Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 24 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 38.4 to 29.2.
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Busy address KBO
16 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
THE COTTON GROUP from Waterloo, company number BE0440097116, closed financial year 2025 with a result of € 16.3 million after tax. For that financial year THE COTTON GROUP recorded revenue of € 115.6 million and equity of € 3.4 million. Compared with financial year 2024, the result moved from € 16.8 million to € 16.3 million. The company is profitable. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 8, 2026.
€ 3.4 million
▲ 11% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 16.3 million
▼ 3% vs 2024
Profit after tax over the fiscal year.
€ 1.5 million
▼ 73% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 16 million paid out
98 % of the profit went to the shareholders, mostly to BELSKAND SA (99 % of the shares). That is where the money ends up.
People and assets in 2025
29.2
▼ 5.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 5.1 million
▼ 10% vs 2024
€ 176,100 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 179,830
▼ 23% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 11 million
▼ 47% vs 2024
Loans from banks and other lenders, long and short.
€ 15 million
▼ 14% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 66 days on average.
€ 2 million
▲ 41% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 158,018,276 | € 140,790,863 | € 123,773,573 | € 115,598,184 | ▼ 7% |
| Profit after taxes | € 22,348,441 | € 17,575,040 | € 16,786,298 | € 16,332,826 | ▼ 3% |
| Equity | € 27,478,410 | € 2,963,568 | € 3,049,866 | € 3,382,692 | ▲ 11% |
| Total debts | € 50,224,456 | € 64,867,010 | € 96,762,779 | € 84,502,295 | ▼ 13% |
| Cash | € 2,678,560 | € 2,052,903 | € 5,726,113 | € 1,543,923 | ▼ 73% |
| Retained profit | € 25,478,410 | € 963,568 | € 1,049,866 | € 1,382,692 | ▲ 32% |
| Dividend | € 26,000,000 | € 42,089,882 | € 16,700,000 | € 16,000,000 | ▼ 4% |
| Bank debt | € 7,128,203 | € 25,826,401 | € 20,677,716 | € 11,019,021 | ▼ 47% |
| Balance sheet total | € 77,860,017 | € 67,839,018 | € 99,835,118 | € 87,971,031 | ▼ 12% |
| Employees (FTE) | 37.5 | 38.4 | 34.8 | 29.2 | ▼ 5.6 |
Key figures of THE COTTON GROUP, 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 THE COTTON GROUP?
What happened at THE COTTON GROUP in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Michael Hauge Sørensen stepped down as director. NBB
- ALOHA MANAGEMENT stepped down as director. NBB
- Christian Dyvig stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 16.3 million (▼ 3% vs 2024). Source: NBB ↗
- Michael Hauge Sørensen became a director. NBB
- ALOHA MANAGEMENT became a director. NBB
- Christian Dyvig became a director. NBB
- New establishment in Waterloo. KBO
In short
From € 22.3 million profit in 2022 to € 16.3 million profit in 2025.
Paid € 24.8 million in corporate taxes since 2022.
Best year ever: 2022, with € 22.3 million profit.
Paid out € 100.8 million in dividends to the owners in total.
Management
The shares are held by BELSKAND SA (99%). It owns 71% of Falk & Ross Group Equity GmbH itself.
Directors
According to the 2025 annual accounts
Michael Hauge Sørensen
Vice-chairman of the board
since 2024 · until 2027
Managing director · represented by Murielle Degeest
Also active at: Falk & Ross Group Belgium, BELSKAND
since 2024 · until 2027
Christian Dyvig
Chairman of the board
since 2024 · until 2027
Shareholders
99%
Participations
Falk & Ross Group Equity GmbH
71%
Establishments
Establishment units
Physical locations of this company
Drève Richelle 161 O box 5
1410 Waterloo
Drève Richelle 161 box 5
1410 Waterloo
Active since 23 September 1991
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 16 companies are registered at this address.
All companies at this address →A+ ASSURANCES
€ 140,810 gross margin · 2025
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€ 1.9 million gross margin · 2025
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€ 1,242 gross margin · 2025
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€ 185,359 gross margin · 2025
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What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0440.097.116
- VAT number
- BE 0440.097.116
- Registered office
- Drève Richelle 161 O bus 5, 1410 Waterloo
- Names & denominations
- THE COTTON GROUP
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 6 March 1990
- Peppol
- Active · Active since 14 Jan 2026
- Activities · NACE
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