BADCODE

Active Private limited company (pre-2019)founded 2014active for 12 yearsAatsesteenweg 249, 7850 EnghienKBO/BCE: BE 0550.609.810

BADCODE

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Overview

Lifetime

11 annual accounts with figures on one time axis

Compare with

peak €89,196 (2024)

€35,198▼ 60.5%

lowest -€10,022 (2016)

€2,842▼ 94.9%

peak €194,313 (2025)

€194,313▲ 1.5%

€31,012▼ 2.6%

Board1 name since 2022

1 directorADAMANTIADIS Aris

Documentsfilings and deeds

29-04-202693 days before the deadline

2025micro format

Gross margin from €89,196 to €35,198Result from €55,429 to €2,842Cash from €70,704 to €114,411

Key points

from the 2025 annual accounts

Equity

€194,313 ▲ 1.5%

BADCODE has made a profit without a break since 2019.

Result

€2,842 ▼ 94.9%

The result fell in 2025 from €55,429 to €2,842.

Filings

11 annual accounts since 2015

The last five annual accounts were filed 66 to 144 days before the end of the period.

Checked score

Excellent

Financially stronger than 66% of micro companies in specialised construction (NACE 43)

Probability in this band: under 0.55%

Bankruptcy probability within 12 months < 0.1% Very low

0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.7% across 47,696 companies (NACE 43, micro).

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: < 0.1% 01-2025: < 0.1%● unchanged vs 12-2024 02-2025: < 0.1%● unchanged vs 01-2025 03-2025: < 0.1%● unchanged vs 02-2025 04-2025: < 0.1%● unchanged vs 03-2025lowest value 05-2025: < 0.1%● unchanged vs 04-2025 06-2025: 0.1%▲ +0.1 percentage points vs 05-2025highest value 07-2025: 0.1%● unchanged vs 06-2025highest value 08-2025: 0.1%● unchanged vs 07-2025 09-2025: 0.1%● unchanged vs 08-2025 10-2025: 0.1%● unchanged vs 09-2025 11-2025: 0.1%● unchanged vs 10-2025 12-2025: 0.1%● unchanged vs 11-2025 01-2026: 0.1%● unchanged vs 12-2025 02-2026: 0.1%● unchanged vs 01-2026 03-2026: 0.1%● unchanged vs 02-2026 04-2026: 0.1%● unchanged vs 03-2026 05-2026: < 0.1%▼ -0.1 percentage points vs 04-2026 06-2026: < 0.1%● unchanged vs 05-2026 07-2026: < 0.1%● unchanged vs 06-2026 08-2026: < 0.1%● unchanged vs 07-2026 09-2026: < 0.1%● unchanged vs 08-2026 10-2026: < 0.1%● unchanged vs 09-2026 11-2026: < 0.1%● unchanged vs 10-2026

Financial strength

Strong

100=equity 86.2% of total assets

98+11short-term debt 13.8% · cash 50.8%

70-30return on assets 1.3%

Score breakdown

raises risk

Sector: Specialised construction activities (NACE 43)

lowers risk

Liquidity: current ratio 6.02, cash €114,411

Equity €194,313 (86.2% of total assets)

Founded in 2014

Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 90% of them on solvency, 94% on liquidity, 38% on profitability and 39% on growth.

The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Comparable companies, two years later

In July 2024, 10,904 companies had the same profile as BADCODE has now. Each dot stands for 28 companies, two years later.

95.1%

were still trading

4.0%

stopped another way

0.7%

went bankrupt

Micro
10 to 20 years old
solvency 30% or more
a profit under 5% of the balance sheet

Another 0.1% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of BADCODE itself: < 0.1% within 12 months.

Test of the method

The method was tested on the 497,448 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.

The companies in ten equal groups, from the lowest to the highest expected share
Group	Expected	Actual
1	0.2%	0.2%
2	0.3%	0.5%
3	0.5%	0.6%
4	0.7%	0.8%
5	0.9%	0.9%
6	1.3%	1.5%
7	1.6%	1.8%
8	1.8%	1.8%
9	3.0%	3.1%
10	5.6%	6.2%

A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.

This is an observation about 10,904 companies, not a prediction for BADCODE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.

Credit verdict

Credit of up to €18,000 on 30-day terms is acceptable

Liquidity is ample, with a current ratio of 6.02 (5.29 in 2024), above the usual 1.5. Short-term debt is 13.8% and cash 50.8% of total assets. 13.8% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.

lowers riskraises riskneutral

Liquidity: current ratio 6.02, cash €114,411

NBB · annual accounts

Equity €194,313 (86.2% of total assets)

NBB · annual accounts

Sector: Specialised construction activities (NACE 43)

KBO

Founded in 2014

Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.

KBO

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-04-2026, 93 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

93 days early

2024

66 days early

2023

98 days early

2022

144 days early

2021

128 days early

2020

96 days early

2019

80 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 101 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 25 April (4 of the last 5 accounts filed within 31 days either side of that date).

Companies Code · seven months

Where today falls in the filing period

11-11-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

That holds for every publication since 2021.

KBO publications

Board and ownership

ADAMANTIADIS Aris

Director

Board & ownership

Recent changes

10-10-2025

Registered in the Peppol Directory Reachable for e-invoices through 0208:0550609810

14-04-2014

Incorporation published on 25-04-2014 · Gazette deed

31-03-2014

First establishment Aatsesteenweg 249, Enghien

All 20 events

Comparable companies

same main activity, similar in size and age

Company
BADCODE Enghien	€225,324	€35,198	86.2%	-
LMS CONCEPT Braine-le-Comte	€228,934	€43,017	17.5%	-
JULINOX Gerpinnes	€196,197	€36,826	37.0%	-
WM ELECTRICS Tielt	€239,933	€37,313	45.7%	-
Firstline Heusden-Zolder	€213,900	€37,887	92.8%	-
JMB Solutions Ostend	€244,513	€31,370	94.8%	-
R.G.P.S. Verviers	€212,811	€34,714	87.9%	-

These companies have the same main activity as BADCODE: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €196,000 and €245,000, founded between 2012 and 2015.

Official details

Source: KBO

Status: Active since 14-04-2014Normal situation
Activity: General electrical installation workNACE 43211and 3 others
Establishment unit: 2.232.664.8367850 Enghien, since 31-03-2014
Financial year end: 31 December
Peppol: Reachable since 10-10-2025

Company details

Annual accounts 2025

: €35,198▼ 60.5%
: ≈ €160,000estimated
: €2,842▼ 94.9%
: €194,313▲ 1.5%
: €225,324▲ 0.9%
Filing: Filed on 29-04-2026, 93 days before the end of the filing period

Financials

Insights on BADCODE

BADCODE files the micro format. That format states no turnover. The gross margin rose from €21,084 in 2015 to €35,198 in 2025.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

micro format, filed on 29-04-2026, 93 days before the deadline

€35,198

▼ 60.5%

€18,842

▼ 76.4%

€2,842

▼ 94.9%

€155,601

▲ 14.0%

86.2%

▲ 0.5 percentage points

6.02

▲ 0.73

The turnover shown is an estimate from the gross margin.

Turnover ≈ €160,000. Estimated: probably between €120,000 and €250,000.

Balance sheet

balance sheet total €225,324 on 31-12-2025

What the company ownsHow it is paid for

in euro

Position in the sector

Compare with sector

86.2%

Higher than 91% of 35,156 companies in 2025.

6.02

Higher than 88% of 34,529 companies in 2025.

1.3%

Higher than 29% of 34,730 companies in 2025.

BADCODE Middle half of the sector 80% of the sector Micro accounts in specialised construction (NACE 43)

Net result: middle half · Equity: top quarter · Balance sheet total: middle half · Working capital: top quarter

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Balance sheet: assets
`20/58`	225,324	223,325	162,395	85,300	165,431	81,241	45,968	8,366	14,384	18,789	34,850
`21/28`	38,711	54,966	1,632	891	2,662	2,944	1,379	-	-	-	79
`22/27`	38,711	54,966	1,632	891	2,662	2,944	1,379	-	-	-	-
`24`	38,711	54,966	1,632	891	2,662	2,944	1,379	-	-	-	-
`28`	-	-	-	-	-	-	-	-	-	-	79
`29/58`	186,613	168,359	160,763	84,409	162,769	78,297	44,589	8,366	14,384	18,789	34,771
`40/41`	61,099	97,655	43,394	33,833	41,174	5,342	15,154	479	2,845	2,551	2,780
`40`	-	45,131	5,107	5,107	41,174	5,107	14,919	244	-	241	1,214
`41`	61,099	52,524	38,287	28,726	-	235	235	235	2,845	2,310	1,566
`54/58`	114,411	70,704	117,369	50,576	121,595	72,954	29,435	7,886	11,540	16,238	31,991
`490/1`	11,103	-	-	-	-	-	-	-	-	-	-
Balance sheet: equity and liabilities
`10/49`	225,324	223,325	162,395	85,300	165,431	81,241	45,968	8,366	14,384	18,789	34,850
`10/15`	194,313	191,470	136,041	74,509	66,247	63,615	30,709	3,060	7,217	10,514	20,536
`10/11`	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200
`100`	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600
`101`	-	-	-	-	-	12,400	12,400	12,400	12,400	12,400	12,400
`11`	6,200	6,200	6,200	6,200	6,200	-	-	-	-	-	-
`1109/19`	6,200	6,200	6,200	6,200	6,200	-	-	-	-	-	-
`13`	187,558	184,715	129,286	67,754	59,492	1,860	1,860	1,860	1,860	1,860	1,860
`130/1`	1,860	1,860	1,860	1,860	1,860	1,860	-	-	-	-	-
`130`	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860
`1311`	1,860	1,860	1,860	1,860	1,860	-	-	-	-	-	-
`133`	185,698	182,855	127,426	65,894	57,632	-	-	-	-	-	-
`14`	555	555	555	555	555	55,555	22,649	-5,000	-843	2,454	12,476
`17/49`	31,012	31,855	26,353	10,790	99,184	17,626	15,259	5,306	7,168	8,275	14,314
`42/48`	31,012	31,855	26,353	10,790	99,184	17,626	15,259	5,306	7,168	8,275	14,314
`44`	27,012	3,194	9,051	1,072	2,084	1,161	4,128	15	488	149	1,483
`440/4`	27,012	3,194	9,051	1,072	2,084	1,161	4,128	15	488	149	1,483
`45`	4,000	28,661	17,302	9,719	35,402	15,400	10,780	-	-	-	5,101
`450/3`	844	22,385	7,990	6,664	29,325	12,365	10,780	-	-	-	5,101
`454/9`	3,156	6,275	9,312	3,055	6,077	3,035	-	-	-	-	-
`47/48`	-	-	-	-	61,698	1,065	352	5,291	6,680	8,126	7,730
Income statement
`9900`	35,198	89,196	73,416	21,702	75,610	42,173	34,002	-3,756	-2,872	-9,451	21,084
`630`	16,255	8,797	961	1,771	2,233	1,816	689	-	-	-	869
`640/8`	101	567	1,444	1,019	348	348	348	348	348	530	695
`9901`	18,842	79,832	71,011	18,911	73,030	40,009	32,966	-4,103	-3,219	-9,981	19,519
`75/76B`	6,066	3,527	2,129	792	120	16	-	-	-	2	10
`75`	6,066	3,527	2,129	792	120	16	-	-	-	2	10
`65/66B`	214	381	1,658	650	75	72	317	54	79	43	90
`65`	214	381	1,658	650	75	72	317	54	79	43	90
`9903`	24,694	82,978	71,482	19,054	73,074	39,953	32,649	-4,157	-3,298	-10,022	19,440
`67/77`	21,852	27,549	9,950	10,791	15,442	7,047	5,000	-	-	-	5,103
`9904`	2,842	55,429	61,532	8,263	57,632	32,906	27,649	-4,157	-3,298	-10,022	14,336
`9905`	2,842	55,429	61,532	8,263	57,632	32,906	27,649	-4,157	-3,298	-10,022	14,336
Appropriation of the result
`9906`	3,397	55,984	62,087	8,818	113,187	55,555	22,649	-5,000	-843	2,454	14,336
`14P`	555	555	555	555	-	-	-	-	-	-	-
`691/2`	2,842	55,429	61,532	8,263	57,632	-	-	-	-	-	1,860
`6920`	-	-	-	-	-	-	-	-	-	-	1,860
`6921`	2,842	55,429	61,532	8,263	57,632	-	-	-	-	-	-
`694/7`	-	-	-	-	55,000	-	-	-	-	-	-
`694`	-	-	-	-	55,000	-	-	-	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 3 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 29-04-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	29-04-2026	2026-00092926	PDF
31-12-2024	micro format	26-05-2025	2025-00105095	PDF
31-12-2023	micro format	24-04-2024	2024-00067488	PDF
31-12-2022	micro format	09-03-2023	2023-00037323	PDF
31-12-2021	micro format	25-03-2022	2022-08900042	PDF
31-12-2020	micro format	26-04-2021	2021-11700402	PDF
31-12-2019	full format	12-05-2020	2020-12100464	PDF
31-12-2018	full format	08-05-2019	2019-12700348	PDF
31-12-2017	full format	12-03-2018	2018-06700046	PDF
31-12-2016	full format	12-05-2017	2017-12000190	PDF
31-12-2015	full format	28-04-2016	2016-11400273	PDF

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
35,097	88,629	71,972	20,682	75,262	41,826	33,655	-	-	-	20,389
19,097	64,226	62,493	10,034	59,864	34,723	28,338	-	-	-	15,206
0	62,131	1,702	0	1,950	3,382	2,068	-	-	-	79
43,707	-46,665	66,794	-71,020	48,641	43,519	21,549	-3,653	-4,698	-15,753	-
155,601	136,504	134,410	73,618	63,585	60,671	29,330	3,060	7,217	10,514	20,457
86.2%	85.7%	83.8%	87.4%	40.0%	78.3%	66.8%	36.6%	50.2%	56.0%	58.9%
6.02	5.29	6.10	7.82	1.64	4.44	2.92	1.58	2.01	2.27	2.43
0.16	0.17	0.19	0.14	1.50	0.28	0.50	1.73	0.99	0.79	0.70
1.5%	28.9%	45.2%	11.1%	87.0%	51.7%	90.0%	-135.9%	-45.7%	-95.3%	69.8%
1.3%	24.8%	37.9%	9.7%	34.8%	40.5%	60.1%	-49.7%	-22.9%	-53.3%	41.1%
over 100	over 100	43.41	31.83	-	-	-	-	-	-	-

EBIT margin: not included in this filing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Investments

fixed assets acquired

Item	2025	2024	2023	2022
Tangible fixed assets	-	€62,131	€1,702	-
	€16,255	€8,797	€961	€1,771

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Insights on BADCODE

The operating result for 2025 is 76% lower than in 2024 and the lowest since 2018.

Debt's share of the balance-sheet total falls from 14.3% to 13.8%. Equity is higher and debt is lower.

Board & ownership

Board

1 director

ADAMANTIADIS Aris

Director

listed in the 2025 annual accounts, filed on 29-04-2026

Office holders in the KBO →

Mandates through the years

1 name, the dashed line is today

ADAMANTIADIS Aris
Director

Boardmandate already running before its first mention

Mandates as a list

ADAMANTIADIS Aris
- Director, since before 31-12-2022

See the board, name and registered office on a given date →

Control

See the annual accounts at the National Bank and the publications in the Belgian Official Gazette.

Capital

Contribution: €6,200
Source: 2025 annual accounts

Network & group

No group

BADCODE has no parent and no holdings in its annual accounts. ADAMANTIADIS Aris is the only director. BADCODE shares no director with another company.

Timeline

20 events since 2014

Filings

Financial

Establishments

2014201620182020202220242026

Deadline for the 2026 accounts: 31-07-2027

2026

29-04-2026

Annual accounts 2025 filed PDFmicro format · 93 days before the deadline

2025

10-10-2025

Registered in the Peppol Directory Reachable for e-invoices through 0208:0550609810

26-05-2025

Annual accounts 2024 filed PDFmicro format · 66 days before the deadline

2024

31-12-2024

Equity above €150,000 equity €191,470 ▲40.7% After 6 profitable years in a row, equity reaches €191,470.

24-04-2024

Annual accounts 2023 filed PDFmicro format · 98 days before the deadline

2023

31-12-2023

Highest result from 2015 to 2025 net €61,532 ▲645% The net result of €61,532 is the highest of those years.

31-12-2023

Equity above €100,000 equity €136,041 ▲82.6% After 5 profitable years in a row, equity reaches €136,041.

09-03-2023

Annual accounts 2022 filed PDFmicro format · 144 days before the deadline

2022

31-12-2022

Liquidity more than quadruples current ratio 7.82 The current ratio rises from 1.64 to 7.82. Short-term debt falls from €99,184 to €10,790.

25-03-2022

Annual accounts 2021 filed PDFmicro format · 128 days before the deadline

2021

26-04-2021

Annual accounts 2020 filed PDFmicro format · 96 days before the deadline

2020

12-05-2020

Annual accounts 2019 filed PDFfull format · 80 days before the deadline

2019

31-12-2019

Back to profit net €27,649 The net result is €27,649, after 3 loss-making years.

08-05-2019

Annual accounts 2018 filed PDFfull format · 84 days before the deadline

2018

12-03-2018

Annual accounts 2017 filed PDFfull format · 141 days before the deadline

2017

12-05-2017

Annual accounts 2016 filed PDFfull format · 80 days before the deadline

2016

31-12-2016

Weakest financial year net -€10,022 The net result drops to -€10,022, the lowest from 2015 to 2025. It recovers the following year.

28-04-2016

Annual accounts 2015 filed PDFfull format · 94 days before the deadline

2014

14-04-2014

Incorporation PDFpublished on 25-04-2014

31-03-2014

First establishment Aatsesteenweg 249, Enghien

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official Gazette Filings with the National Bank

History

On 14 April 2014, BADCODE was incorporated.¹ Total assets went from €8,366 in 2018 to €225,324 in 2025.²

Company details

Identity

Enterprise number: 0550.609.810
VAT number: BE 0550.609.810
Peppol ID: 0208:0550609810
Legal form: Private limited company (pre-2019)
Status: Active, normal situation
Founded: 14-04-2014
Financial year: ends on 31 December
Peppol: Reachable since 10-10-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name: BADCODE in French
Entity type: Legal entity

Activities

NACEBEL 2025

43211 General electrical installation work main activity

62100 Computer programming

62900 Other information technology and computer services

63100 Computing infrastructure, data processing, hosting and related activities

Codes under NACEBEL 2008

43211 Specialised construction activities main activity

62010 Computer programming, consultancy and related activities

62090 Computer programming, consultancy and related activities

63110 Computing infrastructure, data processing, hosting and other information service activities

Registered office and establishments

1 establishment

Establishment	Since	Unit number
Aatsesteenweg 249 registered office 7850 Enghien 4321102 General electrical installation work	31-03-2014	2.232.664.836

Buildings and parcels at the address

Ground area: 907 m²
Buildings: 170 m²
Volume, LiDAR: 906 m³
Tallest building: 7.1 m

Buildings to scale, each on its own parcel

registered office establishment The establishment unit on the map

Parcels

Cadastral parcel	Area	Buildings	Height / floors
55025D0028/00G000	907 m²	1 · 170 m²	7.1 m · 2

Invoicing and payment

Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0550.609.810

Overview

Lifetime

Key points

Equity

Result

Filings

Checked score

Score breakdown

Comparable companies, two years later

Credit verdict

Signals

Board and ownership

Recent changes

Comparable companies

Official details

Annual accounts 2025

Insights on BADCODE

Financials

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency86.2%

Current ratio6.02

Return on assets1.3%

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on BADCODE

Board & ownership

Board

Mandates through the years

Control

Capital

Network & group

No group

Timeline

Timeline

History

Company details

Identity

Activities

Registered office and establishments

Buildings and parcels at the address

Location

Parcels

Invoicing and payment

in euro

in euro

86.2%

6.02

1.3%