Equity
Equity fell by 99% in 2 years.
Equity fell by 99% in 2 years.
The micro format states no turnover.
Of this, €120,916 falls due within a year.
Short-term debts rose from €85,672 to €120,916.
Two of the last ten came late. The 2025 accounts came latest: 27 days after the end of the period.
Lower solvency than 90% of companies in computer programming and consultancy. Sector median 60.0% · 21,206 companies.
The dashed line is the sector median: 0.1% across 25,932 companies (NACE 62, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 62, micro). It does better than 9% of them on solvency, 30% on liquidity, 53% on profitability and 5% on growth.
The bankruptcy probability was computed on 08-11-2026 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).
In July 2024, 1,325 companies had the same profile as Code 42 has now. Each dot stands for 4 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Code 42 itself: 0.4% within 12 months.
The method was tested on the 497,447 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.
| 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 1,325 companies, not a prediction for Code 42. 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.
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.
The company filed its last 7 accounts on average 26 days before the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Code 42 Evere | €234,740 | €78,687 | 0.8% | - |
| ADIICT Watermael-Boitsfort | €248,778 | €77,300 | 94.4% | - |
| ITELON - IT SOLUTIONS Schaerbeek | €246,533 | €84,433 | 31.3% | - |
| VANNICO Deinze | €227,671 | €81,257 | 36.4% | - |
| LUC NEYRINCK Turnhout | €246,910 | €71,703 | 41.1% | - |
| JUSTE UN CLIC Namur | €212,126 | €80,906 | 89.3% | - |
| 5forIT Oosterzele | €219,550 | €89,058 | 94.0% | - |
These companies have the same main activity as Code 42: computer programming (NACE 62100). They are comparable in size and age: total assets between €212,000 and €249,000, founded between 2013 and 2015.
Code 42 files the micro format. That format states no turnover. The gross margin rose from €51,627 in 2014 to €78,687 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €180,000. Estimated: probably between €150,000 and €230,000.
Higher than 10% of 21,206 companies in 2025.
Higher than 14% of 20,569 companies in 2025.
Higher than 47% of 20,744 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||
20/58 |
234,740 | 257,367 | 267,735 | 251,397 | 228,684 | 190,429 | 174,412 | 166,785 | 159,842 | 176,226 | 82,870 | 58,619 | |
21/28 |
124,877 | 130,373 | 8,122 | 3,007 | 4,300 | 4,485 | 14,750 | 27,889 | 39,725 | 52,182 | 13,766 | 14,605 | |
22/27 |
124,877 | 130,373 | 8,122 | 3,007 | 4,300 | 4,485 | 14,750 | 27,889 | 39,725 | 52,182 | 13,766 | 14,605 | |
22 |
120,890 | 124,925 | - | - | - | - | - | - | - | - | - | - | |
24 |
3,987 | 5,448 | 7,862 | 2,486 | 3,518 | 3,443 | 13,447 | 26,326 | 37,901 | 50,097 | 11,421 | 14,605 | |
26 |
- | 0 | 261 | 521 | 782 | 1,042 | 1,303 | 1,563 | 1,824 | 2,084 | 2,345 | - | |
29/58 |
109,862 | 126,994 | 259,613 | 248,390 | 224,384 | 185,945 | 159,662 | 138,896 | 120,116 | 124,044 | 69,104 | 44,013 | |
40/41 |
37,002 | 37,002 | 34,855 | 36,038 | 18,731 | 37,691 | 33,466 | 15,027 | 14,970 | 26,499 | 34,225 | 13,068 | |
40 |
29,415 | 29,415 | 31,922 | 33,106 | 18,731 | 31,191 | 27,966 | 10,527 | 11,400 | 26,499 | 34,225 | 13,068 | |
41 |
7,587 | 7,587 | 2,933 | 2,933 | 0 | 6,500 | 5,500 | 4,500 | 3,570 | - | - | - | |
50/53 |
23,299 | 12,800 | 7,200 | - | - | - | - | - | - | - | - | - | |
54/58 |
49,249 | 76,636 | 216,639 | 211,985 | 205,653 | 148,193 | 126,196 | 123,869 | 105,146 | 94,523 | 32,379 | 30,945 | |
490/1 |
312 | 556 | 919 | 367 | 0 | 61 | - | - | - | 3,022 | 2,500 | - | |
| Balance sheet: equity and liabilities | |||||||||||||
10/49 |
234,740 | 257,367 | 267,735 | 251,397 | 228,684 | 190,429 | 174,412 | 166,785 | 159,842 | 176,226 | 82,870 | 58,619 | |
10/15 |
1,929 | 53,083 | 203,484 | 180,882 | 147,895 | 125,397 | 103,131 | 90,801 | 75,739 | 80,682 | 68,542 | 44,887 | |
10/11 |
1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
100 |
- | - | - | - | - | - | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
13 |
100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |
130/1 |
100 | 100 | 100 | 100 | 100 | 100 | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 100 | 100 | 100 | 100 | 100 | 100 | |
1311 |
100 | 100 | 100 | 100 | 100 | 100 | - | - | - | - | - | - | |
14 |
829 | 51,983 | 202,384 | 179,782 | 146,795 | 124,297 | 102,031 | 89,701 | 74,639 | 79,582 | 67,442 | 43,787 | |
17/49 |
232,810 | 204,285 | 64,251 | 70,515 | 80,789 | 65,033 | 71,281 | 75,984 | 84,102 | 95,544 | 14,327 | 13,732 | |
17 |
111,894 | 118,613 | - | - | - | - | - | 5,541 | 18,731 | 31,734 | - | - | |
170/4 |
111,894 | 118,613 | - | - | - | - | - | 5,541 | 18,731 | 31,734 | - | - | |
42/48 |
120,916 | 85,672 | 64,251 | 70,515 | 80,789 | 65,033 | 71,281 | 70,443 | 65,372 | 63,810 | 14,327 | 13,732 | |
42 |
6,719 | 5,425 | - | - | - | 0 | 5,541 | 13,180 | 13,003 | 12,848 | - | - | |
44 |
5,046 | 23,529 | 6,136 | 2,099 | 4,267 | 2,351 | 3,460 | 1,471 | 3,185 | 1,510 | 6,457 | 1,941 | |
440/4 |
5,046 | 23,529 | 6,136 | 2,099 | 4,267 | 2,351 | 3,460 | 1,471 | 3,185 | 1,510 | 6,457 | 1,941 | |
45 |
24,154 | 37,387 | 13,173 | 23,730 | 27,951 | 10,106 | 11,487 | 7,311 | 4,157 | 6,207 | 6,209 | 3,954 | |
450/3 |
24,154 | 37,387 | 13,173 | 23,730 | 27,951 | 10,106 | 11,487 | 7,311 | 1,557 | 3,607 | 3,489 | 1,234 | |
454/9 |
- | - | - | - | - | - | - | - | 2,600 | 2,600 | 2,720 | 2,720 | |
47/48 |
84,998 | 19,331 | 44,942 | 44,686 | 48,571 | 52,576 | 50,792 | 48,481 | 45,027 | 43,245 | 1,662 | 7,836 | |
| Income statement | |||||||||||||
9900 |
78,687 | 49,714 | 71,669 | 46,866 | 50,604 | 45,267 | 41,462 | 35,049 | 31,480 | 32,693 | 43,058 | 51,627 | |
62 |
2,310 | 1,600 | 1,920 | - | 0 | 843 | 2,397 | 2,013 | 1,671 | 1,481 | 176 | 500 | |
630 |
6,660 | 3,846 | 1,730 | 1,293 | 1,196 | 12,243 | 13,160 | 14,000 | 14,182 | 13,607 | 4,384 | 4,445 | |
640/8 |
2,347 | 573 | 484 | 496 | 496 | 496 | 502 | 496 | 125 | 1,104 | 527 | 2,744 | |
9901 |
67,370 | 43,695 | 67,534 | 45,077 | 48,912 | 31,685 | 25,403 | 18,540 | 15,502 | 16,502 | 37,972 | 43,938 | |
75/76B |
111 | 32 | 0 | - | 0 | 4 | - | - | 0 | 2 | 0 | 0 | |
75 |
111 | 32 | 0 | - | 0 | 4 | - | - | 0 | 2 | 0 | 0 | |
65/66B |
7,612 | 5,095 | 2,070 | 2,022 | 2,139 | 3,401 | 2,138 | 3,478 | 3,169 | 4,365 | 287 | 51 | |
65 |
7,612 | 5,095 | 2,070 | 2,022 | 2,139 | 3,401 | 2,138 | 3,478 | 3,169 | 2,852 | 287 | 51 | |
66B |
- | - | - | - | - | - | - | - | - | 1,513 | - | - | |
9903 |
59,869 | 38,632 | 65,464 | 43,054 | 46,773 | 28,288 | 23,265 | 15,062 | 12,332 | 12,139 | 37,686 | 43,887 | |
67/77 |
21,023 | 11,529 | 18,862 | 10,067 | 24,274 | 6,022 | 10,935 | - | 17,275 | - | 14,030 | - | |
9904 |
38,847 | 27,103 | 46,602 | 32,987 | 22,498 | 22,266 | 12,330 | 15,062 | -4,942 | 12,139 | 23,656 | 43,887 | |
9905 |
38,847 | 27,103 | 46,602 | 32,987 | 22,498 | 22,266 | 12,330 | 15,062 | -4,942 | 12,139 | 23,656 | 43,887 | |
| Appropriation of the result | |||||||||||||
9906 |
90,829 | 229,487 | 226,384 | 179,782 | 146,795 | 124,297 | 102,031 | 89,701 | 74,639 | 79,582 | 67,442 | 43,887 | |
14P |
51,983 | 202,384 | 179,782 | 146,795 | 124,297 | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | 100 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | 100 | |
694/7 |
90,000 | 177,504 | 24,000 | - | - | - | - | - | - | - | - | - | |
694 |
90,000 | 177,504 | 24,000 | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||
The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 27-08-2026.
2025 annual accounts filed 27 days after the deadline. Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00480005.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-08-2026 | 2026-00480005 | |
| 31-12-2024 | micro format | 07-06-2025 | 2025-00126307 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00371937 | |
| 31-12-2022 | micro format | 14-06-2023 | 2023-00125718 | |
| 31-12-2021 | micro format | 08-06-2022 | 2022-20050364 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-27800324 | |
| 31-12-2019 | micro format | 09-06-2020 | 2020-15700431 | |
| 31-12-2018 | micro format | 08-06-2019 | 2019-18200336 | |
| 31-12-2017 | micro format | 18-06-2018 | 2018-19700196 | |
| 31-12-2016 | micro format | 15-06-2017 | 2017-17700551 | |
| 31-12-2015 | full format | 19-06-2016 | 2016-20000103 | |
| 31-12-2014 | full format | 13-06-2015 | 2015-18300083 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 74,030 | 47,540 | 69,265 | 46,369 | 50,108 | 43,928 | 38,563 | 32,540 | 29,684 | 30,109 | 42,356 | 48,383 | ||
| 45,507 | 30,948 | 48,333 | 34,280 | 23,695 | 34,509 | 25,489 | 29,063 | 9,240 | 25,746 | 28,039 | 48,332 | ||
| 1,164 | 126,097 | 6,845 | 0 | 1,012 | 3,476 | 1,873 | 2,164 | 1,726 | 59,745 | 3,544 | 19,050 | ||
| -27,388 | -140,003 | 4,655 | 6,332 | 57,461 | 21,997 | 2,327 | 18,723 | 10,623 | 62,144 | 1,433 | - | ||
| -11,054 | 41,323 | 195,362 | 177,875 | 143,595 | 120,912 | 88,381 | 68,453 | 54,745 | 60,234 | 54,776 | 30,281 | ||
| 0.8% | 20.6% | 76.0% | 72.0% | 64.7% | 65.8% | 59.1% | 54.4% | 47.4% | 45.8% | 82.7% | 76.6% | ||
| 0.91 | 1.48 | 4.04 | 3.52 | 2.78 | 2.86 | 2.24 | 1.97 | 1.84 | 1.94 | 4.82 | 3.21 | ||
| - | 3.85 | 0.32 | 0.39 | 0.55 | 0.52 | 0.69 | 0.84 | 1.11 | 1.18 | 0.21 | 0.31 | ||
| - | 51.1% | 22.9% | 18.2% | 15.2% | 17.8% | 12.0% | 16.6% | -6.5% | 15.0% | 34.5% | 97.8% | ||
| 16.5% | 10.5% | 17.4% | 13.1% | 9.8% | 11.7% | 7.1% | 9.0% | -3.1% | 6.9% | 28.5% | 74.9% | ||
| 9.73 | 9.33 | 33.46 | 22.93 | 23.43 | - | - | - | - | - | - | - |
A ratio outside any meaningful range has been withheld (balance sheet total €234,740, equity €1,929).
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.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,164 | €126,097 | €6,845 | - | €1,012 |
| Financial fixed assets | €0 | - | - | - | - |
| €6,660 | €3,846 | €1,730 | €1,293 | €1,196 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 54% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 79.4% to 99.2%. Equity is lower and debt is higher.
Code 42 has no parent and no holdings in its annual accounts. MICHIELS Claude is the only director. Code 42 shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| H. Van Hammestraat 89 registered office 1140 Evere 7020001 Business and other management consultancy | 31-10-2013 | 2.223.980.564 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21006A0460/00N002 | 492 m² | 1 · 189 m² | 15.5 m · 3 |
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