CODECO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-03-2026 PDF all 9 filings
Equity
€36,388▼ 70.6%
2024 · €123,889
Total assets
€41,075▼ 70.8%
2024 · €140,660
Net result
-€61,584
2024 · €8,735
Working capital
€30,787▼ 73.6%
2024 · €116,630
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€58,270
2025
20182025
Net result
-€61,584
2025
lowest quarter of the sector
20182025
Equity
€36,388
▼ 70.6%
2025
middle half of the sector
20182025
Total assets
€41,075
▼ 70.8%
2025
lowest quarter of the sector
20182025
Debt
€4,687
▼ 72.1%
2025
20182025
Working capital
€30,787
▼ 73.6%
2025
middle half of the sector
20182025
Solvency
88.6%
▲ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
7.57
▼ 0.39
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-149.9%
▼ 156.1pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€52,765-€37,689▼ 28.6%€25,207▼ 33.1%€30,854▲ 22.4%€40,682▲ 31.9%€22,086▼ 45.7%€10,927▼ 50.5%-€58,270
Net result€36,945-€25,917▼ 29.9%€17,007within the sector's middle half▼ 34.4%€22,630within the sector's middle half▲ 33.1%€28,867within the sector's middle half▲ 27.6%€16,024within the sector's middle half▼ 44.5%€8,735within the sector's middle half▼ 45.5%-€61,584below the sector's middle half
Equity€80,049-€105,966▲ 32.4%€87,913within the sector's middle half▼ 17.0%€122,943within the sector's middle half▲ 39.8%€151,810within the sector's middle half▲ 23.5%€167,834within the sector's middle half▲ 10.6%€123,889within the sector's middle half▼ 26.2%€36,388within the sector's middle half▼ 70.6%
Total assets€119,595-€139,433▲ 16.6%€145,222below the sector's middle half▲ 4.2%€133,900below the sector's middle half▼ 7.8%€168,364below the sector's middle half▲ 25.7%€185,105below the sector's middle half▲ 9.9%€140,660below the sector's middle half▼ 24.0%€41,075below the sector's middle half▼ 70.8%
Debt€39,547-€33,467▼ 15.4%€57,308▲ 71.2%€10,957▼ 80.9%€16,554▲ 51.1%€17,271▲ 4.3%€16,771▼ 2.9%€4,687▼ 72.1%
Working capital€77,624-€104,411▲ 34.5%€86,047within the sector's middle half▼ 17.6%€121,564within the sector's middle half▲ 41.3%€147,569within the sector's middle half▲ 21.4%€154,746within the sector's middle half▲ 4.9%€116,630within the sector's middle half▼ 24.6%€30,787within the sector's middle half▼ 73.6%
Solvency66.9%-76.0%▲ 9.1pp60.5%within the sector's middle half▼ 15.5pp91.8%above the sector's middle half▲ 31.3pp90.2%above the sector's middle half▼ 1.6pp90.7%above the sector's middle half▲ 0.5pp88.1%above the sector's middle half▼ 2.6pp88.6%above the sector's middle half▲ 0.5pp
Current ratio2.96-4.12▲ 1.162.50within the sector's middle half▼ 1.6212.39above the sector's middle half▲ 9.8810.02above the sector's middle half▼ 2.369.96above the sector's middle half▼ 0.067.95above the sector's middle half▼ 2.017.57above the sector's middle half▼ 0.39
Return on assets (ROA)30.9%-18.6%▼ 12.3pp11.7%within the sector's middle half▼ 6.9pp16.9%within the sector's middle half▲ 5.2pp17.1%above the sector's middle half▲ 0.2pp8.7%within the sector's middle half▼ 8.5pp6.2%within the sector's middle half▼ 2.4pp-149.9%below the sector's middle half▼ 156.1pp
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 €58,270, after a profit of €10,927 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €41,075
Fixed assets
€5,601 ▼ 22.8%
Current assets
€35,474 ▼ 73.4%
Equity and liabilities €41,075
Equity
€36,388 ▼ 70.6%
Debt
€4,687 ▼ 72.1%
Debt's share of the balance-sheet total falls from 11.9% to 11.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€56,862▼
2024 · €12,248
Cash flow
-€60,176▼
2024 · €10,056
Debt to equity
0.13▼
2024 · 0.14
ROE
-169.2%▼
2024 · 7.1%
Interest coverage
-15.17▼
2024 · 14.65
Debt ≤ 1 year
€4,687▼
2024 · €16,771
Income taxes
€410▼
2024 · €2,825
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €3,175 | €11,987 | €5,080 | - |
| Depreciation and write-downs of the year | €394 | €3,339 | €1,321 | €1,408 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,450 | €870 | €767 | €861 | €394 | €3,339 | €1,321 | €1,408 | ▲ 6.6% |
| Other operating charges640/8 | - | - | - | - | €522 | €549 | €739 | €688 | ▼ 6.9% |
| Gross operating margin9900 | €55,440 | €40,100 | €27,074 | €32,223 | €41,597 | €25,974 | €12,987 | -€56,174 | - |
| Operating profit (loss)9901 | €52,765 | €37,689 | €25,207 | €30,854 | €40,682 | €22,086 | €10,927 | -€58,270 | - |
| Financial income75/76B | - | - | - | - | €359 | €876 | €1,469 | €844 | ▼ 42.6% |
| Recurring financial income75 | €41 | €65 | €0 | €1,434 | €359 | €876 | €1,469 | €844 | ▼ 42.6% |
| Financial charges65/66B | - | - | - | - | €511 | €296 | €836 | €3,748 | ▲ 348% |
| Recurring financial charges65 | €64 | €70 | €301 | €659 | €511 | €296 | €836 | €3,748 | ▲ 348% |
| Profit (loss) for the period before taxes9903 | €52,742 | €37,684 | €24,907 | €31,628 | €40,530 | €22,665 | €11,560 | -€61,174 | - |
| Income taxes67/77 | €15,798 | €11,768 | €7,900 | €8,999 | €11,663 | €6,641 | €2,825 | €410 | ▼ 85.5% |
| Profit (loss) for the period9904 | €36,945 | €25,917 | €17,007 | €22,630 | €28,867 | €16,024 | €8,735 | -€61,584 | - |
| Profit (loss) for the period to be appropriated9905 | €36,945 | €25,917 | €17,007 | €22,630 | €28,867 | €16,024 | €8,735 | -€61,584 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €119,595 | €139,433 | €145,222 | €133,900 | €168,364 | €185,105 | €140,660 | €41,075 | ▼ 70.8% |
| Fixed assets21/28 | €2,424 | €1,555 | €1,867 | €1,659 | €4,441 | €13,088 | €7,259 | €5,601 | ▼ 22.8% |
| Tangible fixed assets22/27 | €2,174 | €1,305 | €1,617 | €1,409 | €4,191 | €12,838 | €7,009 | €5,601 | ▼ 20.1% |
| Plant, machinery and equipment23 | - | - | - | - | €3,694 | €2,843 | €1,992 | €1,183 | ▼ 40.6% |
| Furniture and vehicles24 | - | - | - | - | €154 | €9,692 | €51 | - | - |
| Other tangible fixed assets26 | - | - | - | - | €343 | €304 | €4,965 | €4,418 | ▼ 11.0% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | - | - |
| Current assets29/58 | €117,171 | €137,878 | €143,355 | €132,241 | €163,923 | €172,017 | €133,401 | €35,474 | ▼ 73.4% |
| Amounts receivable within one year40/41 | €26,725 | €25,514 | €24,113 | €24,302 | €26,034 | €15,281 | €53,988 | €5,578 | ▼ 89.7% |
| Trade receivables40 | - | - | - | - | €26,034 | €10,281 | €50,988 | - | - |
| Other amounts receivable41 | - | - | - | - | - | €5,000 | €3,000 | €5,578 | ▲ 85.9% |
| Current investments50/53 | - | - | €10,000 | €25,000 | €35,000 | €35,000 | €35,000 | €15,040 | ▼ 57.0% |
| Cash at bank and in hand54/58 | €85,154 | €106,845 | €107,498 | €80,891 | €99,540 | €117,823 | €29,525 | €12,350 | ▼ 58.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | €3,350 | €3,913 | €14,888 | €2,506 | ▼ 83.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €119,595 | €139,433 | €145,222 | €133,900 | €168,364 | €185,105 | €140,660 | €41,075 | ▼ 70.8% |
| Equity10/15 | €80,049 | €105,966 | €87,913 | €122,943 | €151,810 | €167,834 | €123,889 | €36,388 | ▼ 70.6% |
| Contributions10/11 | €6,200 | €6,200 | - | - | €18,600 | €18,600 | €3,000 | €3,000 | = |
| Reserves13 | €73,849 | €99,766 | €81,713 | €104,343 | €133,210 | €149,234 | €120,889 | €94,972 | ▼ 21.4% |
| Non-distributable reserves130/1 | - | - | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €131,350 | €149,234 | €120,889 | €94,972 | ▼ 21.4% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | -€61,584 | - |
| Amounts payable17/49 | €39,547 | €33,467 | €57,308 | €10,957 | €16,554 | €17,271 | €16,771 | €4,687 | ▼ 72.1% |
| Amounts payable within one year42/48 | €39,547 | €33,467 | €57,308 | €10,677 | €16,354 | €17,271 | €16,771 | €4,687 | ▼ 72.1% |
| Trade debts44 | €3,113 | €3,952 | €1,998 | €1,966 | €2,787 | €2,757 | €3,386 | €1,383 | ▼ 59.2% |
| Suppliers440/4 | - | - | - | - | €2,787 | €2,757 | €3,386 | €1,383 | ▼ 59.2% |
| Taxes, remuneration and social security45 | - | - | - | - | €12,827 | €11,954 | €8,724 | €2,857 | ▼ 67.2% |
| Taxes450/3 | - | - | - | - | €10,357 | €9,417 | €6,296 | €2,857 | ▼ 54.6% |
| Remuneration and social security454/9 | - | - | - | - | €2,470 | €2,538 | €2,427 | - | - |
| Other amounts payable47/48 | - | - | - | - | €740 | €2,559 | €4,662 | €446 | ▼ 90.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | €200 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,945 | €25,917 | €17,007 | €22,630 | €28,867 | €16,024 | €8,735 | -€61,584 | - |
| + Depreciation and write-downs630 | €1,450 | €870 | €767 | €861 | €394 | €3,339 | €1,321 | €1,408 | ▲ 6.6% |
| Operating cash flow (approximation) | €38,394 | €26,786 | €17,773 | €23,490 | €29,260 | €19,363 | €10,056 | -€60,176 | - |
| Investment in fixed assets (approximation) | - | €0 | -€1,079 | -€653 | -€3,175 | -€11,987 | €4,509 | €250 | ▼ 94.5% |
| Change in cash | - | €21,692 | €653 | -€26,607 | €18,648 | €18,283 | -€88,298 | -€17,175 | ▲ 80.5% |
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, 4,805 companies had the same profile as CODECO has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CODECO itself is lower: 0.1% within 12 months. It rests on far more data about CODECO 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 4,805 companies, not a prediction for CODECO. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-03-2026 | 2026-00055026 | |
| 31-12-2024 | abbreviated format | 17-03-2025 | 2025-00049159 | |
| 31-12-2023 | abbreviated format | 26-02-2024 | 2024-00034487 | |
| 31-12-2022 | abbreviated format | 15-03-2023 | 2023-00039810 | |
| 31-12-2021 | abbreviated format | 24-02-2022 | 2022-06300227 | |
| 31-12-2020 | abbreviated format | 19-03-2021 | 2021-07900350 | |
| 31-12-2019 | abbreviated format | 29-06-2020 | 2020-22300069 | |
| 31-12-2018 | abbreviated format | 17-07-2019 | 2019-33700314 | |
| 31-12-2017 | abbreviated format | 17-07-2018 | 2018-34100482 |