Summary
Codeco has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €215,889 and a net result of €54,168. Equity is growing by about 45% per year across the filed financial years. Its solvency ranks better than 40% of 39,102 sector peers (NACE 70, financial year 2025). The company has been active since 2012 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€215,889▲ 33.5%
2024 · €161,720
Total assets
€489,751▲ 9.8%
2024 · €446,097
Net result
€54,168▲ 7.0%
2024 · €50,643
Working capital
-€35,797▲ 71.0%
2024 · -€123,288
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 0% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€39,668
2025
Net result€54,168
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€489,751
2025
Equity€215,889
2025
Debt€273,862
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€35,797
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)11.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency44.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.56
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4,974-€12,346▲ 148%€18,559▲ 50.3%€43,102▲ 132%€35,290▼ 18.1%€21,971▼ 37.7%€39,825▲ 81.3%€39,668▼ 0.4%
Net result€1,723-€2,533▲ 47.0%€12,081within the sector's middle half▲ 377%€25,515within the sector's middle half▲ 111%€55,938within the sector's middle half▲ 119%€8,417within the sector's middle half▼ 85.0%€50,643within the sector's middle half▲ 502%€54,168within the sector's middle half▲ 7.0%
Equity-€4,663--€3,273▲ 29.8%€8,808below the sector's middle half€46,723within the sector's middle half▲ 430%€102,661within the sector's middle half▲ 120%€111,078within the sector's middle half▲ 8.2%€161,720within the sector's middle half▲ 45.6%€215,889within the sector's middle half▲ 33.5%
Total assets€463,787-€460,737▼ 0.7%€451,794within the sector's middle half▼ 1.9%€450,548within the sector's middle half▼ 0.3%€459,942within the sector's middle half▲ 2.1%€447,800within the sector's middle half▼ 2.6%€446,097within the sector's middle half▼ 0.4%€489,751above the sector's middle half▲ 9.8%
Debt€468,450-€464,010▼ 0.9%€442,986▼ 4.5%€403,825▼ 8.8%€357,282▼ 11.5%€336,722▼ 5.8%€284,376▼ 15.5%€273,862▼ 3.7%
Working capital-€166,600--€189,505▼ 13.7%-€196,376below the sector's middle half▼ 3.6%-€289,912below the sector's middle half▼ 47.6%-€273,483below the sector's middle half▲ 5.7%-€125,178below the sector's middle half▲ 54.2%-€123,288below the sector's middle half▲ 1.5%-€35,797below the sector's middle half▲ 71.0%
Solvency-1.0%--0.7%▲ 0.3pp1.9%below the sector's middle half▲ 2.7pp10.4%below the sector's middle half▲ 8.4pp22.3%below the sector's middle half▲ 12.0pp24.8%below the sector's middle half▲ 2.5pp36.3%within the sector's middle half▲ 11.4pp44.1%within the sector's middle half▲ 7.8pp
Current ratio0.12-0.07▼ 0.050.04below the sector's middle half▼ 0.040.02below the sector's middle half▼ 0.020.05below the sector's middle half▲ 0.030.02below the sector's middle half▼ 0.030.02below the sector's middle half=0.56below the sector's middle half▲ 0.53
Return on assets (ROA)0.4%-0.5%▲ 0.2pp2.7%within the sector's middle half▲ 2.1pp5.7%within the sector's middle half▲ 3.0pp12.2%within the sector's middle half▲ 6.5pp1.9%within the sector's middle half▼ 10.3pp11.4%within the sector's middle half▲ 9.5pp11.1%within the sector's middle half▼ 0.3pp
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €489,751
Fixed assets
€444,847 ▲ 0.4%
Current assets
€44,904 ▲ 1,406%
Equity and liabilities €489,751
Equity
€215,889 ▲ 33.5%
Debt
€273,862 ▼ 3.7%
Debt's share of the balance-sheet total falls from 63.7% to 55.9%. Equity is higher and debt is lower.
Key figures and ratios
ROE
25.1%▼
2024 · 31.3%
Debt ≤ 1 year
€80,702▼
2024 · €126,269
Debt > 1 year
€193,161▲
2024 · €158,107
Income taxes
€14,643▲
2024 · €13,144
Staff costs
€960
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €960 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,337 | €2,057 | €1,368 | €1,707 | €2,231 | €2,420 | €1,154 | €1,449 | ▲ 25.5% |
| Other operating charges640/8 | - | - | - | €1,535 | €1,625 | €1,726 | €1,694 | €1,254 | ▼ 26.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €184 | €0 | ▼ 100% |
| Gross operating margin9900 | €8,318 | €24,736 | €21,191 | €46,345 | €39,145 | €26,118 | €42,858 | €43,330 | ▲ 1.1% |
| Operating profit (loss)9901 | €4,974 | €12,346 | €18,559 | €43,102 | €35,290 | €21,971 | €39,825 | €39,668 | ▼ 0.4% |
| Financial income75/76B | - | - | - | €0 | €40,000 | €6 | €36,000 | €40,000 | ▲ 11.1% |
| Recurring financial income75 | - | €0 | €3,000 | €0 | €40,000 | €6 | €36,000 | €40,000 | ▲ 11.1% |
| Financial charges65/66B | - | - | - | €5,361 | €5,151 | €8,246 | €12,038 | €10,857 | ▼ 9.8% |
| Recurring financial charges65 | €3,251 | €6,647 | €5,171 | €5,361 | €5,151 | €8,246 | €12,038 | €10,857 | ▼ 9.8% |
| Profit (loss) for the period before taxes9903 | €1,723 | €5,699 | €16,388 | €37,741 | €70,139 | €13,731 | €63,787 | €68,811 | ▲ 7.9% |
| Income taxes67/77 | - | €3,166 | €4,307 | €12,226 | €14,201 | €5,314 | €13,144 | €14,643 | ▲ 11.4% |
| Profit (loss) for the period9904 | €1,723 | €2,533 | €12,081 | €25,515 | €55,938 | €8,417 | €50,643 | €54,168 | ▲ 7.0% |
| Profit (loss) for the period to be appropriated9905 | €1,723 | €303 | €12,081 | €25,515 | €55,938 | €8,417 | €50,643 | €54,168 | ▲ 7.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €463,787 | €460,737 | €451,794 | €450,548 | €459,942 | €447,800 | €446,097 | €489,751 | ▲ 9.8% |
| Fixed assets21/28 | €440,689 | €445,472 | €444,104 | €444,886 | €445,063 | €444,953 | €443,115 | €444,847 | ▲ 0.4% |
| Tangible fixed assets22/27 | €689 | €5,472 | €4,104 | €4,886 | €5,063 | €4,953 | €3,115 | €4,847 | ▲ 55.6% |
| Plant, machinery and equipment23 | - | - | - | €3,250 | €1,860 | €2,708 | €2,035 | €4,248 | ▲ 109% |
| Furniture and vehicles24 | - | - | - | €1,635 | €3,203 | €2,246 | €1,080 | €598 | ▼ 44.6% |
| Financial fixed assets28 | €440,000 | €440,000 | €440,000 | €440,000 | €440,000 | €440,000 | €440,000 | €440,000 | = |
| Current assets29/58 | €23,098 | €15,265 | €7,690 | €5,662 | €14,879 | €2,846 | €2,981 | €44,904 | ▲ 1,406% |
| Amounts receivable within one year40/41 | €21,427 | €13,818 | €477 | €397 | €0 | - | - | €21,552 | - |
| Trade receivables40 | - | - | - | - | - | - | - | €19,166 | - |
| Other amounts receivable41 | - | - | - | €397 | €0 | - | - | €2,385 | - |
| Cash at bank and in hand54/58 | €12 | €1,267 | €7,213 | €5,265 | €14,879 | €2,846 | €2,981 | €23,353 | ▲ 683% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €463,787 | €460,737 | €451,794 | €450,548 | €459,942 | €447,800 | €446,097 | €489,751 | ▲ 9.8% |
| Equity10/15 | -€4,663 | -€3,273 | €8,808 | €46,723 | €102,661 | €111,078 | €161,720 | €215,889 | ▲ 33.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €548 | €2,778 | €2,778 | €28,123 | €84,061 | €92,478 | €143,120 | €197,289 | ▲ 37.8% |
| Non-distributable reserves130/1 | - | - | - | €548 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €548 | €0 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €2,230 | €2,230 | €2,230 | €2,230 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €25,345 | €81,831 | €90,248 | €140,890 | €197,289 | ▲ 40.0% |
| Profit (loss) carried forward14 | -€11,411 | -€12,251 | -€170 | €0 | - | - | - | - | - |
| Amounts payable17/49 | €468,450 | €464,010 | €442,986 | €403,825 | €357,282 | €336,722 | €284,376 | €273,862 | ▼ 3.7% |
| Amounts payable after more than one year17 | €278,752 | €258,935 | €238,920 | €108,251 | €68,919 | €208,698 | €158,107 | €193,161 | ▲ 22.2% |
| Financial debts170/4 | - | - | - | €108,251 | €68,919 | €208,698 | €158,107 | €193,161 | ▲ 22.2% |
| Amounts payable within one year42/48 | €189,698 | €204,769 | €204,066 | €295,574 | €288,362 | €128,024 | €126,269 | €80,702 | ▼ 36.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €40,573 | €39,332 | €48,919 | €50,591 | €62,236 | ▲ 23.0% |
| Financial debts43 | - | - | - | €4,563 | €4,275 | €3,390 | €3,041 | €1,862 | ▼ 38.8% |
| Credit institutions430/8 | - | - | - | - | - | €3,390 | €3,041 | €1,862 | ▼ 38.8% |
| Other loans439 | - | - | - | €4,563 | €4,275 | €0 | - | - | - |
| Trade debts44 | €1,907 | €1,176 | €641 | €1,339 | €1,414 | €937 | €724 | €3,831 | ▲ 429% |
| Suppliers440/4 | - | - | - | €1,339 | €1,414 | €937 | €724 | €3,831 | ▲ 429% |
| Taxes, remuneration and social security45 | - | - | - | €4,841 | €15,142 | €4,289 | €7,829 | €12,773 | ▲ 63.1% |
| Taxes450/3 | - | - | - | €4,841 | €13,114 | €2,289 | €7,829 | €12,773 | ▲ 63.1% |
| Remuneration and social security454/9 | - | - | - | €0 | €2,028 | €2,000 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €244,259 | €228,199 | €70,490 | €64,084 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,723 | €2,533 | €12,081 | €25,515 | €55,938 | €8,417 | €50,643 | €54,168 | ▲ 7.0% |
| + Depreciation and write-downs630 | €1,337 | €2,057 | €1,368 | €1,707 | €2,231 | €2,420 | €1,154 | €1,449 | ▲ 25.5% |
| Operating cash flow (approximation) | €3,060 | €4,589 | €13,449 | €27,222 | €58,169 | €10,836 | €51,797 | €55,617 | ▲ 7.4% |
| Investment in fixed assets (approximation) | - | -€6,840 | €0 | -€2,489 | -€2,408 | -€2,310 | €684 | -€3,180 | - |
| Change in cash | - | €1,254 | €5,946 | -€1,947 | €9,614 | -€12,033 | €135 | €20,371 | ▲ 14,960% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 14-04-2026 | 2026-00079033 |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00158144 |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00175191 |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00162665 |
| 31-12-2021 | micro format | 23-06-2022 | 2022-20157641 |
| 31-12-2020 | micro format | 08-06-2021 | 2021-18900117 |
| 31-12-2019 | micro format | 15-06-2020 | 2020-17300359 |
| 31-12-2018 | micro format | 11-06-2019 | 2019-17800436 |
| 31-12-2017 | micro format | 06-06-2018 | 2018-16700058 |
| 31-12-2016 | micro format | 19-06-2017 | 2017-19500466 |
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Of the 82,425 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 53,918. 40,369 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.