KUPPER
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 23 filings
Turnover
€11.2m▼ 3.4%
2024 · €11.6m
EBIT margin
4.8%▲ 1.0pp
2024 · 3.8%
Net result
€304,594▲ 4.6%
2024 · €291,314
Working capital
€635,958▲ 228%
2024 · €193,790
In the rankings
#2 company by total assets in Butgenbach, Wholesale and retail trade sector#2 company by equity in Butgenbach, Wholesale and retail trade sector#7 employer in Butgenbach
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€11.2m
▼ 3.4%
2025
20182025
Operating result
€541,925
▲ 22.9%
2025
20182025
Net result
€304,594
▲ 4.6%
2025
middle half of the sector
20182025
EBIT margin
4.8%
▲ 1.0pp
2025
20182025
Equity
€2.2m
▲ 9.7%
2025
middle half of the sector
20182025
Total assets
€9.0m
▲ 10.4%
2025
middle half of the sector
20182025
Debt
€6.7m
▲ 10.6%
2025
20182025
Working capital
€635,958
▲ 228%
2025
middle half of the sector
20182025
Solvency
25.0%
▼ 0.2pp
2025
middle half of the sector
20182025
Current ratio
1.18
▲ 0.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.4%
▼ 0.2pp
2025
middle half of the sector
20182025
Staff (FTE)
30.6
▼ 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€11.6m€11.2m▼ 3.4%
Operating result€0.1m-€0.2m▲ 73.4%-€0.1m€0.1m€0.5m▲ 316%€0.8m▲ 62.2%€0.4m▼ 43.1%€0.5m▲ 22.9%
Net result€0.05m-€0.1m▲ 83.5%-€0.1mbelow the sector's middle half€0.06mwithin the sector's middle half€0.4mwithin the sector's middle half▲ 499%€0.5mwithin the sector's middle half▲ 35.2%€0.3m▼ 41.5%€0.3mwithin the sector's middle half▲ 4.6%
EBIT margin3.8%4.8%▲ 1.0pp
Equity€1.1m-€1.2m▲ 7.4%€1.0mwithin the sector's middle half▼ 14.4%€1.1mwithin the sector's middle half▲ 4.1%€1.4mwithin the sector's middle half▲ 32.8%€1.7mwithin the sector's middle half▲ 19.6%€2.0m▲ 21.1%€2.2mwithin the sector's middle half▲ 9.7%
Total assets€6.4m-€6.6m▲ 3.5%€7.1mwithin the sector's middle half▲ 7.0%€7.0mwithin the sector's middle half▼ 1.4%€6.9mwithin the sector's middle half▼ 1.4%€7.4mwithin the sector's middle half▲ 8.0%€8.1m▲ 9.1%€9.0mwithin the sector's middle half▲ 10.4%
Debt€5.3m-€5.4m▲ 2.7%€6.1m▲ 11.7%€5.9m▼ 2.4%€5.5m▼ 7.5%€5.8m▲ 5.0%€6.1m▲ 5.6%€6.7m▲ 10.6%
Working capital€0.5m-€0.6m▲ 6.4%€0.08mwithin the sector's middle half▼ 85.1%€0.02mbelow the sector's middle half▼ 81.8%€0.4mwithin the sector's middle half▲ 23×€0.5mwithin the sector's middle half▲ 33.6%€0.2m▼ 58.7%€0.6mwithin the sector's middle half▲ 228%
Solvency17.3%-18.0%▲ 0.7pp14.4%below the sector's middle half▼ 3.6pp15.2%below the sector's middle half▲ 0.8pp20.4%within the sector's middle half▲ 5.3pp22.6%within the sector's middle half▲ 2.2pp25.1%▲ 2.5pp25.0%within the sector's middle half▼ 0.2pp
Current ratio1.34-1.28▼ 0.061.05below the sector's middle half▼ 0.231.01below the sector's middle half▼ 0.041.13below the sector's middle half▲ 0.131.16within the sector's middle half▲ 0.021.06▼ 0.101.18below the sector's middle half▲ 0.11
Return on assets (ROA)0.8%-1.5%▲ 0.6pp-2.1%below the sector's middle half▼ 3.6pp0.9%below the sector's middle half▲ 3.0pp5.3%within the sector's middle half▲ 4.5pp6.7%within the sector's middle half▲ 1.3pp3.6%▼ 3.1pp3.4%within the sector's middle half▼ 0.2pp
Staff (FTE)17.8-20.1▲ 12.9%22.5within the sector's middle half▲ 11.9%24.1within the sector's middle half▲ 7.1%29.2above the sector's middle half▲ 21.2%31.4above the sector's middle half▲ 7.5%30.7▼ 2.2%30.6above the sector's middle half▼ 0.3%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 23% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.0m
Fixed assets
€4.7m ▼ 0.2%
Current assets
€4.3m ▲ 25.0%
Equity and liabilities €9.0m
Equity
€2.2m ▲ 9.7%
Debt
€6.7m ▲ 10.6%
Debt's share of the balance-sheet total rises from 74.9% to 75.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.0m▲
2024 · €991,172
Cash flow
€774,570▼
2024 · €841,387
Quick ratio
0.45▼
2024 · 0.59
Debt to equity
3.00▲
2024 · 2.98
ROE
13.6%▼
2024 · 14.3%
Interest coverage
5.21▼
2024 · 5.74
Debt ≤ 1 year
€3.6m▲
2024 · €3.2m
Debt > 1 year
€3.1m▲
2024 · €2.9m
Income taxes
€108,836▲
2024 · €90,882
Customer credit
39 days▲
2024 · 30 days
Supplier credit
43 days▲
2024 · 35 days
Staff costs
€1.5m▲
2024 · €1.5m
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 | 30 | 35 | 39 | 37 | 41 |
| full-time | 22 | 22 | 24 | 23 | 25 |
| part-time | 8 | 13 | 15 | 14 | 16 |
| in full-time equivalents | 25.8 | 27.1 | 30.8 | 29.4 | 32.3 |
| Average over the year, in full-time equivalents | 24.1 | 29.2 | 31.4 | 30.7 | 30.6 |
| On a permanent contract | 27 | 26 | 34 | 32 | 33 |
| Joined | 18 | 25 | 30 | 45 | 91 |
| Left | 12 | 20 | 33 | 55 | 90 |
| Training hours | - | - | - | 1,034 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €138,037 | €208,728 | €616,131 | €280,588 | €451,008 |
| Intangible fixed assets | - | - | - | €0 | €0 |
| Financial fixed assets | €135 | - | - | €989,219 | €10,000 |
| Depreciation and write-downs of the year | €512,264 | €490,475 | €531,065 | €550,073 | €469,976 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | - | - | €9,500 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | €11.7m | €11.4m | ▼ 2.9% |
| Turnover70 | - | - | - | - | - | - | €11.6m | €11.2m | ▼ 3.4% |
| Other operating income74 | - | - | - | - | - | - | €0.07m | €0.1m | ▲ 62.9% |
| Operating charges60/66A | - | - | - | - | - | - | €11.3m | €10.8m | ▼ 4.0% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | - | €8.5m | €8.0m | ▼ 5.3% |
| Purchases600/8 | - | - | - | - | - | - | €8.3m | €8.4m | ▲ 2.2% |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | - | €0.2m | -€0.4m | - |
| Services and other goods61 | - | - | - | - | - | - | €0.7m | €0.8m | ▲ 4.4% |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €1.2m | €1.4m | €1.5m | €1.5m | ▲ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 14.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €0.02m | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.2m | €0.07m | €0.06m | €0.07m | ▲ 16.8% |
| Gross operating margin9900 | €1.4m | €1.6m | €1.1m | €1.5m | €2.3m | €2.8m | - | - | - |
| Operating profit (loss)9901 | €0.1m | €0.2m | -€0.1m | €0.1m | €0.5m | €0.8m | €0.4m | €0.5m | ▲ 22.9% |
| Financial income75/76B | - | - | - | €0.05m | €0.08m | €0.05m | €0.1m | €0.07m | ▼ 42.5% |
| Recurring financial income75 | €0.03m | €0.04m | €0.07m | €0.05m | €0.08m | €0.05m | €0.1m | €0.07m | ▼ 42.5% |
| Income from financial fixed assets750 | - | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Income from current assets751 | - | - | - | - | - | - | €466 | €85 | ▼ 81.8% |
| Other financial income752/9 | - | - | - | - | - | - | €0.1m | €0.07m | ▼ 41.8% |
| Financial charges65/66B | - | - | - | €0.1m | €0.09m | €0.1m | €0.2m | €0.2m | ▲ 11.4% |
| Recurring financial charges65 | €0.07m | €0.09m | €0.09m | €0.1m | €0.09m | €0.1m | €0.2m | €0.2m | ▲ 11.4% |
| Debt charges650 | - | - | - | - | - | - | €0.2m | €0.2m | ▲ 12.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | - | - | €0 | - | - |
| Other financial charges652/9 | - | - | - | - | - | - | €0.003m | €0.001m | ▼ 54.6% |
| Profit (loss) for the period before taxes9903 | €0.06m | €0.1m | -€0.1m | €0.06m | €0.5m | €0.7m | €0.4m | €0.4m | ▲ 8.2% |
| Income taxes67/77 | €0.008m | €0.03m | €0.002m | €0.002m | €0.1m | €0.2m | €0.09m | €0.1m | ▲ 19.8% |
| Taxes670/3 | - | - | - | - | - | - | €0.09m | €0.1m | ▲ 18.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €0.001m | €263 | ▼ 75.0% |
| Profit (loss) for the period9904 | €0.05m | €0.1m | -€0.1m | €0.06m | €0.4m | €0.5m | €0.3m | €0.3m | ▲ 4.6% |
| Profit (loss) for the period to be appropriated9905 | €0.05m | €0.1m | -€0.1m | €0.06m | €0.4m | €0.5m | €0.3m | €0.3m | ▲ 4.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.4m | €6.6m | €7.1m | €7.0m | €6.9m | €7.4m | €8.1m | €9.0m | ▲ 10.4% |
| Fixed assets21/28 | €4.3m | €4.0m | €5.2m | €4.9m | €3.9m | €4.0m | €4.7m | €4.7m | ▼ 0.2% |
| Intangible fixed assets21 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.05m | €0.04m | ▼ 22.9% |
| Tangible fixed assets22/27 | €4.0m | €3.8m | €4.8m | €4.5m | €3.6m | €3.7m | €3.5m | €3.5m | ▼ 0.2% |
| Land and buildings22 | - | - | - | €3.9m | €3.0m | €2.8m | €2.6m | €2.8m | ▲ 5.8% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 12.0% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 23.2% |
| Leasing and similar rights25 | - | - | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 24.3% |
| Financial fixed assets28 | €0.05m | €0.06m | €0.2m | €0.2m | €0.2m | €0.2m | €1.2m | €1.2m | ▲ 0.9% |
| Other financial fixed assets284/8 | - | - | - | - | - | - | €1.2m | €1.2m | ▲ 0.9% |
| Shares284 | - | - | - | - | - | - | €1.2m | €1.2m | ▲ 0.9% |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | €0.003m | €0.003m | = |
| Current assets29/58 | €2.1m | €2.6m | €1.8m | €2.1m | €3.0m | €3.5m | €3.4m | €4.3m | ▲ 25.0% |
| Stocks and contracts in progress3 | €0.9m | €1.3m | €1.0m | €1.1m | €1.6m | €1.7m | €1.5m | €2.7m | ▲ 74.6% |
| Stocks30/36 | - | - | - | €1.1m | €1.6m | €1.7m | €1.5m | €2.7m | ▲ 74.6% |
| Raw materials and consumables30/31 | - | - | - | - | - | - | - | €0.7m | - |
| Goods purchased for resale34 | - | - | - | - | - | - | €1.5m | €1.9m | ▲ 28.4% |
| Amounts receivable within one year40/41 | €1.2m | €1.2m | €0.8m | €1.0m | €1.3m | €1.6m | €1.8m | €1.5m | ▼ 20.4% |
| Trade receivables40 | - | - | - | €0.4m | €0.6m | €0.8m | €1.0m | €1.2m | ▲ 23.5% |
| Other amounts receivable41 | - | - | - | €0.6m | €0.7m | €0.8m | €0.9m | €0.3m | ▼ 69.2% |
| Cash at bank and in hand54/58 | €0.02m | €0.06m | €0.07m | €0.04m | €0.08m | €0.2m | €0.04m | €0.1m | ▲ 265% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.003m | €0.002m | €0.02m | €0.005m | ▼ 67.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.4m | €6.6m | €7.1m | €7.0m | €6.9m | €7.4m | €8.1m | €9.0m | ▲ 10.4% |
| Equity10/15 | €1.1m | €1.2m | €1.0m | €1.1m | €1.4m | €1.7m | €2.0m | €2.2m | ▲ 9.7% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.9m | €1.0m | €0.9m | €0.9m | €1.3m | €1.6m | €1.9m | €2.1m | ▲ 12.0% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Distributable reserves133 | - | - | - | €0.9m | €1.2m | €1.5m | €1.8m | €2.0m | ▲ 12.4% |
| Investment grants15 | - | - | - | €0.1m | €0.09m | €0.07m | €0.1m | €0.1m | ▼ 19.5% |
| Amounts payable17/49 | €5.3m | €5.4m | €6.1m | €5.9m | €5.5m | €5.8m | €6.1m | €6.7m | ▲ 10.6% |
| Amounts payable after more than one year17 | €3.7m | €3.4m | €4.3m | €3.8m | €2.9m | €2.8m | €2.9m | €3.1m | ▲ 8.2% |
| Financial debts170/4 | - | - | - | €3.4m | €2.5m | €2.7m | €2.8m | €2.9m | ▲ 5.0% |
| Leasing and similar obligations172 | - | - | - | - | - | - | €0.1m | €0.06m | ▼ 44.2% |
| Credit institutions173 | - | - | - | - | - | - | €2.7m | €2.9m | ▲ 7.0% |
| Other amounts payable178/9 | - | - | - | €0.4m | €0.4m | €0.05m | €0.05m | €0.1m | ▲ 177% |
| Amounts payable within one year42/48 | €1.6m | €2.1m | €1.8m | €2.1m | €2.6m | €3.0m | €3.2m | €3.6m | ▲ 12.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 12.0% |
| Financial debts43 | - | - | - | €1.0m | €1.1m | €1.1m | €1.3m | €1.7m | ▲ 27.2% |
| Credit institutions430/8 | - | - | - | €1.0m | €1.1m | €1.1m | €1.3m | €1.7m | ▲ 27.2% |
| Trade debts44 | €0.6m | €0.7m | €0.3m | €0.4m | €0.7m | €0.9m | €0.8m | €0.9m | ▲ 15.2% |
| Suppliers440/4 | - | - | - | €0.4m | €0.7m | €0.8m | €0.8m | €0.9m | ▲ 15.4% |
| Bills of exchange payable441 | - | - | - | €0.006m | €0.006m | €0.009m | €0.008m | €0.008m | ▼ 4.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.3m | €0.5m | €0.5m | €0.3m | ▼ 29.7% |
| Taxes450/3 | - | - | - | €0.06m | €0.1m | €0.3m | €0.2m | €0.07m | ▼ 68.3% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 2.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.05m | €0.1m | -€0.1m | €0.06m | €0.4m | €0.5m | €0.3m | €0.3m | ▲ 4.6% |
| + Depreciation and write-downs630 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.5m | ▼ 14.6% |
| Operating cash flow (approximation) | €0.6m | €0.6m | €0.4m | €0.6m | €0.9m | €1.0m | €0.8m | €0.8m | ▼ 7.9% |
| Investment in fixed assets (approximation) | - | -€0.3m | -€1.7m | -€0.1m | €0.5m | -€0.6m | -€1.3m | -€0.5m | ▲ 63.7% |
| Change in cash | - | €0.04m | €0.007m | -€0.02m | €0.04m | €0.08m | -€0.1m | €0.1m | - |
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, 4,685 companies had the same profile as KUPPER has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of KUPPER itself: 0.5% 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 4,685 companies, not a prediction for KUPPER. 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 |
|---|---|---|---|---|
| 31-12-2025 | full format | 01-07-2026 | 2026-00248911 | |
| 31-12-2024 | unclassified schema | 27-06-2025 | 2025-00210236 | |
| 31-12-2023 | full format | 25-06-2024 | 2024-00171252 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00300032 | |
| 31-12-2021 | full format | 20-06-2022 | 2022-20083272 | |
| 31-12-2020 | full format | 26-07-2021 | 2021-41000072 | |
| 31-12-2019 | full format | 30-07-2020 | 2020-37900123 | |
| 31-12-2018 | full format | 30-07-2019 | 2019-42000297 | |
| 31-12-2017 | full format | 18-09-2018 | 2018-63400310 | |
| 31-12-2016 | full format | 14-09-2017 | 2017-60900265 |