CoDe+Ar
ActiveSummary
CoDe+Ar has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €349,974 and a net result of €31,440. Equity is growing by ~9.9% per year across the filed fiscal years. Its solvency ranks better than 80% of 9557 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78▲+2
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 5.2 against 9.32 in 2024; short-term debt: 18.2% and cash: 93.3% of total assets), and 18.2% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% fewer 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
81.8%
Return on assets
7.3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-07-2026, 25 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
25 d early
2024
9 d early
2023
43 d early
2022
40 d early
2021
32 d early
2020
20 d early
2019
32 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 29 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€31,440▲ 25.5%
2024 · €25,057
Working capital
€326,977▼ 5.9%
2024 · €347,662
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, 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
Line20212022202320242025
Operating result€42,592▼ 32.7%€63,623▲ 49.4%€31,056▼ 51.2%€33,171▲ 6.8%€43,473▲ 31.1%
Net result€31,915within the sector's middle half▼ 36.3%€49,363above the sector's middle half▲ 54.7%€24,521within the sector's middle half▼ 50.3%€25,057within the sector's middle half▲ 2.2%€31,440within the sector's middle half▲ 25.5%
Equity€279,593above the sector's middle half▲ 12.9%€328,956above the sector's middle half▲ 17.7%€353,477above the sector's middle half▲ 7.5%€378,534above the sector's middle half▲ 7.1%€349,974above the sector's middle half▼ 7.5%
Total assets€318,958above the sector's middle half▲ 18.3%€358,873above the sector's middle half▲ 12.5%€390,523above the sector's middle half▲ 8.8%€420,317above the sector's middle half▲ 7.6%€427,903above the sector's middle half▲ 1.8%
Debt€39,365▲ 79.2%€29,917▼ 24.0%€37,046▲ 23.8%€41,783▲ 12.8%€77,929▲ 86.5%
Working capital€266,947above the sector's middle half▲ 9.9%€319,056above the sector's middle half▲ 19.5%€319,229above the sector's middle half▲ 0.1%€347,662above the sector's middle half▲ 8.9%€326,977above the sector's middle half▼ 5.9%
Solvency87.7%above the sector's middle half▼ 4.2pp91.7%above the sector's middle half▲ 4.0pp90.5%above the sector's middle half▼ 1.1pp90.1%above the sector's middle half▼ 0.5pp81.8%above the sector's middle half▼ 8.3pp
Current ratio7.78above the sector's middle half▼ 4.2811.66above the sector's middle half▲ 3.889.62above the sector's middle half▼ 2.059.32above the sector's middle half▼ 0.305.20above the sector's middle half▼ 4.12
Return on assets (ROA)10.0%within the sector's middle half▼ 8.6pp13.8%within the sector's middle half▲ 3.7pp6.3%within the sector's middle half▼ 7.5pp6.0%within the sector's middle half▼ 0.3pp7.3%within the sector's middle half▲ 1.4pp
above
within
below
the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 31% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €427,903
Fixed assets
€22,997 ▼ 25.5%
Current assets
€404,906 ▲ 4.0%
Equity and liabilities €427,903
Equity
€349,974 ▼ 7.5%
Debt
€77,929 ▲ 86.5%
Debt's share of the balance-sheet total rises from 9.9% to 18.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€51,348▲
2024 · €40,831
Cash flow
€39,315▲
2024 · €32,717
Debt to equity
0.22▲
2024 · 0.11
ROE
9.0%▲
2024 · 6.6%
Interest coverage
326.87▼
2024 · 716.33
Debt ≤ 1 year
€77,929▲
2024 · €41,783
Income taxes
€16,027▲
2024 · €14,391
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,970 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 26,970 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €9,486 | €1,696 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,747 | €2,746 | €4,166 | €7,660 | €7,874 | ▲ 2.8% |
| Other operating charges640/8 | €717 | €658 | €3,798 | €815 | €729 | ▼ 10.5% |
| Non-recurring operating charges66A | - | - | €68 | - | €63 | - |
| Gross operating margin9900 | €46,056 | €67,027 | €39,088 | €41,646 | €52,140 | ▲ 25.2% |
| Operating profit (loss)9901 | €42,592 | €63,623 | €31,056 | €33,171 | €43,473 | ▲ 31.1% |
| Financial income75/76B | €2 | - | €3,071 | €6,334 | €4,151 | ▼ 34.5% |
| Recurring financial income75 | €2 | - | €3,071 | €6,334 | €4,151 | ▼ 34.5% |
| Financial charges65/66B | €41 | €228 | €54 | €57 | €157 | ▲ 176% |
| Recurring financial charges65 | €41 | €228 | €54 | €57 | €157 | ▲ 176% |
| Profit (loss) for the period before taxes9903 | €42,553 | €63,395 | €34,073 | €39,448 | €47,468 | ▲ 20.3% |
| Income taxes67/77 | €10,638 | €14,032 | €9,552 | €14,391 | €16,027 | ▲ 11.4% |
| Profit (loss) for the period9904 | €31,915 | €49,363 | €24,521 | €25,057 | €31,440 | ▲ 25.5% |
| Profit (loss) for the period to be appropriated9905 | €31,915 | €49,363 | €24,521 | €25,057 | €31,440 | ▲ 25.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €318,958 | €358,873 | €390,523 | €420,317 | €427,903 | ▲ 1.8% |
| Fixed assets21/28 | €12,646 | €9,900 | €34,248 | €30,872 | €22,997 | ▼ 25.5% |
| Tangible fixed assets22/27 | €12,553 | €9,807 | €34,155 | €30,779 | €22,904 | ▼ 25.6% |
| Furniture and vehicles24 | €12,553 | €9,807 | €34,155 | €30,779 | €22,904 | ▼ 25.6% |
| Financial fixed assets28 | €93 | €93 | €93 | €93 | €93 | ▼ 0.5% |
| Current assets29/58 | €306,312 | €348,973 | €356,275 | €389,445 | €404,906 | ▲ 4.0% |
| Amounts receivable within one year40/41 | €39,940 | €15,508 | €30,508 | €20,508 | €5,636 | ▼ 72.5% |
| Trade receivables40 | - | €508 | €508 | €508 | €5,636 | ▲ 1,009% |
| Other amounts receivable41 | €39,940 | €15,000 | €30,000 | €20,000 | - | - |
| Cash at bank and in hand54/58 | €266,372 | €333,465 | €325,767 | €368,937 | €399,271 | ▲ 8.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €318,958 | €358,873 | €390,523 | €420,317 | €427,903 | ▲ 1.8% |
| Equity10/15 | €279,593 | €328,956 | €353,477 | €378,534 | €349,974 | ▼ 7.5% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €41,860 | €61,860 | €81,860 | €113,300 | ▲ 38.4% |
| Non-distributable reserves130/1 | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | €41,860 | €61,860 | €81,860 | €113,300 | ▲ 38.4% |
| Profit (loss) carried forward14 | €265,333 | €274,696 | €279,217 | €284,274 | €224,274 | ▼ 21.1% |
| Amounts payable17/49 | €39,365 | €29,917 | €37,046 | €41,783 | €77,929 | ▲ 86.5% |
| Amounts payable within one year42/48 | €39,365 | €29,917 | €37,046 | €41,783 | €77,929 | ▲ 86.5% |
| Trade debts44 | €5,915 | €6,491 | €3,109 | €18,973 | €7,171 | ▼ 62.2% |
| Suppliers440/4 | €5,915 | €6,491 | €3,109 | €18,973 | €7,171 | ▼ 62.2% |
| Taxes, remuneration and social security45 | €30,023 | €20,401 | €27,987 | €15,435 | €18,799 | ▲ 21.8% |
| Taxes450/3 | €30,023 | €20,401 | €27,987 | €15,435 | €18,799 | ▲ 21.8% |
| Other amounts payable47/48 | €3,427 | €3,025 | €5,950 | €7,375 | €51,959 | ▲ 605% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,915 | €49,363 | €24,521 | €25,057 | €31,440 | ▲ 25.5% |
| + Depreciation and write-downs630 | €2,747 | €2,746 | €4,166 | €7,660 | €7,874 | ▲ 2.8% |
| Operating cash flow (approximation) | €34,662 | €52,109 | €28,687 | €32,717 | €39,315 | ▲ 20.2% |
| Investment in fixed assets (approximation) | - | €0 | -€28,514 | -€4,284 | €1 | ▲ 100% |
| Change in cash | - | €67,093 | -€7,698 | €43,170 | €30,334 | ▼ 29.7% |
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
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €24,521 ▼50.3%
Net result drops to €24,521, the lowest in the series; recovery starts the following year.
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
11-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity triplescurrent ratio 12.06
Current ratio from 3.45 to 12.06; short-term debt falls from €50,452 to €21,972.
31-12
Financial
Equity above €200,000Eq €247,678 ▲88.5%
2 profitable years in a row build equity to €247,678.
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
05-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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-Pieters-Woluwe · 1 establishment unit since 2017
Ground area
812 m²
Building footprint
206 m²
Volume, LiDAR
1,383 m³
2 parcels, Brussels · tallest building 10.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
René Devillersstraat 39, 1150 Sint-Pieters-Woluwe
since 20172.267.466.456
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21683D0242/00E010 | Brussels | 643 m² | 1 · 134 m² | 10.2 m · 2 fl. |
| 21682C0184/00L014 | Brussels | 169 m² | 1 · 71 m² | 9.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 18,250 companies in sector 71111 we hold annual accounts for 6,321. 4,513 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
Founded02-09-2017
Fiscal year end31-12
Activities, NACEBEL 2025
71111Activities of building architects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0680660381
Registered
05-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.