's middle half▲ 61.3%€15.3mabove the sector's middle half▲ 25.8%
Debt€3.4m▲ 18.0%€3.4m▼ 1.4%€6.6m▲ 95.7%€10.7m▲ 61.5%€13.2m▲ 23.9%
Working capital€43,031within the sector's middle half▼ 33.5%-€1.2mbelow the sector's middle half-€609,652below the sector's middle half▲ 50.4%-€430,459below the sector's middle half▲ 29.4%-€73,871below the sector's middle half▲ 82.8%
Solvency17.8%below the sector's middle half▲ 0.2pp18.4%within the sector's middle half▲ 0.6pp12.1%below the sector's middle half▼ 6.3pp12.0%below the sector's middle half▼ 0.1pp13.4%below the sector's middle half▲ 1.3pp
Current ratio1.02within the sector's middle half▼ 0.010.57below the sector's middle half▼ 0.440.88below the sector's middle half▲ 0.310.95within the sector's middle half▲ 0.070.99within the sector's middle half▲ 0.04
Return on assets (ROA)23.8%above the sector's middle half▲ 0.7pp12.6%within the sector's middle half▼ 11.3pp14.0%within the sector's middle half▲ 1.4pp14.8%within the sector's middle half▲ 0.8pp12.0%within the sector's middle half▼ 2.8pp
Staff (FTE)9.6above the sector's middle half▲ 21.5%12.1above the sector's middle half▲ 26.0%14.7above the sector's middle half▲ 21.5%17.7above the sector's middle half▲ 20.4%20above the sector's middle half▲ 13.0%
above
within
below
the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 40% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.3m
Fixed assets
€3.5m ▼ 7.1%
Current assets
€11.8m ▲ 40.6%
Equity and liabilities €15.3m
Equity
€2.0m ▲ 39.6%
Debt
€13.2m ▲ 23.9%
Debt's share of the balance-sheet total falls from 88.0% to 86.6%. Equity and debt are higher.
Key figures and ratios
ROE
89.6%▼
2024 · 122.9%
Debt ≤ 1 year
€11.8m▲
2024 · €8.8m
Debt > 1 year
€1.4m▼
2024 · €1.9m
Income taxes
€218,785▲
2024 · €55,036
Staff costs
€1.3m▲
2024 · €1.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €240,512 | €205,443 | €191,408 | €464,345 | €265,795 | ▼ 42.8% |
| Remuneration, social security and pensions62 | €528,868 | €833,815 | €1.0m | €1.2m | €1.3m | ▲ 14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58,710 | €226,017 | €239,794 | €329,237 | €408,511 | ▲ 24.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €7,900 | €1,899 | - | €690 | €0 | ▼ 100% |
| Other operating charges640/8 | €6,474 | €6,413 | €5,688 | €11,326 | €13,287 | ▲ 17.3% |
| Non-recurring operating charges66A | €3,549 | €7,469 | €1,576 | €78 | €2,687 | ▲ 3,324% |
| Gross operating margin9900 | €1.6m | €2.0m | €2.4m | €2.9m | €3.7m | ▲ 28.2% |
| Operating profit (loss)9901 | €1.0m | €885,054 | €1.1m | €1.4m | €1.9m | ▲ 40.5% |
| Financial income75/76B | €117,691 | €103,569 | €43,374 | €561,121 | €194,135 | ▼ 65.4% |
| Recurring financial income75 | €117,691 | €103,569 | €43,374 | €561,121 | €194,135 | ▼ 65.4% |
| Financial charges65/66B | €76,440 | €337,009 | €45,075 | €89,339 | €87,263 | ▼ 2.3% |
| Recurring financial charges65 | €76,440 | €337,009 | €45,075 | €89,339 | €87,263 | ▼ 2.3% |
| Profit (loss) for the period before taxes9903 | €1.1m | €651,614 | €1.1m | €1.9m | €2.0m | ▲ 10.5% |
| Income taxes67/77 | €66,950 | €131,465 | €68,623 | €55,036 | €218,785 | ▲ 298% |
| Profit (loss) for the period9904 | €995,023 | €520,148 | €1.1m | €1.8m | €1.8m | ▲ 1.7% |
| Profit (loss) for the period to be appropriated9905 | €995,023 | €520,148 | €1.1m | €1.8m | €1.8m | ▲ 1.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.2m | €4.1m | €7.5m | €12.1m | €15.3m | ▲ 25.8% |
| Fixed assets21/28 | €1.3m | €2.5m | €3.1m | €3.8m | €3.5m | ▼ 7.1% |
| Intangible fixed assets21 | - | €1.2m | €1.5m | €2.0m | €1.8m | ▼ 12.4% |
| Tangible fixed assets22/27 | €282,485 | €292,360 | €318,065 | €468,003 | €448,327 | ▼ 4.2% |
| Furniture and vehicles24 | €271,971 | €292,208 | €300,398 | €453,975 | €437,937 | ▼ 3.5% |
| Other tangible fixed assets26 | €10,514 | €151 | €17,667 | €14,028 | €10,390 | ▼ 25.9% |
| Financial fixed assets28 | €1.0m | €1.0m | €1.3m | €1.3m | €1.3m | = |
| Current assets29/58 | €2.8m | €1.6m | €4.4m | €8.4m | €11.8m | ▲ 40.6% |
| Amounts receivable within one year40/41 | €1.9m | €1.3m | €3.0m | €5.6m | €8.7m | ▲ 54.5% |
| Trade receivables40 | €571,293 | €142,606 | €345,743 | €860,472 | €1.7m | ▲ 92.7% |
| Other amounts receivable41 | €1.3m | €1.1m | €2.7m | €4.7m | €7.0m | ▲ 47.5% |
| Current investments50/53 | €438,281 | €187,372 | €164,450 | €175,179 | €115,609 | ▼ 34.0% |
| Cash at bank and in hand54/58 | €535,997 | €182,350 | €418,822 | €1.9m | €1.6m | ▼ 14.3% |
| Deferred charges and accrued income490/1 | €13,954 | €10,215 | €795,498 | €710,599 | €1.4m | ▲ 94.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.2m | €4.1m | €7.5m | €12.1m | €15.3m | ▲ 25.8% |
| Equity10/15 | €743,017 | €763,165 | €914,463 | €1.5m | €2.0m | ▲ 39.6% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €724,417 | €744,565 | €895,863 | €1.4m | €2.0m | ▲ 40.1% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €722,557 | €742,705 | €895,863 | €1.4m | €2.0m | ▲ 40.1% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €3.4m | €3.4m | €6.6m | €10.7m | €13.2m | ▲ 23.9% |
| Amounts payable after more than one year17 | €563,547 | €478,378 | €1.6m | €1.9m | €1.4m | ▼ 26.0% |
| Financial debts170/4 | €563,547 | €478,378 | €1.6m | €1.9m | €1.4m | ▼ 26.0% |
| Amounts payable within one year42/48 | €2.8m | €2.9m | €5.0m | €8.8m | €11.8m | ▲ 34.6% |
| Current portion of amounts payable after more than one year42 | €143,185 | €150,016 | €336,226 | €440,457 | €627,649 | ▲ 42.5% |
| Financial debts43 | - | - | - | €84,634 | €102,027 | ▲ 20.6% |
| Credit institutions430/8 | - | - | - | €84,634 | €102,027 | ▲ 20.6% |
| Trade debts44 | €1.7m | €1.9m | €3.4m | €6.8m | €8.5m | ▲ 24.3% |
| Suppliers440/4 | €1.7m | €1.9m | €3.4m | €6.8m | €8.5m | ▲ 24.3% |
| Taxes, remuneration and social security45 | €72,732 | €169,125 | €238,417 | €151,489 | €295,493 | ▲ 95.1% |
| Taxes450/3 | - | €55,241 | €51,262 | €22,305 | €39,228 | ▲ 75.9% |
| Remuneration and social security454/9 | €72,732 | €113,885 | €187,155 | €129,183 | €256,265 | ▲ 98.4% |
| Other amounts payable47/48 | €925,095 | €600,000 | €1.0m | €1.3m | €2.3m | ▲ 79.9% |
| Accrued charges and deferred income492/3 | €62,121 | €34,294 | €1,275 | €2,570 | €2,570 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €995,023 | €520,148 | €1.1m | €1.8m | €1.8m | ▲ 1.7% |
| + Depreciation and write-downs630 | €58,710 | €226,017 | €239,794 | €329,237 | €408,511 | ▲ 24.1% |
| Operating cash flow (approximation) | €1.1m | €746,165 | €1.3m | €2.1m | €2.2m | ▲ 5.2% |
| Investment in fixed assets (approximation) | - | -€1.4m | -€881,786 | -€970,336 | -€140,035 | ▲ 85.6% |
| Change in cash | - | -€353,647 | €236,472 | €1.5m | -€267,077 | ▼ 118% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
23-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
15-01
State Gazette act
RestructuringResignation: VINCOO (director) · Permanent representative: COOLS Vincent · Merger11 facts ▸
State Gazette act
Restructuring
Resignation: VINCOO (director) · Permanent representative: COOLS Vincent · Merger11 facts ▸
- General meeting, 18-12-2025
- Merger, simplified merger by absorption, ontbinding zonder vereffening
- Dissolution, 01-01-2026
- Director resignation, VINCOO (director)
- Permanent representative, COOLS Vincent
- Power of attorney, Moore Finance & Tax
- Accounting effect, 01-01-2026
- Fiscal loss, 31-12-2024
- Fiscal loss, 31-12-2024
- Annual accounts, meer dan zes maanden vóór de datum van het fusievoorstel, 31-12-2024
- Annual accounts, meer dan zes maanden vóór de datum van het fusievoorstel, 31-12-2024
15-01
State Gazette act
RestructuringMerger · Accounting effect · Purpose change5 facts ▸
State Gazette act
Restructuring
Merger · Accounting effect · Purpose change5 facts ▸
- General meeting, 18-12-2025
- Merger, absorption, ontbinding zonder vereffening
- Accounting effect, 01-01-2026
- Purpose change, De vennootschap heeft tot voorwerp: a) het uitoefenen van alle activiteit in de immobiliënsector; b) het uitbaten van agentschappen inzake verzekeringen en fina…
- Power of attorney, Moore Finance & Tax
2025
31-12
Financial
Highest result since 2018net €1.8m ▲1.7%
Operating result €1.9m, net result €1.8m, both a record.
31-12
Financial
Equity above €2mEq €2.0m ▲39.6%
8 profitable years in a row build equity to €2.0m.
23-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €1mEq €1.5m ▲60%
7 profitable years in a row build equity to €1.5m.
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
17-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 78 days late
2021
28-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 59 days late
2020
31-12
Financial
Equity above €500,000Eq €622,994 ▲36.8%
3 profitable years in a row build equity to €622,994.
Show earlier events
11-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 42 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 27 days late
2018
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 92 days late
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 58 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 7 acts read
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 2 have been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
5 of this company's 7 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Zandhoven · 1 establishment unit since 1986
Ground area
981 m²
Building footprint
263 m²
Volume, LiDAR
594 m³
Parcel 11054C0003/00F009, Flanders · tallest building 6.2 m, ±1 floor. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
BVBA COVACO
since 19862.031.239.782
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11054C0003/00F009 | Flanders | 981 m² | 1 · 263 m² | 6.2 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| VINCOO |
|
Structure & network
Owners and holdings
1 owner · 1 holdingChain of control
- MIURA
- COVACO
Highest known parent: MIURA. The sources do not say who stands above it.
Owners 1
- MIURAparent100%
Holdings 1
-
100%
According to the 2025 annual accounts of COVACO and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
2 transactionsTook over:KP Bemiddeling
Took over:ZAO-COVACO
Subsidies and aid
Flemish government
2024 · 1 entry · 405 EUR awarded · 405 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 405 EUR | 405 EUR |
Schemes
Recognitions · licences · registrations
Legal Entity Identifier
875500PRX0F5PA23XG16
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Identification & contact
Identification
Legal formPrivate limited company
Founded09-12-1986
Fiscal year end31-12
Activities, NACEBEL 2025
66220Insurance agents and brokers
64210Activities of holding companies
70200Business and other management consultancy
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
What can you do?
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.