Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 29 % of short-term debt in 2025; threshold 65 %.
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Busy address KBO
14 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
COWALEX from Sint-Gillis (bij-Brussel), company number BE0437022414, closed financial year 2025 with a result of € -44,856 after tax. For that financial year COWALEX recorded revenue of € 445,893 and equity of € 136,837. Compared with financial year 2024, the result moved from € -83,953 to € -44,856. The company made a loss. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on July 24, 2026.
€ 136,837
▼ 25% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -44,856
▲ 47 % less loss than in 2024
Profit after tax over the fiscal year.
€ 36,083
▲ 154% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -112,663.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 103,035
▼ 74% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 87 days on average.
€ 4,533
▲ € 4,533 vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 496,980 | € 449,596 | € 399,155 | € 445,893 | ▲ 12% |
| Profit after taxes | € 29,857 | € 5,627 | € -83,953 | € -44,856 | ▲ € 39,097 |
| Equity | € 260,019 | € 265,646 | € 181,693 | € 136,837 | ▼ 25% |
| Total debts | € 463,162 | € 492,856 | € 916,935 | € 675,094 | ▼ 26% |
| Cash | € 102,334 | € 198,632 | € 14,228 | € 36,083 | ▲ 154% |
| Retained profit | € 10,519 | € 16,146 | € -67,807 | € -112,663 | ▼ € 44,856 |
| Balance sheet total | € 723,181 | € 758,502 | € 1,098,628 | € 811,930 | ▼ 26% |
Key figures of COWALEX, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to COWALEX?
What happened at COWALEX in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Franck Arlen stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 44,856. Source: NBB ↗
- Jérôme WATERKEYN stepped down as director. NBB
- Emmanuel Evence BERRYER stepped down as director. NBB
- Jehan Georges DELACROIX stepped down as director. NBB
- Pascal LAURENT stepped down as director. NBB
- Franck Arlen became a director. NBB
- Jérôme WATERKEYN became a director. NBB
In short
From € 29,857 profit in 2022 to € 44,856 loss in 2025.
Paid € 1,227 in corporate taxes since 2022.
Best year ever: 2022, with € 29,857 profit.
Pays suppliers within 87 days on average.
A new publication or filing at COWALEX? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The shares are held by Veolia NV-SA (50.1%) and Green-Invest (49.9%).
Directors
According to the 2025 annual accounts
Jérôme WATERKEYN
Director
Also active at: VEOLIA NV-SA, QUINTIENS, SOCIETE DE GESTION DE LA CITE ADMINISTRATIVE DE L'ETAT A BRUXELLES, ENERGY CLUSTER, GREEN BELGIAN ENVIRONMENTAL SOLUTIONS 2, Flexcity Belgium
since 2023 · until 2026
Emmanuel Evence BERRYER
Chairman of the board
since 2023 · until 2026
Jehan Georges DELACROIX
Director
since 2023 · until 2026
Franck Arlen
Director
Also active at: VEOLIA NV-SA, Relaitron, Sede Benelux, AQUIRIS, ENERGY CLUSTER, FILAO, Flexcity Belgium
since 2025 · until 2031
since 2023 · until 2026
Shareholders
50.1%
49.9%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Poincarélaan 78-79
1060 Sint-Gillis (bij-Brussel)
Allée des Artistes 4
1410 Waterloo
Active since 1 July 2014
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 14 companies are registered at this address.
All companies at this address →Veolia Environmental Services Belux
€ 130.1 million revenue · 2025
VEOLIA NV-SA same network
€ 216.2 million revenue · 2025
Veolia Environmental Services BE
€ 260.8 million revenue · 2025
Sarpi EcoServices BE
€ 64.1 million revenue · 2025
Recyc-Mattress Belgium
€ 1.8 million revenue · 2025
+9 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0437.022.414
- VAT number
- BE 0437.022.414
- Registered office
- Poincarélaan 78-79, 1060 Sint-Gillis (bij-Brussel)
- Names & denominations
- COWALEX
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 15 March 1989
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Installatie van verwarming, klimaatregeling, koeling en ventilatie aangedreven door elektriciteit
Installatie van verwarming, klimaatregeling en ventilatie