CODABEL MANAGEMENT
ActiveSummary
The computed 12-month bankruptcy probability of CODABEL MANAGEMENT is 2.2% (moderate). The 2024 annual accounts show equity of €448,886 and a net result of €572,998. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 56% of 1290 sector peers (fiscal year 2024). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+21
Solvency62▲+44
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
2.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days only on tighter terms
Liquidity ample (current ratio 1.57 against 0.94 in 2023; short-term debt: 63.4% and cash: 10.8% of total assets), but 63.4% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% 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 2024Solvency, return and age of the figures
Solvency
36.6%
Return on assets
46.7%
Age of the figures
21 mo
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 05-12-2025, 127 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 9 filingsDeviation from the deadline
2025
not confirmed
2024
127 d late
2023
114 d late
2022
123 d late
2021
76 d late
2020
73 d late
2019
76 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 98 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€572,998▲ 291%
2023 · €146,458
Working capital
€446,926
2023 · -€104,497
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€84,171▼ 43.2%€8,297▼ 90.1%-€439,297€161,105€705,038▲ 338%
Net result€49,805within the sector's middle half▼ 48.8%-€23,404below the sector's middle half-€481,919below the sector's middle half▼ 1,959%€146,458within the sector's middle half€572,998above the sector's middle half▲ 291%
Equity€234,754within the sector's middle half▼ 46.0%€211,349within the sector's middle half▼ 10.0%-€270,570below the sector's middle half-€124,112below the sector's middle half▲ 54.1%€448,886within the sector's middle half
Total assets€3.5mwithin the sector's middle half▲ 193%€3.1mwithin the sector's middle half▼ 11.9%€1.6mwithin the sector's middle half▼ 48.6%€1.7mwithin the sector's middle half▲ 9.0%€1.2mwithin the sector's middle half▼ 29.1%
Debt€3.3m▲ 330%€2.9m▼ 12.0%€1.9m▼ 35.4%€1.9m▼ 0.2%€778,522▼ 58.1%
Working capital€195,999▼ 55.6%€150,021▼ 23.5%-€274,544-€104,497▲ 61.9%€446,926
Solvency6.7%below the sector's middle half▼ 29.7pp6.8%below the sector's middle half▲ 0.1pp-17.0%below the sector's middle half▼ 23.9pp-7.2%below the sector's middle half▲ 9.9pp36.6%within the sector's middle half▲ 43.7pp
Staff (FTE)19.1within the sector's middle half▲ 85.4%25.9within the sector's middle half▲ 35.6%24.9within the sector's middle half▼ 3.9%13.5within the sector's middle half▼ 45.8%7.5within the sector's middle half▼ 44.4%
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 338% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.2m
Fixed assets
€2,010 ▼ 83.8%
Current assets
€1.2m ▼ 28.7%
Equity and liabilities €1.2m
Equity
€448,886
Debt
€778,522
Debt finances 63.4% of the balance-sheet total.
Key figures and ratios
EBITDA
€713,039▲
2023 · €172,298
Cash flow
€580,998▲
2023 · €157,651
Current ratio
1.57▲
2023 · 0.94
Debt to equity
1.73▲
2023 · -14.96
ROE
127.6%
ROA
46.7%▲
2023 · 8.5%
Interest coverage
57.17▲
2023 · 11.76
Debt ≤ 1 year
€778,472▼
2023 · €1.8m
Debt > 1 year
€50=
2023 · €50
Income taxes
€119,571
Staff costs
€677,236▼
2023 · €1.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,679 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,679 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €1,570 | €10,075 | - | - |
| Remuneration, social security and pensions62 | - | €1.7m | €1.8m | €1.1m | €677,236 | ▼ 38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,355 | €24,710 | €23,671 | €11,193 | €8,001 | ▼ 28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €16,940 | - | - | - |
| Other operating charges640/8 | - | €157,948 | €2,974 | €2,482 | €1,930 | ▼ 22.3% |
| Non-recurring operating charges66A | - | - | - | €154 | €772 | ▲ 402% |
| Gross operating margin9900 | €1.3m | €1.9m | €1.4m | €1.3m | €1.4m | ▲ 9.3% |
| Operating profit (loss)9901 | €84,171 | €8,297 | -€439,297 | €161,105 | €705,038 | ▲ 338% |
| Financial income75/76B | - | €20 | €4 | - | €2 | - |
| Recurring financial income75 | €1,776 | €20 | €4 | - | €2 | - |
| Financial charges65/66B | - | €20,286 | €41,432 | €14,647 | €12,472 | ▼ 14.8% |
| Recurring financial charges65 | €4,391 | €8,788 | €13,636 | €14,647 | €12,472 | ▼ 14.8% |
| Non-recurring financial charges66B | - | €11,499 | €27,796 | - | - | - |
| Profit (loss) for the period before taxes9903 | €81,556 | -€11,969 | -€480,725 | €146,458 | €692,568 | ▲ 373% |
| Income taxes67/77 | €31,751 | €11,435 | €1,194 | - | €119,571 | - |
| Profit (loss) for the period9904 | €49,805 | -€23,404 | -€481,919 | €146,458 | €572,998 | ▲ 291% |
| Profit (loss) for the period to be appropriated9905 | €49,805 | -€23,404 | -€481,919 | €146,458 | €572,998 | ▲ 291% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.5m | €3.1m | €1.6m | €1.7m | €1.2m | ▼ 29.1% |
| Fixed assets21/28 | €61,706 | €61,378 | €29,649 | €12,436 | €2,010 | ▼ 83.8% |
| Intangible fixed assets21 | €15,818 | €4,882 | - | - | - | - |
| Tangible fixed assets22/27 | €25,075 | €35,684 | €29,286 | €12,436 | €2,010 | ▼ 83.8% |
| Furniture and vehicles24 | - | €35,684 | €29,286 | €12,436 | €2,010 | ▼ 83.8% |
| Financial fixed assets28 | €20,813 | €20,813 | €363 | - | - | - |
| Current assets29/58 | €3.4m | €3.0m | €1.6m | €1.7m | €1.2m | ▼ 28.7% |
| Amounts receivable within one year40/41 | €2.6m | €2.1m | €1.4m | €1.5m | €1.0m | ▼ 32.4% |
| Trade receivables40 | - | €2.0m | €1.1m | €1.3m | €731,915 | ▼ 42.2% |
| Other amounts receivable41 | - | €107,707 | €324,006 | €258,523 | €299,609 | ▲ 15.9% |
| Cash at bank and in hand54/58 | €824,459 | €950,869 | €7,571 | €1,378 | €132,431 | ▲ 9,508% |
| Deferred charges and accrued income490/1 | - | €3,115 | €127,772 | €192,958 | €61,443 | ▼ 68.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.5m | €3.1m | €1.6m | €1.7m | €1.2m | ▼ 29.1% |
| Equity10/15 | €234,754 | €211,349 | -€270,570 | -€124,112 | €448,886 | ▲ 462% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Non-distributable reserves130/1 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Legal reserve130 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | €124,754 | €101,349 | -€380,570 | -€234,112 | €338,886 | ▲ 245% |
| Amounts payable17/49 | €3.3m | €2.9m | €1.9m | €1.9m | €778,522 | ▼ 58.1% |
| Amounts payable after more than one year17 | €17,326 | €50 | €50 | €50 | €50 | = |
| Other amounts payable178/9 | - | €50 | €50 | €50 | €50 | = |
| Amounts payable within one year42/48 | €3.2m | €2.9m | €1.8m | €1.8m | €778,472 | ▼ 57.3% |
| Financial debts43 | - | €38,490 | €38,846 | - | - | - |
| Credit institutions430/8 | - | €38,490 | €38,846 | - | - | - |
| Trade debts44 | €697,080 | €612,749 | €568,728 | €839,561 | €193,010 | ▼ 77.0% |
| Suppliers440/4 | - | €612,749 | €568,728 | €839,561 | €193,010 | ▼ 77.0% |
| Taxes, remuneration and social security45 | - | €249,872 | €182,748 | €166,004 | €105,896 | ▼ 36.2% |
| Taxes450/3 | - | €102,805 | €51,127 | €75,740 | €70,916 | ▼ 6.4% |
| Remuneration and social security454/9 | - | €147,067 | €131,621 | €90,264 | €34,980 | ▼ 61.2% |
| Other amounts payable47/48 | - | €2.0m | €1.0m | €818,531 | €479,566 | ▼ 41.4% |
| Accrued charges and deferred income492/3 | - | - | €25,625 | €32,000 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49,805 | -€23,404 | -€481,919 | €146,458 | €572,998 | ▲ 291% |
| + Depreciation and write-downs630 | €26,355 | €24,710 | €23,671 | €11,193 | €8,001 | ▼ 28.5% |
| Operating cash flow (approximation) | €76,160 | €1,306 | -€458,249 | €157,651 | €580,998 | ▲ 269% |
| Investment in fixed assets (approximation) | - | -€24,383 | €8,058 | €6,020 | €2,425 | ▼ 59.7% |
| Change in cash | - | €126,410 | -€943,299 | -€6,192 | €131,052 | ▲ 2,216% |
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
2025
05-12
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 127 days late
2024
31-12
Financial
Highest result since 2018net €572,998 ▲291%
Operating result €705,038, net result €572,998, both a record.
31-12
Financial
Equity above €200,000Eq €448,886
2 profitable years in a row build equity to €448,886.
22-11
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 114 days late
2023
31-12
Financial
Back to profitnet €146,458
Net result €146,458 after 2 loss-making years.
01-12
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 123 days late
2022
31-12
Financial
Weakest financial yearnet -€481,919
Net result drops to -€481,919, the lowest in the series; recovery starts the following year.
15-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 76 days late
2021
12-10
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 73 days late
2020
15-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 76 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
20-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 20 days late
2017
11-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
12 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, Brussel · 3 establishment units since 2015
Ground area
3,725 m²
Building footprint
1,682 m²
Volume, LiDAR
49,480 m³
3 parcels, Brussels · tallest building 42.2 m, ±12 floors. Linked by address, not a title deed.
3 establishment units
CODABEL MANAGEMENT
since 20152.254.821.220
CODABEL MANAGEMENT
since 20222.338.487.975
CODABEL MANAGEMENT
since 20222.338.488.074
3 parcels
Brussels
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0213/00V002 | Brussels | 2,100 m² | 1 · 330 m² | 42.2 m · 12 fl. |
| 21804D1438/00E002 | Brussels | 1,366 m² | 1 · 1,142 m² | 36.3 m · 10 fl. |
| 21807G0177/00P004 | Brussels | 259 m² | 1 · 209 m² | 34.4 m · 10 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Part of the group
Emeria Benelux
26 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- Emeria Benelux
- EMERIA BELGIUM
- CODABEL GROUPE
- ESSET BELUX
- CODABEL MANAGEMENT
Highest known parent: Emeria Benelux. The sources do not say who stands above it.
Owners 1
- ESSET BELUXparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
European Union, budget
2025 · 3 entries · 975,696 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2025 | 3 | 975,696 EUR |
Projects
WORKS FOR THE EUROPE RAIL JOINT UNDERTAKING NEW PREMISES
OFFICE RENOVATION WORKS
HVAC RENOVATION WORKS
Similar companies · same sector, comparable size
IMMODEM
BE 0441.756.608
Ternat · Eq €448,900
CR CONSTRUCTION SRL
BE 0699.582.014
Courcelles · Eq €448,911
ARTS & CRAFTS
BE 0668.413.538
Sint-Agatha-Berchem · Eq €448,839
WEAB BOUWWERKEN
BE 0810.431.634
Pittem · Eq €449,125
TERRASSEMENTS CHARLES BERTRAND
BE 0888.475.953
Lierneux · Eq €448,618
Of 29,787 companies in sector 41001 we hold annual accounts for 16,052. 9,665 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded27-08-2015
Fiscal year end31-12
Abbreviation FR
CODABEL MGT
Activities, NACEBEL 2025
41001General construction of residential buildings
68310Real estate agency activities
68121Development of residential building projects
68122Development of non-residential building projects
66129Activities auxiliary to financial services and insurance activities
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
68204Real estate activities
68322Real estate appraisal on a fee or contract basis
68321Property management for co-owned buildings (syndics)
Contact
E-mail
info@codabel.com
Phone
026260826
E-invoicing
Reachable via Peppol
Peppol ID
0208:0635829753
Also
9925:BE0635829753
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.