Code200 · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of Code200 is 0.8% (low). The 2024 annual accounts show equity of €448 and a net result of €3k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 14% of 1480 sector peers (fiscal year 2024). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 4 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

0.8% Low

0%0,5%1,5%4%10%≥25%

Young company +Lower-failure-rate sector −Annual accounts: weaker financial profile +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Signals

2 signals · with evidence

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 1480 sector peers (2024).

View the sector comparison

Consistently profitable

Positive net result in the two most recent financial years (2023 and 2024).

View the result trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 12 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-10-2025, 89 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.

How we compute the deadline

The year end is derived from 4 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	28-10-2025	89 d late	2025-00550873
31-12-2023	31-07-2024	28-12-2024	150 d late	2024-00626166
31-12-2022	31-07-2023	06-10-2023	67 d late	2023-00474398
31-12-2021	31-07-2022	21-11-2022	113 d late	2022-20522708

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2020, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€3k-78.2%

Working capital€-82k+18.6%

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 28-10-2025 with the NBB · fiscal year 2024 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

volatile Too volatile to project: the yearly deviation from the trend is ~100% of the level (threshold 35%). We therefore deliberately show no projection line.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2024 · NACE 74 · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	0.2%	50.1%	better than 14% of 1480 sector peers
Net result	€3k	€12k	better than 34% of 1482 sector peers
Equity	€448	€32k	better than 14% of 1482 sector peers
Gross operating margin	€77k	€28k	better than 81% of 1480 sector peers
Staff costs	€38k	€17k	higher than 62% of 258 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P14

Stable position over 2021-2024 · n=371-1480

Net result P34

Stable position over 2021-2024 · n=371-1482

Equity P14

Stable position over 2021-2024 · n=371-1482

Gross operating margin P81

Improving position over 2021-2024 · n=372-1480

Describes the position versus peers, not a forecast.

EBITDA

€38k

-0.3% 21-24

Net profit

€3k

-78.2% 21-24

Cash flow

€26k

-25.6% 21-24

Total assets

€187k

-12.4% 21-24

Equity

€448

- 21-24

Working capital

€-82k

+18.6% 21-24

Employees (FTE)

1

0.0% 21-24

Staff costs

€38k

-10.9% 21-24

Income taxes

€161

-70.7% 21-24

Debt

€186k

-13.7% 21-24

Debt ≤ 1y

€165k

-18.7% 21-24

Debt > 1y

€21k

+65.2% 21-24

Current ratio

0.50

-0.2% 21-24

Quick ratio

0.18

-63.6% 21-24

Solvency

0.2%

- 21-24

Debt / equity

415.34

- 21-24

ROE

734.2%

- 21-24

ROA

1.8%

-75.2% 21-24

Interest coverage

3.34

-83.5% 21-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	micro
Revenue	-
EBITDA	€38k
Net profit	€3k
Cash flow	€26k
Staff costs	€38k
Income taxes	€161
Dividends	-
Total assets	€187k
Equity	€448
Debt	€186k
of which ≤ 1y	€165k
of which > 1y	€21k
Working capital	€-82k
Employees (FTE)	1.0

Ratios (computed)

	2024
Current ratio	0.50
Quick ratio	0.18
Working capital ratio	-43.7%
Solvency	0.2%
Debt / equity	415.34
Long-term debt ratio	47.45
Interest coverage	3.34
Gross margin	-
Net margin	-
ROA	1.8%
ROE	734.2%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2024

Assets

Fixed assets €103k · 55.4% Current assets €83k · 44.6%

Equity & liabilities

Equity €448 · 0.2% Debt €186k · 99.8%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€187k
Fixed assets	21/28	€103k
Intangible fixed assets	21	€22k
Tangible fixed assets	22/27	€81k
Current assets	29/58	€83k
Stocks & contracts in progress	3	€53k
Amounts receivable within one year	40/41	€29k
Cash & bank	54/58	€157
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€187k
Equity	10/15	€448
Contributions / capital	10/11	€5k
Accumulated profits (losses)	14	€-5k
Amounts payable	17/49	€186k
Amounts payable after one year	17	€21k
Amounts payable within one year	42/48	€165k
Trade debts payable within one year	44	€41k
Income statement
Gross operating margin	9900	€77k
Operating result	9901	€15k
Financial income	75	€71
Financial charges	65	€11k
Result before taxes	9903	€3k
Income taxes	67/77	€161
Net result for the period	9904	€3k
Result to be appropriated	9905	€3k

You're seeing the latest fiscal year only. Unlock 3 prior years (figures + ratios) with a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2024 · computed

43 / 100 Weak

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Leliestraat 58880 Ledegem

Establishment units

1 location

Code200

Leliestraat 5, 8880 LedegemOverige activiteiten van gespecialiseerde designers

since 20212.311.994.703

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area347 m²

Buildings1

Building footprint162 m²

Volume (LiDAR)589 m³

Tallest building8.0 m · ±1 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
36016B0125/00E003	Flanders	347 m²	1 · 162 m²	8.0 m · 1 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgisch Staatsblad · acts

2 acts

All acts · 2 updated 4 months ago

2026

16-03-2026 Publication in the Belgian Official Gazette, Miscellaneous Miscellaneous·Ides Viaene

Summary: Statutes changeNotary: Ides Viaene · Roeselare

Original publication ↗

2020

22-12-2020 Incorporation of a new BV Incorporation

Summary: oprichting

Original publication ↗

Analysis

Snowflake analysis

financial profile on 5 axes

59 / 100

Mixed profile: strong on profitability, weaker on solvency.

All 5 axes are computed from data Checked has read.

Health 43

Profitability 100

Solvency 0

Growth 58

Stability 94

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Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.

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Credit advice

verdict per customer and amount

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We hold annual accounts for 56 of the 684 companies in this sector. 3 of them are within a factor 10 of this company's equity.

See full sector →

Company registry

Company registry (CBE)

Crossroads Bank

Activities

Activiteiten van industriële designers74102Activiteiten van industriële designers74112Prepress- en premediadiensten18130Prepress- en premediadiensten18130Handelsbemiddeling in goederen, algemeen assortiment46190Handelsbemiddeling in de niet-gespecialiseerde groothandel46190Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies70200Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering70220Activiteiten van grafische designers74103Grafisch ontwerp en visuele communicatie74120Overige zakelijke dienstverlening, n.e.g.82990Overige zakelijke dienstverlening, neg82990Overige persoonlijke diensten96099Overige persoonlijke diensten96999

Primary activity highlighted.

Names & trade names

Legal nameNL

Code200

Registered office

Leliestraat 5

8880 Ledegem, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.