COVER
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 28-11-2025 PDF all 23 filings
Every figure per financial year
The operating result for 2024 is a loss of €21,498, larger than the loss of €14,854 in 2023. It is the lowest result since 2020.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,532 | €18,051 | €19,051 | €19,051 | €19,051 | €22,977 | €22,977 | = |
| Other operating charges640/8 | - | - | - | €3,142 | €23,951 | €7,477 | €2,873 | ▼ 61.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €148 | - |
| Gross operating margin9900 | €59,400 | €48,900 | €39,950 | €35,800 | €48,900 | €15,600 | €4,500 | ▼ 71.2% |
| Operating profit (loss)9901 | €15,052 | €12,260 | €14,208 | €13,607 | €5,898 | -€14,854 | -€21,498 | ▼ 44.7% |
| Financial charges65/66B | - | - | - | €6,253 | €3,795 | €2,998 | €120 | ▼ 96.0% |
| Recurring financial charges65 | €7,460 | €5,985 | €3,193 | €5,505 | €3,795 | €2,998 | €120 | ▼ 96.0% |
| Non-recurring financial charges66B | - | - | - | €748 | - | - | €120 | - |
| Profit (loss) for the period before taxes9903 | €10,861 | €1,527 | €5,175 | €7,354 | €2,103 | -€17,852 | -€21,618 | ▼ 21.1% |
| Profit (loss) for the period9904 | €10,861 | €1,527 | €5,175 | €7,354 | €2,103 | -€17,852 | -€21,618 | ▼ 21.1% |
| Profit (loss) for the period to be appropriated9905 | €10,861 | €1,527 | €5,175 | €7,354 | €2,103 | -€17,852 | -€21,618 | ▼ 21.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €369,419 | €355,800 | €334,982 | €311,576 | €296,382 | €265,694 | €242,667 | ▼ 8.7% |
| Fixed assets21/28 | €368,628 | €349,577 | €330,526 | €311,475 | €288,498 | €265,521 | €242,544 | ▼ 8.7% |
| Tangible fixed assets22/27 | €368,628 | €349,577 | €330,526 | €311,475 | €288,498 | €265,521 | €242,544 | ▼ 8.7% |
| Land and buildings22 | - | - | - | €311,475 | €288,498 | €265,521 | €242,544 | ▼ 8.7% |
| Current assets29/58 | €791 | €6,223 | €4,456 | €101 | €7,884 | €173 | €123 | ▼ 28.9% |
| Cash at bank and in hand54/58 | €791 | €6,223 | €4,456 | €101 | €7,884 | €173 | €123 | ▼ 28.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €369,419 | €355,800 | €334,982 | €311,576 | €296,382 | €265,694 | €242,667 | ▼ 8.7% |
| Equity10/15 | €143,581 | €145,108 | €150,283 | €157,637 | €159,740 | €141,888 | €120,270 | ▼ 15.2% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Revaluation surpluses12 | - | - | - | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Profit (loss) carried forward14 | -€68,419 | -€66,892 | -€61,717 | -€54,363 | -€52,260 | -€70,112 | -€91,730 | ▼ 30.8% |
| Amounts payable17/49 | €225,838 | €210,692 | €184,699 | €153,939 | €136,642 | €123,806 | €122,397 | ▼ 1.1% |
| Amounts payable after more than one year17 | €143,657 | €124,118 | €112,003 | €93,794 | €76,352 | €60,272 | €41,299 | ▼ 31.5% |
| Financial debts170/4 | - | - | - | €93,794 | €76,352 | €60,272 | €41,299 | ▼ 31.5% |
| Amounts payable within one year42/48 | €17,317 | €29,563 | €37,413 | €10,711 | €7,864 | - | - | - |
| Trade debts44 | €17,317 | €29,563 | €37,413 | €10,711 | €7,864 | - | - | - |
| Suppliers440/4 | - | - | - | €10,711 | €7,864 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €49,434 | €52,426 | €63,534 | €81,098 | ▲ 27.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,861 | €1,527 | €5,175 | €7,354 | €2,103 | -€17,852 | -€21,618 | ▼ 21.1% |
| + Depreciation and write-downs630 | €22,532 | €18,051 | €19,051 | €19,051 | €19,051 | €22,977 | €22,977 | = |
| Operating cash flow (approximation) | €33,393 | €19,578 | €24,226 | €26,405 | €21,154 | €5,125 | €1,359 | ▼ 73.5% |
| Investment in fixed assets (approximation) | - | €1,000 | €0 | €0 | €3,926 | €0 | €0 | - |
| Change in cash | - | €5,432 | -€1,767 | -€4,355 | €7,783 | -€7,711 | -€50 | ▲ 99.4% |
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, 12,322 companies had the same profile as COVER has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of COVER itself is higher: 2.8% within 12 months. It rests on far more data about COVER than the profile alone.
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 12,322 companies, not a prediction for COVER. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 28-11-2025 | 2025-00574701 | |
| 31-12-2023 | micro format | 27-07-2024 | 2024-00292494 | |
| 31-12-2022 | micro format | 01-08-2023 | 2023-00301573 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20215985 | |
| 31-12-2020 | micro format | 10-06-2021 | 2021-19200388 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-36600196 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-42800068 | |
| 31-12-2016 | abbreviated format | 12-10-2017 | 2017-67200082 | |
| 31-12-2014 | abbreviated format | 29-12-2015 | 2015-70800296 | |
| 31-12-2013 | abbreviated format | 29-12-2015 | 2015-70800253 |