R-COTEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 35 filings
Turnover
≈ €1.3m
Estimated: probably between €950,000 and €2.0m
Total assets
€739,839▲ 4.8%
2024 · €706,110
Net result
€17,366▲ 68.2%
2024 · €10,328
Working capital
€344,055▼ 8.4%
2024 · €375,565
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€56,130
▲ 42.3%
2025
20182025
Net result
€17,366
▲ 68.2%
2025
middle half of the sector
20182025
Equity
€347,232
▲ 5.3%
2025
highest quarter of the sector
20182025
Total assets
€739,839
▲ 4.8%
2025
highest quarter of the sector
20182025
Debt
€392,606
▲ 4.3%
2025
20182025
Working capital
€344,055
▼ 8.4%
2025
highest quarter of the sector
20182025
Solvency
46.9%
▲ 0.2pp
2025
middle half of the sector
20182025
Current ratio
1.95
▼ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
2.3%
▲ 0.9pp
2025
middle half of the sector
20182025
Staff (FTE)
2.7
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€28,820-€14,808▼ 48.6%€32,089▲ 117%€27,238▼ 15.1%€48,369▲ 77.6%€25,639▼ 47.0%€39,446▲ 53.9%€56,130▲ 42.3%
Net result€11,242-€6,357▼ 43.5%€15,447within the sector's middle half▲ 143%€23,099within the sector's middle half▲ 49.5%€32,530within the sector's middle half▲ 40.8%€8,597within the sector's middle half▼ 73.6%€10,328within the sector's middle half▲ 20.1%€17,366within the sector's middle half▲ 68.2%
Equity€233,510-€239,866▲ 2.7%€255,313within the sector's middle half▲ 6.4%€278,412within the sector's middle half▲ 9.0%€310,942within the sector's middle half▲ 11.7%€319,539above the sector's middle half▲ 2.8%€329,866above the sector's middle half▲ 3.2%€347,232above the sector's middle half▲ 5.3%
Total assets€662,172-€630,117▼ 4.8%€626,075within the sector's middle half▼ 0.6%€625,791within the sector's middle half=€758,771within the sector's middle half▲ 21.2%€761,276above the sector's middle half▲ 0.3%€706,110above the sector's middle half▼ 7.2%€739,839above the sector's middle half▲ 4.8%
Debt€428,662-€390,251▼ 9.0%€370,762▼ 5.0%€347,379▼ 6.3%€447,829▲ 28.9%€441,737▼ 1.4%€376,244▼ 14.8%€392,606▲ 4.3%
Working capital€227,801-€229,870▲ 0.9%€236,866within the sector's middle half▲ 3.0%€261,537within the sector's middle half▲ 10.4%€326,201within the sector's middle half▲ 24.7%€405,892above the sector's middle half▲ 24.4%€375,565above the sector's middle half▼ 7.5%€344,055above the sector's middle half▼ 8.4%
Solvency35.3%-38.1%▲ 2.8pp40.8%within the sector's middle half▲ 2.7pp44.5%within the sector's middle half▲ 3.7pp41.0%within the sector's middle half▼ 3.5pp42.0%within the sector's middle half▲ 1.0pp46.7%within the sector's middle half▲ 4.7pp46.9%within the sector's middle half▲ 0.2pp
Current ratio1.55-1.60▲ 0.051.66within the sector's middle half▲ 0.071.78within the sector's middle half▲ 0.111.79within the sector's middle half▲ 0.012.21within the sector's middle half▲ 0.432.17within the sector's middle half▼ 0.041.95within the sector's middle half▼ 0.22
Return on assets (ROA)1.7%-1.0%▼ 0.7pp2.5%within the sector's middle half▲ 1.5pp3.7%within the sector's middle half▲ 1.2pp4.3%within the sector's middle half▲ 0.6pp1.1%within the sector's middle half▼ 3.2pp1.5%within the sector's middle half▲ 0.3pp2.3%within the sector's middle half▲ 0.9pp
Staff (FTE)4.6-3.6▼ 21.7%3.4within the sector's middle half▼ 5.6%2.9within the sector's middle half▼ 14.7%3.1within the sector's middle half▲ 6.9%2.6▼ 16.1%2.7▲ 3.8%2.7=
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 42% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated or 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 €739,839
Fixed assets
€33,820 ▲ 224%
Current assets
€706,019 ▲ 1.5%
Equity and liabilities €739,839
Equity
€347,232 ▲ 5.3%
Debt
€392,606 ▲ 4.3%
Debt's share of the balance-sheet total falls from 53.3% to 53.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€71,819▲
2024 · €50,995
Cash flow
€33,055▲
2024 · €21,877
Quick ratio
1.69▼
2024 · 1.89
Debt to equity
1.13▼
2024 · 1.14
ROE
5.0%▲
2024 · 3.1%
Interest coverage
2.48▼
2024 · 2.49
Debt ≤ 1 year
€361,964▲
2024 · €320,107
Debt > 1 year
€30,642▼
2024 · €56,137
Income taxes
€12,794▲
2024 · €11,640
Staff costs
€178,425▲
2024 · €160,552
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 | 3 | 3 | 3 | 3 | 3 |
| full-time | 2 | 2 | 2 | 2 | 2 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 2.4 | 2.5 | 2.6 | 2.6 | 2.6 |
| Average over the year, in full-time equivalents | 2.9 | 3.1 | 2.6 | 2.7 | 2.7 |
| On a permanent contract | 3 | 3 | 3 | 3 | 3 |
| Joined | 2 | 3 | - | - | - |
| Left | 2 | 3 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,856 | €1,004 | €17,100 | €1,131 | €39,071 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €11,246 | €11,385 | €14,058 | €11,549 | €15,690 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €1,063 awarded · €1,063 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €312 | €312 |
| 2023 | 1 | €227 | €227 |
| 2022 | 1 | €524 | €524 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €145,978 | €158,815 | €164,424 | €160,552 | €178,425 | ▲ 11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,108 | €11,799 | €9,696 | €11,246 | €11,385 | €14,058 | €11,549 | €15,690 | ▲ 35.9% |
| Other operating charges640/8 | - | - | - | €8,703 | €6,494 | €13,629 | €12,257 | €28,679 | ▲ 134% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €6,792 | - |
| Gross operating margin9900 | €250,317 | €194,392 | €210,608 | €193,165 | €225,063 | €217,751 | €223,805 | €285,715 | ▲ 27.7% |
| Operating profit (loss)9901 | €28,820 | €14,808 | €32,089 | €27,238 | €48,369 | €25,639 | €39,446 | €56,130 | ▲ 42.3% |
| Financial income75/76B | - | - | - | €17,478 | €10,086 | €3,229 | €3,002 | €2,997 | ▼ 0.2% |
| Recurring financial income75 | €246 | €9,687 | €436 | €3,635 | €3,724 | €3,229 | €3,002 | €2,997 | ▼ 0.2% |
| Non-recurring financial income76B | - | - | - | €13,843 | €6,362 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €9,523 | €9,340 | €13,186 | €20,481 | €28,966 | ▲ 41.4% |
| Recurring financial charges65 | €8,736 | €7,732 | €8,106 | €9,523 | €9,340 | €13,186 | €20,481 | €28,966 | ▲ 41.4% |
| Profit (loss) for the period before taxes9903 | €24,068 | €16,763 | €26,755 | €35,193 | €49,115 | €15,682 | €21,967 | €30,160 | ▲ 37.3% |
| Income taxes67/77 | €12,827 | €10,406 | €11,309 | €12,094 | €16,585 | €7,085 | €11,640 | €12,794 | ▲ 9.9% |
| Profit (loss) for the period9904 | €11,242 | €6,357 | €15,447 | €23,099 | €32,530 | €8,597 | €10,328 | €17,366 | ▲ 68.2% |
| Profit (loss) for the period to be appropriated9905 | €11,242 | €6,357 | €15,447 | €23,099 | €32,530 | €8,597 | €10,328 | €17,366 | ▲ 68.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €662,172 | €630,117 | €626,075 | €625,791 | €758,771 | €761,276 | €706,110 | €739,839 | ▲ 4.8% |
| Fixed assets21/28 | €19,071 | €16,358 | €32,585 | €28,195 | €17,814 | €20,856 | €10,438 | €33,820 | ▲ 224% |
| Tangible fixed assets22/27 | €18,430 | €15,717 | €31,944 | €27,554 | €17,173 | €20,215 | €9,797 | €33,179 | ▲ 239% |
| Land and buildings22 | - | - | - | €570 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €916 | €705 | €2,155 | €1,584 | €2,052 | ▲ 29.5% |
| Furniture and vehicles24 | - | - | - | €26,068 | €16,469 | €18,060 | €8,213 | €31,127 | ▲ 279% |
| Financial fixed assets28 | €641 | €641 | €641 | €641 | €641 | €641 | €641 | €641 | = |
| Current assets29/58 | €643,101 | €613,759 | €593,490 | €597,596 | €740,957 | €740,421 | €695,672 | €706,019 | ▲ 1.5% |
| Amounts receivable after more than one year29 | - | - | - | €122,531 | €117,120 | €111,710 | €106,157 | €100,458 | ▼ 5.4% |
| Other amounts receivable291 | - | - | - | €122,531 | €117,120 | €111,710 | €106,157 | €100,458 | ▼ 5.4% |
| Stocks and contracts in progress3 | €120,307 | €91,350 | €102,824 | €101,367 | €94,205 | €96,177 | €90,489 | €92,863 | ▲ 2.6% |
| Stocks30/36 | - | - | - | €101,367 | €94,205 | €96,177 | €90,489 | €92,863 | ▲ 2.6% |
| Amounts receivable within one year40/41 | €455,505 | €426,808 | €388,516 | €289,368 | €399,494 | €388,702 | €375,454 | €401,161 | ▲ 6.8% |
| Trade receivables40 | - | - | - | €259,462 | €383,042 | €348,475 | €347,948 | €391,260 | ▲ 12.4% |
| Other amounts receivable41 | - | - | - | €29,906 | €16,452 | €40,228 | €27,506 | €9,902 | ▼ 64.0% |
| Cash at bank and in hand54/58 | €66,864 | €95,176 | €100,463 | €84,330 | €130,138 | €143,831 | €119,346 | €104,128 | ▼ 12.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €4,227 | €7,409 | ▲ 75.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €662,172 | €630,117 | €626,075 | €625,791 | €758,771 | €761,276 | €706,110 | €739,839 | ▲ 4.8% |
| Equity10/15 | €233,510 | €239,866 | €255,313 | €278,412 | €310,942 | €319,539 | €329,866 | €347,232 | ▲ 5.3% |
| Contributions10/11 | €21,100 | €21,100 | - | €21,100 | €21,100 | €21,100 | €21,100 | €21,100 | = |
| Reserves13 | €212,410 | €218,766 | €234,213 | €257,312 | €289,842 | €298,439 | €308,766 | €326,132 | ▲ 5.6% |
| Non-distributable reserves130/1 | - | - | - | €2,110 | €2,110 | €2,110 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,110 | €2,110 | €0 | - | - | - |
| Other1319 | - | - | - | - | - | €2,110 | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €375 | €375 | €375 | €375 | €375 | = |
| Distributable reserves133 | - | - | - | €254,827 | €287,357 | €295,954 | €308,391 | €325,757 | ▲ 5.6% |
| Amounts payable17/49 | €428,662 | €390,251 | €370,762 | €347,379 | €447,829 | €441,737 | €376,244 | €392,606 | ▲ 4.3% |
| Amounts payable after more than one year17 | - | - | €7,776 | €4,958 | €33,073 | €107,209 | €56,137 | €30,642 | ▼ 45.4% |
| Financial debts170/4 | - | - | - | €4,958 | €33,073 | €107,209 | €56,137 | €30,642 | ▼ 45.4% |
| Amounts payable within one year42/48 | €415,301 | €383,889 | €356,625 | €336,059 | €414,756 | €334,529 | €320,107 | €361,964 | ▲ 13.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €113,072 | €116,863 | €50,382 | €51,072 | €53,620 | ▲ 5.0% |
| Financial debts43 | - | - | - | €12 | - | €95,000 | €105,000 | €100,730 | ▼ 4.1% |
| Credit institutions430/8 | - | - | - | €12 | - | - | - | €730 | - |
| Other loans439 | - | - | - | - | - | €95,000 | €105,000 | €100,000 | ▼ 4.8% |
| Trade debts44 | €263,577 | €217,536 | €197,017 | €205,878 | €274,948 | €166,202 | €140,063 | €175,635 | ▲ 25.4% |
| Suppliers440/4 | - | - | - | €205,878 | €274,948 | €166,202 | €140,063 | €175,635 | ▲ 25.4% |
| Taxes, remuneration and social security45 | - | - | - | €17,097 | €22,945 | €22,945 | €23,972 | €31,980 | ▲ 33.4% |
| Taxes450/3 | - | - | - | €2,310 | €6,578 | €6,578 | €1,591 | €12,457 | ▲ 683% |
| Remuneration and social security454/9 | - | - | - | €14,787 | €16,367 | €16,367 | €22,381 | €19,522 | ▼ 12.8% |
| Accrued charges and deferred income492/3 | - | - | - | €6,362 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,242 | €6,357 | €15,447 | €23,099 | €32,530 | €8,597 | €10,328 | €17,366 | ▲ 68.2% |
| + Depreciation and write-downs630 | €11,108 | €11,799 | €9,696 | €11,246 | €11,385 | €14,058 | €11,549 | €15,690 | ▲ 35.9% |
| Operating cash flow (approximation) | €22,350 | €18,156 | €25,142 | €34,345 | €43,915 | €22,655 | €21,877 | €33,055 | ▲ 51.1% |
| Investment in fixed assets (approximation) | - | -€9,087 | -€25,922 | -€6,856 | -€1,004 | -€17,100 | -€1,131 | -€39,071 | ▼ 3,353% |
| Change in cash | - | €28,312 | €5,287 | -€16,133 | €45,808 | €13,693 | -€24,485 | -€15,218 | ▲ 37.8% |
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, 17,041 companies had the same profile as R-COTEC has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of R-COTEC 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 17,041 companies, not a prediction for R-COTEC. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00367916 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00294058 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00145376 | |
| 31-12-2022 | abbreviated format | 03-07-2023 | 2023-00190688 | |
| 31-12-2021 | abbreviated format | 24-06-2022 | 2022-20089979 | |
| 31-12-2020 | abbreviated format | 29-10-2021 | 2021-75800078 | |
| 31-12-2019 | abbreviated format | 03-07-2020 | 2020-27200437 | |
| 31-12-2018 | abbreviated format | 27-09-2019 | 2019-66800213 | |
| 31-12-2017 | abbreviated format | 12-07-2018 | 2018-32500081 | |
| 31-12-2016 | abbreviated format | 05-07-2017 | 2017-27900034 |