Checked.be
Active
BE 0647.815.884Private limited company
COVARIANCE
Rue du Voisin(AUV) 65 ·5060 Sambreville, Belgium· 10 yrs active
Sector: Retail sale of information and communication equipment
(47400)
Conclusion
COVARIANCE has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €104k and a net result of €27k. Equity is shrinking by ~10.4% per year across the filed fiscal years. Its solvency ranks better than 56% of 1433 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €104k |
| Net result | €27k |
| Better than sector | 56% |
| Active | 10 yrs |
Financial profile
72
/ 100
Strong profile, led by profitability.
All 5 axes are computed from data Checked has read.
Health
61
Profitability
100
Solvency
42
Growth
58
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2016, 10 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
61
/ 100
Healthy
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.
Indicative credit limit
€6k
estimate, not credit advice
Score history
33
2022
28
2023
20
2024
61
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.81 (< 1.0)
-10
Quick ratio
Quick ratio 0.43 (< 0.6)
-5
Profitability
ROE 26% (≥ 10%)
+10
Interest coverage
Interest coverage 9.1× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 31-07-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~10.4%/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).
Sector comparison
Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 29.6% | 23.5% | |
| Net result | €27k | €7k | |
| Equity | €104k | €25k | |
| Gross operating margin | €79k | €34k | |
| Total assets | €351k | €132k |
€76k
+92.7%
22-25
€27k
-
22-25
€68k
+134.2%
22-25
€351k
-4.9%
22-25
€104k
+34.6%
22-25
€-11k
+78.8%
22-25
€379
+28.4%
22-25
€247k
-15.3%
22-25
€55k
-35.4%
22-25
€192k
-7.2%
22-25
0.81
+97.6%
22-25
0.43
+154.7%
22-25
29.6%
+41.5%
22-25
2.37
-37.1%
22-25
25.7%
-
22-25
7.6%
-
22-25
9.14
+141.1%
22-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - |
| EBITDA | €76k | €40k | €40k | €38k |
| Net profit | €27k | €-19k | €-18k | €-18k |
| Cash flow | €68k | €29k | €31k | €32k |
| Staff costs | - | - | - | - |
| Income taxes | €379 | €295 | €290 | €-2k |
| Dividends | - | - | - | - |
| Total assets | €351k | €369k | €409k | €433k |
| Equity | €104k | €77k | €97k | €114k |
| Debt | €247k | €292k | €312k | €319k |
| of which ≤ 1y | €55k | €84k | €90k | €84k |
| of which > 1y | €192k | €207k | €222k | €236k |
| Working capital | €-11k | €-50k | €-55k | €-43k |
| Employees (FTE) | - | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 0.81 | 0.41 | 0.39 | 0.48 |
| Quick ratio | 0.43 | 0.17 | 0.21 | 0.33 |
| Working capital ratio | -3.0% | -13.5% | -13.6% | -10.0% |
| Solvency | 29.6% | 20.9% | 23.6% | 26.3% |
| Debt / equity | 2.37 | 3.77 | 3.23 | 2.80 |
| Long-term debt ratio | 1.85 | 2.68 | 2.29 | 2.07 |
| Interest coverage | 9.14 | 3.79 | 4.50 | 4.91 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 7.6% | -5.2% | -4.3% | -4.2% |
| ROE | 25.7% | -24.9% | -18.1% | -16.0% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €351k | €369k | €409k | €433k |
| Fixed assets | 21/28 | €307k | €335k | €374k | €393k |
| Tangible fixed assets | 22/27 | €305k | €333k | €371k | €391k |
| Financial fixed assets | 28 | €2k | €2k | €2k | €2k |
| Current assets | 29/58 | €44k | €34k | €35k | €40k |
| Stocks & contracts in progress | 3 | €20k | €20k | €16k | €13k |
| Amounts receivable within one year | 40/41 | €16k | €12k | €14k | €19k |
| Cash & bank | 54/58 | €6k | €1k | €4k | €7k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €351k | €369k | €409k | €433k |
| Equity | 10/15 | €104k | €77k | €97k | €114k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k |
| Reserves | 13 | €14k | €14k | €14k | €14k |
| Accumulated profits (losses) | 14 | €72k | €45k | €64k | €82k |
| Amounts payable | 17/49 | €247k | €292k | €312k | €319k |
| Amounts payable after one year | 17 | €192k | €207k | €222k | €236k |
| Amounts payable within one year | 42/48 | €55k | €84k | €90k | €84k |
| Trade debts payable within one year | 44 | €876 | €1k | €1k | €4k |
| Income statement | |||||
| Gross operating margin | 9900 | €79k | €42k | €43k | €40k |
| Operating result | 9901 | €35k | €-9k | €-8k | €-13k |
| Financial income | 75 | €133 | €55 | €99 | €373 |
| Financial charges | 65 | €8k | €10k | €9k | €8k |
| Result before taxes | 9903 | €27k | €-19k | €-17k | €-20k |
| Income taxes | 67/77 | €379 | €295 | €290 | €-2k |
| Net result for the period | 9904 | €27k | €-19k | €-18k | €-18k |
| Result to be appropriated | 9905 | €27k | €-19k | €-18k | €-18k |
Legal Structure
| NACE primary | Retail sale of information and communication equipment(47400) |
| Legal form | Private limited company(610) |
| Incorporation | 04-02-2016 |
| Status | Active |
| Postal code | 5060 |
Establishment units
COVARIANCE
since 20162.249.925.688
MUSICALITY
since 20182.344.180.390
Real-estate footprint
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92007E0074/00S000 | Wallonia | 1,278 m² | 1 · 173 m² | 8.6 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €27k
Net result €27k after 3 loss-making years.
31-12
Financial
Equity above €100kEq €104k ▲34.6%
Equity rises from €77k to €104k.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €-19k
Net result drops to €-19k, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 31 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 30 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
2019
22-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 22 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Retail sale of information and communication equipment47400Retail trade47430Retail trade47410Computer programming, consultancy and related activities62010Other information technology and computer services62900Computer programming62100Computing infrastructure, data processing, hosting and related activities63100Computing infrastructure, data processing, hosting and other information service activities63110
Names & trade names
| Legal nameFR | COVARIANCE |
| Trade nameFR | COVARIANCE / MUSICALITY |
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