Losses
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
The last five annual accounts were filed 2 to 29 days before the end of the period.
Lower net result than 95% of companies in head offices and management consultancy. Sector median €27,142 · 39,376 companies.
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
The dashed line is the sector median: 0.1% across 48,568 companies (NACE 70, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 70, micro). It does better than 86% of them on solvency, 70% on liquidity, 4% on profitability and 11% on growth.
The bankruptcy probability was computed on 07-11-2026 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 30-06-2025.
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).
In July 2024, 5,831 companies had the same profile as Codeetry has now. Each dot stands for 15 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Codeetry itself is lower: 0.1% within 12 months. It rests on far more data about Codeetry than the profile alone.
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.
| 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 5,831 companies, not a prediction for Codeetry. 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.
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is ample, with a current ratio of 2.0 (2.55 in 2024), above the usual 1.5. Short-term debt is 17.8% and cash 26.3% of total assets. 17.8% of the assets are financed with debt and provisions.
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.
The company filed its last 7 accounts on average 20 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Codeetry Mont-Saint-Guibert | €25,237 | -€15,860 | 82.2% | - |
| DILEKENO Braine-l'Alleud | €27,892 | -€4,641 | -416.4% | - |
| THE CONSTANTIA INSTITUTE Waterloo | €20,419 | €623 | 78.3% | - |
| OVO SALTO Ottignies-Louvain-la-Neuve | €27,217 | -€3,234 | 29.3% | - |
| ICASA BUSINESS CONSULTING Diepenbeek | €24,898 | -€3,093 | -92.6% | - |
| WEAAL Ghent | €26,630 | -€1,745 | 65.9% | - |
| CUCINA VERVIERS Liège | €26,909 | -€189 | -28.8% | - |
These companies have the same main activity as Codeetry: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €20,400 and €27,900, founded between 2005 and 2009.
Codeetry files the micro format. That format states no turnover. The gross margin fell from €1,696 in 2007 to -€15,860 in 2025.
In March 2023, the Official Gazette published the appointment of Kietczewska llona as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Higher than 80% of 39,360 companies in 2025.
Higher than 49% of 38,044 companies in 2025.
Lower than 95% of 38,516 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
25,237 | 64,899 | 57,005 | 59,045 | 49,523 | 50 | 77 | 2,094 | 8,372 | 10,086 | 20,155 | 21,898 | 26,939 | 35,270 | 43,834 | 14,618 | 16,151 | 12,068 | 19,282 | |
21/28 |
16,254 | 21,938 | 27,633 | 11,004 | 5,408 | - | - | 357 | 6,925 | 6,210 | 12,420 | 18,630 | 18,929 | 25,437 | - | - | 3,163 | 4,745 | 6,327 | |
22/27 |
16,254 | 21,938 | 27,633 | 11,004 | 5,408 | - | - | 357 | 6,925 | 6,210 | 12,420 | 18,630 | 18,929 | 25,437 | - | - | 3,163 | 4,745 | 6,327 | |
22 |
5,902 | 7,064 | 8,226 | 1,977 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
23 |
169 | 348 | 527 | - | - | - | - | 357 | 715 | - | - | - | 299 | 598 | - | - | - | - | - | |
24 |
10,183 | 14,526 | 18,880 | 9,028 | 5,408 | - | - | - | 6,210 | 6,210 | 12,420 | 18,630 | 18,630 | 24,840 | - | - | 3,163 | 4,745 | 6,327 | |
29/58 |
8,983 | 42,961 | 29,372 | 48,040 | 44,115 | 50 | 77 | 1,736 | 1,447 | 3,876 | 7,735 | 3,268 | 8,010 | 9,832 | 43,834 | 14,618 | 12,987 | 7,322 | 12,955 | |
29 |
- | - | - | - | - | - | - | - | 453 | - | - | - | - | - | - | - | - | - | - | |
291 |
- | - | - | - | - | - | - | - | 453 | - | - | - | - | - | - | - | - | - | - | |
40/41 |
85 | 37,677 | 20,271 | 27,646 | 27,063 | - | - | - | 937 | 3,750 | 7,732 | 3,184 | 5,670 | 4,895 | 3,418 | 9,728 | 10,085 | 905 | 9,481 | |
40 |
85 | 37,677 | 20,221 | 15,246 | 12,342 | - | - | - | 937 | 3,750 | 7,604 | 3,102 | 5,647 | 4,378 | - | - | 357 | 905 | 9,481 | |
41 |
- | - | 50 | 12,400 | 14,721 | - | - | - | - | - | 129 | 82 | 23 | 516 | 3,418 | 9,728 | 9,728 | - | - | |
54/58 |
6,645 | 5,285 | 9,101 | 20,394 | 17,052 | 50 | 77 | 1,736 | 57 | 126 | 3 | 84 | 7 | 2,721 | 40,416 | 4,890 | 2,902 | 6,417 | 3,474 | |
490/1 |
2,253 | - | - | - | - | - | - | - | - | - | - | - | 2,333 | 2,216 | - | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
25,237 | 64,899 | 57,005 | 59,045 | 49,523 | 50 | 77 | 2,094 | 8,372 | 10,086 | 20,155 | 21,898 | 26,939 | 35,270 | 43,834 | 14,618 | 16,151 | 12,068 | 19,282 | |
10/15 |
20,752 | 48,059 | 48,511 | 49,386 | 30,811 | -1,985 | -2,762 | -5,130 | -3,727 | -3,455 | -2,232 | -2,371 | -515 | 1,327 | 5,292 | 5,385 | 5,863 | 5,585 | 6,091 | |
10/11 |
6,200 | 6,200 | 6,200 | 18,600 | 18,600 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
50,496 | 50,496 | 50,496 | 38,971 | 20,396 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
50,496 | 50,496 | 50,496 | 38,971 | 20,396 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
-35,944 | -8,637 | -8,185 | -8,185 | -8,185 | -8,185 | -8,962 | -11,330 | -9,927 | -9,655 | -8,432 | -8,571 | -6,715 | -4,873 | -908 | -815 | -337 | -615 | -109 | |
17/49 |
4,485 | 16,840 | 8,494 | 9,659 | 18,712 | 2,035 | 2,839 | 7,223 | 12,099 | 13,541 | 22,387 | 24,269 | 27,454 | 33,943 | 38,542 | 9,233 | 10,287 | 6,483 | 13,190 | |
42/48 |
4,485 | 16,840 | 8,494 | 9,659 | 18,712 | 2,035 | 2,839 | 7,223 | 12,099 | 13,541 | 22,387 | 24,269 | 27,454 | 33,943 | 38,542 | 9,233 | 10,287 | 6,483 | 13,190 | |
44 |
283 | 555 | 713 | 1,399 | 908 | - | - | 1,593 | - | - | - | - | - | 2,723 | 2,000 | 5,900 | 6,034 | 348 | 9,528 | |
440/4 |
283 | 555 | 713 | 1,399 | 908 | - | - | 1,593 | - | - | - | - | - | 2,723 | 2,000 | 5,900 | 6,034 | 348 | 9,528 | |
46 |
- | - | - | - | - | - | - | - | - | - | 7,604 | - | - | - | 278 | - | 557 | - | - | |
45 |
2,838 | 10,564 | 7,781 | 8,208 | 3,496 | 360 | - | 613 | - | 30 | - | - | - | - | - | 70 | 433 | 372 | 343 | |
450/3 |
2,838 | 10,564 | 7,781 | 8,133 | 1,193 | 360 | - | 613 | - | 30 | - | - | - | - | - | 70 | 433 | 372 | 343 | |
454/9 |
- | - | - | 75 | 2,303 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
47/48 |
1,365 | 5,721 | - | 52 | 14,307 | 1,675 | 2,839 | 5,018 | 12,099 | 13,511 | 14,783 | 24,269 | 27,454 | 31,220 | 36,264 | 3,264 | 3,264 | 5,764 | 3,320 | |
| Income statement | ||||||||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,760 | 2,655 | 8,865 | 6,489 | 11,695 | |
76A |
- | - | - | - | - | 1,686 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9900 |
-15,860 | 9,868 | 25,510 | 32,864 | 27,341 | 1,686 | 3,905 | 6,162 | 718 | 5,733 | 6,884 | -1,058 | 5,324 | 3,582 | 760 | 2,215 | 2,965 | 1,663 | 1,696 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,000 | 440 | 5,900 | 4,827 | 9,999 | |
630 |
8,856 | 9,605 | 8,271 | 2,988 | 451 | - | 357 | 6,567 | 357 | 6,210 | 6,210 | 299 | 6,509 | 6,509 | - | - | 1,582 | 1,582 | 1,582 | |
640/8 |
205 | - | 525 | 900 | 750 | 345 | 1,041 | 812 | 598 | 609 | 505 | 444 | 615 | 990 | 814 | 21 | 809 | 232 | 180 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,663 | - | - | - | |
9901 |
-24,921 | 263 | 16,715 | 28,976 | 26,140 | 1,341 | 2,507 | -1,217 | -237 | -1,085 | 169 | -1,802 | -1,800 | -3,917 | -54 | 2,194 | 574 | -151 | -66 | |
75/76B |
- | - | - | 0 | - | - | - | - | - | - | - | - | - | - | 4 | - | - | 24 | 2 | |
75 |
- | - | - | 0 | - | - | - | - | - | - | - | - | - | - | 4 | - | - | 24 | 2 | |
65/66B |
2,240 | 124 | 240 | 143 | 64 | 39 | 39 | 38 | 35 | 31 | 30 | 54 | 42 | 48 | 42 | 30 | 59 | 60 | 44 | |
65 |
2,240 | 124 | 240 | 143 | 64 | 39 | 39 | 38 | 35 | 31 | 30 | 54 | 42 | 48 | 42 | 30 | 59 | 60 | 44 | |
9903 |
-27,161 | 139 | 16,475 | 28,834 | 26,076 | 1,302 | 2,468 | -1,255 | -272 | -1,116 | 139 | -1,856 | -1,842 | -3,965 | -92 | -499 | 515 | -187 | -109 | |
67/77 |
146 | 591 | 4,950 | 10,259 | 5,679 | 525 | 100 | 148 | - | 107 | 0 | - | - | - | - | -20 | 236 | 319 | 0 | |
9904 |
-27,307 | -452 | 11,525 | 18,575 | 20,396 | 777 | 2,368 | -1,403 | -272 | -1,223 | 139 | -1,856 | -1,842 | -3,965 | -92 | -479 | 279 | -507 | -109 | |
9905 |
-27,307 | -452 | 11,525 | 18,575 | 20,396 | 777 | 2,368 | -1,403 | -272 | -1,223 | 139 | -1,856 | -1,842 | -3,965 | -92 | -479 | 279 | -507 | -109 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
-35,944 | -8,637 | 3,340 | 10,390 | 12,211 | -8,185 | -8,962 | -11,330 | -9,927 | -9,655 | -8,432 | -8,571 | -6,715 | -4,873 | -908 | -815 | -337 | -615 | -109 | |
14P |
-8,637 | -8,185 | -8,185 | -8,185 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | 11,525 | 18,575 | 20,396 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
6921 |
- | - | 11,525 | 18,575 | 20,396 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 27-01-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-01-2026 | 2026-00014487 | |
| 30-06-2024 | micro format | 29-01-2025 | 2025-00013352 | |
| 30-06-2023 | micro format | 02-01-2024 | 2024-00542346 | |
| 30-06-2022 | micro format | 02-01-2023 | 2023-20550912 | |
| 30-06-2021 | micro format | 06-01-2022 | 2022-00400456 | |
| 30-06-2020 | micro format | 06-01-2021 | 2021-00700124 | |
| 30-06-2019 | micro format | 02-01-2020 | 2020-00100135 | |
| 30-06-2018 | micro format | 04-01-2019 | 2019-00200552 | |
| 30-06-2017 | micro format | 03-01-2018 | 2018-00100468 | |
| 30-06-2016 | full format | 06-01-2017 | 2017-00400315 | |
| 30-06-2015 | full format | 06-01-2016 | 2016-00400313 | |
| 30-06-2014 | full format | 12-01-2015 | 2015-01000082 | |
| 30-06-2013 | full format | 02-01-2014 | 2014-00300562 | |
| 30-06-2012 | full format | 03-01-2013 | 2013-00400119 | |
| 30-06-2011 | full format | 02-01-2012 | 2012-00100063 | |
| 30-06-2010 | full format | 03-01-2011 | 2011-00100561 | |
| 30-06-2009 | full format | 08-01-2010 | 2010-00900142 | |
| 30-06-2008 | full format | 05-02-2009 | 2009-03600109 | |
| 30-06-2007 | full format | 27-02-2008 | 2008-05600366 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -16,065 | 9,868 | 24,985 | 31,964 | 26,591 | - | 2,865 | 5,350 | 121 | 5,125 | 6,379 | -1,503 | 4,709 | 2,591 | - | - | 2,156 | 1,431 | 1,516 | ||
| -18,451 | 9,153 | 19,796 | 21,563 | 20,848 | - | 2,725 | 5,164 | 86 | 4,987 | 6,349 | -1,557 | 4,667 | 2,544 | - | - | 1,861 | 1,075 | 1,473 | ||
| 3,172 | 3,910 | 24,899 | 8,584 | 5,859 | - | 0 | 0 | 1,072 | 0 | 0 | -0 | 1 | 31,946 | - | - | 0 | 0 | 7,909 | ||
| 1,361 | -3,816 | -11,293 | 3,342 | 17,002 | -27 | -1,659 | 1,679 | -69 | 124 | -82 | 77 | -2,714 | -37,695 | 35,527 | 1,987 | -3,515 | 2,944 | - | ||
| 4,498 | 26,121 | 20,879 | 38,382 | 25,403 | -1,985 | -2,762 | -5,487 | -10,651 | -9,665 | -14,652 | -21,000 | -19,444 | -24,110 | 5,292 | 5,385 | 2,700 | 840 | -236 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | -2.0% | 82.6% | 6.5% | -2.3% | -0.6% | ||
| 82.2% | 74.1% | 85.1% | 83.6% | 62.2% | - | - | - | -44.5% | -34.3% | -11.1% | -10.8% | -1.9% | 3.8% | 12.1% | 36.8% | 36.3% | 46.3% | 31.6% | ||
| 2.00 | 2.55 | 3.46 | 4.97 | 2.36 | - | - | - | 0.12 | 0.29 | 0.35 | 0.13 | 0.29 | 0.29 | 1.14 | 1.58 | 1.26 | 1.13 | 0.98 | ||
| 0.22 | 0.35 | 0.18 | 0.20 | 0.61 | - | - | - | - | - | - | - | - | 25.58 | 7.28 | 1.71 | 1.75 | 1.16 | 2.17 | ||
| -131.6% | -0.9% | 23.8% | 37.6% | 66.2% | - | - | - | - | - | - | - | - | -298.8% | -1.7% | -8.9% | 4.8% | -9.1% | -1.8% | ||
| -108.2% | -0.7% | 20.2% | 31.5% | 41.2% | - | - | - | -3.2% | -12.1% | 0.7% | -8.5% | -6.8% | -11.2% | -0.2% | -3.3% | 1.7% | -4.2% | -0.6% | ||
| -7.17 | 79.52 | over 100 | over 100 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 452 days | 1337 days | 15 days | 51 days | 296 days | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 365 days | 4898 days | 373 days | 26 days | 348 days |
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.
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €3,172 | €3,910 | €24,899 | €8,584 |
| €8,856 | €9,605 | €8,271 | €2,988 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €24,921, after a profit of €263 in 2024. It is the lowest result since 2007.
Debt's share of the balance-sheet total falls from 25.9% to 17.8%. Equity and debt are lower.
Codeetry has no parent and no holdings in its annual accounts. KIETCZWSKA Ilona is the only director. Codeetry shares no director with another company.
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
Codeetry was incorporated on 27 March 2006.1 Since 2019 the registered office has moved 4 times, most recently to Mont-Saint-Guibert in 2021.23 The name was changed to Codeetry in 2020.4 Since 2008, KIETCZWSKA Ilona has served as director.5 Total assets fell from €49,523 in 2021 to €25,237 in 2025.6
| Establishment | Since | Unit number |
|---|---|---|
| Boucle Jean-François Breuer 8 registered office 1435 Mont-Saint-Guibert | ||
| Espace Sud Services Rue de Binche 98, 6180 Courcelles 7020001 Business and other management consultancy | 19-05-2006 | 2.153.643.389 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 52322A0177/00N004 | 1,207 m² | 1 · 81 m² | 11.4 m · 3 |
| 25068B0922/00S002 | 295 m² | 1 · 79 m² | 9.9 m · 3 |
If something looks wrong or is missing, please tell us.