COWA CONSULT
ActiveCOWA CONSULT has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €18k and a net result of €-18k. Equity is shrinking by ~10.8% per year across the filed fiscal years. Its solvency ranks better than 20% of 3181 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
39
/ 100
Weak
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency43▼-17
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days only on tighter terms
Liquidity short (current ratio 0.05 against 0.12 in 2024; short-term debt: 69.5% and cash: 3.4% of total assets), and 81.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Sector 70
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
18.2%
Return on assets
-18%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-18k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 3181 sector peers (2025).
NBB · sector comparisonPosition among 3181 sector peers
Solvency
better than 20%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 9 filingsDeviation from the deadline
2025
31 d late
2024
82 d late
2023
61 d late
2022
24 d late
2021
24 d late
2020
16 d late
2019
27 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
20-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-18k▲ 22.9%
2024 · €-23k
2018: €13k
2019: €25k
2020: €-2k
2021: €-12k
2022: €3k
2023: €2k
2024: €-23k
2018 → 2025
Working capital
€-65k▼ 44.5%
2024 · €-45k
2018: €-2k
2019: €11k
2020: €2k
2021: €-22k
2022: €-22k
2023: €-20k
2024: €-45k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€67k-€70k▲ 3.7%€58k▼ 16.5%€35k▼ 39.2%€18k▼ 49.7%
Operating result€-9k-€5k€7k▲ 40.0%€-18k€-15k▲ 18.2%
Net result€-12k-€3k€2k▼ 1.1%€-23k€-18k▲ 22.9%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €15k in 2025 against €18k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €98k
Fixed assets
€94k▼ 0.4%
Current assets
€3k▼ 45.8%
Equity and liabilities €98k
Equity
€18k▼ 49.7%
Debt
€80k▲ 21.9%
The debt ratio rises from 65.0% to 81.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-15k▲
2024 · €-18k
Cash flow
€-17k▲
2024 · €-22k
Solvency
18.2%▼
2024 · 35.0%
Current ratio
0.05▼
2024 · 0.12
Quick ratio
0.05▼
2024 · 0.12
Debt / equity
4.51▲
2024 · 1.86
ROE
-98.9%▼
2024 · -64.5%
ROA
-18.0%▲
2024 · -22.6%
Interest coverage
-5.90▼
2024 · -4.10
Debt
€80k▲
2024 · €66k
Debt ≤ 1 year
€68k▲
2024 · €51k
Debt > 1 year
€12k▼
2024 · €15k
Income taxes
€149▼
2024 · €163
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€101k€98k▼
Fixed assets21/28€95k€94k▼
Tangible fixed assets22/27€2k€2k▼
Plant, machinery and equipment23€2k€2k▼
Financial fixed assets28€92k€92k=
Current assets29/58€6k€3k▼
Cash at bank and in hand54/58€6k€3k▼
Equity and liabilities
Total equity and liabilities10/49€101k€98k▼
Equity10/15€35k€18k▼
Contributions10/11€20k€20k=
Capital10€20k€20k=
Issued capital100€20k€20k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Legal reserve130€2k€2k=
Profit (loss) carried forward14€13k€-4k▼
Amounts payable17/49€66k€80k▲
Amounts payable after more than one year17€15k€12k▼
Financial debts170/4€15k€12k▼
Amounts payable within one year42/48€51k€68k▲
Current portion of amounts payable after more than one year42€3k€3k▲
Trade debts44€13k€5k▼
Suppliers440/4€13k€5k▼
Taxes, remuneration and social security45€7k€8k▲
Taxes450/3€7k€8k▲
Other amounts payable47/48€28k€52k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€401€401=
Other operating charges640/8€629€723▲
Gross operating margin9900€-17k€-14k▲
Operating profit (loss)9901€-18k€-15k▲
Financial income75/76B-€0
Recurring financial income75-€0
Financial charges65/66B€4k€2k▼
Recurring financial charges65€4k€2k▼
Profit (loss) for the period before taxes9903€-23k€-17k▲
Income taxes67/77€163€149▼
Profit (loss) for the period9904€-23k€-18k▲
Profit (loss) for the period to be appropriated9905€-23k€-18k▲
Appropriation of the result
Profit (loss) to be appropriated9906€13k€-4k▼
Profit (loss) brought forward from the previous period14P€36k€13k▼
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
21-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 82 days late
2024
31-12
Financial
Weakest financial yearnet €-23k ▼1016%
Net result drops to €-23k, the lowest in the series; recovery starts the following year.
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 61 days late
2023
24-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 24 days late
2022
31-12
Financial
Back to profitnet €3k
Net result €3k after 2 loss-making years.
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 24 days late
2021
16-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 16 days late
2020
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 27 days late
2019
31-12
Financial
Highest result since 2018net €25k ▲98.7%
Operating result €33k, net result €25k, both a record.
16-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 16 days late
2018
02-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 2 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Etterbeek · 1 establishment unit since 2016
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Steenweg op Waver 7011040 EtterbeekGround area
132 m²
Building footprint
80 m²
Volume, LiDAR
589 m³
Parcel 21363B0375/02T000, Brussels · tallest building 17.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Cowa consult
since 20162.253.684.538
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21363B0375/02T000 | Brussels | 132 m² | 1 · 80 m² | 17.3 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,570 companies in sector 70200 we hold annual accounts for 52,573. 29,290 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded07-04-2016
Fiscal year end31-12
Activities, NACEBEL
70200Business and other management consultancy
70220Business consulting
70210Activities of head offices; management consultancy activities
73300Public relations and communication consultancy
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 9 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.