Equity
€443,351 from €813,053 in 2021
Equity fell by 45% in 4 years.
Copains Boulangerie
Lifetime
11 annual accounts with figures on one time axispeak €2.7m (2023)
€2.6m▲ 29.4%
lowest -€1.0m (2024)
-€155,849▲ €859,285
peak €813,053 (2021)
€443,351▲ €542,334
€6.4m▼ 10.7%
peak 44.7 FTE (2024)
41.2 FTE▼ 7.8%
Board5 names since 2022
2 directorsCopains.group and 1 other
Owners3 names in the annual accounts
100%Copains.group
Documentsfilings and deeds
12-05-202680 days before the deadline
2025financial year
Gross margin from €2.0m to €2.6mLoss of €155,849Company renamed to Copains Boulangerie 22-12New statutory auditor 06-10Equity from -€98,983 to €443,351Cash from €386,284 to €152,697
Key points
from the 2025 annual accountsResult
-€155,849 ▲ 84.6%
The result rose in 2025 from -€1.0m to -€155,849.
Debts
€6.4m 94% of the balance sheet
Financial debts 67%Suppliers 16%Taxes and wages 5%Other 13%
€4.2m of the debts are secured on the company's own assets. In 2024 that was €4.3m.
Securities
€1.4m
Pledge on other assets, new in 2025. 3.2 times equity · not in the 2024 accounts.
Staff
35 employees on 31-12-2025
In 2025, 5 people joined and 17 left.
Position in the sector
6.5%
Lower solvency than 87% of companies in food products. Sector median 39.6% · 792 companies.
Checked score
54
Fair
Financially stronger than 37% of small companies in food products (NACE 10)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
1.8% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.5% across 632 companies (NACE 10, small).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.6%
01-2025: 0.6%● unchanged vs 12-2024lowest value
02-2025: 0.7%▲ +0.1 percentage points vs 01-2025
03-2025: 0.7%● unchanged vs 02-2025
04-2025: 0.7%● unchanged vs 03-2025
05-2025: 0.8%▲ +0.1 percentage points vs 04-2025
06-2025: 1.0%▲ +0.2 percentage points vs 05-2025
07-2025: 1.1%▲ +0.1 percentage points vs 06-2025
08-2025: 5.9%▲ +4.8 percentage points vs 07-2025
09-2025: 5.9%● unchanged vs 08-2025highest value
10-2025: 5.9%● unchanged vs 09-2025highest value
11-2025: 5.9%● unchanged vs 10-2025highest value
12-2025: 5.7%▼ -0.2 percentage points vs 11-2025
01-2026: 5.6%▼ -0.1 percentage points vs 12-2025
02-2026: 5.6%● unchanged vs 01-2026
03-2026: 5.5%▼ -0.1 percentage points vs 02-2026
04-2026: 5.7%▲ +0.2 percentage points vs 03-2026
05-2026: 5.8%▲ +0.1 percentage points vs 04-2026
06-2026: 1.9%▼ -3.9 percentage points vs 05-2026
07-2026: 1.8%▼ -0.1 percentage points vs 06-2026
08-2026: 1.8%● unchanged vs 07-2026
09-2026: 1.8%● unchanged vs 08-2026
10-2026: 1.8%● unchanged vs 09-2026
11-2026: 1.8%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 0.84, cash €152,697, halved
Equity €443,351 (6.5% of total assets)
Sector: Manufacture of food products (NACE 10)
lowers risk
Founded in 2015
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 10, small). It does better than 12% of them on solvency, 18% on liquidity, 17% on profitability and 99% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 912 companies had the same profile as Copains Boulangerie has now. Each dot stands for 3 companies, two years later.
95.3%
were still trading
2.1%
stopped another way
2.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Copains Boulangerie itself: 1.8% within 12 months.
Test of the method
The method was tested on the 497,447 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 912 companies, not a prediction for Copains Boulangerie. 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.
Credit verdict
Credit of up to €23,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.84 (0.76 in 2024), below 1. Short-term debt is 56.3% and cash 2.2% of total assets. 93.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 792 sector peers (2025).
NBB · sector comparisonPosition among 792 sector peers
Solvency
better than 12%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 12-05-2026, 80 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
80 days early
2024
15 days early
2023
5 days early
2022
31 days late
2021
29 days late
2020
5 days early
2019
43 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 13 days before the deadline. In the sector (NACE 10), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 27 July (4 of the last 5 accounts filed within 35 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Copains.group 100%equity €4.0m (2025) · 2025 annual accounts of Copains.group
Recent changes
Company renamed to Copains Boulangerie
Capital contribution of €750,000 · New name: Copains Boulangerie · Contribution: COPAINS.GROUP · General meeting of 15-12-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0632544918
New statutory auditor
RSM Interaudit SRL appointed, Frédéric Van Pol resigned · Permanent representative: Olivier de Cartier · General meeting of 30-06-2025 · Gazette deed
New managing director
Jonathan de Cartier d'Yves appointed, Guillaume Eykens resigned · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Copains Boulangerie La Louvière | €6.8m | €2.6m | 6.5% | 41.2 |
| Renard Foods Ixelles | €6.2m | €3.2m | 14.3% | 41.7 |
| VERLEYSEN - RINGOIR Aalst | €6.2m | €2.8m | 61.8% | 30.2 |
| FOOD N'JOY Mouscron | €4.0m | €1.7m | 34.9% | 22.8 |
| LA FLEUR DU PAIN DISTRIBUTION Uccle | €2.1m | €2.1m | -3.6% | 41 |
| BARAT Uccle | €2.0m | €2.4m | 27.6% | 31.7 |
| Patasjoe Bruges | €2.2m | €2.3m | 33.9% | 24.2 |
These companies have the same main activity as Copains Boulangerie: manufacture of food products (NACE 10711). They are comparable in size and age: total assets between €2m and €6.2m, founded between 2007 and 2015.
Official details
Source: KBO- Status
- Active since 18-06-2015Normal situation
- Activity
- Manufacture of food productsNACE 10711and 1 other
- Joint committees
- 118Food industry
- 201Independent retail
- 220White-collar workers in the food industry · annual accounts 2023
- Establishment units
- 2.245.534.8557110 La Louvière, since 01-07-2015
- 2.263.360.5841701 Dilbeek, since 01-03-2017
- Financial year end
- 31 December
- Peppol
- Reachable since 23-10-2025
Annual accounts 2025
- ≈ €4.5mestimated
- €6.8m▼ 3.2%
- Employeeson 31-12-2025
- 35
- Filing
- Filed on 12-05-2026, 80 days before the end of the filing period
Insights on Copains Boulangerie
Copains Boulangerie has existed since 2015. In 2016 the gross margin rose from €268,635 to €615,192 and staff from 7 to 14.5 full-time equivalents.
Solvency rose in 2025 from -1.4% to 6.5% because of lower debts.
Copains.group holds all the shares. In August 2023, the Official Gazette published the appointment of Jonathan de Cartier d'Yves as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Copains Boulangerie
- What is the company number of Copains Boulangerie?
- The company number of Copains Boulangerie is 0632.544.918. The VAT number is the same number with BE in front: BE 0632.544.918.
- Where is Copains Boulangerie based?
- The registered office is at Route du Grand Peuplier (S-B) 28, 7110 La Louvière.Company details
- What does Copains Boulangerie do?
- According to the KBO register, the main activity is manufacture of food products (NACE 10711).
- What is the legal form of Copains Boulangerie?
- Copains Boulangerie is a private limited company (BV).
- When was Copains Boulangerie founded?
- Copains Boulangerie was founded on 18-06-2015.
- Is Copains Boulangerie still active?
- Yes, Copains Boulangerie is an active enterprise in the KBO register.
- How many employees does Copains Boulangerie have?
- Copains Boulangerie had an average of 41.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Copains Boulangerie fall under?
- In its 2023 annual accounts, Copains Boulangerie states joint committees 118 (Food industry), 201 (Independent retail) and 220 (White-collar workers in the food industry).
- What is the turnover of Copains Boulangerie?
- The turnover in financial year 2025 is ≈ €4.5m. This figure is estimated from the gross margin of €2.6m and 1,586 comparable companies of the same size. It probably lies between €3.1m and €7.5m. It is a rough estimate.
- Is Copains Boulangerie profitable?
- In financial year 2025, Copains Boulangerie made a loss of €155,849.
- Where can I find the annual accounts of Copains Boulangerie?
- Copains Boulangerie filed 11 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Copains Boulangerie due?
- Copains Boulangerie must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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