CODE-ON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 15 filings
Turnover
≈ €280,000
Estimated: probably between €180,000 and €430,000
Total assets
€449,210▼ 5.5%
2024 · €475,223
Net result
€13,661▼ 45.1%
2024 · €24,905
Working capital
€183,017▼ 7.5%
2024 · €197,946
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,316
▼ 44.8%
2025
20182025
Net result
€13,661
▼ 45.1%
2025
middle half of the sector
20182025
Equity
€345,834
▼ 5.8%
2025
highest quarter of the sector
20182025
Total assets
€449,210
▼ 5.5%
2025
highest quarter of the sector
20182025
Debt
€103,376
▼ 4.3%
2025
20182025
Working capital
€183,017
▼ 7.5%
2025
highest quarter of the sector
20182025
Solvency
77.0%
▼ 0.3pp
2025
middle half of the sector
20182025
Current ratio
3.94
▼ 0.28
2025
middle half of the sector
20182025
Return on assets (ROA)
3.0%
▼ 2.2pp
2025
middle half of the sector
20182025
Staff (FTE)
2
▲ 100%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€82,527-€138,912▲ 68.3%-€8,330€26,111€41,493▲ 58.9%€87,910▲ 112%€34,975▼ 60.2%€19,316▼ 44.8%
Net result€65,504-€101,372▲ 54.8%-€11,305below the sector's middle half€18,064within the sector's middle half€27,939within the sector's middle half▲ 54.7%€61,279above the sector's middle half▲ 119%€24,905within the sector's middle half▼ 59.4%€13,661within the sector's middle half▼ 45.1%
Equity€267,919-€369,292▲ 37.8%€357,987above the sector's middle half▼ 3.1%€376,051above the sector's middle half▲ 5.0%€365,990above the sector's middle half▼ 2.7%€392,269above the sector's middle half▲ 7.2%€367,173above the sector's middle half▼ 6.4%€345,834above the sector's middle half▼ 5.8%
Total assets€471,758-€565,111▲ 19.8%€520,642above the sector's middle half▼ 7.9%€538,623above the sector's middle half▲ 3.5%€540,296above the sector's middle half▲ 0.3%€508,626above the sector's middle half▼ 5.9%€475,223above the sector's middle half▼ 6.6%€449,210above the sector's middle half▼ 5.5%
Debt€203,839-€195,820▼ 3.9%€162,655▼ 16.9%€162,572▼ 0.1%€174,306▲ 7.2%€116,358▼ 33.2%€108,050▼ 7.1%€103,376▼ 4.3%
Working capital€212,138-€308,606▲ 45.5%€307,887above the sector's middle half▼ 0.2%€306,224above the sector's middle half▼ 0.5%€288,355above the sector's middle half▼ 5.8%€258,015above the sector's middle half▼ 10.5%€197,946above the sector's middle half▼ 23.3%€183,017above the sector's middle half▼ 7.5%
Solvency56.8%-65.3%▲ 8.6pp68.8%within the sector's middle half▲ 3.4pp69.8%within the sector's middle half▲ 1.1pp67.7%within the sector's middle half▼ 2.1pp77.1%within the sector's middle half▲ 9.4pp77.3%within the sector's middle half▲ 0.1pp77.0%within the sector's middle half▼ 0.3pp
Current ratio5.38-7.05▲ 1.6623.80above the sector's middle half▲ 16.758.83above the sector's middle half▼ 14.975.68above the sector's middle half▼ 3.164.99above the sector's middle half▼ 0.684.22within the sector's middle half▼ 0.773.94within the sector's middle half▼ 0.28
Return on assets (ROA)13.9%-17.9%▲ 4.1pp-2.2%below the sector's middle half▼ 20.1pp3.4%within the sector's middle half▲ 5.5pp5.2%within the sector's middle half▲ 1.8pp12.0%within the sector's middle half▲ 6.9pp5.2%within the sector's middle half▼ 6.8pp3.0%within the sector's middle half▼ 2.2pp
Staff (FTE)1.4-1.2▼ 14.3%0.3below the sector's middle half▼ 75.0%12▲ 100%
above
within
below
The sector band is the middle half of the companies in Computing infrastructure, data processing, hosting and other information service activities (NACE 63). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 45% lower than in 2024 and the lowest since 2020. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €449,210
Fixed assets
€204,007 ▼ 5.5%
Current assets
€245,204 ▼ 5.5%
Equity and liabilities €449,210
Equity
€345,834 ▼ 5.8%
Debt
€103,376 ▼ 4.3%
Debt's share of the balance-sheet total rises from 22.7% to 23.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€36,503▼
2024 · €48,437
Cash flow
€30,848▼
2024 · €38,366
Debt to equity
0.30▲
2024 · 0.29
ROE
4.0%▼
2024 · 6.8%
Interest coverage
16.20▼
2024 · 18.02
Debt ≤ 1 year
€62,187▲
2024 · €61,486
Debt > 1 year
€41,189▼
2024 · €46,564
Income taxes
€5,661▼
2024 · €9,771
Staff costs
€72,251▲
2024 · €37,884
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 2 |
| full-time | 1 | 2 |
| part-time | - | 0 |
| in full-time equivalents | 1 | 2 |
| Average over the year, in full-time equivalents | 1 | 2 |
| On a permanent contract | 1 | 2 |
| Joined | 1 | 1 |
| Left | 0 | 0 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €848 | €3,837 | €3,134 | €43,287 | €5,402 |
| Depreciation and write-downs of the year | €6,797 | €6,862 | €7,445 | €13,462 | €17,187 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,389 | - | - | €5,071 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €374 | €698 | €11,201 | €37,884 | €72,251 | ▲ 90.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,866 | €7,809 | €6,784 | €6,797 | €6,862 | €7,445 | €13,462 | €17,187 | ▲ 27.7% |
| Other operating charges640/8 | - | - | - | €1,372 | €1,437 | €1,520 | €1,380 | €1,282 | ▼ 7.1% |
| Gross operating margin9900 | €143,244 | €188,244 | €9,313 | €34,654 | €50,491 | €108,075 | €87,701 | €110,036 | ▲ 25.5% |
| Operating profit (loss)9901 | €82,527 | €138,912 | -€8,330 | €26,111 | €41,493 | €87,910 | €34,975 | €19,316 | ▼ 44.8% |
| Financial income75/76B | - | - | - | €1 | - | €20 | €2,388 | €2,259 | ▼ 5.4% |
| Recurring financial income75 | €93 | €30 | €887 | €1 | - | €20 | €2,388 | €2,259 | ▼ 5.4% |
| Financial charges65/66B | - | - | - | €3,581 | €2,671 | €2,728 | €2,688 | €2,253 | ▼ 16.2% |
| Recurring financial charges65 | €2,995 | €3,797 | €3,753 | €3,581 | €2,671 | €2,728 | €2,688 | €2,253 | ▼ 16.2% |
| Profit (loss) for the period before taxes9903 | €79,625 | €135,145 | -€11,196 | €22,532 | €38,822 | €85,201 | €34,675 | €19,322 | ▼ 44.3% |
| Income taxes67/77 | €14,121 | €33,773 | €109 | €4,467 | €10,883 | €23,923 | €9,771 | €5,661 | ▼ 42.1% |
| Profit (loss) for the period9904 | €65,504 | €101,372 | -€11,305 | €18,064 | €27,939 | €61,279 | €24,905 | €13,661 | ▼ 45.1% |
| Profit (loss) for the period to be appropriated9905 | €65,504 | €101,372 | -€11,305 | €18,064 | €27,939 | €61,279 | €24,905 | €13,661 | ▼ 45.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €471,758 | €565,111 | €520,642 | €538,623 | €540,296 | €508,626 | €475,223 | €449,210 | ▼ 5.5% |
| Formation expenses20 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €211,223 | €205,473 | €199,250 | €193,301 | €190,276 | €185,966 | €215,791 | €204,007 | ▼ 5.5% |
| Intangible fixed assets21 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €211,103 | €205,353 | €199,130 | €193,181 | €190,156 | €185,846 | €215,671 | €203,887 | ▼ 5.5% |
| Land and buildings22 | - | - | - | €191,780 | €186,245 | €180,711 | €175,177 | €169,642 | ▼ 3.2% |
| Plant, machinery and equipment23 | - | - | - | - | €1,760 | €1,551 | €808 | €935 | ▲ 15.7% |
| Furniture and vehicles24 | - | - | - | €1,401 | €2,151 | €3,584 | €39,686 | €33,309 | ▼ 16.1% |
| Financial fixed assets28 | €120 | €120 | €120 | €120 | €120 | €120 | €120 | €120 | = |
| Current assets29/58 | €260,535 | €359,638 | €321,392 | €345,322 | €350,020 | €322,660 | €259,432 | €245,204 | ▼ 5.5% |
| Amounts receivable within one year40/41 | €85,970 | €110,803 | €25,638 | €83,570 | €42,850 | €53,279 | €56,557 | €56,756 | ▲ 0.4% |
| Trade receivables40 | - | - | - | €67,903 | €40,233 | €53,279 | €50,613 | €46,794 | ▼ 7.5% |
| Other amounts receivable41 | - | - | - | €15,667 | €2,617 | - | €5,945 | €9,962 | ▲ 67.6% |
| Current investments50/53 | €100,062 | €100,083 | €100,142 | €100,142 | €100,142 | €150,142 | €150,803 | €148,791 | ▼ 1.3% |
| Cash at bank and in hand54/58 | €73,537 | €148,560 | €190,930 | €158,083 | €203,345 | €116,103 | €48,437 | €36,426 | ▼ 24.8% |
| Deferred charges and accrued income490/1 | - | - | - | €3,526 | €3,683 | €3,136 | €3,635 | €3,230 | ▼ 11.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €471,758 | €565,111 | €520,642 | €538,623 | €540,296 | €508,626 | €475,223 | €449,210 | ▼ 5.5% |
| Equity10/15 | €267,919 | €369,292 | €357,987 | €376,051 | €365,990 | €392,269 | €367,173 | €345,834 | ▼ 5.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | - | - | - | - | - |
| Other1109/19 | - | - | - | €18,600 | - | - | - | - | - |
| Reserves13 | €249,319 | €350,692 | €350,692 | €357,451 | €347,390 | €373,669 | €348,573 | €327,234 | ▼ 6.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €355,591 | €345,530 | €373,669 | €348,573 | €327,234 | ▼ 6.1% |
| Profit (loss) carried forward14 | - | - | -€11,305 | - | - | - | - | - | - |
| Amounts payable17/49 | €203,839 | €195,820 | €162,655 | €162,572 | €174,306 | €116,358 | €108,050 | €103,376 | ▼ 4.3% |
| Amounts payable after more than one year17 | €154,885 | €144,592 | €134,123 | €123,473 | €112,641 | €51,713 | €46,564 | €41,189 | ▼ 11.5% |
| Financial debts170/4 | - | - | - | €123,473 | €112,641 | €51,713 | €46,564 | €41,189 | ▼ 11.5% |
| Amounts payable within one year42/48 | €48,398 | €51,032 | €13,505 | €39,098 | €61,665 | €64,645 | €61,486 | €62,187 | ▲ 1.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,649 | €10,832 | €4,932 | €5,149 | €5,375 | ▲ 4.4% |
| Trade debts44 | €26,808 | €29,831 | €2,285 | €17,348 | €36,849 | €37,204 | €39,203 | €32,434 | ▼ 17.3% |
| Suppliers440/4 | - | - | - | €17,348 | €36,849 | €37,204 | €39,203 | €32,434 | ▼ 17.3% |
| Taxes, remuneration and social security45 | - | - | - | €11,101 | €9,491 | €14,347 | €16,236 | €23,568 | ▲ 45.2% |
| Taxes450/3 | - | - | - | €6,674 | €6,356 | €8,966 | €8,640 | €4,105 | ▼ 52.5% |
| Remuneration and social security454/9 | - | - | - | €4,427 | €3,135 | €5,381 | €7,597 | €19,463 | ▲ 156% |
| Other amounts payable47/48 | - | - | - | - | €4,493 | €8,162 | €898 | €810 | ▼ 9.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €65,504 | €101,372 | -€11,305 | €18,064 | €27,939 | €61,279 | €24,905 | €13,661 | ▼ 45.1% |
| + Depreciation and write-downs630 | €13,866 | €7,809 | €6,784 | €6,797 | €6,862 | €7,445 | €13,462 | €17,187 | ▲ 27.7% |
| Operating cash flow (approximation) | €79,370 | €109,182 | -€4,521 | €24,861 | €34,801 | €68,723 | €38,366 | €30,848 | ▼ 19.6% |
| Investment in fixed assets (approximation) | - | -€2,060 | -€560 | -€848 | -€3,837 | -€3,134 | -€43,287 | -€5,402 | ▲ 87.5% |
| Change in cash | - | €75,023 | €42,371 | -€32,847 | €45,262 | -€87,242 | -€67,665 | -€12,012 | ▲ 82.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 10,904 companies had the same profile as CODE-ON has now. Two years later, 95.2% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of CODE-ON itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 10,904 companies, not a prediction for CODE-ON. 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00357456 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00227084 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00228575 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00184259 | |
| 31-12-2021 | micro format | 03-08-2022 | 2022-20278601 | |
| 31-12-2020 | micro format | 23-06-2021 | 2021-25000496 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-34600170 | |
| 31-12-2018 | micro format | 06-07-2019 | 2019-30200234 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-24000225 | |
| 31-12-2016 | micro format | 04-07-2017 | 2017-27500593 |