ACTIVE

COVARI

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Financial year 2025 · closed on 30/09/2025

Net result

385,1 k €

-44.9% YoY

Revenue

49,2 M €

+10.4% YoY

Equity

7,5 M €

+13.2% YoY

Workforce

66,1 ETP

+2.5% YoY

What does COVARI do?

COVARI is a Public limited company incorporated in 1995. Its registered office is in Niel. It employs on average 66,1 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0455.503.783

Incorporation

14/06/1995

Legal form

Public limited company

Registered office

De Laetstraat 6
2845 Niel · FlandreSee on map

Contributed capital

95 000,00 €

Latest accounts

30/09/2025

Average workforce

66,1 ETP

Joint committees (7)

106
106,02
10602
200
2000
200,00
218

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Revenue	49,2 M €	+10.4%	44,6 M €	+12.7%	39,6 M €	+37.0%	28,9 M €	+11.1%	26 M €	+22.2%	21,3 M €	+18.9%	17,9 M €	+13.0%	15,8 M €	-5.7%	16,8 M €	-2.6%	17,2 M €	+3.0%	16,7 M €	+0.2%	16,7 M €	-0.1%	16,7 M €	+5.9%	15,8 M €	+12.2%	14,1 M €	-0.1%	14,1 M €	-0.0%	14,1 M €
EBITDA	3,9 M €	+12.5%	3,5 M €	+33.2%	2,6 M €	+16.1%	2,2 M €	-29.4%	3,2 M €	-2.7%	3,3 M €	+43.4%	2,3 M €	+82.1%	1,3 M €	-27.9%	1,7 M €	-20.7%	2,2 M €	+15.3%	1,9 M €	-13.3%	2,2 M €	-12.2%	2,5 M €	+21.0%	2,1 M €	+48.6%	1,4 M €	+45.3%	951,9 k €	-7.2%	1 M €
Operating result	195 k €	-65.4%	563,6 k €	+611%	79,3 k €	-77.1%	346,8 k €	-68.8%	1,1 M €	+30.9%	848,5 k €	+230%	257 k €	+521%	-61 k €	-115%	412,1 k €	-41.6%	705,5 k €	+410%	138,4 k €	-32.7%	205,6 k €	+50.8%	136,3 k €	-40.6%	229,4 k €	-54.5%	504,3 k €	+139%	210,9 k €	+52.3%	138,4 k €
Net result	385,1 k €	-44.9%	699,2 k €	+172%	256,8 k €	-29.7%	365,2 k €	-59.6%	903,5 k €	+46.6%	616,5 k €	+168%	229,8 k €	+1489%	14,5 k €	-95.7%	339,8 k €	-33.5%	511,2 k €	+313%	123,9 k €	+7.0%	115,9 k €	+34.7%	86 k €	-49.2%	169,4 k €	-53.1%	361,5 k €	+157%	140,6 k €	+74.2%	80,7 k €
Balance sheet
Equity	7,5 M €	+13.2%	6,6 M €	+11.8%	5,9 M €	+4.5%	5,7 M €	+6.9%	5,3 M €	+20.4%	4,4 M €	+16.2%	3,8 M €	+6.4%	3,6 M €	+0.4%	3,6 M €	+19.2%	3 M €	+20.6%	2,5 M €	+5.3%	2,4 M €	+5.2%	2,2 M €	+4.0%	2,2 M €	+8.5%	2 M €	+22.3%	1,6 M €	+9.5%	1,5 M €
Total assets	33,2 M €	+32.2%	25,1 M €	+6.9%	23,5 M €	+54.9%	15,2 M €	+4.3%	14,6 M €	-4.4%	15,2 M €	-3.2%	15,7 M €	+160%	6 M €	+12.9%	5,4 M €	-11.7%	6,1 M €	-12.3%	6,9 M €	-8.7%	7,6 M €	-12.2%	8,6 M €	-15.4%	10,2 M €	+125%	4,5 M €	+0.2%	4,5 M €	-19.7%	5,6 M €
Cash	266,2 k €	+31.4%	202,6 k €	+35.5%	149,5 k €	-42.0%	258 k €	-14.2%	300,8 k €	+121%	136 k €	-7.0%	146,3 k €	+462%	26,1 k €	+4.7%	24,9 k €	-13.3%	28,7 k €	+1.9%	28,1 k €	-7.6%	30,4 k €	-2.8%	31,3 k €	-15.4%	37 k €	+24.1%	29,9 k €	+457%	5,4 k €	-19.4%	6,6 k €
Debts	25,7 M €	+39.1%	18,5 M €	+5.2%	17,6 M €	+85.1%	9,5 M €	+2.8%	9,2 M €	-14.6%	10,8 M €	-9.4%	11,9 M €	+383%	2,5 M €	+37.9%	1,8 M €	-41.8%	3,1 M €	-30.6%	4,4 M €	-15.0%	5,2 M €	-18.3%	6,4 M €	-20.6%	8 M €	+215%	2,6 M €	-12.2%	2,9 M €	-30.1%	4,2 M €
Other
Workforce	66,1 ETP	+2.5%	64,5 ETP	+7.3%	60,1 ETP	+18.3%	50,8 ETP	+3.9%	48,9 ETP	+8.2%	45,2 ETP	+2.3%	44,2 ETP	-6.6%	47,3 ETP	-8.3%	51,6 ETP	+3.4%	49,9 ETP	+2.5%	48,7 ETP	-4.5%	51,0 ETP	-3.0%	52,6 ETP	+22.3%	43,0 ETP	+9.1%	39,4 ETP	+5.9%	37,2 ETP	-1.8%	37,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 3 active · 15 ended

Active mandates

Catherine Mariette Coeck

Director · since 14 mars 2023 · until 23 mars 2028

Active

Ludo Frans Coeck

Director · since 14 mars 2023 · until 23 mars 2028

Active

Thomas Dirk Coeck

Managing director · since 14 mars 2023 · until 23 mars 2028

Active

Ended mandates

Catherine COECK

Director · since 21 mars 2019 · until 20 mars 2025

Ended

Ludo Coeck

Managing director · since 21 mars 2019 · until 01 avril 2022

Ended

Ludo Coeck

Managing director · since 21 mars 2019 · until 20 mars 2025

Ended

Ludo COECK

Director · since 21 mars 2019 · until 20 mars 2025

Ended

At this address

Other companies at this address

Company	CBE no.
Coeck● Active	0403.665.795
COECK EENHEID● Active	0521.705.095
ICO● Active	0436.825.741
LACATHO● Active	0541.395.602

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	14/04/2026	28/04/2025	08/04/2024	24/04/2023	07/04/2022	20/04/2021
General meeting	27/03/2026	20/03/2025	21/03/2024	31/03/2023	28/03/2022	25/03/2021
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
Full model	30/09/2025	27/03/2026	14/04/2026	Dutch	PDF
Full model	30/09/2024	20/03/2025	28/04/2025	Dutch	PDF
Full model	30/09/2023	21/03/2024	08/04/2024	Dutch	PDF
Full model	30/09/2022	31/03/2023	24/04/2023	Dutch	PDF
Full model	30/09/2021	28/03/2022	07/04/2022	Dutch	PDF
Full model	30/09/2020	25/03/2021	20/04/2021	Dutch	PDF
Full model	30/09/2019	25/03/2020	08/04/2020	Dutch	PDF
Full model	30/09/2018	21/03/2019	30/04/2019	Dutch	PDF
Full model	30/09/2017	22/03/2018	09/04/2018	Dutch	PDF
Full model	30/09/2016	23/03/2017	04/05/2017	Dutch	PDF
Full model	30/09/2015	24/03/2016	13/04/2016	Dutch	PDF
Full model	30/09/2014	19/03/2015	26/03/2015	Dutch	PDF
Full model	30/09/2013	20/03/2014	25/04/2014	Dutch	PDF
Full model	30/09/2012	21/03/2013	26/04/2013	Dutch	PDF
Full model	30/09/2011	22/03/2012	13/04/2012	Dutch	PDF
Full model	30/09/2010	24/03/2011	30/03/2011	Dutch	PDF
Full model	30/09/2009	26/03/2010	31/03/2010	Dutch	PDF
Full model	30/09/2008	27/03/2009	31/03/2009	Dutch	PDF
Full model	30/09/2007	20/03/2008	31/03/2008	Dutch	PDF
Full model	30/09/2006	22/03/2007	04/04/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 M€

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 30/09/2025 · 3 active · 15 ended

Active mandates

Catherine Mariette Coeck

Director · since 14 mars 2023 · until 23 mars 2028

Active

Ludo Frans Coeck

Director · since 14 mars 2023 · until 23 mars 2028

Active

Thomas Dirk Coeck

Managing director · since 14 mars 2023 · until 23 mars 2028

Active

Ended mandates

Catherine COECK

Director · since 21 mars 2019 · until 20 mars 2025

Ended

Ludo Coeck

Managing director · since 21 mars 2019 · until 01 avril 2022

Ended

Ludo Coeck

Managing director · since 21 mars 2019 · until 20 mars 2025

Ended

Ludo COECK

Director · since 21 mars 2019 · until 20 mars 2025

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates01/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/06/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/03/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/06/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/05/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/05/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/05/2017
ONTSLAGEN - BENOEMINGEN
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 2025385,1 k €↓
2024
Annual accounts 2024699,2 k €↑
2023
Annual accounts 2023256,8 k €↓
2022
Annual accounts 2022365,2 k €↓
2021
Annual accounts 2021903,5 k €↑
2020
Annual accounts 2020616,5 k €↑
2019
Annual accounts 2019229,8 k €↑
2018
Annual accounts 201814,5 k €↓
2017
Annual accounts 2017339,8 k €↓
2015
Annual accounts 2015511,2 k €↑
2014
Annual accounts 2014123,9 k €↑
2013
Annual accounts 2013115,9 k €↑
2012
Annual accounts 201286 k €↓
2011
Annual accounts 2011169,4 k €↓
2010
Annual accounts 2010361,5 k €↑
2009
Annual accounts 2009140,6 k €↑
2008
Annual accounts 200880,7 k €
14/06/1995
IncorporationPublic 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

COVARI

Overview

What does COVARI do?

Trend over 17 financial years

Indicative valuation

Board of directors

Other companies at this address

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