CODEAPP
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 7 filings
Equity
€80,281▼ 11.9%
2024 · €91,104
Total assets
€105,609▼ 5.0%
2024 · €111,165
Net result
-€10,823▲ 32.6%
2024 · -€16,062
Working capital
€80,281▼ 11.7%
2024 · €90,943
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€10,769
▲ 32.6%
2025
20192025
Net result
-€10,823
▲ 32.6%
2025
lowest quarter of the sector
20192025
Equity
€80,281
▼ 11.9%
2025
middle half of the sector
20192025
Total assets
€105,609
▼ 5.0%
2025
middle half of the sector
20192025
Debt
€25,328
▲ 26.3%
2025
20192025
Working capital
€80,281
▼ 11.7%
2025
middle half of the sector
20192025
Solvency
76.0%
▼ 5.9pp
2025
middle half of the sector
20192025
Current ratio
4.17
▼ 1.36
2025
middle half of the sector
20192025
Return on assets (ROA)
-10.2%
▲ 4.2pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€57,165-€81,082▲ 41.8%€58,083▼ 28.4%-€49,769-€7,941▲ 84.0%-€15,981▼ 101%-€10,769▲ 32.6%
Net result€45,572-€64,515above the sector's middle half▲ 41.6%€45,731above the sector's middle half▼ 29.1%-€50,684below the sector's middle half-€7,968below the sector's middle half▲ 84.3%-€16,062below the sector's middle half▼ 102%-€10,823below the sector's middle half▲ 32.6%
Equity€55,572-€120,087within the sector's middle half▲ 116%€165,818above the sector's middle half▲ 38.1%€115,134within the sector's middle half▼ 30.6%€107,166within the sector's middle half▼ 6.9%€91,104within the sector's middle half▼ 15.0%€80,281within the sector's middle half▼ 11.9%
Total assets€106,744-€197,156within the sector's middle half▲ 84.7%€220,344within the sector's middle half▲ 11.8%€137,964within the sector's middle half▼ 37.4%€128,270within the sector's middle half▼ 7.0%€111,165within the sector's middle half▼ 13.3%€105,609within the sector's middle half▼ 5.0%
Debt€51,172-€77,068▲ 50.6%€54,526▼ 29.2%€22,830▼ 58.1%€21,104▼ 7.6%€20,061▼ 4.9%€25,328▲ 26.3%
Working capital€51,957-€114,551above the sector's middle half▲ 120%€161,471above the sector's middle half▲ 41.0%€111,120within the sector's middle half▼ 31.2%€105,972within the sector's middle half▼ 4.6%€90,943within the sector's middle half▼ 14.2%€80,281within the sector's middle half▼ 11.7%
Solvency52.1%-60.9%within the sector's middle half▲ 8.8pp75.3%within the sector's middle half▲ 14.3pp83.5%above the sector's middle half▲ 8.2pp83.5%above the sector's middle half▲ 0.1pp82.0%above the sector's middle half▼ 1.6pp76.0%within the sector's middle half▼ 5.9pp
Current ratio2.02-2.49within the sector's middle half▲ 0.473.96within the sector's middle half▲ 1.485.87above the sector's middle half▲ 1.916.02above the sector's middle half▲ 0.155.53above the sector's middle half▼ 0.494.17within the sector's middle half▼ 1.36
Return on assets (ROA)42.7%-32.7%above the sector's middle half▼ 10.0pp20.8%within the sector's middle half▼ 12.0pp-36.7%below the sector's middle half▼ 57.5pp-6.2%below the sector's middle half▲ 30.5pp-14.4%below the sector's middle half▼ 8.2pp-10.2%below the sector's middle half▲ 4.2pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 a loss of €10,769, smaller than the loss of €15,981 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €105,609
Equity
€80,281 ▼ 11.9%
Debt
€25,328 ▲ 26.3%
Debt's share of the balance-sheet total rises from 18.0% to 24.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€10,608▲
2024 · -€14,948
Cash flow
-€10,662▲
2024 · -€15,029
Debt to equity
0.32▲
2024 · 0.22
ROE
-13.5%▲
2024 · -17.6%
Interest coverage
-196.45▼
2024 · -184.54
Debt ≤ 1 year
€25,328▲
2024 · €20,061
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,858 | €2,276 | €0 | €0 | €0 |
| Depreciation and write-downs of the year | €2,123 | €2,609 | €2,819 | €1,033 | €161 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €911 | €1,003 | €2,123 | €2,609 | €2,819 | €1,033 | €161 | ▼ 84.5% |
| Other operating charges640/8 | - | - | - | - | - | €6,503 | €375 | ▼ 94.2% |
| Gross operating margin9900 | €58,076 | €82,085 | €60,206 | -€47,160 | -€5,121 | -€8,445 | -€10,234 | ▼ 21.2% |
| Operating profit (loss)9901 | €57,165 | €81,082 | €58,083 | -€49,769 | -€7,941 | -€15,981 | -€10,769 | ▲ 32.6% |
| Recurring financial income75 | €0 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | €996 | €190 | €27 | €81 | €54 | ▼ 33.3% |
| Recurring financial charges65 | €29 | €72 | €996 | €190 | €27 | €81 | €54 | ▼ 33.3% |
| Profit (loss) for the period before taxes9903 | €57,137 | €81,010 | €57,086 | -€49,960 | -€7,968 | -€16,062 | -€10,823 | ▲ 32.6% |
| Income taxes67/77 | €11,565 | €16,494 | €11,355 | €725 | - | - | - | - |
| Profit (loss) for the period9904 | €45,572 | €64,515 | €45,731 | -€50,684 | -€7,968 | -€16,062 | -€10,823 | ▲ 32.6% |
| Profit (loss) for the period to be appropriated9905 | €45,572 | €64,515 | €45,731 | -€50,684 | -€7,968 | -€16,062 | -€10,823 | ▲ 32.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €106,744 | €197,156 | €220,344 | €137,964 | €128,270 | €111,165 | €105,609 | ▼ 5.0% |
| Formation expenses20 | €958 | €741 | €525 | €309 | €92 | €0 | €0 | - |
| Fixed assets21/28 | €2,657 | €4,796 | €3,822 | €3,705 | €1,102 | €161 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €2,657 | €4,796 | €3,822 | €3,705 | €1,102 | €161 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | €3,822 | €3,705 | €1,102 | €161 | €0 | ▼ 100% |
| Current assets29/58 | €103,129 | €191,619 | €215,998 | €133,951 | €127,076 | €111,004 | €105,609 | ▼ 4.9% |
| Amounts receivable within one year40/41 | €20,358 | €48,143 | €31,962 | €28,595 | €20,151 | €9,270 | €579 | ▼ 93.8% |
| Trade receivables40 | - | - | €31,962 | €11,364 | €0 | - | - | - |
| Other amounts receivable41 | - | - | €0 | €17,231 | €20,151 | €9,270 | €579 | ▼ 93.8% |
| Cash at bank and in hand54/58 | €82,772 | €143,476 | €184,035 | €105,356 | €106,925 | €101,734 | €105,030 | ▲ 3.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €106,744 | €197,156 | €220,344 | €137,964 | €128,270 | €111,165 | €105,609 | ▼ 5.0% |
| Equity10/15 | €55,572 | €120,087 | €165,818 | €115,134 | €107,166 | €91,104 | €80,281 | ▼ 11.9% |
| Contributions10/11 | €10,000 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | €45,572 | €110,087 | €155,818 | €105,134 | €97,166 | €81,104 | €70,281 | ▼ 13.3% |
| Amounts payable17/49 | €51,172 | €77,068 | €54,526 | €22,830 | €21,104 | €20,061 | €25,328 | ▲ 26.3% |
| Amounts payable within one year42/48 | €51,172 | €77,068 | €54,526 | €22,830 | €21,104 | €20,061 | €25,328 | ▲ 26.3% |
| Trade debts44 | €2,518 | €1,181 | €3,764 | €11,693 | €2,114 | €465 | €64 | ▼ 86.3% |
| Suppliers440/4 | - | - | €3,764 | €11,693 | €2,114 | €465 | €64 | ▼ 86.3% |
| Advances received on contracts in progress46 | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | €37,727 | €0 | €0 | €0 | €0 | - |
| Taxes450/3 | - | - | €37,727 | €0 | €0 | €0 | - | - |
| Remuneration and social security454/9 | - | - | €0 | €0 | - | - | €0 | - |
| Other amounts payable47/48 | - | - | €13,036 | €11,138 | €18,990 | €19,596 | €25,265 | ▲ 28.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45,572 | €64,515 | €45,731 | -€50,684 | -€7,968 | -€16,062 | -€10,823 | ▲ 32.6% |
| + Depreciation and write-downs630 | €911 | €1,003 | €2,123 | €2,609 | €2,819 | €1,033 | €161 | ▼ 84.5% |
| Operating cash flow (approximation) | €46,482 | €65,518 | €47,854 | -€48,075 | -€5,148 | -€15,029 | -€10,662 | ▲ 29.1% |
| Investment in fixed assets (approximation) | - | -€3,141 | -€1,149 | -€2,492 | -€216 | -€92 | €0 | - |
| Change in cash | - | €60,704 | €40,560 | -€78,680 | €1,570 | -€5,191 | €3,295 | - |
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, 3,591 companies had the same profile as CODEAPP has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CODEAPP itself is lower: < 0.1% within 12 months. It rests on far more data about CODEAPP than the profile alone.
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 3,591 companies, not a prediction for CODEAPP. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00370644 | |
| 31-12-2024 | micro format | 07-07-2025 | 2025-00235253 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00373344 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00263337 | |
| 31-12-2021 | micro format | 31-07-2022 | 2022-20252795 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-52600241 | |
| 31-12-2019 | micro format | 23-11-2020 | 2020-71300478 |