COPS · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of COPS is 11.6% (high). The 2021 annual accounts show negative equity (€-78k) and a net result of €-34k. Equity is shrinking by ~39.1% per year across the filed fiscal years. The company has been active since 2004 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 1 administrative register entry (see administrative flags).

Based on the State Gazette, CBE and 4 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

11.6% High

0%0,5%1,5%4%10%≥25%

Annual accounts: weaker financial profile +Recent warning signals +No NACE activity registered +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Insolvency timeline

1 events

07-03-2025

KBO administration Address struck

· Publications in State Gazette ↗

Full timeline and publications

Signals

Insufficient current data: the most recent filed accounts (financial year 2021) are too old to derive current signals.

Filing behaviour

From the deposit records, complete market-wide

Annual accounts not filed

The financial year that closed on 31-12-2022 was due at the National Bank by 31-07-2023. Nothing is on record today, 1119 days later. 4 financial years are missing in total. Measured on financial year 2023: 41.75% of the companies that did not file are in an abnormal legal state today, against 1.66% of those that did.

Filed after the deadline

The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 22-09-2022, 53 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

How we compute the deadline

The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2021, that is 31-07-2022.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	nothing on record	not filed	-
31-12-2023	31-07-2024	nothing on record	not filed	-
31-12-2022	31-07-2023	nothing on record	not filed	-
31-12-2021	31-07-2022	22-09-2022	53 d late	2022-20441241
31-12-2020	31-07-2021	07-07-2021	24 d early	2021-33000471
31-12-2019	31-07-2020	16-06-2020	45 d early	2020-17200048
31-12-2018	31-07-2019	21-08-2019	21 d late	2019-49200107
31-12-2017	31-07-2018	13-09-2018	44 d late	2018-63100069
31-12-2016	31-07-2017	08-09-2017	39 d late	2017-60600243
31-12-2015	31-07-2016	30-08-2016	30 d late	2016-57800275
31-12-2014	31-07-2015	28-08-2015	28 d late	2015-52600255

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

1 signal

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

1 event

Address struck

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€-34k+39.1%

Working capital€-93k-62.4%

CSV export

Annual accounts & ratios

Source: NBB · 2021

Annual accounts filed on 22-09-2022 with the NBB · fiscal year 2021 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~39.1%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

EBITDA

€-27k

-331.8% 18-21

Net profit

€-34k

+39.1% 18-21

Cash flow

€-27k

+46.0% 18-21

Total assets

€19k

+16.5% 18-21

Equity

€-78k

-76.7% 18-21

Working capital

€-93k

-62.4% 18-21

Income taxes

€117

-55.9% 18-21

Debt

€97k

+60.8% 18-21

Show 8 other metrics

Debt ≤ 1y

€97k

+60.8% 18-21

Current ratio

0.04

-20.4% 18-21

Quick ratio

0.04

-20.4% 18-21

Solvency

-422.1%

-51.7% 18-21

Debt / equity

-1.24

- 18-21

ROE

43.4%

-65.6% 18-21

ROA

-183.2%

+47.7% 18-21

Interest coverage

-226.50

- 18-21

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2021
Deposit	micro
Revenue	-
EBITDA	€-27k
Net profit	€-34k
Cash flow	€-27k
Staff costs	-
Income taxes	€117
Dividends	-
Total assets	€19k
Equity	€-78k
Debt	€97k
of which ≤ 1y	€97k
of which > 1y	-
Working capital	€-93k
Employees (FTE)	-

Ratios (computed)

	2021
Current ratio	0.04
Quick ratio	0.04
Working capital ratio	-502.4%
Solvency	-422.1%
Debt / equity	-1.24
Long-term debt ratio	-
Interest coverage	-226.50
Gross margin	-
Net margin	-
ROA	-183.2%
ROE	43.4%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2021

Assets

Fixed assets €15k · 80.3% Current assets €4k · 19.7%

Full annual accounts (22 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€19k
Fixed assets	21/28	€15k
Tangible fixed assets	22/27	€14k
Financial fixed assets	28	€363
Current assets	29/58	€4k
Amounts receivable within one year	40/41	€3k
Cash & bank	54/58	€654
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€19k
Equity	10/15	€-78k
Contributions / capital	10/11	€11k
Reserves	13	€247
Accumulated profits (losses)	14	€-90k
Amounts payable	17/49	€97k
Amounts payable within one year	42/48	€97k
Trade debts payable within one year	44	€4k
Income statement
Gross operating margin	9900	€-25k
Operating result	9901	€-34k
Financial charges	65	€120
Result before taxes	9903	€-34k
Income taxes	67/77	€117
Net result for the period	9904	€-34k
Result to be appropriated	9905	€-34k

This table shows the latest fiscal year. 3 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2021 · computed

15 / 100 Critical

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2021. Indicative, not credit advice.

Directors

Directors & mandates

2 directors

Current directors & mandates

Georgiev Vladimir
Director
State Gazette act 24026160 (12-02-2024)

Current
01-12-2023 → present

Former directors (1)

Eroglu, Yavüz
Director
State Gazette act 24026160 (12-02-2024)

Former
- → 01-12-2023

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	-
Legal form	Private limited company (pre-2019)(015)
Incorporation	27-04-2004
Status	Active
Postal code	-

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Establishment units

1 location

COPS

Haachtsesteenweg 973, 1140 EvereDetailhandel in motorvoertuigen

since 20042.144.200.638

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels2

Ground area852 m²

Buildings2

Building footprint404 m²

Volume (LiDAR)3,089 m³

Tallest building13.4 m · ±4 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21006A0376/00W002	Brussels	563 m²	1 · 111 m²	13.3 m · 4 fl.
21342B0043/00F003	Brussels	290 m²	1 · 293 m²	10.6 m · 2 fl.

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

1 event from the State Gazette

07-03-2025

KBO administration Address struck

· Publications in State Gazette ↗

Time machine: BS events + macro context

2021-2026

Macro context

2020-Q2/Q3 COVID lockdown

2022 energy crisis

2023-2024 ECB rate hikes

Legend

Bankruptcy

Interim / reorg

KBO event

Belgisch Staatsblad · acts

2 acts

Capital history · 2

03-05-2024

Capital change

12-02-2024

Capital change

All acts · 2 updated 2 years ago

2024

03-05-2024 All shares are now held by a single shareholder Capital & shares

Original publication ↗

12-02-2024 All shares are now held by a single shareholder Capital & shares

Original publication ↗

Analysis

Financial profile

5 of 5 axes measured

60 / 100

Strong profile, led by profitability.

All 5 axes are computed from data Checked has read.

Health 15

Profitability 100

Solvency 33

Growth 58

Stability 92

Credit advice

verdict per customer and amount

Company registry

Company registry (CBE)

Crossroads Bank

Names & trade names

Legal nameFR

COPS

Registration history

07-03-2025 Address struck

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.