KOCH
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 19 filings
Turnover
≈ €150,000
Estimated: probably between €93,000 and €280,000
Total assets
€849,609▼ 2.2%
2024 · €868,694
Net result
€2,336
2024 · -€5,601
Working capital
-€36,229▲ 35.0%
2024 · -€55,707
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€2,099
▲ 74.7%
2025
20182025
Net result
€2,336
2025
20182025
Equity
€393,651
▲ 0.6%
2025
20182025
Total assets
€849,609
▼ 2.2%
2025
20182025
Debt
€390,864
▼ 4.3%
2025
20182025
Working capital
-€36,229
▲ 35.0%
2025
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.4m--€0.01m-€0.008m▲ 32.6%-€0.01m▼ 45.6%-€0.01m▼ 7.4%-€0.03m▼ 166%-€0.008m▲ 73.6%-€0.002m▲ 74.7%
Net result€0.3m--€0.02m-€0.009m▲ 53.6%-€0.01m▼ 18.6%-€0.01m▼ 1.3%-€0.03m▼ 176%-€0.006m▲ 81.5%€0.002m
Equity€0.5m-€0.5m▼ 4.1%€0.4m▼ 2.0%€0.4m▼ 2.4%€0.4m▼ 2.5%€0.4m▼ 7.1%€0.4m▼ 1.4%€0.4m▲ 0.6%
Total assets€1.2m-€1.2m▼ 2.5%€1.0m▼ 12.0%€1.0m▼ 4.8%€1.0m▼ 3.1%€0.9m▼ 5.1%€0.9m▼ 4.8%€0.8m▼ 2.2%
Debt€0.7m-€0.6m▼ 1.7%€0.5m▼ 20.5%€0.5m▼ 6.9%€0.5m▼ 3.3%€0.4m▼ 3.3%€0.4m▼ 7.7%€0.4m▼ 4.3%
Working capital€0.3m-€0.2m▼ 10.6%-€0.04m-€0.04m▲ 5.6%-€0.04m▼ 16.0%-€0.07m▼ 47.3%-€0.06m▲ 14.6%-€0.04m▲ 35.0%
Staff (FTE)1.4-
The operating result for 2025 is a loss of €2,099, smaller than the loss of €8,305 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 €849,609
Fixed assets
€526,675 ▼ 5.7%
Current assets
€322,934 ▲ 4.1%
Equity and liabilities €849,609
Equity
€393,651 ▲ 0.6%
Provisions
€65,094 ▼ 5.5%
Debt
€390,864 ▼ 4.3%
Debt's share of the balance-sheet total falls from 47.0% to 46.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€29,829▲
2024 · €27,110
Cash flow
€34,264▲
2024 · €29,815
Current ratio
0.90▲
2024 · 0.85
Debt to equity
0.99▼
2024 · 1.04
ROE
0.6%▲
2024 · -1.4%
ROA
0.3%▲
2024 · -0.6%
Interest coverage
23.19▲
2024 · 14.68
Debt ≤ 1 year
€359,163▼
2024 · €365,797
Debt > 1 year
€31,701▼
2024 · €42,733
Income taxes
€245▲
2024 · €229
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €7,642 | €6,291 | - | - |
| Depreciation and write-downs of the year | €33,249 | €33,543 | €35,931 | €35,415 | €31,928 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,926 | €19,162 | €27,136 | €33,249 | €33,543 | €35,931 | €35,415 | €31,928 | ▼ 9.8% |
| Other operating charges640/8 | - | - | - | €7,441 | €8,271 | €8,258 | €8,655 | €8,617 | ▼ 0.4% |
| Gross operating margin9900 | €408,918 | €14,955 | €26,853 | €29,643 | €29,944 | €12,671 | €35,765 | €38,446 | ▲ 7.5% |
| Operating profit (loss)9901 | €359,588 | -€11,257 | -€7,589 | -€11,047 | -€11,869 | -€31,518 | -€8,305 | -€2,099 | ▲ 74.7% |
| Financial income75/76B | - | - | - | €202 | €14 | €2 | €1,026 | €2,212 | ▲ 116% |
| Recurring financial income75 | €14,081 | €495 | €230 | €202 | €14 | €2 | €1,026 | €2,212 | ▲ 116% |
| Financial charges65/66B | - | - | - | €3,572 | €2,678 | €2,312 | €1,846 | €1,286 | ▼ 30.3% |
| Recurring financial charges65 | €10,203 | €8,952 | €3,625 | €3,572 | €2,678 | €2,312 | €1,846 | €1,286 | ▼ 30.3% |
| Profit (loss) for the period before taxes9903 | €363,466 | -€19,713 | -€10,984 | -€14,417 | -€14,533 | -€33,829 | -€9,126 | -€1,173 | ▲ 87.1% |
| Transfer from deferred taxes780 | - | - | - | €3,754 | €3,754 | €3,754 | €3,754 | €3,754 | = |
| Income taxes67/77 | €25,258 | €23 | €82 | €190 | €214 | €235 | €229 | €245 | ▲ 6.7% |
| Profit (loss) for the period9904 | €252,426 | -€19,736 | -€9,149 | -€10,852 | -€10,993 | -€30,310 | -€5,601 | €2,336 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €8,938 | €8,938 | €8,938 | €8,938 | €8,938 | = |
| Profit (loss) for the period to be appropriated9905 | €48,208 | -€19,736 | -€4,585 | -€1,914 | -€2,055 | -€21,372 | €3,337 | €11,274 | ▲ 238% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.2m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 2.2% |
| Fixed assets21/28 | €0.4m | €0.4m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 5.7% |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 5.7% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | ▼ 5.4% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.008m | €0.006m | €0.004m | €0.003m | ▼ 35.6% |
| Other tangible fixed assets26 | - | - | - | - | - | €0.002m | €0.001m | €0.001m | ▼ 33.3% |
| Financial fixed assets28 | - | - | - | - | - | €0 | - | - | - |
| Current assets29/58 | €0.8m | €0.8m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 4.1% |
| Amounts receivable within one year40/41 | €0.08m | €0.02m | - | - | - | - | €79 | €419 | ▲ 433% |
| Other amounts receivable41 | - | - | - | - | - | - | €79 | €419 | ▲ 433% |
| Current investments50/53 | €0.03m | €0.02m | €0.02m | €0.004m | €0.004m | €0.004m | €0.004m | €0.3m | ▲ 72× |
| Cash at bank and in hand54/58 | €0.7m | €0.7m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.05m | ▼ 84.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.004m | €0.003m | €0.003m | €0.002m | ▼ 21.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 2.2% |
| Equity10/15 | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 0.6% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 2.2% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.5% |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0.01m | -€0.007m | -€0.01m | -€0.01m | -€0.02m | -€0.04m | -€0.03m | -€0.02m | ▲ 33.7% |
| Provisions and deferred taxes16 | €0.09m | €0.09m | €0.08m | €0.08m | €0.08m | €0.07m | €0.07m | €0.07m | ▼ 5.5% |
| Deferred taxes168 | - | - | - | €0.08m | €0.08m | €0.07m | €0.07m | €0.07m | ▼ 5.5% |
| Amounts payable17/49 | €0.7m | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 4.3% |
| Amounts payable after more than one year17 | €0.09m | €0.07m | €0.1m | €0.09m | €0.08m | €0.06m | €0.04m | €0.03m | ▼ 25.8% |
| Financial debts170/4 | - | - | - | €0.09m | €0.08m | €0.06m | €0.04m | €0.03m | ▼ 25.8% |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 1.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 33.4% |
| Financial debts43 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Credit institutions430/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Trade debts44 | €0.009m | €0.01m | €0.01m | €0.01m | €0.01m | €0.009m | €0.004m | €0.004m | ▼ 21.3% |
| Suppliers440/4 | - | - | - | €0.01m | €0.01m | €0.009m | €0.004m | €0.004m | ▼ 21.3% |
| Taxes, remuneration and social security45 | - | - | - | €190 | €404 | €449 | €235 | - | - |
| Taxes450/3 | - | - | - | €190 | €404 | €449 | €235 | - | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €252,426 | -€19,736 | -€9,149 | -€10,852 | -€10,993 | -€30,310 | -€5,601 | €2,336 | - |
| + Depreciation and write-downs630 | €17,926 | €19,162 | €27,136 | €33,249 | €33,543 | €35,931 | €35,415 | €31,928 | ▼ 9.8% |
| Operating cash flow (approximation) | €270,353 | -€574 | €17,987 | €22,397 | €22,550 | €5,621 | €29,815 | €34,264 | ▲ 14.9% |
| Investment in fixed assets (approximation) | - | -€13,754 | -€324,812 | €0 | -€7,642 | -€6,291 | €0 | €0 | - |
| Change in cash | - | €37,488 | -€416,531 | €5,307 | -€2,607 | -€19,412 | -€7,503 | -€256,856 | ▼ 3,323% |
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, 14,766 companies had the same profile as KOCH has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KOCH itself: 0.1% 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 14,766 companies, not a prediction for KOCH. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00289485 | |
| 31-12-2024 | micro format | 16-05-2025 | 2025-00095835 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00200228 | |
| 31-12-2022 | micro format | 24-05-2023 | 2023-00093069 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20363116 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-34600499 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-30700600 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34000038 | |
| 31-12-2017 | micro format | 12-06-2018 | 2018-17300357 | |
| 31-12-2016 | micro format | 06-06-2017 | 2017-14500082 |