S.A. COQUELETS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-04-2026 PDF all 14 filings
Turnover
€1.2m▲ 5.1%
2023 · €1.2m
EBIT margin
75.5%▲ 1.2pp
2023 · 74.3%
Net result
€443,537▲ 5.3%
2024 · €421,199
Working capital
€1.9m▼ 5.7%
2024 · €2.0m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€1.2m
2025
20182025
Operating result
€928,667
▲ 3.3%
2025
20182025
Net result
€443,537
▲ 5.3%
2025
highest quarter of the sector
20182025
EBIT margin
75.5%
2025
20182025
Equity
€2.7m
▲ 19.4%
2025
middle half of the sector
20182025
Total assets
€10.5m
▼ 3.6%
2025
middle half of the sector
20182025
Debt
€7.8m
▼ 9.7%
2025
20182025
Working capital
€1.9m
▼ 5.7%
2025
highest quarter of the sector
20182025
Solvency
25.9%
▲ 5.0pp
2025
middle half of the sector
20182025
Current ratio
58.08
▼ 23.41
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.2%
▲ 0.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.0m-€1.1m▲ 2.5%€1.1m▲ 2.5%€1.1m▲ 2.5%€1.2m€1.2m
Operating result€0.7m-€0.8m▲ 6.5%€0.8m▲ 2.6%€0.8m▲ 3.6%€0.8m▲ 3.7%€0.9m▲ 3.2%€0.9m▲ 3.4%€0.9m▲ 3.3%
Net result€0.1m-€0.2m▲ 25.1%€0.2mabove the sector's middle half▲ 9.9%€0.2mabove the sector's middle half▲ 11.3%€0.3mabove the sector's middle half▲ 23.9%€0.4mabove the sector's middle half▲ 53.1%€0.4mabove the sector's middle half▲ 10.0%€0.4mabove the sector's middle half▲ 5.3%
EBIT margin69.4%-72.1%▲ 2.7pp72.1%=72.9%▲ 0.8pp74.3%75.5%
Equity€0.7m-€0.9m▲ 24.0%€1.0mwithin the sector's middle half▲ 21.2%€1.2mwithin the sector's middle half▲ 19.5%€1.5mwithin the sector's middle half▲ 20.2%€1.9mwithin the sector's middle half▲ 25.7%€2.3mwithin the sector's middle half▲ 22.5%€2.7mwithin the sector's middle half▲ 19.4%
Total assets€12.5m-€12.6m▲ 1.3%€12.8mabove the sector's middle half▲ 1.5%€13.0mabove the sector's middle half▲ 1.6%€10.1mabove the sector's middle half▼ 22.1%€10.5mabove the sector's middle half▲ 3.8%€10.9mabove the sector's middle half▲ 3.8%€10.5mwithin the sector's middle half▼ 3.6%
Debt€11.8m-€11.8m=€11.8m=€11.8m=€8.7m▼ 26.5%€8.7m=€8.6m▼ 0.3%€7.8m▼ 9.7%
Working capital€1.8m-€2.2m▲ 25.3%€2.7mabove the sector's middle half▲ 21.1%€3.2mabove the sector's middle half▲ 18.1%€0.6mwithin the sector's middle half▼ 81.2%€1.3mabove the sector's middle half▲ 112%€2.0mabove the sector's middle half▲ 55.7%€1.9mabove the sector's middle half▼ 5.7%
Solvency5.5%-6.8%▲ 1.2pp8.1%within the sector's middle half▲ 1.3pp9.5%within the sector's middle half▲ 1.4pp14.7%within the sector's middle half▲ 5.2pp17.7%within the sector's middle half▲ 3.1pp21.0%within the sector's middle half▲ 3.2pp25.9%within the sector's middle half▲ 5.0pp
Current ratio48.02-65.45▲ 17.4273.75above the sector's middle half▲ 8.3079.78above the sector's middle half▲ 6.0312.78above the sector's middle half▼ 67.0025.84above the sector's middle half▲ 13.0781.49above the sector's middle half▲ 55.6558.08above the sector's middle half▼ 23.41
Return on assets (ROA)1.1%-1.3%▲ 0.2pp1.4%within the sector's middle half▲ 0.1pp1.5%within the sector's middle half▲ 0.1pp2.5%within the sector's middle half▲ 0.9pp3.6%within the sector's middle half▲ 1.2pp3.9%within the sector's middle half▲ 0.2pp4.2%within the sector's middle half▲ 0.4pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 3% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.5m
Fixed assets
€8.6m ▼ 3.2%
Current assets
€1.9m ▼ 5.2%
Equity and liabilities €10.5m
Equity
€2.7m ▲ 19.4%
Debt
€7.8m ▼ 9.7%
Debt's share of the balance-sheet total falls from 79.0% to 74.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.2m▲
2024 · €1.2m
Cash flow
€730,752▲
2024 · €680,849
Debt to equity
2.85▼
2024 · 3.77
ROE
16.2%▼
2024 · 18.4%
Interest coverage
3.28▲
2024 · 2.97
Debt ≤ 1 year
€32,761▲
2024 · €24,628
Debt > 1 year
€7.7m▼
2024 · €8.5m
Income taxes
€147,846▲
2024 · €140,400
Supplier credit
136 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.0m | €1.1m | €1.1m | €1.1m | - | €1.2m | - | €1.2m | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.01m | - | €0.01m | - | €0.01m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €0.03m | - | - |
| Gross operating margin9900 | €1.0m | €1.1m | €1.1m | €1.1m | €1.1m | €1.2m | €1.2m | €1.2m | ▲ 2.5% |
| Operating profit (loss)9901 | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | €0.9m | ▲ 3.3% |
| Financial income75/76B | - | - | - | - | - | €0.03m | €0.05m | €0.03m | ▼ 35.8% |
| Recurring financial income75 | - | - | - | - | - | €0.03m | €0.05m | €0.03m | ▼ 35.8% |
| Financial charges65/66B | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 4.9% |
| Recurring financial charges65 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 4.9% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.5m | €0.6m | €0.6m | ▲ 5.3% |
| Income taxes67/77 | €0.06m | €0.07m | €0.06m | €0.07m | €0.08m | €0.1m | €0.1m | €0.1m | ▲ 5.3% |
| Profit (loss) for the period9904 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 5.3% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 5.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €12.5m | €12.6m | €12.8m | €13.0m | €10.1m | €10.5m | €10.9m | €10.5m | ▼ 3.6% |
| Fixed assets21/28 | €10.6m | €10.4m | €10.1m | €9.8m | €9.5m | €9.2m | €8.9m | €8.6m | ▼ 3.2% |
| Tangible fixed assets22/27 | €10.6m | €10.4m | €10.1m | €9.8m | €9.5m | €9.2m | €8.9m | €8.6m | ▼ 3.2% |
| Other tangible fixed assets26 | - | - | - | €9.8m | €9.5m | €9.2m | €8.9m | €8.6m | ▼ 3.2% |
| Current assets29/58 | €1.8m | €2.3m | €2.7m | €3.2m | €0.7m | €1.3m | €2.0m | €1.9m | ▼ 5.2% |
| Amounts receivable within one year40/41 | €11 | €11 | €11 | €11 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €11 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1.8m | €2.3m | €2.7m | €3.2m | €0.7m | €1.3m | €2.0m | €1.9m | ▼ 4.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.01m | €0.01m | €0.007m | ▼ 47.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €12.5m | €12.6m | €12.8m | €13.0m | €10.1m | €10.5m | €10.9m | €10.5m | ▼ 3.6% |
| Equity10/15 | €0.7m | €0.9m | €1.0m | €1.2m | €1.5m | €1.9m | €2.3m | €2.7m | ▲ 19.4% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.02m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | €0.3m | €0.5m | €0.7m | €0.9m | €1.1m | €1.5m | €1.9m | €2.4m | ▲ 23.0% |
| Amounts payable17/49 | €11.8m | €11.8m | €11.8m | €11.8m | €8.7m | €8.7m | €8.6m | €7.8m | ▼ 9.7% |
| Amounts payable after more than one year17 | €11.6m | €11.6m | €11.6m | €11.6m | €8.5m | €8.5m | €8.5m | €7.7m | ▼ 9.8% |
| Financial debts170/4 | - | - | - | €11.6m | €8.5m | €8.5m | €8.5m | €7.7m | ▼ 9.8% |
| Amounts payable within one year42/48 | €0.04m | €0.03m | €0.04m | €0.04m | €0.05m | €0.05m | €0.02m | €0.03m | ▲ 33.0% |
| Trade debts44 | €0.02m | €0.005m | €0.01m | €0.01m | €0.01m | €0.01m | €0.005m | €0.005m | = |
| Suppliers440/4 | - | - | - | €0.01m | €0.01m | €0.01m | €0.005m | €0.005m | = |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.04m | €0.04m | €0.02m | €0.03m | ▲ 41.6% |
| Taxes450/3 | - | - | - | €0.03m | €0.04m | €0.04m | €0.02m | €0.03m | ▲ 41.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.09m | €0.09m | €0.09m | €0.08m | ▼ 11.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 5.3% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 10.6% |
| Operating cash flow (approximation) | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.7m | €0.7m | €0.7m | ▲ 7.3% |
| Investment in fixed assets (approximation) | - | €0 | -€1 | €0 | €0 | €0 | €0.03m | €0 | ▼ 100% |
| Change in cash | - | €0.4m | €0.5m | €0.5m | -€2.6m | €0.7m | €0.7m | -€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, 290 companies had the same profile as S.A. COQUELETS has now. Two years later, 96.9% were still going and 0.0% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
3.1%
stopped otherwise
0.0%
went bankrupt
That fits the bankruptcy probability of S.A. COQUELETS 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 290 companies, not a prediction for S.A. COQUELETS. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-04-2026 | 2026-00073815 | |
| 31-12-2024 | full format | 01-04-2025 | 2025-00059800 | |
| 31-12-2023 | full format | 02-04-2024 | 2024-00053932 | |
| 31-12-2022 | full format | 04-04-2023 | 2023-00052776 | |
| 31-12-2021 | full format | 21-04-2022 | 2022-20005180 | |
| 31-12-2020 | full format | 22-04-2021 | 2021-11000213 | |
| 31-12-2019 | full format | 23-04-2020 | 2020-09700467 | |
| 31-12-2018 | full format | 11-04-2019 | 2019-10000242 | |
| 31-12-2017 | full format | 23-04-2018 | 2018-10500275 | |
| 31-12-2016 | full format | 24-04-2017 | 2017-10200077 |