KOSIMA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-01-2026 PDF all 7 filings
Turnover
≈ €110,000
Estimated: probably between €66,000 and €160,000
Total assets
€324,218▼ 2.4%
2024 · €332,276
Net result
€34,048▲ 92.4%
2024 · €17,695
Working capital
€232,560
2024 · -€111,488
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
€38,386
▲ 97.0%
2025
20192025
Net result
€34,048
▲ 92.4%
2025
middle half of the sector
20192025
Equity
€232,560
▲ 6.4%
2025
highest quarter of the sector
20192025
Total assets
€324,218
▼ 2.4%
2025
middle half of the sector
20192025
Debt
€91,658
▼ 19.4%
2025
20192025
Working capital
€232,560
2025
highest quarter of the sector
20192025
Solvency
71.7%
▲ 6.0pp
2025
middle half of the sector
20192025
Current ratio
3.54
▲ 3.52
2025
middle half of the sector
20192025
Return on assets (ROA)
10.5%
▲ 5.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202022202320242025
Operating result€11,807-€24,407▲ 107%€71,000-€32,963▼ 53.6%€19,481▼ 40.9%€38,386▲ 97.0%
Net result€8,037-€18,572within the sector's middle half▲ 131%€29,383within the sector's middle half-€1,489below the sector's middle half▼ 94.9%€17,695within the sector's middle half▲ 12×€34,048within the sector's middle half▲ 92.4%
Equity€208,872-€199,944within the sector's middle half▼ 4.3%€214,327within the sector's middle half-€215,816within the sector's middle half▲ 0.7%€218,512within the sector's middle half▲ 1.2%€232,560above the sector's middle half▲ 6.4%
Total assets€344,083-€361,791within the sector's middle half▲ 5.1%€363,468within the sector's middle half-€350,074within the sector's middle half▼ 3.7%€332,276within the sector's middle half▼ 5.1%€324,218within the sector's middle half▼ 2.4%
Debt€135,211-€161,847▲ 19.7%€149,141-€134,258▼ 10.0%€113,765▼ 15.3%€91,658▼ 19.4%
Working capital-€23,612--€56,778below the sector's middle half▼ 140%-€86,753below the sector's middle half--€111,945below the sector's middle half▼ 29.0%-€111,488below the sector's middle half▲ 0.4%€232,560above the sector's middle half
Solvency60.7%-55.3%within the sector's middle half▼ 5.4pp59.0%within the sector's middle half-61.6%within the sector's middle half▲ 2.7pp65.8%within the sector's middle half▲ 4.1pp71.7%within the sector's middle half▲ 6.0pp
Current ratio0.32-0.35below the sector's middle half▲ 0.030.28below the sector's middle half-0.15below the sector's middle half▼ 0.130.02below the sector's middle half▼ 0.133.54within the sector's middle half▲ 3.52
Return on assets (ROA)2.3%-5.1%within the sector's middle half▲ 2.8pp8.1%within the sector's middle half-0.4%below the sector's middle half▼ 7.7pp5.3%within the sector's middle half▲ 4.9pp10.5%within the sector's middle half▲ 5.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 97% higher than in 2024. It is a recovery after the fall 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
Equity and liabilities €324,218
Equity
€232,560 ▲ 6.4%
Debt
€91,658 ▼ 19.4%
Debt's share of the balance-sheet total falls from 34.2% to 28.3%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.39▼
2024 · 0.52
ROE
14.6%▲
2024 · 8.1%
Debt ≤ 1 year
€91,658▼
2024 · €113,765
Income taxes
€3,916▲
2024 · €732
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,522 | €1,522 | €1,522 | - | - | - | - |
| Other operating charges640/8 | - | - | €105 | €1,553 | - | €473 | - |
| Gross operating margin9900 | €13,329 | €25,929 | €72,627 | €34,516 | €19,481 | €38,859 | ▲ 99.5% |
| Operating profit (loss)9901 | €11,807 | €24,407 | €71,000 | €32,963 | €19,481 | €38,386 | ▲ 97.0% |
| Recurring financial income75 | €21 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | €39,097 | €27,499 | €1,054 | €422 | ▼ 60.0% |
| Recurring financial charges65 | €1,966 | €2,010 | €39,097 | €27,499 | €1,054 | €422 | ▼ 60.0% |
| Profit (loss) for the period before taxes9903 | €9,862 | €22,397 | €31,903 | €5,464 | €18,427 | €37,964 | ▲ 106% |
| Income taxes67/77 | €1,826 | €3,825 | €2,519 | €3,975 | €732 | €3,916 | ▲ 435% |
| Profit (loss) for the period9904 | €8,037 | €18,572 | €29,383 | €1,489 | €17,695 | €34,048 | ▲ 92.4% |
| Profit (loss) for the period to be appropriated9905 | €8,037 | €37,322 | €29,383 | €1,489 | €17,695 | €34,048 | ▲ 92.4% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €344,083 | €361,791 | €363,468 | €350,074 | €332,276 | €324,218 | ▼ 2.4% |
| Fixed assets21/28 | €333,045 | €331,522 | €330,000 | €330,000 | €330,000 | - | - |
| Tangible fixed assets22/27 | €3,045 | €1,522 | - | - | - | - | - |
| Financial fixed assets28 | €330,000 | €330,000 | €330,000 | €330,000 | €330,000 | - | - |
| Current assets29/58 | €11,039 | €30,268 | €33,468 | €20,074 | €2,276 | €324,218 | ▲ 142× |
| Amounts receivable after more than one year29 | - | - | - | - | - | €293,512 | - |
| Trade receivables290 | - | - | - | - | - | €293,512 | - |
| Amounts receivable within one year40/41 | €3,025 | €13,917 | €33,409 | €18,150 | €1,388 | - | - |
| Trade receivables40 | - | - | €33,409 | €18,150 | €1,388 | - | - |
| Cash at bank and in hand54/58 | €8,014 | €16,351 | €60 | €1,924 | €830 | €30,694 | ▲ 37× |
| Deferred charges and accrued income490/1 | - | - | - | - | €58 | €12 | ▼ 80.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €344,083 | €361,791 | €363,468 | €350,074 | €332,276 | €324,218 | ▼ 2.4% |
| Equity10/15 | €208,872 | €199,944 | €214,327 | €215,816 | €218,512 | €232,560 | ▲ 6.4% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €190,272 | €181,344 | €195,727 | €197,216 | €199,912 | €213,960 | ▲ 7.0% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | €193,867 | €195,356 | €199,912 | €213,960 | ▲ 7.0% |
| Amounts payable17/49 | €135,211 | €161,847 | €149,141 | €134,258 | €113,765 | €91,658 | ▼ 19.4% |
| Amounts payable after more than one year17 | €100,561 | €74,800 | €28,920 | €2,239 | - | - | - |
| Financial debts170/4 | - | - | €28,920 | €2,239 | - | - | - |
| Amounts payable within one year42/48 | €34,650 | €87,046 | €120,221 | €132,019 | €113,765 | €91,658 | ▼ 19.4% |
| Current portion of amounts payable after more than one year42 | - | - | €33,066 | €33,405 | €8,903 | - | - |
| Trade debts44 | €1,575 | €11,497 | €9,751 | €5,570 | €2,615 | €408 | ▼ 84.4% |
| Suppliers440/4 | - | - | €9,751 | €5,570 | €2,615 | €408 | ▼ 84.4% |
| Taxes, remuneration and social security45 | - | - | €9,865 | €15,686 | €6,625 | €15,840 | ▲ 139% |
| Taxes450/3 | - | - | €6,568 | €10,571 | €6,625 | €12,027 | ▲ 81.5% |
| Remuneration and social security454/9 | - | - | €3,297 | €5,115 | - | €3,813 | - |
| Other amounts payable47/48 | - | - | €67,539 | €77,358 | €95,621 | €75,411 | ▼ 21.1% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,037 | €18,572 | €29,383 | €1,489 | €17,695 | €34,048 | ▲ 92.4% |
| + Depreciation and write-downs630 | €1,522 | €1,522 | €1,522 | - | - | - | - |
| Operating cash flow (approximation) | €9,559 | €20,095 | €30,906 | €1,489 | €17,695 | €34,048 | ▲ 92.4% |
| Investment in fixed assets (approximation) | - | €0 | - | €0 | €0 | - | - |
| Change in cash | - | €8,338 | - | €1,864 | -€1,093 | €29,864 | - |
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, 26,972 companies had the same profile as KOSIMA has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of KOSIMA itself is lower: 0.1% within 12 months. It rests on far more data about KOSIMA 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 26,972 companies, not a prediction for KOSIMA. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 16-01-2026 | 2026-00008739 | |
| 30-06-2024 | micro format | 24-01-2025 | 2025-00014294 | |
| 30-06-2023 | micro format | 26-09-2023 | 2023-00454374 | |
| 30-06-2022 | micro format | 29-11-2022 | 2022-20527227 | |
| 30-09-2020 | micro format | 15-02-2021 | 2021-05400204 | |
| 30-09-2019 | micro format | 11-03-2020 | 2020-06600381 | |
| 30-09-2018 | micro format | 18-03-2019 | 2019-07200581 |