CODAN
ActiveSummary
CODAN has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €6.3m and a net result of €1.5m. Equity is growing by ~12.4% per year across the filed fiscal years. Its solvency ranks better than 73% of 1697 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability88▲+18
Solvency89▼-11
Growth85▲+17
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500,000 at 30 days acceptable
Liquidity ample (current ratio 1.68 against 2.06 in 2023; short-term debt: 30.6% and cash: 6.3% of total assets), and 35.8% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 01
Relative position
BE, all sectors
reference
Crop and animal production, hunting and related service activities (NACE 01)
about 70% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
64.2%
Return on assets
15.5%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
61 d late
2023
71 d late
2022
30 d late
2021
31 d late
2020
289 d late
2019
122 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 101 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
In the rankings
#2 company by equity in Sint-Katelijne-Waver, Agriculture, forestry and fishing sector#2 oldest company in Sint-Katelijne-Waver, Agriculture, forestry and fishing sector#3 company by total assets in Sint-Katelijne-Waver, Agriculture, forestry and fishing sector
Turnover
€332,955▲ 99.0%
2018 · €167,300
EBIT margin
15.7%▲ 48.2pp
2018 · -32.5%
Net result
€1.5m▲ 423%
2023 · €289,187
Working capital
€2.0m▲ 83.7%
2023 · €1.1m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 01, Crop and animal production, hunting and related service activities, 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
Turnover
Operating result€235,295▲ 350%€718,095▲ 205%€547,433▼ 23.8%-€1,023€1.1m
Net result€218,084above the sector's middle half▼ 22.5%€670,812above the sector's middle half▲ 208%€773,497above the sector's middle half▲ 15.3%€289,187above the sector's middle half▼ 62.6%€1.5mabove the sector's middle half▲ 423%
EBIT margin
Equity€3.6mabove the sector's middle half▲ 6.5%€4.3mabove the sector's middle half▲ 18.7%€5.0mabove the sector's middle half▲ 18.1%€4.8mabove the sector's middle half▼ 5.6%€6.3mabove the sector's middle half▲ 31.8%
Total assets€5.0mabove the sector's middle half▲ 4.7%€5.3mabove the sector's middle half▲ 5.8%€6.0mabove the sector's middle half▲ 12.3%€6.1mabove the sector's middle half▲ 2.6%€9.8mabove the sector's middle half▲ 59.9%
Debt€1.4m▲ 0.6%€1.0m▼ 26.9%€913,853▼ 11.5%€1.4m▲ 47.8%€3.2m▲ 138%
Working capital€282,387within the sector's middle half▲ 184%€336,847within the sector's middle half▲ 19.3%€1.1mabove the sector's middle half▲ 231%€1.1mabove the sector's middle half▼ 1.4%€2.0mabove the sector's middle half▲ 83.7%
Solvency71.8%above the sector's middle half▲ 1.2pp80.5%above the sector's middle half▲ 8.7pp84.6%above the sector's middle half▲ 4.1pp77.9%above the sector's middle half▼ 6.8pp64.2%within the sector's middle half▼ 13.7pp
Current ratio1.71within the sector's middle half▲ 0.451.59within the sector's middle half▼ 0.123.02above the sector's middle half▲ 1.432.06within the sector's middle half▼ 0.961.68within the sector's middle half▼ 0.38
Return on assets (ROA)4.4%within the sector's middle half▼ 1.5pp12.7%above the sector's middle half▲ 8.3pp13.0%above the sector's middle half▲ 0.3pp4.7%within the sector's middle half▼ 8.3pp15.5%above the sector's middle half▲ 10.7pp
Staff (FTE)1.5below the sector's middle half▲ 66.7%1.5below the sector's middle half=1.5within the sector's middle half=1.6within the sector's middle half▲ 6.7%2.1within the sector's middle half▲ 31.3%
above
within
below
the middle half (P25 to P75) of NACE 01, Crop and animal production, hunting and related service activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €1.1m after a loss of €1,023 in 2023, the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €9.8m
Fixed assets
€4.8m ▲ 20.0%
Current assets
€5.0m ▲ 134%
Equity and liabilities €9.8m
Equity
€6.3m ▲ 31.8%
Provisions
€277,842
Debt
€3.2m ▲ 138%
Debt's share of the balance-sheet total rises from 22.1% to 33.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.2m▲
2023 · €145,241
Cash flow
€1.7m▲
2023 · €435,450
Quick ratio
1.18▲
2023 · 0.77
Debt to equity
0.51▲
2023 · 0.28
ROE
24.1%▲
2023 · 6.1%
Interest coverage
191.82▲
2023 · 5.45
Debt ≤ 1 year
€3.0m▲
2023 · €1.0m
Debt > 1 year
€236,389▼
2023 · €293,056
Income taxes
€39,728▲
2023 · €30,840
Staff costs
€74,949▲
2023 · €53,727
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
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 31,349 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 | €41,309 | €0 | - | - | €1.4m | - |
| Remuneration, social security and pensions62 | €48,316 | €48,515 | €47,092 | €53,727 | €74,949 | ▲ 39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €145,255 | €157,462 | €164,041 | €146,263 | €154,067 | ▲ 5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €45,000 | -€20,000 | €0 | €51,117 | - |
| Other operating charges640/8 | €17,635 | €18,252 | €19,165 | €11,551 | €18,300 | ▲ 58.4% |
| Non-recurring operating charges66A | €0 | - | - | - | €74,616 | - |
| Gross operating margin9900 | €446,501 | €987,324 | €757,732 | €210,518 | €1.4m | ▲ 579% |
| Operating profit (loss)9901 | €235,295 | €718,095 | €547,433 | -€1,023 | €1.1m | ▲ 103,318% |
| Financial income75/76B | €64,987 | €227,916 | €448,900 | €347,691 | €780,398 | ▲ 124% |
| Recurring financial income75 | €64,987 | €227,916 | €448,900 | €347,691 | €448,523 | ▲ 29.0% |
| Non-recurring financial income76B | - | - | - | - | €331,875 | - |
| Financial charges65/66B | €18,043 | €17,926 | €18,103 | €26,642 | €6,306 | ▼ 76.3% |
| Recurring financial charges65 | €18,043 | €17,926 | €18,103 | €26,642 | €6,306 | ▼ 76.3% |
| Profit (loss) for the period before taxes9903 | €282,239 | €928,085 | €978,229 | €320,027 | €1.8m | ▲ 472% |
| Transfer to deferred taxes680 | - | - | - | - | €277,842 | - |
| Income taxes67/77 | €64,154 | €257,273 | €204,732 | €30,840 | €39,728 | ▲ 28.8% |
| Profit (loss) for the period9904 | €218,084 | €670,812 | €773,497 | €289,187 | €1.5m | ▲ 423% |
| Transfer from tax-exempt reserves789 | - | €6,666 | €0 | - | - | - |
| Transfer to tax-exempt reserves689 | €6,666 | €0 | - | - | €1.1m | - |
| Profit (loss) for the period to be appropriated9905 | €211,418 | €677,478 | €773,497 | €289,187 | €400,658 | ▲ 38.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.0m | €5.3m | €6.0m | €6.1m | €9.8m | ▲ 59.9% |
| Fixed assets21/28 | €4.3m | €4.4m | €4.3m | €4.0m | €4.8m | ▲ 20.0% |
| Tangible fixed assets22/27 | €2.6m | €2.8m | €2.7m | €2.7m | €2.2m | ▼ 19.7% |
| Land and buildings22 | €2.3m | €2.5m | €2.5m | €2.6m | €2.0m | ▼ 23.0% |
| Plant, machinery and equipment23 | €13,870 | €14,190 | €9,905 | €5,620 | €16,793 | ▲ 199% |
| Furniture and vehicles24 | €299,982 | €224,789 | €196,503 | €118,354 | €165,848 | ▲ 40.1% |
| Financial fixed assets28 | €1.7m | €1.6m | €1.6m | €1.3m | €2.6m | ▲ 104% |
| Current assets29/58 | €679,143 | €909,937 | €1.7m | €2.1m | €5.0m | ▲ 134% |
| Amounts receivable after more than one year29 | - | €150,000 | €0 | - | - | - |
| Other amounts receivable291 | - | €150,000 | €0 | - | - | - |
| Stocks and contracts in progress3 | €295,000 | €220,000 | €272,121 | €1.3m | €1.5m | ▲ 10.0% |
| Stocks30/36 | €295,000 | €220,000 | €272,121 | €1.3m | €1.5m | ▲ 10.0% |
| Amounts receivable within one year40/41 | €27,347 | €20,860 | €42,360 | €158,044 | €410,764 | ▲ 160% |
| Trade receivables40 | €27,347 | €0 | €640 | €26,304 | €20,080 | ▼ 23.7% |
| Other amounts receivable41 | €0 | €20,860 | €41,720 | €131,740 | €390,684 | ▲ 197% |
| Current investments50/53 | - | - | - | - | €2.5m | - |
| Cash at bank and in hand54/58 | €335,936 | €495,580 | €1.3m | €614,047 | €610,969 | ▼ 0.5% |
| Deferred charges and accrued income490/1 | €20,860 | €23,497 | €23,817 | €22,518 | €6,245 | ▼ 72.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.0m | €5.3m | €6.0m | €6.1m | €9.8m | ▲ 59.9% |
| Equity10/15 | €3.6m | €4.3m | €5.0m | €4.8m | €6.3m | ▲ 31.8% |
| Contributions10/11 | €1.5m | €1.5m | €1.5m | €887,487 | €887,487 | = |
| Capital10 | €1.5m | €1.5m | €1.5m | €887,487 | €887,487 | = |
| Issued capital100 | €1.5m | €1.5m | €1.5m | €887,487 | €887,487 | = |
| Reserves13 | €2.1m | €2.8m | €3.6m | €3.9m | €5.4m | ▲ 39.1% |
| Non-distributable reserves130/1 | €145,753 | €145,753 | €145,753 | €145,753 | €145,753 | = |
| Legal reserve130 | €145,753 | €145,753 | €145,753 | €145,753 | €145,753 | = |
| Tax-exempt reserves132 | €6,666 | €0 | - | - | €1.1m | - |
| Distributable reserves133 | €2.0m | €2.7m | €3.4m | €3.7m | €4.1m | ▲ 10.8% |
| Provisions and deferred taxes16 | - | - | - | - | €277,842 | - |
| Deferred taxes168 | - | - | - | - | €277,842 | - |
| Amounts payable17/49 | €1.4m | €1.0m | €913,853 | €1.4m | €3.2m | ▲ 138% |
| Amounts payable after more than one year17 | €963,056 | €406,389 | €349,722 | €293,056 | €236,389 | ▼ 19.3% |
| Financial debts170/4 | €963,056 | €406,389 | €349,722 | €293,056 | €236,389 | ▼ 19.3% |
| Amounts payable within one year42/48 | €396,756 | €573,090 | €552,339 | €1.0m | €3.0m | ▲ 188% |
| Current portion of amounts payable after more than one year42 | €56,667 | €56,667 | €56,667 | €56,667 | €56,667 | = |
| Financial debts43 | - | - | - | - | €1,340 | - |
| Credit institutions430/8 | - | - | - | - | €1,340 | - |
| Trade debts44 | €44,344 | €29,332 | €15,268 | €13,687 | €30,755 | ▲ 125% |
| Suppliers440/4 | €44,344 | €29,332 | €15,268 | €13,687 | €30,755 | ▲ 125% |
| Taxes, remuneration and social security45 | €55,219 | €198,536 | €177,624 | €99,574 | €9,768 | ▼ 90.2% |
| Taxes450/3 | €51,102 | €194,061 | €173,183 | €94,662 | €3,456 | ▼ 96.3% |
| Remuneration and social security454/9 | €4,117 | €4,475 | €4,440 | €4,912 | €6,312 | ▲ 28.5% |
| Other amounts payable47/48 | €240,526 | €288,555 | €302,780 | €866,965 | €2.9m | ▲ 233% |
| Accrued charges and deferred income492/3 | €53,000 | €53,691 | €11,792 | €20,858 | €0 | ▼ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €218,084 | €670,812 | €773,497 | €289,187 | €1.5m | ▲ 423% |
| + Depreciation and write-downs630 | €145,255 | €157,462 | €164,041 | €146,263 | €154,067 | ▲ 5.3% |
| Operating cash flow (approximation) | €363,340 | €828,273 | €937,539 | €435,450 | €1.7m | ▲ 283% |
| Investment in fixed assets (approximation) | - | -€217,838 | -€62,407 | €166,620 | -€947,039 | ▼ 668% |
| Change in cash | - | €159,644 | €831,875 | -€713,408 | -€3,077 | ▲ 99.6% |
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
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 61 days late
2024
31-12
Financial
Highest result since 2018net €1.5m ▲423%
Operating result €1.1m, net result €1.5m, both a record.
31-12
Financial
Equity above €5mEq €6.3m ▲31.8%
7 profitable years in a row build equity to €6.3m.
10-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 71 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 30 days late
2022
31-12
Financial
Equity above €5mEq €5.0m ▲18.1%
5 profitable years in a row build equity to €5.0m.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
16-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 289 days late
2020
31-12
Financial
Weakest financial yearnet €218,084 ▼22.5%
Net result drops to €218,084, the lowest in the series; recovery starts the following year.
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 122 days late
2019
31-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 92 days late
2018
21-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 52 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Sint-Katelijne-Waver · 1 establishment unit since 2016
Ground area
1,128 m²
Building footprint
227 m²
Volume, LiDAR
994 m³
Parcel 12035A0240/00Y000, Flanders · tallest building 6.7 m, ±1 floor. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
CODAN
since 20162.346.042.691
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12035A0240/00Y000 | Flanders | 1,128 m² | 1 · 227 m² | 6.7 m · 1 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.
Structure & network
Owners and holdings
4 holdingsOwners 0
The accounts to 31-12-2024 list no shareholders, and no other source names one.
Holdings 4
-
50%
-
40.1%
-
40.1%
-
40%
According to the 2024 annual accounts of CODAN and those 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.
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Of 1,961 companies in sector 01430 we hold annual accounts for 742. 134 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
Founded07-01-1987
Fiscal year end31-12
Activities, NACEBEL 2025
01430Raising of horses and other equines
46110Wholesale trade
47522Retail trade
68201Renting and operating of own or leased residential real estate, excluding social housing
70100Activities of head offices
93110Operation of sports facilities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0430222912
Also
9925:BE0430222912
Registered
18-02-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.