KOPAL
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 03-06-2026 PDF all 36 filings
Turnover
€26.7m▲ 8.0%
2024 · €24.7m
EBIT margin
13.6%▼ 0.4pp
2024 · 14.0%
Net result
€3.3m▲ 20.4%
2024 · €2.8m
Working capital
€7.9m▼ 16.2%
2024 · €9.5m
In the rankings
#1 employer in Kortemark, Manufacturing sector#3 company by equity in Kortemark, Manufacturing sector#5 company by total assets in Kortemark, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€26.7m
▲ 8.0%
2025
20182025
Operating result
€3.6m
▲ 5.2%
2025
20182025
Net result
€3.3m
▲ 20.4%
2025
highest quarter of the sector
20182025
EBIT margin
13.6%
▼ 0.4pp
2025
20182025
Equity
€13.3m
▼ 11.9%
2025
highest quarter of the sector
20182025
Total assets
€19.5m
▲ 6.1%
2025
highest quarter of the sector
20182025
Debt
€6.1m
▲ 98.6%
2025
20182025
Working capital
€7.9m
▼ 16.2%
2025
highest quarter of the sector
20182025
Solvency
68.3%
▼ 14.0pp
2025
highest quarter of the sector
20182025
Current ratio
2.30
▼ 1.78
2025
middle half of the sector
20182025
Return on assets (ROA)
17.2%
▲ 2.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
72
▼ 0.3%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€22.1m-€22.8m▲ 3.2%€22.5m▼ 1.5%€26.1m▲ 16.1%€27.3m▲ 4.6%€25.0m▼ 8.4%€24.7m▼ 1.3%€26.7m▲ 8.0%
Operating result€1.0m-€1.2m▲ 28.2%€1.7m▲ 34.7%€3.1m▲ 85.4%€3.4m▲ 11.0%€2.9m▼ 14.8%€3.5m▲ 18.7%€3.6m▲ 5.2%
Net result€0.8m-€0.6m▼ 18.5%€1.0mabove the sector's middle half▲ 60.3%€2.2mabove the sector's middle half▲ 119%€2.8mabove the sector's middle half▲ 29.4%€1.1mabove the sector's middle half▼ 60.8%€2.8mabove the sector's middle half▲ 152%€3.3mabove the sector's middle half▲ 20.4%
EBIT margin4.4%-5.4%▲ 1.1pp7.4%▲ 2.0pp11.8%▲ 4.4pp12.5%▲ 0.7pp11.7%▼ 0.9pp14.0%▲ 2.4pp13.6%▼ 0.4pp
Equity€14.6m-€13.8m▼ 5.3%€13.4mabove the sector's middle half▼ 2.9%€13.8mabove the sector's middle half▲ 3.2%€15.6mabove the sector's middle half▲ 13.1%€14.8mabove the sector's middle half▼ 5.7%€15.1mabove the sector's middle half▲ 2.3%€13.3mabove the sector's middle half▼ 11.9%
Total assets€21.6m-€21.9m▲ 1.5%€20.8mabove the sector's middle half▼ 4.8%€22.0mabove the sector's middle half▲ 5.7%€20.3mabove the sector's middle half▼ 7.7%€18.5mabove the sector's middle half▼ 8.8%€18.3mabove the sector's middle half▼ 1.2%€19.5mabove the sector's middle half▲ 6.1%
Debt€6.8m-€7.9m▲ 16.3%€7.2m▼ 8.3%€8.0m▲ 10.6%€4.6m▼ 42.8%€3.7m▼ 19.7%€3.1m▼ 15.6%€6.1m▲ 98.6%
Working capital€9.7m-€7.0m▼ 27.4%€5.4mabove the sector's middle half▼ 24.0%€5.9mabove the sector's middle half▲ 9.3%€7.4mabove the sector's middle half▲ 26.8%€8.9mabove the sector's middle half▲ 19.3%€9.5mabove the sector's middle half▲ 7.1%€7.9mabove the sector's middle half▼ 16.2%
Solvency67.6%-63.1%▼ 4.6pp64.3%above the sector's middle half▲ 1.3pp62.8%above the sector's middle half▼ 1.5pp76.9%above the sector's middle half▲ 14.2pp79.5%above the sector's middle half▲ 2.6pp82.3%above the sector's middle half▲ 2.8pp68.3%above the sector's middle half▼ 14.0pp
Current ratio2.90-2.03▼ 0.861.83within the sector's middle half▼ 0.211.75within the sector's middle half▼ 0.072.64above the sector's middle half▲ 0.883.44above the sector's middle half▲ 0.804.08above the sector's middle half▲ 0.642.30within the sector's middle half▼ 1.78
Return on assets (ROA)3.5%-2.8%▼ 0.7pp4.8%within the sector's middle half▲ 1.9pp9.9%within the sector's middle half▲ 5.1pp13.8%above the sector's middle half▲ 4.0pp6.0%within the sector's middle half▼ 7.9pp15.2%above the sector's middle half▲ 9.2pp17.2%above the sector's middle half▲ 2.0pp
Staff (FTE)77.3-76▼ 1.7%79.3above the sector's middle half▲ 4.3%76.3above the sector's middle half▼ 3.8%78.6above the sector's middle half▲ 3.0%76.8above the sector's middle half▼ 2.3%72.2above the sector's middle half▼ 6.0%72above the sector's middle half▼ 0.3%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 5% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €19.5m
Fixed assets
€5.4m ▼ 6.8%
Current assets
€14.1m ▲ 12.1%
Equity and liabilities €19.5m
Equity
€13.3m ▼ 11.9%
Provisions
€26,765 ▼ 82.4%
Debt
€6.1m ▲ 98.6%
Debt's share of the balance-sheet total rises from 16.9% to 31.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€4.3m▲
2024 · €4.1m
Cash flow
€4.0m▲
2024 · €3.4m
Quick ratio
1.33▼
2024 · 2.01
Debt to equity
0.46▲
2024 · 0.21
ROE
25.2%▲
2024 · 18.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€6.1m▲
2024 · €3.1m
Income taxes
€385,643▼
2024 · €521,737
Customer credit
56 days▲
2024 · 54 days
Supplier credit
47 days▲
2024 · 37 days
Staff costs
€5.0m▲
2024 · €4.9m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 81 | 82 | 80 | 75 | 80 |
| full-time | 66 | 65 | 61 | 59 | 65 |
| part-time | 15 | 17 | 19 | 16 | 15 |
| in full-time equivalents | 76.4 | 76.7 | 74.4 | 70.4 | 75.1 |
| Average over the year, in full-time equivalents | 76.3 | 78.6 | 76.8 | 72.2 | 71.7 |
| On a permanent contract | 80 | 81 | 79 | 74 | 78 |
| Joined | 36 | 29 | 23 | 24 | 32 |
| Left | 37 | 28 | 25 | 29 | 27 |
| Agency workers, average number | 2 | 2.5 | 1.6 | 2.4 | 3.8 |
| Training hours | 2,004 | 220 | 2,566 | 2,005 | 1,596 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €750,000 | €150,000 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €180,076 | €666,574 | €220,150 | €652,221 | €149,672 |
| Intangible fixed assets | €92,510 | - | €4,032 | €54,693 | €128,242 |
| Financial fixed assets | - | - | €0 | - | €0 |
| Depreciation and write-downs of the year | €757,687 | €692,437 | €644,633 | €666,562 | €664,747 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €10,000 | €10,000 | €10,000 | €13,000 | €13,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 10 entries · €105,511 awarded · €105,511 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €19,411 | €19,411 |
| 2024 | 3 | €26,639 | €26,639 |
| 2023 | 2 | €31,743 | €31,743 |
| 2022 | 2 | €27,718 | €27,718 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €22.8m | €27.4m | €27.8m | €25.3m | €25.0m | €26.7m | ▲ 7.0% |
| Turnover70 | €22.1m | €22.8m | €22.5m | €26.1m | €27.3m | €25.0m | €24.7m | €26.7m | ▲ 8.0% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | €0.07m | €1.0m | €0.1m | €0.04m | €0.06m | -€0.3m | - |
| Other operating income74 | - | - | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 8.9% |
| Non-recurring operating income76A | - | - | €0.01m | €0.03m | €0.08m | €0.02m | €0.009m | €0.1m | ▲ 15× |
| Operating charges60/66A | - | - | €21.1m | €24.3m | €24.4m | €22.4m | €21.5m | €23.1m | ▲ 7.3% |
| Goods for resale, raw materials and consumables60 | - | - | €13.4m | €16.5m | €15.2m | €13.2m | €12.3m | €12.9m | ▲ 4.8% |
| Purchases600/8 | - | - | €13.3m | €17.3m | €15.7m | €12.8m | €12.5m | €12.8m | ▲ 2.6% |
| Change in stocks: decrease (increase)609 | - | - | €0.06m | -€0.8m | -€0.6m | €0.4m | -€0.1m | €0.1m | - |
| Services and other goods61 | - | - | €2.5m | €2.9m | €3.5m | €3.5m | €3.6m | €4.4m | ▲ 19.8% |
| Remuneration, social security and pensions62 | - | - | €4.1m | €4.3m | €4.5m | €4.9m | €4.9m | €5.0m | ▲ 1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.7m | €0.7m | €0.8m | €0.8m | €0.7m | €0.6m | €0.7m | €0.7m | ▼ 0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0.2m | -€0.3m | €0.008m | €0.03m | -€0.2m | €0.003m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €0.001m | €0.004m | -€0.001m | €0 | - | - | - |
| Other operating charges640/8 | - | - | €0.1m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.0% |
| Non-recurring operating charges66A | - | - | - | €0.003m | €0.5m | €0.003m | €0.03m | €0.03m | ▼ 0.7% |
| Operating profit (loss)9901 | €1.0m | €1.2m | €1.7m | €3.1m | €3.4m | €2.9m | €3.5m | €3.6m | ▲ 5.2% |
| Financial income75/76B | - | - | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 22.4% |
| Recurring financial income75 | €0.1m | €0.09m | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 22.4% |
| Income from financial fixed assets750 | - | - | €0.02m | €0.03m | €0.04m | €0.08m | €0.08m | €386 | ▼ 99.5% |
| Income from current assets751 | - | - | - | - | - | €0.01m | €0.006m | €0.04m | ▲ 587% |
| Other financial income752/9 | - | - | €0.05m | €0.07m | €0.07m | €0.06m | €0.06m | €0.07m | ▲ 22.5% |
| Financial charges65/66B | - | - | €0.4m | €0.05m | €0.05m | €1.9m | €0.3m | €0.02m | ▼ 94.2% |
| Recurring financial charges65 | €0.07m | €0.6m | -€0.5m | €0.05m | €0.05m | €0.03m | €0.03m | €0.02m | ▼ 47.6% |
| Debt charges650 | €0.03m | €0.03m | €0.03m | €0.01m | €0.01m | €468 | €0.001m | €155 | ▼ 78.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | -€0.5m | - | - | - | - | - | - |
| Other financial charges652/9 | - | - | €0.03m | €0.04m | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 46.9% |
| Non-recurring financial charges66B | - | - | €0.9m | - | - | €1.9m | €0.3m | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €1.0m | €0.7m | €1.3m | €3.1m | €3.5m | €1.2m | €3.3m | €3.7m | ▲ 13.0% |
| Income taxes67/77 | €0.2m | €0.1m | €0.3m | €1.0m | €0.7m | €0.06m | €0.5m | €0.4m | ▼ 26.1% |
| Taxes670/3 | - | - | €0.3m | €1.0m | €0.7m | €0.06m | €0.5m | €0.4m | ▼ 26.2% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €125 | €0 | €0.001m | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €0.8m | €0.6m | €1.0m | €2.2m | €2.8m | €1.1m | €2.8m | €3.3m | ▲ 20.4% |
| Profit (loss) for the period to be appropriated9905 | €0.8m | €0.6m | €1.0m | €2.2m | €2.8m | €1.1m | €2.8m | €3.3m | ▲ 20.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €21.6m | €21.9m | €20.8m | €22.0m | €20.3m | €18.5m | €18.3m | €19.5m | ▲ 6.1% |
| Fixed assets21/28 | €6.8m | €8.0m | €9.0m | €8.4m | €8.4m | €6.1m | €5.8m | €5.4m | ▼ 6.8% |
| Intangible fixed assets21 | €469 | €0.05m | €0.1m | €0.2m | €0.1m | €0.08m | €0.09m | €0.2m | ▲ 95.2% |
| Tangible fixed assets22/27 | €4.9m | €6.1m | €6.8m | €6.1m | €6.1m | €5.7m | €5.7m | €5.2m | ▼ 8.4% |
| Land and buildings22 | - | - | €5.4m | €4.9m | €4.7m | €4.4m | €4.0m | €3.7m | ▼ 7.8% |
| Plant, machinery and equipment23 | - | - | €0.9m | €0.9m | €1.0m | €1.2m | €1.4m | €1.3m | ▼ 7.1% |
| Furniture and vehicles24 | - | - | €0.5m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 25.4% |
| Assets under construction and advance payments27 | - | - | - | - | €0.2m | €0 | - | - | - |
| Financial fixed assets28 | €1.9m | €1.9m | €2.1m | €2.1m | €2.1m | €0.3m | €0.009m | €0.004m | ▼ 55.0% |
| Affiliated companies280/1 | - | - | €2.1m | €2.1m | €2.1m | €0.3m | €0 | - | - |
| Participating interests280 | - | - | €0.7m | €0.7m | €0.7m | €0.3m | €0 | - | - |
| Amounts receivable281 | - | - | €1.4m | €1.4m | €1.4m | €0 | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.009m | - | €0.005m | €0.009m | €0.004m | ▼ 55.0% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.009m | - | €0.005m | €0.009m | €0.004m | ▼ 55.0% |
| Current assets29/58 | €14.8m | €13.9m | €11.8m | €13.6m | €11.9m | €12.5m | €12.6m | €14.1m | ▲ 12.1% |
| Amounts receivable after more than one year29 | - | - | - | €0.5m | - | - | - | - | - |
| Trade receivables290 | - | - | - | €0.5m | - | - | - | - | - |
| Stocks and contracts in progress3 | €4.2m | €4.1m | €4.1m | €5.8m | €6.5m | €6.2m | €6.4m | €5.9m | ▼ 7.0% |
| Stocks30/36 | - | - | €4.1m | €5.8m | €6.5m | €6.2m | €6.4m | €5.9m | ▼ 7.0% |
| Raw materials and consumables30/31 | - | - | €1.7m | €2.5m | €3.1m | €2.7m | €2.8m | €2.7m | ▼ 4.1% |
| Work in progress32 | - | - | €0.6m | €1.0m | €1.2m | €0.8m | €1.2m | €0.9m | ▼ 22.5% |
| Finished goods33 | - | - | €1.8m | €2.3m | €2.2m | €2.6m | €2.4m | €2.3m | ▼ 2.8% |
| Amounts receivable within one year40/41 | €9.9m | €9.0m | €6.7m | €6.5m | €4.0m | €4.5m | €4.1m | €7.2m | ▲ 76.1% |
| Trade receivables40 | - | - | €6.2m | €6.3m | €4.0m | €4.1m | €3.7m | €4.1m | ▲ 12.4% |
| Other amounts receivable41 | - | - | €0.5m | €0.1m | €0.04m | €0.5m | €0.4m | €3.1m | ▲ 645% |
| Current investments50/53 | - | - | - | - | - | - | €0.9m | €0 | ▼ 100% |
| Other investments51/53 | - | - | - | - | - | - | €0.9m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.7m | €0.7m | €1.0m | €0.8m | €1.3m | €1.4m | €1.2m | €0.9m | ▼ 22.8% |
| Deferred charges and accrued income490/1 | - | - | €0.06m | €0.06m | €0.09m | €0.3m | €0.1m | €0.1m | ▼ 16.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €21.6m | €21.9m | €20.8m | €22.0m | €20.3m | €18.5m | €18.3m | €19.5m | ▲ 6.1% |
| Equity10/15 | €14.6m | €13.8m | €13.4m | €13.8m | €15.6m | €14.8m | €15.1m | €13.3m | ▼ 11.9% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €14.2m | €13.4m | €13.0m | €13.5m | €15.3m | €14.4m | €14.7m | €12.9m | ▼ 12.2% |
| Non-distributable reserves130/1 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Tax-exempt reserves132 | - | - | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | €3.1m | = |
| Distributable reserves133 | - | - | €9.9m | €10.3m | €12.1m | €11.2m | €11.6m | €9.8m | ▼ 15.6% |
| Profit (loss) carried forward14 | €0.001m | - | - | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.03m | ▼ 82.4% |
| Provisions for liabilities and charges160/5 | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.03m | ▼ 82.4% |
| Other liabilities and charges164/5 | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.03m | ▼ 82.4% |
| Amounts payable17/49 | €6.8m | €7.9m | €7.2m | €8.0m | €4.6m | €3.7m | €3.1m | €6.1m | ▲ 98.6% |
| Amounts payable after more than one year17 | €1.7m | €1.1m | €0.8m | €0.2m | - | - | - | - | - |
| Financial debts170/4 | - | - | €0.8m | €0.2m | - | - | - | - | - |
| Credit institutions173 | - | - | €0.8m | €0.2m | - | - | - | - | - |
| Amounts payable within one year42/48 | €5.1m | €6.8m | €6.5m | €7.8m | €4.5m | €3.6m | €3.1m | €6.1m | ▲ 99.2% |
| Current portion of amounts payable after more than one year42 | - | - | €0.6m | €0.6m | €0.2m | €0 | - | - | - |
| Financial debts43 | - | - | €1.5m | - | - | - | - | - | - |
| Credit institutions430/8 | - | - | €1.5m | - | - | - | - | - | - |
| Trade debts44 | €3.1m | €2.2m | €2.7m | €5.8m | €2.4m | €1.7m | €1.2m | €1.7m | ▲ 33.7% |
| Suppliers440/4 | - | - | €2.7m | €5.8m | €2.4m | €1.7m | €1.2m | €1.7m | ▲ 33.7% |
| Advances received on contracts in progress46 | - | - | €0.06m | €0.01m | - | €0.09m | €0.009m | €0.001m | ▼ 87.6% |
| Taxes, remuneration and social security45 | - | - | €0.7m | €0.6m | €0.9m | €0.8m | €0.7m | €0.8m | ▲ 21.2% |
| Taxes450/3 | - | - | €0.2m | €0.06m | €0.3m | €0.1m | €0.1m | €0.2m | ▲ 52.2% |
| Remuneration and social security454/9 | - | - | €0.5m | €0.5m | €0.6m | €0.7m | €0.6m | €0.6m | ▲ 14.5% |
| Other amounts payable47/48 | - | - | €0.9m | €0.8m | €1.0m | €1.0m | €1.2m | €3.7m | ▲ 217% |
| Accrued charges and deferred income492/3 | - | - | €0.02m | €0.09m | €0.04m | €0.05m | €0.02m | €0.02m | ▼ 4.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.8m | €0.6m | €1.0m | €2.2m | €2.8m | €1.1m | €2.8m | €3.3m | ▲ 20.4% |
| + Depreciation and write-downs630 | €0.7m | €0.7m | €0.8m | €0.8m | €0.7m | €0.6m | €0.7m | €0.7m | ▼ 0.3% |
| Operating cash flow (approximation) | €1.5m | €1.3m | €1.8m | €2.9m | €3.5m | €1.7m | €3.4m | €4.0m | ▲ 16.4% |
| Investment in fixed assets (approximation) | - | -€2.0m | -€1.8m | -€0.2m | -€0.7m | €1.7m | -€0.4m | -€0.3m | ▲ 24.7% |
| Change in cash | - | €0.004m | €0.3m | -€0.2m | €0.5m | €0.1m | -€0.3m | -€0.3m | ▲ 8.9% |
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, 1,579 companies had the same profile as KOPAL has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
3.2%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of KOPAL 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 1,579 companies, not a prediction for KOPAL. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 03-06-2026 | 2026-00134977 | |
| 31-12-2024 | full format | 01-07-2025 | 2025-00209687 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00204025 | |
| 31-12-2022 | full format | 01-07-2024 | 2024-00203906 | |
| 31-12-2021 | full format | 01-07-2024 | 2024-00192195 | |
| 31-12-2020 | full format | 20-05-2022 | 2022-20030927 | |
| 31-12-2019 | full format | 15-05-2020 | 2020-12200299 | |
| 31-12-2018 | full format | 15-05-2020 | 2020-12400353 | |
| 31-12-2017 | full format | 15-05-2020 | 2020-12200329 | |
| 31-12-2016 | full format | 15-05-2020 | 2020-12200298 |