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CODEBROTHRS

Active Private limited companyfounded 2016active for 10 yearsFamilie de Bayostraat 89, 3000 LeuvenKBO/BCE: BE 0645.700.393

Overview

Lifetime

10 annual accounts with figures on one time axis
peak €58,767 (2016)
€44,675▲ 3.4%
lowest -€30,911 (2018)
€25,643▼ 3.8%
peak €77,505 (2024)
€46,103▼ 40.5%
€75,604▲ 97.9%
Board2 names since 2016
2 directorsGOOSSENS Wouter and 1 other
Documentsfilings and deeds
23-07-20268 days before the deadline
2025micro format
Dividend €57,045Equity from €77,505 to €46,103Debts from €38,209 to €75,604Cash from €42,482 to €56,205

Key points

from the 2025 annual accounts

Equity

€46,103 ▼ 40.5%
77,5052024+25,643Profit-57,045Dividend46,1032025

CODEBROTHRS paid out €57,045 in dividends. That is 222% of the 2025 profit.

Turnover

≈ €180,000 estimated

The micro format states no turnover.

Liquidity

1.33 was 3.89 in 2024

Short-term debts rose from €15,638 to €55,632.

Checked score

93
Excellent
Financially stronger than 46% of micro companies in computing infrastructure and information services (NACE 63)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.1% across 2,947 companies (NACE 63, micro).

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.1% 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025highest value 08-2025: < 0.1%▼ -0.1 percentage points vs 07-2025 09-2025: < 0.1%● unchanged vs 08-2025 10-2025: < 0.1%● unchanged vs 09-2025 11-2025: < 0.1%● unchanged vs 10-2025 12-2025: < 0.1%● unchanged vs 11-2025 01-2026: < 0.1%● unchanged vs 12-2025 02-2026: < 0.1%● unchanged vs 01-2026lowest value 03-2026: < 0.1%● unchanged vs 02-2026lowest value 04-2026: < 0.1%● unchanged vs 03-2026 05-2026: < 0.1%● unchanged vs 04-2026 06-2026: < 0.1%● unchanged vs 05-2026 07-2026: < 0.1%● unchanged vs 06-2026 08-2026: 0.1%▲ +0.1 percentage points vs 07-2026 09-2026: 0.1%● unchanged vs 08-2026 10-2026: 0.1%● unchanged vs 09-2026 11-2026: 0.1%● unchanged vs 10-2026

Financial strength
Strong

63-29equity 37.9% of total assets
78-16short-term debt 45.7% · cash 46.2%
95-3return on assets 21.1%

Score breakdown

lowers risk
Liquidity: current ratio 1.33, cash €56,205
Sector: Computing infrastructure, data processing, hosting and other information service activities (NACE 63)
Figures for financial year 2025 (filed on 23-07-2026)
Size: total assets €121,707
Calculation

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 63, micro). It does better than 37% of them on solvency, 66% on liquidity, 66% on profitability and 16% on growth.

The bankruptcy probability was computed on 09-11-2026 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).

Comparable companies, two years later

In July 2024, 34,693 companies had the same profile as CODEBROTHRS has now. Each dot stands for 87 companies, two years later.

95.3%
were still trading
3.9%
stopped another way
0.7%
went bankrupt
  • Micro
  • 10 to 20 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more

That fits the bankruptcy probability of CODEBROTHRS itself: 0.1% within 12 months.

Test of the method

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.

The companies in ten equal groups, from the lowest to the highest expected share
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 34,693 companies, not a prediction for CODEBROTHRS. 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.

Credit verdict

Credit of up to €4,000 on 30-day terms is acceptable

Liquidity is tight, with a current ratio of 1.33 (3.89 in 2024), below the usual 1.5. Short-term debt is 45.7% and cash 46.2% of total assets. 62.1% of the assets are financed with debt and provisions.

Credit check for an amount and term of your choice

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.

Signals

5 signals, none raises the risk
Five signals.
lowers riskneutral
lowers risk · Liquidity: current ratio 1.33, cash €56,205
NBB · annual accounts
lowers risk · Sector: Computing infrastructure, data processing, hosting and other information service activities (NACE 63)
KBO
lowers risk · Figures for financial year 2025 (filed on 23-07-2026)
NBB · annual accounts
lowers risk · Size: total assets €121,707
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
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 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
8 days early
2024
21 days early
2023
28 days early
2022
on the day
2021
5 days late
2020
2 days late
2019
31 days late
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 3 days before the deadline. In the sector (NACE 63), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 23 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

GW
Director, since 05-01-2016
WP
Director, since 01-01-2019
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0645700393
Changes of role: GOOSSENS Wouter (director) and WOUTERS Paulien (director) Gazette deed
Appointment: Paulien Wouters (manager) General meeting of 01-01-2019 · Gazette deed
Incorporation published on 11-01-2016 · Gazette deed
All 18 events

Comparable companies

same main activity, similar in size and age
Company
CODEBROTHRS Leuven €121,707 €44,675 37.9% -
NEngineering Diepenbeek €136,311 €44,868 74.4% -
Bintsoft Kortrijk €122,939 €38,390 37.1% -
SV CREATIO Kortrijk €118,284 €50,720 51.3% -
AXXESS Kampenhout €174,554 €50,290 43.4% -
BEEV Begijnendijk €125,946 €70,570 63.7% -
PECOR Boortmeerbeek €145,370 €30,380 67.6% -

These companies have the same main activity as CODEBROTHRS: computing infrastructure, data processing, hosting and related activities (NACE 63100). They are comparable in size and age: total assets between €118,000 and €175,000, founded between 2013 and 2017.

Official details

Source: KBO
Status
Active since 07-01-2016Normal situation
Activity
Computing infrastructure, data processing, hosting and related activitiesNACE 63100and 3 others
Establishment unit
2.249.291.6263000 Leuven, since 07-01-2016
Financial year end
31 December
Peppol
Reachable since 02-09-2025
Company details

Annual accounts 2025

€44,675▲ 3.4%
€25,643▼ 3.8%
€46,103▼ 40.5%
€121,707▲ 5.2%
Filing
Filed on 23-07-2026, 8 days before the end of the filing period
Financials

Insights on CODEBROTHRS

CODEBROTHRS files the micro format. That format states no turnover. The gross margin fell from €58,767 in 2016 to €44,675 in 2025.

The balance sheet grew most in 2017 through fixed assets.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

micro format, filed on 23-07-2026, 8 days before the deadline
€44,675
▲ 3.4%
€35,621
▼ 2.6%
€25,643
▼ 3.8%
€18,159
▼ 59.8%
37.9%
▼ 29.1 percentage points
1.33
▼ 2.56

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 €110,000 and €320,000.

Balance sheet

balance sheet total €121,707 on 31-12-2025
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

37.9%

Higher than 35% of 2,302 companies in 2025.

1.33

Higher than 33% of 2,199 companies in 2025.

21.1%

Higher than 61% of 2,233 companies in 2025.

CODEBROTHRS Middle half of the sector 80% of the sector Micro accounts in computing infrastructure and information services (NACE 63)

Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2025202420232022202120202019201820172016
Balance sheet: assets
20/58 121,707115,713114,715119,365110,565114,003114,691144,980151,95868,614
21/28 47,91654,95736,09340,25145,18751,19154,721108,55592,8569,458
22/27 47,91654,95736,09340,25145,18751,19154,721108,55592,8569,458
22 28,98030,10731,23532,36233,49034,61735,74536,872--
23 8081,8882,9694,0495,2171762,1576,2648,5566,678
24 18,12822,9621,8893,8395,89912,2999,2009,33312,6172,780
26 ----5814,1007,61811,13711,750-
29/58 73,79160,75678,62279,11465,37862,81259,97036,42559,10359,156
40/41 17,32818,19618,30816,89329,15128,27931,08317,71929,65226,929
40 16,11716,03816,89814,81025,63724,27027,30217,64229,58325,869
41 1,2112,1571,4102,0833,5144,0093,78176691,061
54/58 56,20542,48244,38044,2297,77432,17621,60618,44629,35230,124
490/1 2597815,93417,99228,4532,3567,281261992,103
Balance sheet: equity and liabilities
10/49 121,707115,713114,715119,365110,565114,003114,691144,980151,95868,614
10/15 46,10377,50550,84049,22035,37231,98741,99024,60455,51537,350
10/11 18,60018,60018,60018,6006,2006,2006,2006,2006,2006,200
100 ------18,60018,60018,60018,600
101 ------12,40012,40012,40012,400
13 27,50358,90535,79035,79035,79035,79035,79018,40449,31531,150
130/1 1,8601,8601,8601,8601,8601,860----
130 ------1,8601,8601,8601,557
1311 1,8601,8601,8601,8601,8601,860----
133 25,64357,04533,93033,93033,93033,93033,93016,54447,45529,592
14 ---3,551-5,170-6,619-10,003----
17/49 75,60438,20963,87570,14575,19382,01672,700120,37796,44331,265
17 19,56322,57125,52329,70735,40440,86536,79681,65956,917-
170/4 19,56322,57125,52329,70735,40440,86536,79681,65956,917-
42/48 55,63215,63836,87740,43839,78941,06935,90438,71839,52531,265
42 5,5394,3065,5376,9796,1286,4972,68917,38214,437-
44 1,664-1,8503,3612,1764,87614,2254,2073,8676,466
440/4 1,664-1,8503,3612,1764,87614,2254,2073,8676,466
45 7,0454,1253,2052,1742,7727,7193,82410,32614,40417,891
450/3 7,0454,1253,2052,1742,7727,7193,82410,32614,40417,891
47/48 41,3847,20626,28527,92428,71321,97715,1676,8046,8186,908
492/3 410-1,475--82--2-
Income statement
76A ---894-141----
9900 44,67543,19811,02211,45117,7905,50223,5909,33643,57758,767
62 ---250------
630 8,5286,1034,1584,93611,40612,22713,61237,01625,70111,357
640/8 526510502455975562629486615606
9901 35,62136,5856,3625,8105,409-7,2869,350-28,16717,26046,805
75/76B 0-13817032211010,382128,1091
75 0-138170322110212321
76B ------10,381-8,077-
65/66B 1,3761,4872,2252,6151,3602,3371,8842,485563214
65 1,3761,4872,2252,6151,3602,3371,8842,485563214
9903 34,24535,0984,2753,3654,371-9,51317,848-30,64024,80646,591
67/77 8,6028,4332,6561,9179864914612726,64115,442
9904 25,64326,6651,6201,4483,385-10,00317,387-30,91118,16531,150
9905 25,64326,6651,6201,4483,385-10,00317,387-30,91118,16531,150
Appropriation of the result
9906 25,64323,114-3,551-5,170-6,619-10,00317,387-30,91118,16531,150
14P --3,551-5,170-6,619-10,003-----
791/2 57,045------30,911--
691/2 25,64323,114----17,387-18,16531,150
6920 --------3031,557
6921 25,64323,114----17,387-17,86329,592
694/7 57,045---------
694 57,045---------
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The notes to these accounts have 6 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 23-07-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-12-2025 micro format 23-07-2026 2026-00322645 PDF
31-12-2024 micro format 10-07-2025 2025-00256155 PDF
31-12-2023 micro format 03-07-2024 2024-00205193 PDF
31-12-2022 micro format 31-07-2023 2023-00311215 PDF
31-12-2021 micro format 05-08-2022 2022-20271494 PDF
31-12-2020 micro format 02-08-2021 2021-45300437 PDF
31-12-2019 micro format 31-08-2020 2020-48300084 PDF
31-12-2018 micro format 06-08-2019 2019-44000415 PDF
31-12-2017 micro format 24-07-2018 2018-36900384 PDF
31-12-2016 micro format 31-08-2017 2017-52400052 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2025202420232022202120202019201820172016
44,14942,68810,52010,74616,8154,94022,9618,84942,96158,161
34,17132,7685,7786,38414,7912,22330,9996,10543,86742,506
1,48724,967005,4028,69764,51252,716111,42920,815
13,722-1,89715136,455-24,40210,5713,160-10,907-772-
18,15945,11841,74538,67625,58921,74324,066-2,29219,57827,891
37.9%67.0%44.3%41.2%32.0%28.1%36.6%17.0%36.5%54.4%
1.333.892.131.961.641.531.670.941.501.89
1.640.491.261.432.132.561.734.891.740.84
55.6%34.4%3.2%2.9%9.6%-31.3%41.4%-125.6%32.7%83.4%
21.1%23.0%1.4%1.2%3.1%-8.8%15.2%-21.3%12.0%45.4%
32.1028.714.734.1112.36-----

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.

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets€1,487€24,967--€5,402
€8,528€6,103€4,158€4,936€11,406

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on CODEBROTHRS

The operating result for 2025 is 3% lower than in 2024.

Debt's share of the balance-sheet total rises from 33.0% to 62.1%. Equity is lower and debt is higher.

Board & ownership

Board

2 directors, last change in 2023
Director
since 05-01-2016 term without a fixed end
earlier manager, until 20-12-2023
listed in the 2025 annual accounts, filed on 23-07-2026
Director
since 01-01-2019 term without a fixed end
earlier manager, until 20-12-2023
listed in the 2025 annual accounts, filed on 23-07-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“Beëindiging: De niet-statutaire bestuurders zijn enkel herroepbaar bij besluit van de algemene vergadering zonder dat hun herroeping recht…”
deed of 20-12-2023

Office holders in the KBO →

Mandates through the years

2 names, the dashed line is today
BoardEarliermandate already running before its first mentionend not dated
Mandates as a list
  • GOOSSENS Wouter
    • Director, from 05-01-2016 to date
    • Manager, until 20-12-2023
  • WOUTERS Paulien
    • Director, from 01-01-2019 to date
    • Manager, appointed by deed of 25-04-2019, ended, last mentioned on 25-04-2019
    • Manager, until 20-12-2023

See the board, name and registered office on a given date →

Control

Capital

Contribution
€18,600
Source
2025 annual accounts

Articles of association

deed of 20-12-2023 (in Dutch)
Board ruleThese rules set how the board is made up, meets and takes decisions.
At least 1 director
“Overblijvende bestuurders mogen nieuwe bestuurder coöpteren, coöptatie”
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Friday of May at 18:00

Network & group

No group

CODEBROTHRS has no parent and no holdings in its annual accounts. CODEBROTHRS shares no director with another company.

Timeline

Timeline

18 events since 2016

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed NBBmicro format · 8 days before the deadline
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0645700393
Annual accounts 2024 filed PDFmicro format · 21 days before the deadline
2024
Annual accounts 2023 filed PDFmicro format · 28 days before the deadline
2023
Changes of role: GOOSSENS Wouter (director) and WOUTERS Paulien (director)4 points ▸

Open the deed in the Belgian Official Gazette

Annual accounts 2022 filed PDFmicro format · on the deadline day
2022
Annual accounts 2021 filed PDFmicro format · 5 days late
2021
Back to profit net €3,385 The net result is €3,385, after one loss-making year.
Annual accounts 2020 filed PDFmicro format · 2 days late
2020
Annual accounts 2019 filed PDFmicro format · 31 days late
2019
Back to profit net €17,387 The net result is €17,387, after one loss-making year.
Annual accounts 2018 filed PDFmicro format · 6 days late
Appointment: Paulien Wouters (manager)General meeting of 01-01-20192 points ▸

Open the deed in the Belgian Official Gazette

2018
Weakest financial year net -€30,911 The net result drops to -€30,911, the lowest from 2016 to 2025. It recovers the following year.
Annual accounts 2017 filed PDFmicro format · 7 days before the deadline
2017
Annual accounts 2016 filed PDFmicro format · 31 days late
2016
Incorporation PDFpublished on 11-01-2016
First establishment CODEBROTHRS BVBA, Familie de Bayostraat 89, Leuven

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

CODEBROTHRS was incorporated on 7 January 2016.1 Total assets fell from €144,980 in 2018 to €121,707 in 2025.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0645.700.393
VAT number
BE 0645.700.393
Peppol ID
0208:0645700393
Legal form
Private limited company
Status
Active, normal situation
Founded
07-01-2016
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Friday of May at 18:00
deed of 20-12-2023 (in Dutch)
Peppol
Reachable since 02-09-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
CODEBROTHRS in Dutch
Entity type
Legal entity
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Familie de Bayostraat 89”
deed of 20-12-2023 (in Dutch)

Activities

NACEBEL 2025
Codes under NACEBEL 2008
63110 Computing infrastructure, data processing, hosting and other information service activities main activity
62010 Computer programming, consultancy and related activities
62020 IT consultancy
62030 Computer programming, consultancy and related activities
62090 Computer programming, consultancy and related activities
PurposeThe purpose describes the activities the company may carry out under its articles.
“Het ontwikkelen,ontwerpen,aanpassen,analyseren,wijzigen,testen,commercialiseren van software,mobiele applicaties,websites,web applicaties…”
14 activities
  1. Het ontwikkelen,ontwerpen,aanpassen,analyseren,wijzigen,testen,commercialiseren van software,mobiele applicaties,websites,web applicaties en/of hardware.Dit zowel op maat van de klant als in eigen productie.Inclusief het verzorgen van de bijhorende handleiding,opleiding en cursussen.
  2. Het geven/organiseren van opleidingen,trainingen,cursussen,seminaries,beurzen,evenementen en presentaties
  3. Het verlenen van advies,bijstand en ondersteuning bij de toepassing van informatica programma's,onderhoud en reparaties van computers en randapparatuur,overige activiteiten in de ICT sector
  4. Grafische vormgeving en aanverwante activiteiten ervan
  5. Het maken van foto's en videoreportages voor bedrijven en particulieren
  6. Overige fotografische activiteiten
  7. Verhuren van webhosting en verkopen van domeinnamen
  8. Het ontwikkelen en/of te koop aanbieden van ICT hardware en services
  9. Het al dan niet permanent verwerken van gegevens met behulp van een eigen programma of een programma van een klant
  10. Invoeren van gegevens en/of volledige verwerking van gegevens
  11. Verhuur en operationele leasing van kantoormachines,inclusief computers,mobiele toestellen,computerapparatuur,kopieermachines,telefoonapparatuur en andere randapparatuur.
  12. De klein- en groothandel,import en export,distributie en assemblage van computers en computeronderdelen(daarin inbegrepen alle hard- en software),randapparatuur en mobiele toestellen in het algemeen.
  13. Het ontwerpen en voeren van reclame- en promotiecampagnes voor derden via de verschillende media.
  14. Het verlenen van adviezen aan ondernemingen en overheid en zo meer ...
deed of 20-12-2023 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit number
CODEBROTHRS BVBA registered office Familie de Bayostraat 89, 3000 Leuven 07-01-2016 2.249.291.626

Buildings and parcels at the address

Ground area
173 m²
Buildings
90 m²
Volume, LiDAR
753 m³
Tallest building
12.8 m
Buildings to scale, each on its own parcel
90 m², 12.8 m 90 m², 12.8 m

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
24502C0502/00N005173 m² 1 · 90 m² 12.8 m · 3