ACTIVE

COVADE

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Financial year 2025 · closed on 31/12/2025

Net result

-6,7 k €

+56.4% YoY

Gross margin

32,3 k €

+33.6% YoY

Equity

517,9 k €

-12.9% YoY

What does COVADE do?

COVADE is a Private limited company incorporated in 1994. Its main activity is: Other professional, scientific and technical activities. Its registered office is in Ternat.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0452.084.039

Incorporation

25/02/1994

Legal form

Private limited company

Registered office

Muilemlaan 77
1742 Ternat · FlandreSee on map

Contributed capital

12 394,67 €

Latest accounts

31/12/2025

Activities (NACE)

74879Other professional, scientific and technical activities· main 82990Other business support service activities n.e.c.82990Other business support service activities n.e.c.46900Non-specialised wholesale trade 46900Non-specialised wholesale trade 51900Air transport

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	32,3 k €	+33.6%	24,2 k €	-56.1%	55,1 k €	-8.2%	60 k €	+39.7%	43 k €	+24.6%	34,5 k €	+26.6%	27,2 k €	-25.9%	36,8 k €	+69.1%	21,7 k €	-35.2%	33,5 k €	+43.5%	23,4 k €	-34.5%	35,7 k €	-10.1%	39,7 k €	+34.5%	29,5 k €	-59.6%	73,2 k €	-41.4%	124,8 k €	-1.2%	126,3 k €	-31.1%	183,2 k €	+85.9%	98,6 k €	-8.0%	107,2 k €
EBITDA	30,2 k €	+551%	4,6 k €	-91.2%	52,9 k €	-8.7%	58 k €	+42.0%	40,9 k €	+25.4%	32,6 k €	+29.0%	25,3 k €	-27.5%	34,9 k €	+79.5%	19,4 k €	-36.7%	30,7 k €	+48.7%	20,6 k €	-36.8%	32,7 k €	-9.3%	36 k €	+31.6%	27,3 k €	-34.5%	41,7 k €	-58.0%	99,4 k €	-16.5%	118,9 k €	-16.9%	143,2 k €	+79.9%	79,6 k €	-21.5%	101,4 k €
Operating result	-1,8 k €	+86.6%	-13,3 k €	-148%	27,9 k €	-32.9%	41,5 k €	+71.3%	24,3 k €	+50.2%	16,1 k €	+1004%	-1,8 k €	-124%	7,4 k €	+210%	-6,7 k €	-231%	5,1 k €	-38.4%	8,3 k €	-64.9%	23,6 k €	-14.6%	27,6 k €	+46.5%	18,8 k €	+47.5%	12,8 k €	-72.9%	47,1 k €	-31.0%	68,3 k €	-17.1%	82,4 k €	+77.8%	46,3 k €	-39.6%	76,7 k €
Net result	-6,7 k €	+56.4%	-15,4 k €	-204%	14,8 k €	-40.2%	24,7 k €	+209%	8 k €	-13.9%	9,3 k €	+326%	-4,1 k €	-237%	3 k €	+132%	-9,5 k €	-7128%	135,1 €	-97.0%	4,6 k €	-77.1%	20 k €	-17.1%	24,1 k €	+85.0%	13,1 k €	+97.9%	6,6 k €	-80.5%	33,9 k €	-35.6%	52,6 k €	-18.2%	64,3 k €	+68.5%	38,2 k €	-34.1%	57,9 k €
Balance sheet
Equity	517,9 k €	-12.9%	594,8 k €	-2.5%	610,2 k €	+2.0%	598,4 k €	+4.3%	573,7 k €	-8.6%	627,4 k €	+1.5%	618,1 k €	-0.7%	622,2 k €	+0.5%	619,2 k €	-1.5%	628,7 k €	+0.0%	628,6 k €	+0.7%	624 k €	+3.3%	604 k €	+4.2%	579,8 k €	+2.3%	566,8 k €	-2.1%	578,8 k €	+6.2%	544,9 k €	+10.7%	492,3 k €	+15.0%	428 k €	+9.8%	389,8 k €
Total assets	682,5 k €	-1.4%	692,2 k €	-1.9%	705,7 k €	+0.9%	699,3 k €	+3.9%	673,2 k €	+0.6%	669,4 k €	+1.3%	661,2 k €	-1.2%	668,9 k €	+0.4%	666 k €	-1.0%	672,7 k €	-1.1%	679,9 k €	+0.7%	675,1 k €	-0.4%	677,8 k €	-0.2%	679,1 k €	-1.1%	686,5 k €	-13.9%	797,6 k €	+18.6%	672,6 k €	+21.1%	555,3 k €	+13.6%	489 k €	+1.0%	484,2 k €
Cash	262,7 k €	+9.0%	241 k €	+58.2%	152,4 k €	-43.7%	270,7 k €	+10.3%	245,3 k €	+5.3%	233 k €	+6.6%	218,7 k €	-6.8%	234,7 k €	+10.5%	212,3 k €	+10.2%	192,7 k €	+38.4%	139,2 k €	+77.1%	78,6 k €	-11.5%	88,9 k €	-26.6%	121,1 k €	-38.4%	196,7 k €	-13.1%	226,4 k €	+45.8%	155,4 k €	-18.5%	190,5 k €	+112%	89,7 k €	-67.4%	275,2 k €
Debts	164,5 k €	+68.9%	97,4 k €	+2.0%	95,5 k €	-5.3%	100,9 k €	+1.4%	99,5 k €	+137%	42 k €	-2.4%	43,1 k €	-7.8%	46,7 k €	-0.2%	46,8 k €	+6.3%	44 k €	-14.2%	51,3 k €	+0.3%	51,2 k €	-30.7%	73,8 k €	-25.6%	99,2 k €	-17.1%	119,7 k €	-45.3%	218,9 k €	+71.5%	127,6 k €	+121%	57,8 k €	-5.3%	61,1 k €	-35.3%	94,4 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		–		0,8 ETP		–		0,1 ETP	-87.5%	0,8 ETP	+167%	0,3 ETP	-70.0%	1,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 5 ended

Active mandates

Luc Cornelis

Director · since 10 janvier 2024

Active

Ended mandates

Luc CORNELIS

Manager · since 25 février 1994

Ended

Jan Cornelis

Associate

Ended

Luc Cornelis

Director

Ended

Luc Cornelis

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	12/03/2026	15/04/2025	30/04/2024	10/03/2023	11/02/2022	31/08/2021
General meeting	25/02/2026	28/03/2025	03/04/2024	15/02/2023	03/02/2022	30/08/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	25/02/2026	12/03/2026	Dutch	PDF
Micro model	31/12/2024	28/03/2025	15/04/2025	Dutch	PDF
Micro model	31/12/2023	03/04/2024	30/04/2024	Dutch	PDF
Micro model	31/12/2022	15/02/2023	10/03/2023	Dutch	PDF
Micro model	31/12/2021	03/02/2022	11/02/2022	Dutch	PDF
Micro model	31/12/2020	30/08/2021	31/08/2021	Dutch	PDF
Micro model	31/12/2019	05/06/2020	31/07/2020	Dutch	PDF
Micro model	31/12/2018	07/06/2019	27/06/2019	Dutch	PDF
Micro model	31/12/2017	01/06/2018	28/06/2018	Dutch	PDF
Micro model	31/12/2016	02/06/2017	26/07/2017	Dutch	PDF
Abridged model	31/12/2015	03/06/2016	30/06/2016	Dutch	PDF
Abridged model	31/12/2014	05/06/2015	27/07/2015	Dutch	PDF
Abridged model	31/12/2013	06/06/2014	27/06/2014	Dutch	PDF
Abridged model	31/12/2012	07/06/2013	22/07/2013	Dutch	PDF
Abridged model	31/12/2011	01/06/2012	02/07/2012	Dutch	PDF
Abridged model	31/12/2010	21/01/2011	24/02/2011	Dutch	PDF
Abridged model	31/12/2009	04/06/2010	23/06/2010	Dutch	PDF
Abridged model	31/12/2008	05/06/2009	07/07/2009	Dutch	PDF
Abridged model	31/12/2007	06/06/2008	13/06/2008	Dutch	PDF
Abridged model	31/12/2006	01/06/2007	28/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 5 ended

Active mandates

Luc Cornelis

Director · since 10 janvier 2024

Active

Ended mandates

Luc CORNELIS

Manager · since 25 février 1994

Ended

Jan Cornelis

Associate

Ended

Luc Cornelis

Director

Ended

Luc Cornelis

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/02/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Restructuring03/08/2011
BENAMING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring08/03/2011
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
PDF
Registered office09/04/2008
MAATSCHAPPELIJKE ZETEL
PDF
Capital / shares12/01/2005
KAPITAAL - AANDELEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-6,7 k €↑
2024
Annual accounts 2024-15,4 k €↓
2023
Annual accounts 202314,8 k €↓
2022
Annual accounts 202224,7 k €↑
2021
Annual accounts 20218 k €↓
2020
Annual accounts 20209,3 k €↑
2019
Annual accounts 2019-4,1 k €↓
2018
Annual accounts 20183 k €↑
2017
Annual accounts 2017-9,5 k €↓
2016
Annual accounts 2016135,1 €↓
2015
Annual accounts 20154,6 k €↓
2014
Annual accounts 201420 k €↓
2013
Annual accounts 201324,1 k €↑
2012
Annual accounts 201213,1 k €↑
2011
Annual accounts 20116,6 k €↓
2010
Annual accounts 201033,9 k €↓
2009
Annual accounts 200952,6 k €↓
2008
Annual accounts 200864,3 k €↑
2007
Annual accounts 200738,2 k €↓
2006
Annual accounts 200657,9 k €
25/02/1994
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

COVADE

Overview

What does COVADE do?

Trend over 20 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline