BELCODEX
ActiveSummary
The computed 12-month bankruptcy probability of BELCODEX is 1.8% (moderate). The 2025 annual accounts show equity of €54,893 and a net result of €19,083. Equity is growing by ~22.1% per year across the filed fiscal years. Its solvency ranks better than 51% of 28051 sector peers (fiscal year 2025). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability90▲+16
Solvency73▲+17
Growth78=
Track record100
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days acceptable
Liquidity ample (current ratio 1.87 against 4.84 in 2024; short-term debt: 51.6% and cash: 42.3% of total assets), but 51.6% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
48.4%
Return on assets
16.8%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 28-01-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
4 d late
2023
2 d early
2022
9 d late
2021
on the day
2020
2 d early
2019
1 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 1 day after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close26-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€54,893▲ 53.3%
2024 · €35,809
Total assets
€113,454▼ 0.9%
2024 · €114,509
Net result
€19,083▲ 328%
2024 · €4,463
Working capital
€51,079▼ 41.9%
2024 · €87,844
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€8,809▲ 21.9%€15,609▲ 77.2%€1,676▼ 89.3%€6,232▲ 272%€26,946▲ 332%
Net result€7,360▲ 28.9%€11,847▲ 61.0%€935▼ 92.1%€4,463▲ 377%€19,083▲ 328%
Equity€18,564▲ 65.7%€30,411▲ 63.8%€31,346▲ 3.1%€35,809▲ 14.2%€54,893▲ 53.3%
Total assets€41,854▼ 21.5%€46,014▲ 9.9%€48,254▲ 4.9%€114,509▲ 137%€113,454▼ 0.9%
Debt€23,290▼ 44.7%€15,603▼ 33.0%€16,907▲ 8.4%€78,699▲ 365%€58,562▼ 25.6%
Working capital€10,953▲ 172%€22,748▲ 108%€26,314▲ 15.7%€87,844▲ 234%€51,079▼ 41.9%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 332% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €113,454
Fixed assets
€3,813 ▲ 0.4%
Current assets
€109,641 ▼ 1.0%
Equity and liabilities €113,454
Equity
€54,893 ▲ 53.3%
Debt
€58,562 ▼ 25.6%
Debt's share of the balance-sheet total falls from 68.7% to 51.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€29,082▲
2024 · €9,024
Cash flow
€21,220▲
2024 · €7,254
Current ratio
1.87▼
2024 · 4.84
Debt to equity
1.07▼
2024 · 2.20
ROE
34.8%▲
2024 · 12.5%
ROA
16.8%▲
2024 · 3.9%
Interest coverage
11.97▼
2024 · 46.02
Debt ≤ 1 year
€58,562▲
2024 · €22,866
Income taxes
€5,433▲
2024 · €1,573
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,464 | €3,526 | €4,593 | €2,792 | €2,136 | ▼ 23.5% |
| Other operating charges640/8 | - | €405 | €106 | €268 | €106 | ▼ 60.4% |
| Gross operating margin9900 | €12,525 | €19,540 | €6,374 | €9,293 | €29,188 | ▲ 214% |
| Operating profit (loss)9901 | €8,809 | €15,609 | €1,676 | €6,232 | €26,946 | ▲ 332% |
| Financial income75/76B | - | €0 | €0 | - | €1 | - |
| Recurring financial income75 | €1 | €0 | €0 | - | €1 | - |
| Financial charges65/66B | - | €315 | €194 | €196 | €2,430 | ▲ 1,139% |
| Recurring financial charges65 | €95 | €315 | €194 | €196 | €2,430 | ▲ 1,139% |
| Profit (loss) for the period before taxes9903 | €8,716 | €15,294 | €1,481 | €6,036 | €24,516 | ▲ 306% |
| Income taxes67/77 | €1,356 | €3,447 | €546 | €1,573 | €5,433 | ▲ 245% |
| Profit (loss) for the period9904 | €7,360 | €11,847 | €935 | €4,463 | €19,083 | ▲ 328% |
| Profit (loss) for the period to be appropriated9905 | €7,360 | €11,847 | €935 | €4,463 | €19,083 | ▲ 328% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €41,854 | €46,014 | €48,254 | €114,509 | €113,454 | ▼ 0.9% |
| Fixed assets21/28 | €7,611 | €7,663 | €5,033 | €3,799 | €3,813 | ▲ 0.4% |
| Tangible fixed assets22/27 | €7,394 | €7,663 | €5,033 | €3,799 | €3,573 | ▼ 5.9% |
| Plant, machinery and equipment23 | - | €2,125 | €2,488 | €1,667 | €1,192 | ▼ 28.5% |
| Furniture and vehicles24 | - | €5,538 | €2,545 | €2,132 | €2,382 | ▲ 11.7% |
| Financial fixed assets28 | €217 | - | - | - | €240 | - |
| Current assets29/58 | €34,242 | €38,351 | €43,221 | €110,710 | €109,641 | ▼ 1.0% |
| Amounts receivable within one year40/41 | €13,560 | €26,147 | €30,923 | €42,724 | €60,452 | ▲ 41.5% |
| Trade receivables40 | - | €25,281 | €29,840 | €34,121 | €48,567 | ▲ 42.3% |
| Other amounts receivable41 | - | €866 | €1,083 | €8,604 | €11,885 | ▲ 38.1% |
| Cash at bank and in hand54/58 | €20,163 | €11,670 | €11,618 | €67,206 | €47,975 | ▼ 28.6% |
| Deferred charges and accrued income490/1 | - | €535 | €679 | €780 | €1,214 | ▲ 55.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €41,854 | €46,014 | €48,254 | €114,509 | €113,454 | ▼ 0.9% |
| Equity10/15 | €18,564 | €30,411 | €31,346 | €35,809 | €54,893 | ▲ 53.3% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Outside capital11 | - | €6,200 | €6,200 | €6,200 | - | - |
| Other1109/19 | - | €6,200 | €6,200 | €6,200 | - | - |
| Reserves13 | €471 | €24,211 | €25,146 | €29,609 | €48,693 | ▲ 64.5% |
| Non-distributable reserves130/1 | - | €471 | €471 | - | - | - |
| Reserves not available under the articles1311 | - | €471 | €471 | - | - | - |
| Distributable reserves133 | - | €23,740 | €24,675 | €29,609 | €48,693 | ▲ 64.5% |
| Profit (loss) carried forward14 | €11,893 | - | - | - | - | - |
| Amounts payable17/49 | €23,290 | €15,603 | €16,907 | €78,699 | €58,562 | ▼ 25.6% |
| Amounts payable within one year42/48 | €23,290 | €15,603 | €16,907 | €22,866 | €58,562 | ▲ 156% |
| Trade debts44 | €10,361 | €11,367 | €14,303 | €17,401 | €52,692 | ▲ 203% |
| Suppliers440/4 | - | €11,367 | €14,303 | €17,401 | €52,692 | ▲ 203% |
| Taxes, remuneration and social security45 | - | €3,457 | €2,395 | €5,011 | €5,433 | ▲ 8.4% |
| Taxes450/3 | - | €3,457 | €495 | €1,511 | €5,433 | ▲ 259% |
| Remuneration and social security454/9 | - | - | €1,900 | €3,500 | - | - |
| Other amounts payable47/48 | - | €779 | €209 | €454 | €437 | ▼ 3.7% |
| Accrued charges and deferred income492/3 | - | - | - | €55,833 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,360 | €11,847 | €935 | €4,463 | €19,083 | ▲ 328% |
| + Depreciation and write-downs630 | €3,464 | €3,526 | €4,593 | €2,792 | €2,136 | ▼ 23.5% |
| Operating cash flow (approximation) | €10,824 | €15,373 | €5,528 | €7,254 | €21,220 | ▲ 193% |
| Investment in fixed assets (approximation) | - | -€3,577 | -€1,962 | -€1,558 | -€2,151 | ▼ 38.1% |
| Change in cash | - | -€8,494 | -€51 | €55,587 | -€19,231 | ▼ 135% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Highest result since 2019net €19,083 ▲328%
Operating result €26,946, net result €19,083, both a record.
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 4 days late
2024
29-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
09-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 9 days late
2022
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-06
Financial
Back to profitnet €5,708
Net result €5,708 after one loss-making year.
30-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
20-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 20 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Evere · 1 establishment unit since 2015
Ground area
214 m²
Building footprint
125 m²
Volume, LiDAR
970 m³
Parcel 21006A0375/00Y000, Brussels · tallest building 12.6 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
BELCODEX
since 20152.247.970.941
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21006A0375/00Y000 | Brussels | 214 m² | 1 · 125 m² | 12.6 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 22,832 companies in sector 43211 we hold annual accounts for 10,328. 8,631 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded13-08-2015
Fiscal year end30-06
Activities, NACEBEL 2025
43211General electrical installation work
43350Other building finishing work
81220Other building cleaning and industrial cleaning
Scores and ratios are computed by Checked and are not a credit decision.